Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATION
Business Overview
The following discussion is designed to provide information that we believe is necessary for an understanding of our financial condition, changes in financial condition and results of our operations. The following discussion and analysis should be read in conjunction with the MD&A contained in our Annual Report on Form 10-K for the year ended December 31, 2016.
Incorporated on March 22, 2004, Ur-Energy is an exploration stage mining company, as that term is defined in SEC Industry Guide 7. We are engaged in uranium mining, recovery and processing activities, including the acquisition, exploration, development and operation of uranium
mineral properties in the United States. We are operating our first in situ recovery uranium mine at our Lost Creek Project in Wyoming. Ur-Energy is a corporation continued under the
Canada Business Corporations Act
on August 8, 2006. Our Common Shares are listed on the TSX under the symbol “URE” and on the NYSE MKT under the symbol “URG.”
Ur-Energy has one wholly-owned subsidiary: Ur-Energy USA Inc., incorporated under the laws of the State of Colorado. Ur-Energy USA has three wholly-owned subsidiaries: NFU Wyoming, LLC, a limited liability company formed under the laws of the State of Wyoming which acts as our land holding and exploration entity; Lost Creek ISR, LLC, a limited liability company formed under the laws of the State of Wyoming to operate our Lost Creek Project and hold our Lost Creek properties and assets; and Pathfinder Mines Corp. (“Pathfinder”), incorporated under the laws of the State of Delaware, which holds, among other assets, the Shirley Basin and Lucky Mc properties in Wyoming. Our U.S. subsidiaries remain unchanged since the filing of our Annual Report on Form 10-K, dated March 3, 2017.
We utilize in situ recovery (“ISR”) of the uranium at our flagship project, Lost Creek, and will do so at other projects where possible. The ISR technique is employed in uranium extraction because it allows for an effective recovery of roll front uranium mineralization at a lower cost. At Lost Creek, we extract and process U
3
O
8,
for shipping to a third-party conversion facility for further processing, storage and sales.
Our Lost Creek processing facility, which includes all circuits for the production, drying and packaging of uranium for delivery into sales, is designed and anticipated to process up to one million pounds of U
3
O
8
annually from the Lost Creek mine. The processing facility has the physical design capacity to process two million pounds of U
3
O
8
annually, which provides additional capacity to process material from other sources. We expect that the Lost Creek processing facility may be utilized to process captured U
3
O
8
from our Shirley Basin Project. However, the Shirley Basin permit application contemplates the construction of a full processing facility, providing greater construction and operating flexibility as may be dictated by market conditions.
We have multiple U
3
O
8
sales agreements in place with various U.S. utilities for the sale of U
3
O
8
at mid- and long-term contract pricing. The multi-year sales agreements represent a portion of our anticipated production through 2021. These agreements individually do not represent a substantial portion of our annual projected production, and our business is therefore not substantially dependent upon any one of the agreements. The balance of our Lost Creek production will be sold through spot sales and through additional multi-year agreements.
Mineral Rights and Properties
Ten of our U.S. properties are located in the Great Divide Basin, Wyoming, including Lost Creek. Currently we control nearly 1,900 unpatented mining claims and three State of Wyoming mineral leases for a total of
approximately 37,500 acres (15,530 hectares) in the area of the Lost Creek Property, including the Lost Creek permit area (the “Lost Creek Project” or “Project”), and certain adjoining properties referred to as LC East, LC West, LC North, LC South and EN Project areas (collectively, with the Lost Creek Project, the “Lost Creek Property”). Additionally, in the Shirley Basin, Wyoming, our Shirley Basin Project comprises more than 3,500 Company-controlled acres.
Lost Creek Property
For the three months ended March 31, 2017, together, contract and spot sales from U
3
O
8
produced at Lost Creek totaled 50,000 pounds at $62.82 per pound for sales revenues of $3.1 million. The
Results of Operations
are detailed further below. The Company also sold 200,000 pounds of purchased U
3
O
8
at an average price of $58.39 for sales revenues of $11.7 million.
Development and Operations at Lost Creek
Production rates at Lost Creek during the quarter were within the projected level of 60,000 to 75,000 dried and drummed pounds. These rates were achieved despite extreme winter conditions in Wyoming, which prevented routine operations for many days during the period. Notwithstanding the weather and site conditions, we achieved average flow rates of 2,403 gpm during the first quarter of 2017 that exceeded the average for all of 2016, which was 2,274 gpm. We continued to operate all Mine Unit 1 (“MU1”) header houses (“HH”) throughout the quarter, including HH 1, which was first brought on line in August 2013.
During the quarter, we elected to continue the development at Lost Creek on a limited basis due to the depressed uranium spot price. Following advance purchasing and planning activities in March, drilling and other construction work to develop the first three header houses in Mine Unit 2 (“MU2”) commenced in early April. We expect to bring the first MU2 header house on line in 2017 Q3.
We also successfully commenced operations of our Class V water disposal and recycling circuit. With implementation of the circuit, we already are seeing a substantial impact on waste water capacity and disposition, with the ability to utilize the permeate in other process circuits, as well as disposal in the newly permitted wells.
Following the end of the quarter, we recognized a safety milestone, as 12 months have passed with no lost-time accidents. This achievement speaks highly of the commitment and diligence of our Lost Creek team.
As previously disclosed, we implemented a further reduction in force during the quarter, with a total of eight lay-offs occurring from our three locations (Lost Creek, Casper and Littleton offices).
The reduction was primarily focused on those departments not directly related to production.
The estimated reduction in labor costs attributable to this action will be
approximately $0.8 million per year. Severance charges associate with this action were reflected in the current quarter.
Regulatory Update
Applications for amendment to the Lost Creek licenses and permits were submitted in 2014. The amendments are intended to include recovery from the KM horizon and to include recovery of the uranium resource in the LC East project immediately adjacent to the Lost Creek project. Reviews by both the NRC and WDEQ were commenced and, in September 2015, the BLM issued a Notice of Intent to prepare an environmental impact statement for the amendments. We are responding to additional comments from the agencies, as part of the review process. Additional monitor wells have been drilled to provide additional hydrologic data in response to certain of the comments.
