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20110118 ure corporate presentation (january 18 2011)
20110118 ure corporate presentation (january 18 2011)
20110118 ure corporate presentation (january 18 2011)
20110118 ure corporate presentation (january 18 2011)
20110118 ure corporate presentation (january 18 2011)
20110118 ure corporate presentation (january 18 2011)
20110118 ure corporate presentation (january 18 2011)
20110118 ure corporate presentation (january 18 2011)
20110118 ure corporate presentation (january 18 2011)
20110118 ure corporate presentation (january 18 2011)
20110118 ure corporate presentation (january 18 2011)
20110118 ure corporate presentation (january 18 2011)
20110118 ure corporate presentation (january 18 2011)
20110118 ure corporate presentation (january 18 2011)
20110118 ure corporate presentation (january 18 2011)
20110118 ure corporate presentation (january 18 2011)
20110118 ure corporate presentation (january 18 2011)
20110118 ure corporate presentation (january 18 2011)
20110118 ure corporate presentation (january 18 2011)
20110118 ure corporate presentation (january 18 2011)
20110118 ure corporate presentation (january 18 2011)
20110118 ure corporate presentation (january 18 2011)
20110118 ure corporate presentation (january 18 2011)
20110118 ure corporate presentation (january 18 2011)
20110118 ure corporate presentation (january 18 2011)
20110118 ure corporate presentation (january 18 2011)
20110118 ure corporate presentation (january 18 2011)
20110118 ure corporate presentation (january 18 2011)
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20110118 ure corporate presentation (january 18 2011)


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  • 1.
  • 2. Disclaimer
    This presentation contains “forward-looking statements,” within the meaning of applicable securities laws, regarding events or conditions that may occur in the future. Such statements include without limitation the Company’s timeframe for events leading to and culminating in the commencement of production at Lost Creek including sufficiency of cash to fund capital requirements, receipt of (and related timing of) the NRC Source Material License, WDEQ Permit to Mine, BLM Plan of Operations, and all other necessary permits related to Lost Creek, and procurement and construction plans; specifics of drilling for Lost Creek; production rates and sustainability, timetables and methods at Lost Creek; permitting and licensing for Lost Soldier; and timing and relative results of exploration programs, including without limitation those at LC North and LC South, Hauber Project, the Bootheel Project and in Nebraska.  With regard to discussion of the potential of exploration targets, it should be noted that potential quantity and grade ranges are conceptual in nature; there has been insufficient exploration yet to define a mineral resource at the two new exploration targets.  Further, it is uncertain if additional exploration will result in the exploration targets being delineated as a mineral resource.
    These statements 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. Numerous factors could cause actual events to differ materially from those in the forward-looking statements. Factors that could cause such differences, without limiting the generality of the following, include: risks inherent in exploration activities; volatility and sensitivity to market prices for uranium; volatility and sensitivity to capital market fluctuations; the impact of exploration competition; the ability to raise funds through private or public equity financings; imprecision in resource and reserve estimates; environmental and safety risks including increased regulatory burdens; unexpected geological or hydrological conditions; a possible deterioration in political support for nuclear energy; changes in government regulations and policies, including trade laws and policies; demand for nuclear power; delay in obtaining or failure to obtain necessary permits and approvals from government authorities; weather and other natural phenomena; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; and other exploration, development, operating, financial market and regulatory risks. Although Ur-Energy Inc. believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this presentation. Ur-Energy Inc. disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
    Cautionary Note Regarding Projections: Similarly, this presentation also may contain projections relating to an extended future period and, accordingly, the estimates and assumptions underlying the projections are inherently highly uncertain, based on events that have not taken place, and are subject to significant economic, financial, regulatory, competitive and other uncertainties and contingencies beyond the control of Ur-Energy Inc. Further, given the nature of the Company's business and industry that is subject to a number of significant risk factors, there can be no assurance that the projections can be or will be realized. It is probable that the actual results and outcomes will differ, possibly materially, from those projected.
    The attention of investors is drawn to the Risk Factors set out in the Company's Annual Report on Form 20-F (Annual Information Form) for the fiscal year ended December 31, 2009 filed with the regulatory authorities in Canada on SEDAR on March 11, 2010 and with the U.S. Securities and Exchange Commission on EDGAR on March 12, 2010.
    Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated or Inferred Resources: the information presented uses the terms "measured", "indicated" and "inferred" mineral resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize these terms. United States investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. United States investors are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally minable.
  • 3. Ur-Energy At A Glance
    Share Capital & Cash Position
    As of 11/23/10
    Shares Outstanding 101.6M
    Stock Options 6.1M
    Fully Diluted 107.7M
    Market Cap (01/14/11) $291.5M
    Cash (09/30/10) C$34.7M
    +Cash from expiring Stock Options (12/1/10) C$3.0M
    Debt $0
    Cash per share as of 09/30/10 ~C$0.32
    Share price as of 01/14/11 C$2.94
    52 Week Range C$.76 - C$3.05
    Avg. Daily Volume ~1,193,000
    (3-mo URE & URG)
    Geographical Distribution as of 6/30/10
    United States ~40.5%
    Canada ~32.8%
    Other ~26.6%
    NYSE Amex: URG
    TSX: URE
  • 4. Analyst Coverage
    United States
    GVC Capital Mike Shonstrom (Denver, CO) 1 303-321-2392
    Rodman & Renshaw Alka Singh (New York) 1 212-430-1760
    Canaccord Adams (Vancouver, BC) 1 604-699-0829
    Dundee Securities David A. Talbot (Toronto, ON) 1 416-350-3082
    Haywood Securities Geordie Mark (Vancouver, BC) 1 604-697-6112
    Macquarie Capital Duncan McKeen (Montreal, QC) 1 416-848-3576
    Raymond James Bart Jaworski (Vancouver, BC) 1 604-659-8282
    RBC Capital Adam Schatzker (Toronto, ON) 1 416-842-7850
    Resource Capital Research* Trent Allen (Sydney, NSW) 61 2-9252-9405
    *paid research
    Ur-Energy Inc is followed by the analysts listed above. This list, including the firms and individual analysts at these firms, is subject to change at any time without notice. Please note that any opinions, estimates, forecasts, conclusions or recommendations regarding Ur-Energy Inc's performance made by these analysts are theirs alone and do not represent opinions, estimates, forecasts, conclusions, recommendations or predictions of Ur-Energy Inc or its management. Ur-Energy Inc does not by its reference above or in any other manner imply its endorsement of or concurrence with such information, conclusions or recommendations.
  • 5. Experienced Management Team
    Board of Directors
    Executive Directors
    W. William Boberg*, President, Chief Executive Officer (Professional Geologist)
    Jeffrey T. Klenda*, Board Chairman, Executive Director(Mining Finance)
    Independent Directors
    James M. Franklin*, Chair-Technical Committee (Professional Geologist)
    Paul Macdonell*, Chair-Compensation, Corp. Governance & Nominating Committees
    (Senior Federal Mediator)
    Thomas H. Parker, Chair-Audit Committee (Professional Engineer)
    Harold A. Backer, Executive VP Geology & Exploration (Geologist)
    Wayne W. Heili, VP Mining & Engineering (Metallurgical Engineer)
    Paul W. Pitman, VP Canadian Exploration (Professional Geologist)
    Roger L. Smith, Chief Financial Officer, VP Finance, IT & Administration (CPA & MBA)
    Paul G. Goss, Corporate Secretary & General Counsel (JD & MBA)
    *Founding Directors
  • 6. Our People Define Us
    481 Years total resource industry experience
    300 Years of Uranium Industry Experience
    Highly experienced technical professional employees
    (4 Engineers, 17 Geologists and 3 Landmen)
    120 Years of direct extensive uranium production experience
    ISR operating experience – Nebraska, Texas & Wyoming
    22 Management, Professionals and Support Staff
    Contractors and consultants have extensive uranium exploration, development and production experience
    As of: 01/18/11
  • 7. US Infrastructure Isolated from Resources
    Christensen / Irigaray (650,000 pounds)
    Uranium One / ISR (Standby)
    Sweetwater Mill (1 million pounds)
    Rio Tinto / Conventional (Standby)
    Smith Ranch / Highland (5.5 million pounds)
    CAMECO / ISR (Producing)
    Crow Butte (1 million pounds)
    CAMECO / ISR (Producing)
    Shootaring Canyon Mill (1 million pounds)
    Uranium One / Conventional (Standby)
    Cañon City Mill (1 million pounds)
    Cotter Corp. / Conventional (Standby)
    White Mesa Mill (8 million pounds)
    Denison / Conventional (Producing)
    Hobson (1 million pounds)
    Uranium Energy / ISR (Producing)
    Rosita(1 million pounds)
    URI / ISR (Standby)
    Alta Mesa (1 million pounds)
    Mesteña / ISR (Producing)
    Kingsville Dome (1 million pounds)
    URI / ISR (Standby)
  • 8. US Produces Only 7% of Uranium Consumed
    US uranium concentrate production totaled 3,749,550 pounds U3O8 in 2009. This amount is 17% lower than the 4,533,578 pounds produced in 2007
    The US produces only 7% of the uranium it consumes!
