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Please note this conference is being recorded. I will now turn the conference over to Alex Ritchie, General Counsel and Corporate Secretary. You may begin.

Thank you. Today's discussion includes forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results to differ materially. We do not undertake to update or revise any forward-looking statements except as required by law. Today's presentation includes disclaimers relating to forward-looking statements, risk factors, and projections, along with cautionary notes to investors. Please review these carefully together with the risk factors described in our Form 10-K and our other public filings with the SEC and Canadian securities regulators. I'll now turn the call over to our CEO and President, Matt Gili.

Thank you, Alex. On slide three, thank you everyone for joining us today. In addition to Alex, joining me on the call are Roger Smith, our CFO, Steve Hatten, Chief Operating Officer, Ryan Schierman, Vice President Regulatory Affairs, and Jade Walle, Vice President Finance. It is an exciting time to be a U.S. uranium producer. The nuclear and uranium market environment continues to strengthen and support our long-term growth strategy. Electricity demand growth driven by AI data center development is increasingly pushing the world towards nuclear energy for clean, reliable baseload power. Nuclear momentum continues to build through reactor restarts, life extension programs, and SMR development initiatives. Recently, countries such as South Korea, Taiwan, and Japan that depend on LNG imports have increased efforts to restart their or expand nuclear generation in response to the closing of the Strait of Hormuz.

Just a few weeks ago, TerraPower broke ground on the first utility-scale advanced nuclear power plant here in the state of Wyoming. At the same time, U.S. government policies and programs are supporting domestic nuclear fuel supply chains and regulatory reforms intended to accelerate nuclear deployment. In January, the Department of Energy announced approximately $2.7 billion in contract awards to support the development of domestic low enriched uranium and High-Assay Low-Enriched Uranium enrichment capacity. Long-term demand growth is expected to require significant new mine development. While the nuclear industry is increasingly focused on a secure uranium supply, only about 4% of uranium deliveries to U.S. utilities in 2024 were U.S. origin. We believe these market tailwinds continue to highlight the strategic importance of domestic uranium production.

Now let's talk about what we, Ur-Energy, are doing to contribute to the transformation of the nuclear industry. Slide four. The first quarter of 2026 brought several meaningful operational wins as we continue executing on our uranium production growth strategy. At Lost Creek, we improved our operational performance, which reflects the work we've been doing to improve flow rates. We captured 110,000 lbs on resin during the first quarter. That is an increase of 41% over the last quarter and 48% more than the first quarter of 2025. We dried and packaged 96,000 lbs during the quarter and increased in finished inventory at the conversion facility to more than 417,000 lbs, which is a 14% increase since year-end. We also continued to improve our cost profile at Lost Creek.

The average cash cost per pound sold dropped 13% quarter-over-quarter to $37.5 per pound. This cost amount per pound includes ad valorem and severance taxes. We sold 55,000 lbs during the quarter, which was in line with our committed delivery schedule. Note that our delivery schedule for 2026 is heavily weighted towards the second half of the year as we continue to ramp up at both mines. Our average sales price was $71 per pound, which is a 12% increase over the fourth quarter of 2025 as our sales this quarter were under newer contracts with more favorable pricing structures. We ended the quarter with $123 million of unrestricted cash. On slide five, Lost Creek. Looking forward to Lost Creek, we drummed over 57,000 lbs in April.

That's our highest monthly total since we decided to ramp up operations in 2023. Our production trend at Lost Creek continues to move in the right direction, but we're still focused on better optimizing operations and increasing production rates. We've made some great strides ramping up production rates at Lost Creek. However, our flow rates continue to be impacted by fine particles from the host formation. To manage these fines, we are installing and commissioning a sand filter system that is on schedule to come online this quarter. Our 2026 production plans in the well field are focused on phase II of the first mine unit, mine unit number one. These plans remain on schedule with the new header house continuing to come online.

We continue to prepare for the next mine unit, mine unit five, to come online in 2027. Again, while production is trending in the right direction, we believe the specific initiatives that are underway position Lost Creek for stronger production performance as the year progresses. Slide six, Shirley Basin operations. The company reached a major milestone in April when we commenced initial mining operations at our Shirley Basin mine. After Wyoming regulators completed their inspection, we brought our first header house online, and we are now capturing uranium on resin from production solution. Construction and wellfield development activities at Shirley Basin accelerated and progressed significantly during the first quarter. By the end of the quarter, we had pilot drilled 540 production and injection wells, cased 3,312 of these wells, and constructed five header houses.

We have been operating eight drills in line with our production needs. Shirley Basin is a satellite facility. We will be transporting uranium loaded resin to Lost Creek for final processing and packaging, so our next major milestone is to start moving resin to Lost Creek. At this point, the infrastructure at Shirley Basin is substantially complete. Subject to our additional and final regulatory approval, we expect to start these shipments in this summer. This integrated operating model enhances efficiency, supports production scalability, and should substantially increase our uranium production. Shirley Basin is a historically significant uranium district that played an important role in the early development of ISR mining in Wyoming and we are on track to bringing this back into commercial production soon. Slide seven, our Wyoming ISR growth portfolio.

Beyond our operating projects, we continue exploration activities across our Wyoming project portfolio that will support development decisions. At our Lost Soldier project, we commenced aquifer testing in April and plan to start baseline environmental studies this year. We are on plan to have an updated technical report, including economics, completed by year-end. There are 4,000 historic drill holes at Lost Soldier, and it is close to Lost Creek, so the project has strong potential to be a future satellite operation that leverages our existing infrastructure. We also completed 33 exploration drill holes at our North Hadsell project before the seasonal sage grouse restrictions started in March. The results include, excuse me, 13 ore grade intercepts and indicates the potential for a stacked roll front ISR system with up to eight individual roll fronts.

Looking ahead, we also have plans to begin a drill program of approximately 120 holes at our Lost Creek South property later this summer with the goal to further extend Lost Creek into new mine units. On slide eight, closing. We enter the second quarter with $123 million in cash, over 417,000 lbs of uranium in inventory at the conversion facility, and momentum building on both of our operating mines. As we move through 2026, our priorities remain focused. Continue to increase flow rates and optimizing operations at Lost Creek. Achieve commercial production this summer at Shirley Basin, followed by production ramp up. Continue to advance our Wyoming exploration portfolio towards development decisions. Continue to improve our safety culture and performance, which has already seen significant improvement.

