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Ur-Energy provides updates on its Lost Creek mine operations and Shirley Basin construction, along with revised 2024 production guidance. Key points include:
– Five header houses coming online at Lost Creek in 2024, with HH2-10 active since mid-August
– Average production solution headgrade in August was 67.1 mg/L
– Fifth yellowcake shipment of 2024 delivered on September 11
– 15 drill rigs on site at Lost Creek, with plans to redirect some to exploration projects
– 2024 production guidance revised to 325,000-475,000 pounds of U3O8 captured
– Shirley Basin development on schedule, with 120 monitor wells installed
– Shirley Basin construction expected to be complete in late 2025
The company faces challenges with employee training and retention but reports steady progress in production ramp-up.
Ur-Energy fornisce aggiornamenti sulle operazioni della sua miniera Lost Creek e sulla costruzione del Shirley Basin, insieme a una revisione delle previsioni di produzione per il 2024. I punti chiave includono:
– Cinque case header entreranno in funzione a Lost Creek nel 2024, con HH2-10 attivo da metà agosto
– Il grado medio di soluzione di produzione ad agosto era di 67,1 mg/L
– La quinta spedizione di yellowcake del 2024 è stata consegnata l’11 settembre
– 15 sonde da perforazione sono presenti nel sito di Lost Creek, con piani per reindirizzare alcune verso progetti di esplorazione
– Le previsioni di produzione per il 2024 sono state riviste a 325.000-475.000 libbre di U3O8 catturato
– Lo sviluppo del Shirley Basin è in linea con i tempi, con 120 pozzi di monitoraggio installati
– La costruzione del Shirley Basin dovrebbe completarsi entro la fine del 2025
La società affronta sfide con la formazione e la retention dei dipendenti, ma riporta un progresso costante nell’aumento della produzione.
Ur-Energy proporciona actualizaciones sobre sus operaciones de la mina Lost Creek y la construcción de Shirley Basin, junto con una guía de producción revisada para 2024. Los puntos clave incluyen:
– Cinco casas header estarán en funcionamiento en Lost Creek en 2024, con HH2-10 activo desde mediados de agosto
– El grado promedio de la solución de producción en agosto fue de 67.1 mg/L
– La quinta entrega de yellowcake de 2024 se realizó el 11 de septiembre
– 15 equipos de perforación están en el sitio de Lost Creek, con planes de redirigir algunos a proyectos de exploración
– La guía de producción para 2024 se revisó a 325.000-475.000 libras de U3O8 capturadas
– El desarrollo de Shirley Basin está a tiempo, con 120 pozos de monitoreo instalados
– Se espera que la construcción de Shirley Basin se complete a finales de 2025
La compañía enfrenta desafíos con la capacitación y retención de empleados, pero reporta un progreso constante en el aumento de la producción.
Ur-Energy는 Lost Creek 광산 운영 및 Shirley Basin 건설에 대한 업데이트와 함께 2024년 생산 가이드를 수정했습니다. 주요 내용은 다음과 같습니다:
– 2024년 Lost Creek에서 다섯 개의 헤더 하우스가 가동될 예정이며, HH2-10은 8월 중순부터 활성화됨
– 8월 평균 생산 용액 헤드 그레이드는 67.1 mg/L였습니다
– 2024년 다섯 번째 옐로우케이크 선적이 9월 11일에 완료되었습니다
– Lost Creek 사이트에는 15개의 드릴 링이 있으며, 일부를 탐사 프로젝트로 전환할 계획이 있습니다
– 2024년 생산 가이드는 325,000-475,000 파운드의 U3O8 캡처로 수정되었습니다
– Shirley Basin 개발은 일정에 맞춰 진행 중이며, 120개의 모니터링 우물이 설치되었습니다
– Shirley Basin 건설은 2025년 말까지 완료될 것으로 예상됩니다
회사는 직원 교육 및 유지 문제에 직면해 있지만, 생산 증가에 있어 꾸준한 진행을 보고하고 있습니다.
Ur-Energy fournit des mises à jour sur ses opérations de la mine de Lost Creek et la construction de Shirley Basin, ainsi qu’une révision des prévisions de production pour 2024. Les points clés incluent :
– Cinq maisons de branchement entreront en service à Lost Creek en 2024, avec HH2-10 actif depuis mi-août
– Le degré moyen de la solution de production en août était de 67,1 mg/L
– La cinquième expédition de yellowcake de 2024 a été livrée le 11 septembre
– 15 foreuses sont présentes sur le site de Lost Creek, avec des projets de redirection de certaines vers des projets d’exploration
– Les prévisions de production pour 2024 ont été révisées à 325 000-475 000 livres d’U3O8 capturées
– Le développement de Shirley Basin est à l’heure, avec 120 puits de surveillance installés
– La construction de Shirley Basin devrait être achevée d’ici fin 2025
L’entreprise est confrontée à des défis en matière de formation et de fidélisation des employés, mais signale des progrès constants dans l’augmentation de la production.
