URG

Image source: The Motley Fool. Tuesday, Aug. 11, 2026 at 11:00 a.m. ET Chief Executive Officer and President - Matthew D. Gili General Counsel and Corporate Secretary - David Alex Ritchie Chief Financial Officer - Roger Smith Chief Operating Officer - Steven Hatten Vice President of Regulatory Affairs - Ryan S. Schierman Vice President of Finance - Jade Walle Operator: Greetings. Welcome everyone. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press 0 on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to UR Energy's general counsel and corporate secretary, Alex Ritchie. You may begin. David Alex Ritchie: 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 related 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, our Form 10 Q, and other public filings with the SEC and Canadian securities regulators. I will now turn the call over to our CEO and president, Matt Gilley. Matthew D. Gili: Thank you, Alex. Thank you everyone for joining us today. In addition to Alex, joining me on the call today are Roger Smith, CFO Steven Hatten, COO Ryan S. Schierman, VP of regulatory affairs and Jade Walle, VP of finance. We continue to believe the uranium market is supported by durable long term fundamentals. More and more, nuclear energy is recognized as an essential source of reliable base load generation. Global capacity is projected to nearly double by 2040. Governments, including the US government, are prioritizing secure domestic fuel supplies. And initiatives in Washington DC are expected to put a premium on US produced uranium. At the same time, there is a structural gap in the industry between expected demand for uranium and primary mine supply. We are positioned right in the center of that gap. Because we are 1 of the very few companies that produce US uranium. And we are poised to produce a lot more. We are doing this by building America's first district scale ISR uranium operation. Through disciplined capital efficient growth. Now let's talk about our operations. In the second quarter, drummed 141 thousand pounds of Yellowcake at Lost Creek. That is 40%, 47% more than we drummed in the first quarter of this year, and 26% more than the second quarter of last year. We shipped 150 thousand pounds, which again is 44% more than the first quarter and 42% more than the second quarter of last year. In other words, we are executing on our production strategy. We met our delivery commitments. selling 215 thousand pounds under our contracts, which brought in $14.4 million in sales revenue. We maintained our low cost production profile. Another reason why UR Energy is positioned as a leading US ISR producer. Our cash cost per pound sold including ad valorem and severance taxes, stayed low at $40.20 per pound. With $95.3 million unrestricted cash, we ended the quarter with significant liquidity. This means we have the financial flexibility to continue advancing our production growth strategy. And we still had a healthy 348 thousand pounds of finished inventory at the conversion facility for contracted deliveries. We also proactively deferred 300 thousand pounds of 2029 deliveries to 2026 and 2020. To decrease ramp up risk and increase flexibility relating to our remaining 2026 delivery commitment. Overall, we believe that our second quarter shows the type of operational execution and solid financial foundation needed to continue increasing production and create long term value for our shareholders. Now I am going to talk a little bit about our flagship ISR mine at Lost Creek. To grow production at Lost Creek, we worked during the quarter on various optimization efforts. This work included installing a sand filtration system, to address fine particles from the wellfield that impacts flow rates and production. But consider that we drum more pounds of uranium in the second quarter than any quarter since we started ramp-up in 2022. Without the sand filtration system. Although the system was installed in the second quarter, it was not fully commissioned and online until July. We have been making great progress on other projects as well. We broke ground on our wastewater treatment facility in July, and we are on track to finish our reverse osmosis upgrades and a new maintenance program by year end. Our infrastructure investments are enhancing operational capacity and reliability at Lost Creek. To support higher sustained production levels. We had 17 active drill rigs at Lost Creek that kept our well field expansion plans on track. We made progress on delineation drilling in our fourth and fifth mine unit. Subject to regulatory approval of our wellfield package, we expect to start wellfield construction in Mine Unit 5 by year end. This additional drilling is accelerating well field development to ensure a steady pipeline of production areas to support future output. Together, these initiatives are expanding Lost Creek's production capacity and reinforcing the operational foundation for sustainable long-term growth. Turning to Shirley Basin, we reached some important milestones in our growth strategy since the end of the first quarter. To expand our production platform beyond Lost Creek. Shirley Basin is designed as a satellite facility with uranium captured on resin transported to Lost Creek for further processing and drumming. In the second quarter, we began capturing uranium at Shirley Basin And with just limited operation, captured 10.6 thousand pounds. Operations were limited because we needed regulatory authorization from the state to commence full operations. And start shipments to Lost Creek. And we received that authorization in late June. Today, I am excited to share the plant at Shirley is now in full operation. And 6 of the 10 production columns of the plant are online. All infrastructure and processes are in place to transport uranium to Lost Creek. So we are ready. The only work left is to finish commissioning and inspecting the specialty trailers for hauling resin. And that first shipment is imminent. Operating Shirley Basin as a spoke to the Lost Creek hub, allows us to increase production while leveraging existing processing infrastructure. That said, also have processing optionality. We are employing the hub and spoke model to improve capital efficiency in accelerate cash flow. But Shirley Basin is fully licensed to operate as an independent production hub in the future. That gives us strategic flexibility as we continue to grow in the Great Divide Basin and continue to advance our growth pipeline. We have optimization activities at Shirley Basin planned through 2027. Including wastewater treatment, using engineering from the Lost Creek wastewater treatment project. And as Shirley Basin ramps up production, we expect it to become a large contributor to our long term production profile. Now I want to talk for a minute about our growth pipeline. We are an operating uranium mining company. We are not limited by our existing operations. We have an exploration and development portfolio with multiple opportunities to add resource, and expand production. Later this third quarter, we are planning to start an exploration program with 120 holes at our Lost Creek South project. This 16-square-mile project offers strong potential to leverage our existing Lost Creek plant infrastructure. With shorter development time lines, and lower capital requirements. Our lost soldier project is another potential spoke for the Lost Creek hub Baseline environmental studies are underway at Lost Soldier to support a potential permitting decision as we continue to derisk the project. We have also started work on a technical report for Lost Soldier that we plan to complete by year end. Our North Castle project also remains an encouraging exploration opportunity. Following our first quarter drilling results. Where 13 of 33 drill holes intersected uranium mineralization. Together, these projects strengthen our long term organic growth pipeline. They provide multiple opportunities to expand production while leveraging our established Wyoming district ISR platform and our significant licensed past. So we are producing today while advancing a district scale Wyoming pipeline. We are positioning the company to benefit from a structural domestic uranium bull market. We are executing our strategy. This includes growing a scalable, 2-asset ISR production platform, by further optimizing Lost Creek and ramping up Shirley Basin, advancing low capital organic growth opportunities to extend our hub and spoke production model across Wyoming, We are leveraging our ISR operating expertise our permitted assets, and our processing capacity to efficiently convert resource into future production. We are capitalizing on the growing strategic importance of US uranium production and maintaining disciplined operational execution and capital allocation to support sustainable production growth and shareholder returns. We have a unique advantage with our expertise and proven success, permitting projects efficiently and without long delays. We also have the operating expertise and are building the scale to become the partner of choice in the consolidation and development of Wyoming's uranium districts. With that, I will turn the call back to the operator and open it up for Q and A. Operator: Certainly. And at this time, we will be conducting a question and answer session. If you would like to ask a question, please press 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press 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 star keys. Your first question's coming from Anthony Taglieri from Canaccord Genuity. Your line is live. Anthony Taglieri: Hey. Good morning, Matthew. Maybe first on production. So now that we have seen operations have been ramping up at Shirley Basin, You know, you guys have the sand filter installed at Lost Creek. Can you give us any color on what we might see for production in the second half of the year? And is there a potential for you guys to not have to dip into any of the non produced inventory? to hit the, call it, 700 thousand pounds of deliveries for the rest of the year? Matthew D. Gili: Okay. Anthony, thank you for the call. Look, we are not providing clear, like, production guidance, but we are we are providing that guidance with regards to our contracted deliveries. So we originally started the year with 1.3 million pounds of contracted deliveries for the year. We elected in July to defer 300 thousand pounds of those deliveries. The classic risk management. This was a good opportunity for us in a very controlled fashion proactively to reduce the amount of contracted deliveries for the year. Give us flexibility for execution. So I am not going to provide the color I will provide is that we are absolutely on track to meet our deliveries for this year. And we will have, you know, we will have the opportunity and the flexibility now with the deferral to look at different ways to allocate the pounds. Anthony Taglieri: Great. Thank you for that. Maybe, as a follow-up, correct me if I am wrong. I do not think you guys have signed a new contract recently, like, any new long term contracts recently. You know, what are you seeing that is changed, maybe call it over the last 6 months, in terms of, you know, what is available, terms, pricing, you know, appetite for new contracts, that sort of thing. Matthew D. Gili: Alright, Anthony. Okay. that is a very good question. So okay. What I have seen in my 6 months from when I started to now. When we first started this, we were still very much in a let's call it, a buyer's world. We spent a lot of time talking about the price per pound, and we negotiated the terms. We had already gotten to the stage where we are doing a hybrid contract. We were doing a mix of market and fixed pricing. What I can tell you from my position my point of view, is that we are seem to be entering into a series of discussions with buyers that are much more focused on surety of supply as opposed