UR-ENERGY INC
For the period ended Dec 31, 2025. Filed Mar 10, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 10, 2026
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-K
Period ended 2024-12-31; filed 2025-04-11.
0001558370-25-004728
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-03-10.
0001104659-26-025923
Item 7. 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 166 previous paragraphs and 200 current paragraphs.
47 unchanged; 47 reworded; 102 added; 68 removed; 4 previous and 4 current paragraphs rearranged.
Tables are not compared: 15 previous and 20 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 (102)
Current report
Rising electricity demand from data centers, decarbonization goals, apparent changes in public attitudes, and changes in government policies aimed at addressing energy supply and security concerns are contributing to the expansion of the nuclear industry in the U.S. and abroad.
Current report
The International Energy Agency reports that nuclear generation reached a record level in 2025 and that its growth rate will more than double from 2026 through 2030 compared with 2021 to 2025. The most recent projections of the International Atomic Energy Agency are that global nuclear capacity could more than double by 2050, and the World Nuclear Association (“WNA”) has called for nuclear power generation to triple by 2050.
Current report
Efforts to increase the availability of nuclear power to help satisfy the increasing demand for electricity have been driven in part by the emergence of artificial intelligence (“AI”) and the expansion of the data center industry. The U.S. Department of Energy (“DOE”) has reported that the data center industry consumed approximately 4.4% of U.S. electricity in 2023, and projects that its share of consumption will grow to 7 to 12% by 2028. Amazon, Google, Meta, Microsoft, Switch, and others have partnered with nuclear reactor developers and utilities to support their planned expansions. This trend continued in January 2026, when Meta signed additional agreements with Vistra Corp. and advanced reactor developers, Oklo Inc. and TerraPower, for significant power offtake to support Meta’s AI expansion.
Current report
Many nations continue to maintain commitments to reducing carbon emissions and recognize that nuclear energy can provide continuous, low-carbon electricity. Following a declaration at the Congress of Parties (“COP”) 28 in 2023, which was expanded at COP29 in 2024 and COP30 in 2025, more than 30 nations have committed to tripling nuclear power capacity by 2050. In the U.S., major AI and data center companies have recognized climate and sustainability objectives as part of their rationale for working with the nuclear industry. Public attitudes also appear to be changing. In April 2025, Gallup reported that the Americans polled who support nuclear energy rose to 61%, a 6% increase since Gallup’s last measurement in 2023.
Current report
In the U.S., changes in government policies, including energy security initiatives, domestic fuel cycle incentives, and reactor deployment programs, are providing greater support to the nuclear industry.
Current report
In reaction to the Russian invasion of Ukraine in 2022, the U.S. in May 2024 enacted the Prohibiting Russian Uranium Imports Act (“PRUIA”), which bans imports of Russian uranium products through 2040. Waivers may be granted under PRUIA by the DOE only if there is no viable alternative supply to sustain nuclear reactors or the imports are in the national interest.
Current report
In May 2025, President Trump signed four Executive Orders (“EOs”): EO 14299 – Deploying Advanced Nuclear Reactor Technologies for National Security; EO 14300 – Ordering the Reform of the Nuclear Regulatory Commission; EO 14301 – Reforming Nuclear Reactor Testing at the Department of Energy; and EO 14302 – Reinvigorating the Nuclear Industrial Base. Collectively, these orders are aimed at accelerating U.S. nuclear technology development and deployment, reforming related regulations, strengthening the fuel cycle industrial base, and supporting nuclear contributions to national security.
Current report
The U.S. government has taken actions recently aimed at strengthening the commercial nuclear industry and domestic fuel cycle capabilities. The DOE’s fiscal year 2026 budget includes approximately $3.1 billion for the Office of Nuclear Energy to support advanced reactor development and deployment. In addition, DOE announced $2.7 billion in contract awards to three enrichment suppliers to support the deployment of near-term domestic enrichment capacity. DOE has also initiated a competitive process for states to host Nuclear Lifecycle Innovation Campuses intended to advance fuel cycle capabilities, including enrichment, fuel fabrication, used fuel recycling, and potential reactor deployments. In October 2025, the U.S. Department of Commerce entered into a strategic
Current report
partnership with Westinghouse Electric Company and its owners to help facilitate financing and permitting for a potential multi-reactor build program in the U.S. with an estimated value up to $80 billion.
Current report
The U.S. government has also taken some actions aimed at supporting the U.S. uranium mining industry, although those actions have been more modest. The U.S. Geological Survey officially added uranium to the national List of Critical Minerals in 2025. EO 14241, signed by President Trump in March 2025, directs federal agencies to facilitate domestic mineral production, including uranium, to the greatest extent possible. In response, the U.S. Department of the Interior has begun fast-tracking uranium projects.
