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Ur Energy: Ur-Energy Provides 2015 Q3 Operational Results And Further Guidance Littleton, Colorado

The following excerpt is from the company's SEC filing.

Ur-Energy Inc. (NYSE MKT:URG, TSX:URE)

(the “Company” or “Ur-Energy”) reports the following operational results for third quarter 2015, and other recent developments, including the amendment of the Company’s Loan Facility with RMB Australia Holdings Ltd (“RMB”).


Lost Creek Operations

2015 Q1

2015 Q2

2015 Q3


(‘000 lbs)

Dried & Drummed

Sold (from production)

Average Flow Rate

Head Grade


Lost Creek Uranium Sales and Operational Highlights

For the quarter, 172,282 pounds of U

were captured within the Lost Creek plant; 176,850 pounds U

were packaged in drums; and 184,380 pounds U

of drummed inventory were shipped from the Lost Creek processing plant to the converter. We continued to build inventory during the quarter towards a sustainable level that will allow us to meet contractual commitments or make discretionary spot sales. At September 30, inventory at the conversion facility was just over 102,782 pounds U

. Contract and spot sales from Lost Creek-produced U

totaled 150,000 pounds at an average price of $56.39 per pound, for sales revenues of $8.46 million during the quarter. This is the eighth consecutive quarter of sales since operations began at Lost Creek. During the quarter, production was sourced from eleven header houses in the first mine unit; header house 11 was brought online in early September and construction is well underway on header house 12. After more than two years of operations, year-to-date plant head grades remained over 100 ppm despite having somewhat lower head grades in the third quarter. This is a typical result as mines mature and older operating patterns remain in the flow regime while newer patterns are brought online. This is also demonstrated through the quarter-over-quarter increasing average flowrates.

During the quarter, our geology and exploration teams continued with the 150-hole exploration drill program, completing the program in September. With all initially-planned wells in the first mine unit installed, delineation drilling and drilling for wellfield development progresses in MU2. Further development of the resource estimates for the Lost Creek Property continues as the results of these two drilling programs are being analyzed.

Renegotiation of RMB Loan Facility

The Company has amended the RMB loan facility to allow for the repayment of the revolver portion of the facility ($3.5 million) to be made in four quarterly installments commencing March 31, 2016...