to negotiating the last $0.50 per off of a price. So that is the general flavor. The market is very willing and eager to engage in contracts for surety of supply. The informal conversations we have with many of the utilities are you know, you do not need to wait for RFPs. If you have pounds you want to commit, let us know. We will talk. We have not entered into more contracts. But by choice. Right? So we have we have turned down RFPs. We have a good solid contract book. We are not looking to add more to it this year. Next year, we will reevaluate the book. And reevaluate the continued production ramp up. And make that decision next year on how we want to how we want to add to the book. We do have we do have a couple of discussions in play that could add some commitments. This year for future years, of course. But we are not being aggressive right now. We see we are very focused on price. Look at every month, we seem to get an indication that the term price and the future prices are going up. Great. Thanks for that. I will pass it on. Operator: Thank you, Anthony. Thank you. Your next question is coming from Jeffrey Grampp from Northland Capital Markets. Your line is live. Jeffrey Grampp: Hey. Morning, guys. Matthew. On the, the sand filtration system at Lost Creek, it looks like that was completed last month, kind of fully trying not to get you to guide to anything too explicit, but just wondering what early time results or benefits you are seeing from that in terms of flow rates and, I guess, just trying to contextualize, you know, how big of a an impact or restriction was that over the last, you know, couple of quarters relative to what you are maybe seeing in real time now? Thanks. Matthew D. Gili: Okay. So, Jeffrey, good question. Prepare for your question, Jeffrey. And I am going to get some just indicative numbers. Okay. We average just over 2.5 thousand gallons per minute last quarter. Going through the plan. After the sand filter, in a similar period, we have been averaging around 3.2 thousand to 3.3 thousand. So just that inclusion of the sand filter is it is had a statistical, meaningful increase in flow rates. To the point now where the constraint is now moving to other aspects, we now have enough flow that we need to get more clever in how we run our production injection wells. So this is just classic theory of constraints. We had a constraint with sand on top of our ion exchange columns. We have removed that constraint, and now we are moving on to the next constraint. And that next constraint will be just bringing on more and more of our wells. Got it. Super helpful details. I appreciate that. Jeffrey Grampp: On, shifting to the exploration side at Lost Creek South, Can you touch on the, I guess, relative benefits or, streamlining, if you will, of potentially moving that forward, assuming you have some good drill results there, like how much of a benefit do you get from that being you know, basically right on top of your existing assets there relative to you know, something like Shirley Basin or some of the other satellite projects? Is there a meaningful benefit there in terms of accelerating timeline to bringing, like, something like that online? Matthew D. Gili: Well, sure. Certainly. I mean, so the impact of permitting the effort that is required to permit another property immediately to the south of an existing property is just less. And it is also just less when you are dealing with a property in the same hydrologic basin that you are currently in. So, look, I mean, Lost Creek South is just the south edge of our existing plan of operation. So the closer we can get to Lost Creek and find more pounds, the easier life is going to be. That adds more flexibility, adds more optionality. And it will, you know, anytime you can increase the denominator, you are you are looking at, you are looking at lower cost. You are looking at more pounds. That makes a lot of sense. Sounds good. I will turn it back. Operator: Thank you. Thanks, Jeffrey. Thank you. Your next question is coming Andrew Wong from RBC Capital Markets. Your line is live. Ali: Hey, guys. This is Ali on for Andrew Wong. Andrew could not make it, so I am taking it. But thanks for taking the question. Just a question on the cash cost. Matthew D. Gili: So cash costs were $40.20 a pound in the quarter. I guess, what is what is the cadence for production costs going down? And when do you anticipate going down to a run rate level with the ramp up of Shirley Basin? I guess, for the model, how do you project these costs going down? When it could reach a steady state? I think you mentioned previously, like, 20 to $25 a pound. Yeah. Well, okay. Our costs are so fixed, are so controlled in a fixed manner. Much more than I am used to in gold and copper. So we model 80% fixed cost. For what we are doing. it is all about the production. So the costs go down as the pounds go up. We spend almost the same amount of money every day regardless of how many pounds we produce. So you can model the cost decline exactly as you would model the production increase. Okay. that is really helpful. Thanks. And just 1 more for me on the on the well field development costs. Can you bring some color on the breakdown between the side going forward and how much is remaining for 2026 and then 2027? I am I am not sure. Jake, do you have that breakdown? We spend we spend between $12 to $15 million for per quarter. Or month? Quarter on pardon me. Per quarter on development cost. And that is broken out between Lost Creek and Shirley, We move drills between Lost Creek and Shirley to maximize our efforts and to maximize our flexibility. But you can model between $12 and $15 million a quarter for development costs for the next for the next short period for the next at least year as we go forward. I am getting a note here from Jade. So Jade, do you wanna talk? John W. Cash: Sure. Sure. And those development costs we do not anticipate those to change much because we are always staying 1 to 2 to 3 years ahead. So we can be ready for the next pattern. Matthew D. Gili: Yeah. 100%. I mean, you did see a whole lot of development costs that is really based ahead of production as you as you would expect. Right? You have got to develop ahead of your production. But that will all, you know, we are into the stage now. We are starting to levelize out. That development cost per quarter. And as we move forward and you start seeing our development cost decrease, you we are either at the end or you should be concerned. Got it. Thanks, guys. Super helpful. Operator: Thank you. Your next question is coming from Joseph Reagor from ROTH Capital Partners. Your line is live. Joseph Reagor: Hey, Matthew and team. Thanks for taking the questions. Thank you. Most of what I wanted to touch on was already asked, but just 1 bigger picture thing. Have you guys seen any change in the M&A market for development or nonoperating assets. in the US, anything where without maybe naming assets, but just any more willingness by other holders to come to the table and potentially something that could help you guys grow faster? Matthew D. Gili: Absolutely, Joe. Always a tough question to answer. I will be very purposefully vague in my response. The I would say that there is a growing appetite for consolidation in the Western United States. We all recognize our position both in the domestic production as well as in the global production. Growth is imperative for all of us. There is with the eagerness, we really all work together very well. We know each other very well. And we are we are always looking for those opportunities where we can create shareholder value. However that shareholder value is created through consolidation. I have to be purposely vague, Joe. Yeah. Fair enough. I totally understand. And then just, you know, with these deferrals that you guys have made, is there any chance you guys would make any spot sales, or at this point, is protecting your inventory for future sales more important? Protecting inventory is more important. We are not interested in spot sales. We could place pounds with utilities if we needed if we have excess inventory. So right now, we are very focused on the concept of risk management providing us the flexibility to make our contracted deliveries repay our uranium debt, and to have a stockpile for when opportunistic pricing becomes available that we can engage in that. Okay. that is fair enough. Alright. I will turn it over. Thanks, Matthew. Thanks, Joe. Operator: Thank you. Your next question is coming from Justin Chan from SCP Resource Finance. Your line is live. Justin Chan: Hi, Matthew. I guess my first question is on Shirley. Just trying to get a sense of from a wellfield and header house and just footprint perspective, you know, how much I guess, what I am trying to get to is what kind of footprint do you need to hit that £1 million a year level or, let's say, 500 thousand pounds? And how much you know, how many wells, header houses, how much of a footprint do you have relative to that currently? Deployed? Matthew D. Gili: Okay. Well, that I am gonna answer thanks, Justin. Great question. I will I will hand over I will answer really quickly and hand over to Steven You know, right now, we have 2 header houses in installed and we are open So I just wanna make sure you understand from the standpoint of UR Energy. We are in the uranium mining business. We never stop drilling wells. We never stopped building and installing header houses. We will continue to be drilling wells and installing header houses until 2 years before we are done. But, Steven, relative to the long term position, where are we right now? Steven Hatten: So we have worked all the way our way all the way out our eighth header house with respect to drilling. Understanding that it takes between 3 and 6 months ahead from time you start drilling before it even gets into the construction phase. So ideally, for us, we are looking at anywhere between 6 to 10 header houses need to get installed every year to make the nominal 1 million pound a year production rate. Matthew D. Gili: Now the advantage that Shirley has number 1, it is got better grade. Than most facilities. Number 2, it is shallower. Steven Hatten: So the drilling goes much quicker. So we are at Lost Creek. You can see us with 17 rigs, We can run 8 or 9 rigs at Shirley. 