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Ur-Energy Inc.


Ur-Energy Inc. is a junior mining company engaged in the identification, acquisition, exploration, development and operation of uranium projects in the United States and Canada. The company operates the Lost Creek in-situ recovery uranium facility in south-central Wyoming, which has a 2 Mlb/year nameplate design capacity. Ur-Energy's project pipeline is supported by an extensive exploration database, providing for exploration and development potential. The company's corporate office is located in Littleton, Colorado; its registered office is in Ottawa, Ontario.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

David Talbot, Dundee Capital Markets (11/7/14) "Despite having most of its production hedged into higher-priced contracts (~$60+/lb), Ur-Energy Inc. has 0.5 Mlb additional capacity and could ramp up and sell that material into the spot market. Production from Lost Creek has gone extremely well this year with expectations being met."

Colin Healey, Haywood Securities (11/4/14) "Ur-Energy Inc. pre-announced Q3/14 production, sales volume and pricing data, which were in line with expectations for ramp-up at the Lost Creek in situ recovery uranium operations. . .the company's working capital position tightened to $1.2M by the end of September (from $2.2M at June 30). . .the main takeaway for the quarter is the operational improvements, which included a 21% quarter on quarter increase in flow rate, coupled with a 4% estimated improvement in process plant efficiency."

David Sadowski, Raymond James (11/4/14) "We continue to view Ur-Energy Inc. as the premier publicly traded uranium producer. Its 100%-owned Lost Creek in-situ leach mine in Wyoming features lowest-quartile cash costs, is running smoothly, and we believe by early-2015 it should be able to scale up production rates significantly to 1 Mlb/year if spot prices warrant. . .first Japanese reactor restarts in Q1/15 and mounting nuclear utility contracting interest support a bullish outlook for both the uranium price and the company in 2015. . .the company is guiding to 150 Klb production and 100 Klb sales at US$65/lb; we model cash costs of US$23.0/lb."

The Mining Report Interview with Colin Healey (11/4/14) "We follow several of the newer U.S.-based in-situ recovery (ISR) producers, including Ur-Energy Inc. with a Buy rating on it. . .Ur-Energy is expected to report quarterly results shortly. We expect the highlight to be high average realized pricing on its uranium sales, possibly in excess of $60/lb. Based on company guidance, the average realized pricing for the remainder of 2014 should be quite favorable. We expect that to be the highlight there. . .Ur-Energy has a couple of quarters of production in the books and the company has had excellent initial well field head grades. With ISR uranium mines you don't really know until you launch production how a well field is going to perform. It has had above-budget head grades pretty much since it entered commercial production. In operating a well field, you want the uranium to be easily liberated from the deposit and that's what is happening at Lost Creek. In our view, it compares quite favorably to assets in its peer group. Ur-Energy's well fields have certainly been performing in excess of management expectations. We had some earlier concerns about water disposal, but the company has addressed those issues and we reinstated our Buy rating on Ur-Energy and have a $1.70 target." More >

Rob Chang, Cantor Fitzgerald (11/3/14) "Ur-Energy Inc. reported its Q3/14 financials following its operational updated on Oct. 8. . .highlighted by sales of 100,000 lbs. at an average realized price of $59.96/lb. . .cash costs rose modestly but still remained among the lowest in the industry at $23.29/lb, up from $20.56/lb in Q2/14. . .Ur-Energy continues to have a solid book of contracts extending out to 2018."

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Rob Chang, Cantor Fitzgerald (11/3/14) "Ur-Energy Inc. reported its Q3/14 financials following its operational updated on Oct. 8. . .highlighted by sales of 100,000 lbs. at an average realized price of $59.96/lb. . .cash costs rose modestly but still remained among the lowest in the industry at $23.29/lb, up from $20.56/lb in Q2/14. . .Ur-Energy continues to have a solid book of contracts extending out to 2018."

David Sadowski, Raymond James (10/22/14) "We are maintaining our Outperform rating and $1.80 target on Ur-Energy Inc. and flag it as our Top Pick among uranium producers. The company continues to impress at its 100%-owned Lost Creek in situ leach mine."

Rob Chang, Cantor Fitzgerald (10/16/14) "We are maintaining a Buy recommendation and are increasing our target price to $2.30/share on Ur-Energy Inc. . .on Oct. 8, the Q3/14 operational update was announced and highlighted by over 131 Klb captured within the Lost Creek in situ recovery facility, with 100 Klb being sold at the attractive price of $59.96/lb."