Meet our 2026 uranium sales agreement commitment from existing inventory and production. On that point, our production plans still support our potential to meet these commitments after commencing shipments from Shirley Basin, bringing the sand filters online at Lost Creek and our other initiatives to continue to increase production. As I mentioned, substantial majority of our deliveries are scheduled for later in the year. We are capturing uranium at Shirley Basin and are close to having two ISR uranium mines in commercial production. We are improving our production momentum. We are advancing our Wyoming ISR project pipeline, and we have a strong balance sheet. We are also bullish on the need for a larger supply of U.S. produced uranium for an expanding nuclear industry.

As one of the few U.S. uranium mining companies that is actually producing uranium, we believe Ur-Energy is well positioned to help meet the growing demand. With that, I'll turn the call back to the operator to open up the Q&A.

Certainly. At this time, we will be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two of you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions. Your first question for today is from Heiko Ihle with H.C. Wainwright.

Hey, Matt and team. Nice little comprehensive overview you just gave.

Thanks, Heiko.

Can you give a bit of color on what you're seeing in conversations with your utility partners, given the current geopolitical risk sectors that we're just seeing around the world? I mean, I assume that conversations, the tone is quite positive, but maybe you want to provide the audience with a bit of color on what you're seeing in the actual market.

Oh, absolutely, Heiko. Okay. What we are seeing is a lot of activity from U.S. utilities in the first quarter regarding contracting future uranium supply. Of course, I mean, of course you would expect that, right? We're also seeing I'm trying to be very careful. I don't wanna ever disclose anything confidential. We're starting to see a lot more interest in securing supply over price negotiations. I wouldn't, you know, kind of in summary, Heiko, without divulging anything confidential, there is a lot of energy right now regarding utilities looking to secure future supply. Of course, for utilities, future supply generally starts like three years out. We're starting to see there's a lot of interest. We get a lot of inbound RFPs. We're very careful and choosy about what we respond to because we don't wanna overcommit.

We've got a very well-crafted, you know, commitment forecast, and we like to keep pounds extra so that we have the ability to be flexible in the future. What there is, it is very strong out there right now regarding utilities looking for pounds.

Fair enough. Then just for our model, how much money has been spent at Shirley Basin year to date? Maybe if you want to give a bit of color on the rest of the year quarter-by-quarter, please.

Absolutely. I'm gonna answer quickly, and then I'm gonna pass over to Roger to fill in the details. The entire commitment for Shirley Basin for capital this year remains at $25.5 million.

Okay. That's unchanged?

Yes, unchanged. The total capital commitment for the water treatment upgrades at Lost Creek is now forecasted between $25 million and $33 million. What we did there is we've expedited and brought forward the building of those sand filters, which is critical to us meeting our production goals. We'd have occurred a slight increase in expense by bringing those sand filters forward. Steve can go through that in more detail, but we're now at the stage. The sand filters are installed on a pad plant. We're piping in the sand filters, and we have the aggregate ready for installation within those sand filters. Steve, anything else you wanna touch on that?

No, I don't think so. Just know, Heiko Ihle, that we will be focusing, and we are focusing on the very detailed engineering for the Lost Creek work, working already with the construction team as well and getting procurement done as quickly as possible so we can really advance hard construction at Lost Creek this summer. Shirley's moving along steadily. Most of the main equipment's in. Any of the things that you see on our site show you that. We feel good about that.

Okay. Roger, did you have any further color on the quantities at Shirley Basin we spent in the first quarter?

Yeah, just a bit. Hi, Heiko. Thanks for the question. During Q1, we spent-

Yeah, of course.

approximately $11 million of that $25.5 million of CapEx for this year. We have, probably just under $15 million yet to spend on Shirley Basin CapEx throughout the year.

Thanks, Roger. Thanks, Heiko, for the question. Does that cover what you're looking for?

It does, but, like, would you wanna guess a little bit on a quarterly basis? Like, a little bit more color?

I think I'd be, I don't wanna guess. Look, Shirley Basin construction is heavily weighted towards the first half of the year, the further quarters, 'cause we're in the very final stages of construction there.

Fair enough. I will get back in queue. Thank you, guys.

Thanks, Heiko.

Your next question is from Anthony Taglieri with Canaccord Genuity.

Hey, Matt.

Good morning, Anthony.

Hey, thanks for taking my questions. maybe just on Lost Creek, so noting the 57,000 lbs drummed in April, should we expect this to be linear for the rest of Q2? You know, is there any reason why production in May and June might be a bit lower than April?

Well, you know, again, I'm being very careful with putting out future guidance. I will say that in April, we actually exceeded our internal plans for production for the month of April. April was a really good month. When you talk about, you know, linear, I would look at it more linear from a quarter-to-quarter standpoint versus a month by month standpoint, seeking out if there, yeah. With Shirley Basin getting us to that 1.3 million pounds.

Okay, great. Maybe just as a follow-up for Shirley Basin, you know, how's that start up been versus expectations? Maybe some commentary there would be great. You know, what still needs to happen there from a regulatory point of view to begin shipping loaded resin to Lost Creek? When you say summer months, is that sort of like a mid-June timeline?

Okay. I'm going to answer the first question, then hand over to Ryan. Look, we were, our internal plan was that we would have the ability to add lixiviant and start liberating uranium by the end of April, and we were able to meet that timeline. We were actually a few days, you know, a week or two ahead of schedule. That's progressing very well on track. We're very excited about what we're seeing so far at Shirley Basin. Ryan, can you give more color into what is that final regulatory approval?

Yeah. Final regulatory approval is a pre-operational inspection. What this is just a verification that infrastructure and our programs are in place to safely do what we said we were going to. At this point, we don't believe we have anything that would preclude us from passing through that inspection. We've been preparing for it, and it's been on our radar. It's a regular part of business. Nothing out of the norm for us on that.

