Ur-Energy Reports Inventory and Sales Projections for U3O8

At the end of the quarter, Ur-Energy reported an in-process inventory of approximately 86,204 pounds of U3O8, alongside 21,570 pounds in drummed inventory at Lost Creek and 74,625 pounds at its conversion facility. In the second quarter, the company sold 75,000 pounds of U3O8 at an average price of $61.65 per pound, generating proceeds of $4.6 million. Looking ahead, Ur-Energy has received binding notices for an additional 495,000 pounds to be delivered in the latter half of the year, bringing total sales projections for 2024 to 570,000 pounds. The company anticipates realizing revenues of $33.1 million from its 2024 U3O8 sales, with average prices expected to be around $58.15 per pound. In the previous quarters of 2023, Ur-Energy delivered 180,000 pounds under term contracts at an average price of $60.45 per pound. Despite these positive sales forecasts, the company has adjusted its production guidance for 2024 to a lower range of 550,000 to 650,000 pounds. Market conditions appear favorable, with nuclear utilities returning to the market, sustaining term pricing at $78 per pound at the end of Q1 and $80 per pound at the end of Q2. Ur-Energy has produced approximately 2.7 million pounds of U3O8 since operations began at Lost Creek. The company remains vigilant regarding market developments and potential supply chain challenges that could impact production and sales contracts.