Ur-Energy Reports Sales of C$3.8 Million in Q2

Ur-Energy Inc. (TSX:URE,NYSEAMERICAN:URG) has released the company’s financial and operational results for the quarter ending June 30, 2018.

Ur-Energy is a uranium mining company operating the Lost Creek in-situ recovery uranium facility in south-central Wyoming. To date, Ur-Energy has produced, packaged and shipped more than 2.4 million pounds from Lost Creek.

As quoted from the press release:

During the three months ended June 30, 2018, a total of 89,209 pounds of U₃O₈ were captured within the Lost Creek plant. 74,302 pounds were packaged in drums and 74,416 pounds of the drummed inventory were shipped to the conversion facility. We sold 100,000 pounds of purchased U₃O₈ during the period.

U3O8 sales of $3.8 million for 2018 Q2 were based on selling 100,000 pounds at an average price of $37.90. The pounds were sold under term contracts and were purchased for an average price of $22.25 per pound for a total cost of sales of $2.2 million.

At the end of the second quarter of 2018, the average spot price of U3O8, as reported by Ux Consulting Company, LLC and TradeTech, LLC, was approximately $22.65 per pound. Market fundamentals have not changed sufficiently to warrant the accelerated development of MU2. We anticipate meeting our projected production level of 250,000 to 300,000 pounds drummed for the year.

“In May, our third header house in mine unit two came on line. Initial production results are encouraging and indicate that the new mine unit appears to have similar performance characteristics to our prolific first mine unit. Additionally, we are pleased that the trade action investigation was initiated following the end of the quarter. We look forward to a prompt resolution,” said Ur-Energy chair and CEO, Jeffrey Klenda.

Click here to read the full press release