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Dec 31, 2023
Ur-Energy Q4 2023 Earnings Report
Ur-Energy met its sales guidance, advanced ramp-up activities at Lost Creek, and completed two new uranium sales agreements.
Key Takeaways
Ur-Energy Inc. reported $17.3 million in revenues for 2023, with significant progress in ramp-up activities at Lost Creek. The company completed its 75th shipment of U3O8 and finalized two additional sales agreements extending through 2030. Production in Q4 reflected progress in wellfield operations, with 68,448 pounds of U3O8 captured.
Met sales guidance for 2023 with $17.3 million in revenues.
Advanced ramp-up and recommissioning activities at Lost Creek, making the first U3O8 shipment since returning to commercial production.
Completed two additional sales agreements, strengthening sales contract book through 2030.
Captured 68,448 pounds U3O8 in Q4, with an average production grade of 93.9 mg/l U3O8.
Ur-Energy
Ur-Energy
Forward Guidance
Ur-Energy anticipates 2024 production from MU2 to be between 650,000 and 750,000 pounds, with approximately 600,000 to 700,000 pounds U3O8 drummed and packaged during the year. The company has contractual commitments for deliveries of 570,000 pounds U3O8 during 2024. They plan to build inventory at the conversion facility and will continue to monitor spot market pricing and may make spot sales if warranted.
Positive Outlook
- Expect 2024 production from MU2 to be between 650,000 and 750,000 pounds.
- Anticipate drumming and packaging approximately 600,000 to 700,000 pounds U3O8 during the year.
- Made first shipment of U3O8 to the converter in February 2024 and anticipate routine shipments throughout the year.
- Have contractual commitments for deliveries of 570,000 pounds U3O8 during 2024.
- Plan to build inventory at the conversion facility.
Challenges Ahead
- Ramp-up activities are subject to operational challenges and potential delays.
- Market conditions and uranium prices may fluctuate, impacting profitability.
- Dependence on regulatory approvals and permits for expansion plans.
- Potential for unforeseen disruptions in production or supply chain.
- Competition from other uranium producers.