UR-ENERGY INC
For the period ended Sep 30, 2025. Filed Nov 3, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 3, 2025
URG$0.74+7.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0001558370-25-010170
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-03.
0001104659-25-105672
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 136 previous paragraphs and 154 current paragraphs.
52 unchanged; 56 reworded; 43 added; 25 removed; 3 previous and 3 current paragraphs rearranged.
Tables are not compared: 11 previous and 11 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (43)
Current report
These May 2025 Executive Orders complement other federal actions and bipartisan Congressional actions to advance the domestic nuclear fuel cycle. The U.S. Department of Energy (DOE) is advancing its low-enriched uranium (LEU) and high-assay, low-enriched uranium (HALEU) programs following the award of initial contracts for enrichment services in 2024 Q4 and additional contracts in 2025 Q3 with specific contract awards by DOE outstanding. Domestic uranium supply is preferred for use in the programs.
Current report
Most recently, it was announced that Westinghouse (owned by Cameco and Brookfield Renewable Partners) has partnered with the U.S. government to build at least $80 billion worth of new nuclear reactors in the U.S. to support the growing demand on the electricity grid being generated by big data and artificial intelligence.
Current report
This continued support from the U.S. federal government adds to the already positive effects on our industry resulting from the expansion of big data and artificial intelligence demands on electricity with a decided preference to nuclear energy. Together with China, the U.S. is expected to be the largest growth market for these demands. As additional power purchase agreements are announced for data facilities, the opportunities for proven domestic uranium producers increase.
Current report
The uranium market continues to be volatile in reaction to these events. Spot pricing was $78.50 at the close of 2025 Q2 and, while continuing to show volatility, remained generally in the $70s or higher throughout 2025 Q3 with a high of $84/pound in late September. Spot pricing closed Q3 at $82.63.
Current report
Subsequent to quarter end, we shipped an additional 69,604 pounds to the conversion facility and purchased 100,000 pounds, after which we will have 447,754 pounds in finished inventory at the conversion facility.
Current report
Four header houses have been brought online this year in Lost Creek’s second mine unit (“MU2”). During 2025 Q3, production flow averaged approximately 2,100 gpm from MU2 production areas. This flow was controlled at a lower rate to optimize MU2 production by removing solids incidental to production which had accumulated in the main pipeline over time. That maintenance, primarily occurring during September and October, is now substantially complete and preparations are underway to continue increasing flow rates from MU2.
Current report
Production grade for the quarter averaged 66 ppm, again with controlled flow rates in September and, subsequently in October, tempering available grade. Year-to-date, we have maintained an average production grade of approximately 58 ppm.
Current report
Drilling and construction are ongoing in our next production area, MU1 Phase 2. Well installations are substantially complete in four of the 10 header houses in Phase 2, and surface construction is progressing with the first header house in commissioning. The first three header houses for Phase 2 have been delivered to Lost Creek, with two additional houses being prepared at our Casper construction shop.
Current report
Monitor well installation in MU5, the next planned production area after MU1 Phase 2, is nearing completion. Well installation will be followed by the required hydrologic testing prior to mining well installation. Drilling activities also continue to aid in defining the MU4 mineral resource for planning and development. Overall, drilling and wellfield construction and development are on schedule for our production plans.
Current report
As noted, at the Lost Creek plant, there were 93,523 pounds processed and dried during the third quarter. The overall plant throughput was limited by issues related to incidental wellfield solids entering the plant, plant systems maintenance and bringing new staff online through their training timelines. These factors combined to reduce consistency of operations, and each is being addressed. We anticipate that installation of the planned wastewater treatment facility at Lost Creek will greatly reduce solids that are incidental to wellfield production from entering the plant’s processing systems.
Current report
Successful production operations depend upon strong safety programs and consistently good safety records. Our safety program and culture both continue to improve at Lost Creek and with our staff at Shirley Basin. We are pleased to see continued and sustained improvements in safety and will remain focused on safety and compliance throughout our operations.
Current report
Construction activities are ongoing and gaining momentum at our fully permitted Shirley Basin Project. Construction of the foundation for the processing building began in early August and we have poured nearly 900 of the required 1,100 total cubic yards of concrete. The internal foundation of the processing facility is substantially complete, which allows for placement of vessels and tanks. All 11 of the production ion exchange (IX) columns were delivered to Shirley Basin in September, and two columns have been placed on the internal foundation. The IX resin has been received.
Current report
The metal building components of the processing facility have been delivered to the Shirley Basin site. The general contractor is onsite and preparing for pre-assembly construction work on the building. Additionally, the general contractor
Current report
continues it procurement and construction plans, including for the fabrication of steel piping, supports and catwalks offsite, prior to installation in the plant.
Current report
Following delivery of the modular main office complex in August, all electrical, IT and plumbing work was efficiently completed for occupancy. Our professional and management staff are now working from the ~10,000 sq. ft. office complex.
Current report
The dirt work for one of the two evaporation ponds is final, with the dirt work for the second pond nearing completion. When both are fully constructed, the general contractor will complete the work with installation of liners and technical components.
Current report
Our Shirley Basin management and professional staff are all in place and leading the ongoing wellfield construction and development. Site management are also working with our Casper-based senior professionals on all aspects of construction to advance to startup of production. We have added contracted professional expertise to our project management group to enhance coordination and maintain scheduling and quality metrics at the highest levels as we advance toward commissioning of Shirley Basin.
Current report
During Q3 we completed our recruitment of construction and development staff and began hiring operations staff. Currently, we have hired to all operational positions, including our maintenance and wellfield services staff. Training of all staff is progressing, and we anticipate that operations staff will obtain hands-on training at Lost Creek as well as training and working at Shirley Basin through construction of the satellite facility.
Current report
Casper Construction and Operations Facilities
Current report
As demonstrated in the above discussion of timely header house deliveries to both production sites, our Casper construction shop is ramping up its work as it progresses from routinely supplying the header houses for Lost Creek, to adding the header house needs for Shirley Basin to its worklist. All header houses are now fabricated and built in Casper, allowing for efficiency and cost savings, as well as greater safety, due to minimized travel requirements.
Current report
The Casper chemistry lab continues to support mine unit analysis at both Lost Creek and Shirley Basin through uranium analysis, product quality testing, and water sampling analysis. The lab staff also support ongoing research and development programs.
Current report
Exploration Programs
Current report
We began the planned exploration programs in the Great Divide Basin (“GDB”) in 2025 Q3 with work at our Lost Soldier project northeast of Lost Creek. The program at Lost Soldier included the installation of a series of aquifer test wells to facilitate a better understanding of the local hydrogeology. While the geology of the project is largely understood with the benefit of data from more than 4,000 historic drillholes, additional hydrogeologic data and characterization will enable our
Current report
professional staff to better plan for potential permitting and development of the site. Located within ten miles of Lost Creek, Lost Soldier has the potential to be developed as a satellite operation.