Yeah, when we say when we expect to do that, again, being careful, but, you know, your original assumption was fairly on track of when we expect the timing.

Okay, great. I'll pass it on. Thanks for that.

Thank you, Anthony.

Your next question for today is from Jeff Grampp with Northland Capital Markets.

Hey, morning, Jeff.

Hey, good morning, Jeff.

Matt, outside of the wastewater and excuse me, some of the kind of upgrades to address the fines issue, it sounds like there's some other general optimization initiatives at Lost Creek that you guys are evaluating or implementing. Was just hoping to get a little more detail on, you know, what some of those other projects are and are these kind of cost optimization, production optimization or any other details you can share.

Okay. you know, the other main business improvement activities at Lost Creek are not capital improvements at all, but they're really procedural and operational improvements. They're specifically regarding our maintenance systems, just getting a well-built, well-articulated, and well-executed maintenance program for the plant itself, as well as bringing in procurement, we're beefed up our procurement team and getting it aligned with maintenance so that, you know, your parts are there when you need them and your kits are ready when you need to do maintenance. Those are the two other initiatives, the primary initiatives at Lost Creek regarding beefing up operations.

Got it. Great. Appreciate that. My follow-up on the exploration side, specifically looking at Lost Soldier, and I noted, you guys are looking at kind of some pre-permitting activities, technical report coming later this year. Is, is the technical report, would you say kind of a prerequisite, if you will, in getting some positive data there to, kind of, I guess, more fully look at a full-blown kind of permitting exercise? Or how comfortable are you guys, kind of trying to accelerate, you know, potentially permitting and getting that to production relative to, you know, technical report and more kind of technical evaluation internally? Thanks.

Yeah, I understand your question, Jeff. It's a really good question. Look, we are progressing along with the technical report of Lost Soldier, and we will do the work to the standard we always do the work, which is extremely high standard with economics. We have initiated or in the process of initiating the baseline surveys as the beginning of our permitting because we feel very comfortable in spending that money before we finalize the technical report and make a construction decision. It's a modest spend at this time, but it is prudent and it will accelerate the permitting process should we make a positive investment decision at the end of this year.

Got it. And is in general, you know, not trying to hold you to too specific a timeline, but is, I don't know, two, three years a good kind of rule of thumb for permitting a project like that? Or am I off base one way or another?

Ryan,

I would say three to five years is a fair estimate.

Yeah.

Three to five. Perfect. Thank you, guys. I'll turn it back.

Thanks, Jeff.

Your next question for today is from Joseph Reagor with Roth Capital Partners.

Hey, Matt and team. Thanks for taking the questions. Most of my questions have already been touched on, but a couple other kind of fine-tuning things. Matt, in your remarks you commented on contracts being second half weighted. Is that just because Q1 was so light that even if we're you know, we put the rest of them evenly across the year, then it's gonna be second half weighted? Even over the remaining three quarters, is it still second half weighted?

Yeah, I mean, it's weighted in the second half. You know how lumpy our delivery contracts are, and that's one of the consequences of the way that we contract, is it comes in real lumpy. We focused our delivery commitments for the second half of the year to, let's be fair, to match our production profile for ramp up, Joe. That's, we put out some guidance in the 10-Q to show the delivery commitments by quarter. They're weighted to the second half to match our production ramp up. Is that Joe, does that kind of answer the question you're looking for?

Yeah. Yeah, no, it's fair. Just in general, as you think about kind of how Lost Creek has performed since it restarted, there's been a number of challenges or hurdles as we've gone along from hiring to getting enough header houses built. Do you feel that the underlying resources performed as expected, and this is simply a matter of you got to get enough header houses built so that you can operating so you can get production up to nameplate? Is there anything that, you know, has underperformed kind of under the hood that we haven't talked about yet?

Okay. Very, very good question, Joe. All right. At Lost Creek, and this is reflected in our updated technical report earlier this year. Lost Creek has demonstrated the ability to produce uranium as an ore body. The resource is very solid. We've updated that resource, and we're very confident in that resource. To the point, we actually added, 4 million pounds into that resource. The resource itself and the ability to get uranium into solution has been very well documented at Lost Creek. You know, there were challenges in the startup, and there were You know, labor was tight and drill rigs were tight and all those things, and we've worked our way through all those things.

The thing that is hindering us from increasing ramp up even further right now is those fines that are coming in from the well field. It's important to note our hypothesis right now, those fines aren't really present in the ore body. What they are, they appear to be iron mineralization that is being liberated by the kind of the same process with the oxygen that we're adding into the lixiviant oxygen we're adding into the solution is also oxidizing some iron mineralization. We refer to colloquially as orange grunge that comes out on top of our resin columns. We really see. While we didn't anticipate needing a pre-filter into the plant before, we now have we're installing the sand filters so that we're pre-filtering all of the solution coming into the plant.

As well as on all the header houses we've installed, all the new header houses for my unit one, we have installed filtration at the discharge of the production wells as well. I mean, in summary, very confident in the resource at Lost Creek, and it's demonstrated, it's proven itself multiple times as being there and being very amenable to what we do. Again, very confident in the resource itself. I don't have something that's hidden that you I don't think you know about and really see the solution to the fines as being the next major change and inflection point in the production ramp-up curve at Lost Creek.

Okay. Thanks, Matt. It's good to hear. I just had to ask, obviously.

Yeah, 100%. It's a good question. Very good question, Joe.

Okay.

Once again, if you would like to ask a question, please press star one. Your next question for today is from Soundarya Iyer with B. Riley Securities.

Hi, Matt and team. Congratulations on the quarter. I just have two questions. Starting with the realized price. You realized about $71 a pound on Q1 sales, which was a meaningful step up from last quarter and last year. How should we think about the blended realization as we go into the second half of 2026?

Very good, very good question, Soundarya. Yes, we've disclosed this in the same quarter as well. We have commitments to deliver 1.3 million pounds for the year, and with that, we expect that realized price from that 1.3 million pounds to be $83.2 million. That tells you. You do that math, and you see what the blended price is for the year. The $71 million that we received in the first quarter was a good contract, relatively better than some of the other contracts we're delivering into this year.

