Ur-Energy (NYSE American: URG) (TSX:URE) owns and operates the Lost Creek in-situ recovery uranium facility in south-central Wyoming which has produced approximately 2.7 million pounds of U3O8 since beginning production in 2013. The Lost Creek Mine has a licensed mine capacity of 1.2 million pounds U3O8 per year and a licensed mill capacity of 2.2 million pounds U3O8 per year. The extra mill capacity allows the company to toll process uranium feed stock from competitors or from one of their future satellite operations such as Shirley Basin.
Shirley Basin is the company’s second in-situ recovery project in Wyoming and has all regulatory permits in place and is construction-ready. The decision to build out and operate the Shirley Basin Project is predicated on the company’s growing sales contract book. Ur-Energy has three long-term sales contracts in place and is actively ramping up production at its Lost Creek Mine to fill those contracts.
Ur-Energy is one of the many featured companies slated to present at The Microcap Conference 2024, set for Jan. 31-Feb. 1 at Caesars Atlantic City Hotel and Casino. This three-day conference presented by DealFlow Events features technical programming designed for microcap investors and a presenting company track for pitching and socializing.
Uranium is used as fuel in nuclear power plants which provide 20% of the electricity in the United States and 50% of the U.S.’s carbon-free electricity. The uranium Ur-Energy plans to produce will offset more than 300 million metric tons of CO2 compared to the same energy produced by coal-fired power plants. For context, that is the equivalent of taking 67.5 million cars off the road for a year.
The “in situ” mining utilized by the company is a commonly used environmentally friendly form of mining that utilizes water wells to introduce water, oxygen and carbon dioxide into the uranium mineralization. The uranium is dissolved by these chemicals and simply pumped to the surface for recovery. In situ mining doesn’t require open pits, underground workings or tailings so the environmental footprint is light, and the impact can be more easily restored at the conclusion of mining.
History of Ur-Energy
Ur-Energy was incorporated as a private company in 2004 by directors who had the foresight to predict a shortfall of uranium supply and higher market prices; a thesis that is currently being proven out. Ur-Energy has since been listed on the Toronto Exchange under ticker symbol URE and on the New York Stock Exchange American under ticker symbol URG.
Ur-Energy has a highly skilled and experienced board of directors, many of whom have spent their careers in the mining industry. The average tenure of the directors and executives with Ur-Energy is over 10 years and more than 16 years, respectively. Our CEO and COO each have over 30 years’ experience successfully mining uranium using in situ technology and the company is recognized as a leader in R&D with several technologies developed by Ur-Energy now being used throughout the U.S. industry.
John Cash was appointed chairman of the Ur-Energy board in June 2022. He was named Ur-Energy’s CEO in March that year and president of the company effective June 3, 2022. Cash joined Ur-Energy in 2007 and was appointed as Vice President, Regulatory Affairs in 2011. He has led the permitting and licensure of both the Lost Creek and Shirley Basin uranium mines, while managing the environmental, health and safety and geology departments and contributing to the development and growth of the company.
During his tenure with Ur-Energy, Cash has gained a well-deserved reputation for developing impactful solutions for industry related to water management, EPA aquifer exemptions, technical design, and environmental matters. Cash has nearly 30 years of diverse experience in the uranium industry, from which he has acquired broad-reaching expertise in exploration, EHS including radiation safety, regulatory and legislative affairs, and uranium recovery operations, as well as extensive management experience. He is a respected industry leader and has served as a past president of the Uranium Producers of America.
What’s next for Ur-Energy
The global demand for uranium is growing steadily as nuclear reactors are being built all over the world. Nations seek to reduce carbon emissions while enhancing energy independence and security. The increasing demand, and global geopolitics, have been driving the price higher for the past several months. Currently, Ur-Energy is one of only three publicly-traded uranium mining companies in the world that is actively mining uranium. Ur-Energy has been layering in sales contracts as the price moves higher and the company has significant remaining capacity to fill additional contracts. In addition to higher uranium prices, global utilities are paying a premium for western produced product in order to diversify their supply portfolio and reduce their exposure to Russian and Kazak production.
To learn more, visit Ur-Energy online. For investment inquiries, please contact 720.981.4588.
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