Current report
Policy support for nuclear energy and restrictions on Russian uranium imports in the U.S. and certain other markets have contributed to tighter uranium and enrichment market conditions. Utilities have increasingly sought medium- and long-term fuel supply agreements to diversify supply sources. In the future, additional reactor deployments are expected to increase uranium demand. In its September 2025 report, the WNA projected that global uranium requirements could increase by approximately one-third to about 86,000 metric tonnes by 2030 and to approximately 150,000 metric tonnes by 2040. The report further indicates that, absent increased investment, additional exploration, new mine development, and efficient permitting, projected demand may exceed anticipated primary supply over time.
Current report
As operations continued to ramp up at Lost Creek in 2025, we brought four additional header houses online in MU2. The average production solution head grade in 2025 Q4 was 46.4 mg/L. We captured approximately 78,177 pounds U 3 O 8 in 2025 Q4, and a total of 370,893 pounds U 3 O 8 in 2025. Production was slowed in December because of a loss of power at the site, following a regional storm with winds estimated at over 100 mph. The storm damaged approximately 30 power poles on the main line which provides power to Lost Creek. In coordination with the power company, the power interruption was addressed as quickly as possible and Lost Creek was back online in a matter of days.
Current report
Notwithstanding the power outage in December, we drummed 121,818 pounds U 3 O 8 in 2025 Q4 and a total of 410,440 pounds U 3 O 8 in 2025. Pounds drummed increased from 249,209 pounds in 2024 to 410,440 pounds U 3 O 8 in 2025. Pounds U 3 O 8 shipped in 2025 totaled 420,144, of which 138,337 pounds U 3 O 8 were shipped in 2025 Q4.
Current report
At year end, we were generally fully staffed at Lost Creek. Retention and training remain a primary focus to complete stabilization and optimization of our operations at the site. As our growing core staff have more time on the job, including specifically our operations staff in the wellfield and plant, we anticipate continued steady improvement in production activities.
Current report
Our drill contractors currently have 15 drill rigs at Lost Creek, which is anticipated to be sufficient for Lost Creek drill programs in 2026. Drilling and wellfield construction and development are on schedule for our production plans.
Current report
In 2025, we mobilized rigs from Lost Creek to Shirley Basin and to support our Great Divide Basin exploration program. The two drill rigs working at our North Hadsell Project in early 2026 will return to the Lost Creek Property when the North Hadsell work is complete to continue exploration at the LC South Project and support Lost Creek as necessary.
Current report
To maintain a strong product inventory, we purchased 100,000 pounds U 3 O 8 in 2025 Q4 at an average cost of $82.25. As previously disclosed, we used our 2024 inventory loan facility to borrow 250,000 pounds U 3 O 8 in December 2024. This facility was extended in 2025 Q4 for one year, and we entered into an additional inventory loan facility in October 2025, under which we may borrow up to 150,000 pounds U 3 O 8.
Current report
We currently have multi-year sales agreements with eight global nuclear energy companies. We completed two additional agreements in 2025 that provide for combined delivery commitments of 200,000 pounds U 3 O 8 in 2028 and 2029 and 100,000 pounds U 3 O 8 in 2030.
Current report
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.
Current report
During 2025, we continued to advance wellfield drilling and development at our Shirley Basin project in Carbon County, Wyoming, and, in August 2025, initiated construction of the Shirley Basin plant facility. By 2025 Q4, the foundation was installed, and construction of the metal building commenced. While we have now significantly advanced construction on the plant building, installed all IX columns, and set many tanks, we anticipate that construction activities inside the plant will continue in 2026 to complete the production phase of the facility and, subsequently, the installation of phase two operations which includes wastewater disposal. Commissioning of all site operations, followed by ramp up is expected to continue throughout 2026.
Current report
Drilling and installation of wells is complete in HH 1-1 while construction continues; the building is set and piping has been run to all wells. The wellfield data package for Mine Unit 1 is under review by the WDEQ. HH 1-1 is ready to be brought online when all approvals are received by regulators. HH 1-2 development is nearly complete and construction initiated. Well installation continues at various stages for HHs 1-3 through 1-5. We anticipate that production and recovery from the wellfield will advance as we commission operations in the wellfield and plant throughout 2026.
Current report
Drilling and wellfield development is progressing well, following mobilization of rigs to the site in 2025 Q2. Recently, we have increased our Shirley Basin drill rig count to eight. Through February 2026, we have pilot drilled 469 injection and production wells in the first mine unit. Delineation and exploration drilling were completed historically, allowing for focused construction and development of MU1 at Shirley Basin.
Current report
The modular main office complex was delivered and installed in August 2025, and 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. We have completed significant additional Shirley Basin construction and development during the 2024-2025 program to prepare for operations: the first two evaporation ponds are installed with piping being completed; the existing road was upgraded to an all-weather surface; all monitor wells for the first mine unit are installed; power between the historical substation and the site for the satellite plant is installed; communications and security systems are installed; and the septic system for the satellite plant enclosure is installed. Additionally, we completed the refurbishment of the existing warehouse, construction bay and maintenance bay, including installation and furnishing of
Current report
modular offices for these buildings. A new drilling support building was constructed and is being completed in 2026 Q1.
