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Exhibit 99.1
Ur-Energy Provides 2018 Q3 Operational Results
Littleton, Colorado (PR Newswire – October 15, 2018)
Ur-Energy Inc. (NYSE American:URG, TSX:URE) (the “Company” or “Ur-Energy”) is pleased to provide the following operational results for Q3 2018.
Highlights
Lost Creek Operations | ||||||||
Units | 2018 Q1 | 2018 Q2 | 2018 Q3 | 2018 YTD | ||||
U3O8 Captured | (‘000 lbs) | 84.0 | 89.2 | 80.6 | 253.9 | |||
U3O8 Dried & Drummed | (‘000 lbs) | 80.0 | 74.3 | 78.4 | 232.7 | |||
U3O8 Sold (produced) | (‘000 lbs) | 10.0 | 0 | 0 | 10.0 | |||
U3O8 Sold (purchased) | (‘000 lbs) | 370.0 | 100.0 | 0 | 470.0 | |||
Average Flow Rate | (gpm) | 2,432 | 2,517 | 2,247 | 2,398 | |||
U3O8 Head Grade | (mg/l) | 33 | 34 | 34 | 34 |
Lost Creek Uranium Production and Sales
For the quarter, the Company met its production targets at the high end of guidance: 80,604 pounds of U3O8 were captured within the Lost Creek plant, 78,441 pounds of U3O8 were packaged in drums and 72,902 pounds of U3O8 drummed inventory were shipped out of the Lost Creek processing plant. At September 30, 2018, inventory at the conversion facility was approximately 308,762 pounds U3O8. During the period, all three of the new header houses in Lost Creek’s second mine unit (MU2) continued to produce at or above budgeted expectations. Production operations at Lost Creek, including flow and headgrades, have continued to provide consistent performance throughout the year.
Corporate and Financing
In September, the Company announced a US$10 million public offering of common shares. The offering of 12,195,122 common shares and accompanying warrants to purchase up to 6,097,561 common shares, at a combined public offering price of US$0.82 per common share and accompanying warrant, closed on September 25, 2018.
In July, the U.S. Department of Commerce (Department) initiated its investigation into the threat posed to national security by uranium imports, including from state owned and subsidized enterprises in Russia, Kazakhstan, and Uzbekistan. This investigation was sought by a petition filed jointly by Ur-Energy USA and Energy Fuels Resources (USA) Inc. in January 2018. A public comment period related to the investigation closed on September 25, 2018. By law, the Department has 270 days from the initiation of its investigation (April 15, 2019) in which to complete its investigation and report to the President. Thereafter, President Trump has 90 days (July 15, 2019) to act on the Department’s recommendations and, if necessary, to take action to “adjust the imports” and/or pursue other lawful, non-trade related actions necessary to address the import threat. As with any governmental investigation, there can be no certainty of the outcome of the investigation or the recommendation of the Department, and therefore the outcome of this process is uncertain.
Continuing Guidance for 2018
As previously disclosed, we have now completed all deliveries into our 2018 term contracts, which totaled 470,000 pounds at an average price of approximately $49 per pound. We continue to estimate Lost Creek U3O8 production of between 250,000 and 300,000 pounds for 2018, although our production rate may be adjusted based on operational matters and other indicators in the market. We will provide further guidance in our Form 10-Q, which is currently anticipated to be filed on Friday, October 26, 2018.
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Total plant costs decreased $129 during the quarter due to lower fuel and labor expenses.
Wellfield non-cash costs are generally fixed although they have been declining as various reclamation and smaller assets are becoming fully depreciated.
The expense decline was directly attributable to principal payments reducing the outstanding note balances of the Wyoming State Bond Loan.
Reconciliation of Non-GAAP sales and inventory presentation with US GAAP statement presentation As discussed above, the cash costs, non-cash costs and per pound calculations are non-US GAAP measures we use to assess business performance.
As a result, our expenses for those items are the same now as they were when our production rate was significantly higher.
We anticipate that proceeds from...Read more
We anticipate that the public...Read more
Including the partial exercise of...Read more
Including the partial exercise of...Read more
The amendments in this ASU...Read more
The ISR technique is employed...Read more
These costs are lower due...Read more
While the cost per pound...Read more
Liquidity and Capital Resources As...Read more
Development expenses decreased by $0.9...Read more
These expenses decreased by $0.8...Read more
The offering of 12,195,122 common...Read more
The offering of 12,195,122 common...Read more
The amendments improve financial reporting...Read more
Effective September 30, 2018, Wyoming...Read more
Total wellfield costs decreased $146...Read more
Our costs per pound have...Read more
Total production costs decreased 10%...Read more
Please see the tables, below,...Read more
Development expense includes costs incurred...Read more
Pounds drummed increased 4,139 pounds...Read more
Ur-Energy also granted the underwriters...Read more
We also granted the underwriters...Read more
The registration statement became effective...Read more
We have gathered the necessary...Read more
The Company adopted Topic 606...Read more
The Company adopted the amended...Read more
If these cash sources are...Read more
To facilitate a better understanding...Read more
ASU 2016-02 is effective for...Read more
The increase was mainly attributable...Read more
Production figures for the Lost...Read more
Production levels during the current...Read more
Wellfield cash costs decreased during...Read more
The 2018 sales included term...Read more
The net income for the...Read more
LLC and B Riley FBR,...Read more
The net result is that...Read more
Our Lost Creek processing facility,...Read more
While we have taken measures...Read more
We welcome the change as...Read more
Our overall average cost per...Read more
We recognized a lower of...Read more
Proposed Transactions As is typical...Read more
Financial Statements, Disclosures and Schedules
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Urenergy Inc provided additional information to their SEC Filing as exhibits
Ticker: URG
CIK: 1375205
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-18-007937
Submitted to the SEC: Fri Oct 26 2018 1:14:27 PM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Sunday, September 30, 2018
Industry: Gold And Silver Ores