1 of the other advantages at Shirley that you will see is we have it drilled out already. So there is limited delineation drilling required and no exploration for us. We have to find the resource the life of the project as it stands. Matthew D. Gili: When you are looking at a at a at a 1 million pound a year production, how many header houses are you thinking of that time? Steven Hatten: We are we are typically again, it is grade based. Matthew and I talk all the time. The whole calculation for us is flow and grade. Matthew D. Gili: Right? So we have a facility that can handle 6 thousand gallons a minute million pounds a year. that is around 40 parts per million uranium. Coming through. So your peaks will define how long you run everything as well your flow. So we look anywhere at Shirley Basin needing to have 6 to 8 header houses installed at an annual base. Yeah. Justin, does that answer your question? Justin Chan: Gotcha. that is really helpful. Yeah. I think yeah. That was that was a great answer. it is really helpful. So and I and I get that each well will be various stages of increasing or decreasing rate. Flow rate, etcetera. So that is Yes. Averaging large numbers. But, yeah, that gives me a great sense of kinda where you are in the in the ramp up relative to the footprint you will you will have at steady state. So thank thanks very much for that. And then just maybe just 1 other question. I will free up the line. there is that uranium loan that is also I think, nominally matures in Q4. what is the guidance there? Is that something that you know, you could you could extend, or is that something that needs to be delivered into what is the thinking there? Matthew D. Gili: I think, Justin, Because our plan right now is to deliver into that loan. That is our base case plan. it is a loan with a trading entity, and those are, you know, those are renegotiable, and those are flexible. And part of our risk management strategy is always to have multiple options We will never miss a contracted delivery. We have a system in place to mitigate this risk through multiple opportunities. But the plan the base case plan is to deliver into that loan this year. Okay. Thanks very much. I will free up the line. Thanks, Matthew. Thank you. Operator: Your next question is coming from Heiko Ihle from H. C. Wainwright. Your line is live. Heiko Ihle: Hey, Matthew and team. Thanks for taking my questions. I am sure you guys had a chance to see your report this morning. Hey. Conceptually, demand for US sourced uranium from your conversations with US utilities. I mean, obviously, there is a bunch of geopolitical risks. Obviously, things have changed. You hinted at this a little bit, you know, you have the scale of the proven production. But walk me through what you are seeing in these conversations, right, now versus what may have been gotten discussed, you know, a year or even 3 years ago. Matthew D. Gili: Yeah. Okay. So I go look. it is it is right now, the conversations are centered on surety of supply. You are hearing US utilities talk about things like, look. We will just do a 100% market price contract. We will we what can we do to sign a contract so such that we have a surety of supply? And also kind of a breaking away or you know, I do not I do not want to put words in utility's mouth, but we are certainly having a lot of conversations that are about do not wait for RFPs. Let's get a relationship and if you have pounds to place, we are interested in that conversation. So Right. When you start breaking away from that RFP, that very rigid RFP process, which is very much the advantage of utilities, As we are breaking away from that, my interpretation is that surety of supply is becoming more relevant than, negotiating the last nickel. On the price per pound. Heiko Ihle: Okay. Fair enough. And then at Lost Soldier, I mean, conceptually, the completion of the technical report and the resources should be, you know, by the end of the year. We are now in mid August. You wanna maybe provide a bit more color on when we should expect to see things, how far along you are in the pipeline, and maybe even if there is something that you did not expect to see. Given that, you know, we are so close? I would assume if there is anything major you probably have a pretty good inkling of a clue thus far. Matthew D. Gili: Yeah. Okay. So, look, we know Lost Soldier well. And then we published a technical report on it. Back in, like, 2006. We know the deposit well. And we are now very much on schedule. And I know this because we talk about this a lot. We are very much on track and on schedule to produce a technical report at the end of this year for resource and economics at the PEA level. We are very eagerly pursuing that. We see a lot of potential here. Of course, I cannot comment on what we see as the numbers and all that. But I can tell you we are very eager to finish this technical report. To make that known to the investing public, And more importantly, having that known to, to ourselves and our directors so that we can contemplate construction decision. Heiko Ihle: Fair enough. But is it is it fair to say that there has been nothing that got spotted thus far that would majorly surprise us? Matthew D. Gili: Steven, do we have any we do not have any surprises. Steven Hatten: No. There are no surprises. This is this is an area that has been extensively drilled over many, many decades now with all the majors the Wyoming area. We know what we have. there is a lot of data There is thousands of holes out there that are geology team is evaluating So we know it hydrologically, We know it geologically. it is going through the steps. Matthew D. Gili: Yeah and look. Let's just add on to that, you know, permitting because we are advancing the beginning of baseline permitting proactively. In anticipation of a construction decision. Ryan, do you have anything you wanna add about the permitting? Are you seeing anything there that is changing from our, base cases? Assumption. Ryan S. Schierman: No. I do not think so. Mike I said, we as we said as Steven mentioned, there is no surprises. We are just moving through the process. So we are moving through the process for lost soldier. We are doing baseline work A lot of baseline work has been completed in the past. At Lost Soldier, and we are using that and trying to leverage that to find some efficiencies to accelerate that permitting time frame. But overall, it is moving through the process as would be expected. Heiko Ihle: Okay. Perfect. I will stop hogging the queue, and I will get back in line. Hey, Thanks. Operator: Your next question's coming from Mike Kozak from Cantor Fitzgerald. Your line is live. Mike Kozak: Yeah. Good morning, Matthew, and team. A couple of questions for me. Most of mine have been answered, but I just wanted to ask 2 more. First, now that you are starting to capture some material at Shirley Basin, I am wondering how metrics like flow rates, recovery curves, etcetera, are reconciling in the field, versus your internal plans. Matthew D. Gili: Alright, Steven. Alright. This is you. Steven Hatten: So Shirley is an interesting facility You have been around this industry long enough to know what the norms are in the rest of Wyoming production. Including at Lost Creek. Surely, has tremendous flow rates, which is a blessing and is also can be challenging from time to time when you work through the hydrology of trying to contact the ore. So we are seeing flow rates that are significantly higher naturally than what we see at most of the uranium mines. In the state of Wyoming. So we are working through how that works out for us on the final recovery curves. The data that we captured from the first 2 header houses will help us plan more efficiently in the future we are beginning to see how those curves relate working at the pressures that we need to maintain our lixiviant chemistry the way we want it. So again, we are in the very early stages of learning We have great grade over there. We have great flow. And we are trying to leverage that to a great concise production curve that we can model for future periods. Matthew D. Gili: Yeah. So in general terms, based on our assumptions going into this and the commissioning of Shirley, We are seeing we are in general terms, are we are we seeing the aquifer and the ore reserve resource, pardon me, behave like we expected? Steven Hatten: Yes. Yes. We are. We are seeing flows that are typically 2 to 3 times what you would see at most other institute facilities in the state of Wyoming. And the grades are certainly are upper class grades there. We are seeing, really nice numbers on a per pattern basis. And very concise geologic patterns there that will allow us to mine. But, again, we are early in the recovery curve. And we are developing more data every day as we work with geology and production. Matthew D. Gili: Yeah. Thanks, Steven. Mike, did I answer your question? Mike Kozak: Yeah. Yes. Yes. It does. Thank you. And then my second 1 was just kind of a housekeeping 1, I think you are guiding now with the with the deferral of some material. I think you are guiding to Q4 sales volumes of 540 thousand pounds. My question was, does that include the $2.50 that is going to be returned to the term loan, or is that 250 thousand be extra? Matthew D. Gili: No. The $2.50 would be extra. So the guidance is for contracted delivery. it is not for the repayment of the loan and I assume that. I just wanted to check. Alright. Thank you. I will jump back in queue. that is a good question. I am glad you asked that because it might not have been clear to everybody else. Thanks. Yeah. Thank you. Operator: We have reached the end of the question and answer session. I would now like to invite CEO, Matt Gilley, to provide any closing remarks. Matthew D. Gili: Alright. Well, I appreciate the questions. I wanna thank all of you who joined us today. We are uniquely positioned, and our focus is simple. We are executing on our operating plans. We are growing production in a responsible way. And we are expanding our ISR uranium platform in Wyoming. Thank you. Operator: Thank you. That concludes today's conference. You may disconnect your lines at this time. Thank you for your participation. 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Interested in Ur Energy Inc? Here are five stocks we like better. Second-quarter production and shipments rose sharply: Lost Creek produced 141,000 pounds of yellowcake and shipped 150,000 pounds, while contracted deliveries generated $14.4 million in revenue. Ur-Energy ended the quarter with $95.3 million in unrestricted cash and 348,000 pounds of finished inventory. Operational expansion is progressing: A new filtration system increased Lost Creek flow rates to roughly 3,200–3,300 gallons per minute, and Shirley Basin has entered full operations with six of 10 production columns online and its first resin shipment imminent. Management is prioritizing flexibility and long-term growth: Ur-Energy deferred 300,000 pounds of 2026 deliveries to later years, plans exploration at Lost Creek South, and is maintaining a disciplined approach to new uranium contracts while assessing future production capacity. 3 Penny Stocks Under $5 Backed by Real Revenue Growth Ur Energy (NYSEAMERICAN:URG) reported higher second-quarter uranium production and shipments at its Lost Creek operation while advancing the startup of its Shirley Basin satellite project in Wyoming, as management emphasized its strategy to expand domestic in-situ recovery, or ISR, production capacity. CEO and President Matt Gili said the company drummed 141,000 pounds of yellowcake at Lost Creek during the second quarter, up 47% from the first quarter and 26% from the year-earlier period. The company shipped 150,000 pounds, an increase of 44% sequentially and 42% year over year. → SoundHound AI Sends a Loud Signal After Its Q2 Earnings Beat Shocking uranium play that hedge funds kept hidden Ur-Energy delivered 215,000 pounds under contracts during the quarter, generating $14.4 million in sales revenue. Cash cost per pound sold, including ad valorem and severance taxes, was $40.20. The company ended the quarter with $95.3 million of unrestricted cash and 348,000 pounds of finished uranium inventory held at its conversion facility for contracted deliveries. Gili said Ur-Energy proactively deferred 300,000 pounds of 2026 delivery commitments into 2027 and 2029. The company had started the year with 1.3 million pounds of contracted deliveries for 2026, he said, and the deferral was intended to reduce ramp-up risk and increase flexibility for the remaining commitments. → 3 Dividend Champion Utilities for a Market That Can't Sit Still While declining to provide specific production guidance, Gili said the company remains on track to meet its delivery commitments this year. He said the company is prioritizing inventory management over spot uranium sales, with the goal of meeting contract deliveries, repaying its uranium loan and retaining inventory for potentially more favorable pricing opportunities. In response to an analyst question, Gili said the company’s base-case plan is to deliver uranium into its loan this year. He said the loan is with a trading entity and is potentially flexible or renegotiable, but stressed that Ur-Energy has multiple options within its risk-management strategy. → Is Wingstop's Growth Story Losing Steam? At Lost Creek, Ur-Energy installed a sand filtration system intended to address fine particles from the well field that had