Shirley Basin Project
WDEQ continues with its technical review of our application for a permit to mine at Shirley Basin, which was submitted in December 2015.
Work is well underway on other applications for all necessary authorizations to mine at Shirley Basin. We have monitored the development of the Wyoming “agreement state” program, by which the NRC will delegate its authority for source material licensure and other radiation safety issues to the WDEQ. We understand that the development of the Uranium Recovery Program (“URP”) remains on schedule for full implementation and transition likely occurring in 2018. Based upon that timing, we currently anticipate submitting our application for a source material license for Shirley Basin to the State URP.
Results of Operations
U
3
O
8
Production and Sales
During the three months ended March 31, 2017, a total of 79,340 pounds of U
3
O
8
was
produced within the Lost Creek plant. 74,382 pounds were packaged in drums and 72,643 pounds of the drummed inventory were shipped to the conversion facility. We sold 250,000 pounds of U
3
O
8
during the period of which 200,000 pounds were purchased. Inventory, production and sales figures for the Lost Creek Project are presented in the following tables. We are presenting the data in the tables for the last four quarters because the nature of our operations is not regularly based on the calendar year. We therefore feel that presenting the last four quarters is a more meaningful representation of operations than comparing comparable periods in the previous year and enables the reader to better perform trend analysis.
The cash cost per pound and non-cash cost per pound for produced uranium presented in the following Production Costs and U
3
O
8
Sales and Cost of Sales tables are non-US GAAP measures. These measures do not have a standardized meaning within US GAAP or a defined basis of calculation. These measures are used by management to assess business performance and determine production and pricing strategies. They may also be used by certain investors to evaluate performance. Please see the tables, below, for reconciliations of these measures to the US GAAP compliant financial measures. Production figures for the Lost Creek Project are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Production and Production Costs
|
|
Unit
|
|
2017 Q1
|
|
2016 Q4
|
|
2016 Q3
|
|
2016 Q2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pounds captured
|
|
lb
|
|
|
79,340
|
|
|
103,558
|
|
|
141,774
|
|
|
133,341
|
|
|
Ad valorem and severance tax
|
|
$000
|
|
$
|
241
|
|
$
|
247
|
|
$
|
552
|
|
$
|
304
|
|
|
Wellfield cash cost
(1)
|
|
$000
|
|
$
|
889
|
|
$
|
864
|
|
$
|
858
|
|
$
|
846
|
|
|
Wellfield non-cash cost
(2)
|
|
$000
|
|
$
|
776
|
|
$
|
777
|
|
$
|
778
|
|
$
|
778
|
|
|
Ad valorem and severance tax per pound captured
|
|
$/lb
|
|
$
|
3.04
|
|
$
|
2.39
|
|
$
|
3.89
|
|
$
|
2.28
|
|
|
Cash cost per pound captured
|
|
$/lb
|
|
$
|
11.20
|
|
$
|
8.34
|
|
$
|
6.05
|
|
$
|
6.34
|
|
|
Non-cash cost per pound captured
|
|
$/lb
|
|
$
|
9.78
|
|
$
|
7.50
|
|
$
|
5.49
|
|
$
|
5.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pounds drummed
|
|
lb
|
|
|
74,382
|
|
|
111,049
|
|
|
145,893
|
|
|
130,308
|
|
|
Plant cash cost
(3)
|
|
$000
|
|
$
|
1,488
|
|
$
|
1,336
|
|
$
|
1,564
|
|
$
|
1,505
|
|
|
Plant non-cash cost
(2)
|
|
$000
|
|
$
|
491
|
|
$
|
493
|
|
$
|
495
|
|
$
|
494
|
|
|
Cash cost per pound drummed
|
|
$/lb
|
|
$
|
20.00
|
|
$
|
12.03
|
|
$
|
10.72
|
|
$
|
11.55
|
|
|
Non-cash cost per pound drummed
|
|
$/lb
|
|
$
|
6.60
|
|
$
|
4.44
|
|
$
|
3.40
|
|
$
|
3.77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pounds shipped to conversion facility
|
|
lb
|
|
|
72,643
|
|
|
98,775
|
|
|
149,540
|
|
|
148,714
|
|
|
Distribution cash cost
(4)
|
|
$000
|
|
$
|
47
|
|
$
|
68
|
|
$
|
86
|
|
$
|
123
|
|
|
Cash cost per pound shipped
|
|
$/lb
|
|
$
|
0.65
|
|
$
|
0.69
|
|
$
|
0.58
|
|
$
|
0.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pounds purchased
|
|
lb
|
|
|
200,000
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Purchase costs
|
|
$000
|
|
$
|
4,015
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
|
Cash cost per pound purchased
|
|
$/lb
|
|
$
|
20.08
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
1
|
|
Wellfield cash costs include all wellfield operating costs. Wellfield construction and development costs, which include wellfield drilling, header houses, pipelines, power lines, roads, fences and disposal wells, are treated as development expense and are not included in wellfield operating costs.
|
|
2
|
|
Non-cash costs include the amortization of the investment in the mineral property acquisition costs and the depreciation of plant equipment, and the depreciation of their related asset retirement obligation costs. The expenses are calculated on a straight line basis so the expenses are typically constant for each quarter. The cost per pound from these costs will therefore typically vary based on production levels only.
|
|
3
|
|
Plant cash costs include all plant operating costs and site overhead costs.
|
|
4
|
|
Distribution cash costs include all shipping costs and costs charged by the conversion facility for weighing, sampling, assaying and storing the U
3
O
8
prior to sale.
|
Total production costs have remained relatively consistent over the past four quarters. Production levels during the current quarter declined, reflecting our deliberate restriction of production in light of the persistently weak uranium market in combination with severe winter weather conditions that limited access to the site and wellfields. As a result of the decreased production, our production costs per pound increased during the quarter.