Got it. That's helpful. Then on just the macro front, the U.S. uranium, we have just handful of producers with permitted ISR sites. How are you thinking about, you know, the M&A landscape right now or going into or, you know, going through 2026? What's the appetite for organic growth or inorganic growth in this industry today?

Okay. Very probing question. Look, I believe that all of the CEOs you talk to are going to tell you that we are in a period that appears to be amenable, I'm being very careful in my words here, appears to be amenable to consolidation. It's a very exciting time to be a uranium producer in the United States. There is opportunity for consolidation, and we at Ur-Energy are very well-placed to participate in that consolidation. We are producing today. We're located in our corporate headquarters are in Casper, Wyoming, and we have a very healthy balance sheet with the cash necessary to utilize for high-quality opportunities should they arise.

Thanks, team. I don't have facts.

Thank you.

I will now hand the floor over to Valerie to moderate webcast questions.

Thank you. Our first question, we touched on this earlier. Can you describe some of the terms on the long-term contracts that you've signed recently?

Well, we don't disclose that. I mean, what I can tell you is that the present appetite for long-term contracts right now, and I'm really regurgitating what Cameco talks about quite a bit. You know, you see your term price. Your term price is in the low $90s right now, and that's up. All these prices being escalated to typically around 3%. You're seeing term price being around low $90s. You see almost all contracts now include a portion of the delivery that is market related with floors and ceilings. The floors and ceilings typically run, you know, kind of right now in the kind of $80 as a floor and kind of towards $120 as a ceiling. Each one of these contracts is different.

Each one of these contracts has its own nuance, and I'm really just regurgitating what you've heard Grant at Cameco, disclose. I'm being a little careful, but that's generally the industry trend right now.

Okay, there are no more questions from the webcast.

All right. Thank you, Valerie.

There are no further questions from the phone lines. I will now hand the floor back to management for closing remarks.

Thank you everyone for participating in the call today. Yeah, a really, a very strong quarter from the standpoint of the ramp up at Lost Creek and Shirley Basin. We're very proud of the activities we've completed. We're very energized by what we're seeing going forward. We look forward to 2026 to be a real inflection year for Ur-Energy, and we're proud to be part of the U.S. nuclear fuel cycle. Thank you everyone for joining today.

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

Thank you for joining Ur-Energy Inc.'s Year End 2025 Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If you have joined via the webcast and you wish to submit a question, please use the Ask Question button in your viewer window. If you have dialed in, please press star 1. Please note this conference is being recorded. I will now turn the call over to Alex Ritchie, General Counsel and Corporate Secretary of Ur-Energy Inc. Thank you.

Thank you. Today's discussion includes forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results to differ materially. We do not undertake to update or revise any forward-looking statements except as required by law. Slide two contains disclaimers that relate to forward-looking statements, risk factors and projections, and cautionary notes to investors. Please consider these carefully along with the risk factors in our Annual Report on Form 10-K that was filed on 03/10/2026. I will now turn the call over to our CEO and President, Matt Gilley.

Thank you, Alex. Thank you everyone for joining us today. Slide one. As many of you know, I joined Ur-Energy Inc. midway through 2025. From my perspective, it was a year of strong execution and meaningful progress. Across our operations, development pipeline, and financial position, we delivered tangible improvements that position the company for production growth in 2026. Slide two disclaimer. As Alex mentioned, we will likely make forward-looking statements today. Please read the disclaimer at your leisure. On to Lost Creek, Slide three. At Lost Creek, our focus on operational execution translated into significant year-over-year gains. We ended the year with 406,000 pounds of product in inventory, an increase of 21% over 2024. We increased pounds drummed in 2025 by 65% over 2024. We also improved wellfield flow rates, increased pounds captured by 40%, and increased our profit per pound sold by more than $12. Our average cash cost per pound sold, including severance and ad valorem taxes, was $42.89. These results reflect stronger wellfield performance, improved plant throughput, and disciplined operating focus. Slide four. Ongoing drilling at Lost Creek continues to create value. As detailed in our updated S-K 1300 technical report, the measured and indicated resource is now estimated at 11,900,000 pounds and the inferred resource is at 10,400,000 pounds. The estimated mine life at Lost Creek was extended by nearly three years, and the post-tax net cash flow increased to $442,000,000, roughly 45% more than the previous estimate. The NPV with an 8% discount rate is now estimated at $244,000,000, with an internal rate of return of almost 66%. Slide five. We still only drilled a portion of the more than 35,000 contiguous acres at the Lost Creek property. As our Chief Operating Officer, Mr. Steve Hatten, said in yesterday's press release, every time we drill Lost Creek, we have been fortunate to increase the resource base. This underscores Lost Creek's scale, longevity, and long-term growth potential. On Slide six in Shirley Basin, at our Shirley Basin project, we made substantial progress towards bringing our second ISR production facility online. The initial processing plant construction is nearing completion, with all ion exchange columns installed and heat tanks in place. To support start of operation, we have drilled 469 injection and production wells. In Mine Unit 1, Header House 1 is ready to begin initial injection and recovery from the well pending approval from the state environmental department. They began their pre-operational inspections in late February and are looking at our wellfield data package, so that process is underway. The March 2024 technical report for Shirley Basin estimated a nine-year mine life and 8,800,000 pounds of resource in the measured and indicated categories. The estimated post-tax net cash flow is $119,000,000. The NPV with an 8% discount rate is $82,000,000, and an internal rate of return of 69%. The estimated all-in cost is $50 per pound. During 2025, we grew our Ur-Energy Inc. workforce by 55% and welcomed 56 new team members. The majority of those were added to support Shirley Basin, but we also strengthened our operational, technical, and corporate teams across the company. We are proud of the team we have built. Slide seven. From a financial perspective, we ended the year with $123,900,000 in cash, driven largely by the successful closing of our 4.75% convertible senior notes. Our cash position as of 03/04/2026 is $115,300,000. That does not include $18,500,000 that we will receive this month for $24.724700000.0 warrants that were exercised last month for about 12,300,000 of our common shares. All of our outstanding warrants were exercised over the last few months except for an insignificant number that expired. The strength of our balance sheet gives us the flexibility to fund Shirley Basin commissioning, continue ramp up at Lost Creek, and disciplined resource growth. And while we are not taking any victory laps just yet, it is worth pointing out that we finished the year with a positive gross profit of $74,000. A milestone, but an encouraging milestone, as operations and production continue to improve. On Slide eight, at our Lost Soldier project, we installed 18 aquifer test wells in late 2025 to support the evaluation of the potential for ISR development. Aquifer testing will begin this month, followed by baseline environmental studies for permitting and for additional permit—pardon me. Lost Soldier is just 17 miles from the Lost Creek process plant, which could mean an opportunity to develop it as a satellite operation using our existing infrastructure. We have also started work on a technical report for the project that we expect to complete by the end of this year. At our North Hassel project in the Great Divide Basin, drilling continues to deliver very encouraging early results. Through February, we drilled 32 wide-spaced holes totaling 33,000 feet. Seven of those intersected significant uranium mineralization, including 13 intercepts exceeding our Lost Creek cut-off grade. These results suggest multiple stacked roll front horizons, with grade and thicknesses comparable to Lost Creek, supporting the potential for future ISR development. The results include two standout holes, about 1.5 miles apart, that intersected significant stacked mineralization at similar depths, giving us some early confidence in the potential scale of the system. And North Hassel is only 18 miles from Lost Creek. Once we wrap up the 50-hole program at North Hassel, we will move the rigs over to our Lost Creek South project this summer. Lost Creek South is located adjacent to Lost Creek, and we are planning a 120-hole drill program there this year. These exploration programs are critical to expanding our development pipeline, growing our resource base, and diversifying potential future production across multiple projects. Slide nine, wrapping up. As we entered 2026, we continue to optimize our operations at Lost Creek while our second ISR facility, Shirley Basin, is making significant progress towards startup. Our combined estimated mineral resource totals 21,000,000 pounds in the measured and indicated categories, and 10,400,000 pounds in the inferred category, as of 12/31/2025, providing a strong resource base for our production. We have contracted for sales of 1,300,000 pounds in 2026. We plan to cover those sales with pounds in inventory and new pounds that we produce at Lost Creek and Shirley Basin. And on March 4, we had 379,000 pounds in conversion facility inventory. With our growing resource base and strong balance sheet, we believe Ur-Energy Inc. is well positioned to benefit from positive uranium market fundamentals and increased demand for secure U.S. uranium supply. And with that, I will turn it back to the operator to open it up for questions and answers. Thank you.

