Ur-Energy Reports Profit in 2014 Year End Results

Ur-Energy Inc. (TSX:URE,NYSEMKT:URG) announced its 2014 year end results, which includes a profit of $11.5 million on sales of $29.3 million, a gross profit margin of about 39 percent. The company’s cash cost per pound sold for the year was $19.73, with the total cost per pound sold was $34.49.

As quoted in the press release:

The Company realized an average price per pound sold of $51.22. We had an operating loss of $7.0 million after deducting total operating expenses of $18.5 million which includes exploration and evaluation expenses, development expenses and general and administrative expenses.  After recording interest and other expenses, the final net loss for the year was$8.7 million.

After completing two sales in February 2015, our unrestricted cash position as of March 2, 2015 was $7.5 million.  Given our current cash resources, contracted sales positions and low cash costs per pound, we do not anticipate raising additional funding in 2015 unless it becomes advantageous to do so.

President and CEO of Ur-Energy, Wayne Heili, commented:

During 2014, Ur-Energy emerged as a leading company among our peer group on the strength of our production performance and long-term sales contract portfolio. The results from our first full year of production at our state-of-the-art Lost Creek Project place us among the top-ranking U.S. uranium producers. These accomplishments were achieved during a year which was defined by disappointing uranium spot market pricing and a depressed overall commodity market.  Additionally, the advancement of our Shirley Basin project has helped to illustrate the accretive nature of the Pathfinder Mines acquisition we completed in late 2013.  Once again, the Ur-Energy team has demonstrated its ability to deliver positive results.

Click here to read the full Ur-Energy Inc. (TSX:URE,NYSEMKT:URG) press release.