Ur-Energy Releases 2023 Q3 Results

LITTLETON, CO / ACCESSWIRE / October 30, 2023 / Ur-Energy Inc. (NYSE American:URG)(TSX:URE) (the "Company" or "Ur-Energy") has filed the Company's Form 10-Q for the quarter ended September 30, 2023, with the U.S. Securities and Exchange Commission at www.sec.gov/edgar.shtml and with Canadian securities authorities at www.sedarplus.ca.

Ur-Energy CEO, John Cash said, "The uranium market improved dramatically during the third quarter as primary supply failed to keep pace with demand from global utilities and financial players and as geopolitical instability weighed on the market. As the price of uranium improved, we provided increasingly higher priced bids in response to Requests for Proposals from utilities and other buyers. We are optimistic that the price of uranium will continue to increase, and we look forward to continuing to fill our contract book with production from the active Lost Creek operation and from the fully permitted Shirley Basin Project once a construction decision is made.

"Our dedicated team has done an excellent job of positioning the Company as the only active uranium miner in the U.S. and one of only two active miners in North America. These are exciting times, and we commit to work diligently to continue ramping up production in a safe and environmentally responsible manner."

Financial Results

As of September 30, 2023, we had cash and cash equivalents of $54.6 million, an increase of $21.6 million from the December 31, 2022 balance of $33.0 million. During the nine months ended September 30, 2023, we used $16.7 million for operating activities, used $1.9 million for investing activities, and generated $40.5 million from financing activities, which included net proceeds of $44.5 million from share issuances less $4.0 million of Wyoming bond loan principal payments.

In the first nine months of 2023, we sold 190,000 pounds of U₃O₈ at an average price of $62.56. This includes our first sale into our three multi-year sales agreements which, collectively, call for deliveries beginning in 2023 and continuing through 2028, with the possibility of deliveries continuing under one agreement into 2029. Including the already completed sales of 190,000 pounds U₃O₈, we expect to sell a total of 280,000 pounds U₃O₈ in 2023 for $17.3 million. With the addition of our third multi-year sales agreement, our current anticipated revenues 2023 - 2028 will be approximately $220 million.

Reconciliation of Non-GAAP measures with US GAAP financial statement presentation

The following tables include measures such as U₃O₈ sales, U₃O₈ cost of sales, U₃O₈ gross profit, U₃O₈ pounds sold, U₃O₈ price per pound sold, U₃O₈ cost per pound sold, and U₃O₈ gross profit per pound sold. These measures do not have standardized meanings within US GAAP or a defined basis of calculation. These measures are used by management to assess business performance and determine production and pricing strategies. They may also be used by certain investors to evaluate performance. These measures exclude disposal fees and lower of cost or NRV adjustments.

U₃O₈ Sales, Cost of Sales, and Gross Profit

The following table provides information on our U₃O₈ sales, cost of sales, and gross profit.

U₃O₈ Production and Ending Inventory

The following table provides information on our production and ending inventory of U₃O₈ pounds.