Uranerz Announces Fourth Quarter and 2014 Financial Results

Uranerz Energy Corporation (NYSE MKT:URZ,TSX:URZ), which is set to be acquired by Energy Fuels (NYSE MKT:UUUU, TSX:EFR) in a definitive merger agreement, released its financial results for the year ended December 31 2014. Highlights included a realized revenue of $10 million with a gross operating profit of $3.8 million in the second half of the year.

As quoted in the press release:

Mining operations were in startup mode during 2014. Uranerz completed construction of an in-situ recovery (“ISR”) uranium processing facility and first wellfield at its Nichols Ranch Unit as part of the Company’s Nichols Ranch ISR Uranium Project located in the central Powder River Basin of Wyoming, U.S.A. Around mid-year Uranerz commenced uranium recovery activities and produced 199,000 pounds of uranium by yearend. The Company sold 175,000 pounds of uranium at an average realized sales price of approximately $57 per pound which generated revenue of approximately $10 million and gross profit of $3.8 million. The average cost of goods sold was $35.50 per pound, including taxes and royalties.

Uranerz CEO, Glenn Catchpole, said:

2014 marked a year of multiple major milestones but the ultimate highlight was becoming North America’s newest producer of uranium. For 2015 we look forward to completing our first full year of operations as we continue to ramp-up and optimize operations at Nichols Ranch.

Click here to read the Uranerz Energy Corporation (NYSE,MKT:URZ,TSX:URZ) press release