Thank you. At this time, we will be conducting a question-and-answer session. If you have joined via the webcast, please use the Ask Question button on your viewer window. If you have dialed in, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue, and you may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions. The first question today is coming from Sundari Iyer from B. Riley Securities. Sundari, your line is live.

Thank you. Hi, Matt. Thanks for taking my question, and congratulations on the quarter. I just have two questions. Starting with the 1,500,000 commitments, including the 250,000 loan repayment. With current inventory levels, can you help us understand what gives the confidence in meeting these deliveries and increasing utilization from the current levels to the 50–60% range?

Certainly, Sundari, and thanks for the question. So, look, when you talk about what gives us that confidence, it is what we are seeing now with the current ramp up of operations at Lost Creek, combined with the positive progress on construction at Shirley Basin. We do our mine planning. We do our analysis of risks and opportunities. As we go through this year, our plan, which is a very solid plan we have gone through very carefully, is to be able to make our deliveries of 1,300,000 contractual sales for the year from the existing inventory as well as the new production that we will be bringing on during the year. There are a lot of different parts there. We are seeing a continued ramp up of operations at Lost Creek. We are seeing the wellfield continue to produce high-quality uranium in solution. The improvements in the plant are really taking shape. The team at the Lost Creek plant is expanding. We have a very strong business improvement program in place there. We brought on key individuals, as well as we are going to be adding sand filters to the front of the Lost Creek plant over the next several months. These are the parts from Lost Creek that give us the confidence. Shirley Basin is the positive construction. We are on track to be able to start moving solution through the plant this month, and we are on track to begin shipping resin deliveries in the second quarter. That is all coming together nicely. We still require pending environmental approval from the state of Wyoming. Those are all on track, and they seem clear. We cannot always predict when we will get those, but everything seems on track, and we are very confident in our ability to ship.

Thank you, Matt. Thank you for that update. I will turn it over.

Okay. Thanks, Sundari.

Thank you. The next question will be from Anthony Tagliari from Canaccord Genuity. Anthony, your line is live.

Good afternoon, Matt and team. Thanks for taking my questions. Just curious on the product loans that you have outstanding. Given your cash balance, when should we expect that this might get repaid? Would it be by the deadline in November? Would you settle it earlier? And then maybe on the settlement, does it have to be settled by replacing the physical or could it be cash settled as well? Thanks.

Alright, Anthony. Good questions. We have a 250,000-pound loan with a trading entity that is due in November. As you pointed out in your question, Anthony, we have multiple options on how and when we repay this loan. With our cash balance, we could always have the opportunity to pay back that loan by buying pounds on spot. Regarding the payment of the loan, the loan is to be repaid in physicals. That is not necessarily our physicals, but the loan is to be repaid in physicals. We are not going to pin down exactly how we are looking at that. What we are doing, Anthony, is looking at our opportunities. If we were to see a short-term decrease in spot price, that could give us an opportunity to get that loan off of our books at a very favorable price. Other than that, we look at other opportunities. We have not pinned down, and we are not projecting, a certain path on that. We do know that loan is outstanding. It is due in November, and we have the contingency plans in place to fulfill that loan.

Great. Thanks. That is very clear. Maybe just as a follow-up. How should we think about the cadence of realized prices through 2026? Do you expect a ramp in prices or to stay fairly consistent? How should we be thinking about that?

We have not given, specifically, a price per pound for 2026. But you can see in our 10-K the detail that shows we are contracted to deliver 1,300,000 pounds for proceeds of up to $82,000,000. Those contracts are all different stages and different prices throughout the year, so there is not a ramp up through the year. Those were contracts that were signed multiple years ago for delivery in 2026. You can do the math and come out with the average price per pound, and you should think of it as an average because of the way that the contracts come in and the way that we deliver onto those contracts. It is not a ramp up, but it is a series of different prices at different slots.

