Ur-Energy owns and operates the Lost Creek in-situ recovery uranium facility in Wyoming which has produced 2.7M pounds of U3O8. The facility license allows annual plant production up to 2.2 million pounds U3O8, which includes wellfield production of up to 1.2 million pounds U3O8 and toll processing of up to one million pounds U3O8. Our second uranium in situ recovery facility, the Shirley Basin Project, has received all major authorizations and is construction ready. Ur-Energy engages in the identification, acquisition, exploration, development, and operation of uranium projects.
Brief overview of your project
Ur-Energy's Lost Creek in-situ recovery uranium facility in south-central Wyoming has produced 2.7M pounds of U3)8 since commencing operations in 2013. In 2021, Lost Creek received an amendment to its license allowing expansion of mining activities within the existing Lost Creek Project and the adjacent LC East Project. The license now allows annual plant production of up to 1.2M pounds U3O8 and toll processing of up to one million pounds U3O8. Additional approvals for this expansion are expected in the coming months. Our second uranium in-situ recovery facility, Shirley Basin, has received all major authorizations and is construction ready.
What is unique about your project?
The Lost Creek Project is a proven producer with recent cash costs reaching into the $16 per pound range and all in mine site costs reaching into the $33 per pound range. The mine has experienced exceptional recovery rates averaging 90% in the first two mine units. The projected mine life is modeled at 14 years based on current resources of 11.9M pounds of measured plus indicated with an average grade of 0.048% and 6.6M pounds with an average grade of 0.044%. The project has significant area that has not been explored.
What highlights or announcements are you planning in the next 12 months?
Ur-Energy is focused on signing profitable, long-term contracts with utility customers and has already landed a six-year contract with a major utility. Our goal is to layer in sufficient contracts to reach an economy of scale that will justify a facility ramp-up.
Ur-Energy has two ongoing research projects with the objective of further reducing already low operating costs. The first project involves the development of a new well casing and installation method. The casing and installation method have received a provisional patent and the state agency has approved field testing. The second research project involves development of enhanced water treatment methods that will reduce the volume of waste-water and associated cost.