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Ur-Energy Inc. (NYSAMERICAN:URG) is among the best fundamentally strong penny stocks to invest in now. On April 27, H.C. Wainwright maintained a Buy rating and a price target of $2.30 on Ur-Energy Inc. (NYSAMERICAN:URG). The firm highlighted that uranium-bearing solution from the site is currently being captured at Mine Unit 1, with concentrations anticipated to increase as the wellfield undergoes further conditioning and additional production circuits are acquired online.
According to H.C. Wainwright, Ur-Energy Inc. (NYSAMERICAN:URG) is in a good position to supply an increasingly tight uranium market. Management aims to transport uranium-loaded resin to Lost Creek for processing over the summer.
Burke Hollow. Photo from Uranium Energy
Earlier on April 23, Ur-Energy Inc. (NYSAMERICAN:URG) announced that mining operations had started at its Shirley Basin Project in Wyoming. The project aims to enhance the company’s operational synergy, capacity, resource base, and mine life. As stated by the CEO and President, Matt Gili,
“Launching initial operations marks a pivotal achievement in Ur-Energy’s growth strategy and plan to expand U.S. uranium production capacity. Two years ago, we committed to building out this project. Today, we have successfully brought a historically significant uranium district back to life, demonstrating disciplined execution of our strategy.”
If we consider the comparative one-year return, Ur-Energy Inc. (NYSAMERICAN:URG) has significantly outperformed the S&P/TSX Composite index (^GSPTSE)’s return by approximately 97%. This, along with strong fundamentals, positions the company as one of the best penny stocks to invest in.
Ur-Energy Inc. (NYSAMERICAN:URG) is a Colorado-based company specializing in uranium mineral properties. Incorporated in 2004, the company holds interests in 12 projects, particularly the Lost Creek project.
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