Ur-Energy gibt Aktualisierungen zu seinen Betriebsabläufen in der Lost Creek Mine und zum Bau des Shirley Basin sowie eine überarbeitete Produktionsprognose für 2024 bekannt. Die wichtigsten Punkte sind:
– Fünf Header-Häuser werden 2024 in Lost Creek in Betrieb genommen, mit HH2-10, das seit Mitte August aktiv ist
– Der durchschnittliche Produktionslösungsgrad im August betrug 67,1 mg/L
– Die fünfte Yellowcake-Lieferung von 2024 wurde am 11. September geliefert
– 15 Bohrgeräte sind auf dem Gelände in Lost Creek im Einsatz, einige sollen für Erkundungsprojekte umgeleitet werden
– Die Produktionsprognose für 2024 wurde auf 325.000-475.000 Pfund U3O8 angepasst
– Die Entwicklung des Shirley Basin liegt im Zeitplan, mit 120 installierten Überwachungsbrunnen
– Der Bau des Shirley Basin soll bis Ende 2025 abgeschlossen sein
Das Unternehmen steht vor Herausforderungen in der Ausbildung und Bindung von Mitarbeitern, berichtet jedoch über stetige Fortschritte beim Produktionsausbau.
Positive
- Steady increase in monthly pounds captured at Lost Creek processing plant
- Expansion of drilling capacity with 15 rigs on site at Lost Creek
- Shirley Basin development progressing on schedule
- Completion of power supply to Shirley Basin satellite plant construction area
Negative
- Slower than anticipated ramp-up at Lost Creek due to manpower issues
- Downward revision of 2024 production guidance to 325,000-475,000 pounds U3O8 from previous estimates
- Challenges with employee training and retention due to experience in uranium production
Ur-Energy’s operational update reveals mixed results for their uranium production efforts. While the company is making progress with new header houses coming online and increasing production solution headgrade, they’re facing challenges that have led to a downward revision of 2024 production guidance to 325,000 to 475,000 pounds of U3O8.
The slower-than-anticipated ramp-up is primarily attributed to workforce issues, particularly the lack of experienced uranium production personnel. This highlights a broader industry challenge as uranium mining activities increase. Despite these setbacks, the company’s ability to meet contractual commitments through a combination of Lost Creek production and alternatives is reassuring for investors.
The progress at Shirley Basin is encouraging, with monitor well installation on schedule and power supply completed. However, investors should note that production from this site isn’t expected until late 2025 at the earliest. The company’s focus on securing long lead-time equipment is prudent given current supply chain challenges in the mining sector.
Ur-Energy’s revised production guidance signals potential revenue challenges for 2024. The lower end of the new range (325,000 pounds U3O8) represents a significant decrease from previous expectations, which could impact cash flow and profitability. However, the company’s statement about meeting contractual commitments suggests they may avoid penalties or loss of customers.
Investors should closely monitor the company’s cash position and capital expenditures, especially with ongoing construction at Shirley Basin. The expansion efforts, while promising for long-term growth, will require substantial investment before generating revenue. The company’s ability to manage costs during this period of slower-than-expected ramp-up at Lost Creek will be crucial.
The uranium market outlook remains positive, which could help offset some of the production challenges. However, Ur-Energy’s ability to capitalize on favorable pricing may be by their production constraints in the near term.
LITTLETON, CO / ACCESSWIRE / September 18, 2024 / Ur-Energy Inc. (NYSE American:URG)(TSX:URE) (the “Company” or “Ur-Energy”) provides the following updates on Lost Creek Mine operations and Shirley Basin construction, as well as updated production guidance.
Lost Creek Production Operations
Ramp up continues at Lost Creek with five header houses coming online in 2024. Most recently, Header House (HH) 2-10 came online in mid-August, as scheduled, and HH2-11 is expected to come online this month. Average production solution headgrade in August was 67.1 mg/L. Our fifth shipment of yellowcake this year arrived at the conversion facility on September 11, and we are planning our next shipment of dried product for late September. Deep disposal well #5 was recently placed into operation and is satisfying wastewater needs.
We now have 15 drill rigs on site with additional drill rigs pending (not including three rigs at our Shirley Basin Project). As we are able to grow the space between wellfield construction and drilling, we plan to ultimately redirect some of the drill rigs to exploration projects within the Great Divide Basin with the goal of replacing mined pounds with new uranium resources.
We continue to focus on employee training and retention as these are currently our most notable challenges because many of our employees have little experience with uranium production. Our quality workforce is, however, stabilizing.
