UR-Energy Inc

Published : August 01st, 2016

July 29, 2016: Ur-Energy Releases 2016 Q2 Results; Webcast August 2, 2016

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July 29, 2016: Ur‐Energy Releases 2016 Q2 Results; Webcast August 2, 2016

Littleton, Colorado (PR Newswire - July 29, 2016) Ur-Energy Inc. (NYSE MKT:URG TSX:URE,) ('Ur-Energy' or the 'Company') has filed the Company's Form 10-Q for the quarter ended June 30, 2016, with the U.S. Securities and Exchange Commission at www.sec.gov/edgar.shtml and with Canadian securities authorities on SEDAR at www.sedar.com.

Lost Creek Uranium Production and Sales

During the six months ended June 30, 2016, we captured 292,672 pounds of UO within the Lost Creek plant. 304,152 pounds were packaged in drums and 330,864 pounds of the drummed inventory were shipped to the conversion facility. We sold 262,000 pounds of UOduring the period.

Steve Hatten, Vice President Operations, confirms 'The refinement of well installation and construction methods in Header House 13 continues to be validated in its first two months of production. Having substantiated the value of the team's modifications, we will now begin to retrofit aspects of the other header houses and pattern wells in order to further extend the life of those twelve houses. Mine Unit 1 continues to exceed initial expectations as HH 1 is completing its third year of production this week allowing us to maintain desired production levels. With the commencement of operations at HH13 during the quarter, production figures are increasing again. As of July 28, we have captured 47,899 pounds and drummed 50,076 pounds during the month.'

Inventory, production and sales figures for the Lost Creek Project are presented in the following tables.

Notes:

Wellfield costs include all wellfield operating costs plus amortization of the related mineral property acquisition costs and depreciation of the related asset retirement obligation costs. Wellfield construction and development costs, which include wellfield drilling, header houses, pipelines, power lines, roads, fences and disposal wells, are treated as development expense and are not included in wellfield operating costs.

Non-cash costs include depreciation of plant equipment, capitalized ARO costs and amortization of the investment in the mineral property acquisition costs. The expenses are calculated on a straight line basis so the expense is constant for each quarter. The cost per pound from these costs will therefore vary based on production levels only.

Plant costs include all plant operating costs, site overhead costs and depreciation of the related plant construction and asset retirement obligation costs.

Distribution costs include all shipping costs and costs charged by the conversion facility for weighing, sampling, assaying and storing the UO prior to sale.

Notes:

Cost of sales include all production costs (notes 1, 2, 3 and 4 in the previous Production and Production Cost table) adjusted for changes in inventory values.

UO sales of $6.7 million for 2016 Q2 were based on selling 187,000 pounds at an average price of $36.05, with regularly-scheduled contract deliveries of 137,000 pounds and a sale of 50,000 pounds on the spot market. For the quarter, our cost of sales totaled $5.1 million based on selling 187,000 pounds from production at a total cost per pound of $27.24, up from $24.73 in the previous quarter but more in line with the third and fourth quarters of 2015. The cost per pound sold was reflective of the increased cost per pound produced for the two quarters in 2016 which are primarily the result of lower production.

At the end of the quarter, the average cash cost per pound in the conversion facility ending inventory was $17.50, an increase from $15.85 at the end of the previous quarter, and is reflective of the increased cost per pound produced for the past two quarters, which was again primarily driven by the lower production levels.

The gross profit from uranium sales for the quarter was $1.6 million, which represents a gross profit margin of approximately 24%. This was lower than the previous quarter due to lower spot prices and an increase in costs mainly associated with lower production levels for the year.

Notes:

The cost per pound sold reflects both cash and non-cash costs, which are combined as cost of sales in the statement of operations included in this filing. The cash and non-cash cost components are identified in the above inventory, production and sales table.

The cost of sales includes ad valorem and severance taxes related to the extraction of uranium, all costs of wellfield, plant and site operations including the related depreciation and amortization of capitalized assets, reclamation and mineral property costs, plus product distribution costs. These costs are also used to value inventory and the resulting inventoried cost per pound is compared to the estimated sales prices based on the contracts or spot sales anticipated for the distribution of the product. Any costs in excess of the calculated market value are charged to cost of sales.