Current report
As the work at Lost Soldier concludes, the drill rigs and related teams will soon begin exploration drilling at our North Hadsell project, also in the GDB north of Lost Creek. We anticipate approximately 50 holes will be drilled. Thereafter, we will move to our third exploration program in the GDB at LC South, where we anticipate a 120-drill hole program will commence in 2026 Q1. The goal of our GDB exploration programs is to identify additional uranium roll fronts and potentially expand the Company’s uranium mineral resource base.
Current report
During the quarter, we provided notice to one of our customers of the satisfaction of the third of four production milestones tied to delivery commitments in 2026 through 2029.
Current report
On October 13, 2025, we announced the retirement of Ur-Energy CEO, John W. Cash, effective December 12, 2025. Matthew D. Gili, the Company’s President, will succeed Mr. Cash as CEO and will also join the Board of Directors on December 13, 2025. Mr. Cash will continue to serve as Chairman of the Board of Directors. He will also continue working closely with the management team as a strategic advisor following his retirement to support a seamless leadership transition and ongoing Company growth.
Current report
In September 2025, the Company announced the expansion of its accounting and finance team with the appointment of Jade Walle as Vice President Finance. Mr. Walle brings broad experience in corporate finance, capital markets, and financial reporting within the mining and energy sectors. Mr. Walle most recently served as an audit partner with PricewaterhouseCoopers LLP (PwC) from 2011 to 2024. He began his career with PwC in 1996 and advised publicly traded energy and mining companies across PwC’s offices in Tulsa, London, Houston, and Denver.
Current report
Mr. Walle’s technical accounting and capital markets experience includes serving in PwC’s Global Capital Markets Group in London from 1999 to 2002, where he assisted non-U.S. companies with U.S. market transactions and SEC reporting. He also held leadership roles, including oversight of a division of PwC’s center of excellence and its India acceleration center, which provided outsourced services to approximately 75 U.S. audit clients. Mr. Walle is a CPA, licensed in Oklahoma, Texas, and Colorado.
Current report
Pounds shipped in 2025 Q3 were lower than the previous quarter because a third planned shipment for the quarter was delayed to October 2 due to external shipping scheduling issues. Because of the shipping delay reducing the amount of pounds shipped during the quarter, the cost per pound shipped increased to approximately $1.13 per pound during the quarter.
Current report
Three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024
Current report
We sold 110,000 pounds at $57.48, which included a transfer fee received of $1.25 per pound on 73,235 pounds delivered in Canada, in 2025 Q3 for $6.3 million and we sold 100,000 pounds at $61.65 for $6.2 million in 2024 Q3. We sold 275,000 pounds at $60.91 for the nine months ended September 30, 2025 and 175,000 pounds at $61.65 per pound for the nine months ended September 30, 2024. The pounds and prices were driven by the terms of our sales contracts.
Current report
We also had $0.3 million in disposal fee revenue in the three and nine months ended September 30, 2024. We have had minimal disposal fee revenues in 2025. Our disposal income is dependent on the reclamation programs of other companies and varies based on their level of activity.
Current report
Gross profit decreased from $0.8 million in 2024 Q3 to a loss of $0.7 million in 2025 Q3 and a profit of $1.0 million for the nine months ended September 30, 2024 to a loss of $1.4 million for the nine months ended September 30, 2025. The reason for this was the sale of purchased pounds instead of produced pounds resulting in a loss per pound sold. Higher sales volumes of non-produced pounds will therefore drive a larger loss so the increased sales volumes amplified the higher cost per pound of the non-produced pounds sold.
Current report
Interest income was lower for the three and nine month periods as we have been spending significant cash to continue to develop Lost Creek and Shirley Basin resulting in lower invested balances. Interest expense has increased as our fleet of vehicles which is used both at the mines and to transport employees to the mines has grown substantially and is financed under a master lease.
Current report
As we approach the end of 2025, we look forward to 2026 being a pivotal year for Ur-Energy. Shirley Basin construction and development activities throughout this year are advancing us to start-up of our second production operation.
Current report
Our management and professional staff are working from the new office building onsite at Shirley Basin, and construction, drilling and maintenance staff are working in the recently refurbished buildings that supported historical mining at Shirley Basin in the 1970s and 1980s.
Current report
We have six drill rigs at Shirley Basin advancing the development of the first mine unit in preparation for wellfield operations scheduled to begin in 2026. Drilling, casing and completion of production and injection wells in the recovery area for our first header houses is complete, and installation of wells for the next two header houses is on schedule. Wellfield construction continues on pace with our planned production. The first header house is complete in Casper, awaiting delivery to Shirley Basin.
Current report
The contractor for construction of the foundation for the Shirley Basin processing building is nearing completion of its work. The general contractor is onsite working, advancing procurement and construction planning, including the fabrication of steel piping, supports and catwalks offsite, prior to installation in the new plant facility. We anticipate that the initial production flow and commissioning of the first IX columns will occur in 2026 Q1, with further commissioning and ramp-up of operations ongoing in 2026.
Current report
At Lost Creek, we anticipate increasing production rates as remaining operational challenges are resolved. Wellfield flow rates achieved earlier in 2025 support our ability to increase production. A further improvement plan for operations has been implemented, and additional training of staff is ongoing. We have bolstered operations expertise through an engagement of third-party engineering and operational specialists.
Showing the first 40 of 43 passages. Open the source sections for the rest.
Removed paragraphs (25)
Previous report
The U.S. Department of Energy was directed to prioritize work with the U.S. nuclear industry to add 5 gigawatt of power uprates to existing nuclear reactors and have 10 new large reactors under construction by 2030. The directives emphasize that the U.S. will maintain its leading reputation for nuclear safety. The actions taken will accelerate the development of the nuclear industrial base domestically and reposition the U.S. as a commercial nuclear leader globally. The May 2025 Executive Orders complement other recent Executive Orders and bipartisan Congressional actions to advance the domestic nuclear fuel cycle.
Previous report
Also in April 2025, the Department of Interior implemented “Emergency Permitting Procedures to Strengthen Domestic Energy Supply.” The permitting procedures include uranium projects and, according to the Department of Interior announcement, the measures are designed to expedite the review and, if appropriate, approval of energy projects.
Previous report
The shift to nuclear power is global, resulting from the desire of many nations for energy security and reliable carbon-free baseload power, and from the immense growth in electricity demand from AI and quantum computing. During the quarter, Sprott Physical Uranium Trust (SPUT) raised $200 million to be used to continue purchasing uranium in the spot market, demonstrating its continued support for the market.