The Energy Report Interview with David Talbot (10/16/14) "As far as the U.S. in-situ recovery (ISR) startups go, we recommend Ur-Energy Inc. . .production at Lost Creek in Wyoming has gone well in year one. Wellfields are performing nicely at the lower end of our cost curve at $20/lb. Due to current uranium prices, production was tapered back to accommodate selling exclusively into long-term contracts. Thus the operation is largely insensitive to price movements, as the company sells its uranium for more than $60/lb. Management is pretty excited about its Shirley Basin project. This is a recent acquisition from Areva S.A. that should have even higher grades and better properties suitable to ISR mining." More >

Joe Reagor, ROTH Capital Partners (10/9/14) "Ur-Energy Corp. provided its Q3/14 production update. Production and sales were essentially in line with expectations. We continue to believe the company is poised to leverage its operating capacity if the recent uranium recovery continues. We are maintaining a Buy rating and $1.50/share price target."

Mike Wichterle, Cantor Fitzgerald (10/8/14) "Ur-Energy Corp. has announced third quarter operational results from its 100%-owned Lost Creek in-situ recovery uranium project. . .for the quarter, 131,331 lb U3O8 were captured within the Lost Creek plant. Plant operations matched the wellfield productivity as 125,915 lb U3O8 were packaged in drums and 126,500 lb U3O8 of drummed inventory were shipped out of the Lost Creek processing plant. A total of 100,000 lb were sold. . .the contracted price over the quarter was $59.96/lbs, representing a 67% premium to the current spot price of $35.88/lb."

David Sadowski, Raymond James (10/8/14) "Ur-Energy Corp. announced Q3/14 operational results from its 100%-owned Lost Creek in-situ reserve uranium mine in Wyoming. We view the numbers favorably and continue to believe Ur-Energy is one of the premier vehicles for exposure to the uranium space; not only does the company's high fixed-price contract book and low operating cost base provide bottom-line support in the currently challenged spot price environment, but leverage— both financially and on the operating side (via remaining scalability of the Lost Creek core area to 1 Mlb/year, plus an incremental 1 Mlbs/year potential at the 8.8 Mlb Shirley Basin satellite project)—underpins significant torque to what we see as an inevitably improving underlying commodity price."

Vivian Diniz, Resource Investing News (10/8/14) "Ur-Energy Inc. delivered solid Q3/14 production results. . .the company captured 131,331 lb U3O8 in Q3/14, bringing its year-to-date total to 446,600 lb. . .having only commissioned one new header house this quarter, Ur-Energy aims to match its production with contracted sales while sheltering itself from the weak spot price."

Uraniumletter International (9/15/14) "In the six-month period that ended June 30, 2014, Ur-Energy Inc. sold 317,760 lb U3O8 to utility customers at an average price of US$43.81/lb for sales revenues of US$13.9M. . .the company has a long-term sales contract book for 2014 to which it will sell 518 Klb U3O8 at an average price of US$ 51.10/lb, representing a US$30/lb margin over the cash costs to produce. . .in our view, Ur-Energy offers one of the best investment opportunities amongst uranium companies."

David Talbot, Dundee Capital Markets (8/6/14) "Ur-Energy Inc. remains our top uranium pick with a Buy. . .over $7.2M in receivables were already brought in and management indicates the cash position has improved to $6.1M as of the end of July. . .the company looks quite attractive by our metrics."

The Energy Report Interview with David Sadowski (8/5/14) "Ur-Energy Inc. is our top pick among uranium producers. Since starting up production in late 2013, its Lost Creek mine in Wyoming has performed exceedingly well. The company has a good operating team, well-executed plant build, solid ore body and is in an attractive jurisdiction. One of Ur-Energy's key advantages over its competitors is the high fixed prices in its contract book. Over the balance of 2014, we estimate that the company will deliver into sales agreements with an average realized price of more than $60/lb. Meanwhile, cash costs are expected to be very close to $20/lb, implying a stellar operating margin. In a higher uranium price environment, Ur-Energy looks even better with its ability to scale production to 1 Mlb/year at its core operation at Lost Creek. Plus, it can go to 2 Mlb/year by incorporating its low-cost satellite mining operation at Shirley Basin. The company is highly leveraged to improved uranium prices, but it is also downside protected by its attractively priced contracts, which extend to 2019." More >

