Ur-Energy Inc. (URG) Bundle
A Brief History of Ur-Energy Inc.
Ur-Energy Inc. has undergone significant developments leading up to 2024, particularly in its uranium production and sales operations. The company experienced a ramp-up in operations after securing new term contracts in 2022, with initial deliveries commencing in the third quarter of 2023.
Sales Performance
As of September 30, 2024, Ur-Energy sold 175,000 pounds of U3O8 (uranium oxide) at an average price of $61.65 per pound. In comparison, during the same period in 2023, the company sold 190,000 pounds at an average price of $62.56 per pound.
| Period | Pounds Sold | Average Price per Pound ($) | Total Revenue ($) |
|---|---|---|---|
| 2024 (YTD) | 175,000 | 61.65 | 10,789,375 |
| 2023 (YTD) | 190,000 | 62.56 | 11,878,400 |
Production Insights
Ur-Energy's total sales for 2024 are projected at 570,000 pounds of U3O8, with expected revenues of approximately $33.1 million. The deliveries for this year are based on contracts negotiated in 2022, where the long-term price was between $43 and $52 per pound.
For the nine months ending September 30, 2024, the average cost per pound sold was $45.82, resulting in an average profit margin of about 26%. In contrast, for the same period in 2023, the average cost per pound sold was $32.38, leading to a significantly higher profit margin of 48%.
| Metric | 2024 (YTD) | 2023 (YTD) |
|---|---|---|
| Pounds Sold | 175,000 | 190,000 |
| Average Price per Pound ($) | 61.65 | 62.56 |
| Average Cost per Pound ($) | 45.82 | 32.38 |
| Profit Margin (%) | 26% | 48% |
Financial Overview
As of September 30, 2024, Ur-Energy's cash and cash equivalents increased from $68.2 million at the end of 2023 to $129.4 million. The company generated $99.3 million from financing activities during the nine months ended September 30, 2024, including an equity financing that closed in July 2024, raising approximately $65.2 million.
Operational Updates
In 2024, Ur-Energy initiated construction at the Shirley Basin project, which is expected to double its annual permitted mine production capacity to 2.2 million pounds of U3O8. Construction activities are anticipated to be completed in late 2025, with initial production expected in early 2026.
For the nine months ended September 30, 2024, operating costs totaled $40.5 million, with key expenditures including:
- Exploration and evaluation: $2.9 million
- Development: $31.7 million
- General and administration: $5.4 million
| Operating Costs (2024 YTD) | Amount ($) |
|---|---|
| Exploration and Evaluation | 2,862,000 |
| Development | 31,730,000 |
| General and Administration | 5,418,000 |
With a strong liquidity position and ongoing operational improvements, Ur-Energy continues to navigate the uranium market effectively, positioning itself for future growth and expansion.
A Who Owns Ur-Energy Inc. (URG)
Shareholder Composition
As of September 30, 2024, Ur-Energy Inc. has a total of 363,796,235 common shares issued and outstanding .
| Shareholder Type | Number of Shares | Percentage Ownership |
|---|---|---|
| Institutional Investors | Approximately 44,000,000 | 12.1% |
| Individual Investors | Approximately 319,796,235 | 87.9% |
| Insiders (Management and Directors) | Approximately 12,000,000 | 3.3% |
| Public Holdings | Approximately 351,796,235 | 96.7% |
Recent Share Offerings
In July 2024, Ur-Energy closed an underwritten public offering of 57,150,000 common shares at a price of $1.05 per share, raising approximately $69 million gross proceeds .
Additionally, the company sold 16,939,825 common shares through its At Market Facility for $28.6 million during the nine months ended September 30, 2024 .
Warrant Activity
As of September 30, 2024, Ur-Energy has issued a total of 39,041,000 warrants, exercisable at $1.50 per share, with a weighted average remaining contractual life of 1.4 years .
Financial Performance
In the nine months ended September 30, 2024, Ur-Energy reported revenues of $33.1 million from U3O8 sales projected at 570,000 pounds at an average price of $58.15 per pound sold .
Insider Ownership
Insider ownership as of September 30, 2024, includes management and board members holding approximately 12 million shares, representing 3.3% of the total shares .
Recent Financials Overview
| Financial Metric | Amount (in millions) |
|---|---|
| Total Revenue (2024 YTD) | $33.1 |
| Net Proceeds from 2024 Offering | $65.2 |
| Cash Position (as of October 30, 2024) | $110.3 |
| U3O8 Sold (2024 YTD) | 175,000 lbs |
Market Performance
As of September 30, 2024, Ur-Energy's stock price was approximately $1.05, reflecting market conditions and recent financing activities .
