5 Best NYSE Penny Stocks to Buy According to Hedge Funds

3. Ur-Energy Inc. (NYSE:URG)

Ur-Energy Inc. (NYSE:URG) is one of the 15 best NYSE penny stocks to buy according to hedge funds.

On June 29, Ur-Energy Inc. (NYSE:URG) completed a major regulatory milestone for its Shirley Basin Project. The company revealed that the Wyoming Department of Environmental Quality issued regulatory approval regarding the Uranium Recovery Program, allowing the company to scale up to full-scale uranium in situ recovery (ISR) operations.

This will include transporting uranium-loaded resin from the Shirley Basin to the Lost Creek processing plant. The Wyoming Department of Environmental Quality completed a detailed preoperational assessment prior to granting approval. The inspection consisted of verifying the adequacy of the safety systems, procedures, staffing, radiation safety program, and environmental monitoring for the safety of the human population and the environment.

Since uranium recovery commenced at Shirley Basin in April 2020, the Company has loaded over 10,500 lbs of uranium onto resin; shipments to the Lost Creek processing facility will commence shortly. The shipments will continue as the wellfield flow rates increase to commercial production levels.

Back in mid-June, Ur-Energy Inc. (NYSE:URG) disclosed the conclusion of its 100th consignment of U₃O₈ uranium concentrate in Wyoming from its Lost Creek ISR site. This significant consignment raised the company’s cumulative shipped capacity of U₃O₈ to over 3.5 million lbs since operations started back in 2013. According to the company, this achievement signifies more than a decade of reliable, secure U.S. uranium output and facilitates the domestic nuclear fuel supply network.

Ur-Energy Inc. (NYSE:URG) is engaged in uranium mineral assets, conducting exploration and development activities, and operating various uranium projects. One of its key projects is the Lost Creek Project, which consists of mineral leases and mining claims.