Ur-Energy Provides 2024 Q1 Operations and 2024 Production Guidance Updates
News Release
10758 W. Centennial Rd.
Littleton, CO 80127
Phone: 720.981.4588
Fax: 720.981.5643
www.ur-energy.com
Ur-Energy Provides 2024 Q1 Operations and 2024 Production Guidance Updates
Littleton, Colorado ( ACCESSWIRE – April 23, 2024) Ur-Energy Inc. ( NYSE American:URG)
(TSX:URE) (“Ur-Energy” or the “Company”) provide s the following updates on 2024 Q1 operations,
adjustment to our production guidance for the year, and the early repayment of our State Bond Loan.
John Cash, Ur-Energy Chairman and CEO, said of 2024 Q1, “This year has started with a great number
of advances in the growth of Ur -Energy, demonstrating a focus on our future in a strengthening market
for nuclear energy including our own uranium production at the front -end of the fuel cycle. We were
pleased to announce our decision to build our second ISR uranium facility at Shirley Basin, the birthplace
of ISR uranium in the 1960s, and related activities have commenced. We anticipate production at Shirley
Basin to begin in 2026.
“Meanwhile, ramp-up continues at Lost Creek with additional development and production leading to
another shipment of yellowcake being made this month. We continue to overcome ramp -up challenges.
Due to those challenges, we are updating and reducing our 2024 production guidance to 550,000 – 650,000
pounds captured.”
Lost Creek Production Operations
Ramp-up continues at Lost Creek, with two additional header houses (HH 2-6 and 2-7) coming online in
2024. During Q1, we captured approximately 38,221 pounds , dried and packaged approximately 39,229
pounds, and shipped 35,445 pounds U3O8. At quarter end, our i n-process inventory was approximately
80,465 pounds, our drummed inventory was approximately 26,062 pounds, and our finished inventory at
the conversion facility was approximately 79,235 pounds U3O8.
While we have experienced some additional equipment and operational challenges, we are seeing more
consistent drying and packaging, with 19,331 pounds U 3O8 packaged since quarter end and dryer
operations keeping pace with wellfield production. We have 13 drill rigs onsite, with an additional rig
scheduled to commence work in early May. Drilling has advanced into HH 2- 11 with completion work
nearly finished in HH 2-8. Fabrication of HH 2-8 and 2-9 is complete, and work on HH 2-10 and 2-11 is
advancing in our Casper construction shop. HH 2-8 is expected to come online in May.
Shirley Basin Development
We were pleased to announce our decision in Q1 to proceed with the buildout of a satellite facility at our
wholly owned, fully permitted and licensed Shirley Basin Project in Carbon County, Wyoming. The
decision will nearly double our annual permitted mine production to 2.2 million pounds U 3O8 while
diversifying our supply.
The satellite plant will be a relatively low -cost facility consisting of ion exchange, wastewater, and
groundwater restoration circuits. The ion exchange resin at Shirley Basin will be loaded with uranium
from the mine and shipped to our Lost Creek ISR facility for processing before being recycled back into
- 2 -
operations at Shirley Basin. This satellite approach will help minimize initial facility capital costs to
approximately $24.4 million and pre-operational wellfield development costs to $16.3 million.
The satellite plant will be designed with a flow rate of up to 6,000 gallons per minute and capacity to
produce up to 1.0 million pounds of U3O8 per year. Our permits and license allow for the construction of
the elution, precipitation and drying circuits should it become economically advantageous. No
amendments to the existing permits or licenses would be required.
The estimated time to finalize designs, order materials and construct the satellite plant and initial wellfield
recovery area is approximately 24 months. Work has already been initiated on long-lead items, including
detailed engineering and additi onal geologic pattern planning for the wellfield. P lanning has been
completed for the monitor well ring for the first mine unit, with plans to install approximately 120 wells
in 2024 Q2 - Q3. This installation will enable hydrologic testing and baseline water quality analyses to
proceed prior to the start of installation of production patterns in mid-2025. Significantly, the bid process
and award for fabrication of IX columns has been completed. This procurement represents one of the
longest lead items in the facility.
Sales and Prepayment of State Bond Loan
As previously announced, we completed two additional uranium sales agreements during 2024 Q1. Our
fourth agreement calls for deliveries of a base annual quantity ranging from 100,000 to 350,000 pounds
U3O8 from 2026 through 2030. The purchaser may flex the annual quantity up or down by as much as ten
percent. This agreement provides in part for market -related pricing. O ur fifth U 3O8 sales agreement
includes delivery commitments for five years beginning in 2026, with an initial delivery of 50,000 pounds
U3O8 in 2026 and annual deliveries of 200,000 pounds U 3O8 in 2027 through 2030. All sales under this
agreement will be made at fixed prices, escalated from the agreed base price.
Subsequent to quarter end, we sold 75,000 pounds U 3O8 for which we will receive $ 4.6 million in early
May. In total, we anticipate selling 570,000 pounds U3O8, under two contracts secured in 2022.
As planned, on March 27, we completed the pre-payment of the remaining $4.4 million on our State Bond
Loan and now are debt free. At March 31, 2024, we had cash and cash equivalents of $53.9 million.
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 and packaged approximately 2.8 million pounds U3O8 from
Lost Creek since the commencement of operations. Ur -Energy now has all major permits and
authorizations to begin construction at Shirley Basin, the Company’s second in situ recovery uranium
facility in Wyoming and is in the process of obtaining remaining amendments to Lost Creek authorizations
for expansion of Lost Creek. 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. The primary trading market for Ur -Energy’s common shares is on the NYSE American
under the symbol “URG.” Ur-Energy’s common shares also trade on the Toronto Stock Exchange under
the symbol “URE.” Ur -Energy’s corporate office is in Littleton, Colorado and its registered office is in
Ottawa, Ontario.
- 3 -
FOR FURTHER INFORMATION, PLEASE CONTACT
John W. Cash, Chairman, CEO & President
720-981-4588, ext. 303
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., when ramp-up challenges will be
overcome to reach steady -state production and our adjusted 2024 production guidance; the timing to
complete ongoing development work to bring on header houses and recovery as currently projected;
whether the current projections for the timing and ability to complete build out of Shirley Basin will be
met; whether we will secure additional off -take sales agreements at advantageous pricing , and whether
our current purchasers may exercise the flex option, up or down, in certain agreements) 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.
Generally, forward-looking statements can be identified by the use of forward- looking terminology such
as "plans," "expects," "does not expect," "is expected," "is likely," "estimates," "intends," "anticipates,"
"does not anticipate," or "believes," or variations of the foregoing, or statements that certain actions, events
or results "may," "could," "might" or "will be taken," "occur," "be achieved" or "have the potential to."
All statements, other than statements of historical fact, are considered to be forward -looking statements.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the Company to be materially different from any
future results, performance or achievements express or implied by the forward-looking statements. Factors
that could cause actual results to differ materially from any forward -looking statements include, but are
not limited to, capital and other costs varying significantly from estimates; failure to establish estimated
resources and reserves; the grade and recovery of ore 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; changes in exchange rates; fluctuations
in commodity prices; delays in development and other factors described in the public filings made by the
Company at www.sedarplus.ca 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.