Ur-Energy’s Q2 Financial Results “in Line with Expectations”

Ur-Energy Inc. (TSX:URE,NYSEMKT:URG) announced its financial results for the second quarter of 2014, commenting that product sales came to 208,000 pounds of U3O8.

As quoted in the press release:

The product was sold to customer(s) under contractual terms at an average price of $34.64 per pound, which represents a premium to the average spot market price during the quarter of approximately 20%.  Quarterly product sales revenues totaled US$7.2 million.  Production costs were down $0.4 million from the previous quarter.  Production costs per pound rose this quarter compared with the previous quarter due to lower production levels.  This is also reflected in a higher cost per pound sold (up from $29.96 to $34.51).  The reported cost per pound for the quarter includes severance and ad valorem taxes which had not previously been included in inventory calculations.

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

The second quarter financial results are in line with expectations.  The reduced production rate at Lost Creek resulted in lower overall costs but higher reported costs per pound sold.  As production levels are stabilized in future quarters, we expect to realize lower cost per pound figures.  Along with the significant production results at our flagship Lost Creek project, the Company invested substantial effort into our newly acquired Shirley Basin project to evaluate the project’s resources and commence with permitting activities.  We were pleased to report those results early in the third quarter.

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