affected flow rates and production. The system was installed during the second quarter and was fully commissioned in July. Gili said plant flow averaged just over 2,500 gallons per minute in the second quarter. Since the filtration system came online, average flow rates have increased to roughly 3,200 to 3,300 gallons per minute. He described the change as statistically meaningful and said it shifted the operating constraint to other areas, including bringing more production injection wells online. The company also broke ground in July on a wastewater treatment facility and expects to complete reverse-osmosis upgrades and a new maintenance program by year-end. Ur-Energy had 17 active drill rigs at Lost Creek and continued delineation drilling in its fourth and fifth mine units. Subject to regulatory approval, management expects to begin well-field construction in Mine Unit 5 by the end of the year. Ur-Energy began capturing uranium at Shirley Basin in the second quarter, recovering 10,634 pounds during limited operations. Full operations had been pending state authorization to commence shipments to Lost Creek, which the company received in late June. Gili said the Shirley Basin plant is now in full operation, with six of its 10 production columns online. The company has completed the infrastructure and processes necessary to transport uranium-bearing resin to Lost Creek, where it will be further processed and drummed. The remaining near-term work involves commissioning and inspecting specialty trailers, and Gili said the first resin shipment is imminent. Shirley Basin is being operated as a spoke to the Lost Creek processing hub, an approach management said is intended to improve capital efficiency and accelerate cash flow. The project is also fully licensed to operate independently as a production hub in the future, providing additional strategic flexibility. COO Steve Hatten said Shirley Basin has higher grades and shallower drilling requirements than many facilities, and its resource has already been defined for the project life. He said the site has two installed header houses and drilling has extended through the eighth header-house area. Management expects that a nominal annual production rate of 1 million pounds would require installation of roughly six to 10 header houses annually, depending on grade and flow conditions. Hatten said early results indicate that Shirley Basin is behaving generally in line with expectations. Natural flow rates are two to three times those typically seen at other Wyoming ISR facilities, he said, while the company continues collecting data on recovery curves and production chemistry. Ur-Energy plans to begin a 120-hole exploration program later in the third quarter at Lost Creek South, a 16-square-mile project adjacent to the existing Lost Creek operation. Gili said proximity to Lost Creek and the same hydrologic basin could reduce permitting effort, shorten development timelines and lower capital requirements if additional uranium resources are identified. At Lost Soldier, the company is conducting baseline environmental studies and preparing a technical report targeted for completion by year-end. Gili said the report is expected to address resources and economics at the preliminary economic assessment level. Hatten and Vice President of Regulatory Affairs Ryan Schierman said the company has not encountered major surprises in its review of the historically drilled project or in advancing baseline permitting work. On uranium contracting, Gili said discussions with utilities have increasingly centered on security of supply rather than negotiating marginal price differences. The company has not aggressively pursued new contracts and has turned down requests for proposals, he said, because it considers its current contract book solid. Management plans to reassess contracting next year as it evaluates production ramp-up, though it has some discussions underway that could result in commitments for future years. Ur-Energy Inc is a U.S.‐based uranium mining company focused on the exploration, development and production of uranium to serve the global nuclear power industry. The company's core expertise centers on in situ recovery (ISR) mining techniques, which involve the extraction of uranium from sandstone formations using a low-environmental-impact process that recovers uranium in solution. Through this approach, Ur-Energy strives to maintain efficient production while minimizing surface disturbance, water usage and waste generation. The company's flagship asset is the Lost Creek Project in Wyoming's Great Divide Basin, which commenced commercial production in 2013. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Ur Energy Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance growth was driven by a 47% sequential increase in drummed yellowcake at Lost Creek, reflecting successful execution of the ramp-up strategy initiated in 2022. Management attributed improved flow rates at Lost Creek to the installation of a sand filtration system, which addressed fine particle constraints that previously limited production capacity. The company is transitioning to a district-scale 'hub and spoke' model, utilizing Shirley Basin as a satellite facility to capture uranium on resin for processing at the central Lost Creek plant. Strategic positioning is focused on the structural gap between domestic uranium supply and rising demand for secure, US-produced nuclear fuel. Operational flexibility was enhanced by proactively deferring 300 thousand pounds of 2029 deliveries to 2026 and 2027 to mitigate ramp-up risks and optimize the delivery schedule. Management emphasized a low-cost production profile with cash costs at $40.20 per pound, noting that approximately 80% of costs are fixed, making unit economics highly sensitive to production volume. The company expects to start wellfield construction in Mine Unit 5 at Lost Creek by year-end, subject to regulatory approval of the wellfield package. A technical report for the Lost Soldier project, including resource estimates and PEA-level economics, is on track for completion by the end of the year. Management anticipates Shirley Basin will become a significant contributor to the long-term production profile as it ramps up toward a nominal 1 million pound annual capacity. Future contracting strategy will prioritize 'surety of supply' over price negotiations, with management indicating they are currently not being aggressive in adding to the contract book by choice. Development costs are projected to remain steady between $12 million and $15 million per quarter as the company maintains a 1-to-3-year lead time on wellfield preparation. Shirley Basin received state regulatory authorization in late June, enabling full operations and imminent resin shipments to Lost Creek. The company maintains significant liquidity with $95.3 million in unrestricted cash to fund ongoing production growth and infrastructure upgrades. A wastewater treatment facility groundbreaking occurred in July, with reverse osmosis upgrades expected to be completed by year-end to support higher sustained production. Management intends to deliver 250 thousand pounds into an existing uranium loan in Q4 as the base case plan, though terms remain flexible. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management reported that average flow rates increased from approximately 2.5 thousand gallons per minute to between 3.2 thousand and 3.3 thousand gallons per minute after installation. The removal of the sand constraint has shifted the operational focus to the next bottleneck, which involves optimizing production injection wells. Management observed a transition from a 'buyer's world' to one focused on surety of supply, with utilities increasingly willing to discuss contracts outside of the formal RFP process. The company is currently turning down some RFPs to maintain a disciplined contract book and wait for potentially higher future pricing. Early data indicates Shirley Basin flow rates are 2 to 3 times higher than typical Wyoming ISR facilities due to the shallow, high-grade nature of the deposit. Management confirmed the aquifer and resource are behaving as expected, though they are still in the early stages of defining the final recovery curve. Management acknowledged a growing appetite for consolidation in the Western United States to build domestic scale. While remaining vague on specifics, the CEO indicated the company is looking for opportunities to create shareholder value through potential district-scale partnerships or acquisitions.

This article first appeared on GuruFocus. Production (Drummed): 141,000 pounds of yellowcake at Lost Creek in Q2 2026, up 47% from Q1 2026 and 26% year-over-year. Sales Volume: 215,000 pounds sold under contracts during the quarter. Revenue: $14.4 million in sales revenue from contracted deliveries. Cash Cost per Pound: $40.20 per pound sold, including ad valorem and severance taxes. Cash Position: $95.3 million in unrestricted cash at quarter end. Inventory: 348,000 pounds of finished inventory held at the conversion facility for contracted deliveries. Shirley Basin Production: Captured 10,634 pounds of uranium during limited initial operations in Q2 2026. Warning! GuruFocus has detected 5 Warning Signs with URG. Is URG fairly valued? Test your thesis with our free DCF calculator. Release Date: August 11, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Ur-Energy Inc (URG) reported a 47% increase in yellowcake production and a 44% increase in shipments quarter-over-quarter, demonstrating strong operational execution. The company maintained a low cash cost of $40.20 per pound, reinforcing its position as a leading low-cost US ISR producer. Ur-Energy Inc (URG) ended the quarter with $95.3 million in unrestricted cash and 348,000 pounds of finished inventory, providing significant financial flexibility. The company proactively deferred 300,000 pounds of 2026 deliveries to reduce ramp-up risk and increase flexibility, while still meeting all contracted delivery commitments. Shirley Basin reached full operation with six of ten production columns online, and the first shipment of uranium is imminent, expanding the company's production platform. The installation of a sand filtration system at Lost Creek increased flow rates from 2,500 to 3,300 gallons per minute, addressing a key production constraint. Ur-Energy Inc (URG) is not providing clear production guidance, which may create uncertainty for investors. The company has not signed new long-term contracts recently, and management is deliberately turning down RFPs, potentially limiting future revenue visibility. Cash costs are expected to remain elevated until production volumes increase, as 80% of costs are fixed, and the company is still in a ramp-up phase. Well field development costs are expected to remain high at $12-15 million per quarter for at least the next year, pressuring cash flow. The company is still in the early stages of learning at Shirley Basin, with flow rates and recovery curves not yet fully reconciled to internal plans, posing operational risks. Ur-Energy Inc (URG) plans to deliver into its uranium loan in Q4, which could strain inventory levels and limit flexibility for opportunistic sales. Q: Can you provide color on what we might see for production in the second half of the year, and is there potential to avoid dipping into non-produced inventory to hit the 700,000 pounds of deliveries for the rest of the year?A: CEO Matt Gili stated the company is not providing specific production guidance but is on track to meet its contracted deliveries. They proactively deferred 300,000 pounds of 2026 deliveries to 2027 and 2029 to reduce ramp-up risk and increase flexibility. The deferral provides the opportunity to allocate pounds (PALs) in different ways while ensuring all contracted deliveries are met. Q: What are you seeing that has changed over the last six months