Previous report
The market has been volatile since the end of 2025 Q1 in reaction to these events and announcements in support of nuclear fuel industries. Spot pricing was $64.23 at the close of 2025 Q1 and closed 2025 Q2 at an average price of $78.50, which was close to the highest average price in 2025. Spot has continued to retract to current average pricing of $71.30 at July 31, 2025.
Previous report
Subsequent to quarter end, we shipped an additional 34,964 pounds U 3 O 8. At July 31, we had 351,148 pounds U 3 O 8 in finished inventory at the conversion facility.
Previous report
Our wellfield flow rate increased 27% in 2025 Q2. Header house 2-15 was brought online in late June 2025; it is the fourth header house started in 2025. Flow rates are being closely controlled to facilitate all processing activities throughout the mine and plant. We anticipate additional and sustained flow increases in coming months as we bring on additional header houses and the operations team continues to enhance flow in existing wells through routine maintenance and improvements. Head grade remains above expectations. The Lost Creek processing plant is operating both dryers routinely. Other process circuits are performing more consistently following the completion of planned upgrades during the quarter, with additional upgrades and maintenance ongoing.
Previous report
We received the Wyoming Department of Environmental Quality (WDEQ) amendments to our Lost Creek permit to mine in 2025 Q2. This final permitting action by the State, following the license amendment received from WDEQ Uranium Recovery Program (URP) in 2021, allows for the expansion of recovery operations in up to six additional mine units in the HJ and KM horizons at our LC East Project and HJ mine units at Lost Creek. The State’s permit approval was followed by the final concurrence and approval for the expansion: the related aquifer exemption from the U.S. Environmental Protection Agency which was received May 1, 2025.
Previous report
We continue to progress construction activities at our fully permitted Shirley Basin Project. The compacted earthen pad for our satellite processing building is complete. The contractor for construction of the foundation for the processing building is onsite and has initiated construction activities. Orders for the major components of the plant facility are complete, including the metal building, ion exchange columns, ion exchange resin, and water treatment systems.
Previous report
Installation of the modular main office complex, totaling ~10,000 square feet, is substantially complete, with electrical and plumbing work advancing. The installation of two evaporation ponds is approximately 75% complete.
Previous report
During Q2 we increased our senior site management and construction and development staff by 17. Training of new staff is ongoing. Recruiting for operational staff, including the remaining managers, is ongoing.
Previous report
Exploration Program
Previous report
We plan to commence an exploration program in the Great Divide Basin (GDB) in Q3 2025 with an objective to discover new uranium roll fronts and further expand our uranium resource base. We have identified targets for exploration drilling within the GDB at our North Hadsell and LC South projects. In addition to the exploration drilling, we plan to install a series of aquifer test wells at our Lost Soldier Project to increase our understanding of the local hydrogeology.
Previous report
Mr. Gili’s strong technical experience includes having been Executive General Manager of the Cortez District, leading one of Barrick’s top mining operations in Nevada, from which Mr. Gili was promoted to Chief Technical Officer for Barrick. Additional operational experience includes roles with Rio Tinto as the Managing Director of the Palabora Mining Company in South Africa and Chief Operating Officer of Oyu Tolgoi in Mongolia. Passionate about safety and environmental stewardship Mr. Gili previously acted as Chairman of the Palabora Foundation, and Chairman of the Mongolian Safety Association.
Previous report
Pound shipped in 2025 Q2 were consistent with the previous quarter and the cost per pound shipped was approximately $0.66 during the quarter.
Previous report
As production continues to increase to targeted levels, we expect NRV adjustments to stop and the cost per pound in ending inventory, and ultimately the cost per pound sold, to decrease accordingly.
Previous report
Three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024
Previous report
We sold 165,000 pounds at $63.20 in 2025 Q2 for $10.4 million and 75,000 at $61.65 for $4.7 million in 2024 Q2. The increase in pounds and price were driven by the terms of the contracts. There were no sales in 2025 Q1 or 2024 Q1.
Previous report
Gross profit increased from $1.3 million in 2024 Q2 to $1.9 million in 2025 Q2. The main reason for this was the increase in sales from 75,000 pounds to 165,000 pounds. The cost per pound sold increased from $41.69 in 2024 to $50.89 in 2025. Much of what was sold in 2024 was subject to larger NRV adjustments as the spot price of uranium declined and the inventory value was reduced accordingly.
Previous report
Higher interest rates and cash balances generated increased interest income in 2025. At the same time, interest expense increased reflecting interest costs on a new uranium inventory loan in 2025 as compared to the Wyoming state bond loan, which was paid off in March 2024.
Previous report
We continue to advance Shirley Basin construction and development activities. The office building construction is substantially complete, with connection to utilities ongoing. Historical buildings have been retrofitted and are in use as construction, maintenance and drill casing facilities. We have five drill rigs at Shirley Basin advancing the development of SBMU1 in preparation for wellfield operations. The contractor for construction of the foundation for the processing building is onsite and has initiated construction activities.
Previous report
At Lost Creek, we are experiencing continued increases in production, as we progress to targeted production rates. We drummed 112,033 pounds U 3 O 8 in 2025 Q2. We shipped 105,316 pounds U 3 O 8 during the quarter. We also shipped 34,964 pounds U 3 O 8 to the conversion facility in July 2025.
Previous report
We have 18 drill rigs working at Lost Creek, which is sufficient for our present development requirements and our planned 2025 exploration programs in the GDB.
Previous report
Header house 2-15 was brought online in late June 2025; it is the fourth header house started in 2025. Flow rates are closely controlled to facilitate all processing activities throughout the mine though overall we anticipate additional flow increases in coming months as we bring on additional header houses and the operations team continues to enhance flow in existing wells through routine maintenance and improvements. Head grade remains above expectations. The Lost Creek processing plant is operating both dryers routinely. Other process circuits are performing more consistently following the completion of planned upgrades during Q2, with additional upgrades and maintenance ongoing. We anticipate that we will begin bringing the planned header houses in MU1 Phase 2 online in 2025 Q4.
Previous report
The Casper construction shop is functioning well and meeting our present header house development needs for Lost Creek. The shop has also begun construction of the first header house for Shirley Basin as we move towards production there.
Previous report
We are restarting exploration programs to identify additional mineral resources on several of the Company’s projects and supplement future production.
Reworded paragraphs (56)
Previous wording
Incorporated on March 22, 2004, Ur-Energy is an exploration stage issuer, as that term is defined by the U.S. Securities and Exchange Commission (“SEC”). We are engaged in uranium recovery and processing activities, including the acquisition, exploration, development, and operation of uranium mineral properties in the U.S. We are operating our first in situ recovery uranium facility at our Lost Creek Project in Wyoming. Ur-Energy is a corporation continued under theCanada Business Corporations Act on August 8, 2006. Our common shares are listed on the TSX under the symbol “URE” and on the NYSE American under the symbol “URG.”
