Mr. Jeffrey Klenda reports
UR-ENERGY PROVIDES 2018 Q2 OPERATIONAL RESULTS
Ur-Energy Inc. has released its operational results for the second quarter (Q2) of 2018.
LOST CREEK OPERATIONS
Units Q1 2018 Q2 2018 YTD 2018
U3O8 captured (000 lb) 84.0 89.3 173.3
U3O8 dried and drummed (000 lb) 80.0 74.3 154.3
U3O8 sold (produced) (000 lb) 10.0 0 10.0
U3O8 sold (purchased) (000 lb) 370.0 100.0 470.0
Average flow rate (gpm) 2,432 2,517 2,475
U3O8 head grade (mg/l) 33 34 34
Lost Creek uranium production and sales
For the quarter, 89,209 pounds of U3O8 were captured within the Lost Creek plant, 74,302 pounds of U3O8 were packaged in drums and 74,416 pounds of U3O8 drummed inventory were shipped out of the Lost Creek processing plant. At June 30, 2018, inventory at the conversion facility was approximately 233,712 pounds U3O8.
During the quarter, sales totalled $3.79-million on 100,000 pounds at an average price of $37.90 per pound, which was 71 per cent above the average spot price for the same period of $22.13 per pound. The 100,000 pounds were purchased at an average cost of $22.25 per pound.
During the period, the third of the first three header houses in the second mine unit (MU2) at Lost Creek commenced production. All three of the header houses are exceeding budgeted production expectations. With the addition of MU2 production, both grades and flow levels have continued to increase.
Continuing guidance for 2018
As indicated in its prior guidance, the company has now completed all deliveries into its 2018 term contracts, which totalled 470,000 pounds at an average price of approximately $49 per pound. Ur-Energy will provide further guidance in its Form 10-Q, which is currently anticipated to be filed on Friday, July 27, 2018.
Ur-Energy is a uranium mining company operating the Lost Creek in situ recovery uranium facility in south-central Wyoming. The company has produced, packaged and shipped approximately 2.4 million pounds from Lost Creek since the commencement of operations. Applications are under review by various agencies to incorporate the company's LC East project area into the Lost Creek permits, and Ur-Energy has begun to submit applications for permits and licences to operate at its 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.
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