Ur-Energy Releases 2024 Q2 Results

On August 9, 2024, Ur-Energy Inc. (NYSE American: URG, TSX: URE) filed its Q2 2024 financial results with U.S. and Canadian regulators. CEO John Cash highlighted the impact of the Russian Uranium Ban and increased nuclear activity. Ur-Energy is ramping up production at Lost Creek Mine and making progress on the Shirley Basin Project, which will boost their production capacity next year.

During Q2, Lost Creek produced 70,679 pounds of U3O8, dried and packaged 64,170 pounds, and shipped 70,390 pounds. Sales reached 75,000 pounds at an average price of $61.65 per pound, yielding $4.6 million. Ur-Energy expects total 2024 revenues of $33.1 million from U3O8 sales.

At the end of Q2, the company reported cash resources of $61.3 million, an increase from December 2023. They spent $25.6 million on operations, used $1.9 million for investments, and generated $31.4 million from financing activities.

Production and sales data show progress, with the cost of sales increasing to $41.69 per pound due to various operational expenses. Gross profits from U3O8 sales totaled $1.497 million for Q2.