Rob Chang, Cantor Fitzgerald (7/22/14) "Ur-Energy Inc. announced the results of a recently completed resource evaluation of the Shirley Basin project located in Carbon County, Wyoming. . .Shirley Basin is one of two assets (the other being the Lucky Mc project) purchased two years ago as part of the Pathfinder Mines acquisition from an AREVA SA affiliate. As a whole, the two acquired assets had a historic resource totaling 14.7Mlb U3O8; we had previously modeled a more conservative total recoverable resource of 6.3Mlb U3O8."

David Talbot, Dundee Capital Markets (7/22/14) "Shirley Basin is the future of Ur-Energy Inc. and by 2017, it should make an excellent addition to the company's production profile. . .we expect it could ramp up to 1 Mlb/year production within two years, at ~$25/lb total cash costs. . .with good overlying and underlying confining layers, the sandstone is expected to demonstrate good flow rates."

Rob Chang, Cantor Fitzgerald (7/16/14) "Ur-Energy Inc. remains one of the lowest cost in-situ recovery uranium producers with significant production upside yet to come. We forecast just under 1Mlb U3O8 to be produced in FY/14. As such, the company remains one of our top picks in the space."

Rob Chang, Cantor Fitzgerald (5/22/14) "Ur-Energy Inc. has secured sales commitments for approximately 518 Klb U3O8 at an average realizable sales price of $51.10/lb. in FY/14. As such, revenues are expected to approach $26.5M."

The Energy Report Interview with David Sadowski (3/27/14) "We like Ur-Energy Inc., on which we have an Outperform rating. This stock has been on a major tear. We continue to expect great things from Lost Creek in Wyoming. Early numbers from the mine, which just started up in August, have been hugely impressive to us, a testament to the ore body and execution by management. And the financial results should be equally strong, given the company's high fixed-price contracts. In all, it's a solid, low-cost miner in a safe jurisdiction, which we think should be in a good position to grow production organically or, using cash flow, buy up cheap assets in the western U.S., a region ripe for consolidation of in-situ leach uranium assets." More >

Sheldon Modeland, Edison Investment Research (2/25/14) "Ur-Energy Inc.'s wholly owned Lost Creek property comprises six contiguous project areas that contain 8.7 Mlb uranium Measured and Indicated and another 4.7 Mlb Inferred. . .the company should be sufficiently funded for continued production and updating the resources at its newly acquired Pathfinder mines projects. More importantly, Ur-Energy has several long-term contracts valid through 2019 to support production plans at its Lost Creek project, thus helping the company to weather the downturn."

The Energy Report Interview with David Sadowski (10/29/13) "On Ur-Energy Inc., one of our top picks, we've got a Strong Buy rating. The company is the world's newest uranium producer, having just started operations at its flagship, wholly owned Lost Creek in-situ leach mine in Wyoming, a very favorable geopolitical jurisdiction for mining. Lost Creek has lowest-quartile cash costs. We're modeling it at about $22/lb life-of-mine average production cost there. Ur-Energy just put out a strong production update in September. We think that the ramp-up curve on production is highly derisked now. The company also boasts an operationally experienced management team that has done a great job hedging itself. About 33–50% of design production rates are going to be delivered into fixed-price contracts through 2019. Those contracts are priced well above current market levels, providing significant near-term cash flow. Having just secured its long-sought-after low interest bond loan from the state of Wyoming, $34M at 5.75% interest, we model Lost Creek as fully funded, and Ur-Energy's balance sheet as carrying much lower risk. Furthermore, trading at only 0.6 times price-to-NAV, a 40% discount to the group average, we think the current share price offers a very attractive entry point at the moment." More >

The Energy Report Interview with Jim Letourneau (4/25/13) "The uranium companies that are going into production are trying to lock in some longer-term pricing so that they have stability. For example, Ur-Energy Inc. just closed a $5.1 million transaction that provides the company with upfront cash in return for the sale of future uranium deliveries." More >