Current wording
Incorporated on March 22, 2004, Ur-Energy is an exploration stage issuer, as that term is defined by the U.S. Securities and Exchange Commission (“SEC”). We are engaged in uranium recovery and processing activities, including the acquisition, exploration, development, and operation of uranium mineral properties in the U.S. We are operating our first in situ recovery uranium facility at our Lost Creek Project in Wyoming. Ur-Energy is a corporation continued under the Canada Business Corporations Act on August 8, 2006. Our common shares are listed on the TSX under the symbol “URE” and on the NYSE American under the symbol “URG.”
Previous wording
We utilize in situ recovery (“ISR”) of the uranium at our flagship project, Lost Creek, and will do so at Shirley Basin and other projects where possible. The ISR technique is employed in uranium extraction because it allows for an effective recovery of roll front uranium mineralization at a lower cost. At Lost Creek, we extract and process uranium oxide (“U 3 O 8”) for shipping to a third-party conversion facility to be weighed, assayed and stored until sold. After sale, when further processed, the uranium we have produced fuels carbon-free, emissions-free nuclear power which is a cost-effective, safe, and reliable form of electrical power. Nuclear power provides an estimated 50% of the carbon-free electricity in the U.S.
Current wording
We utilize in situ recovery (“ISR”) of the uranium at our flagship project, Lost Creek, and will do so at Shirley Basin and other projects where possible. The ISR technique is employed in uranium extraction because it allows for an effective recovery of roll front uranium mineralization at a lower cost. At Lost Creek, we extract and process uranium oxide (“U 3 O 8”) for shipping to a third-party conversion facility to be weighed, assayed and stored until sold. After sale, when further processed, the uranium we have produced fuels carbon-free, emissions-free nuclear power which is a cost-effective, safe, and reliable source of electrical power. Nuclear power provides an estimated 55% of the carbon-free electricity in the U.S.
Previous wording
Our Lost Creek Project is permitted and licensed for annual recovery of up to 1.2 million pounds U 3 O 8. The processing facility at Lost Creek, which includes all circuits for the production, drying and packaging of U 3 O 8 for delivery into sales transactions, is designed and approved under current licensing to process up to 2.2 million pounds of U 3 O 8 annually, which provides additional capacity of up to one million pounds U 3 O 8 to process material from other sources. The Lost Creek processing facility will be utilized to process captured U 3 O 8 from our Shirley Basin Project for which a satellite plant is being built in 2025, with expected commissioning in early 2026. The Shirley Basin permit and license allow for the construction of a full processing facility, providing greater construction and operating flexibility as may be dictated by future market conditions.
Current wording
Our Lost Creek Project is permitted and licensed for annual recovery of up to 1.2 million pounds U 3 O 8. The processing facility at Lost Creek, which includes all circuits for the production, drying and packaging of U 3 O 8 for delivery into sales transactions, is designed and approved under current licensing to process up to 2.2 million pounds of U 3 O 8 annually, which provides additional capacity of up to one million pounds U 3 O 8 to process material from other sources. The Lost Creek processing facility will be utilized to process captured U 3 O 8 from our Shirley Basin Project for which a satellite plant is being built in 2025, with expected commissioning in 2026. The Shirley Basin permit and license allow for the construction of a full processing facility, providing greater operating flexibility as may be dictated by future market conditions.
Previous wording
Our sales deliveries in 2025 are projected to be 440,000 pounds U 3 O 8 into two of our sales agreements. We now have eight multi-year sales agreements which together anticipate sales of approximately 6.0 million pounds U 3 O 8 between 2025 and 2033.
Current wording
Our sales deliveries in 2025 are projected to be 440,000 pounds U 3 O 8 into two of our sales agreements. We anticipate completing the remaining deliveries in Q4 with our existing conversion facility inventory. We now have eight multi-year sales agreements which together anticipate sales of approximately 6.0 million pounds U 3 O 8 between 2025 and 2033.
Previous wording
These recent directives from the Trump Administration continue the strong support for energy and mineral development which began on the first day of President Trump’s Administration with the Executive Order titled “Unleashing American Energy” which, among other actions, made it U.S. policy to encourage energy exploration and production on federal lands and requires a review to ensure all regulatory requirements related to energy are grounded in clearly applicable law.
Current wording
The Trump Administration continues with its strong support for energy and mineral development which began on day one of the Administration with the Executive Order titled “Unleashing American Energy.” The Order makes it U.S. policy to encourage energy exploration and production. Support for energy projects, and specifically nuclear energy and domestic uranium, has continued throughout the year.
Previous wording
On May 23, 2025, President Trump issued four Executive Orders with the objective of taking “swift and decisive action” to rapidly advance U.S. nuclear power generation and global nuclear influence in the interest of America’s national security. The Executive Orders call for quadrupling American nuclear energy capacity from 100 GW in 2024 to 400 GW by 2050 and provide a clear path to achieve that ambitious goal, including workforce development; expansion of domestic conversion and enrichment services; development and deployment of advanced nuclear reactors; and regulatory reform.
Current wording
President Trump issued four Executive Orders in May 2025 with the objective of taking “swift and decisive action” to rapidly advance U.S. nuclear power generation and global nuclear influence in the interest of America’s national security. The Executive Orders call for 10 new large reactors to be under construction by 2030 and for quadrupling American nuclear energy capacity from 100 GW in 2024 to 400 GW by 2050.
Previous wording
The U.S. Department of Commerce continues its national security probe under Section 232 of the Trade Expansion Act of 1962 into the impact of imports of critical minerals which specifically identifies uranium. The investigation was initiated by Executive Order in April 2025 and is ordered to be completed within 180 days (October 12) when a final report with recommendations is submitted to the President. A draft interim report was due to the Secretaries of Defense and Treasury, in addition to other key Administration leaders, by July 14, 2025. The impact of the investigation and subsequent remedies, if any, are unknown at this time but could have a positive impact on Ur-Energy as one of the largest uranium producers in the U.S.
Current wording
The Section 232 investigation is expected to be complete with a report from DOC to the White House containing recommendations to the President. Following submission of the report, the President has 90 days to act. The impact of the investigation and subsequent remedies, if any, are unknown at this time but could have a positive impact on Ur-Energy as one of the largest uranium producers in the U.S.
Previous wording
Although tariffs and geopolitical trade actions have dominated the news recently, uranium has been largely excluded from tariffs. Whether the ongoing Section 232 action will change tariff rates remains to be seen. Regardless of whether tariffs are implemented on uranium, it is unlikely it would impact Ur-Energy because nearly all our deliveries to customers are within the U.S. and are unlikely to be affected by imposition of tariffs.
