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Jun 30, 2022
Ur-Energy Q2 2022 Earnings Report
Key Takeaways
Ur-Energy reported a strong cash position of $43.3 million as of June 30, 2022, and is advancing its Lost Creek operations with the build-out of header house 2-4. The company also submitted a bid to the Department of Energy's solicitation to purchase domestically produced uranium for a new U.S. Uranium Reserve.
Maintained a strong cash position with $43.3 million in cash and cash equivalents as of June 30, 2022.
Advanced the build-out of header house 2-4 at Lost Creek operations.
Successfully completed initial field testing of patented well installation technology.
Submitted a bid to the Department of Energy's solicitation to purchase domestically produced uranium.
Ur-Energy
Ur-Energy
Forward Guidance
Ur-Energy will focus on maintaining safe and compliant operations while continuing to enhance and leverage its operational readiness until market conditions signal a decision for the return to production operations.
Positive Outlook
- Global recognition of nuclear energy’s role in achieving net-zero carbon emissions continues to be more widely accepted.
- Japan, several member nations of the European Union, and the United Kingdom have all recently made announcements of action plans making nuclear energy an integral part of the climate change solution.
- The Biden Administration also continues to voice support for clean energy and the nuclear industry.
- DOE uranium reserve has moved forward: in June 2022, Department of Energy National Nuclear Security Administration issued a solicitation for proposal to purchase qualified domestically produced uranium.
- The sustained support for nuclear energy has prompted financial funds and uranium ETFs to purchase uranium inventories thereby supporting the uranium spot price.
Challenges Ahead
- There can be no assurance that the Company will be a successful bidder.
- 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
- Delays in obtaining or failures to obtain required governmental, environmental or other project approvals