LITTLETON, Colo., Nov. 1, 2019 /PRNewswire/ -- Ur-Energy Inc. (NYSE American:URG) (TSX:URE) ("Company" or "Ur-Energy") has filed the Company's Form 10‐Q for the quarter ended September 30, 2019, with the U.S. Securities and Exchange Commission at www.sec.gov/edgar.shtml and Canadian securities authorities at www.sedar.com.
Ur-Energy CEO, Jeff Klenda, said, "With $6.6 million in cash at October 31, 90,000 pounds U3O8 to be sold in December at $60 per pound, and the benefit of our renegotiated State Bond Loan, we expect to enter 2020 with a strong cash position and nearly 250,000 pounds of product in inventory, ready to sell. We find ourselves in the enviable position of awaiting the outcome of the U.S. Nuclear Working Group without the need for near-term financing. With the continued support of the State of Wyoming and Sweetwater County, which we greatly appreciate, we will defer six quarters' principal payments on the State Bond Loan, while continuing to make quarterly interest payments. The deferred payments, beginning with the October 1 payment, represent approximately $8 million savings for that period. Considering our financial position and the ability to ramp-up our operating, low-cost Lost Creek mine quickly and cost-efficiently, we have a distinct advantage over our peers."
Inventory, production and sales figures for the Lost Creek Project are presented in the following tables:
Production and Production Costs | Unit | 2019 Q3 | 2019 Q2 | 2019 Q1 | 2018 Q4 | 2019 YTD | |||||||||||
Pounds captured | lb | 7,256 | 13,146 | 22,551 | 48,304 | 42,953 | |||||||||||
Ad valorem and severance tax | $000 | $ | (14) | $ | 17 | $ | 57 | $ | 30 | $ | 60 | ||||||
Wellfield cash cost (1) | $000 | $ | 210 | $ | 264 | $ | 250 | $ | 459 | $ | 724 | ||||||
Wellfield non-cash cost (2) | $000 | $ | 611 | $ | 612 | $ | 612 | $ | 400 | $ | 1,835 | ||||||
Ad valorem and severance tax per pound captured | $/lb | $ | (1.93) | $ | 1.29 | $ | 2.53 | $ | 0.62 | $ | 1.40 | ||||||
Cash cost per pound captured | $/lb | $ | 28.94 | $ | 20.08 | $ | 11.09 | $ | 9.50 | $ | 16.86 | ||||||
Non-cash cost per pound captured | $/lb | $ | 84.21 | $ | 46.55 | $ | 27.14 | $ | 8.28 | $ | 42.72 | ||||||
Pounds drummed | lb | 9,367 | 13,296 | 21,015 | 53,654 | 43,678 | |||||||||||
Plant cash cost (3) | $000 | $ | 1,045 | $ | 1,134 | $ | 1,318 | $ | 1,154 | $ | 3,497 | ||||||
Plant non-cash cost (2) | $000 | $ | 490 | $ | 490 | $ | 480 | $ | 484 | $ | 1,460 | ||||||
Cash cost per pound drummed | $/lb | $ | 111.56 | $ | 85.29 | $ | 62.72 | $ | 21.51 | $ | 80.06 | ||||||
Non-cash cost per pound drummed | $/lb | $ | 52.31 | $ | 36.85 | $ | 22.84 | $ | 9.02 | $ | 33.43 | ||||||
Pounds shipped to conversion facility | lb | 37,710 | — | — | 67,040 | 37,710 | |||||||||||
Distribution cash cost (4) | $000 | $ | 12 | $ | 27 | $ | 6 | $ | 47 | $ | 45 | ||||||
Cash cost per pound shipped | $/lb | $ | 0.32 | $ | - | $ | - | $ | 0.70 | $ | 1.19 | ||||||
Pounds purchased | lb | 122,500 | 100,000 | 97,500 | - | 320,000 | |||||||||||
Purchase costs | $000 | $ | 3,391 | $ | 2,795 | $ | 2,681 | $ | - | $ | 8,867 | ||||||
Cash cost per pound purchased | $/lb | $ | 27.68 | $ | 27.95 | $ | 27.50 | $ | - | $ | 27.71 | ||||||
Notes: | |
1. | Wellfield cash costs include all wellfield operating costs. Wellfield construction and development costs, which include wellfield drilling, header houses, pipelines, power lines, roads, fences and disposal wells, are treated as development expenses and are not included in wellfield operating costs. |
2. | Non-cash costs include the amortization of the investment in the mineral property acquisition costs and the depreciation of plant equipment, and the depreciation of their related asset retirement obligation costs. The expenses are calculated on a straight-line basis, so the expenses are typically constant for each quarter. The cost per pound from these costs will therefore typically vary based on production levels only. |
3. | Plant cash costs include all plant operating costs and site overhead costs. |
4. | Distribution cash costs include all shipping costs and costs charged by the conversion facility for weighing, sampling, assaying and storing the U3O8 prior to sale. |