Ur-Energy Inc.

What they do

Ur-Energy engages in uranium recovery and processing using in-situ recovery (ISR) technology at its Lost Creek Project and Shirley Basin Project in Wyoming. It extracts uranium oxide (U3O8) and processes it at the Lost Creek facility, with Shirley Basin operating as a satellite facility. The company sells uranium under multi-year contracts to nuclear energy and trading companies.

Revenue drivers

• Lost Creek Project — Flagship ISR uranium mine and processing facility; primary source of production and sales.
• Shirley Basin Project — Second ISR mine, commenced initial operations in April 2026 and received full authorization in late June 2026; production sent to Lost Creek for processing.
• Uranium sales under long-term contracts — Generated $14.4 million in Q2 2026 from 215,000 pounds sold; average sales price of $66.85 per pound.

Recent performance

In Q2 2026, Ur-Energy reported record pounds drummed of 140,873, up 47.4% from Q1 2026, and shipped 149,747 pounds, up 44.0%. Sales totaled 215,000 pounds, generating $14.4 million in revenue. Cash cost per pound sold was $40.20. Revenue for the quarter was $14.4 million, compared to $3.9 million in Q1 2026. The company had $95.3 million in unrestricted cash at June 30, 2026.

Strategy

Ur-Energy is focused on scaling up production at both Lost Creek and Shirley Basin to become the largest U.S. ISR producer. The company is optimizing wellfield chemistry, adding infrastructure like header houses and a sand filtration system at Lost Creek. It is also advancing near-mine exploration at Lost Soldier and Lost Creek South to feed the existing processing facility. The company maintains multi-year sales agreements with 10 customers covering approximately 5.75 million pounds of U3O8 from 2026 through 2033.

Risks

• Regulatory and licensing delays — Uranium recovery operations are subject to federal and state approvals; delays or denials could impede production or expansion plans.
• Uranium price volatility — Revenue depends on uranium market prices, which can fluctuate significantly and affect contract renewal terms and profitability.
• Operational ramp-up risks — The company is increasing production at Shirley Basin, and unplanned issues could affect output and costs.
• Dependence on third-party conversion — U3O8 is shipped to a third-party conversion facility; disruptions there could delay sales and revenue recognition.

Outlook

Management expects to begin transporting uranium-loaded resin from Shirley Basin to Lost Creek imminently, following final state authorization. The company projects continued production growth and low cash costs. It is also expanding exploration efforts at Lost Creek South and preparing for potential permitting of Lost Soldier to further support long-term production.