Every month of 2024, except for June, we have steadily increased the pounds captured in the processing plant. The Lost Creek wellfield is performing as expected and the issues which have slowed ramp-up are temporary in nature. While ramp up continues to move in the right direction, it has been slower than anticipated largely due to manpower matters. Therefore, we are revising our 2024 production guidance to a range of 325,000 to 475,000 pounds of U3O8 captured. We expect to satisfy our contractual commitments to our customers with Lost Creek production and available alternatives.
Shirley Basin Development
Installation of the monitor wells for the first mine unit at Shirley Basin is on schedule with 120 of the 120 planned wells piloted and cased. We expect to finalize well completions in the coming days. We currently have three drill rigs working at Shirley Basin, which will redeploy to Lost Creek when the completion work concludes.
Plans are being finalized to collect baseline water quality and perform hydrologic aquifer tests this fall. Power supply to the satellite plant construction area has been completed and the line is energized. The access road upgrades are complete, and the septic system is being installed. Construction of fifteen IX columns is on target with delivery expected in Q3 2025. Our purchasing program for equipment continues, with an emphasis on continually reviewing the timing for long lead-time purchases such as electronic components.
We continue to expect construction at Shirley Basin to be complete in late 2025 with a pre-operations inspection by the State of Wyoming following soon after.
About Ur-Energy
Ur-Energy is a uranium mining company operating the Lost Creek in situ recovery uranium facility in south-central Wyoming. We have produced and packaged approximately 2.7 million pounds U3O8 from Lost Creek since the commencement of operations. Ur-Energy has all major permits and authorizations to begin construction at Shirley Basin, the Company’s second in situ recovery uranium facility in Wyoming and is advancing Shirley Basin construction and development following the March 2024 ‘go’ decision for the mine. We await the remaining regulatory authorization for the expansion of Lost Creek. Ur‑Energy is engaged in uranium mining, recovery and processing activities, including the acquisition, exploration, development, and operation of uranium mineral properties in the United States. The primary trading market for Ur‑Energy’s common shares is on the NYSE American under the symbol “URG.” Ur‑Energy’s common shares also trade on the Toronto Stock Exchange under the symbol “URE.” Ur-Energy’s corporate office is in Littleton, Colorado and its registered office is in Ottawa, Ontario.
FOR FURTHER INFORMATION, PLEASE CONTACT
John W. Cash, Chairman, CEO & President
20-981-4588, ext. 303
John.Cash@Ur-Energy.com
Cautionary Note Regarding Forward-Looking Information
This release may contain “forward-looking statements” within the meaning of applicable securities laws regarding events or conditions that may occur in the future (e.g., the timing of upcoming shipments from Lost Creek; our ability to satisfy contractual commitments to our customers; our planned future use of drill rigs; 2024 Lost Creek production guidance; the timing and ability to complete the build out of Shirley Basin as currently projected). Forward-looking statements are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “plans,” “expects,” “does not expect,” “is expected,” “is likely,” “estimates,” “intends,” “anticipates,” “does not anticipate,” or “believes,” or variations of the foregoing, or statements that certain actions, events or results “may,” “could,” “might” or “will be taken,” “occur,” “be achieved” or “have the potential to.” All statements, other than statements of historical fact, are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from any forward-looking statements include, but are not limited to, capital and other costs varying significantly from estimates due to inflation or otherwise; staffing challenges; failure to establish estimated resources and reserves; the grade and recovery of ore which is mined varying from estimates; production rates, methods and amounts varying from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; supply chain constraints; changes in exchange rates; fluctuations in commodity prices; delays in development and other factors described in the public filings made by the Company at www.sedarplus.ca and www.sec.gov. Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are based on the beliefs, expectations and opinions of management as of the date hereof and Ur-Energy disclaims any intent or obligation to update them or revise them to reflect any change in circumstances or in management’s beliefs, expectations or opinions that occur in the future.
SOURCE: Ur-Energy Inc.
View the original press release on accesswire.com
FAQ
What is Ur-Energy’s revised 2024 production guidance for Lost Creek mine?
Ur-Energy has revised its 2024 production guidance for Lost Creek mine to a range of 325,000 to 475,000 pounds of U3O8 captured.
How many header houses are coming online at Lost Creek in 2024?
Five header houses are coming online at Lost Creek in 2024, with Header House 2-10 already active since mid-August.
When is the Shirley Basin project expected to be completed?
Ur-Energy expects construction at Shirley Basin to be complete in late 2025, with a pre-operations inspection by the State of Wyoming following soon after.
What was the average production solution headgrade at Lost Creek in August 2024?
The average production solution headgrade at Lost Creek in August 2024 was 67.1 mg/L.