Current report
With few exceptions, we have been fully staffed at Shirley Basin since October 2025, and training of all staff is ongoing. Our phased recruitment plan was implemented throughout 2025 to allow time for task and safety training as well as cross training. We have been able to train Shirley Basin operations staff at Lost Creek to facilitate a stronger early understanding of our wellfield and plant operations.
Current report
All major pre-operational permits and licenses to advance the project have been received. Authorization to commence recovery operations is awaiting final regulatory verification of construction and approval of baseline water quality. The URP began its pre-operational inspection in late February 2026. We expect the URP to conduct additional site visits to conclude the pre-operational inspection. After these inspections and reviews are completed, we expect approval for recovery from the wellfield and collection of uranium onto resin in the plant.
Current report
Casper Construction and Operations Facilities
Current report
Throughout 2025, our Casper construction shop ramped up its work to progress from supplying header houses solely to Lost Creek to advancing timely deliveries of header houses to both our production sites. The construction team delivered three header houses to Lost Creek in 2025, and an additional three houses will be delivered to Lost Creek during 2026 Q1. The first two header houses have been delivered to Shirley Basin, with three additional houses to be delivered to Shirley Basin in 2026 Q1. All header houses are fabricated and built in Casper, allowing for efficiency and cost savings, as well as greater safety, due to minimized travel requirements.
Current report
Our 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
Lost Soldier Project
Current report
In 2025, we renewed exploration activities in the Great Divide Basin (“GDB”) Wyoming. Work began at our Lost Soldier Project northeast of Lost Creek in 2025 Q3. 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 approximately 4,000 historical drill holes, additional hydrogeologic data and characterization will enable our professional staff to better plan for potential permitting and development of the site. We will commence aquifer testing in 2026 Q1 and plan to initiate baseline environmental studies in 2026 in anticipation of possible permitting to advance the project. Located approximately 17 road miles to the Lost Creek plant, Lost Soldier has the potential to be developed as a satellite operation.
Current report
North Hadsell and LC South Projects
Current report
As work concluded at Lost Soldier in 2025, the drill rigs and related teams began exploration drilling at our North Hadsell Project, also in the GDB north of Lost Creek, for a planned 50-drill hole program. Through February 2026, we have drilled 32 wide-spaced framework holes, each approximately 1,000 feet deep, for a total of 32,965 feet. Seven of these initial drill holes have returned significant mineralization, indicating the presence of a stacked roll-front system containing 13 individual intercepts exceeding 0.20 GT (Grade (%eU3O8) times Thickness (ft)). These grades and thicknesses closely resemble the mineralization at Lost Creek, where the Company applies a 0.20 GT cut-off in evaluating economic mineral resources. Preliminary interpretation suggests the potential for up to eight individual roll fronts within a depth range of approximately 300 to 800 feet below surface, ideal for ISR mining, with indications of additional mineralized horizons at depth.
Current report
Drilling will continue until March 15, when seasonal sage grouse restrictions begin. Remaining work should resume in the summer. Thereafter, we will move to our third exploration program in the GDB at our LC South Project, where we anticipate a 120-drill hole program will commence in summer 2026.
Current report
Convertible Debt Financing
Current report
In December 2025, the Company closed an offering of $120 million aggregate principal amount of 4.75% Convertible Senior Notes due 2031 (the “Convertible Notes”) in a private placement, which included the exercise in full by the initial purchasers of their option to purchase an additional $20 million of Convertible Notes.
Current report
The cash interest coupon of 4.75% per annum is payable semi-annually in arrears on January 15 and July 15 of each year, beginning July 15, 2026. The conversion price is approximately $1.73 per common share, which represents a conversion premium of approximately 27.5% to the last reported sale price of the common shares on the NYSE American on December 10, 2025, subject to adjustments in some events but will not be adjusted for any accrued and unpaid interest. The potential economic dilution upon conversions of the notes was mitigated through the purchase of cash-settled capped call options with a cap price of $2.72 (representing a premium of 100% over the last reported sale price of the common shares on the NYSE American on December 10, 2025). The purchase price for the capped call options was approximately $16.6 million. Conversions may be settled in common shares, cash or a combination of common shares and cash at the Company’s election. Additionally, we will have the right to redeem the Convertible Notes in certain circumstances and will be required to offer to repurchase the notes upon the occurrence of certain events. The Convertible Notes will mature on January 15, 2031 unless earlier converted, redeemed or repurchased.
Current report
Effective December 13, 2025, Matthew D. Gili, the Company’s President, was appointed to succeed John W. Cash as Chief Executive Officer and President, following Mr. Cash’s retirement on December 12, 2025. Mr. Gili also joined the Board of Directors on December 13, 2025. Mr. Cash continues to serve as Chairman of the Board of Directors and is working closely with our management team as a strategic advisor to support a seamless leadership transition and ongoing Company growth.
