Exhibit 99.1

 

Ur-Energy Closes on Paycheck Protection Program Loans

and Provides Operational and Market Update

 

Littleton, Colorado (PR Newswire – April 20, 2020)

Ur-Energy Inc. (NYSE American:URG) (TSX:URE) (“Ur-Energy” or the “Company”) is pleased to announce that two of its subsidiaries have closed on U.S. Small Business Administration Paycheck Protection Program loans totaling $893,300 pursuant to the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The loans have been fully funded.

 

Ur-Energy CEO, Jeff Klenda said: “While we are very grateful to be the recipient of these stimulus loans, we must remember what created the need for the program in the first place. Our hearts go out to the thousands of families who have suffered such tremendous losses during these most unprecedented times. We must all stay the course set before us, help those in need and, together, I am confident that we will persevere. While we are fortunate to report that our workforce remains healthy and fully employed, we cannot overstate the importance of these funds to our ability to retain the highly-trained operational staff we have strived so hard to keep onboard. As intended by the CARES Act, this additional funding will provide longer ‘runway’ to maintain current operations and avoid unnecessary dilution in the depressed uranium market; it also provides continued operational readiness when we are able to ramp-up production.”

 

Ur-Energy CFO, Roger Smith said: “Regarding the loans, we were fortunate to be able to work through this new process so quickly and with such good results. Once again, I am very proud of our Company’s financial achievements. Without a doubt, the loans will greatly benefit the Company in the coming eight weeks. We intend to use the proceeds to secure the employment of our workforce and will subsequently seek loan forgiveness to the fullest extent possible.”

 

Key elements of the loans are as follows:

 

Lender: BOKF, NA dba Bank of Oklahoma
Borrowers: Lost Creek ISR, LLC and Ur-Energy USA  Inc.
Loan amount (combined): $893,300
Interest rate: 1.00%
Maturity date: April 16, 2022
First principal & interest payment date: October 16, 2020
Amount of Loan Forgiveness: Up to the full principal amount and any accrued interest

 

In order to have the full amount of the loans forgiven, the following requirements must be met within eight weeks of the loans and sufficiently documented:

 

1.Spend not less than 75% of loan proceeds on eligible payroll costs.
2.Spend the remaining 25% of loan proceeds on
a.additional payroll costs above 75%;
b.payments of interest on mortgage obligations incurred before February 15, 2020;
c.rent payments on leases dated before February 15, 2020; and/or
d.utility payments under service agreements dated before February 15, 2020.
3.Maintain employee compensation levels (subject to specific PPP requirements).

 

Lost Creek Production Operations and Sales

At this time, the COVID-19 pandemic has caused no interruption of our production operations at Lost Creek and did not interfere with our scheduled delivery and sales into term contract commitments in early February and again in early April.

 

In 2020 Q1, we sold 33,000 pounds at an average price per pound of $41.52 for revenues of $1.4 million. The pounds were purchased at an average cost per pound of $24.94 and cost of sales amounted to $0.8 million. In early April, we sold 167,000 pounds at an average price per pound of $41.51 for revenues of $6.9 million. The pounds were purchased at an average cost per pound of $26.01 and cost of sales amounted to $4.3 million.

 


The following information was filed by Urenergy Inc (URG) on Monday, April 20, 2020 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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