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.

 

 

Latest News Release

Uranerz Announces Third Quarter 2014 Financial Results

Uranerz Energy Corp. has released its financial results for the third quarter ending Sept. 30, 2014. A full version of the financial statements is filed with the United States Securities and Exchange Commission ("SEC") and with the Canadian securities administrators (on SEDAR).

 

2014 Third Quarter Highlights

 

First reporting of uranium sales revenue in the Company's historyUranium revenue of $3.9 million97,000 pounds of uranium captured during the quarterFollowing the June commencement of uranium extraction at its wholly-owned Nichols Ranch ISR Uranium Project located in the Powder River Basin of Wyoming, U.S.A, the Company has steadily increased daily recovery rates and operating efficiency. During the quarter ended September 30, 2014, the Company sold 75,000 pounds at an average operating cost of $26 per pound, excluding taxes and royalties. The average cost of production is expected to decline as operations continue to be fine-tuned and volumes increase as continuing wellfield development allows access to additional uranium material.The Company intends to minimize sales in the spot market until prices improve; thus certain mine development activities are being managed to control costs and meet our commitments. It is expected that the 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 and the SEC's Industry Guide 7. Pursuant to the SEC's Industry Guide 7, Uranerz is an exploration stage company without "proven or probable reserves" and therefore expenses its construction and wellfield installation as mineral property expenditures. During the three months ended September 30, 2014, mineral property expenditures incurred were $672,848. These expenditures include mine development costs incurred for the Nichols Ranch project totaling $213,241, all of which have been expensed pursuant to the SEC's Industry Guide 7.

 

 
Units 
Q3, 2014
Q3, 2013 
Production of U3O8 
lbs.  
97,000  
-
Sales of U3O8  
lbs.   
75,000 
-
Revenue
$
3,900,000 
-
Net Loss     
813,610
11,051,792
Basic and Diluted Net Loss Per Share
$
0.01
0.14
Net Cash Used in Operating Activities  
$
4,502,297
7,491,530
Net Cash Used in Investing Activities
$
69,831 
18,223
Net Cash Provided by Financing Activities 
$
11,114,744 
9,062,565

 

 

The Company's financial position is as follows.

Financial Position at

 

 
September 30, 2014
December 31, 2013
Cash and Cash Equivalents $9,473,395  $11,915,676
Working Capital   $11,937,568  $11,050,125
Total Assets $19,634,267  $16,948,765
Long Term Debt $17,858,257 $20,000,000
Stockholders' Deficit $4,386,101 $6,661,967

 

To review Uranerz' quarterly report on Form 10-Q for the period ended September 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.


 

Legal Notice / Disclaimer

 

This document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment.

 

Richard Mills has based this document on information obtained from sources he believes to be reliable but which has not been independently verified.

 

Richard Mills makes no guarantee, representation or warranty and accepts no responsibility or liability as to its accuracy or completeness. Expressions of opinion are those of Richard Mills only and are subject to change without notice. Richard Mills assumes no warranty, liability or guarantee for the current relevance, correctness or completeness of any information provided within this Report and will not be held liable for the consequence of reliance upon any opinion or statement contained herein or any omission.

 

Furthermore, I, Richard Mills, assume no liability for any direct or indirect loss or damage or, in particular, for lost profit, which you may incur as a result of the use and existence of the information provided within this Report.


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