Current report
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.
Showing the first 40 of 102 passages. Open the source sections for the rest.
Removed paragraphs (68)
Previous report
Recognition of the critical role nuclear energy plays in providing baseload power for decarbonization has been complemented more recently as energy security has become a universal priority. Energy security includes not only the heightened concern over Russian supply, but other areas of geopolitical unrest. Throughout 2024, both U.S. and non-U.S. utilities increasingly sought non-Russian supplies when negotiating uranium term sales agreements. This change of supply priority reflects the concern over existing and possible additional sanctions as well as the prospect that Russia of its own volition will refuse to export committed nuclear fuels to the U.S. In either circumstance, the utilities remain at significant risk as the West has limited capacity to backfill such supply disruption, regardless of cause.
Previous report
In the U.S., the ban on Russian imports of nuclear fuels, signed into law earlier in the year, became effective in August 2024. While allowing certain waivers until January 1, 2028, the prohibitions on imports continue through 2040. The ban will help to secure the U.S. nuclear fuel supply chain and advance domestic uranium recovery operations.
Previous report
The effects of geopolitical tensions beyond Russia will continue to have a role in the nuclear fuel cycle industries. The true scope and possible long-standing impact of China in the nuclear market remains undefined.
Previous report
The nuclear markets have been favorably affected in many ways through greater acceptance of nuclear energy. Recently, technology and other industries operating data centers (in what is now simply being referred to as “big data”) have realized the opportunities which exist to maintain carbon free baseload electricity while supporting the immense electric demand generated by these centers. The Electric Power Research Institute’s May 28, 2024, white paper titled Powering Intelligence, suggests that data centers are expected to consume as much as 9.1% of U.S. electricity generation by 2030 compared with an estimated 4% today. It is further estimated that, globally, data centers will drive electricity demand in many regions. Projections suggest that 2026 electricity consumption for data centers alone will be the equivalent of the electricity consumption of Japan.
Previous report
Several significant power purchase agreements have been announced in recent months, including the largest-ever purchase agreement by Constellation Energy to power data centers owned by Microsoft for 835 megawatts of electricity. This agreement will result in the restart of the Three Mile Island Unit 1 nuclear reactor in Pennsylvania. While contributing 835 megawatts of carbon-free electricity to the grid, this historic project will create 3,400 jobs and offset approximately 61 million metric tons of CO 2 emissions over 20 years. Still others in big data, including Google and Amazon, have announced plans to utilize nuclear energy to satisfy these rapidly growing electrical needs.
Previous report
The U.S. Department of Energy (DOE) has been progressing its requests for proposals under both its high-assay, low-enriched uranium (HALEU) and low-enriched uranium (LEU) programs for which domestic uranium supply is preferred. In October 2024, the DOE announced it awarded contracts to Centrus Energy Corp., Orano SA, General Matter Inc. and Louisiana Energy Services (a URENCO company) to provide enrichment services to develop HALEU to fuel small modular nuclear reactors. The contracts for enrichment are worth up to $2.7 billion over the next ten years. These programs also reflect efforts by the U.S. to advance energy security; Russia has been the only potential commercial source of HALEU.
Previous report
The Trump administration has prioritized several initiatives including Executive Orders to increase domestic energy and critical minerals production and strengthen American leadership in Artificial Intelligence (“AI”). AI infrastructure has energy needs that are multiples of traditional data centers. In addition, the Trump administration has noted that it may implement tariffs on certain countries to strengthen border security and address trade deficits which may be beneficial for U.S. uranium producers that intend to supply U.S. utilities. Recently, U.S. Department of Energy Secretary Wright issued a secretarial order titled “Unleashing the Golden Era of American Energy
Previous report
Dominance.” The order states, in part, “[t]he long-awaited American nuclear renaissance must launch during President Trump’s administration. As global energy demand continues to grow, America must lead the commercialization of affordable and abundant nuclear energy.” Also, in February 2025, the Trump administration, through an Executive Order, established the National Energy Dominance Council which has numerous goals including “bringing Small Modular Reactors online.”
Previous report
Internationally, support for nuclear power continues to grow with strong support in Spain, Belgium and Switzerland to keep their reactors on-line. There is also a movement within Germany to restart shuttered reactors given the high cost of renewable energy. Many other countries which historically have not been home to nuclear power are considering or moving toward legalizing nuclear power with the goal of building conventional or small modular reactors.
Previous report
The volatility in the spot market continued throughout 2024. Following earlier increases in uranium market pricing in 2022 and 2023, pricing throughout 2024 retracted. After passing the $100 per pound U 3 O 8 milestone in early 2024, the spot price gradually declined throughout the year to end in the low $70s. In early 2025, spot pricing further retracted to the mid-$60s.
Previous report
Conversely, after beginning 2024 at $68 per pound, term market prices gradually increased throughout the year to end at $80.50 per pound U 3 O 8. Term prices thus far in 2025 have remained steady.
