Ur-Energy Updates on Mining Operations and Guidance

Recent Developments in Mining Operations

Ur-Energy Inc. provided an update on its Lost Creek ISR Uranium Mine operations and revised its 2023 production guidance. The company reports that its Lost Creek mine continues to operate at full capacity, and that it is on track to achieve its production target of 1.5 million pounds of U3O8 in 2023.

However, the company is experiencing challenges with its processing facility. Specifically, the resin ion exchange system is not performing as expected, and this is resulting in lower-than-expected uranium recovery rates. Ur-Energy is working to resolve this issue, and it expects to have the problem fixed by the end of the third quarter of 2023.

Revised 2023 Production Guidance

As a result of the processing facility issues, Ur-Energy has revised its 2023 production guidance. The company now expects to produce between 1.2 million and 1.4 million pounds of U3O8 in 2023, down from the previous guidance of 1.5 million pounds.

Despite the lower production guidance, Ur-Energy remains confident in its long-term prospects. The company has a strong project pipeline, and it is well-positioned to benefit from the growing demand for uranium.

Other Highlights

In addition to the updates on its mining operations and guidance, Ur-Energy also provided an update on other aspects of its business.

• The company has completed the acquisition of Uranium One Americas, which gives it control of the Willow Creek ISR Uranium Mine in Wyoming.
• Ur-Energy has received a permit from the Nuclear Regulatory Commission to construct a new ISR uranium mine in Wyoming.
• The company has entered into a joint venture with a major uranium producer to develop a new ISR uranium mine in Saskatchewan, Canada.

Overall, Ur-Energy is a well-positioned company with a strong project pipeline and a positive outlook for the future.