The Energy Report Interview with Steve Palmer (4/11/13) "We have an investment in Ur-Energy Inc. That's one of the few uranium companies that operate in the U.S. It has an in-situ uranium mining project in Wyoming. It has received all permits and is expected to begin production in H2/13. Thus far, the company is on budget and on schedule. It has secured four offtake agreements that account for 30–50% of production, and has an exclusive marketing agreement with Nucor Corp. Contracts have been secured significantly above the current spot prices and above long-term prices as well. Management estimates that the operating cost per pound could be below $15 (the preliminary economic assessment uses $16.12/lb), making it one of the lowest-cost producers. Total capital costs of the plant and well fields are just $31M, adding to the robust economics of the project. We expect production to be around 500,000 lb this year and to ramp up to 1 lb next year. We anticipate a rerating of the stock once it becomes a producer." More >

David Talbot, Dundee Capital Markets (3/27/13) "Ur-Energy Inc. is one of our preferred recommendations. . .it sold half an existing off-take obligation to Traxys Worldwide—a large resource trading company—in exchange for $5.1M cash up front. . .management deserves credit for the transaction, raising money in a creative, nondilutive and debt-free fashion. . .pieces of the puzzle are falling into place for the company. . .construction continues to advance. . .initial production is still planned for Q3/13."

Colin Healey, Haywood Securities (3/26/13) "Ur-Energy Inc. is closing the sale of its uranium delivery contract for proceeds of $5.1M. . .the proceeds will be used to advance construction at the Lost Creek project which, as the company reports, remains on schedule for initial production later this year. . .the new cash leaves Ur-Energy in a stronger working capital position to fund ongoing construction at Lost Creek."

The Energy Report Interview with Chris Berry (3/19/13) "Another well positioned company is Ur-Energy Inc., which is on the verge of production at its Lost Creek property in southern Wyoming. . .Ur-Energy will mine and process uranium through a process known as ISR or in-situ recovery, [which] minimizes the environmental footprint of the mine and also boasts among the lowest costs per pound of production in the industry. Ur-Energy will survive the current low uranium price environment as their costs of production are so low relative to their competitors. Ur-Energy should ramp up production to about a 1Mlb/year run rate in 2014.. . . The company believes the stock will be rerated once production commences. Again, it's in a reliable geopolitical jurisdiction in Wyoming; it has ample cash on the balance sheet to push forward and its management has experience in the uranium development and production space. So Ur-Energy has cleared a lot of the hurdles many of its competitors have yet to face.

". . .. . .Uranerz does have a leg up on much of the competition because it actually has two sales contracts in place, one with Exelon Corp. and one with another U.S.-based operator. These are five-year deals with set pricing structures, so both the company and investors can forecast cash flow with a heightened degree of certainty. That is a huge derisking milestone for the company. . .the company believes the stock will be rerated once production commences. Again, it's in a reliable geopolitical jurisdiction in Wyoming; it has ample cash on the balance sheet to push forward and its management has experience in the uranium development and production space. So Ur-Energy has cleared a lot of the hurdles many of its competitors have yet to face. And Ur-Energy has four contracts with three utilities (all in place before Fukushima) and that has distinct and obvious advantages as well." More >

Chris Berry, Disruptive Discoveries Journal (3/7/13) "With supply constrained or shrinking and demand appearing to be healthy, we believe the uranium space is ripe with opportunity. One name to watch is Ur-Energy Inc. . .it has ample cash, experienced management in the uranium exploration and development stages, and has deposits that are in safe geopolitical jurisdictions. It is a company such as this that could be an attractive takeover target for majors looking to replace mined pounds of uranium."

David Sadowski, Raymond James (3/5/13) "The U.S. District Court ruling smoothes the road for Ur-Energy Inc.'s Lost Creek. . .we urge investors to add to positions on a reduced-risk profile, near-term transition to low-cost production and attractive valuation. . .we expect start-up and commissioning of the Lost Creek plant to occur this year, with first pounds delivered by year-end."

Morning Coffee (3/5/13) "Shareholders of Ur-Energy Inc. received some good news Monday, after the company provided an update regarding its Lost Creek project and the current legal action seeking review of the Bureau of Land Management's (BLM) Record of Decision. Management highlighted that on March 1, 2013, the U.S. District Court for Wyoming denied the petitioner's motion for preliminary injunction, which had sought to halt the ongoing construction and operations at the Lost Creek project. . .management stated that with the court's order, Ur-Energy will continue construction at the Lost Creek project as planned while the formal merits review of the BLM Record of Decision proceeds."

