Exhibit 99.1

 

Ur-Energy Provides 2019 Q1 Operational Results

 

Littleton, Colorado (PR Newswire – April 11, 2019)

Ur-Energy Inc. (NYSE American:URG)(TSX:URE) (the “Company” or “Ur-Energy”) is pleased to provide the following operational results for first quarter 2019.

 

Highlights

  

Lost Creek Operations

  Units 2019 Q1   2018 Q4
         
U3O8 Captured (‘000 lbs) 22.6   48.4
U3O8 Dried & Drummed (‘000 lbs) 21.0   53.7
U3O8 Sold (from produced lbs) (‘000 lbs) 48.8   0
U3O8 Sold (from purchased lbs) (‘000 lbs) 48.8   0
         
Average Flow Rate (gpm) 1,469   2,019
U3O8 Head Grade (mg/l) 15   23

 

Lost Creek Uranium Production and Sales

For the quarter, 22,551 pounds of U3O8 were captured within the Lost Creek plant, and 21,015 pounds of U3O8 were packaged in drums at the Lost Creek processing plant. No shipments of product were made to the conversion facility during the quarter. At March 31, 2019, inventory at the conversion facility was approximately 375,803 pounds U3O8.

 

In Q1 2019, sales totaled $4.8 million from 97,500 pounds sold. Our price per pound sold averaged $49.35. Half of these pounds were from Lost Creek production, produced at a cost of approximately $37.74 per pound, and half were pounds purchased for delivery, with an average purchase price of $27.51 per pound. Gross profits from contractual sales were $1.6 million, which represents a gross profit margin of approximately 34%. On a cash basis (excluding non-cash costs and extraction taxes), gross profits from contractual sales generated $2.3 million in cash, which represents a cash-basis gross profit margin of approximately 48%.

 

Lost Creek Operations

Production rates at Lost Creek during the quarter were in line with guidance for the year despite more difficult than normal winter weather conditions in Wyoming. Heavy snows and high winds impeded routine flow and production maintenance and hindered normal production activities. Notwithstanding the weather and site conditions, our staff remained safe, with our continuing safety record at Lost Creek intact, which now stands at over 600 days without a lost-time accident.

 

Section 232 Trade Action

The Department of Commerce (“DOC”) continues its investigation into the impact of uranium imports on national security, and is nearing the statutory deadline to submit its report to the White House. It is anticipated that DOC will submit its report to the President, containing the Secretary’s findings and recommendations of a proposed remedy, if any, very shortly. Following receipt of the report, the President has up to 90 days to act on the Secretary’s report.

 

Guidance for 2019

In calendar year 2019, we expect to produce between 75,000 and 100,000 pounds at Lost Creek and deliver a total of 500,000 pounds into our term contracts at an average price of approximately $49 per pound. We have purchase contracts in place for 500,000 pounds at an average cost of $26 per pound. In total, 451,250 pounds of purchased product and 48,750 pounds of produced product will be delivered into the term contracts. Gross profits are expected to be approximately $11.0 million, which represents a gross profit margin of approximately 45%. On a cash basis (excluding non-cash costs and extraction taxes), gross profits from contractual sales are expected to generate $11.7 million in cash, which represents a cash-basis gross profit margin of approximately 47%. As discussed above, 97,500 pounds, including the 48,750 pounds from production, were sold in Q1 2019. We do not anticipate selling any additional produced pounds in 2019. By quarter, our remaining 2019 contractual sales are as follows: 100,000 pounds in Q2; 122,500 pounds in Q3; and 180,000 pounds in Q4.

 


The following information was filed by Urenergy Inc (URG) on Friday, April 12, 2019 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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