Business
Ur-Energy Releases 2022 Year End Results
LITTLETON, CO / ACCESSWIRE / March 6, 2023 / Ur-Energy Inc. (NYSE American:URG)(TSX:URE) ("Ur-En...
About this update from Ur-energy Inc.
[{"type":"text","content":"Ur-Energy Releases 2022 Year End ResultsLITTLETON, CO / ACCESSWIRE / March 6, 2023 / Ur-Energy Inc. (NYSE American:URG)(TSX:URE) (\"Ur-Energy\" or the \"Company\") has filed the Company's Annual Report on Form 10-K, Consolidated Financial Statements, and Management's Discussion & Analysis, all for the year ended December 31, 2022, with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov/edgar.shtml and with Canadian securities authorities on SEDAR at www.sedar.com. These filings also may be accessed on the Company's website at www.ur-energy.com. Shareholders of the Company may receive a hard copy of the consolidated financial statements, free of charge, upon request to the Company.Ur-Energy CEO, John Cash said: \"The year 2022 saw uranium pricing volatility and an overall upward trend that we expect to continue in 2023 as the world transitions to carbon free sources of electricity. Uranium demand growth continues to outpace supply with few new mines of significant scale slated to come online in the next few years. Additional pricing pressure is being brought to bear by continued spot purchases by several physical uranium trusts and market instability caused by Russia's invasion of Ukraine.\"We have carefully positioned ourselves to benefit from the imbalance in supply and demand by being well financed and entering long-term sales contracts that supported our decision to ramp up production at Lost Creek. The profitable sales contracts we signed in 2022 lock in reliable revenue for the next six years while using only 27% of our licensed mine capacity from Lost Creek and Shirley Basin. As we enter 2023, our primary focus is on safely ramping up production at Lost Creek to levels sufficient to fill contracts.\"Although production costs at Lost Creek historically have been low, we will continue to aggressively search for ways to further reduce costs and our environmental footprint through R&D projects including the well casing and water treatment projects announced in late 2022. The cost of these R&D projects has been minimal, but the results, if positive, could provide significant cost and competitive advantages to Ur-Energy. Our experienced staff give us a distinct advantage in this area that we will continue to capitalize on. We will also be looking for opportunities to grow the Company through the acqu...