Previous report
Ramp up continued at Lost Creek in 2024 with six header houses coming online. Most recently, Header House (HH) 2-12 came online in late January 2025 and HH 2-13 was brought online in late March 2025. The average production solution head grade in Q4 2024 was 66.2 mg/L. We captured approximately 81,771 pounds U 3 O 8 in Q4 2024, and a total of 265,746 pounds U 3 O 8 in 2024. We drummed 74,006 pounds U 3 O 8 in Q4 2024 and a total of 249,209 pounds U 3 O 8 in 2024. Pounds captured increased from 103,487 pounds in 2023 to 265,746 pounds in 2024.
Previous report
We completed the additional deep disposal well at Lost Creek in 2024 H1 and, following receipt of all regulatory approvals, began operations of the well in early Q4 2024. The deep well is operating as anticipated to complement the other wastewater disposal systems at Lost Creek.
Previous report
During 2024, we continued to encounter staffing issues, including lower than preferred retention rates, which affected our ability to thoroughly train our teams. Lost Creek’s staff of approximately 75 onsite and six staff members in Casper, is largely complete, and, more recently, we are experiencing stronger retention, which facilitates more thorough training. As our growing core staff have more time on the job, we are seeing steady improvement in production activities.
Previous report
Our drill contractors now have 21 drill rigs at Lost Creek, with the most recent addition mobilized in February 2025. We anticipate that this number is sufficient for Lost Creek drill programs in 2025, including our planned exploration program.
Previous report
We continue to benefit from our advance ordering and recycling of equipment at Lost Creek while supply chain issues continue. All construction materials are ordered for planned operations months in advance. Parts and materials are always in various stages of delivery depending on availability. We will continue to supplement purchases with recycled materials as necessary.
Previous report
Our request for extension of our Lost Creek source material license was submitted in 2021. The license renewal is in timely review and continues to proceed through the technical review with URP.
Previous report
To establish a strong product inventory, we purchased 300,000 pounds U 3 O 8 in Q4 2024 at an average cost of $80.61. Additionally, we secured an inventory loan facility under which we borrowed 250,000 pounds U 3 O 8 in December 2024. These transactions facilitated a timely delivery into our sales commitments in Q4 2024. We anticipate that having these pounds in inventory will allow us to cover any further delays in production ramp up and to make deliveries when there is simply a shortfall due to the timing of scheduled delivery dates in a given delivery year.
Previous report
Beginning in 2022, we have secured seven multi-year sales agreements with global nuclear purchasers. Of these, we completed three new agreements in 2024, including a sales agreement signed in February 2024 for annual delivery of between 100,000 and 350,000 pounds U 3 O 8 over a five-year period beginning in 2026. The agreement includes the opportunity for the purchaser to add up to three additional annual deliveries of 300,000 pounds U 3 O 8 beginning in 2031. The pricing for the sales under this agreement is a combination of an escalated fixed price, which is well above the anticipated all-in costs of production, and market related pricing that is subject to an escalated floor and ceiling. The purchaser has the option of a small flex to the annual delivery.
Previous report
In April 2024, we executed an additional sales agreement which calls for annual delivery commitments of up to 100,000 pounds U 3 O 8 in 2026 through 2029, a portion of which is based upon production milestones. Pricing is a combination of escalated fixed price, well above anticipated all-in costs of production, and a market-related pricing component that is subject to an escalated floor and ceiling. We have provided notice to the buyer of satisfaction of the milestones related to the 2026 and 2027 deliveries.
Previous report
In November 2024, we completed an additional sales agreement which calls for deliveries of 100,000 pounds U 3 O 8 in each of 2029, 2032 and 2033, and a delivery of 150,000 pounds U 3 O 8 in 2030. Pricing is a combination of market related pricing subject to floor and ceiling parameters escalated annually, and a base escalated fixed price. Pricing is well above our anticipated all-in costs of production.
Previous report
Based on our contract book and the state of the market generally, early in 2024, we announced a “go” decision to begin buildout of our Shirley Basin in situ recovery facility in Carbon County, Wyoming. Thereafter, we initiated several work programs for the year which complemented our initial purchasing plan for long lead-time equipment which began in 2023.
Previous report
Installation of 125 monitor wells at Shirley Basin was completed in 2024 including the 98 wells required for the first mine unit at Shirley Basin (SBMU1). Hydrologic testing for the SBMU1 newly installed monitor wells yielded excellent results that are consistent with historic test results. Twenty-five other monitor wells were installed to enhance operational readiness, including seven injection and production pattern test wells. Installation of downhole pumps in the monitor wells will begin in H1 2025 allowing baseline sampling to be completed. Installation of SB MU1 production wells will begin in Q2 2025 utilizing approximately six drill rigs. Construction of SBMU1 wellfield infrastructure (e.g., pipelines, powerlines and field access roads) is expected to begin in Q2 2025. Fabrication of header houses in our Casper construction shop will commence mid-year as well.