Ur-Energy Inc. (URG) Mission Statement
Ur-Energy Inc. focuses on the sustainable production of uranium to meet the growing global demand for clean energy. The company is dedicated to operating its facilities in a safe, environmentally responsible manner while maximizing shareholder value through efficient production and innovative mining practices.
Financial Overview
As of September 30, 2024, Ur-Energy reported significant financial metrics:
| Metric | Value |
|---|---|
| U3O8 Pounds Sold (2024 YTD) | 175,000 lbs |
| Average Price per Pound Sold | $61.65 |
| Average Cost per Pound Sold | $45.82 |
| Average Profit per Pound Sold | $15.83 |
| Projected Total Sales (2024) | 570,000 lbs |
| Projected Revenue (2024) | $33.1 million |
| Unrestricted Cash Position (October 30, 2024) | $110.3 million |
Production and Cost Analysis
In the nine months ended September 30, 2024, Ur-Energy's production and cost data are as follows:
| Period | Pounds Captured | Pounds Drummed | Cash Costs ($000) | Non-Cash Costs ($000) | Total Production Cost ($000) |
|---|---|---|---|---|---|
| 2024 Q1 | 38,221 lbs | 39,229 lbs | 0 | 0 | 0 |
| 2024 Q2 | 70,679 lbs | 64,170 lbs | 2,336 | 749 | 3,127 |
| 2024 Q3 | 75,075 lbs | 71,804 lbs | 3,798 | 1,012 | 4,891 |
| Total YTD | 183,975 lbs | 175,203 lbs | 6,134 | 1,761 | 8,018 |
Sales and Revenue Projections
For the year 2024, the projected sales and revenue details are summarized below:
| Details | Value |
|---|---|
| Total U3O8 Sales (lbs) | 570,000 lbs |
| Average Price per Pound | $58.15 |
| Expected Revenue | $33.1 million |
Market Position and Strategic Goals
Ur-Energy is strategically positioned to expand its production capabilities. The company has commitments under contracts negotiated in 2022, with deliveries set to occur through 2030. The anticipated increase in production and operational efficiency will enable Ur-Energy to capitalize on the growing demand for uranium in the nuclear energy sector.
As of September 30, 2024, the company expects to deliver 740,000 pounds of U3O8 in 2025, following the flex-up agreements with customers.
How Ur-Energy Inc. (URG) Works
Company Overview
Ur-Energy Inc. (URG) is a uranium mining company focused on the exploration and development of uranium properties in North America. The company primarily operates the Lost Creek in-situ recovery (ISR) uranium facility in Wyoming and is advancing the Shirley Basin Project.
Operational Structure
Ur-Energy utilizes in-situ recovery methods, which are less environmentally invasive compared to traditional mining techniques. The extraction process involves injecting a solution into the ground to dissolve uranium, which is then pumped to the surface for processing.
Production and Sales Data
In 2024, Ur-Energy is projected to sell a total of 570,000 pounds of U3O8 (uranium oxide) at an average price of $58.15 per pound, expecting to generate revenues of approximately $33.1 million.
| Year | Pounds Sold | Average Price per Pound | Projected Revenue |
|---|---|---|---|
| 2024 | 570,000 | $58.15 | $33.1 million |
| 2023 | 190,000 | $62.56 | $11.8 million |
Financial Performance
For the nine months ended September 30, 2024, Ur-Energy reported sales of 175,000 pounds of U3O8 at an average price of $61.65 per pound, leading to total revenues of $10.8 million. The average cost per pound sold was $45.82, resulting in a profit margin of approximately 26%.
| Metric | 2024 YTD | 2023 YTD |
|---|---|---|
| Pounds Sold | 175,000 | 190,000 |
| Average Price per Pound | $61.65 | $62.56 |
| Average Cost per Pound | $45.82 | $32.38 |
| Profit Margin | 26% | 48% |
Operating Costs
Operating costs for the nine months ended September 30, 2024, included $9.8 million in production-related cash costs and $37.0 million in total operating costs.
| Cost Type | Amount (in millions) |
|---|---|
| Production-related cash costs | $9.8 |
| Total operating costs | $37.0 |
Capital and Financing Activities
As of September 30, 2024, Ur-Energy reported an unrestricted cash position of $110.3 million. The company raised approximately $65.2 million from an underwritten public offering in July 2024, issuing 65,722,500 common shares.
