Interview with John Cash, CEO of Ur-Energy Inc. Our previous interview: https://www.cruxinvestor.com/posts/ur-energy-amexurg-positioned-to-benefit-uranium-market-bull-run-5501 Recording date: 7th November 2024 Ur-Energy (AMEX:URG) is a U.S.-based uranium producer well-positioned to capitalize on the increasingly favorable outlook for nuclear power and rising demand for domestically sourced uranium. The company's flagship Lost Creek in-situ recovery (ISR) project in Wyoming is currently ramping up production towards its licensed capacity of 1.2 million pounds of U3O8 per year. Ur-Energy is also advancing its Shirley Basin ISR project, which is expected to come online in late 2025 or early 2026 and will boost the company's total production capacity to 2.2 million pounds per year. While the Lost Creek ramp-up has faced some challenges related to hiring experienced personnel and securing drill rigs, CEO John Cash emphasized in a recent interview that good progress is being made on these fronts. He also highlighted Ur-Energy's strong financial position, with $110 million of cash on hand, $33 million of expected revenues in Q4 2024, and no debt. This provides the company with ample resources to fund its growth initiatives. Looking ahead, Ur-Energy is focused on signing long-term uranium supply contracts with U.S. utilities at increasingly higher prices. Notably, about 50% of the company's licensed production capacity over the next six years is currently uncontracted, providing significant leverage to further gains in uranium prices. This is particularly important given that domestic U.S. uranium production is in very short supply, with only a handful of companies like Ur-Energy working to increase output. This dynamic bodes well for Ur-Energy's ability to command premium pricing in future contracts. On the political front, the Republican Party's victory in the recent midterm elections – including the return of President Trump to the White House – is seen as a positive development for Ur-Energy and other U.S. uranium miners. The Trump administration is expected to pursue policies that are supportive of domestic mining and work to streamline regulatory burdens, such as restoring uranium's status as a critical mineral. More broadly, nuclear power enjoys strong bipartisan support in the U.S. as a vital tool for decarbonizing electricity generation and enhancing energy security. This was evidenced by the unanimous passage of the Russian uranium ban earlier this year. Policy tailwinds at the federal level should help to accelerate demand growth and improve the operating environment for uranium companies like Ur-Energy. In conclusion, Ur-Energy appears to be in a strong position to benefit from robust fundamentals in the U.S. uranium market. With a growing production profile from its Lost Creek and Shirley Basin projects, significant exposure to rising uranium prices through its future contracting, a solid balance sheet, and a favorable political backdrop, the company offers investors a compelling way to gain leverage to the unfolding nuclear power growth story. While some risks remain, particularly around the pace of the production ramp-up and future contract pricing, the overall risk/reward appears skewed to the upside for Ur-Energy at current share price levels. As the U.S. and other countries increasingly look to nuclear energy as a clean, reliable source of baseload power, uranium miners with strong domestic supply capabilities like Ur-Energy should be well-positioned to create value for shareholders in the years ahead. View Ur-Energy's company profile: https://www.cruxinvestor.com/companies/ur-energy-inc Sign up for Crux Investor: https://cruxinvestor.com