    In 2009, the 10-year forward cumulative unfilled uranium requirements of US utilities was 260,982,000 lbs
    There will be a premium paid for domestically produced uranium
  • 9. Future Demand to Outpace Supply
    Continuing challenges to increased production in Kazakhstan
    China expected to install at least 75 GWe of nuclear capacity by 2020 (McKinsey&Company)
    HEU Program expires at the end of 2013 and will not be renewed
    Rosatom head Sergei Kiriyenko has reportedly told US utilities there will be no HEU-2 deal
    Costs of new global uranium supply expected to rise sharply with positive impact on prices
    Growing Production Gap
    See Disclaimer re Forward-looking Statements and Projections (slide 2)
  • 10. 2010 & 2011 Achievements
    Acquired Exploration Properties in Nebraska
    Draft NRC License Received
    Added C$3M @ C$1.25 From Exercise of Expiring Employee Stock Options
    State Engineer Holding Permit Received
    BlackRock Financing Completed, C$5M @ C$1
    WDEQ Final Class I UIC Permit (water disposal well) Received – Only WY Applicant to have secured permit
    Hauber Project New Manager/Member Bayswater Issues NI 43-101
    WDEQ-Air Quality Permit Received
    NRC Pre-License Exemption for Limited Construction Granted
    WY Game & Fish Dept. Approved Wildlife Management Plan
    Meets all the protection measures for the Greater Sage Grouse Species
  • 11. In-Situ Recovery (ISR) Uranium Mining
    Environmentally sound production method
    Well understood by Wyoming state regulators
    Cost effective, low capital costs
    See Disclaimer re Forward-looking Statements and Projections (slide 2)
  • 12. ISR – Low Impact Mining
    CAMECO Smith Ranch ISR Mine
    Powder River Basin, Wyoming
  • 13. Wyoming Projects
  • 14. Lost Creek Site
    Kennecott / Rio Tinto Sweetwater Mill – 3 miles south
    (NRC Licensed Facility on Standby)
    • 201 federal mining claims and 1 state lease
    • 15. 5% Royalty on State Lease – No Federal
    • 16. Approx. 5% local severance taxes
    • 17. Processing plant – Up to 2M lbs per year
    • 18. Plant build-out costs projected at <US$30M
    • 19. No Community Opposition
  • 20. Lost Creek – 9.8M Indicated lbs of U3O8
    540 drill holes defined 1970’s discovery
    1,097 drill holes drilled by Ur-Energy since 2005
    2 Mine Units now fully delineated
    Mine Unit #3 planned for delineation in 2011
    Leach Efficiency - 80%
    Industry Avg. - ~70%
    (Recovery Rate)
    Pump Test Results - >30-50gpm
    Industry Avg. - 15gpm
    (Good Porosity = Cost Savings)
    NI 43-101 Compliant Resource
    Indicated – 8.5 million tons @ 0.058% (9.8 million lbs U3O8) Avg 425 ft deep,19.5 ft @ 0.058% U3O8
    Inferred – 0.7 million tons @0.076% (1.1 million lbs U3O8)
    Technical Report on the Lost Creek Project, Wyoming, C. Stewart Wallis, Roscoe Postle Associates Inc., June 15, 2006
    (posted on SEDAR)
    See Disclaimer (slide 2)
  • 21. Lost Creek Preliminary Assessment
    Study indicates favorable economics
    Greatest sensitivity – uranium pricing & recovery efficiency
    Economic at uranium prices above $40 per pound U3O8
    Summary Highlights for minimum Life of Mine (LOM)
    Model based on 6 mine units totaling 8.1 million pounds U3O8
    Total Production – 6.5 million pounds U3O8 (80% recovery efficiency)