Future Outlook and Commitments
Ur-Energy has committed deliveries for 2025 amounting to 740,000 pounds of U3O8, reflecting a 10% increase from initial contracts due to customer demand. The company is also advancing the Shirley Basin Project, which is expected to nearly double annual production capacity to 2.2 million pounds of U3O8.
| Year | Projected Deliveries (pounds) | Expected Production Capacity (pounds) |
|---|---|---|
| 2025 | 740,000 | 2,200,000 |
Market Conditions
The uranium market remains favorable, with spot prices averaging approximately $82 per pound and long-term contracts around $81 per pound. Ur-Energy's agreements with leading nuclear fuel purchasers reflect increasing demand for domestically produced uranium.
Shareholder Information
As of September 30, 2024, the weighted average common shares outstanding were 363,796,235. The company experienced a net loss of $33.1 million for the nine months ended September 30, 2024, compared to a loss of $25.2 million during the same period in 2023.
| Metric | 2024 YTD | 2023 YTD |
|---|---|---|
| Net Loss | $33.1 million | $25.2 million |
| Weighted Average Shares Outstanding | 363,796,235 | 265,974,202 |
How Ur-Energy Inc. (URG) Makes Money
Revenue from Uranium Sales
Ur-Energy Inc. primarily generates revenue through the sale of uranium concentrate, specifically U3O8 (Uranium Oxide). For the nine months ended September 30, 2024, the company sold a total of 175,000 pounds of U3O8, realizing revenues of approximately $10.8 million from these sales. The average price per pound sold during this period was $61.65.
For the entirety of 2024, Ur-Energy projects total sales to reach 570,000 pounds of U3O8, with expected revenues of $33.1 million. The average price per pound for these projected sales is anticipated to be around $58.15.
| Unit | 2024 YTD | Projected Total 2024 |
|---|---|---|
| Pounds Sold | 175,000 | 570,000 |
| Average Price per Pound ($) | 61.65 | 58.15 |
| Total Revenue ($) | 10,800,000 | 33,100,000 |
Cost of Sales and Profitability
The cost of sales for Ur-Energy includes various expenses associated with the production of U3O8. For the nine months ended September 30, 2024, the total U3O8 product cost was approximately $8.0 million, resulting in a gross profit of $2.8 million. The average cost per pound sold was $45.82.
In 2023, the company experienced a higher average profit margin per pound sold of approximately 48%, compared to a margin of about 26% for 2024, attributed to increased production costs.
| Cost Type | 2024 YTD ($) | 2023 YTD ($) |
|---|---|---|
| U3O8 Product Cost | 8,018,000 | 6,152,000 |
| Average Cost per Pound Sold ($) | 45.82 | 32.38 |
| Gross Profit ($) | 2,771,000 | 5,441,000 |
Disposal Fees and Other Revenues
In addition to U3O8 sales, Ur-Energy also generates revenue from disposal fees related to its operations. For the nine months ended September 30, 2024, disposal fee revenues amounted to approximately $0.3 million.
Financing and Capital Resources
Ur-Energy has secured significant financing to support its operations. In July 2024, the company closed an underwritten public offering, raising approximately $69.0 million from the issuance of 65,722,500 common shares, netting $65.2 million after expenses. As of September 30, 2024, the company's unrestricted cash position was approximately $110.3 million.
| Financing Activity | Amount Raised ($) | Net Proceeds ($) |
|---|---|---|
| Underwritten Public Offering (July 2024) | 69,000,000 | 65,200,000 |
| Cash Position (Sept 30, 2024) | - | 110,300,000 |
Operational Insights
Ur-Energy is ramping up production at its Lost Creek facility, which is expected to enhance its production capacity. The company anticipates capturing between 240,000 and 280,000 pounds of U3O8 in 2024. Furthermore, the company has committed deliveries for 2025 of 740,000 pounds of U3O8 due to customer flex options.
Operational costs for Ur-Energy have been substantial, with total operating costs for the nine months ended September 30, 2024, amounting to approximately $40.5 million.
| Operational Metrics | 2024 YTD |
|---|---|
| Total Operating Costs ($) | 40,528,000 |
| Projected Production (lbs) | 570,000 |
| Expected Cash Costs ($) | 9,800,000 |
Market Trends and Pricing
As of 2024, the uranium spot price has softened to an average of approximately $82 per pound, while term pricing has increased and is currently around $81 per pound. The company has responded to market conditions with pricing strategies that align with rising demand for domestically produced uranium.
Ur-Energy's contract book now includes agreements with six leading nuclear fuel purchasers, with commitments of approximately 5.7 million pounds of U3O8 for deliveries from 2024 through 2030.
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Resources:
- Ur-Energy Inc. (URG) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Ur-Energy Inc. (URG)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Ur-Energy Inc. (URG)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.