Our wellfield cash costs increased slightly compared to the fourth quarter of 2016, due mainly to accruing the 2016 short-term incentive plan (“STIP”) bonus award payments during the quarter. Most other operating costs decreased, which made the overall increase in wellfield cash costs relatively small. The lower production rates resulted in an increase in wellfield cash cost to $11.20 per pound captured.
Plant cash costs also increased slightly during the quarter due to a substantial billing from a governmental agency together with the 2016 STIP accrual. Aside from those two items, costs remained very consistent with
the prior quarters. The number of pounds drummed, which tend to follow the pounds captured, also decreased during the quarter and resulted in an increase in the plant cash cost to $20.00 per pound drummed.
Distribution costs in 2017 Q1 were lower than the previous quarter despite receiving more assays during the current quarter. Operations have made considerable improvements in the quality of the product shipped to the conversion facility, which in turn have resulted in lower assay costs. Consistent with the decrease in pounds drummed, the pounds shipped also declined during the quarter. As a result, the cash distribution cash cost per pound decreased to $0.65 per pound shipped.
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|
|
|
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|
|
|
|
|
|
|
|
Sales and cost of sales
|
|
Unit
|
|
2017 Q1
|
|
2016 Q4
|
|
2016 Q3
|
|
2016 Q2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pounds sold
|
|
lb
|
|
|
250,000
|
|
|
100,000
|
|
|
200,000
|
|
|
187,000
|
U
3
O
8
sales
|
|
$000
|
|
$
|
14,819
|
|
$
|
3,270
|
|
$
|
9,471
|
|
$
|
6,741
|
Average contract price
|
|
$/lb
|
|
$
|
59.28
|
|
$
|
32.70
|
|
$
|
47.36
|
|
$
|
39.35
|
Average spot price
|
|
$/lb
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
27.00
|
Average price per pound sold
|
|
$/lb
|
|
$
|
59.28
|
|
$
|
32.70
|
|
$
|
47.36
|
|
$
|
36.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U3O8 cost of sales
(1)
|
|
$000
|
|
$
|
6,295
|
|
$
|
3,082
|
|
$
|
5,818
|
|
$
|
5,094
|
Ad valorem and severance tax cost per pound sold
|
|
$/lb
|
|
$
|
4.00
|
|
$
|
2.98
|
|
$
|
3.09
|
|
$
|
2.65
|
Cash cost per pound sold
|
|
$/lb
|
|
$
|
26.12
|
|
$
|
18.27
|
|
$
|
17.50
|
|
$
|
16.88
|
Non-cash cost per pound sold
|
|
$/lb
|
|
$
|
15.48
|
|
$
|
9.57
|
|
$
|
8.50
|
|
$
|
7.71
|
Cost per pound sold - produced
|
|
$/lb
|
|
$
|
45.60
|
|
$
|
30.82
|
|
$
|
29.09
|
|
$
|
27.24
|
Cost per pound sold - purchased
|
|
$/lb
|
|
$
|
20.08
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
Average cost per pound sold
|
|
$/lb
|
|
$
|
25.18
|
|
$
|
30.82
|
|
$
|
29.09
|
|
$
|
27.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U3O8 gross profit
|
|
$000
|
|
$
|
8,524
|
|
$
|
188
|
|
$
|
3,653
|
|
$
|
1,647
|
Gross profit per pound sold
|
|
$/lb
|
|
$
|
34.10
|
|
$
|
1.88
|
|
$
|
18.27
|
|
$
|
8.81
|
Gross profit margin
|
|
%
|
|
|
57.5%
|
|
|
5.7%
|
|
|
38.6%
|
|
|
24.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending Inventory Balances
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pounds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In-process inventory
|
|
lb
|
|
|
28,164
|
|
|
29,891
|
|
|
57,647
|
|
|
62,028
|
Plant inventory
|
|
lb
|
|
|
14,019
|
|
|
12,274
|
|
|
-
|
|
|
3,654
|
Conversion facility inventory
|
|
lb
|
|
|
113,528
|
|
|
84,689
|
|
|
84,808
|
|
|
135,723
|
Total inventory
|
|
lb
|
|
|
155,711
|
|
|
126,854
|
|
|
142,455
|
|
|
201,405
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In-process inventory
|
|
$000
|
|
$
|
712
|
|
$
|
897
|
|
$
|
866
|
|
$
|
929
|
Plant inventory
|
|
$000
|
|
$
|
670
|
|
$
|
461
|
|
$
|
-
|
|
$
|
115
|
Conversion facility inventory
|
|
$000
|
|
$
|
4,379
|
|
$
|
2,751
|
|
$
|
2,539
|
|
$
|
3,846
|
Total inventory
|
|
$000
|
|
$
|
5,761
|
|
$
|
4,109
|
|
$
|
3,405
|
|
$
|
4,890
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost per pound
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In-process inventory
|
|
$/lb
|
|
$
|
25.28
|
|
$
|
30.01
|
|
$
|
15.02
|
|
$
|
14.98
|
Plant inventory
|
|
$/lb
|
|
$
|
47.79
|
|
$
|
37.56
|
|
$
|
-
|
|
$
|
31.47
|
Conversion facility inventory
|
|
$/lb
|
|
$
|
38.57
|
|
$
|
32.48
|
|
$
|
29.94
|
|
$
|
28.34
|
Notes:
|
1
|
|
Cost of sales include all production costs (notes 1, 2, 3 and 4 in the previous Production and Production Cost table) adjusted for changes in inventory values.
|
U
3
O
8
sales of $14.8 million for 2017 Q1 were based on selling 250,000 pounds at an average price of $59.28 into term contract deliveries. We did not make any spot sales during the quarter. Of the 250,000 pounds sold, 50,000 were from produced inventory and 200,000 were from purchased U
3
O
8
. For the quarter, our cost of sales totaled $6.3 million at an average cost of $25.18 per pound.
The gross profit from the sale of produced uranium for the quarter was $0.8 million, which represents a gross profit margin of approximately 27%. Gross profit from the sale of purchased uranium was $7.7 million, which represents a gross margin of approximately 66%. Total gross profit was $8.5 million, or approximately 58%.