    Model very conservative
    Does not include all NI 43-101 resources or prospect of resource expansion
    Base Case includes 20% contingency to both operating and capital
    Operating Cash Costs (base case including all restoration) = $23.36/pound $35 - $38/pound all-in costs, including capital recovery
    Capital Costs (through production of first Mine Unit)
    Projected Cost of 2 Million Pound per Year ISR Plant = $30 million (current estimate is ~$26 million)
    Projected Costs of drilling, environmental, engineering, etc = $32.5 million
    Capital Cost Requirements already spent down by ~$24 million
    Technical Report by Lyntek Inc., April 2008 – Posted on SEDAR
    Italicized items are Ur-Energy estimates as of April 2010
    See Disclaimer (slide 2)
  • 22. US$24M in CapEx Completed
    Mine Units 1 & 2 Delineated
    MU #1 Monitor Well Ring Completed
    Plant Engineering Completed
    Drilled and Tested Class I UIC Well
    Ordered Key Plant Equipment
    10 Ion Exchange Columns
    2 Ion Exchange polishing columns
    2 Restoration columns
    2 Elution columns
    2 Filter presses
    Acquired Operational Support Equipment for Current Work & Mine Unit Operations
    Major Rolling Equipment
    Required Operational Equipment
    Training & Developing Operational Staff
    Acquired Initial Mine Unit Header House
    Prototype Completed for Operations
    Selected General Contractor – Fagen, Inc.
    Ur-Energy’s Ion Exchange Columns
    Interior of Ur-Energy’s prototype Header House
  • 23. Lost Creek On-Site Processing Plant
    Corp. Decision: Multiple Satellite Model Not Viable Option
    Central Processing Plant located adjacent to Lost Creek deposit
    Production Life: Seven years
    Capital Cost: $26M-$30M
    Operating Cost: $23/lb of U3O8;
    $35 - $38/lb all-in cost
    Adjacent properties have potential for an additional 24-28 M lbs. of U3O8
    Cost Savings
    No satellite facilities
    No additional transportation costs
    Lost Creek Processing Plant
    Portion of Lost Creek Wellfield
    Satellite Facility Requirements
    Permitting, engineering, bonding, deep disposal well, etc.
    Nearly full requirements as an On-Site plant (~75%-80% of full plant)
    Imagine repeating this process for each facility for few additional pounds
    See Disclaimer (slide 2)
  • 24. Adjacent Target Potential of 24 - 28 M lbs U3O8
    Potential of 24 to 28 million pounds U3O8 to be added to Lost Creek Project Area and Adjacent Lands
    Multiple roll fronts in four stratigraphic horizons defined by ~500+ drill holes
    ~50-60 historic holes mineralized with grades similar to Lost Creek resource
    GTs in range of 0.3 to 2.23 (average 0.7)
    2010 exploration drill program (159 holes 101,270 ft (30,867 m)) defined numerous individual uranium roll front systems
    Additional drilling of 2000-3000 holes at a cost of $15 M - $22.5M (~$7,500/hole)
    Assumptions based on knowledge as of September 1, 2009.
    These potential quantity and grade ranges are conceptual in nature. There has been insufficient exploration to define a mineral resource outside the current Lost Creek resource.  It is uncertain if further exploration will result in the new target areas outside the Lost Creek resource being delineated as a mineral resource.
