Ur‐Energy Provides 2018 Q1 Operational Results
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 2018 Q1 Operational Results
Littleton, Colorado (PR Newswire – April 12, 2018) Ur‐Energy Inc. (NYSE American:URG, TSX:URE) (the
“Company” or “Ur‐Energy”) is pleased to provide the following operational results for first quarter 2018.
Highlights
Lost Creek Operations
Units 2018 Q1 2017 Q4
U3O8 Captured (‘000 lbs) 84.0 68.0
U3O8 Dried & Drummed (‘000 lbs) 80.0 60.5
U3O8 Sold
(from production) (‘000 lbs)
10.0
0.0
U3O8 Sold (from purchased lbs)
(‘000 lbs)
370.0
0.0
Average Flow Rate (gpm) 2,432 2,244
U3O8 Head Grade (mg/l) 33 29
Lost Creek Uranium Production and Sales
For the quarter, 84,047 pounds of U3O8 were captured within the Lost Creek plant, 79,961 pounds of
U3O8 were packaged in drums and 73,515 pounds of U3O8 drummed inventory were shipped out of the
Lost Creek processing plant. At March 31, 2018, inventory at the conversion facility was approximately
159,296 pounds U3O8.
During the quarter, sales totaled $19.7 million on 380,000 pounds at an average price of $51.75 per
pound, which was 140% above the average spot price for the same period of $21.52 per pound. We sold
10,000 pounds of Lost Creek production into a spot sale at $23.75 per pound. The remaining 370,000
pounds were purchased at an average cost of $25.00 per pound and sold into term contracts at $52.50
per pound. The purchase contracts were entered into at various times and purchase prices ranged from
$22.25 to $26.55 per pound. The small sale from production was done for tax purposes.
During the period, the second of the first three header houses in the second mine unit (MU2) at Lost
Creek commenced production. The third of these houses will come online this month. With the addition
of MU2 production, both grades and flow levels have continued to increase. Currently, more than four
and a half years into production, Lost Creek U3O8 head grade has averaged 85.7 mg/l, life‐of‐project.
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Corporate and Management Update
In January, together with Energy Fuels, we submitted a petition to the U.S. Department of Commerce
(“DOC”) for Relief Under Section 232 of the Trade Expansion Act of 1962 (as amended) from Imports of
Uranium Products that Threaten National Security (the “Petition”). The Petition seeks an investigation as
required under the Trade Act, as well as suggesting relief which might be implemented. We currently
await the initiation of the investigation by the DOC.
As previously disclosed, we implemented our current plan for 2018 Lost Creek operations: we have
suspended further MU2 development activities, implemented further cost reductions, including an
additional reduction in force, and secured purchase contracts for nearly 100% of our 2018 delivery
obligations. Production from our operating MU1 and MU2 header houses will be used to build an
inventory position of finished, ready‐to‐sell, product at the conversion facility. These actions will give us
the additional flexibility necessary to quickly react to changing market conditions and easily restart
development activities in MU2 when warranted. With future development and construction in mind, the
staff who were retained have the greatest level of experience and adaptability allowing for an easier
transition back to full operations.
The quarter saw the retirement of one of the founding members of our Board of Directors, Paul
Macdonell. Mr. Macdonell served our Company and its shareholders well for 14 years, helping to
position us as a leader in the uranium space. Rob Chang has been named to our Board, effective March
30, 2018. Mr. Chang has 23 years experience in the financial services industry. He is currently the Chief
Financial Officer of Riot Blockchain, Inc. Prior to his current position, Mr. Chang most recently served as
the Managing Director and Head of Metals & Mining at Cantor Fitzgerald where he provided research
coverage in precious metals, base metals, lithium, and uranium. He is well familiar with the uranium
mining industry, and is considered a subject matter expert by several media outlets. Mr. Chang
completed his MBA at the University of Toronto's Rotman School of Management.
Continuing Guidance for 2018
As included in our prior guidance, we expect to deliver a total of 470,000 pounds into our term contracts
in 2018 at an average price of approximately $49 per pound. The remaining 100,000 pounds will be
delivered in Q2 2018. We will provide further guidance in our Form 10‐Q, which is currently anticipated
to be filed on Friday, May 4, 2018.
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
operate 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.
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FOR FURTHER INFORMATION, PLEASE CONTACT
Jeffrey Klenda, Chair and CEO
+1 720‐981‐4588
Jeff.Klenda@Ur‐Energy.com
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 and deliveries into
sales commitments; recovery results from additional header houses in MU2 at Lost Creek, as well as timing to bring the
third house online; the outcome of the DOC Section 232 investigation, including whether or not the Secretary of
Commerce will make a recommendation to the President and the nature of the recommendation; whether or not the
President will act on the recommendation and, if so, the nature of the action and remedy) 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.