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Jun 30, 2024
Ur-Energy Q2 2024 Earnings Report
Ur-Energy reported an increase in production, sales, and progress at its Lost Creek and Shirley Basin projects.
Key Takeaways
Ur-Energy Inc. announced its Q2 2024 results, highlighting increased production at the Lost Creek Mine and advancements in the Shirley Basin Project. The company sold 75,000 pounds U3O8 at an average price of $61.65 per pound, generating $4.6 million in proceeds. With strong cash resources and a growing skilled workforce, Ur-Energy is positioned to capitalize on future opportunities and expand production capacity.
Captured approximately 70,679 pounds U3O8 during Q2.
Sold 75,000 pounds U3O8 in Q2 at an average price of $61.65 per pound.
Cash resources increased to $61.3 million as of June 30, 2024.
Made progress installing monitor wells and basic infrastructure at the Shirley Basin Project.
Forward Guidance
Ur-Energy is guiding to the lower side of its earlier 2024 production guidance of 550,000 and 650,000 pounds U3O8 captured at Lost Creek. Deliveries for 2025 are committed to three of our customers for a base amount of 700,000 pounds U3O8.
Positive Outlook
- Header House (HH) 2-10 is scheduled to come online mid-August.
- Construction crew is on track to complete a new header house approximately every thirty days.
- Anticipate additional drill rigs will mobilize to Lost Creek in the next two months.
- Fabrication of HHs 2-11 through 2-14 is in progress.
- Continue to see very positive grades and production from the latest header houses brought online.
Challenges Ahead
- Guiding to the lower side of earlier 2024 production guidance of 550,000 and 650,000 pounds U3O8 captured at Lost Creek.
- Continue to experience equipment and operational challenges.
- Contracts negotiated in 2022, when the long-term price was between $43 and $52 per pound, for deliveries of 570,000 pounds U3O8 in 2024.
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