Ur-Energy Provides 2024 Q2 Update: Lost Creek and Shirley Basin

Ur-Energy Inc. has shared its 2024 Q2 updates concerning production operations at Lost Creek, construction progress at Shirley Basin, and its uranium sales contracts. CEO John Cash highlighted the increased production at Lost Creek and the site's readiness to bring a new header house online each month, ensuring consistent production flow.

Shirley Basin is advancing with significant on-ground construction activity and procurement progress. The site aims to revive in situ uranium recovery in Wyoming, enhancing Ur-Energy's footprint in the region.

In Q2, Lost Creek captured approximately 70,679 pounds of uranium, with notable increases in drying, packaging, and shipping metrics compared to Q1. Despite improvements, the company maintains a conservative annual production guidance of 550,000 to 650,000 pounds captured on IX resin.

At Shirley Basin, installation of monitor wells for the first mine unit is on schedule, with significant progress in engineering and material procurement for the site. Ur-Energy plans to complete the primary construction by 2025 H1.

Financially, Ur-Energy sold 75,000 pounds of uranium in Q2 at an average price of $61.65 per pound, generating $4.6 million. The company expects total revenues of $33.1 million from uranium sales in 2024, with future commitments extending through 2029.