At the end of the quarter, we had approximately 113,528 pounds of U
3
O
8
at the conversion facility at an average cost per pound of $38.57. The following table shows the average cost per pound of the conversion facility pounds.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending Conversion Facility Inventory
Cost Per Pound Summary
|
|
Unit
|
31-Mar-17
|
|
31-Dec-16
|
|
30-Sep-16
|
|
30-Jun-16
|
Ad valorem and severance tax cost per pound
|
|
$/lb
|
|
$
|
2.74
|
|
$
|
2.72
|
|
$
|
3.30
|
|
$
|
2.68
|
Cash cost per pound
|
|
$/lb
|
|
$
|
23.48
|
|
$
|
19.44
|
|
$
|
17.80
|
|
$
|
17.50
|
Non-cash cost per pound
|
|
$/lb
|
|
$
|
12.35
|
|
$
|
10.32
|
|
$
|
8.84
|
|
$
|
8.14
|
Total cost per pound
|
|
$/lb
|
|
$
|
38.57
|
|
$
|
32.48
|
|
$
|
29.94
|
|
$
|
28.32
|
Generally, the cost per pound in ending inventory at the conversion facility increased during recent quarters. The increase was directly related to the lower production rates as production costs were relatively consistent during the periods. The increase also relects our deliberate restriction of production considering the persistently weak uranium market. While the cost per pound is higher than the current market, it is projected to be sold into existing term contracts at prices great than the current carrying amount.
Reconciliation of Non-GAAP sales and inventory presentation with US GAAP statement presentation
As discussed above, the cash costs, non-cash costs and per pound calculations are non-US GAAP measures we use to assess business performance. To facilitate a better understanding of these measures, the tables below present a reconciliation of these measures to the financial results as presented in our financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Price Per Pound Sold Reconciliation
|
|
Unit
|
|
2017 Q1
|
|
2016 Q4
|
|
2016 Q3
|
|
2016 Q2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales per financial statements
|
|
$000
|
|
$
|
14,828
|
|
$
|
5,776
|
|
$
|
12,068
|
|
$
|
6,747
|
Less disposal fees
|
|
$000
|
|
$
|
(9)
|
|
$
|
(8)
|
|
$
|
(10)
|
|
$
|
(6)
|
Less revenue from sale of deliveries under contract
|
|
$000
|
|
$
|
-
|
|
$
|
(2,498)
|
|
$
|
(2,587)
|
|
$
|
-
|
U
3
O
8
sales
|
|
$000
|
|
$
|
14,819
|
|
$
|
3,270
|
|
$
|
9,471
|
|
$
|
6,741
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pounds sold - produced
|
|
lb
|
|
|
50,000
|
|
|
100,000
|
|
|
200,000
|
|
|
187,000
|
Pounds sold - purchased
|
|
lb
|
|
|
200,000
|
|
|
-
|
|
|
-
|
|
|
-
|
Total pounds sold
|
|
lb
|
|
|
250,000
|
|
|
100,000
|
|
|
200,000
|
|
|
187,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average price per pound sold
|
|
$/lb
|
|
$
|
59.28
|
|
$
|
32.70
|
|
$
|
47.36
|
|
$
|
36.05
|
The Company delivers U
3
O
8
to a conversion facility and receives credit for a specified quantity measured in pounds once the product is confirmed to meet the required specifications. When a delivery is approved, the Company notifies the conversion facility with instructions for a title transfer to the customer. Revenue is recognized once a title transfer of the U
3
O
8
is confirmed by the conversion facility.
In March 2016, the Company assigned its 2016 contractual delivery obligations under two of its sales contracts to a natural resources trading company in exchange for a cash payment of $5.1 million. The first delivery occurred in 2016 Q3 while the second occurred in 2016 Q4. The Company reflects the payment as revenue when the related deliveries under the contracts are settled. Accordingly, the Company recognized the revenue in the respective quarters as shown above.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Cost Per Pound Sold
Reconciliation 1
|
|
Unit
|
|
2017 Q1
|
|
2016 Q4
|
|
2016 Q3
|
|
2016 Q2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ad valorem & severance taxes
|
|
$000
|
|
$
|
241
|
|
$
|
247
|
|
$
|
552
|
|
$
|
304
|
Wellfield costs
|
|
$000
|
|
$
|
1,665
|
|
$
|
1,641
|
|
$
|
1,636
|
|
$
|
1,624
|
Plant and site costs
|
|
$000
|
|
$
|
1,979
|
|
$
|
1,829
|
|
$
|
2,059
|
|
$
|
1,998
|
Distribution costs
|
|
$000
|
|
$
|
47
|
|
$
|
68
|
|
$
|
86
|
|
$
|
123
|
Inventory change
|
|
$000
|
|
$
|
(1,652)
|
|
$
|
(703)
|
|
$
|
1,485
|
|
$
|
1,045
|
Cost of sales - produced
|
|
$000
|
|
$
|
2,280
|
|
$
|
3,082
|
|
$
|
5,818
|
|
$
|
5,094
|
Cost of sales - purchased
|
|
$000
|
|
$
|
4,015
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
Total cost of sales
|
|
$000
|
|
$
|
6,295
|
|
$
|
3,082
|
|
$
|
5,818
|
|
$
|
5,094
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pounds sold produced
|
|
lb
|
|
|
50,000
|
|
|
100,000
|
|
|
200,000
|
|
|
187,000
|
Pounds sold purchased
|
|
lb
|
|
|
200,000
|
|
|
—
|
|
|
—
|
|
|
—
|
Total pounds sold
|
|
lb
|
|
|
250,000
|
|
|
100,000
|
|
|
200,000
|
|
|
187,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average cost per pound sold - produced
(1)
|
|
$/lb
|
|
$
|
45.60
|
|
$
|
30.82
|
|
$
|
29.09
|
|
$
|
27.24
|
Average cost per pound sold - purchased
|
|
$/lb
|
|
$
|
20.08
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
Total average cost per pound sold
|
|
$/lb
|
|
$
|
25.18
|
|
$
|
30.82
|
|
$
|
29.09
|
|
$
|
27.24
|
|
1
|
|
The cost per pound sold reflects both cash and non-cash costs, which are combined as cost of sales in the statement of operations included in this filing. The cash and non-cash cost components are identified in the above inventory, production and sales table.
|
The cost of sales includes ad valorem and severance taxes related to the extraction of uranium, all costs of wellfield, plant and site operations including the related depreciation and amortization of capitalized assets, reclamation and mineral property costs, plus product distribution costs. These costs are also used to value inventory and the resulting inventoried cost per pound is compared to the estimated sales prices based on the contracts or spot sales anticipated for the distribution of the product. Any costs in excess of the calculated market value are charged to cost of sales.