Current wording
Although tariffs and geopolitical trade actions continue to dominate the news, uranium has been largely excluded from tariffs. Whether the ongoing Section 232 action or other geopolitical events will change tariff rates remains to be seen. Regardless of whether tariffs are implemented on uranium, it is unlikely it would impact Ur-Energy because nearly all our deliveries to customers are within the U.S. and therefore are not likely to be affected by imposition of tariffs.
Previous wording
We sold 165,000 pounds U 3 O 8 at an average price of $63.20 per pound in 2025 Q2 for revenue of $10.4 million.
Current wording
We sold 110,000 pounds U 3 O 8 at an average price of $57.48 per pound in 2025 Q3 for revenue of $6.3 million.
Previous wording
During 2025 Q2 operations at Lost Creek, we dried and packaged 112,033 pounds and shipped 105,316 pounds U 3 O 8 to the conversion facility. At quarter end, our in-process and drummed inventory at Lost Creek was approximately 55,000 pounds, our finished inventory at the conversion facility was 315,607 pounds.
Current wording
During 2025 Q3 operations at Lost Creek, we dried and packaged 93,523 pounds and shipped 70,190 pounds U 3 O 8 to the conversion facility. At quarter end, our finished inventory at the third-party conversion facility was 278,150 pounds.
Previous wording
Including the sales during the quarter, we anticipate that we will deliver and sell 440,000 pounds U 3 O 8 at an average price per pound sold of $61.56 in 2025 from which we expect to realize revenues of $27.1 million.
Current wording
Including the sales during 2025 Q3, we anticipate that we will deliver and sell 440,000 pounds U 3 O 8 in 2025 at an average price per pound sold of $61.77, from which we expect to realize revenues of $27.2 million.
Previous wording
Installation of production and injection wells in Mine Unit 1 (SBMU1) continues, with initial drilling, casing and completion in the first three header houses. Monitor wells for SBMU1 have been installed, and sampling is underway. Work has begun to upgrade the electrical substation and other site-wide utilities.
Current wording
Installation of production and injection wells in Mine Unit 1 (“SBMU1”) continues, with initial drilling, casing and completion of wells for the first header house complete. Installation of wells for the next two header houses is well advanced. Monitor wells for SBMU1 have been installed, and hydrologic testing and well sampling is complete. The first header house for SBMU1 has been fabricated in our Casper construction shop. Work has begun on the second Shirley Basin header house. Onsite construction for placement of these two header houses is underway. Construction of the main pipeline for SBMU1 is progressing on schedule, with trenching complete through the seventh header house and pipe placed past the third house.
Previous wording
Prior to 2025 Q2, we completed the following Shirley Basin construction and development activities: upgraded the existing road to an all-weather surface; installed and completed 125 monitor wells for SBMU1 and additional site groundwater characterization; installed power between the historical substation and the site for the satellite plant; installed communications and security systems; and installed the septic system for the satellite plant enclosure. Additionally, we completed the refurbishment of the existing warehouse, construction bay and maintenance bay, including installation and furnishing modular offices for these buildings. The construction of the ion exchange vessels is still expected to be complete this fall.
Current wording
As previously disclosed, the following Shirley Basin construction and development activities are complete: upgraded the existing road to an all-weather surface; installed and completed 125 monitor wells for SBMU1 and additional site groundwater characterization; installed power between the historical substation and the site for the satellite plant; installed communications and security systems; and installed the septic system for the satellite plant enclosure. Additionally, we completed the refurbishment of the existing warehouse, construction bay and maintenance bay, including installation and furnishing modular offices for these buildings.
Previous wording
Beginning in 2022, we have secured eight multi-year sales agreements with global nuclear energy companies. Most recently, we secured an agreement which calls for annual delivery of 100,000 pounds U 3 O 8 in each of 2028, 2029 and 2030. Pricing is at an escalated fixed price, well above current spot and term prices. Additionally, we may elect for each of 2028, 2029, and 2030 to sell up to an additional 100,000 lbs. U 3 O 8 per year at a sales price equal to 99% of the average monthly spot price for the two months preceding the delivery date.
Current wording
We currently have eight multi-year sales agreements with global nuclear energy companies. The eighth agreement was completed during the quarter and calls for annual delivery of 100,000 pounds U 3 O 8 in each of 2028, 2029 and 2030. Pricing is at an escalated fixed price, well above current spot and term prices. Additionally, we may elect for each of 2028, 2029, and 2030 to sell up to an additional 100,000 lbs. U 3 O 8 per year at a sales price equal to 99% of the average monthly spot price for the two months preceding the delivery date.
Previous wording
Several of our sales agreements are a combination of escalated fixed price and market-related pricing, subject to a floor and ceiling, while others are escalated fixed pricing. Also, several of the agreements include provisions by which the purchase may flex the delivery amount (up or down) as much as 10% in a delivery year and others provide options to add sales quantities in additional delivery years.
Current wording
Several of our sales agreements are a combination of escalated fixed price and market-related pricing, subject to a floor and ceiling, while others are escalated fixed pricing. Also, several of the agreements include provisions by which the purchaser may flex the delivery amount (up or down) as much as 10% in a delivery year and others provide options to add sales quantities in additional delivery years.
Previous wording
On June 30, 2025, Matthew D. Gili was appointed as Ur-Energy’s President as a part of the Company’s succession planning and plans for strategic growth. Mr. Gili is a Professional Engineer with deep C-suite experience having served as a Chief Executive Officer, Chief Operating Officer, Chief Technical Officer and Executive General Manager. Mr. Gili has served in executive roles with publicly traded mining companies, most recently as President and Chief Operating Officer of i-80 Gold Corporation (2021-2025) and, prior to that, as Chief Executive Officer with Nevada Copper Corporation (2018-2020).
Current wording
Mr. Gili is a Professional Engineer with deep C-suite experience having served as a Chief Executive Officer, Chief Operating Officer, Chief Technical Officer and Executive General Manager. Mr. Gili has served in executive roles with publicly traded mining companies, including as President and Chief Operating Officer of i-80 Gold Corporation (2021-2025) and, prior to that, as Chief Executive Officer with Nevada Copper Corporation (2018-2020). Mr. Gili became President of Ur-Energy in June 2025.
Previous wording
Cost of sales per the financial statements includes U 3 O 8 costs of sales and lower of cost or NRV adjustments. U 3 O 8 cost of sales includes ad valorem and severance taxes related to the extraction of uranium, all costs of wellfield and plant operations including the related depreciation and amortization of capitalized assets, reclamation, and mineral property costs, plus product distribution costs. These costs are also used to value inventory. The resulting inventoried cost per pound is compared to the NRV of the product, which is based on the estimated sales price of the product, net of any necessary costs to finish the product. Any inventory value in excess of the NRV is charged to cost of sales in the financial statements. NRV adjustments, if any, relate to U 3 O 8 inventories and do not relate to the sale of U 3 O 8, and are excluded from the U 3 O 8 cost of sales and U 3 O 8 cost per pound sold measures.
