Ur-Energy Inc. Updates Q1 2024 Operations and Revises Annual Production Guidance

LITTLETON, CO—Ur-Energy Inc. announced updates on its first quarter operations for 2024, revealing a reduction in its production guidance and progress on its Shirley Basin and Lost Creek facilities. John Cash, Chairman and CEO of Ur-Energy, highlighted significant advancements in the company's uranium production, particularly at the historical site of Shirley Basin. The company expects to commence production at this site in 2026.

At Lost Creek, ongoing ramp-up efforts included the commissioning of two additional header houses, with plans to bring online more by May. However, due to ongoing challenges, the company has downwardly revised its production guidance for 2024 to between 550,000 and 650,000 pounds of uranium. In Q1, production figures included 38,221 pounds captured and 35,445 pounds of U3O8 shipped.

The new satellite plant at Shirley Basin aims to enhance annual production capacity to 2.2 million pounds U3O8. This facility, costing an estimated $24.4 million, will focus on ion exchange and groundwater restoration, integral to the company's expanded operations strategy.

Furthermore, Ur-Energy successfully negotiated two additional uranium sales agreements in Q1 and has prepaid the remaining $4.4 million on its State Bond Loan, positioning the company as debt-free with $53.9 million in cash reserves by the end of March 2024.