Three months ended March 31, 2017 compared to the three months ended March 31, 2016
The following tables summarize the results of operations for the three months ended March 31, 2017 and 2016 (in thousands of U.S. dollars):
|
|
|
|
|
Three months ended March 31,
|
|
2017
|
|
2016
|
|
$
|
|
$
|
|
|
|
|
Sales
|
14,828
|
|
2,714
|
Cost of sales
|
(6,295)
|
|
(1,855)
|
Gross profit
|
8,533
|
|
859
|
Exploration and evaluation expense
|
(912)
|
|
(855)
|
Development expense
|
(216)
|
|
(549)
|
General and administrative expense
|
(1,714)
|
|
(1,366)
|
Accretion expense
|
(132)
|
|
(132)
|
Net profit (loss) from operations
|
5,559
|
|
(2,043)
|
Interest expense (net)
|
(378)
|
|
(554)
|
Warrant mark to market gain
|
-
|
|
31
|
Write-off of equity investments
|
-
|
|
(189)
|
Foreign exchange loss
|
8
|
|
(272)
|
Other income
|
-
|
|
38
|
Net income (loss)
|
5,189
|
|
(2,989)
|
|
|
|
|
Income (loss) per share – basic
|
0.04
|
|
(0.02)
|
|
|
|
|
Income (loss) per share – diluted
|
0.03
|
|
(0.02)
|
|
|
|
|
Revenue per pound sold
|
59.28
|
|
36.12
|
|
|
|
|
Total cost per pound sold
|
25.18
|
|
24.73
|
|
|
|
|
Gross profit per pound sold
|
34.10
|
|
11.39
|
Sales
We sold a total of 250,000 pounds of U
3
O
8
during the three months ended March 31, 2017 for an average price of $59.28 per pound and 75,000 pounds of U
3
O
8
during the three months ended March 31, 2016 for an average price of $36.12 per pound. The 2017 sales were all from term contracts and included 50,000 pounds of produced inventory sold for $62.82 per pound and 200,000 pounds of purchased uranium which was sold for $58.39 per pound. The 2016 sales consisted of 25,000 pounds delivered under a term contract at $39.35 per pound and 50,000 pounds sold on the spot market at $34.50 per pound.
Cost of Sales
Our cost per pound sold for produced inventory increased $20.87 to $45.60 from $24.73 compared to the same quarter in 2016 which is a function of the reduced production volumes discussed above. In 2017, we purchased 200,000 pounds of uranium at an average cost of $20.08 per pound. Our average cost per pound for the quarter was therefore $25.18 which is only a $0.45 increase from the cost per pound for the first quarter of 2016.
Gross Profit
Our gross profit from the sale of produced uranium was $0.8 million, which equates to $17.22 per pound or 27% gross profit. The gross profit from the sale of purchased uranium was $7.7 million, which represents $38.31 per pound or a 66% gross profit. Overall, our gross profit was $34.10 per pound or 58%. This compares to Q1 2016 where our gross profit was $11.39 per pound or 32%. The difference relates entirely to the higher prices on the contracts fulfilled in 2017 compared to 2016.
Operating Expenses
Total operating expense for the three months ended March 31, 2017 was $3.0 million. Operating expenses include exploration and evaluation expense, development expense and G&A expense. These expenses increased by $0.1 million compared to the same periods in 2016 due primarily to costs associated with the 2016 STIP, which was accrued in 2017 Q1.
Exploration and evaluation expense consists of labor and associated costs of the exploration and evaluation departments as well as land holding and exploration costs including drilling and analysis on properties which have not reached the permitting or operations stage. These expenses remained constant at $0.9 million for the three month periods ended March 31, 2017 and 2016. All costs associated with the geology and geological information systems departments as well as the costs incurred on specific projects as described above are reflected in this category.
Development expense includes costs incurred at the Lost Creek Project not directly attributable to production activities, including wellfield construction, drilling and development costs. It also includes costs associated with the Shirley Basin and Lucky Mc properties as they are in a more advanced stage. Development expenses decreased by $0.3 million during the current quarter compared to the same periods in 2016. The decrease was primarily related to a reduction in the drilling and header house construction costs in 2017 compared to 2016.
G&A expense relates to administration, finance, investor relations, land and legal functions and consists principally of personnel, facility and support costs. Expenses increased by $0.3 million for the three months ended March 31, 2017 compared to 2016. The increase relates to changes in the labor costs. During the quarter, we implemented a limited reduction in force, which will serve to further streamline our operations. The costs of the reduction were included in the current quarter, along with costs associated with the 2016 STIP accrual.
These costs were partially offset by lower overall labor costs resulting from the reduction in force implemented in 2016.
Other Income and Expenses
Net interest expense declined $0.2 million during the three months ended March 31, 2017 compared to the prior year. The expense decline was directly attributable to principal payments reducing the outstanding note balances including the payoff in 2016 of the RMB loan.
In 2016, the Company performed quarterly impairment analyses based on the mineralization at the Bootheel property and the then current spot price. It determined that impairments reflecting the then current spot price were warranted, which resulted in a charge of $189. Upon further analysis, it was determined that the deteriorating market conditions have made the investment not currently economically viable. Therefore, while the ownership interest will continue to be carried by the Company and the related resources retained, the Company wrote off the remaining basis in the investment as of December 31, 2016.