Previous report
The existing south access road to the site has been upgraded to an all-season road. Power supply to the satellite plant construction area has been completed and the line is energized. The septic system is installed. Construction of fifteen IX columns remains on target with delivery expected in Q3 2025. Our purchasing program for equipment and long-lead time items such as ion exchange resin continues, with an emphasis on continually reviewing and acting on purchases of long lead-time items such as electronic components. The local power company is upgrading and refurbishing the existing electrical substation with the goal of completing the upgrade in Q4 2025 prior to commencement of production operations. A backup trailer-mounted substation is available if the work is not timely completed.
Previous report
Initial plans to construct new offices and shops were revised in favor of installing modular offices and utilizing existing buildings for shops. Renovations of existing site buildings which will be used for construction, maintenance and drill casing facilities are substantially complete. The office building layout has been approved the modular office space will be approximately 2,400 square feet. The building is anticipated to be delivered in Q3 2025. Additional modular office and facility buildings have been purchased and are on site at Shirley Basin.
Previous report
Engineering related to the satellite plant, including the wastewater treatment system, is nearing completion and the selection process of construction contractors is well underway. We continue to expect construction at Shirley Basin to be complete in late 2025 with a pre-operation inspection by the State of Wyoming following soon after.
Previous report
Drilling and wellfield development is scheduled to begin in Q2 2025, with an anticipated six drill rigs onsite for the 2025 program. Delineation and exploration drilling were completed historically, and initial detailed wellfield, pipeline and header house layouts have been finalized. Procurement of equipment and materials required for trunkline piping from the wellfield to the plant site has begun and staff are installing the necessary monitor well sampling equipment to support that next phase of work.
Previous report
We have begun hiring Shirley Basin management and construction and development staff. Additional staff will be hired along a planned schedule throughout the year in order to allow time for task and safety training.
Previous report
Equity Financing
Previous report
Prepayment of State Bond Loan
Previous report
On February 29, 2024, we provided notice to Sweetwater County, Wyoming, the Wyoming State Treasurer and the Trustee of our intention to prepay all remaining amounts on the State Bond Loan on April 1, 2024. We completed the pre-payment of the remaining $4.4 million on our State Bond Loan on March 27, 2024.
Previous report
In March 2024, we expanded our executive team with the appointment of Ryan Schierman as our Vice President Regulatory Affairs. Prior to joining Ur-Energy, Mr. Schierman held numerous positions in management, most recently at Fluor/Idaho Environmental Coalition, contractors to the U.S. Department of Energy, at the Idaho Cleanup Project. Mr. Schierman has also held several positions in the uranium recovery industry, gaining expertise in regulatory relations and compliance, licensing, and environmental health and safety. As the Wyoming Uranium Recovery Program Manager (2015-2020), Mr. Schierman was critical in assisting Wyoming to become the 38th US Nuclear Regulatory Commission Agreement State. Mr. Schierman earned a B.S. in Environmental Science from Brigham Young University, a M.Sc. in Health Physics from Idaho State University, and is a Certified Health Physicist.
Previous report
In April 2024, we announced the appointment of John Paul Pressey and Elmer W. Dyke as new members of the Ur-Energy Board of Directors. And, following the Company’s Annual Meeting of Shareholders, June 6, 2024, founding Director James M. Franklin and Director, and former President and CEO, W. William Boberg both retired.
Previous report
John Paul Pressey had a nearly three-decade long career in the assurance practice at PricewaterhouseCoopers LLP, with 16 years as a partner. With a Bachelor of Commerce degree from the University of Alberta, Mr. Pressey is a Chartered Professional Accountant with extensive experience working with U.S. and Canadian publicly traded companies in the mining industry, and other industries including manufacturing, utilities, and alternative energy. His experience includes acquisitions and capital markets transactions, working with clients to identify and implement practical business solutions to accounting, audit and financial issues. Mr. Pressey spent six years at PricewaterhouseCoopers as its Assurance Leader for British Columbia, overseeing all aspects of PricewaterhouseCoopers’s assurance results and operations for that Province.
Previous report
Elmer Dyke has over 25 years’ experience in the commercial and government nuclear industry. Mr. Dyke has a Bachelor of Arts Degree in International Political Economy from Davidson College and served as a U.S. Army Officer for 13 years. Mr. Dyke’s professional career includes a tenure with the U.S. Department of State during which he directed international security programs, including nuclear nonproliferation and high technology projects and was detailed to the Departments of Defense and Commerce. Mr. Dyke has worked within global firms NAC International and Booz Allen Hamilton where he served as an expert on nuclear nonproliferation, strategy and
Previous report
nuclear fuel cycle. More recently, Mr. Dyke filled senior executive roles at Centrus Energy Corporation, a global nuclear fuel supplier and technical services provider. At Centrus Energy and in prior executive roles, Mr. Dyke led strategic planning and business development, financial performance, and risk management for the businesses. Currently, Mr. Dyke leads New Horizons Nuclear Associates, LLC, a global nuclear consulting firm he formed in 2021.
