UR-ENERGY INC

Issued $120M of 4.75% Convertible Senior Notes due 2031 (net proceeds ~$114.8M, conversion price $1.73/share, a 27.5% premium), funding Shirley Basin development and paying for capped-call hedges to limit future dilution -- the company's first major long-term debt instrument and its largest capital raise yet.

capital raising announcement

Hired Matthew Gili -- former President/COO of i-80 Gold, CEO of Nevada Copper, and a senior Barrick executive at the Cortez mining district -- as President, a significant executive upgrade as the company moves from single-mine operator toward running two producing uranium centers.

material agreement

Raised $60M in an underwritten offering (57.15M shares at $1.05, no warrants) through Cantor Fitzgerald to fund Shirley Basin's construction -- the largest single equity raise in the company's history to that point.

material agreement

Made the final call to build Shirley Basin: with all major permits and licenses in hand, the company will spend about 24 months on final design, equipment ordering and construction of the satellite ion-exchange plant and initial wellfield -- the payoff of the resource-growth story that began with the 2014 first estimate for this project.

resource reserve update

Raised about $46.1M in an underwritten offering (34M shares plus warrants at $1.18, fully exercised over-allotment) through Cantor Fitzgerald -- by far the largest raise to date, funding the buildup toward a Shirley Basin construction decision.

material agreement

Raised about $15.2M in an underwritten offering (14.7M shares plus warrants at $0.90, fully exercised over-allotment) through Cantor Fitzgerald -- the price nearly double 2016's offering, reflecting the uranium market's continued recovery.

material agreement

Amended the Wyoming State Bond Loan a second time, again deferring principal for six quarters and saving about $7.8M, pushing the maturity to October 2024 -- continued near-term debt relief.

material agreement

Amended its Wyoming State Industrial Development Revenue Bond to defer principal payments for six quarters (interest continues), saving about $8.1M in near-term cash and pushing the maturity to April 2023 -- meaningful breathing room on a major piece of debt.

material agreement

Raised $10M in an underwritten public offering (12.2M shares plus warrants at a combined $0.82) through Cantor Fitzgerald -- pricing well above the 2016 bear-market lows, the company's first major equity raise since uranium prices began recovering.

material agreement

Q3 2016 update landed at the trough of the post-Fukushima uranium bear market: spot uranium had collapsed to $18.75/lb against a $35.50/lb term-market average, though the company's existing long-term contract book was still delivering $30-plus margins even at that depressed spot price. Cumulative production reached 2.0 million pounds.

production update

Q1 2016 update: cumulative production reached 1.73 million pounds since 2013 startup, but cash on hand fell to $4.1M from $6.8M at year-end -- a real liquidity tightening even as the company's PEA economics (13.8M lb life-of-mine, $250.4M NPV) remained strong on paper.

production update

Reported full-year 2015 results: 784,000 lbs of uranium captured, $41.8M in revenue at an average realized price of $45.20/lb, and cash costs down to $16.27/lb from $19.73/lb in 2014 -- with long-term contracts already committing 3.1 million pounds for 2016-2021 at an average $49.81/lb, insulating the mine from spot-price swings.

production update

Raised roughly $6M in a bought-deal equity offering (12M shares at $0.50, plus a 1.8M-share over-allotment option) through Cantor Fitzgerald, Raymond James and Dundee Securities -- capital raised on the strength of two straight years of resource growth.

material agreement

A new preliminary economic assessment confirmed December's resource increase and extended Lost Creek's projected mine life nine years to 2031, with total planned production of 13.8 million pounds -- formalizing the larger, longer-lived project the 2015 drilling had revealed.

resource reserve update

A second 2015 resource update, driven by Mine Unit 2 development drilling and a lower grade cutoff applied property-wide, lifted Lost Creek's total resources to 13.25 million pounds Measured and Indicated (net +3.15M) and 6.44 million pounds Inferred (net +1.4M) -- a large step-up as the mine heads into its second production area.

resource reserve update

Updated resources at the operating Lost Creek mine's Mine Unit 1: better-than-expected uranium recoveries let the company lower its grade cutoff, lifting Measured resources 95% to 4.7 million pounds even after subtracting nearly a million pounds already produced -- confirmation the mine was outperforming its original design assumptions.

resource reserve update

Released the first formal resource estimate for Shirley Basin (acquired via the Pathfinder Mines purchase from an AREVA affiliate): 8.8 million pounds of Measured and Indicated uranium resources -- the starting point for what becomes the company's second production center a decade later.

resource reserve update

Amended its secured loan facility with RMB Australia Holdings, raising the term loan to $6.5M and extending repayment to two years, and added a new $3.5M revolving facility tied to the newly acquired Pathfinder Shirley Basin project -- fresh capital and runway as the company prepares to bring a second Wyoming project forward.

material agreement