Uranerz is a U.S. mining company focused on near-term commercial in-situ recovery ("ISR") uranium production, and is currently constructing its first ISR mine in Wyoming. ISR is a mining process that uses a "leaching solution" to extract uranium from sandstone uranium deposits; it is the generally accepted extraction technology used in the Powder River Basin area of Wyoming (ISR comprised 41% of world uranium production in 2010).
The Company controls a large strategic land position in the Pumpkin Buttes Uranium Mining District of the central Powder River Basin of Wyoming. Uranerz' management team has specialized expertise in the ISR uranium mining method, and a record of licensing, constructing, and operating ISR uranium projects. The Company has entered into long-term uranium sales contracts with Exelon and one other of the largest nuclear utilities in the country for a portion of its planned production.
In August 2011, Uranerz commenced construction of its first in-situ recovery ("ISR") uranium mine, called the Nichols Ranch ISR Uranium Project, in the Powder River Basin area of Wyoming, U.S.A. Construction is well underway and is currently on schedule. The Company's focus is on the construction of the processing plant, the office and laboratory, the maintenance facility, and the installation of monitor and production wells required for ISR uranium mining. Six drill rigs are engaged in production well installation.
The Company began installing production wells at its Nichols Ranch ISR Uranium Project in Production Area 1 on December 5, 2011, after completing the installation of monitor wells.
Uranerz Energy Corp. has released its financial results for the quarter ended June 30, 2014, as filed with the U.S. Securities and Exchange Commission (SEC) and in Canada with the Canadian securities administrators (on SEDAR).
During the second quarter of 2014 the Company commenced production of uranium concentrates at its wholly-owned Nichols Ranch mining unit located in the Powder River Basin of Wyoming, U.S.A. Following a period of commissioning and startup activities Uranerz began mining at the end of May producing approximately 20,000 pounds of uranium concentrate. Inventory is being accumulated for first sales in the latter part of the third quarter 2014. It is expected that the recently constructed Nichols Ranch processing facility will serve as a platform for the potential future development of the Company's other Powder River Basin uranium properties allowing enhanced economics for adjacent and satellite projects.
The financial information summarized below is in accordance with U.S. generally accepted accounting principles. As an exploration stage company without "proven or probable reserves", Uranerz expenses its construction and wellfield installation as mineral property expenditures.
During the three months ended June 30, 2014, operating expenditures incurred were $4,227,969. These expenditures include mine development costs incurred for the Nichols Ranch project totaling $1,965,480, all of which have been expensed pursuant to the SEC's Industry Guide 7.
Results of operations for the three months ended June 30th
|Basic and Diluted Net Loss Per Share
|Net Cash Used in Operating Activities
|Net Cash Used in Investing Activities
|Net Cash Provided by Financing Activities
|| $ 5,771,935
To review Uranerz' quarterly report on Form 10-Q for the period ended June 30, 2014, including its management discussion and analysis, please visit the Company's website at www.uranerz.com, the U.S. Securities and Exchange Commission website at www.sec.gov, or the Company's profile on SEDAR at www.sedar.com.