Ur-Energy Inc. reported significant financial developments in its 2024 fiscal year, with total revenues reaching $33.7 million, a substantial increase from $17.7 million in 2023. The company sold 570,000 pounds of U3O8, compared to 280,000 pounds the previous year. However, the cost of sales also rose sharply to $42.7 million from $19.4 million, leading to a gross loss of $9 million, compared to a gross loss of $1.7 million in 2023. The net loss for the year was $53.2 million, reflecting a loss per share of $0.17, up from $0.12 in the prior year.
Operationally, Ur-Energy ramped up production at its Lost Creek facility, capturing 265,746 pounds of U3O8 in 2024, a significant increase from 103,487 pounds in 2023. The company faced challenges during the ramp-up, including equipment issues and staffing shortages, but reported improvements in retention and training of personnel. The Lost Creek processing plant is now licensed to produce up to 2.2 million pounds of U3O8 annually, with plans to further enhance production capabilities in 2025.
Strategically, Ur-Energy has secured seven multi-year sales agreements with global nuclear purchasers, ensuring a base delivery commitment of between 440,000 and 1,300,000 pounds of U3O8 annually from 2025 through 2030. The company also made significant progress on its Shirley Basin project, which is expected to begin production in early 2026. The Shirley Basin facility is fully permitted, and construction is underway, with plans for a satellite plant to support operations.
The company’s workforce has grown to 101 employees, with 84 at Lost Creek and 17 in corporate roles. Ur-Energy has also made strides in its financial position, ending 2024 with $87.1 million in cash and cash equivalents, bolstered by a successful equity financing that raised approximately $69 million. Looking ahead, Ur-Energy anticipates delivering 440,000 pounds of U3O8 in 2025, with a focus on meeting sales commitments and advancing production at both Lost Creek and Shirley Basin. The company remains optimistic about the uranium market, particularly in light of geopolitical tensions affecting supply chains and increasing demand for nuclear energy.
About UR-ENERGY INC
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