UR-Energy reports Q1 uranium production and sales
UR-Energy provided Q1 operational results. In the Lost Creek plant, 84,047 pounds of U3O8 were captured within the Lost Creek plant, 79,961 pounds of U3O8 were packaged in drums and 73,515 pounds of U3O8 drummed inventory were shipped out of the Lost Creek processing plant in Q1. At March 31, inventory at the conversion facility was approximately 159,296 pounds U3O8. During the quarter, sales totaled $19.7M on 380,000 pounds at an average price of $51.75 per pound, which was 140% above the average spot price for the same period of $21.52 per pound. UR-Energy sold 10,000 pounds of Lost Creek production into a spot sale at $23.75 per pound. The remaining 370,000 pounds were purchased at an average cost of $25.00 per pound and sold into term contracts at $52.50 per pound. The purchase contracts were entered into at various times and purchase prices ranged from $22.25 to $26.55 per pound. As with prior guidance, the company expects to deliver a total of 470,000 pounds into term contracts in 2018 at an average price of approximately $49 per pound. The remaining 100,000 pounds will be delivered in Q2. Currently, more than four and a half years into production, Lost Creek U3O8 head grade has averaged 85.7 mg/l, life-of-project.