Continuing Guidance for 2016

As a result of the continuing low spot price environment, we anticipate that we will continue to maintain production at levels that will be consistent with our 2016 contractual sales obligations, which are 662,000 pounds at an average realizable price of $47.61 per pound (including the deliveries assigned during the first quarter) in the current year.

The monthly 2016 production target for Lost Creek is to dry and drum an average of 50,000 to 60,000 pounds UO. Production at this level will permit delivery into our remaining 2016 term contract commitment, discretionary spot sales, and the continuing buildup of our inventory, with an estimated final production for 2016 within the range of 600,000 to 700,000 pounds UO. Our production rate may be adjusted based on operational refinements, and indicators in the market, including uranium spot market and term pricing, and other factors. The assignment of delivery obligations we made in March 2016 permits us greater flexibility to make such operational decisions and/or to continue to build inventory.

Our projected deliveries for the balance of the year will be into contracts generating higher prices than were realized on average during this quarter, and we expect the profit margins for the year 2016 to be between 25% and 30%.

Webcast and Teleconference

A webcast and teleconference will be held on Tuesday, August 2, 2016 at 9:00 a.m. MT / 11:00 a.m. ET to discuss the results and provide an operational update. Those wishing to participate by phone can do so by calling:

US Toll-free Number 1-877-226-2859

Canada Toll-free Number 1-855-669-9657

International Number 1-412-542-4134

Ask to be joined into the Ur-Energy call.

The webcast can be accessed 10 minutes prior to the call. Pre-registration and participation access is available by clicking here or by copying the following URL into your web browser:

https://www.webcaster4.com/Webcast/Page/1186/16414

If you are unable to join the call, a link will be available following the webcast on the Company's website www.ur-energy.com.

About Ur-Energy

Ur-Energy is a junior uranium mining company operating the Lost Creek in-situ recovery uranium facility in south-central Wyoming. The Lost Creek processing facility has a two million pounds per year nameplate capacity. The Company has begun to submit applications for permits and licenses to operate Shirley Basin. Ur-Energy is engaged in uranium mining, recovery and processing activities, including the acquisition, exploration, development and operation of uranium mineral properties in the United States. Shares of Ur-Energy trade on the NYSE MKT under the symbol 'URG' and on the Toronto Stock Exchange under the symbol 'URE.' All currency figures in this announcement are in US dollars unless otherwise stated.Ur-Energy's corporate office is located in Littleton, Colorado; its registered office is in Ottawa, Ontario. Ur-Energy's website is www.ur-energy.com.

FOR FURTHER INFORMATION, PLEASE CONTACT

Cautionary Note Regarding Forward-Looking Information

This release may contain 'forward-looking statements' within the meaning of applicable securities laws regarding events or conditions that may occur in the future (e.g., results of production; ability to meet production targets and to timely deliver into existing contractual obligations and spot sales as warranted) and are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies. Factors that could cause actual results to differ materially from any forward-looking statements include, but are not limited to, capital and other costs varying significantly from estimates; failure to establish estimated resources and reserves; the grade and recovery of ore which is mined varying from estimates; production rates, methods and amounts varying from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; inflation; changes in exchange rates; fluctuations in commodity prices; delays in development and other factors described in the public filings made by the Company at www.sedar.com and www.sec.gov. Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are based on the beliefs, expectations and opinions of management as of the date hereof and Ur-Energy disclaims any intent or obligation to update them or revise them to reflect any change in circumstances or in management's beliefs, expectations or opinions that occur in the future.

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UR-Energy Inc

DEVELOPMENT STAGE
CODE : URE.TO
ISIN : CA91688R1082
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UR-Energy is a uranium development stage company based in United states of america.

Its main asset in development is LOST CREEK in USA.

UR-Energy is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 233.4 millions as of today (US$ 171.4 millions, € 154.1 millions).

Its stock quote reached its highest recent level on February 23, 2007 at CA$ 5.29, and its lowest recent point on October 17, 2008 at CA$ 0.34.

UR-Energy has 145 870 000 shares outstanding.