Thanks, Matt. I will pass it on.

The next question will be from Geoff Graham from Northland. Geoff, your line is live.

Good afternoon, Geoff. Thanks for the time.

Hey, Matt. Was curious at Lost Creek, given we are a couple months plus into the quarter, any commentary you can share on how production has trended thus far in Q1 relative to Q4 levels and maybe how you are expecting that asset to ramp throughout the year?

Good question again. I am going to be hesitant to be too specific because I want to keep everything nice and tight as far as disclosure. Ramp up certainly continues at Lost Creek. I will say in December, we had a significant weather event of 11 days of power disruption from a windstorm that came through Wyoming with winds well over 100 miles an hour. The plant delivered beautifully through December, and the teams responded to that power outage and really did a fantastic job of stripping resin and drumming uranium. January is rough as we reloaded the resin. We are back on track for February. March looks on track for very positive. So the ramp up continues, Geoff. I am being very coy in giving you real specifics yet, but you will get those numbers as soon as they are available. We see the steady path for ramp up at Lost Creek and, with Shirley Basin, deliver into that 1,300,000 pounds. That is our standard answer there, Geoff, and that is what we are committed to.

Fair enough. We will stay tuned. For my follow-up on the cost side of the equation, any thoughts on where cash costs go in 2026? Should we expect as Lost Creek ramps up we see some downward pressure on the cost side? And how might the introduction of Shirley Basin pounds impact some of that arithmetic?

We are not giving cost guidance, but I will tell you that in an ISR operation, your costs are incredibly fixed. So it is really a function of pounds drummed, or pounds sold. The more pounds you sell, the lower your cost per pound. It really is an incredibly fixed cost structure. The wells are the wells, the electricity is electricity, the same number of people are there regardless of how many pounds you drum, and the cost of the reagents is really just oxygen and carbon dioxide, and they are relatively minor in the big scheme of things. So it is quite a linear relationship between pounds drummed and sold and cost per pound.

Got it. Okay. Thank you. I will turn it back.

Thank you. The next question will be from Joseph Reagor from Roth Capital.

Hey, Matt. Thank you for taking the questions. I guess most might have been answered. But on the regulatory front, some of your peers have noted that because there is this rush to get production up across the industry that there have been regulatory processing delays. Is that what you are dealing with at Shirley Basin? And then on that note, do you have a timeline on when you will get regulatory approval there to get started with production?

Joe, thanks for the question. I will start off with the answer, then I am going to hand over to Ryan. He is our VP for Regulatory Affairs. I think the commentary you are hearing about the delays in the process from the increase in activity is fairly focused on Texas. But nonetheless, there is a growing amount of activity across the industry that does impact everyone. With regards to the timing of the regulatory approvals, we certainly anticipate those to be approved this month. I will pass this over to Ryan for some more color. Ryan, do you mind answering Joe's question?

Absolutely. The one thing that I would add is Ur-Energy Inc. has an excellent working relationship with our regulators in the state of Wyoming. We work very closely with them in partnership to come to those approvals. As Matt said, all indications are that we are under timely review for those wellfield data packages and approvals to start Shirley Basin. There is nothing that causes us or points us to likely delays. We are working with the state and they are as well. A concern that you have mentioned is as there is more activity, those resources at the state do get stretched, and we are aware of those, and we monitor those and we work with the state as we try to overcome those delays. But as far as Shirley Basin is concerned, everything is on track. We are working closely with the regulators and anticipate receiving those approvals soon.

Okay. And then just as a quick follow-up, if you had the regulatory approval in normal course, when would that header house have started production? I realize it is ready now, but how long ago was it ready?

I am sorry to mislead you in my commentary, Joe. We are building the plant. We are on track. We have the header house ready for production on schedule. We have it ahead of the production plant, just because that is good planning. We will be mechanically ready for the plant to receive solution on Monday of next week, and that is when we are going to be loading the first resin tank. Then any delays past then would be due to waiting for regulatory approvals.

Okay. Alright. Thanks for the clarity on that and the color in general. I will turn it over.

The next question will be from Mike Kozak from Cantor Fitzgerald. Mike, your line is live.

Yeah. Good afternoon, Mike.

Thanks for hosting the call. It has been a while since you guys have done an earnings call, so I appreciate it. Most of my questions have been answered already. I had one housekeeping-type one left, though. I noticed there was a large discrepancy between pounds drummed and pounds captured at Lost Creek in Q4, much wider than any other quarter I can recall. Could you give some detail on what drove that in Q4 and whether to expect that to mean revert in Q1? Thanks.

Mike, good question. Mr. Steve Hatten, this is a COO question.

How is it going, Mike? The biggest difference is you heard Matt talk about issues we had with not environmental, but with the environment, where we had some power down. At these facilities, we run the plant on generator power, and the wellfield is all on line power. If we have a major power outage, that can affect the production that we see coming in versus what we can do in the plant. So any variance, for instance, if you see production lagging coming in from the wellfield, that gives the plant a chance to still process material, and vice versa. If the plant is doing maintenance for whatever reason, you will see the wellfield captured come up versus the plant go down.

Okay. That makes sense. That is very helpful. I appreciate it, Steve and Matt. I will revert back, and best of luck on the Shirley Basin ramp up this year.

Alright. Thanks, Mike.

Thank you. As a reminder, if you have dialed in and wish to ask a question, please press star 1 on your phone at any time. Next question will be from Justin Chan from SCP Finance. Justin, your line is live.

Hi. Thanks, operator. Thanks, Matt, for hosting the call. My first one is on getting a sense of milestones through the year in terms of ramping up towards that 1,300,000 pounds delivered, and let us leave aside moving the loan around for a sec. What would you like to see at each operation when we speak at this time next quarter? At Lost Creek, maybe get a bit more granular in terms of mine units and header houses, and at Shirley Basin, if you could provide some more detail, that would be really helpful.

