Uranerz Energy Corp. (TSX:URZ,NYSEMKT:URZ) announced its financial results for the second quarter of 2014, commenting that it recorded a net loss of $4,454,859, up from $3,193,666 in the year-ago quarter.
Operating expenses incurred came to $4,227,969; that amount includes “mine development costs incurred for the Nichols Ranch project totaling $1,965,480.” The company’s working capital came to $2,090,823 at the end of the quarter.
Other highlights include:
During the second quarter of 2014 the Company commenced production of uranium concentrates at its wholly-owned Nichols Ranch mining unit located in the Powder River Basin of Wyoming, U.S.A. Following a period of commissioning and startup activities Uranerz began mining at the end of May producing approximately 20,000 pounds of uranium concentrate. Inventory is being accumulated for first sales in the latter part of the third quarter 2014. It is expected that the recently constructed Nichols Ranch processing facility will serve as a platform for the potential future development of the Company’s other Powder River Basin uranium properties allowing enhanced economics for adjacent and satellite projects.