in terms of contract availability, terms, pricing, and appetite for new contracts?A: CEO Matt Gili noted a significant shift from a "buyer's world" to discussions focused on "surety of supply" rather than negotiating the last $0.50 per pound. Utilities are eager to engage in contracts and are moving away from rigid RFP processes. Ur-Energy has deliberately turned down RFPs to maintain a solid contract book, though a couple of discussions could add future commitments. The company remains focused on price and is not being aggressive in signing new contracts this year. Q: Can you share early results or benefits from the sand filtration system at Lost Creek in terms of flow rates, and how big of an impact was that restriction over the last couple of quarters?A: CEO Matt Gili reported that flow rates averaged just over 2,500 gallons per minute last quarter, but after the sand filter was commissioned in July, rates have averaged around 3,200 to 3,300 gallons per minute. This represents a statistically meaningful increase. The constraint has now shifted to other aspects, such as optimizing production injection wells, as the company works through the "theory of constraints" to bring on more wells. Q: Can you touch on the relative benefits of advancing the Lost Creek South exploration project, given its proximity to existing assets, compared to other satellite projects?A: CEO Matt Gili explained that permitting a property immediately south of an existing operation in the same hydrologic basin requires less effort. The proximity to Lost Creek adds flexibility and optionality, and increasing the resource denominator lowers costs and adds more pounds. This makes Lost Creek South a highly attractive, low-capital growth opportunity. Q: Cash costs were $40 a pound in the quarter. What is the cadence for production costs going down, and when do you anticipate reaching a run-rate level with the Shirley Basin ramp-up?A: CEO Matt Gili explained that costs are approximately 80% fixed, so cost declines are directly tied to the production denominator. As pounds produced increase, costs per pound decrease. He suggested modeling the cost decline exactly as one would model the production increase, with the goal of reaching the previously mentioned $20 to $25 per pound steady-state level as production ramps up. Q: Can you provide a breakdown of wellfield development costs between sites and how much is remaining for 2026 and 2027?A: CEO Matt Gili stated the company spends between $12 million and $15 million per quarter on development costs, split between Lost Creek and Shirley Basin. Drills are moved between sites to maximize flexibility. VP of Finance Jade Walle added that these costs are not anticipated to change much because the company stays one to two to three years ahead in development to be ready for the next pattern. Q: Have you seen any change in the M&A market for development or non-operating assets in the US, and is there more willingness by holders to come to the table?A: CEO Matt Gili acknowledged a growing appetite for consolidation in the Western United States. He noted that growth is imperative for all players, and the industry works together well. While being purposely vague, he confirmed the company is always looking for opportunities to create shareholder value through consolidation. Q: With the deferrals made, is there any chance you would make spot sales, or is protecting inventory for future sales more important?A: CEO Matt Gili emphasized that protecting inventory is more important than spot sales. The company is focused on risk management to make contracted deliveries, repay uranium debt, and maintain a stockpile for opportunistic pricing. They are not interested in spot sales and would prefer to place pounds with utilities if excess inventory exists. Q: From a wellfield and header house footprint perspective, what is needed to hit the 1 million pound per year level at Shirley Basin, and how much is currently deployed?A: COO Steve Hatten explained that Shirley Basin needs six to eight header houses installed annually to achieve a 1 million pound per year production rate. The company has drilled out to the eighth header house, with construction typically following three to six months after drilling. Shirley Basin has advantages of better grade, shallower depth, and faster drilling, requiring only eight or nine rigs compared to 17 at Lost Creek. Q: There is a uranium loan that nominally matures in Q4. What is the guidance therecan it be extended or does it need to be delivered into?A: CEO Matt Gili stated the base case plan is to deliver into the loan this year. The loan is with a trading entity and is renegotiable and flexible. As part of the risk management strategy, the company maintains multiple options and will never miss a contracted delivery, with systems in place to mitigate risk. Q: Conceptually, what are you seeing in conversations with US utilities regarding demand for US-sourced uranium versus a year or three years ago?A: CEO Matt Gili noted that conversations are now centered on surety of supply. US utilities are willing to do 100% market price contracts and are moving away from rigid RFP processes. The interpretation is that surety of supply has become more relevant than negotiating the last nickel on price per pound, with utilities proactively seeking relationships and pounds. Q: At Lost Soldier, when should we expect to see the technical report, and has anything unexpected been spotted thus far?A: CEO Matt Gili confirmed the technical report for resources and economics at the PEA level is on track for year-end. COO Steve Hatten added there are no surprises, as the area has been extensively drilled over decades with thousands of holes of data. VP of Regulatory Affairs Ryan Schierman noted baseline work For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Full Operations at Shirley Basin Positions Ur-Energy as the Largest U.S. ISR Uranium Producer CASPER, WY / ACCESS Newswire / August 10, 2026 / Ur-Energy Inc. (NYSE American:URG)(TSX:URE) ("Ur-Energy" or the "Company"), America's largest and fastest-growing domestic ISR uranium producer, is pleased to announce its financial and operating results, along with development and exploration highlights, for the second quarter ended June 30, 2026. Financial and Operating Highlights New Record for Pounds Drummed: Processed and packaged 140,873 pounds of U₃O₈ during the quarter, an increase of 47.4% over the first quarter of 2026 and 25.7% over the second quarter of 2025, and the most drummed in a calendar quarter since the start of ramp up at Lost Creek in 2022. Continued Increase of Pounds Shipped: Shipped 149,747 pounds of U₃O₈ to the conversion facility during the second quarter, an increase of 44.0% over the first quarter of 2026 and 42.2% over the second quarter of 2025. Delivered on Contracted Sales: Sales for the second quarter under contracted deliveries totaled 215,000 pounds of U₃O₈ as projected, generating $14.4 million in product sales revenue. Continued Low-Cost Production: The cash cost per pound of U₃O₈ sold during the quarter remained low at $40.20, compared to $37.51 for the first quarter of 2026 and $42.83 for the second quarter of 2025. Strong Liquidity: Unrestricted cash and cash equivalents totaled $95.3 million at June 30, 2026. Ending Inventory: Ended the second quarter with 348,292 pounds of finished inventory at the conversion facility, which was a 16.5% decrease from the first quarter of 2026 and 10.4% more than the second quarter of 2025. Matt Gili, President & CEO of Ur-Energy, stated, "The second quarter of 2026 marked an inflection point for Ur-Energy. The continued ramp up at Lost Creek and the commencement of production at Shirley Basin has transformed us into both the largest and the fastest-growing ISR producer of uranium in the United States. We continue to expand our production, our operating costs remain among the lowest in the country, and our organic growth pipeline is advancing at pace." Development and Exploration Highlights Final Regulatory Approval at Shirley Basin: In late June 2026, the Company received final state regulatory authorization to commence full production operations at Shirley Basin, including the transportation of uranium-loaded resin to Lost Creek for processing and shipping. Shirley Basin Ready to Commence Full Operations: All plant infrastructure and processes are in place at Shirley Basin to transport uranium-loaded resin to Lost Creek and launch full production operations only two and a half years after the build out decision. The first shipment is expected imminently. Production Optimization at Lost Creek: Continued to increase flow rates and further increase production, adding header houses, installing a sand filtration system and breaking ground on the planned wastewater treatment facility in July, and advancing initiatives to optimize wellfield chemistry. Rapid Progress on Near-Mine Exploration: Completed test well clusters and began baseline environmental studies at Lost Soldier in anticipation of potential permitting as a satellite mine feeding Lost Creek. Also commenced planning and preparations for a 120-hole exploration drilling program at Lost Creek South - a highly prospective, under explored approximately 16-square mile property immediately adjacent to the Lost Creek operation. Summary of Selected Second Quarter Results All sales were under long-term contracts. Pounds in inventory at the conversion facility. Includes ad valorem and severance taxes but excludes non-cash costs. Unrestricted cash position at the end of the quarter. Percentages may not recalculate precisely due to rounding. Lost Creek Production Growth and Continued Optimization At Lost Creek, Ur-Energy's flagship uranium ISR mining project, the Company drummed 140,873 pounds of U₃O₈, an increase of 47.4% over the first quarter of 2026 and 25.7% over the second quarter of 2025. The Company also shipped 149,747 pounds during this time, an increase of 44.0% over the first quarter of 2026 and 42.2% over the second quarter of 2025. Wellfield development and surface construction remain on schedule for the Company's 2026 operating plans. Subject to regulatory approval, the Company expects to commence wellfield construction and installation in the fifth mine unit by year-end 2026, where 15 header houses are planned from late 2026 through 2028. At quarter-end, 17 drill rigs were actively supporting the Lost Creek drilling program - an increase of two from the previous quarter. A sand filtration system was installed at Lost Creek during the quarter and brought online in July to increase flow rates while the new wastewater treatment facility is completed. Development of the wastewater treatment facility accelerated during the quarter, and the Company broke ground in July 2026. Completion and operation are planned for the first quarter of 2027. Additionally, the Company expects to complete implementation of an enhanced maintenance program and improvements to the reverse osmosis system by year-end 2026. Shirley Basin Ready for Full Production Operations In April 2026, the Company commenced limited initial operations to extract and capture uranium at Shirley Basin. While the project is permitted as a second production and processing hub operation to maximize future optionality in the emerging Great Divide Basin uranium district, Shirley Basin is designed as a spoke of the Lost Creek hub to optimize capital efficiency. While conducting only limited operations, the Company succeeded in capturing 10,634 pounds of U₃O₈ at the Shirley Basin plant during the second quarter of 2026. In late June 2026, the Company received final authorization from the State of Wyoming to commence full production operations, including the transportation of extracted and captured uranium to Lost Creek. By the end of July 2026, all plant infrastructure and processes for transportation were in place. As of the date of this release, the Company