Thank you, Justin. I will answer at a general level, and then I will turn it over to Steve to give you some more color on the number of header houses and very granular details. When we talk about milestones for the year, we are looking for the continuing ramp up of Lost Creek, and it is fairly linear for the entire year. The Shirley Basin milestones we are looking for are the delivery of solution into the plant in March, and then the loading of resin and the shipping of resin to initiate in the second quarter to the Lost Creek facility. For the mine unit at Lost Creek, the ramp up is fairly linear. The plant itself is going to have a lot more loaded resin delivered to it, and we are anticipating the plant at Lost Creek to have a ramp up that is not linear, but really peaks in the third quarter. We get initial deliveries coming in in the second quarter, and then you see a large jump in the third and fourth quarters for the amount of pounds that are drummed at the Lost Creek facility. Steve, do you want to give any clarity on header houses?

Sure. One of the big things—and as you are very aware—this is a stepwise production at any ISR facility. You have to get the drilling ahead first, and then that focuses on so much of the germination and pattern layouts. Then we get those patterns installed, then they go into surface construction, and then that turns into flow into the plant. One of the things that we have really stretched ourselves out on over the last year or so is to develop those new areas. We are actively developing Mine Unit 5, getting that monitoring going there so we can get it tested and be in production later this year. But Mine Unit 1 Phase 2 has been very productive from a construction standpoint. The rigs spent a lot of last year and are focused heavily this year on getting that done. We have already seen Header House 14 come on. Header House 15 is in research mode to bring grade up, and 16 is in the pipeline next. That continues throughout the course of this year, as Matt said, in a linear fashion to bring up both production flow and grade—the two components that make up production. Those are the main components for the header houses, and I think Matt hit it spot on on Shirley. We have our targets for initial excipient movement in the wellfield in the month of March. Then we expect in the second quarter to bring that into realized capture—true significant capture on resin—which means shipping over to Lost Creek and getting that turned into drum production. Does that help?

Yeah. That was really helpful. Maybe for each, what is a good deployment rate of bringing new header houses or mine units online through this year—on a monthly or quarterly basis?

I will continue answering, and then Matt can stop me if he wants to. What we like to see at Lost Creek—typically at a 1,000,000-pound-per-year production rate—you are looking at about eight to 10 header houses a year for construction, drilling, and readiness. At Shirley Basin, as you have seen in our previous press releases, we are anticipating much higher flow rates there. We will determine how that plays out during the first year of operations. We are going pretty heavy there initially and trying to get six to eight header houses on this year. Then, depending on how that production-grade curve goes and the flow comes in from each area, you are going to see us possibly—this is one of those forward-looking statements—scaling back to six, maybe eight, header houses year over year. What we have seen initially from our first drilling has been very good for us. We have been very happy with the pounds that are showing up under pattern there, but that is still early. Justin, does that give you the color you are looking for?

Yeah. That was fantastic. Thanks, Matt and Steve. Maybe just one last one. I led the witness a little bit on the question, but to hit your targets more holistically, is it a case of deployment of wellfield development and header houses, or is it also on the plant side of things? Are there improvements you would like to see there in order to hit those numbers? What are the keys to hitting those targets this year?

The key business improvement initiatives right now are focused on the plant. The Lost Creek wellfield just delivers, and we are well ahead on the drilling there. We have deployed a lot of drills at Lost Creek over the last two years, and we are well advanced on the drilling of header houses and patterns at Lost Creek. Shirley Basin is in the same mode. The wellfield there is well developed, and it is on track and on schedule. The key business improvements for this year are focused on plants. If you then drive down into a subset of that, it is on fines management and what we are doing to remove fines coming into the plant so that it reduces the complications that fines in the plant cause with the resin tanks. That is where the key focus is right now. You will see in our 10-K that we are dedicating some fairly significant capital towards upgrading the water treatment at Lost Creek, and that is both on the front end with the fines and sand filters in front of the plant as well as on the back end with the reverse osmosis and water treatment for delivery of the water back into the shallow aquifer and/or surface discharge.

Thanks, Matt. Is that more of an IX issue going into the IX plants? Or just to clarify.

It is an IX issue, where fines in the IX columns cause inefficiencies. It is about keeping the fines out of the resin column. The resin columns act as a sand filter. If you put fines into them, then you create a fine layer on top of the resin, and it makes it inefficient. You have to clean that out. So we are working on improving that part of the system.

Understood clearly. So it is essentially fines clogging it up.

Fines are bad. It is great—fines are actually kind of good for us in that a significant portion of our uranium is in the fines. So fines are making uranium, but removing fines from the solution before it enters the plant is the real key.

Understood. Thanks a lot. That was really useful color. I will free up the line.

Thank you. The next question is coming from Matthew Key from Texas Capital Securities. Matthew, your line is live. Matthew, please, your line is live. Please check your mute button.

Sorry about that. Good afternoon, everyone. Thanks for taking my questions. I wanted to ask about future sales commitments and whether you are working on, or if it is possible to fold in, some incremental commitments in 2027 and 2028, or are talks at this point mostly for 2029 and out?

Hey, Matthew. Thanks for the question. Our talks right now are mostly for 2029 and beyond. That is where we are focusing. We are comfortable with our sales book right now. As many of our peers have done, we do not see the necessity to have our book completely committed several years in advance. We are looking for opportunity. We are a uranium miner, and we are very optimistic and bullish on the uranium price. We like the idea of having some pounds in inventory that we can place opportunistically when the time is right.

Got it. That makes sense. Just a broad one for me—most of my questions were asked. Are you thinking about M&A in the current environment? Any targets out there that could potentially be compelling, or do you see the need for mergers in this space right now?

When you say the need for M&A, we do not necessarily say there is a need for M&A. We do say that adding more resource base to Ur-Energy Inc. will have a very valuable contribution to the company. We recognize that more resource is going to help this company a lot. It is going to provide us with what we need to continue to advance. How we get those extra pounds—we are already focused on exploration both in the Great Divide Basin in general as well as mainly adjacent to Lost Creek. Lost Creek has a lot of open ground on almost all sides. It is open for expansion and exploration. We are not going to—when it comes to M&A specifically, we are going to answer like every corporation answers when they are asked that question. What I can also say is that part of the catalyst for the convert issue at the end of last year was so that we would have funding available such that if an opportunity were to arise, we could act on that opportunity. That was part of the catalyst for why we went for that convert raise, and those funds are available for our use in a very prudent and disciplined manner.

