- Ur-Energy (URG, Financial) reported a net loss of $53.2 million for 2024 despite increased production.
- Sales totaled 570,000 pounds U3O8 at an average price of $58.15/lb, resulting in a loss of $6.19/lb.
- Shirley Basin development is on track for early 2026 production with earthwork presently underway.
Ur-Energy (URG) has revealed its financial results for the 2024 fiscal year, showing mixed performance. The company saw a substantial increase in uranium production, capturing 265,746 pounds of U3O8, which is a 157% rise from the 103,487 pounds produced in 2023. Despite this uptick in production, the company reported a net loss of $53.2 million, a deterioration from the previous year's loss of $30.6 million. A significant driver of the losses was the average cost per pound sold, which rose to $64.34, exceeding the average sales price of $58.15 per pound.
Financially, Ur-Energy's cash resources strengthened, increasing to $76.1 million from $59.7 million the previous year. During 2024, the company executed sales of 570,000 pounds U3O8, generating sales of $33.7 million. However, these sales resulted in a gross loss of $9.0 million due to the elevated production and sales costs.
In terms of operations and developments, the Lost Creek facility continued its ramp-up, with six header houses becoming operational. Additionally, Ur-Energy is progressing with the Shirley Basin project, which is expected to begin production in early 2026. The development involves significant earthwork, and the construction of modular office facilities is anticipated by Q3 2025.
Looking forward, Ur-Energy has secured long-term contracts for the delivery of 440,000 to 1,300,000 pounds of U3O8 annually from 2025 through 2030. These agreements are expected to offer revenue stability amidst ongoing production challenges. The company's strategic steps aim to enhance operational efficiency and prepare for increased capacity with the upcoming Shirley Basin expansion.
