LITTLETON, CO, March 31,
2025 /PRNewswire/ - Ur-Energy Inc. (NYSE
American: URG) (TSX: URE) ("Ur-Energy" or the "Company")
announces there is a delay in the filing of its annual financial
statements for the year ended December 31,
2024 and related management's discussion and analysis
(collectively, the "Financial Statements") and the annual
information form and Annual Report on Form 10-K, and the CEO and
CFO certificates relating to the Financial Statements (the
"Required Filings") beyond the prescribed filing deadlines.
The delay in filing the Required Filings is due to an accounting
issue identified by the Company, resulting in the need for the
Company to classify certain stock options awarded under its Amended
and Restated Stock Option Plan (2005), as amended, as a liability.
The non-cash reclassification from equity to liabilities and a
possible adjustment to stock compensation expense will impact the
Company's outstanding options in the latter half of 2024. For
clarity, the Company does not currently anticipate a restatement of
its Consolidated Financial Statements for the year ended
December 31, 2023.
Management is undertaking the required work to expeditiously
complete this accounting matter and to obtain final consents from
its external auditors and proceed to file the Required Filings for
2024 within the prescribed timeframe. The Company expects to be in
a position to issue and file the Required Filings by no later than
April 14, 2025.
As a result of the Required Filings not being filed by
March 31, 2025, the Company has made
an application for the imposition of a management cease trade order
("MCTO") as contemplated under the Canadian National Policy 12-203
– Management Cease Trade Orders ("NP 12-203"); however there is no
assurance that it will be granted. An MCTO provides a mechanism
restricting the Company's CEO and CFO from trading in the Company's
securities while allowing the common shares to continue trading on
the TSX and the NYSE American.
The Company has confirmed that it intends to satisfy the
provisions of the alternative information guidelines described in
sections 9 and 10 of NP 12-203 for so long as it remains in default
for failure to file the Required Filings. In the event an MCTO is
not granted, or the Company fails to file the appropriate Default
Status Reports as prescribed by NP 12-203, applicable Canadian
securities regulatory authorities may impose an Issuer Cease Trade
Order.
The Company confirms that it is not subject to any insolvency
proceeding as of the date hereof.
The Company also confirms that there is no other material
information concerning the affairs of the Company that has not been
generally disclosed as of the date herein.
About Ur-Energy
Ur-Energy is a uranium mining company
operating the Lost Creek in-situ recovery uranium facility in
south-central Wyoming. We have
produced and shipped approximately 2.8 million pounds U3O8 from
Lost Creek since the commencement of operations. Ur-Energy has all
major permits and authorizations to begin construction at
Shirley Basin, the Company's
second in situ recovery uranium facility in Wyoming and is advancing Shirley Basin construction and development
following the March 2024 'go'
decision for the mine. We await the remaining regulatory
authorization for the expansion of Lost Creek. Ur‑Energy is engaged
in uranium mining, recovery and processing activities, including
the acquisition, exploration, development, and operation of uranium
mineral properties in the United
States. The primary trading market for Ur‑Energy's common
shares is on the NYSE American under the symbol "URG." Ur‑Energy's
common shares also trade on the Toronto Stock Exchange under the
symbol "URE." Ur-Energy's corporate office is in Littleton, Colorado and its registered office
is in Ottawa, Ontario.
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., the anticipated timing of the filing of the Required
Filings and the scope of the non-cash reclassifications; whether
the Company will satisfy the provisions of the alternative
information guidelines described in sections 9 and 10 of NP 12-203;
and the timing and outcome of the MCTO) 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.
Generally, forward-looking statements can be identified by the use
of forward-looking terminology such as "plans," "expects," "does
not expect," "is expected," "is likely," "estimates," "intends,"
"anticipates," "does not anticipate," or "believes," or variations
of the foregoing, or statements that certain actions, events or
results "may," "could," "might" or "will be taken," "occur," "be
achieved" or "have the potential to." All statements, other than
statements of historical fact, are considered to be forward-looking
statements. Forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements express or implied by the forward-looking statements.
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.sedarplus.ca and www.sec.gov. Readers should
not place undue reliance on forward-looking statements. The
forward-looking 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/ur-energy-announces-delay-filing-year-end-reporting-documents-302416286.html
SOURCE Ur-Energy Inc.