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Annual reports of UR-Energy Inc
2007 Annual report
Financings of UR-Energy Inc
3/3/2011Provides Update on Closing Date for Offering
2/7/2011Announces CAD$30,000,000 Bought Deal Common Share Financing
Option Grants of UR-Energy Inc
12/1/2010Announces Proceeds of C$3.0M from the Exercise of Expiring E...
Nominations of UR-Energy Inc
8/2/2011Announces Appointment of Wayne Heili as Chief Executive Offi...
5/17/2011Announces the Appointment of Wayne Heili as President and CO...
Financials of UR-Energy Inc
11/3/2014Releases 2014 Q3 Financial Results
8/4/2014Releases 2014 Q2 Financial Results
3/3/2014Releases 2013 Year End Results
10/29/2013Reports Third Quarter 2013 Results
10/31/2012Reports Third Quarter 2012 Results
4/29/2011Reports First Quarter 2011 Results
Project news of UR-Energy Inc
6/24/2015(Lost Creek)Achieves One Million Pound Milestone at Lost Creek
9/19/2013(Lost Creek)Court Upholds BLM Record of Decision on Ur-Energy's Lost Cre...
8/3/2013(Lost Creek)Begins Production Operations at Lost Creek
7/12/2013Provides Pathfinder Mines Acquisition Update
4/29/2013(Lost Creek)Lost Creek Receives Additional NRC Approval, Private Mineral...
2/22/2013(Lost Creek)Provides Photos of Lost Creek ISR Project Construction Activ...
1/29/2013(Lost Creek)Provides Update on its Lost Creek ISR Uranium Mine Project
10/5/2012(Lost Creek)Lost Creek Project Now Fully Permitted Receives Record of ...
8/29/2011(Lost Creek)Progresses With Permitting of Lost Creek Project
3/14/2011(Lost Creek)Announces Uranium Sales Agreement
2/25/2011(Lost Creek)Releases Amended Preliminary Assessment on Lost Creek
1/12/2011(Lost Creek)Receives Draft NRC License for Lost Creek ISR Project
1/6/2011(Lost Creek)Delineates Deeper Resources at Lost Creek
Corporate news of UR-Energy Inc
8/1/2016July 29, 2016: Ur-Energy Releases 2016 Q2 Results; Webcast A...
8/1/2016July 25, 2016: Ur-Energy to Release 2016 Second Quarter Resu...
8/1/2016August 01, 2016: Ur-Energy to Host Webcast and Teleconferenc...
7/14/2016July 14, 2016: Ur-Energy Provides 2016 Q2 Operational Result...
6/16/2016June 08, 2016: Ur-Energy Announces Cost Savings Measures and...
6/16/2016June 06, 2016: Ur-Energy Confirms No Corporate Developments
1/27/2016January 27, 2016: Ur-Energy Announces Bought Deal Financing
1/27/2016Ur-Energy Announces Bought Deal Financing
1/14/2016Ur-Energy Provides 2015 Q4 and Year-End Operational Results ...
11/2/2015November 2, 2015: Ur-Energy to Host 2015 Third Quarter Webca...
11/2/2015Ur-Energy to Host 2015 Third Quarter Webcast and Teleconfere...
10/30/2015Ur-Energy Releases 2015 Q3 Results; Webcast November 3, 2015
10/22/2015October 22, 2015: Ur-Energy to Release 2015 Third Quarter Re...
10/22/2015Ur-Energy to Release 2015 Third Quarter Results and Host Web...
10/14/2015October 14, 2015: Ur Energy Provides 2015 Q3 Operational Res...
10/14/2015Ur-Energy Provides 2015 Q3 Operational Results and Further G...
9/16/2015September 16, 2015: Ur-Energy Confirms BLM EIS for Lost Cree...
8/20/2015August 20, 2015: Ur-Energy to Present at the Midwest IDEAS I...
8/3/2015August 3, 2015: Ur-Energy to Host 2015 Second Quarter Webcas...
8/3/2015Ur-Energy to Host 2015 Second Quarter Webcast and Teleconfer...
7/31/2015July 31, 2015: Ur-Energy Releases 2015 Q2 Results; Webcast t...
