Business
Ur-Energy Releases 2020 Q3 Results
LITTLETON, CO / ACCESSWIRE / October 30, 2020 / Ur-Energy Inc. (NYSE American:URG)(TSX:URE...
About this update from Ur-energy Inc.
[{"type":"text","content":"Ur-Energy Releases 2020 Q3 ResultsLITTLETON, CO / ACCESSWIRE / October 30, 2020 / Ur-Energy Inc. (NYSE American:URG)(TSX:URE) (the \"Company\" or \"Ur-Energy\") has filed the Company's Form 10-Q for the quarter ended September 30, 2020, with the U.S. Securities and Exchange Commission at www.sec.gov/edgar.shtml and with Canadian securities authorities at www.sedar.com.Ur-Energy CEO, Jeff Klenda said, \"We are pleased that the U.S. Nuclear Fuel Working Group, as well as bipartisan Congressional support, remains focused on securing the future of our industry and our nation. As we await additional positive developments, like the recent amendment and 20-year extension of the Russian Suspension Agreement, we continue our efforts to support the uranium production industry and to safeguard America's national and energy security through the reinvigoration of the front end of our nuclear fuel cycle.\"After making further, market-appropriate adjustments to our Lost Creek operations, we anticipate substantial savings in 2021 and 2022, which are greatly enhanced by the recent agreement to defer principal payments on our State Bond Loan until October 2022. We remain grateful to the State of Wyoming and Sweetwater County for their continuing support. With $5.9 million of cash and approximately 270,000 pounds of finished, ready-to-sell product at the conversion facility, we now have ample runway to support operations into 2022.\"Results of OperationsFor the three months ended September 30, 2020, 2,503 pounds of U3O8 were captured within the Lost Creek plant and 4,926 pounds of U3O8 were packaged in drums. Our inventory at the converter totaled approximately 268,485 pounds of U3O8 at September 30, 2020.During the quarter, we took steps to further reduce production operations at Lost Creek and adjust to the continued depressed state of the uranium markets while we await the recommended relief from the Working Group and further positive developments in the uranium markets. The reduced production levels allowed us to make further operating cost reductions at Lost Creek and related support cost reductions at the corporate office in Littleton. The cost reductions include savings from additional reductions in force at both locations as well as other cost containment measures. Together with the further deferral of principal payments on the State Bond ...