Earnings and Loss per Common Share
The basic earnings and loss per common share for the three months ended March 31, 2017 was earnings of $0.04 and a loss of $0.02 for 2016. The diluted loss per common share for 2016 is equal to the basic loss per common share due to the anti-dilutive effect of all convertible securities outstanding given that net losses were experienced. A net of 3,501,698 in-the-money options using the treasury method were included in the diluted earnings per share calculations for the three months ended March 31, 2017 resulting in a diluted earnings per share of $0.03 per share. Dilution from the warrants was not included as the strike price exceeded the current market price of the common shares.
Liquidity and Capital Resources
As of March 31, 2017, we had cash resources consisting of cash and cash equivalents of $8.4 million, an increase of $6.8 million from the December 31, 2016 balance of $1.6 million. The cash resources consist of Canadian and U.S. dollar denominated deposit accounts and money market funds. We generated $6.5 million as a result of operating activities during the three months ended March 31, 2017. During the same period, we used less than $0.1 million for investing activities and generated $0.3 million from financing activities.
On October 23, 2013, we closed a $34.0 million Sweetwater County, State of Wyoming, Taxable Industrial Development Revenue Bond financing program (“State Bond Loan”). The State Bond Loan calls for payments of interest at a fixed rate of 5.75% per annum on a quarterly basis which commenced January 1, 2014. The principal is payable in 28 quarterly installments which commenced January 1, 2015 and continue through October 1, 2021. The State Bond Loan is secured by all of the assets at the Lost Creek Project. As of March 31, 2017, the balance of the State Bond Loan was $23.4 million.
On August 19, 2014, we filed a universal shelf registration statement on Form S-3 in order that we may offer and sell, from time to time, in one or more offerings, at prices and terms to be determined, up to $100 million of our common shares, warrants to purchase our common shares, our senior and subordinated debt securities, and rights to purchase our common shares and/or our senior and subordinated debt securities. The registration statement became effective September 12, 2014.
On May 27, 2016, we entered into an At Market Issuance Sales Agreement with MLV & Co. LLC and FBR Capital Markets & Co. under which we may, from time to time, issue and sell common shares at market prices
on the NYSE MKT or other U.S. market through the distribution agents for aggregate sales proceeds of up to $10,000,000. During the first quarter of 2017, we have sold 1,536,169 common shares under the sales agreement at an average price of $0.76 per share for gross proceeds of $1.2 million. After deducting transaction fees and commissions we received net proceeds of $1.1 million.
During 2017, a total of 549,952 stock options have been exercised, which have generated $0.3 million.
Collections for the three months from U
3
O
8
sales totaled $14.8 million.
Operating activities generated cash of $6.5 million during the three months ended March 31, 2017 as compared to $2.3 million during the same period in 2016. The income for the three months ended March 31, 2017 was $8.2 million greater than the corresponding loss in 2016. In 2016, we generated $5.1 million from the assignment of deliveries scheduled for later in 2016 to a uranium trader.
During the first three months of 2017, the Company used $1.1 million for a principal payment on the Sweetwater debt. This was offset by the $1.1 million (net) from the sales of shares under the At Market Issuance Sales Agreement and $0.3 million from the exercise of stock options.
Liquidity Outlook
As at May 3, 2017, our unrestricted cash position was $8.5 million. We expect that any major capital projects will be funded by operating cash flow, cash on hand or additional financing as required. If these cash sources are not sufficient, certain capital projects could be delayed, or alternatively we may need to pursue additional debt or equity financing and there is no assurance that such financing will be available at all or on terms acceptable to us. We have no immediate plans to issue additional securities or obtain funding other than that which may be required due to the uneven nature of cash flows generated from operations; however, we may issue additional debt or equity securities at any time.
Looking ahead
At the end of the first quarter of 2017, the average spot price per pound of U
3
O
8
, as reported by Ux Consulting Company, LLC and TradeTech, LLC, was approximately $23.88. Market fundamentals have not changed sufficiently to warrant the accelerated development of mine unit two (“MU2”). In response, we will instead develop MU2 at a controlled rate, which will allow us to produce at a level that will satisfy a portion of our term contracts.
In March, we implemented a limited reduction in labor force, which will serve to further streamline our operations and is expected to reduce our labor costs by approximately $0.8 million per year.
In 2017, we have 600,000 pounds of U
3
O
8
under contract at an average price of approximately $51 per pound. We have made arrangements to purchase 410,000 pounds at an average cost of $22 per pound. The remaining pounds can readily be delivered from our current inventory and anticipated production. We are not forecasting any spot sales at this time, given the current spot market environment.
We expect to have contract sales of 241,000 pounds U
3
O
8
in 2017 Q2 at an average price of $49 per pound. We expect to purchase 210,000 of those pounds at an average cost of $23 per pound. The balance will be delivered from Lost Creek production.
The 2017 Q2 production target for Lost Creek is between 60,000 and 75,000 pounds U
3
O
8
dried and drummed. Full year 2017 production guidance is unchanged at between 250,000 and 300,000 pounds. Our production rate may be adjusted based on continuing operational matters and other indicators in the market.
Following advance purchasing and planning activities in March, drilling and other construction work to develop the first three header houses in MU2 commenced in early April. We expect to bring the first MU2 header house on line in 2017 Q3. Development expenditures are expected to increase as a result.
As at May 3, 2017, our unrestricted cash position was $8.5 million. Given our current cash resources and contracted sales positions, we do not anticipate the need for additional funding in the near term unless it is advantageous to do so.
Our production rates may be adjusted based on operational refinements, and indicators in the market, including uranium spot market and term pricing, and other factors. These factors may also influence the timing and method of delivery into our contractual sales obligations and the need for discretionary spot sales.
Transactions with Related Parties
There were no transactions with related parties.
Proposed Transactions
As is typical of the mineral exploration, development and mining industry, we will consider and review potential merger, acquisition, investment and venture transactions and opportunities that could enhance shareholder value. Timely disclosure of such transactions is made as soon as reportable events arise.