was preparing a trailer for the first shipment to Lost Creek to transition Shirley Basin to full production operations. Various additional plant construction activities are expected to continue through 2026 as the Company continues to deliver on its optimization strategy. Exploration Activities in the Great Divide Basin Lost Creek South: Totaling approximately 16-square miles immediately adjacent to the Lost Creek operation, Lost Creek South has clear potential as a low-cost, near-mine expansion opportunity. During the second quarter, the Company carried out planning and preparation activities for a 120-hole exploration program that is expected to commence in the third quarter of 2026 with three drill rigs. Lost Soldier: With approximately 4,000 historic drill holes and related data indicating mineralization, and close proximity to the Company's Lost Creek operation, Lost Soldier has superb potential as a satellite operation. During the second quarter of 2026, the Company completed pump testing of two of the three aquifer test well clusters and began work on baseline environmental studies in anticipation of possible permitting. Additionally, completion of a technical report including a resource estimate for the project is expected by year-end 2026. North Hadsell: The Company drilled 33 holes totaling approximately 33,800 feet in the first quarter of 2026, with 13 holes hitting mineralization that closely resembles that of Lost Creek. During the second quarter, the Company advanced the opportunity by completing abandonment of the previously drilled holes. Sales and Inventory During the second quarter, the Company sold 215,000 pounds of U₃O₈ at an average price of $66.85 per pound, generating $14.4 million in product sales revenue. A total of 348,292 pounds of finished inventory was held at the conversion facility at quarter-end, compared to 417,231 pounds at the end of the first quarter of 2026 and 315,607 pounds at the end of the second quarter of 2025. Including the 270,000 pounds delivered in the first half of 2026, the Company expects to make base deliveries of 1.0 million pounds of U₃O₈ in 2026. After the end of the quarter, the Company proactively entered into transactions to defer delivery of 150,000 pounds to 2027 and 150,000 pounds to 2029. The deferral transactions increase the Company's ability to make subsequent 2026 deliveries from existing inventory and new production. A larger number of expected 2026 deliveries were scheduled in the latter part of the year to coincide with the ramp-up and startup schedules for Lost Creek and Shirley Basin. U3O8 Product Profit (Loss) The following table provides information on the Company's U3O8 product profit and loss: U3O8 Production and Ending Inventory The following tables provide information on the Company's production and ending inventory of U3O8 pounds: Conference Call and Webcast Management will hold a conference call and audio webcast to discuss the quarterly highlights followed by a question-and-answer session with participants. The details are as follows: About Ur-Energy Ur-Energy is the largest and fastest-growing ISR uranium mining company in the United States. It owns and operates the Lost Creek ISR uranium facility in south-central Wyoming, which has produced more than 3.5 million pounds of U₃O₈ since operations began, and the Shirley Basin ISR operation in central Wyoming, where uranium recovery commenced in April 2026. Lost Creek and Shirley Basin have combined annual licensed production and toll-processing capacity of 4.2 million pounds of U₃O₈. The Company is also engaged in exploration and development activities at a selection of highly prospective projects in the Great Divide Basin uranium district. Ur-Energy's common shares trade on the NYSE American under the symbol "URG" and on the Toronto Stock Exchange under the symbol "URE." The Company's corporate headquarters is in Casper, Wyoming, and its registered office is in Ottawa, Ontario. Contact Ur-Energy Investor Relations at:Richard MatthewsPhone: +1 (604) 355-7179Email: [email protected] Financial Statements and Non-GAAP Measures This press release should be read in conjunction with Ur-Energy's Quarterly Report on Form 10-Q for the three and six months ended June 30, 2026, including the unaudited consolidated financial statements and associated Management's Discussion and Analysis of Financial Condition and Results of Operation included therein, which is available on the Company's website at www.ur-energy.com and under the Company's issuer profile on EDGAR at www.sec.gov and SEDAR+ at www.sedarplus.ca. The press release includes measures specific to U₃O₈ sales, product cost, product profit, pounds sold, price per pound sold, cost per pound sold, and product profit per pound sold. These measures do not have standardized meanings within U.S. GAAP or a defined basis of calculation. These measures are used by management to assess business performance and determine production and pricing strategies. They may also be used by certain investors to evaluate performance. The use of these performance measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with U.S. GAAP. The Company's definitions of these measures may differ from other mining companies, and therefore may not be comparable. These non-GAAP measures should be read in conjunction with the Company's consolidated financial statements for applicable periods. Cautionary Statement Regarding Forward-Looking Information This release may contain "forward-looking statements" within the meaning of applicable securities laws regarding events or conditions that may occur in the future (e.g., the Company's ability and the expected or planned timing at Lost Creek to continue to ramp up and increase production operations, optimize chemistry, construct the wastewater treatment facility, and implement maintenance improvements and other initiatives to increase production; whether the Company's efforts, including the installation of sand filtration, to mitigate fine particles from the wellfield and increase flow rates at Lost Creek will be successful; the Company's ability and the expected or planned timing at Shirley Basin to begin transporting uranium to Lost Creek, ramp up and increase production, bring additional production columns online, complete remaining construction and commissioning, and install wastewater treatment equipment; the Company's ability to efficiently process, dry, and drum Shirley Basin production at Lost Creek and execute the Shirley Basin satellite model; the Company's ability and the expected or planned timing at both Lost Creek and Shirley Basin to execute drilling plans, install and bring additional header houses online, receive regulatory approvals for additional mine units, and move into, commence wellfield construction in, and successfully produce in additional mine units; the Company's ability and the expected or planned timing at Lost Soldier to complete aquifer testing, baseline environmental studies, or a new technical report; whether for any of the Company's exploration programs, including Lost Soldier, North Hadsell, and LC South, the drilling programs will continue, further work will support preliminary interpretations, the resource potential will be adequate for ISR mining, the Company will commence or complete permitting, or the projects will be scalable or allow the Company to leverage existing infrastructure or operating expertise; whether the Company's production and inventory will be sufficient for it to meet its commitments to sell and deliver production or to meet its sales projections; whether the Company's cash resources will be sufficient for its capital requirements and operating costs without additional financing; and whether the Company's revenue, sales prices, or production costs will increase or decrease) and are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic, and competitive risks, uncertainties, and contingencies. Generally, forward-looking statements can be identified by use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "estimates," "intends," "anticipates," "does not anticipate," "believes," or variations of the foregoing, or statements that certain actions, events or results "may," "could," "might" or "will" "be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause actual results, performance, or achievements of the Company to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from forward-looking statements include, but are not limited to, capital and other costs varying significantly from estimates; failure to establish estimated resources and reserves; the grade and recovery of ore that is mined varying from estimates; production rates, methods, and amounts varying from estimates; delays in obtaining or failures to obtain required governmental, environmental, or other project approvals; inflation; changes in exchange rates; fluctuations in commodity prices; delays in development; changes in governmental polices or market conditions; and other factors described in the public filings of the Company that are available at www.sec.gov and www.sedarplus.ca. Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are based on the beliefs, expectations, and opinions of management as of the date hereof, and Ur-Energy disclaims any intent or obligation to update them or revise them to reflect any change in circumstances or changes in management's beliefs, expectations, or opinions that occur in the future, except as required by applicable law. SOURCE: Ur-Energy Inc. View the original press release on ACCESS Newswire

Centrus Energy LEU reported second-quarter 2026 earnings of 77 cents per share, surpassing the Zacks Consensus Estimate of 74 cents by 4.05%. However, the figure declined 51.6% from $1.59 per share in the prior-year quarter. The year-over-year decline was primarily due to the higher cost of sales in the Low-Enriched Uranium segment and increased administrative and advanced technology expenses. These headwinds were partially offset by higher uranium revenues and investment income. Adjusted earnings per share, which exclude growth costs and stock-based compensation, were $1.77 compared with $1.90 in the prior-year quarter. Revenues rose 14% year over year to $176.1 million and surpassed the consensus mark of $146 million. Centrus Energy Corp. price-consensus-eps-surprise-chart | Centrus Energy Corp. Quote Total cost of sales rose 25.4% to $126.2 million, resulting in a 7% year-over-year decline in gross profit to $49.9 million. Gross margin contracted to 28.3% from 34.9% in the prior-year quarter. Advanced technology costs increased to $10.8 million from $3.3 million as Centrus Energy supported its uranium enrichment expansion. Selling, general and administrative expenses nearly doubled to $26.2 million, primarily reflecting higher stock-based compensation. Operating income dropped to $10.4 million from $33.5 million, while operating margin narrowed to 5.9% from 21.7%. The Low-Enriched Uranium segment revenues increased 22% year over year to $153.4 million. Uranium revenues totaled $53.4 million in the reported quarter compared with no uranium revenues in the prior-year period. Separative work units (SWU) revenues declined 20% year over year to $100 million as sales volumes fell 23%, partly offset by a 3% increase in the average selling price. Low-Enriched Uranium segment’s cost of sales rose 36% to $101.8 million, mainly due to higher uranium volumes.  