Ur-Energy Completes Final 2014 Sales Contract

Ur-Energy (TSX:URE,NYSE MKT:URG) announced that it has fulfilled all of its 2014 term sales contracts with final product delivered in mid-November. In total, Ur-Energy has sold 517,760 pounds of U3O8 for a revenue of $26.5 million. The company also said it has no plans to issue additional securities or obtain additional funding.

According to the press release:

At October month‐end, the Company’s cash position was $4.5 million. Subsequent product sales have generated additional proceeds of $6.6 million. As guided in our 2014 Q3 MD&A, the Company has no immediate plans to issue additional securities or obtain additional funding. Lost Creek production for the fourth quarter is anticipated to be approximately 150,000 pounds. Product generated between now and year end may either be stockpiled to meet 2015 delivery obligations or sold into the spot market, which has markedly improved recently.

Wayne Heili, President and CEO, said:

Our 2014 contracted sales and related production schedule was ambitious for a start‐up project. I commend the development and operational teams at Lost Creek for their efforts to meet these objectives. We have demonstrated the high level of success a properly planned new mine can achieve. Beyond the production and sales that have been realized, our efforts in 2014 have laid the ground work for bringing the annual production rate at the Lost Creek Project to its design capacity of 1,000,000 pounds during 2015. The recent increase in spot prices gives us encouragement that we can enhance our revenues significantly beyond those associated with our long‐term contracted sales next year.

Click here to read the Ur-Energy (TSX:URE,NYSE,MKT:URG) press release