Ur-Energy Provides 2017 Q4 Operational Results and Announces
10758 W. Centennial Rd. Suite 200
Littleton, CO 80127
Phone: 720.981.4588
Fax: 720.981.5643
www.ur-energy.com
News Release
Ur-Energy Provides 2017 Q4 Operational Results and Announces
January 19, 2018 Webcast on 2017 Operational Results
Littleton, Colorado (PR Newswire – January 11, 201 8) Ur-Energy Inc. (NYSE American:URG, TSX:URE)
(the “Company” or “Ur-Energy”) is pleased to provide the following operational results for fourth quarter
2017, and to announce a webcast regarding 2017 Operational Results and current events in the uranium
industry, to be held on Friday, January 19, 2018, at 9:00 a.m. MT / 11:00 a.m. ET.
Highlights
Lost Creek Operations
Units 2017 Q1 2017 Q2 2017 Q3 2017 Q4 2017
U3O8 Captured (‘000 lbs) 79.3 65.3 52.8 68.0 265.4
U3O8 Dried &
Drummed (‘000 lbs)
74.4
70.8
48.3 60.5 254.0
U3O8 Sold
(from production) (‘000 lbs)
50.0
31.0
180.0
0.0
261.0
U3O8 Sold (from
purchased lbs) (‘000 lbs)
200.0
210.0
109.0
0.0
519.0
Average Flow Rate
(gpm)
2,403
2,378
2,188 2,244
2,302
U3O8 Head Grade (mg/l) 32 27 23 29 28
Lost Creek Uranium Production and Sales
For the quarter , 67,982 pounds of U3O8 were captured within the Lost Creek plant , 60,461 pounds of
U3O8 were packaged in drums and 73,367 pounds of U3O8 drummed inventory were shipped out of the
Lost Creek processing plant . At December 31 , 2017, inventory at the conversion facility was
approximately 94,077 pounds U3O8.
In 2017, sales totaled $38.3 million from 780,000 pounds sold. Our overall price per pound sold averaged
$49.09. There were no spot sales during the year . A total of 261,000 pounds were sold f rom Lost Creek
production. Additionally, we delivered 519,000 purchased pounds into contractual obligations.
Purchases for these deliveries averaged $21.35 per pound.
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Lost Creek Production Operations in Mine Unit 1 and Development of Mine Unit 2
Lost Creek celebrated its fourth anniversary of operations in August. At year-end 2017, we have captured
approximately 2.4 million pou nds U3O8 and have delivered approximately 2.2 million pounds of Lost
Creek production to our customers. At this time, our first mine unit (“MU1”) has recovered nearly 89% of
the estimated under -pattern resource, based upon the revised and updated Lost Creek Preliminar y
Economic Assessment (as amended, February 2016, the “PEA”). This is compared to an accepted industry
standard of 70% to 80% recovery of under -pattern resource. As well, project economics in the PEA were
based on an 80% recovery.
Drilling and other const ruction work to develop the first three header houses in Mine Unit 2 (“MU2”)
commenced in early April 2017, allowing us to bring the first header house online in late August.
Operations in the second header house in MU2 are expected to commence this week; we anticipate the
third header house will come online in Q1 2018. We are pleased to report that to date MU2 has
exhibited similar production characteristics to MU1. In addition, operational modifications have allowed
for higher sustained production flows supporting efficient future wellfield operations as well as optimum
recovery rates.
Our Class V water system worked well throughout its first year of operations. This system is the first of its
kind at an ISR uranium facility, having received all permitti ng and other authorizations at year -end 2016.
Allowing for onsite disposal of fresh permeate ( i.e., clean water) into shallow Class V wells, this system
also permits us to recycle significant amounts of what would normally be considered waste water.
Ultimately, the system reduces injection requirements in our Class I deep disposal wells and extends the
life of those very valuable assets.
Guidance for 2018
For 2018, we expect to deliver 470,000 pounds into our term contracts at an average price of
approximately $49 per pound. We have scheduled 370,000 pounds to be delivered in Q1 2018 . We will
provide further guidance for 2018 production and other operational matters in our Annual Report on
Form 10-K, which is currently anticipated to be filed on Friday, March 2, 2018.
January 19, 2018 Webcast
A webcast and teleconference will be held on Friday, January 19, 2018 at 9:00 a.m. (MT) / 11:00 a.m. (ET)
to provide an operational update and discuss current events in the uranium industry. A Q&A session will
follow the presentation. Those wishing to participate by phone can do so by calling:
US Toll-free Number 1-877-226-2859
Canada Toll-free Number 1-855-669-9657
International Number 1-412-542-4134
Ask to be joined into the Ur-Energy call.
The call is being webcast by PR Newswire. The webcast can be accessed 10 minutes prior to the call. Pre -
registration and participation access is available by clicking here or by copying the following URL into
your web browser: https://www.webcaster4.com/Webcast/Page/1186/24157.
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If you are unable to join the call, a link will be available following the webcast on the Company’s website
www.ur-energy.com.
About Ur-Energy
Ur-Energy is a uranium mining company operating the Lost Creek in-situ recovery uranium facility in south -central
Wyoming. We have produced, packaged and shipped more than two million pounds from Lost Creek since the
commencement of operations . Applications are under review by various agencies to incorporate our LC East project
area into the Lost Creek permits, and we have begun to submit applications for permits and licenses to operat e at our
Shirley Basin Project. Ur -Energy is engaged in uranium mining, recovery and processing activities, including the
acquisition, exploration, development and operation of uranium mineral properties in the United States. Shares of
Ur-Energy trade on the NYSE American under the symbol “URG” and on the Toronto Stock Exchange under the symbol
“URE.” Ur -Energy’s corporate office is in Littleton, Colorado; its registered office is in Ottawa, Ontario. Ur -Energy’s
website is www.ur-energy.com.
FOR FURTHER INFORMATION, PLEASE CONTACT
Jeffrey Klenda, Chair and CEO
+1 720-981-4588
Cautionary Note Regarding Forward-Looking Information
This release may contain “forward -looking statements” within the meaning of applicable securities laws regarding
events or conditions that may occur in the future ( e.g., continuing results of Lost Creek operations; timing to bring the
additional header house s in MU2 online; whether MU2 production results will compare with those in MU1 at Lost
Creek; and whether adjustments of production rates will be necessary or appropriate ) and are based on current
expectations that, while considered reasonable by management at this time, inherently involve a number of significant
business, economic and competitive risks, uncertainties and contingencies. Factors that could cause actual results to
differ materially from any forward-looking statements include, but are not limited to, fluctuations in commodity prices;
capital and other costs varying significantly from estimates; failure to establish estimated resources and reserves; the
grade and recovery of uranium which is mined varying from estimates; production rates, methods and amounts varying
from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project
approvals; inflation; delays in development and other factors described in the public filings made by the Company at
www.sedar.com and www.sec.gov. Readers should not place undue reliance on forward -looking statements. The
forward-looking statements contained herein are based on the beliefs, expectations and opinions of management as of
the date hereof and Ur-Energy disclaims any intent or obligation to update them or revise them to reflect any change in
circumstances or in management’s beliefs, expectations or opinions that occur in the future.