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Ur-Energy Inc T.URE

Alternate Symbol(s):  URG

Metals & Mining Industrial Metals & Minerals
Ur-Energy Inc. is engaged in uranium mining, recovery and processing activities, including the acquisition, exploration, development and operation of uranium mineral properties in the United States. It is focused on uranium recovery and processing operations, in addition to the exploration for and development of uranium mineral properties. Its land portfolio in Wyoming includes 12 projects. 10 of these projects are in the Great Divide Basin (GDB), Wyoming, including its flagship project, Lost Creek Project. It controls nearly 1,800 unpatented mining claims and three State of Wyoming mineral leases for a total of approximately 35,400 acres at its Lost Creek Property, including the Lost Creek permit area and certain adjoining projects which it refers to as LC East, LC West, LC North, LC South and EN project areas (collectively, with the Lost Creek Project, the Lost Creek Property). Its Wyoming properties together total approximately 48,000 acres and include its Shirley Basin Project.


TSX:URE - Post by User

Ur-Energy Inc
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Post by scissors14on Oct 15, 2010 9:47pm
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Post# 17571986

RBC Capital Ratings Revision To Outperform - $2 Ta

RBC Capital Ratings Revision To Outperform - $2 Ta

RATINGS REVISION | COMMENT

OCTOBER 15, 2010

Ur-Energy Inc. (TSX: URE; AMEX: URG)

NRC License Expected Imminently; Upgrading to

Outperform

Outperform (prev: Sector Perform)

Above Average Risk

Price: 1.18

Shares O/S (MM): 99.0

Dividend: 0.00

NAVPS: 1.99

BVPS: 0.81

Debt to Cap: 0%

Price Target: 2.00 ­ 1.75

Implied All-In Return: 69%

Market Cap (MM): 117

Yield: NM

P/NAVPS: 0.6x

P/BVPS: 1.5x

Event

We are upgrading URE to Outperform and raising our price target price to $2.00

per share.

Investment Opinion

• On October 1, 2010, the U.S. Nuclear Regulatory Commission issued an

operating license to Uranium One for its Moore Ranch project in Wyoming.

This is very good news for Ur-Energy, which is seeking a permit for its Lost

Creek project that is also in Wyoming.

• We think there is a very high probability that Ur-Energy will receive an

operating license for its Lost Creek project by the end of 2010 (or early

2011 if it is delayed). According to Ur-Energy, Uranerz Energy Corp. will

most likely be the next license recipient, followed by Lost Creek.

• Ur-Energy applied for its operating license in the autumn of 2007. The process

was expected to take 18 months to two years. The delays experienced were by

no means exclusive to Ur-Energy – all applications seem to have been delayed

by approximately the same time.

• We estimate that Ur-Energy is fully financed to bring Lost Creek into

production and should commence production in mid-2011 and attain its

planned capacity of 1 million pounds in 2012.

• With the possibility of the receipt of a license in the next few months, we

believe Ur-Energy will be vaulted into the near-term producer category

and should be considered by investors looking for small-cap uranium

exposure. Therefore, we are upgrading Ur-Energy to Outperform from

Sector Perform and increasing our 12-month price target to $2.00 per

share from $1.75 per share. We think that we are in the early stages of a

uranium bull market that we expect will occur in late-2011 to early-2012,

during which we expect the uranium spot price to increase from its current

level of US$48.25 per pound to at least US$80 per pound. We are maintaining

our Above Average risk qualifier.

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