That is very clear. I appreciate all the color, and best of luck.

Thank you. The next question will be from Heiko Ihle from H.C. Wainwright. Heiko, your line is live.

Hey there. Thanks for taking my questions.

Hey, Heiko.

Just following up on Matthew’s question a little bit. Can you walk me through what you are seeing with the demand for longer-term pricing as opposed to spot? How desperate are the buyers, and are they pushing towards longer-term contracts? What kind of pricing structures are they guiding towards?

Thanks for the question, Heiko. I was wondering who was going to ask that question. I am not going to use the adjective desperate. But I am going to say that the interest in securing uranium supplies for use in the nuclear industry is growing and is vibrant. We get a lot of requests for proposals. We are careful in what we look at. As we touched on before, we are not interested in over-obligating in the near term. We have a curve going in front of us of our commitments. We have a model that we have built on what we are looking for, committing our forecast production in every year ahead of us, and it peters out after six years. Then, of course, each year, the wave moves forward. From the standpoint of pricing, what we are seeing right now is that pricing certainly has a market-related component. That market-related component is becoming more meaningful in the majority of the way that pounds are being sold going forward. I do not think I am telling you anything unique to Ur-Energy Inc. at all. That is the same commentary you are hearing from other producers. But the industry is moving more towards market-related contracts and certainly de-emphasizing a term with escalation.

What are you seeing with geopolitical demand factors as things are progressing, especially given what happened the last couple of weeks?

On the geopolitical standpoint, I hope from the U3O8 standpoint, geopolitical does not come in as much as you would think. Kazakhstan is still the world's major producer and still feeds into the market. You see a lot of geopolitical coming from the enriched side of the fuel cycle. From our standpoint, producing U3O8, we do not see the geopolitical as far as the world market. What we are seeing—and we have seen significantly over the last couple of months—is the idea of U.S.-based production. Not U.S.-legal production, but U.S.-based production. We feel—this is a very forward-looking statement—that there is growing potential for U.S.-based production to see a meaningful premium compared to U.S.-legal production. That is part of the reason that we are being careful with the deployment of contracts. We want to be able to keep some material available for opportunistic placement in contracts that have a premium for U.S.-based supply.

That is helpful. I will get back in queue. Thank you.

Thank you.

There are no other questions from the phone lines at this time. I would now like to hand the call over to Valerie Kimbell, IR Director at Ur-Energy Inc., for webcast questions. Valerie?

Thank you, Paul. Our next question is regulatory in nature. How confident are you in your abilities to navigate regulations that might be reinstated down the road?

Thank you, Valerie. How confident are we in navigating regulations that may be reinstated down the road? I am not necessarily sure. I am going to ask Ryan—do you have an idea of the basis of that question, Ryan?

I do not know if I entirely have a basis, but I would say we are actively monitoring all rulemakings, and we are actively participating in those processes. As part of our management of our business, we are aware of those, and we keep track of any changes to regulations or policies and are responding and working with regulators appropriately to minimize risk to our operations.

Thanks, Ryan. I think that question might be pointed towards some work that is being done on the ISR binding regulations. Ryan, do you want to summarize your involvement and you as a representative for Ur-Energy Inc. in that rulemaking?

Absolutely. As you know, there are major changes to the Nuclear Regulatory Commission, much of which was directed by Executive Order 14100. In response to that, the NRC will be issuing draft rules in the coming months on ISR. We are very much involved in that process. We have been involved with NRC commissioners, national groups, National Mining Association, Wyoming Mining Association, Nuclear Energy Institute, a number of different groups that are all watching that, and we are all participating as much as we can to ensure we understand how that will affect our business and ensure that it is appropriate for the business that has been established over the last fifty years or so. I could go in more detail on why ISR rulemaking is needed, but at this point, I will just leave it at that, Matt, unless you want me to expand further.

I think that is a great summary. Thank you very much, Ryan. Valerie, are you feeling the question is answered?

Yes. Our next question concerns new technology. Do you have any plans to work with new technologies of uranium productivity? For example, Lightbridge Fuel or some other company looking to up the efficiency of uranium power.

Thanks, Valerie, for that question. I am relying heavily on Ryan today in this call. Ryan, we as Ur-Energy Inc. are quite active—and I am very proud of this—in the advancements in the uranium industry. First, I am going to ask Ryan to give a quick summary on what we are doing with the DOE labs for initiatives in advancing uranium.

For sure. Overall, in our culture as a company, we are always looking to advance and to increase efficiencies and look at new technologies. That is something that we have always participated in. To give a flavor of what Matt was talking about, we have partnered with National Laboratories to look at a number of different issues. We, in essence, partnered with those laboratories to say, here are some struggles that we may have or that could use some efficiencies, and they are working very closely with us. It is exciting to see. These are national labs across the United States. It is not just a single national lab, but this is all with the Department of Energy. We have some exciting things that we are looking at. As far as your question regarding fuel and new fuels and things of that nature, while we may be a provider of the source material for those fuels, we are not actively engaging in those fuel fabrications like you mentioned, Lightbridge. That make sense, Matt?

Yeah. That makes sense. I will also stress that the recent commitment of over $2,000,000,000 towards the advancement of the enrichment capacity of the U.S.—we are involved in discussions with all of those parties with regards to the potential to supply them with U3O8 as they are doing their testing and as they are doing their ramp up of their facilities, and we build those out. If you are involved in the nuclear industry in the United States, you are involved with us. Is it Valerie?

There are no more questions. I will hand it back over to you for closing remarks.

Alright. Everybody, I was thrilled with the interaction, the number of questions, and the interest in Ur-Energy Inc. I am thrilled to be here. I could not be more proud of the operations and our teams. Thanks everybody for being on this call. This was a great restart of the quarterly earnings call, and I am very excited about being able to talk to you in the next three months. Thank you.

Thank you. This does conclude today's conference, and you may disconnect your lines at this time. Thank you for your participation.