UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 8, 2014
UR-ENERGY INC.
(Exact name of registrant as specified in its charter)
|
Canada |
001- 33905 |
Not applicable |
|
(State or other jurisdiction of incorporation or organization) |
(Commission File Number) |
(I.R.S. Employer Identification Number) |
10758 W Centennial Road, Suite 200
Littleton, Colorado 80127
(Address of principal executive offices)
Registrant’s telephone number, including area code: (720) 981-4588
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 2.02 | Results of Operations and Financial Condition. |
On October 8, 2014, Ur-Energy Inc. issued a press release announcing its operational results for the quarter ended September 30, 2014.
A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information in this Current Report on Form 8-K, including the information set forth in Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing by the company under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits. |
| Exhibit No. |
Description | ||
| 99.1 | Press release of Ur-Energy Inc., dated October 8, 2014, reporting operational results for the quarter ended September 30, 2014.* |
| * | This Exhibit is intended to be furnished to, not filed with, the SEC pursuant to General Instruction B.2 of Form 8-K. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: October 13, 2014
Ur-Energy Inc.
By: /s/ Penne A. Goplerud
Name: Penne A. Goplerud
Title: Corporate Secretary and General Counsel
EXHIBIT INDEX
| Exhibit No. |
Description | |
| 99.1 | Press release of Ur-Energy Inc., dated October 8, 2014, reporting operational results for the quarter ended September 30, 2014.* |
| * | This Exhibit is intended to be furnished to, not filed with, the SEC pursuant to General Instruction B.2 of Form 8-K. |
Exhibit 99.1
Ur-Energy Provides 2014 Q3 Operational Results
Littleton, Colorado (PR Newswire – October 08, 2014) Ur-Energy Inc. (TSX:URE, NYSE MKT:URG) (“Ur-Energy” or the “Company”) provides the following report of operational results for third quarter 2014.
Operational Highlights for Lost Creek
| Units | Quarter | YTD | |||
| 2014 Q1 | 2014 Q2 | 2014 Q3 | 2014 | ||
| U3O8 Captured | (‘000 lbs) | 198.6 | 116.7 | 131.3 | 446.6 |
| U3O8 Dried & Drummed | (‘000 lbs) | 171.2 | 133.7 | 125.9 | 430.8 |
| U3O8 Sold | (‘000 lbs) | 110.0 | 207.8 | 100.0 | 417.8 |
| Average Flow Rate | (gpm) | 1,103 | 803 | 970 | 958 |
| U3O8 Head Grade | (mg/l) | 179 | 152 | 135 | 155 |
Lost Creek Uranium Production and Sales
During Q3 2014, production rates at the Lost Creek Project were increased over the previous quarter and maintained at levels that allowed the Company to fulfill its contractual sales requirements. The quarter included contractual product sales at 100,000 pounds U3O8. The product was sold at an average price of $59. 96 per pound. Quarterly product sales revenues totaled $6.0 million.
Production flow was sourced from six header houses in the first mine unit. Header house number six was the only new production area activated during the quarter. Plant head grades continued to be significantly higher than projected while production flow rates were deliberately curtailed to manage uranium production rates and waste water generation. For the quarter, 131,331 pounds of U3O8 were captured within the Lost Creek plant. Plant operations matched the wellfield productivity as 125,915 pounds U3O8 were packaged in drums and 126,500 pounds U3O8 of drummed inventory were shipped out of the Lost Creek processing plant.
Upon the successful completion of the NI 43-101 Technical Report for the Company’s wholly owned Shirley Basin Project, the Company became eligible to draw an additional $3.5 million from our debt facility with RMBAH. The funds were received in September 2014.
Guidance for Q4 2014
The Q4 2014 production target for Lost Creek is 150,000 pounds U3O8 dried and drummed. The Company anticipates completing contractual deliveries of 100,000 pounds during Q4 for gross revenues of approximately $6.5 million. The production rate may be adjusted upward or downward based on the then-current uranium spot market pricing and other factors.
About Ur-Energy
Ur-Energy is a junior uranium mining company operating the Lost Creek in-situ recovery uranium facility in southcentral Wyoming. The Lost Creek processing facility has a two million pounds per year nameplate capacity. Ur-Energy engages in the identification, acquisition, exploration development, and operation of uranium projects in the United States and Canada. Shares of Ur-Energy trade on the Toronto Stock Exchange under the symbol “URE” and on the NYSE MKT under the symbol “URG”. All currency figures in this announcement are in US dollars unless otherwise stated. Ur-Energy’s corporate office is located in Littleton, Colorado; its registered office is in Ottawa, Ontario. Ur-Energy’s website is www.ur-energy.com.
FOR FURTHER INFORMATION, PLEASE CONTACT
| Rich Boberg, Senior Director IR/PR | Wayne Heili, President and CEO |
| 303-269-7707 | 307-265-2373 |
| 866-981-4588 | 866-981-4588 |
| rich.boberg@ur-energy.com | wayne.heili@ur-energy.com |
Cautionary Note Regarding Forward-Looking Information
This release may contain “forward-looking statements” within the meaning of applicable securities laws regarding events or conditions that may occur in the future (e.g., results of continued commissioning efforts at the Lost Creek facility, including water management; ability to meet production targets for Q4 and to timely deliver into existing contractual obligations) and are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies. Factors that could cause actual results to differ materially from any forward-looking statements include, but are not limited to, capital and other costs varying significantly from estimates; failure to establish estimated resources and reserves; the grade and recovery of ore which is mined varying from estimates; production rates, methods and amounts varying from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; inflation; changes in exchange rates; fluctuations in commodity prices; delays in development and other factors described in the public filings made by the Company at www.sedar.com and www.sec.gov. Readers should not place undue reliance on forward-looking statements. The forwardlooking statements contained herein are based on the beliefs, expectations and opinions of management as of the date hereof and Ur-Energy disclaims any intent or obligation to update them or revise them to reflect any change in circumstances or in management’s beliefs, expectations or opinions that occur in the future.