Current wording
Cost of sales per the financial statements includes U 3 O 8 costs of sales and lower of cost or NRV adjustments. U 3 O 8 cost of sales includes ad valorem and severance taxes related to the extraction of uranium, all costs of wellfield and plant operations including the related depreciation and amortization of capitalized assets, asset retirement costs, and mineral property costs, plus product distribution costs. These costs are also used to value inventory. The resulting inventoried cost per pound is compared to the NRV of the product, which is based on the estimated sales price of the product, net of any necessary costs to finish the product. Any inventory value in excess of the NRV is charged to cost of sales in the financial statements. NRV adjustments, if any, relate to U 3 O 8 inventories and do not relate to the sale of U 3 O 8, and are excluded from the U 3 O 8 cost of sales and U 3 O 8 cost per pound sold measures.
Previous wording
In 2025 Q2, we sold 165,000 produced pounds of U 3 O 8 at $63.20 per pound. Our total sales in 2025 are projected at 440,000 pounds of U 3 O 8 at an average price per pound sold of $61.56 and we expect to realize revenues of $27.1 million. The deliveries are under contracts negotiated in 2022 and 2023, when the long-term price was between $43 and $57 per pound.
Current wording
Our total sales in 2025 are projected at 440,000 pounds of U 3 O 8 at an average price per pound sold of $61.77 and we expect to realize revenues of $27.2 million. The deliveries are under contracts negotiated in 2022 and 2023, when the long-term price was between $43 and $57 per pound.
Previous wording
Deliveries for 2025 are committed to two customers for a base amount of 400,000 pounds of U 3 O 8. Under our agreements, both buyers elected to flex up the annual base delivery quantity by 10%. Deliveries of 165,000 pounds were made in 2025 Q2 and deliveries of 110,000 pounds and 165,000 pounds are expected to be made in 2025 Q3 and Q4, respectively.
Current wording
Deliveries for 2025 are committed to two customers for a base amount of 400,000 pounds of U 3 O 8. Under our agreements, both buyers elected to flex up the annual base delivery quantity by 10%. Deliveries of 165,000 pounds and 110,000 pounds were made in 2025 Q2 and Q3, respectively. A delivery of 165,000 pounds is expected to be made in 2025 Q4.
Previous wording
In 2024, we delivered 570,000 pounds sales, which consisted of 270,000 produced pounds at an average cost per pound sold of $51.53 and 300,000 non-produced pounds at an average cost per pound sold of $75.87. The produced pounds were captured and drummed during the ramp up period at a higher average cost per pound when the mine operated at lower, ramp up, production levels.
Current wording
In 2024, we delivered 570,000 pounds, which consisted of 270,000 produced pounds at an average cost per pound sold of $51.53 and 300,000 non-produced pounds at an average cost per pound sold of $75.87. The produced pounds were captured and drummed during the ramp up period at a higher average cost per pound when the mine operated at lower production levels. In 2024 Q4, we purchased 300,000 pounds and borrowed 250,000 pounds at an average cost of $75.87 per pound to meet 2024 delivery requirements and to establish a base inventory position for 2025. We delivered 300,000 of the 550,000 non-produced pounds in 2024 Q4, leaving 250,000 non-produced pounds in ending inventory available for 2025 delivery requirements.
Previous wording
In 2025 Q2, we delivered 165,000 produced pounds at an average cost per pound sold of $50.89. Production at Lost Creek increased during the quarter leading to lower average costs per pound sold compared to 2024 Q4.
Current wording
In 2025 Q2, we delivered 165,000 produced pounds at an average cost per pound sold of $50.89. Production at Lost Creek increased during the quarter leading to a lower average cost per pound sold as compared to 2024 Q4. In 2025 Q3, we delivered 110,0000 non-produced pounds at an average cost per pound sold of $64.21. Non-produced pounds held in inventory are valued at the average U 3 O 8 spot price, which decreased during the first three months of 2025 to $64.21. The remaining sale of 165,000 pounds in 2025 Q4 is expected to be fulfilled with produced pounds.
Previous wording
In 2025 Q2, the average price per pound sold was $63.20 and the average cost per pound sold was $50.89, which resulted in an average profit per pound sold of $12.31 and an average profit margin per pound sold of about 20%. On a cash cost basis, the average profit margin per pound sold was about 36%.
Current wording
In 2025 Q2, we sold 165,000 produced pounds and the average price per pound sold was $63.20 and the average cost per pound sold was $50.89, which resulted in an average profit per pound sold of $12.31 and an average profit margin per pound sold of about 20%. On a cash cost basis, the average profit margin per pound sold was about 36%. In 2025 Q3, we sold 110,000 non-produced pounds and the average price per pound sold was $57.48 and the average cost per pound sold was $64.21, which resulted in an average loss per pound sold of $6.72 and an average loss margin per pound sold of about 12%. For the first nine months of 2025, the average price per pound sold was $60.91 and the average cost per pound sold was $56.22, which resulted in an average profit per pound sold of $4.69 and an average profit margin per pound sold of about 8%.
Previous wording
In 2024, we captured 265,746 pounds as mining activities began to accelerate. Pounds captured increased in each quarter during 2024, although at a slower rate than we anticipated. Drying issues in the plant impacted our ability to capture pounds. The drying issues were resolved in 2025 Q1, which allowed us to increase flow rates into the plant by approximately 56% going from 2,066 average gallons per minute in March to 3,220 average gallons per minute in June.
Current wording
In 2024, we captured 265,746 pounds as mining activities began to accelerate. Pounds captured increased in each quarter during 2024, although at a slower rate than we anticipated. Drying issues in the plant impacted our ability to capture pounds within the plant.
Previous wording
As a result, pounds captured increased 73% going from 74,479 pounds in 2025 Q1 to 128,970 pounds in 2025 Q2 and our cost per pound captured decreased from $20.18 to $13.66 during the quarter.
Current wording
The drying issues were resolved in 2025 Q1, which allowed us to increase flow rates into the plant by approximately 56% going from 2,066 average gallons per minute in March to 3,220 average gallons per minute in June. As a result, pounds captured increased 73% going from 74,479 pounds in 2025 Q1 to 128,970 pounds in 2025 Q2 and our cost per pound captured decreased from $20.18 to $13.66 during the quarter. Although the wellfield is capable of producing at an annual rate in excess of 800,000 pounds per year, flow rates were intentionally lowered to 2,106 gallons per minute in 2025 Q3 to allow the plant to make processing modifications and perform additional equipment repairs that would allow it to also produce at greater annual rates. The plant modifications are intended to address the elution, precipitation, washing, and drying processes, including allowing for greater washing efficiency and more routine operation of the dryers. Ongoing work related to all plant systems will continue in Q4 to optimize production and processing.