    See Disclaimer re Forward-looking Statements and Projections (slide 2)
  • 25. Lost Creek Regulatory Achievements
    Sweetwater County: Development Plan
    Approved by County Commissioners, December 2009
    Wyoming DEQ – Air Quality Division: Operational Permit
    Final Permit Issued, January 2010
    Wyoming DEQ – Water Quality Division: Class I UIC Permit (water disposal well)
    Final Permit Issued May 2010
    Wyoming State Engineer: Holding Ponds Permit
    Final Permit Issued, June 2010
    Nuclear Regulatory Commission
    Source Material License – Draft Issued January 2011
    Supplemental Environmental Impact Statement (SEIS): Nearing Completion
    Draft SEIS : Issued December 2009
    Public Comment Period Ended March 3, 2010
    Safety Evaluation Report (SER): Nearing Completion
    Limited Construction Prior to License Issuance: Exemption Granted April 2010
    Wyoming DEQ – Land Quality Division: Permit to Mine
    Includes Application for First Mine Unit Permit
    Addresses Sage Grouse Impacts
    Nearing Completion
    U.S. Bureau of Land Management
    Plan of Operations: Environmental Review Process Underway
    See Disclaimer re Forward-looking Statements and Projections (slide 2)
  • 26. Lost Soldier – 12.2M M&I lbs U3O8
    M & I resource average
    17.2 ft @0.065% U3O8
    Average 240 feet deep
    2 primary zones
    Leach efficiency 49% - 84%
    Can be licensed as amendment to Lost Creek license
    Approximately 4000 drill holes define deposit
    17 monitor/pump test wells installed
    (From Figure 16-2, Technical Report on the Lost Soldier Project, Wyoming, C. Stewart Wallis, RPA, July 10, 2006 - posted on SEDAR)
    NI 43-101 Compliant Resource
    Measured & Indicated (M & I) – 9.4 million tons @ 0.065% (12.2 million lbs U3O8)
    Inferred – 1.6 million tons @0.055% (1.8 million lbs U3O8)
    (Technical Report on the Lost Soldier Project, Wyoming, C. Stewart Wallis, Roscoe Postle Associates Inc., July 10, 2006 - Posted on SEDAR)
    See Disclaimer re Forward-looking Statements and Projections (slide 2)
  • 27. Screech Lake, Thelon Basin, NWT
    Completed Audio-Magnetotelluric Geophysical Survey, and Soil Gas Hydrocarbon and Enzyme Leach Soil Geochemistry Analyses to Better Define Drill Target
    Seeking Social License with First Nations
    MegaTEM Survey
    Screech Lake
    See Disclaimer re Forward-looking Statements and Projections (slide 2)
  • 28. Ur-Energy Advantage over Peers
    (1) Owns licensed Hobson plant and started production at La Palangana 4Q2010
    Information obtained from public sources believed to be reliable.
    Ur-Energy cannot guarantee accuracy and is not responsible for errors or omissions
  • 29. Today’s Reality
    Today’s Price Breakout Appears Sustainable
    Broad Based Support, Even Hedge Funds are Re-entering the Market
    China and Asian Countries Actively Acquiring Future Supplies, Constraining Available Supply
    ISR Junior Business Model Needs Re-Evaluation (satellite vs. on-site processing plant)
    Economically Recoverable Pounds Most Important
    Market Rewarding Companies With Production Profile
    See Disclaimer re Forward-looking Statements and Projections (slide 2)
  • 30. Ur-Energy’s Strong Position
    Technical Team – Best Among North American Juniors
    Near-Term, Low-Cost Production (~$23.00/lb)
    Mining Jurisdiction - Uranium Friendly
    Economical On-Site Processing Plant
    Cash Resources, C$34.7 Million (as of 9/30/10 + C$3 Million added from exercise of expiring options)
    Permitting Process Nearing Completion
    See Disclaimer re Forward-looking Statements and Projections (slide 2)
  • 31. Building Shareholder Value
    Ongoing Exploration – Increase Minable Resources that will be Accessible to the Lost Creek On-Site Processing Plant
    Acquisition of Additional Exploration Properties
    Monetizing Historic Databases
    Seeking Acquisitions and Strategic Alliances that will Positively Impact Production Profile Bottom Line
    Re-Rating Likely as Ur-Energy Nears Production
    See Disclaimer re Forward-looking Statements and Projections (slide 2)
  • 32. 2011 Is Our Year!
    Anticipated Issuance of NRC Source Material License
    Enter into Offtake Agreement for Future Uranium Delivery with US Utilities
    Issuance of WDEQ Permit to Mine
    Wellfield Injection Wells UIC Permit: Aquifer Exemption is Part of WDEQ Mine Permit
    BLM Plan of Operations Approval
    Targeted Construction Start-up (Beginning of 6 – 9 Month Build-Out)
    See Disclaimer re Forward-looking Statements and Projections (slide 2)
  • 33. Ur-Energy - The Right People. The Right Projects. Right Now.
    • For more information, please contact:
    Bill Boberg, President, Chief Executive Officer & Director
    Jeff Klenda, Board Chairman & Director
    Rich Boberg, Director, Public Relations
    • By Mail: Ur-Energy Corporate Office
    10758 W. Centennial Rd., Ste. 200
    Littleton, CO 80127 USA
    • By Phone: Office (720) 981-4588
    Toll-Free (866) 981-4588
    Fax (720) 981-5643
    • By E-mail: