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Dec 31, 2022
Ur-Energy Q4 2022 Earnings Report
Ur-Energy experienced uranium pricing volatility and focused on ramping up production at Lost Creek, supported by long-term sales contracts.
Key Takeaways
Ur-Energy reported a net loss of $17.1 million for the year 2022, with no U3O8 sales during the year. The company focused on development activities at Lost Creek and secured multi-year sales agreements. They are ramping up production at Lost Creek, expecting to sell 280,000 pounds of uranium in 2023.
Net loss of $17.1 million or $0.08 per common share in 2022.
No sales of U3O8 were necessary in 2022.
Ramping up production at Lost Creek to meet sales commitments.
Completed multi-year sales agreements for uranium supply.
Ur-Energy
Ur-Energy
Forward Guidance
Ur-Energy is ramping up production in 2023, expecting to sell 280,000 pounds of uranium and generate $17.3 million in revenue. They are focused on expanding production and securing additional sales contracts.
Positive Outlook
- New production of uranium is expected to commence in late Q1 or early Q2 of this year.
- Deliveries in 2023 are anticipated to be made from our existing conversion facility inventory.
- Increasing demand in 2022 was evidenced by increased contracting activity and higher uranium pricing
- Construction of the next header house (HH2-4) is nearly complete.
- Staffing at Lost Creek has been increased to levels sufficient to commence operations when production resumes.
Challenges Ahead
- Unusually harsh winter conditions have hindered our efforts.
- The program was supplemented by purchases of mid- and long-lead items for additional development in MU2.
- Capital and other costs varying significantly from estimates
- delays in obtaining or failures to obtain required governmental, environmental or other project approvals
- fluctuations in commodity prices