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Mar 31, 2021
Ur-Energy Q1 2021 Earnings Report
Ur-Energy reported results for Q1 2021, highlighting regulatory approvals and a strong cash position.
Key Takeaways
Ur-Energy Inc. reported having a strong cash position of $17.6 million as of March 31, 2021. The company is focused on maintaining operational readiness and progressing towards full production at its Lost Creek and Shirley Basin projects, supported by recent regulatory approvals and a favorable political climate for nuclear energy.
Received regulatory approvals for Lost Creek and Shirley Basin projects, enhancing production capabilities.
Maintained reduced production levels at Lost Creek to optimize processes and reduce operating costs.
Closed a public offering resulting in net proceeds of approximately $13.9 million after fees and expenses.
Current cash position as of May 5, 2021, is $15.8 million, with nearly 285,000 pounds of finished, ready-to-sell inventory.
Forward Guidance
Ur-Energy is focused on ramping up production at Lost Creek and advancing the Shirley Basin project, while closely monitoring the uranium market and potential positive impacts from government initiatives and policies.
Positive Outlook
- Lost Creek operations can increase to full production rates in as little as six months following a go decision.
- Development expenses during this six-month ramp up period are estimated to be approximately $14 million.
- Prepared to ramp up and to deliver Lost Creek production inventory to the new national uranium reserve.
- All major permits and authorizations for Shirley Basin Project are now in hand.
- The restructuring and cost-saving measures are estimated to exceed $7 million and $4 million in calendar years 2021 and 2022, respectively.
Challenges Ahead
- The timing to determine future development and construction priorities for Lost Creek and Shirley Basin.
- The ability to rapidly and cost-effectively ramp-up production operations when market and other conditions warrant.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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