Critical Accounting Policies and Estimates
We have established the existence of uranium resources at the Lost Creek Property, but because of the unique nature of in situ recovery mines, we have not established, and have no plans to establish the existence of proven and probable reserves at this project. Accordingly, we have adopted an accounting policy with respect to the nature of items that qualify for capitalization for in situ U
3
O
8
mining operations to align our policy to the accounting treatment that has been established as best practice for these types of mining operations.
The development of the wellfield includes injection, production and monitor well drilling and completion, piping within the wellfield and to the processing facility, header houses used to monitor production and disposal wells associated with the operation of the mine. These costs are expensed when incurred.
Mineral Properties
Acquisition costs of mineral properties are capitalized. When production is attained at a property, these costs will be amortized over a period of estimated benefit.
As of March 31, 2017, the average current spot and long term prices of U
3
O
8
were $23.88 and $33.00, respectively. This compares to prices of $20.25 and $30.00 as of December 31, 2016. As prices have increased since December 31, 2016 and no other factors have been identified, management has not done any additional impairment testing now.
Development costs including, but not limited to, production wells, header houses, piping and power will be expensed as incurred as we have no proven and probable reserves.
Inventory and Cost of Sales
Our inventories are valued at the lower of cost and net realizable value based on projected revenues from the sale of that product. We are allocating all costs of operations of the Lost Creek facility to the inventory valuation at various stages of production with the exception of wellfield and disposal well costs which are treated as development expenses when incurred. Depreciation of facility enclosures, equipment and asset retirement obligations as well as amortization of the acquisition cost of the related property is also included in the inventory valuation. We do not allocate any administrative or other overhead to the cost of the product.
Share-Based Expense
We are required to initially record all equity instruments including warrants, restricted share units and stock options at fair value in the financial statements.
Management utilizes the Black-Scholes model to calculate the fair value of the warrants and stock options at the time they are issued. Use of the Black-Scholes model requires management to make estimates regarding the expected volatility of the Company’s stock over the future life of the equity instrument, the estimate of the expected life of the equity instrument and the number of options that are expected to be forfeited. Determination of these estimates requires significant judgment and requires management to formulate estimates of future events based on a limited history of actual results.
New accounting pronouncements which may affect future reporting
In May 2014, the FASB issued ASU 2014-09, “
Revenue from Contracts with Customers (Topic 606)
.” The amendments in ASU 2014-09 affect any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (
e.g.,
insurance contracts or lease contracts). This ASU will supersede the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance, and creates a Topic 606 Revenue from Contracts with Customers. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of the promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early application is not permitted. We have reviewed our contracts as well as our procedures and do not anticipate any changes in the manner or timing with which we reflect our revenues.
In January 2016, the FASB issued ASU 2016-1,
Recognition and Measurement of Financial Assets and Financial Liabilities (Topic 825)
. The amendments in this ASU supersede the guidance to classify equity securities with readily determinable fair values into different categories (that is, trading or available-for-sale) and require equity securities (including other ownership interests, such as partnerships, unincorporated joint ventures, and limited liability companies) to be measured at fair value with changes in the fair value recognized through net income. The amendments allow equity investments that do not have readily determinable fair values to be remeasured at fair value either upon the occurrence of an observable price change or upon identification of an impairment. The amendments also require enhanced disclosures about those investments. The amendments improve financial reporting by providing relevant information about an entity’s equity investments and reducing the number of items that are recognized in other comprehensive income. This guidance is effective
for annual reporting beginning after December 15, 2017, including interim periods within the year of adoption, and calls for prospective application, with early application permitted. Accordingly, the standard is effective for us beginning in the first quarter of fiscal 2018. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements.
In February 2016, the FASB issued ASU 2016-02,
Leases (Topic 842)
, which requires lessees to recognize all leases, including operating leases, unless the lease is a short-term lease. ASU 2016-02 also requires additional disclosures regarding leasing arrangements. ASU 2016-02 is effective for interim periods and fiscal years beginning after December 15, 2018, and early application is permitted. Now, the only leases we hold are for equipment, office space in one location and a limited number of leases on selected mineral properties. We do not anticipate the additional disclosures to reflect those leases will have an impact on our statement of financial position, as the total future lease payments are not material.
New accounting pronouncements which were implemented this year
In July 2015, the FASB issued ASU No. 2015-11,
Inventory
(Topic 330): Simplifying the Measurement of Inventory
. ASU 2015-11 requires that inventory within the scope of this ASU be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The amendments in this ASU do not apply to inventory that is measured using last-in, first-out (LIFO) or the retail inventory method. The amendments apply to all other inventory, which includes inventory that is measured using first-in, first-out (FIFO) or average cost. For all entities, the guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2016. This is consistent with our past policies and had no financial or reporting impact when implemented this quarter.
In March 2016, the FASB issued ASU No. 2016-09,
Compensation-Stock Compensation - Improvements to Employee Share-Based Payment Accounting (Topic 718)
, which involves several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Under the new standard, income tax benefits and deficiencies are to be recognized as income tax expense or benefit in the income statement and the tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur. An entity should also recognize excess tax benefits regardless of whether the benefit reduces taxes payable in the current period. Excess tax benefits should be classified along with other income tax cash flows as an operating activity. Regarding forfeitures, the entity may make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. This ASU is effective for fiscal years beginning after December 15, 2016 including interim periods within that reporting period. We currently recognize no income tax expense or benefit due to significant income tax credits and net operating losses which are fully reserved under a valuation allowance. There is therefore no effect on our accounting or reporting at the time of implementation in this quarter. We have made the election to continue to recognize losses from forfeitures at inception rather than when they vest or occur.