Previous wording
Pound drummed increased 35% going from 83,066 pounds in 2025 Q1 to 112,033 pounds in 2025 Q2. As a result, our cost per pound drummed decreased from $45.89 to $36.34 during the quarter.
Current wording
Pounds drummed increased from 83,066 pounds in 2025 Q1 to 112,033 pounds in 2025 Q2. As a result, our cost per pound drummed decreased from $45.89 to $36.34 during the quarter. During 2025 Q3, pounds drummed decreased to 93,523 pounds as plant processing modifications were being made and the cost per pound drummed increased slightly to $37.30.
Previous wording
In-process and drummed inventory levels at the plant increased during the current quarter, going from approximately 40,000 pounds to approximately 55,000 pounds.
Current wording
Drummed inventory levels at the plant increased during the current quarter, going from approximately 17,000 pounds to approximately 41,000 pounds, reflecting the shipping delay.
Previous wording
Conversion inventories decreased during the current quarter, going from approximately 369,000 pounds to 316,000 pounds. The decrease was due to shipping fewer pounds than we sold during the quarter. The ending produced inventory value decreased from $54.53 to $51.96 during the quarter reflecting the lower average production costs during the quarter.
Current wording
Conversion facility inventories decreased during the current quarter, going from approximately 316,000 pounds to 278,000 pounds. The decrease was due to shipping fewer pounds to the conversion facility than we sold during the quarter. The ending produced inventory value increased from $51.96 to $52.77 during the quarter reflecting the slightly higher average production costs per pound.
Previous wording
Because production rates were lower in 2025 Q1, the cost per pound to produce inventory exceeded its NRV. As production rates increased, the NRV adjustments to produced inventory decreased from $0.5 million in 2025 Q1 to $0.1 million in 2025 Q2. The last NRV adjustment was in April. There were no NRV adjustments in May or June.
Current wording
Because production rates were lower in 2025 Q1, the cost per pound to produce inventory exceeded its NRV. As production rates increased, the NRV adjustments to produced inventory decreased from $0.5 million in 2025 Q1 to $0.1 million in 2025 Q2. The last NRV adjustment was in April. There were no NRV adjustments in 2025 Q3.
Previous wording
The following table summarizes the results of operations for the three and six months ended June 30, 2025 and 2024 (expressed in thousands of U.S. dollars, except per share and non-GAAP per pound data):
Current wording
The following table summarizes the results of operations for the three and nine months ended September 30, 2025 and 2024 (expressed in thousands of U.S. dollars, except per share and non-GAAP per pound data):
Previous wording
U 3 O 8 product costs included in cost of sales were greater in the three and six months ended June 30, 2025 compared to 2024 because of the increase in pounds sold. Sales increased from 75,000 pounds in 2024 Q2 to 165,000 pounds in 2025 Q2.
Current wording
U 3 O 8 product costs included in cost of sales were greater in the three and nine months ended September 30, 2025 compared to 2024 because of the increase in pounds sold as well as the use of purchased pounds to fill certain orders in 2025. The purchased pounds have a higher cost than our produced pounds.
Previous wording
NRV adjustments in 2025 Q2 included $0.1 million related to produced inventory, which was $0.1 million less than 2024 Q2. The decrease was primarily related to increased production in 2025 Q2 as compared to 2024 Q2. NRV adjustment for the six months ended June 30, 2025 included $2.1 million related to non-produced inventory and $0.6 million related to produced inventory, which was $0.7 less than the produced NRV adjustment in the six months ended June 30, 2024. Again, the decrease was primarily related to increased production in the first six months of 2025 compared to 2024.
Current wording
There were no NRV adjustments during Q3 compared to $0.7 million in Q3 2024. The decrease was primarily related to increased production in 2025 as compared to 2024. NRV adjustment for the nine months ended September 30, 2025 included $2.1 million related to non-produced inventory and $0.6 million related to produced inventory, which was $1.5 million less than the produced NRV adjustment in the nine months ended September 30, 2024. Again, the decrease was primarily related to increased production in the first nine months of 2025 compared to 2024. The adjustment on the non-produced inventory was due to a decrease in the spot market price early in the year. Although the spot price has subsequently rebounded, U.S. GAAP precludes the reversal of a previously recorded impairment charge.
Previous wording
The following table summarizes the operating costs for the three and six months ended June 30, 2025 and 2024 (expressed in thousands of U.S. dollars):
Current wording
The following table summarizes the operating costs for the three and nine months ended September 30, 2025 and 2024 (expressed in thousands of U.S. dollars):
Previous wording
Total operating costs increased $5.0 million and $3.1 million in the three and six months ended June 30, 2025 as compared to 2024, respectively. The main drivers in the changes were increased development activities, a portion of which was related to larger employee counts and increased development activities associated with the Shirley Basin Project.
Current wording
Total operating costs increased $6.4 million and $9.5 million in the three and nine months ended September 30, 2025 as compared to 2024, respectively. The main driver of the changes were increased development activities, a portion of which was related to larger employee counts and increased development activities associated with the Shirley Basin Project.
Previous wording
Exploration and evaluation expense consists of labor and the associated costs of the exploration, evaluation, and regulatory departments, as well as land holding and exploration costs on properties that have not reached the development or operations stage. Labor accounted for $0.3 million and $0.6 million of the increases in the three- and six-month periods of 2025 compared to 2024 which were offset by decreases in service costs associated with acquisition investigations in the prior year.
Current wording
Exploration and evaluation expense consists of labor and the associated costs of the exploration, evaluation, and regulatory departments, as well as land holding and exploration costs on properties that have not reached the development or operations stage. For Q3 2025, costs increased $0.5 million over Q3 2024. For the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, costs increased $0.8 million. Labor accounted for $0.3 million and $0.8 million of the increases in the three- and nine-month periods of 2025 compared to 2024, due to increases in staffing levels. In addition, exploration drilling is beginning on properties other than Lost Creek and Shirley Basin which amounted to $0.4 million for the quarter and the nine-month period. This was partially offset by decreases in service costs associated with acquisition investigations in the prior year.
