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Jun 30, 2023
Ur-Energy Q2 2023 Earnings Report
Lost Creek Project moved back into commercial production, and the company is ramping up production at Lost Creek and Shirley Basin.
Key Takeaways
Ur-Energy Inc. reported that the Lost Creek Project moved back into commercial production during Q2 2023. The company had cash and cash equivalents of $68.0 million as of June 30, 2023. They expect to sell 280,000 pounds U3O8 in 2023 for $17.3 million.
Lost Creek Project moved back into commercial production.
Cash and cash equivalents increased to $68.0 million as of June 30, 2023.
Three multi-year sales agreements are in place, with the third agreement added recently.
Expect to sell 280,000 pounds U3O8 in 2023 for $17.3 million.
Forward Guidance
Ur-Energy is focused on growing its long-term sales book, ramping up production at Lost Creek and Shirley Basin, and considering acquisition opportunities. They anticipate profitable sales prices on a Company-wide, all-in cost basis, with annual escalation from initial pricing.
Positive Outlook
- Continued ramp-up of production at Lost Creek.
- Construction of centralized services facility is complete.
- All major permits and authorizations are in place for Shirley Basin Project.
- Stronger uranium prices enabled securing multi-year sales agreements.
- Focus on maintaining safe and compliant operations.
Challenges Ahead
- Uncertainty regarding the cessation of Russian imports of low-enriched uranium.
- Global supply chain disruptions may impact nuclear utilities.
- Challenges in recruitment of personnel and contractors.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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