Previous report
U 3 O 8 Price per Pound Sold Calculation
Previous report
U 3 O 8 Cost per Pound Sold Calculation
Previous report
The higher 2023 price was influenced by the sale of 100,000 pounds into the U.S. Department of Energy (“DOE”) uranium reserve program at $64.47 per pound sold. The lower 2024 price resulted from making a delivery of 300,000 pounds at $55.00 per pound into a sales contract that was executed in 2022 when the long-term price was between $43 and $52 per pound.
Previous report
The 2023 sales consisted of 223,259 produced pounds and 56,741 non-produced pounds. The average cost per produced pound sold in 2023 was $28.04. The pounds had been produced years earlier at a lower average cost per pound when the mine was operating at higher, pre-ramp up, production levels. The previously produced pounds were carried in inventory until sold in 2023. During 2022, we purchased 40,000 pounds at $49.50 per pound, which increased the average cost per non-produced pound to $42.56 when we sold the pounds in 2023.
Showing the first 40 of 68 passages. Open the source sections for the rest.
Reworded paragraphs (47)
Previous wording
The following discussion is designed to provide information that we believe necessary for an understanding of our financial condition, changes in financial condition and results of our operations. The following discussion and analysis should be read in conjunction with the accompanying audited consolidated financial statements and related notes. The financial statements have been prepared in accordance with US GAAP.
Current wording
The following discussion is designed to provide information that we believe necessary for an understanding of our financial condition, changes in our financial condition and results of our operations. The following discussion and analysis should be read in conjunction with the accompanying audited consolidated financial statements and related notes. The financial statements have been prepared in accordance with US GAAP.
Previous wording
Since commencement of operations at Lost Creek in 2013 through December 31, 2024, we have captured more than 3.0 million pounds of U 3 O 8.
Current wording
Since commencement of operations at Lost Creek in 2013 through December 31, 2025, we have captured nearly 3.5 million pounds U 3 O 8, which includes 370,893 pounds U 3 O 8 captured in 2025.
Previous wording
In 2024, wellfield delineation and development continued in MU2, in what is referred to as Phase 2 within MU1 and, most recently, in MU5. All remaining planned production areas of MU2 are expected to come online during 2025 with HHs 2-12 and 2-13 online in Q1 and HHs 2-14 and 2-15 expected to begin operation in Q2 2025. HH 2-14 is onsite and set on its foundation, with construction underway (basement piping, pipeline, electrical connections, etc.). During the latter half of 2025, we anticipate bringing several header houses online in MU1 Phase 2 as we advance toward full plant capacity production. The first of those header houses (1-14 and 1-15) are awaiting delivery to Lost Creek, and 1-16 is being assembled in our Casper construction facility.
Current wording
In 2025, wellfield delineation and development continued in MU2, MU1 Phase 2, and MUs 4 and 5. All remaining planned header houses in MU2 came online in 2025. During 2026 H1, we anticipate bringing several header houses online in MU1 Phase 2 as we continue to progress toward full plant capacity production. The first of those header houses was brought online in February 2026.
Previous wording
The restart at Lost Creek has encountered challenges. Commissioning new production areas and recommissioning plant operations, not unexpectedly, come with unique start-up issues. The recovery of U 3 O 8 in MU2 and the restart of plant operations have been no exception. As the plant was being recommissioned, we encountered equipment issues that temporarily stalled plant throughput.
Current wording
Commissioning new production areas, including the recovery of U 3 O 8 in MU2, and the restart of plant operations, not unexpectedly, have come with unique start-up issues. As the plant has been recommissioned, we have encountered equipment and process issues which we continue to optimize. Complete optimization of the plant will facilitate increasing our flow rates from the wellfield into the plant. Additionally, the planned construction of a water treatment facility at Lost Creek during 2026 is anticipated to allow for sustained increased flow rates.
Previous wording
The first two mine units at Lost Creek have all permits necessary for commercial level operations. We have received Wyoming Uranium Recovery Program (“URP”) approval of the amendment to the Lost Creek source material license to include recovery from the LC East Project (HJ and KM horizons) immediately adjacent to the Lost Creek Project and additional HJ horizons at the Lost Creek Project. This license approved access to six planned mine units in addition to the already licensed three mine units at Lost Creek. The approval also increased the license limit for annual plant production to 2.2 million pounds U 3 O 8 which includes wellfield production of up to 1.2 million pounds U 3 O 8 and confirmed toll processing up to one million pounds U 3 O 8.
Current wording
The first two mine units at Lost Creek have all permits necessary for commercial level operations. We have received Wyoming Uranium Recovery Program (“URP”) approval of the amendment to the Lost Creek source material license to include recovery from the LC East Project (HJ and KM horizons) immediately adjacent to the Lost Creek Project and additional HJ horizons at the Lost Creek Project. This license amendment approved access to six planned mine units in addition to the already licensed three mine units at Lost Creek. The approval also increased the license limit for annual plant production to 2.2 million pounds U 3 O 8 which includes wellfield production of up to 1.2 million pounds U 3 O 8 and confirmed toll processing up to one million pounds U 3 O 8.