7/31/2015Ur-Energy Releases 2015 Q2 Results; Webcast to be Held Augus...
7/10/2015July 10, 2015: Ur-Energy Provides 2015 Q2 Operational Result...
7/10/2015Ur-Energy Provides 2015 Q2 Operational Results
7/6/2015June 17, 2015: Ur-Energy Announces Updated Technical Report ...
4/13/2015Provides 2015 Q1 Operational Results
4/10/2015April 10, 2015: Ur-Energy Announces Management Changes
4/10/2015Ur-Energy Announces Management Changes
3/2/2015March 2, 2015: Ur-Energy Releases 2014 Year End Results
3/2/2015Ur-Energy Releases 2014 Year End Results
1/28/2015Ur-Energy Completes Preliminary Economic Assessment on Shirl...
12/2/2014December 1, 2014: Ur-Energy to Present at the LD Micro Confe...
12/2/2014Ur-Energy to Present at the LD Micro Conference on December ...
12/2/2014to Present at the LD Micro Conference on December 4th
11/20/2014November 20, 2014: Ur-Energy Completes Final Delivery on Its...
11/20/2014Ur-Energy Completes Final Delivery on Its 2014 Sales Contrac...
11/20/2014Completes Final Delivery on Its 2014 Sales Contracts
11/7/2014Ur-Energy to Present at the Cowen and Company 5th Annual Glo...
11/6/2014November 6, 2014: Ur-Energy Announces R.A.F. Penrose Gold Me...
11/6/2014Ur-Energy Announces R.A.F. Penrose Gold Medal Awarded to Jam...
11/3/2014November 3, 2014: Ur-Energy Releases 2014 Q3 Financial Resul...
11/3/2014Ur-Energy Releases 2014 Q3 Financial Results
10/8/2014Ur-Energy Provides 2014 Q3 Operational Results
9/5/2014to Present at the Fourth Annual Euro Pacific Global Investme...
7/22/2014Announces Mineral Resource at Shirley Basin Project
7/16/2014Provides 2014 Q2 Operational Results
5/28/2014Completes Shirley Basin Confirmation Drill Program
5/22/2014Provides Additional 2014-2015 Guidance
5/1/2014Releases 2014 Q1 Results
4/22/2014Provides 2014 Q1 Operational Results
3/31/2014Announces New Vice President of Geology
3/19/2014Completes Amendment to RMBAH Loan Facility
12/31/2013(Lost Creek)Issues an Updated Preliminary Economic Assessment for Lost C...
12/16/2013s on Pathfinder Mines Acquisition
12/4/2013(Lost Creek)Ships First Production from Lost Creek
11/11/2013to Present at Cowen and Company 4th Annual Global Metals, Mi...
10/24/2013(Lost Creek)Closes US$34,000,000 State Bond Loan, Retires Earlier Debts ...
9/25/2013(Lost Creek)Lost Creek Production Rate Exceeding Expectations
9/6/2013ANNOUNCES PARTICIPATION AT THE THIRD ANNUAL EURO PACIFIC GLO...
8/28/2013Closes US$15,000,000 Loan Facility
7/3/2013Completes Additional Uranium Sales Agreement
6/25/2013Closes US$20,000,000 Loan Facility
6/17/2013Set to Join Russell 3000 Index
5/14/2013Secures Bridge Loan Facility, Provides Update on Corporate A...
3/28/2013Issues 2012 Year-End Letter to Shareholders
3/25/2013(Lost Creek)Raises Funds for Ongoing Lost Creek Construction
11/13/2012(Lost Creek)BLM's Lost Creek Record of Decision to be Reviewed
2/1/2012Announces $15 Million Private Placement
1/23/2012Enters Into New Uranium Sales Agreement
8/17/2011Announces Receipt of Final NRC License
7/20/2011Announces Start of 2011 Drilling Program
6/19/2011Set to Join Russell 3000 Index
6/18/2007Added to S&P/TSX* Global Mining Index
6/11/2007Forms Bootheel Project, LLC With Target Exploration & Mining
6/7/2007Prepays Promissory Note
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