SWU costs decreased as a result of a 23% decline in the volume of SWU sold, partially offset by a 13% increase in the average unit cost of SWU sold. Technical Solutions revenues declined 21% year over year to $22.7 million. The decrease primarily reflected a $5.9 million reduction in revenues generated from the DOE’s High-Assay, Low-Enriched Uranium (HALEU) operation contract, while the remaining change was related to other contracts. Cost of sales for the segment was $24.4 million compared with $25.6 million in the year-ago quarter. The decrease was mainly due to a $1.9 million decline in costs incurred under the HALEU Operation Contract, while the remaining change was generally attributable to other contracts. The segment recorded a gross loss of $1.7 million against a gross profit of $3.2 million a year earlier. Centrus Energy signed a $900 million HALEU enrichment award with the DOE and selected Geiger Brothers as the construction contractor for its major enrichment expansion. The company also expects to complete its first new centrifuge in Oak Ridge, TN, by the end of 2026. Centrus Energy’s total backlog was $4.5 billion as of June 30, 2026, which extends through 2040. The Low-Enriched Uranium segment accounted for approximately $3.7 billion, including $3 billion of contingent LEU and High-Assay, Low-Enriched Uranium sales commitments. Of the contingent commitments, $2.4 billion was covered by definitive agreements. These contracts support the potential construction of new LEU and HALEU production capacity at the company’s Piketon, OH, facility. Technical Solutions backlog totaled roughly $800 million. However, the proposed DOE budget for fiscal 2027 does not include additional funding for operation of the existing HALEU cascade, which represents most of Technical Solutions’ backlog. Separately, DOE has stated that it does not currently plan to exercise further options under the HALEU Operation Contract. Cash and cash equivalents totaled $1.87 billion at quarter-end. Operating activities used $16.7 million during the first six months of 2026, while capital expenditures increased sharply to $94.8 million from $5.7 million a year earlier. Centrus Energy continues to expect 2026 revenues between $450 million and $500 million. Total capital deployment is projected in the range of $350-$500 million, reflecting increased investment in centrifuge manufacturing and the broader industrial buildout. The company raised its Piketon hiring target to at least 175 net new employees from the prior goal of 100. It continues to expect at least 100 net new hires in Oak Ridge, completion of a Certified-for-Construction package and finalized contracts with all partners identified as critical to the expansion. The company’s shares have lost 19.2% in the past year against the industry’s 71.7% growth. Image Source: Zacks Investment Research LEU currently carries a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Cameco Corporation CCJ reported earnings per share of 13 cents, missing the Zacks Consensus Estimate of 26 cents per share. Earnings declined 75% year over year. Quarterly revenues came in at CAD 814 million ($588 million), topping expectations despite declining 7% year over year. Uranium revenues were reported at CAD 659 million ($469 million), down 7% year over year. An 18% decline in sales volumes was offset by a 15% increase in the Canadian dollar average realized price to CAD 93.13 per pound due to the impact of market-priced contracts on its portfolio. The Fuel Services segment’s revenues were down 6% to CAD 152 million ($108 million) due to an 18% decrease in sales volume, offset by a 13% increase in realized price. Ur-Energy Inc. URG is scheduled to release second-quarter 2026 results on Aug. 10. The Zacks Consensus Estimate for Ur-Energy’s bottom line is pegged at a loss of four cents per share, in line with the year-ago quarter. The consensus estimate for Ur-Energy’s top line is pegged at $13.43 million, indicating 28.7% growth from the prior-year reported figure. Uranium Energy Corp. UEC is expected to release fourth-quarter fiscal 2026 results soon. The Zacks Consensus Estimate for Uranium Energy’s bottom line is pegged at a loss of four cents per share, an improvement from the loss of seven cents reported in the year-ago quarter. The consensus estimate for Uranium Energy’s revenues is pegged at $9 million. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Centrus Energy Corp. (LEU) : Free Stock Analysis Report Cameco Corporation (CCJ) : Free Stock Analysis Report Ur Energy Inc (URG) : Free Stock Analysis Report Uranium Energy Corp. (UEC) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Cameco CCJ reported second-quarter 2026 results on Friday. Total revenues were down 7% year over year to CAD 814 million ($588 million) on lower sales volumes despite higher prices. Adjusted earnings plunged 75% year over year to CAD 0.18 per share or 13 cents. While revenues beat the Zacks Consensus Estimate, earnings fell short. Alongside its earnings release, Cameco announced that Westinghouse Electric Company, jointly owned with Brookfield Renewable Partners, has confidentially submitted a draft Form S-1 registration statement to the U.S. Securities and Exchange Commission for a proposed initial public offering of its common stock. Investors looked past the earnings miss, sending Cameco shares up 7% following the results. In the past six months, Cameco shares have declined 21.9% compared with the industry’s 3.2% dip. Meanwhile, the broader Oils-Energy sector has moved up 7.1%, while the S&P 500 has climbed 10.8%. Cameco has outperformed peers like Ur-Energy Inc. URG and Energy Fuels UUUU, which have declined 22.6% and 46.1%, respectively. Image Source: Zacks Investment Research Let us delve deeper into the company’s second-quarter results and long-term prospects before assessing whether to buy, hold or sell the stock. Uranium production declined 15% year over year to 3.9 million pounds. Output at McArthur River/Key Lake increased 28% to 2.3 million pounds, but this was more than offset by a 43% decline at Cigar Lake to 1.6 million pounds following its scheduled annual maintenance outage. Uranium sales volumes fell 18% to 7.1 million pounds, reflecting normal quarterly delivery timing and Cameco's disciplined contracting strategy, which calls for lower planned deliveries in 2026. Cameco’s uranium revenues were down 7% to CAD 659 million ($469 million). The 18% decline in sales volumes was offset by a 15% increase in the Canadian dollar average realized price to CAD 93.13 per pound due to the impact of market-priced contracts on its portfolio. Fuel Services also posted weaker results. Production decreased 6% to 3 million kgU, while sales volumes fell 18% to 3.6 million kgU. Segment revenues declined 6% to CAD 152 million ($108 million), as higher realized prices were unable to offset lower deliveries. Overall, Cameco’s revenues were down 7% to CAD 814 million ($588 million) due to weaker performance in both segments. Total cost of sales inched up 1% to around CAD 624 million ($446 million). In the uranium segment, costs climbed around 3% due to a 26% increase in the average unit cost of sales, partially offset by lower sales volume. Costs were higher due to higher purchased material costs, product loan impacts and the Cigar Lake maintenance shutdown. Costs in the Fuel Services segment rose 1% as a 21% increase in the average unit cost of sales due to mix of products and services was offset by lower sales volume. Adjusted EBITDA was down 42% year over year to CAD 391 million ($279 million). Adjusted earnings declined 75% year over year to CAD 0.18 per share or 13 cents. The decline was due to lower uranium sales volumes and a sharp reduction in equity earnings from Westinghouse. In the prior-year quarter, Westinghouse recognized significant revenues from its participation in the Czech Republic's Dukovany nuclear project, contributing roughly $170 million to Cameco's share of Westinghouse's revenues and adjusted EBITDA. Cameco maintained its uranium production projection between 19.5 million pounds and 21.5 million pounds for 2026 despite temporary operational disruptions at Key Lake and McArthur River in May, and at Cigar Lake in July. Production guidance for the fuel services segment is 13 million to 14 million kgUs. Cameco expects uranium deliveries of 29–32 million pounds for 2026. Uranium revenue guidance now stands at CAD 2.7-2.9 billion, based on a higher realized price assumption of CAD 91-96 per pound. At the midpoint, uranium revenues would decline about 2% from 2025 due to lower delivery volumes. Fuel Services revenues are projected at CAD 610-650 million, implying roughly 12% year-over-year growth. Overall, Cameco expects total 2026 revenues of CAD 3.32-3.57 billion. The midpoint represents about a 1% decline from 2025. The Zacks Consensus Estimate for Cameco’s earnings for both 2026 and 2027 has moved up over the past 60 days, as shown in the chart below. Image Source: Zacks Investment Research The consensus estimate for Cameco’s earnings for 2026 indicates year-over-year growth of 27.2%. The same for 2027 implies growth of 55.8%. Image Source: Zacks Investment Research CCJ stock is trading at a forward price-to-sales ratio of 15.97 compared with the industry’s 4.99. CCJ’s Value Score of F suggests that the stock is not so cheap and a stretched valuation at this moment. Image Source: Zacks Investment Research Energy Fuels is trading higher at 16.20 while Ur-Energy is a cheaper option, trading at 4.70. Cameco continues to benefit from its strategic investment in Westinghouse, which helps broaden its exposure beyond uranium mining into nuclear technology and reactor services. In June, the U.S. Department of Energy announced a conditional commitment of up to $17.5 billion through its Office of Energy Dominance Financing to support procurement of long-lead components for up to 10 new Westinghouse AP1000 reactors in the United States. Westinghouse has a pipeline of 91 potential AP1000 reactor opportunities (105 GWe) globally, providing a significant long-term growth runway. Westinghouse’s proposed IPO, if completed, could unlock shareholder value, improve financial flexibility and increase visibility into the business, creating another potential catalyst for Cameco investors. Cameco continues to strengthen its long-term portfolio. It has long-term obligations to deliver an average 28 million pounds of uranium annually over the next five years. These agreements provide strong revenue visibility, stable cash flows and support future investment plans. Cameco’s uranium production capacity accounts for nearly 15% of global output and it is further investing to expand production to capture favorable market conditions. This includes extending Cigar Lake’s mine life to 2036 and ramping up output at McArthur River and Key Lake toward their licensed annual capacity of 25 million pounds (100% basis). The company recently increased ownership interest in Cigar Lake to 57.418%, which further supports its focus on proven tier-one assets. Growing energy security concerns, geopolitical uncertainty and the global transition toward low-carbon electricity continue to support long-term uranium demand. Combined with its exposure to Westinghouse's reactor business, Cameco remains well-positioned to benefit from the ongoing nuclear power renaissance. Cameco remains one of the strongest long-term investment opportunities in the uranium space, supported by world-class mining assets, long-term contracts and increasing exposure to nuclear technology through Westinghouse. However, new investors can wait for a better entry point, considering the premium valuation and the lower revenue expectations for the year. The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Cameco Corporation (CCJ) : Free Stock Analysis Report Ur Energy Inc (URG) : Free Stock Analysis Report Energy Fuels Inc (UUUU) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