The Energy Report Interview with Marshall Berol (2/19/13) "We own Ur-Energy Inc. It recently completed a permitting and licensing phase in Wyoming and is under construction. Once the investing public realizes that Ur-Energy is in production, the stock price should improve." More >

The Energy Report interview with Colin Healey (2/14/13) "Ur-Energy Inc. is developing an in-situ recovery (ISR) uranium operation in Wyoming. . .Ur-Energy is well advanced in the construction process. We note that a petitioner has filed a motion for preliminary injunction against the company’s Lost Creek project seeking judicial review of the U.S. Bureau of Land Management’s positive Record of Decision on Lost Creek. The petition awaits judicial review, and both the State of Wyoming and Ur-Energy had been granted status as 'party to the proceeding.' Both the Federal Bureau of Land Management and the State of Wyoming have filed briefs in opposition to the preliminary injunction, and construction continues at the project. More >

The Energy Report Interview with Rob Chang (1/31/13) "Ur-Energy Inc. has its Lost Creek project coming online this year." More >

Morning Coffee (1/30/13) "Ur-Energy Inc., which is advancing its Lost Creek uranium project in Wyoming, provided an update on its construction activities and an update on the legal proceeding filed in November seeking review of the BLM's Record of Decision. . .construction continues to advance at the Lost Creek project, with power and roads completed to the construction site. All footings, walls and pillars are complete within the foundation of the plant building and additional work on the plant pad is continuing; wellfield construction is progressing as planned, with work continuing to case and complete the initial production wells."

Michael Legg, ROTH Capital Partners (1/30/13) "Ur-Energy Inc. put out a release stating construction is on track at Lost Creek. . .we believe the company is well positioned to become a producer over the next year and that it has secured significant resources to build upon its production over time. Ur-Energy has the balance sheet to reach production and once a producer, it will have significant cash flow to continue to grow its business; accordingly, we are reiterating our Buy rating on the stock."

The Energy Report Interview with Cecil Musgrave (1/22/13) "Ur-Energy Inc. has a market-cap of ~$108M with projects in Wyoming and Nebraska, and in the Thelon Basin of Canada's Northwest Territories. The company's focus is its Lost Creek ISR uranium project just south of the Powder River Basin that started construction in October." More >

Chris Berry, Disruptive Discoveries Journal (12/19/12) "In a recent presentation at the San Francisco Hard Assets Conference, I made the case for higher uranium prices in 2013 based on a looming supply-and-demand imbalance. . .the low-cost exploration and near-term production stories would appear best positioned to deliver above-average returns in the coming months. . .we view Ur-Energy Inc. favorably. . .for its low-cost, near-term production profile in the Western United States. We think this could be the turning point in the sector many have been waiting for and reiterate our affinity for select uranium names in 2013."

David Talbot, Dundee Capital Markets (12/17/12) "Ur-Energy Inc. is a top pick in developer space and likely the first U.S. in-situ reserve producer to come online next year. Construction is on track and the company plans to add recent acquisitions to its pipeline."

Michael Legg, ROTH Capital Partners (12/5/12) "We believe Ur-Energy Inc. is well positioned to become a producer over the next year and that it has secured significant resources to build upon its production over time. The company has the balance sheet to reach production and once a producer, it will have significant cash flow to continue to grow its business. . .we are reiterating our buy rating on the stock and $1.60 target price."

The Energy Report Interview with David Talbot (12/4/12) "An interesting company with significant catalysts coming up [is] Ur-Energy Inc. We have a Buy rating on the stock. The company recently received the green light from the Bureau of Land Management on its Lost Creek project, which is now fully permitted, likely fully financed and under construction. We anticipate low-cost production to begin by the middle of next year, producing in the order of 500,000 lb, ultimately ramping up to 2 Mlb per year over a total mine life of eight years. The company is also working on its project pipeline after having announced definitive agreement to acquire Pathfinder Mines Corp. that would bring another 15 Mlb of historic resources into development. The Shirley Basin project would likely be the next one developed by the company. Ur-Energy would also acquire a massive database, which management is more than capable of monetizing, plus a tailings management facility that could prove a future source of cash flow through waste disposal agreements with surrounding miners, some of which are already in place." More >

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