Previous wording
The Company is considered an exploration stage issuer and expenses its pre-production development costs. These development costs are incurred in advance of production from the related mining areas. Development expense includes costs incurred at the Lost Creek Project not directly attributable to current production activities, including wellfield construction, drilling, and development costs. It also includes costs incurred at the Shirley Basin Project not directly attributable to the construction of the capitalizable assets of the project, including the installation of the first mine unit, which is in progress. The following table summarizes the development costs included in operating costs for the three and six months ended June 30, 2025 and 2024 (expressed in thousands of U.S. dollars):
Current wording
The Company is considered an exploration stage issuer and expenses its pre-production development costs. These development costs are incurred in advance of production from the related mining areas. Development expense includes costs incurred at the Lost Creek Project not directly attributable to current production activities, including wellfield construction, drilling, and development costs. It also includes costs incurred at the Shirley Basin Project not directly attributable to the construction of the capitalizable assets of the project, including the installation of the first mine unit, which is in progress. The following table summarizes the development costs included in operating costs for the three and nine months ended September 30, 2025 and 2024 (expressed in thousands of U.S. dollars):
Previous wording
Development expenses increased approximately $4.0 million and $2.2 million in the three and six months ended June 30, 2025 compared to 2024. The Company has continued to hire staff and engage new drilling contractors to both ramp up production at Lost Creek and develop the Shirley Basin Project, which accounted for a significant portion of the total development cost increases in the three and six month periods. Repairs, fuel, and supplies related to these heightened efforts also contributed to the increase. This was partially offset by the completion of a new disposal well at Lost Creek in 2024 as well as costs for power lines and roads at Shirley Basin with no similar costs in 2025.
Current wording
Development expenses increased approximately $4.3 million and $6.5 million in the three and nine months ended September 30, 2025 compared to 2024. The Company has continued to hire staff and accelerate drilling to both ramp up production at Lost Creek and develop the Shirley Basin Project, which accounted for a significant portion of the total development cost increases in the three and nine month periods. Repairs, fuel, and overhead, such as insurance and bonding costs, related to these heightened efforts also contributed to the increase. This was partially offset by the cost of completing a new disposal well at Lost Creek, as well as costs for power lines and roads at Shirley Basin, in 2024, with no similar costs in 2025.
Previous wording
Beginning in 2025, Shirley Basin wellfield, plant, and site administration departmental costs were initiated. The costs are being expensed as development costs until inventory production at Shirley Basin commences, at which time the costs will be used to value inventory. At Shirley Basin, development costs will continue to increase as we develop the first mine unit during 2025.
Current wording
Beginning in 2025, Shirley Basin wellfield, plant, and site administration departmental costs were initiated. The costs are being expensed as development costs until inventory production at Shirley Basin commences, at which time the costs will be used to value inventory. At Shirley Basin, development costs will continue to increase as we develop the first mine unit during 2025 and into 2026.
Previous wording
General and administration expenses relate to the administration, finance, investor relations, land, and legal functions, and consist principally of personnel, facility, and support costs. For the three and six months ended June 30, 2025, the expenses increased $0.7 million and $0.4 million, respectively. The increases were driven by outside service costs together with some increases in labor costs. A portion of the increase for the quarter is related to the revised treatment of stock options as a liability that is revalued quarterly and can significantly affect stock compensation expense.
Current wording
General and administration expenses relate to the administration, finance, investor relations, land, and legal functions, and consist principally of personnel, facility, and support costs. For the three and nine months ended September 30, 2025, the expenses increased $1.5 million and $1.8 million, respectively. The increases were driven by stock based compensation costs together with some increases in labor costs. The increase in stock based compensation is related to the treatment of stock options as a liability which went into effect at December 31, 2024 and is revalued quarterly and can significantly affect stock compensation expense due to changes in the trading price of the Company’s stock, such as the increase of the Company’s share price during the three and nine months ended September 30, 2025, compared to 2024.
Previous wording
The 2024 Q1 mark to market adjustments included only the revaluation of the warrant liability while the 2025 adjustments included the revaluations of the warrant liability and the new uranium inventory loan. Because of increases during the quarter in the Company’s share price, which is used to calculate the warrant liability revaluation, and increases in the average U 3 O 8 spot price, which is used to calculate the uranium inventory loan revaluation, 2025 reflected $5.6 million and $1.3 million losses for the three- and six-month periods as compared to $4.2 million and $1.5 million gains in 2024 when our stock price was declining.
Current wording
The 2024 mark to market adjustments included only the revaluation of the warrant liability while the 2025 adjustments included the revaluations of the warrant liability and the inventory derivative obligation. Because of increases during the quarter in the Company’s share price, which is used to calculate the warrant liability revaluation, and increases in the average U 3 O 8 spot price, which is used to calculate the uranium inventory loan revaluation, 2025 reflected $7.9 million and $9.2 million losses for the three- and nine-month periods as compared to $3.0 million and $4.4 million gains in 2024 when our stock price was declining.
Previous wording
The basic and diluted losses per common share for the three and six months ended June 30, 2025 were $0.06 and $0.09 per share, respectively. The basic and diluted losses per common share for the same periods in 2024 were $0.02 and $0.09, respectively. The diluted loss per common share is equal to the basic loss per common share due to the anti-dilutive effect of all convertible securities in periods of loss.
Current wording
The basic and diluted losses per common share for the three and nine months ended September 30, 2025 were $0.07 and $0.16 per share, respectively. The basic and diluted losses per common share for the same periods in 2024 were $0.02 and $0.11, respectively. The diluted loss per common share is equal to the basic loss per common share due to the anti-dilutive effect of all convertible securities in periods of loss.
Showing the first 40 of 56 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
The U.S. Department of Commerce (DOC) continues its national security probe under Section 232 of the Trade Expansion Act of 1962 into the impact of imports of critical minerals which specifically includes uranium. This investigation is ongoing while there is also consideration of formally adding uranium to the federal list of critical minerals which could facilitate funding and regulatory opportunities for domestic uranium projects.
Current report — wording carried from elsewhere
purchase our common shares and/or senior and subordinated debt securities. The registration statement became effective July 19, 2023, for a three-year period.
Current report — wording carried from elsewhere
obtain additional funding other than that which may be required due to the uneven nature of cash flows generated from operations and used for construction related activities.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
During 2024, we purchased 300,000 pounds and borrowed 250,000 pounds at an average cost of $75.87 per pound to meet 2024 delivery requirements and to establish a sufficient base inventory position for 2025. We delivered 300,000 of the 550,000 non-produced pounds in 2024 Q4, leaving 250,000 non-produced pounds in ending inventory available for 2025 delivery requirements, if needed, or to be sold into the spot market if it is advantageous to do so.
Previous report — wording carried elsewhere
On February 21, 2023, the Company closed a $46.1 million underwritten public offering of 39,100,000 common shares and accompanying warrants to purchase up to 19,550,000 common shares, at a combined public offering price of $1.18
Previous report — wording carried elsewhere
We have continued recruitment and hiring on our phased plan for staffing at Shirley Basin, with 17 additional senior site management and construction and development staff onsite in Q2. Our phased recruitment program is anticipated to allow for more thorough safety and task training of staff prior to commencement of operations.