Ur-Energy (NYSEAM:URG) FY Conference Transcript

Ur-Energy Inc. FY Conference Summary Company Overview - Company: Ur-Energy Inc. (NYSEAM:URG) - Industry: Uranium Production - Key Operations: Lost Creek and Shirley Basin in Wyoming, USA Core Points and Arguments 1. Production Status: Ur-Energy is a producing uranium company with operations at the Lost Creek plant, which has been operational since August 2013, producing nearly 3 million pounds of U3O8 [2][3] 2. Market Recovery: The uranium market began to improve in 2022, leading to the signing of eight long-term contracts with utility customers, resulting in approximately 6 million pounds under contract for the coming years [3][4] 3. Cost Structure: The company aims to achieve an all-in cost of around $45 per pound at Lost Creek, which includes operating costs, development costs, taxes, and capital [5][6] 4. Resource Availability: Lost Creek has 12.7 million pounds of measured and indicated resources and over 6 million pounds of inferred resources, with significant potential for growth [4][5] 5. Shirley Basin Development: Shirley Basin is under construction, targeting production in early 2026, with a capacity of 1 million pounds per year, and has 8.8 million pounds of measured and indicated resources [10][12] 6. Production Efficiency: The expected cash cost at Shirley Basin is over $24 per pound, with an all-in cost of around $50 per pound, benefiting from high flow rates [12][26] 7. Operational Focus: The company is currently optimizing production at Lost Creek, with a head grade of around 70 parts per million, nearly double the anticipated level [13][14] 8. Exploration Plans: Ur-Energy plans to initiate several exploration programs in late 2025 and 2026, focusing on the Great Divide Basin with 10 projects and over 2,000 unpatented mining claims [15][18] Financial Highlights 1. Market Capitalization: The market cap is over $700 million, with a share price that recently approached $2, establishing a new 52-week high [19] 2. Cash Position: The company reported $49.1 million in cash with no financial debt, indicating a strong financial position [20][22] 3. Sales and Revenue: In the current year, Ur-Energy sold or delivered 440,000 pounds of uranium, with expectations to increase to 1.3 million pounds next year [22] Strategic Insights 1. Government Programs: Ur-Energy is positioned to benefit from U.S. government programs related to uranium reserves and other initiatives, although it maintains a focus on independent operations [27][28] 2. Institutional Ownership: Approximately 85% of shares are held by institutional investors, indicating strong confidence from sophisticated market players [20] 3. Value Proposition: The company emphasizes its status as a "pounds in the can" story, focusing on quality resources rather than quantity, with a clean financial structure and strong management [30] Additional Considerations 1. Production Capacity: The Lost Creek facility is permitted to recover 1.2 million pounds per year, with a milling capacity of 2.2 million pounds per year, allowing for flexibility in operations [6][9] 2. Historical Context: Shirley Basin is noted as the site of the first commercial in-situ uranium mine, with a rich history of uranium recovery dating back to the 1960s [11] 3. Future Growth: The company is optimistic about future exploration and production growth, with plans to enhance resource definition and operational efficiency [15][18]