Ur-Energy Releases 2019 Q2 Results

Production and Production Costs

Unit

2019 Q2

2019 Q1

2018 Q4

2018 Q3

2019 YTD

Pounds captured

lb

13,146

22,551

48,304

80,604

35,697

Ad valorem and severance tax

$000

$

17

$

57

$

30

$

81

$

74

Wellfield cash cost ⁽¹⁾

$000

$

264

$

250

$

459

$

422

$

514

Wellfield non-cash cost ⁽²⁾

$000

$

612

$

612

$

400

$

400

$

1,224

Ad valorem and severance tax per pound captured

$/lb

$

1.29

$

2.53

$

0.62

$

1.00

$

2.07

Cash cost per pound captured

$/lb

$

20.08

$

11.09

$

9.50

$

5.24

$

14.40

Non-cash cost per pound captured

$/lb

$

46.55

$

27.14

$

8.28

$

4.96

$

34.29

Pounds drummed

lb

13,296

21,015

53,654

78,441

34,311

Plant cash cost ⁽³⁾

$000

$

1,134

$

1,318

$

1,154

$

1,109

$

2,452

Plant non-cash cost ⁽²⁾

$000

$

490

$

480

$

484

$

485

$

970

Cash cost per pound drummed

$/lb

$

85.29

$

62.72

$

21.51

$

14.14

$

71.46

Non-cash cost per pound drummed

$/lb

$

36.85

$

22.84

$

9.02

$

6.18

$

28.27

Pounds shipped to conversion facility

lb

—

—

67,040

72,902

—

Distribution cash cost ⁽⁴⁾

$000

$

27

$

6

$

47

$

36

$

33

Cash cost per pound shipped

$/lb

$

-

$

-

$

0.70

$

0.49

$

-

Pounds purchased

lb

100,000

97,500

-

-

197,500

Purchase costs

$000

$

2,795

$

2,681

$

-

$

-

$

5,476

Cash cost per pound purchased

$/lb

$

27.95

$

27.50

$

-

$

-

$

27.73

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 expenses 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 U₃O₈ prior to sale.

Sales and cost of sales

Unit

2019 Q2

2019 Q1

2018 Q4

2018 Q3

2019 YTD

Pounds sold

lb

265,000

97,500

-

-

362,500

U3O8 sales

$000

$

11,477

$

4,812

$

-

$

-

$

16,289

Average contract price

$/lb

$

43.31

$

49.35

$

-

$

-

$

44.94

Average spot price

$/lb

$

-

$

-

$

-

$

-

$

-

Average price per pound sold

$/lb

$

43.31

$

49.35

$

-

$

-

$

44.94

U3O8 cost of sales ⁽¹⁾

$000

$

9,026

$

3,181

$

-

$

-

$

12,207

Ad valorem and severance tax cost per pound sold

$/lb

$

1.52

$

1.52

$

-

$

-

$

1.52

Cash cost per pound sold

$/lb

$

23.95

$

23.86

$

-

$

-

$

23.93

Non-cash cost per pound sold

$/lb

$

12.38

$

12.36

$

-

$

-

$

12.38

Cost per pound sold - produced

$/lb

$

37.85

$

37.74

$

-

$

-

$

37.83

Cost per pound sold - purchased

$/lb

$

27.80

$

27.50

$

-

$

-

$

27.70

Total average cost per pound sold

$/lb

$

34.06

$

32.63

$

-

$

-

$

33.67

U3O8 gross profit

$000

$

2,451

$

1,631

$

-

$

-

$

4,082

Gross profit per pound sold

$/lb

$

9.25

$

16.72

$

-

$

-

$

11.27

Gross profit margin

%

21.4%

33.9%

0.0%

0.0%

25.1%

Ending Inventory Balances

Pounds