RHJ
- Ur-Energy (NYSE:URG) on Monday said it expanded a previously-announced agreement, which brought its total sales quantity of uranium under contract to 600,000 pounds per year.
- The agreement, which called for the annual delivery of 200,000 pounds of U3O8 over a six-year period, has been amended to increase the annual delivery by 100,000 pounds beginning in 2024.
- The company said it made the decision to immediately ramp up production at its operating Lost Creek uranium mine to levels sufficient to deliver the current contracts.
- The National Nuclear Security Administration also awarded the company a contract to sell 100,000 pounds to the national Uranium Reserve for a total revenue of $6.5 million, which would be realized in March 2023.
- The company expects to fulfill the NNSA contract from its existing U.S. produced inventory of 324,000 pounds.
- The company intends to retain its remaining inventory of 224,000 pounds, which was intentionally not bid into the Uranium Reserve, to sell into long-term contracts with commercial leaders in the nuclear industry.