In November 2016, the FASB issued ASU No. 2016-18,
Statement of Cash Flows – Restricted Cash a consensus of the FASB Emerging Task Force (Topic 230)
, which addresses the presentation of restricted cash in the statement of cash flows. Under the new standard, restricted cash will be presented with cash and cash equivalents in the statement of cash flows instead of being reflect as non-cash investing or financing activities. A reconciliation of the make-up of the end ending cash, cash equivalent and restricted cash balance will be required for entities who reflect restricted cash as separate items on the statement of financial position. In addition, a description of the restrictions on the cash will be required. This ASU is effective for fiscal years beginning after December 15, 2017 including interim periods within that reporting period, however early
adoption is permitted. We have elected to adopt this standard as of the current quarter. Accordingly, the cash balances reflected in the Statement of Cash Flows have been increased by $7.6 million which has been the restricted cash balance since December 31, 2015. In addition, we have added Note 13 – Supplemental information to the Statement of Cash Flows which reconciles the cash balances shown on the Statement of Cash Flows with the appropriate balances on the Balance Sheet.
Off Balance Sheet Arrangements
We have not entered into any material off-balance sheet arrangements such as guaranteed contracts, contingent interests in assets transferred to unconsolidated entities, derivative instrument obligations, or with respect to any obligations under a variable interest entity arrangement.
Outstanding Share Data
The “Management’s Discussion and Analysis of Financial Condition and Results of Operations” includes information available to May 3, 2017. As of May 3, 2017, we had outstanding 145,873,898 common shares and 8,427,270 options to acquire common shares.
Item 3.
Quantitative
AND QUALITATIVE
DISCLOSURES ABOUT MARKET RISK
Market risk
Market risk is the risk to the Company of adverse financial impact due to changes in the fair value or future cash flows of financial instruments as a result of fluctuations in interest rates and foreign currency exchange rates.
Interest rate risk
Financial instruments that expose the Company to interest rate risk are its cash equivalents, deposits, restricted cash and debt financings. Our objectives for managing our cash and cash equivalents are to maintain sufficient funds on hand at all times to meet day-to-day requirements and to place any amounts which are considered in excess of day-to-day requirements on short-term deposit with the Company's financial institutions so that they earn interest.
Currency risk
At March 31, 2017, we maintained a balance of approximately $0.3 million in foreign currency resulting in a low currency risk which is our typical balance.
Commodity Price Risk
The Company is subject to market risk related to the market price of U
3
O
8
. We have U
3
O
8
supply contracts with pricing fixed or based on inflation factors applied to a fixed base. Additional future sales would be impacted by both spot and long-term U
3
O
8
price fluctuations. Historically, U
3
O
8
prices have been subject to fluctuation, and the price of U
3
O
8
has been and will continue to be affected by numerous factors beyond our control, including the demand for nuclear power, political and economic conditions, and governmental legislation in U
3
O
8
producing and consuming countries and production levels and costs of production of other producing companies. The spot market price for U
3
O
8
has demonstrated a large range since January 2001. Prices have risen from $7.10 per pound at January 2001 to a high of $136.00 per pound as of June 2007. The spot market price was $22.50 per pound as of May 3, 2017.
Item 4.
Controls and Procedures
(a) Evaluation of Disclosure Controls and Procedures
As of the end of the period covered by this MD&A, under the supervision of the Chief Executive Officer and the Chief Financial Officer, the Company evaluated the effectiveness of its disclosure controls and procedures,
as such term is defined in Rule 13a-15(e) and Rule 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”). Based on this evaluation, the Chief Executive Officer and the Chief Financial Officer have concluded that the Company’s disclosure controls and procedures are effective to ensure that information the Company is required to disclose in reports that are filed or submitted under the Exchange Act: (1) is recorded, processed and summarized effectively and reported within the time periods specified in SEC rules and forms, and (2) is accumulated and communicated to Company management, including the Chief Executive Officer and the Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. The Company’s disclosure controls and procedures include components of internal control over financial reporting. No matter how well designed and operated, internal controls over financial reporting can provide only reasonable, but not absolute, assurance that the control system's objectives will be met.
(b) Changes in
Internal Controls over Financial Reporting
No changes in our internal control over financial reporting occurred during the three months ended March 31, 2017 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II
Item 1. LEGAL PROCEEDING
S
No new legal proceedings or material developments in pending proceedings.
Item 1A. RISK FACTOR
S
There have been no material changes for the three months ended March 31, 2017 from those risk factors set forth in our Annual Report on Form 10-K.
Item 2.
Unregistered Sale
s of Equity Securities and Use of Proceeds
None
Item 3.
Defaults upon
Senior Securities
None
Item 4. MINE SAFETY
DISCLOSURE
Our operations and exploration activities at Lost Creek are not subject to regulation by the federal Mine Safety and Health Administration under the Federal Mine Safety and Health Act of 1977.
Item 5.
Other Information
None
Item 6. Exhibit
s
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Incorporated by Reference
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Exhibit
Number
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Exhibit Description
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Form
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Date of
Report
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Exhibit
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Filed
Herewith
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31.1
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Certification of CEO Pursuant to Exchange Act Rules 13a-14 and 15d-14, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
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X
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31.2
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Certification of CFO Pursuant to Exchange Act Rules 13a-14 and 15d-14, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
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X
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32.1
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Certification of CEO Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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X
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32.2
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Certification of CFO Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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X
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101.INS*
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XBRL Instance Document
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X
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101.SCH*
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XBRL Schema Document
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X
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101.CAL*
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XBRL Calculation Linkbase Document
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X
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101.DEF*
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XBRL Definition Linkbase Document
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X
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101.LAB*
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XBRL Labels Linkbase Document
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X
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101.PRE*
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XBRL Presentation Linkbase Document
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X
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In accordance with Rule 406T of Regulation S-T, the XBRL related information in Exhibit 101 to this Quarterly Report on Form 10-Q is deemed not filed or part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act, is deemed not filed for purposes of section 18 of the Exchange Act, and otherwise is not subject to liability under these sections.
SIGNATURE
S
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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UR -ENERGY INC.
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Date: May 5, 2017
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By:
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/s/ Jeffrey T. Klenda
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Jeffrey T. Klenda
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Chief Executive Officer
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(Principal Executive Officer)
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Date: May 5, 2017
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By:
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/s/ Roger L. Smith
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Roger L. Smith
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Chief Financial Officer
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(Principal Financial Officer and
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Principal Accounting Officer)
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