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May 22, 2014
06:05 EDTURGUR-Energy sees FY14 revenue for contractual sales $26.5M
Ur-Energy has secured sales commitments for approximately 518,000 pounds U3O8 at an average realizable sales price of $51.10/lb in 2014. This total includes the reported sales of 110,000 pounds U3O8 in first quarter 2014. The company guides that it will hold any excess production from Lost Creek in inventory which may be utilized to meet future delivery obligations or to complete discretionary spot transactions. Production operations at Ur-Energy's Lost Creek continue to generate results consistent with the forecasted cash operating costs. The company has reviewed its projected monthly cash flow requirements in detail and has confirmed that there is currently no need to raise additional working capital during 2014. The implementation of discrete cost controls at the facility in conjunction with the reductions in spending associated with managed production rates are expected to allow the company to maintain a positive cash position throughout 2014 and 2015. Ur-Energy has secured sales commitments for a total of 630,000 pounds U3O8 at an average realizable price of $50.10/lb in 2015. Revenue from the 2015 contractual sales is projected to exceed $31M. The company expects to maintain production levels at Lost Creek consistent with the contractual sales obligations in 2015 unless the market demonstrates sustained price improvement.
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