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Ur-Energy Releases 2021 Q3 Results and Announces Lost Creek Development Program to Advance Readiness to Ramp Up
LITTLETON, CO / ACCESSWIRE / November 1, 2021 / Ur-Energy Inc. (NYSE American:URG)(TSX:URE...
About this update from Ur-energy Inc.
[{"type":"text","content":"Ur-Energy Releases 2021 Q3 Results and Announces Lost Creek Development Program to Advance Readiness to Ramp UpLITTLETON, CO / ACCESSWIRE / November 1, 2021 / 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, 2021, 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 Chairman and CEO, Jeff Klenda said, \"In addition to the release of our 2021 Q3 results we are pleased to announce the commencement of a development program at Lost Creek that will advance us from reduced operations to full production-ready status. As of October 27, 2021, we had more than $40 million in cash and 285,000 pounds of U.S. produced U3O8 in inventory worth approximately $13.4 million, stored at the conversion facility.\"Throughout the prolonged downturn of the uranium market, we maintained a high level of operational readiness with retention of key professional and technical staff who possess the diverse skills to launch our return to production. During that time, we optimized our production processes, conducted extensive maintenance, and readied the Lost Creek plant for full production. Now we are seeing a fundamental shift in the uranium market, as evidenced by a 70 percent rise in the spot price from earlier year lows and are taking active measures to better prepare for immediate start up when warranted.\"We are delighted to report that our efforts to maintain operational leverage together with our current financial position have allowed us to commence a development and construction program at Lost Creek. Initiated in October, the development program will see the next header house in Mine Unit 2 completed in 2022 Q1 and ready for immediate production when warranted. After completing the new header house, we will proceed with a delineation drill program in 2022 H1, which will enable the development and construction of the next four header houses in Mine Unit 2.\"Lost Creek is an exceptional property, and we are proud to be in the unique position to be able to return to full production-ready status so quickly. Our second uranium ISR project, Shirley Basin, stands ready for development and construction.Having received all remaining major approvals for Shirley Basin e...