The following is a summary of the Ur-Energy Inc. (URG) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Ur-Energy reported a production increase of 64%, from 39,229 pounds of uranium in Q1 to 64,170 pounds in Q2.

• Revenue from sales is projected to be $33.1 million in 2024, with 570,000 pounds expected to be sold at an average price of $58 per pound.

• Cash on hand at the end of the first half of 2024 was $61.3 million, an increase of $1.6 million since December 2023.

• The cost per pound shipped to the conversion facility decreased from $53 in Q1 to $51 in Q2, showcasing a trend towards decreasing production costs per pound.

Business Progress:

• Ur-Energy is progressing well with its two flagship uranium production sites, Lost Creek and Shirley Basin. Lost Creek has been operational since 2013 and Shirley Basin is fully permitted with construction expected to complete in late 2025.

• The company successfully completed an underwritten public offering that grossed approximately $69 million, which will fund the ramp-up at Lost Creek and the development and construction at Shirley Basin.

• The introduction of more drill rigs and completion of a deep disposal well at Shirley Basin marks significant advancements in infrastructure development for increased production capabilities.

Opportunities:

• The favorable uranium market conditions and increasing global demand for nuclear power, particularly for small modular reactors (SMRs), presents significant growth opportunities for Ur-Energy.

• Ur-Energy's significant uncontracted production capacity for the late 2020s positions it well to respond to the Department of Energy's requests for proposals for uranium-derived products, potentially enhancing its market share and revenue streams.

Risks:

• Despite progress, the potential for supply chain issues, particularly in the acquisition of necessary electrical equipment for the expansion at Shirley Basin, presents risks that could impact the production timeline and increase costs.

• Market competition and the need for high-quality uranium sources could pressure the company to maintain high operational standards and cost efficiency to remain competitive.

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