CASPER, WY / ACCESS Newswire / June 5, 2026 / Ur-Energy Inc. (NYSE American:URG)(TSX:URE) (the "Company," "Ur-Energy" or "we"), a domestic uranium producer with ISR projects that are among the largest and lowest-cost in the United States, is pleased to announce the results of the Company's Annual General and Special Meeting of Shareholders held June 4, 2026, including the election of directors. Shareholders representing approximately 70.84% of the Company's issued and outstanding common shares were represented at the meeting. Each of the nominee directors listed in the Company's management proxy circular dated April 24, 2026, was elected as a director. The Company received proxies with regard to voting on the eight director nominees as follows: The Company's independent auditor, BDO USA, P.C., was reappointed by the shareholders, and the directors of the Company were authorized to fix the remuneration of the auditor. The "say on pay" vote to approve executive compensation was approved with 97.63% of the votes cast voting for the non-binding advisory vote. The advisory vote on the preferred frequency of voting on executive compensation, or "say when on pay," was returned with a vote of 98.20% for every year, which was the recommendation made by the Company. A total of 0.23% of the votes were cast in favor of every two years and 0.70% in favor of every three years (with 0.87% abstaining). The Board of Directors has adopted the preference expressed by the shareholders in this advisory vote and will conduct advisory votes on executive compensation every year until the Company's next "say when on pay vote" in 2032. Renewal of the Company's Amended and Restated Stock Option Plan was approved by a majority of the votes represented (55.27%). About Ur-Energy Ur-Energy is a uranium mining company operating the Lost Creek ISR uranium facility in south-central Wyoming, which has produced more than 3.5 million pounds of U₃O₈ since the commencement of operations, and the Shirley Basin ISR project in central Wyoming, which initiated operations in April 2026. The combined total annual licensed production and toll processing capacity of Lost Creek and Shirley Basin is 4.2 million pounds U₃O₈. Ur-Energy is engaged in uranium recovery and processing activities, including the acquisition, exploration, development, and operation of uranium mineral properties in the United States. The primary trading market for Ur-Energy's common shares is on the NYSE American under the symbol "URG." Ur-Energy's common shares also trade on the Toronto Stock Exchange under the symbol "URE." Ur-Energy's corporate headquarters is in Casper, Wyoming and its registered office is in Ottawa, Ontario. Contact Information Valerie KimballIR [email protected] SOURCE: Ur-Energy Inc. View the original press release on ACCESS Newswire

Uranium Energy UEC is expected to report a loss when it reports third-quarter fiscal 2026 results next week. The Zacks Consensus Estimate for UEC’s revenues for the quarter under review is pegged at $8.5 million compared with nil revenues in the year-ago quarter. The estimate for earnings is pegged at a loss of five cents per share, wider than the loss of six cents in the year-ago quarter.  The estimate has remained unchanged over the past 30 days. Image Source: Zacks Investment Research UEC’s earnings missed the consensus estimate in two of the trailing four quarters and beat it in the remaining two quarters. The company has an average surprise of negative 20.83% over this period. Image Source: Zacks Investment Research Our proven model does not conclusively predict an earnings beat for Uranium Energy this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat, which is not the case here. You can uncover the best stocks before they’re reported with our Earnings ESP Filter. Earnings ESP: The Earnings ESP for Uranium Energy is 0.00%. Zacks Rank: UEC currently carries a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank stocks here. Uranium Energy is primarily involved in uranium mining and related activities, including exploration, pre-extraction, extraction and processing of uranium projects located in the United States, Canada and the Republic of Paraguay.  The company has identified the existence of mineralized materials for certain uranium projects, including the Palangana Mine, Christensen Ranch Mine (collectively the ISR Mines), Red Desert, Green Mountain, Roughrider and Christie Lake Projects.UEC has, however, not yet established proven or probable reserves. Despite having commenced uranium extraction at its ISR Mines, it remains classified in the “Exploration Stage” (as defined by the United States Securities and Exchange Commission) and will continue to hold this status until proven or probable reserves are confirmed. In the second quarter of fiscal 2026, the company generated revenues of $20.2 million from selling 200,000 pounds of purchased uranium concentrate inventory at an average price of $101 per pound. Uranium Energy ended the quarter with 1,456,000 pounds of purchased uranium concentrate inventory. With average uranium prices increasing 31% year over year to $85.85 per pound in the February-April 2026 period, the company is expected to have sold a portion of this inventory during the period. Notably, Uranium Energy had not made any sales in the third quarter of fiscal 2025.Uranium Energy is likely to have incurred higher operating expenses. This includes exploration and development spending. General and administrative expenses are also expected to have been higher in the quarter, driven by an increase in salaries, wages and management fees due to personnel hires and company-wide salary adjustments to account for inflation. Overall, the higher operating expenses are expected to have offset the increased revenues and are anticipated to have resulted in a loss for the company in the third quarter of fiscal 2026. Uranium Energy’s shares have gained 114.1% in the past year compared with the industry’s 51.2% growth. Image Source: Zacks Investment Research Cameco Corporation CCJ total revenues were up 7% to CAD 845 million ($616 million) in the first quarter of 2026. Cameco’s uranium revenues increased 15% to CAD712 million ($520 million) on higher volumes and prices. Cameco sold 7.8 million pounds of uranium in the quarter. The Fuel Services segment reported a 1% dip in revenues to CAD 134 million ($98 million), with higher volumes being offset by a 17% decline in average realized prices. Cameco’s adjusted earnings surged 194% year over year to CAD 0.47 (34 cents) per share in the quarter. This was mainly attributed to higher revenues and stronger equity earnings from its 49% interest in Westinghouse Electric Company. Energy Fuels’ UUUU first-quarter 2026 total revenues surged 112% year over year to $35.8 million, primarily driven by uranium sales. During the quarter, Energy Fuels sold 510,000 pounds of uranium at an average realized price of $70.04 per pound. Energy Fuels reported a loss of four cents per share in the quarter, which came in narrower than the year-ago loss of 13 cents per share. This was driven by higher uranium revenues and an increase in other income, partially offset by higher operating costs. Ur-Energy Inc. URG generated revenues of $3.9 million in the first quarter of 2026. Ur-Energy sold 55,000 pounds at $70.98 for $3.9 million in the quarter. There were no uranium sales during the comparable quarter in 2025. Ur-Energy reported a loss of seven cents, wider than the loss of three cents in the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Cameco Corporation (CCJ) : Free Stock Analysis Report Ur Energy Inc (URG) : Free Stock Analysis Report Energy Fuels Inc (UUUU) : Free Stock Analysis Report Uranium Energy Corp. (UEC) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Uranium Captured: 110,000 pounds on resin in Q1 2026, a 41% increase over the last quarter and 48% more than Q1 2025. Uranium Packaged: 96,000 pounds during the quarter. Finished Inventory: More than 417,000 pounds at the conversion facility, a 14% increase since year-end. Cash Cost per Pound Sold: $37.5 per pound, a 13% decrease quarter over quarter. Uranium Sold: 55,000 pounds during the quarter. Average Sales Price: $71 per pound, a 12% increase over Q4 2025. Unrestricted Cash: $123 million at the end of the quarter. Uranium Drummed in April: Over 57,000 pounds, the highest monthly total since ramp-up in 2023. Shirley Basin Operations: Initial mining operations commenced in April; infrastructure substantially complete. Exploration Drilling: 33 exploration drill holes completed at North Hadsell project with 13 ore grade intercepts. Warning! GuruFocus has detected 6 Warning Signs with URG. Is URG fairly valued? Test your thesis with our free DCF calculator. Release Date: May 11, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Ur-Energy Inc (URG) reported a significant increase in uranium production, capturing 110,000 pounds on resin in Q1 2026, a 41% increase over the previous quarter. The company improved its cost profile at Lost Creek, reducing the cash cost per pound sold by 13% quarter over quarter to $37.5 per pound. Ur-Energy Inc (URG) achieved a higher average sales price of $71 per pound, a 12% increase over Q4 2025, due to newer contracts with more favorable pricing structures. The company commenced initial mining operations at Shirley Basin, marking a major milestone with the first header house online and uranium being captured on resin. Ur-Energy Inc (URG) ended the quarter with a strong financial position, holding $123 million in unrestricted cash and over 417,000 pounds of uranium inventory at the conversion facility. Production at Lost Creek is still impacted by fine particles from the host formation, necessitating the installation of a sand filter system. The company's delivery schedule for 2026 is heavily weighted towards the second half of the year, which may pose risks if production targets are not met. There are ongoing challenges with optimizing operations and increasing production rates at Lost Creek, despite improvements. The capital commitment for water treatment upgrades at Lost Creek has increased, with costs now forecasted between $25 and $33 million. The company faces regulatory hurdles at Shirley Basin, requiring final regulatory approval before commencing shipments of uranium-loaded resin to Lost Creek. Q: Can you give us a bit of color on what you're seeing in conversations with your utility partners, given the current geopolitical risk sectors? A: We are seeing a lot of activity from US utilities regarding contracting future uranium supply. There's significant interest in securing supply, and we receive many inbound RFPs. We are selective in our responses to maintain flexibility for future commitments. The interest from utilities is strong, particularly for supply starting about three years out. Q: How much money has been spent at Shirley Basin year-to-date, and what are the expectations for the rest of the year? A: The total capital commitment for Shirley Basin this year remains at $25.5 million. During Q1, we spent approximately $11 million, leaving just under $15 million to be spent throughout the year. The construction is heavily weighted towards the first half of the year. Q: Should we expect production at Lost Creek to be linear for the rest of Q2? A: In April, we exceeded our internal production plans. While we don't provide monthly guidance, production should be viewed more linearly from a quarter-to-quarter standpoint. We are focused on meeting our production goals, especially with the upcoming integration of Shirley Basin. Q: What are the main business improvement activities at Lost Creek outside of capital improvements? A: The main improvements are procedural and operational, focusing on enhancing maintenance systems and procurement processes. We are building a well-articulated maintenance program and aligning procurement with maintenance to ensure parts and kits are available when needed. Q: How should we think about the blended realization of uranium prices as we go into the second half of 2026? A: We have committed to deliver 1.3 million pounds for the year, with an expected realized price of $83.2 million. The $71 per pound realized in Q1 was from a favorable contract, and the blended price for the year will reflect our overall contract portfolio. For the complete transcript of the earnings call, please refer to the full earnings call transcript.