First Uranium (FIU.TO) has the dubious distinction of being the worst uranium company in the world, and recent news from the company does nothing to alleviate that well-earned title.
The performance of the company is so bad it has downwardly revised uranium output forecast three times since the end of 2008, which has resulted in an incredible 75 percent cut in estimated uranium production since just April 2008.
Projections for gold production haven't been much better for First Uranium either, as it has cut estimates for 2011 to 190,000 ounces, a 63 percent plunge from the 507,000 originally projected.
For MWS, gold production is donw 65 percent for both 2011 and 2012, with expectations standing at 57,000 ounces for 2011 and 64,000 ounces for 2012.
The bad news keeps on coming for First Uranium, as they could end up having to pay a $42 million penalty to Gold Wheaton Gold Corp (GLW.V) if they aren't able to pass a technical completion test by June 1.
After all is said and done, First Uranium needs capital, which gets harder to attain when they're as far off as they are with mining production estimates and making deals like they did with Gold Wheaton.