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Ur-Energy Provides 2018 Q1 Operational Results
Littleton, Colorado (PR Newswire – April 12, 2018) Ur-Energy Inc. (NYSE American:URG, TSX:URE) (the “Company” or “Ur-Energy”) is pleased to provide the following operational results for first quarter 2018.
|Lost Creek Operations|
|Units||2018 Q1||2017 Q4|
|U3O8 Captured||(‘000 lbs)||84.0||68.0|
|U3O8 Dried & Drummed||(‘000 lbs)||80.0||60.5|
|U3O8 Sold (from purchased lbs)||(‘000 lbs)||
|Average Flow Rate||(gpm)||2,432||2,244|
|U3O8 Head Grade||(mg/l)||33||29|
Lost Creek Uranium Production and Sales
For the quarter, 84,047 pounds of U3O8 were captured within the Lost Creek plant, 79,961 pounds of U3O8 were packaged in drums and 73,515 pounds of U3O8 drummed inventory were shipped out of the Lost Creek processing plant. At March 31, 2018, inventory at the conversion facility was approximately 159,296 pounds U3O8.
During the quarter, sales totaled $19.7 million on 380,000 pounds at an average price of $51.75 per pound, which was 140% above the average spot price for the same period of $21.52 per pound. We sold 10,000 pounds of Lost Creek production into a spot sale at $23.75 per pound. The remaining 370,000 pounds were purchased at an average cost of $25.00 per pound and sold into term contracts at $52.50 per pound. The purchase contracts were entered into at various times and purchase prices ranged from $22.25 to $26.55 per pound. The small sale from production was done for tax purposes.
During the period, the second of the first three header houses in the second mine unit (MU2) at Lost Creek commenced production. The third of these houses will come online this month. With the addition of MU2 production, both grades and flow levels have continued to increase. Currently, more than four and a half years into production, Lost Creek U3O8 head grade has averaged 85.7 mg/l, life-of-project.
Corporate and Management Update
In January, together with Energy Fuels, we submitted a petition to the U.S. Department of Commerce (“DOC”) for Relief Under Section 232 of the Trade Expansion Act of 1962 (as amended) from Imports of Uranium Products that Threaten National Security (the “Petition”). The Petition seeks an investigation as required under the Trade Act, as well as suggesting relief which might be implemented. We currently await the initiation of the investigation by the DOC.
As previously disclosed, we implemented our current plan for 2018 Lost Creek operations: we have suspended further MU2 development activities, implemented further cost reductions, including an additional reduction in force, and secured purchase contracts for nearly 100% of our 2018 delivery obligations. Production from our operating MU1 and MU2 header houses will be used to build an inventory position of finished, ready-to-sell, product at the conversion facility. These actions will give us the additional flexibility necessary to quickly react to changing market conditions and easily restart development activities in MU2 when warranted. With future development and construction in mind, the staff who were retained have the greatest level of experience and adaptability allowing for an easier transition back to full operations.
The following information was filed by Urenergy Inc (URG) on Thursday, April 12, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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