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URG - The Main Projects Of Ur-Energy Don't Look Valuable At Today's Uranium Prices
Ur-Energy Inc
The company claims to be the lowest-cost producer of uranium in North America, yet has no production at the moment.
The two main projects of Ur-Energy have a combined NPV of around $400 at $65 per pound of uranium but are close to worthless at today’s uranium spot prices.
The main risks for the bear thesis include higher uranium prices as well as a disconnect between uranium prices and the share prices of uranium miners.