Previous wording
We anticipate the Wyoming Department of Environmental Quality (“WDEQ”), Land Quality Division (“LQD) will approve the LC East and KM horizon amendment during H1 2025. The amendment adds HJ and KM geological horizons within the area that is immediately adjacent to the existing permit and provides for an additional mine unit in the HJ geological horizon for the existing permitted area. Water Quality Division (“WQD”) continues to work with EPA toward the issuance of the required aquifer exemption for the expanded area. We anticipate that all approvals will be received on a timely basis for our current production plans.
Current wording
During 2025, the Wyoming Department of Environmental Quality (“WDEQ”), Land Quality Division (“LQD) approved the LC East and KM horizon amendment, which adds HJ and KM geological horizons within the area that is immediately adjacent to the existing permit and provides for an additional mine unit in the HJ geological horizon for the existing permitted area. This final approval followed Water Quality Division (“WQD”) and EPA issuance of the required aquifer exemption for the expanded area.
Previous wording
As projected, during 2024, we sold 570,000 pounds U 3 O 8 of which 395,000 pounds U 3 O 8 were sold in Q4 2024. We received sales proceeds of $33.1 million for the 570,000 pounds U 3 O 8 sold.
Current wording
As projected, during 2025, we sold 440,000 pounds U 3 O 8 of which 165,000 pounds U 3 O 8 were sold in 2025 Q4. We received sales proceeds of $27.2 million for the 440,000 pounds U 3 O 8 sold to our customers.
Previous wording
We have reached agreement to defer the anticipated 2025 delivery of 300,000 pounds U 3 O 8 into 2026 H1, after which our sales in 2025 are projected to be 440,000 pounds U 3 O 8 into our sales agreements.
Current wording
Our sales in 2026 are currently projected to be 1,300,000 pounds U 3 O 8 into our existing sales agreements in addition to the planned return of 250,000 pounds U 3 O 8 to the lender under our inventory loan facility.
Previous wording
We have seven off take sales agreements with various global nuclear purchasers which provide for deliveries between 2025 and 2033 as follows:
Current wording
We have sales agreements with various global nuclear purchasers which provide for deliveries between 2026 and 2033 as follows:
Previous wording
Subsequent to year-end, we initiated production and injection testing of representative wells in Mine Unit 1 to facilitate better engineering of pumping and pipeline systems. The related analyses are ongoing. Tests to date indicate that flow rates are high. We expect flow rates will vary throughout the project but the production rates in the individual test pattern wells are within the range of 70 to 80 gpm. These rates are consistent with the high historic inflow of water into the underground workings at Shirley Basin in the early 1960s that drove innovation toward in situ mining at the project and resulted in the recovery of 1.5 million pounds of U 3 O 8 through ISR, before other mining methods were initiated.
Current wording
Following aquifer testing in 2024-2025, we are now planning for higher flow from the wellfield, although it is anticipated that flow rates will vary throughout the project. The higher flow rates are within the range of 70-80 gpm, which is consistent with the high historical inflow of water into the underground workings at Shirley Basin in the early 1960s that drove innovation toward in situ mining at the project. Before again changing course on recovery operations, 1.5 million pounds U 3 O 8 were recovered historically through in-situ technology.
Previous wording
Shirley Basin is fully permitted and licensed, with all major regulatory approvals for construction. The project has a licensed wellfield capacity of one million pounds U 3 O 8 per year. The Company plans three relatively shallow mining units at the project, where we plan to construct a satellite plant, from which loaded resin will be sent to Lost Creek for processing. The annual production of U 3 O 8 from wellfield production and toll processing of loaded resin or yellowcake slurry will not exceed two million pounds equivalent of dried U 3 O 8 product.
Current wording
The project has a licensed wellfield capacity of one million pounds U 3 O 8 per year. The Company plans three relatively shallow mining units at the project, where we plan to construct a satellite plant, from which loaded resin will be sent to Lost Creek for processing, drying and drumming. An additional inspection by the URP will be conducted when all production circuits are complete and Shirley Basin is prepared to transport resin to Lost Creek for processing and drying.
Previous wording
The following tables include measures specific to U 3 O 8 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 US 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 following two tables provide a reconciliation of U 3 O 8 price per pound sold and U 3 O 8 cost per pound sold to the consolidated financial statements.
Current wording
The following tables include measures specific to U 3 O 8 product sales, product costs, product profits, pounds sold, price per pound sold, cost per pound sold, and product profit (loss) per pound sold. These measures do not have standardized meanings within US 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 following two tables provide a reconciliation of U 3 O 8 price per pound sold and U 3 O 8 cost per pound sold to the consolidated financial statements.
Previous wording
Sales per financial statements includes U 3 O 8 sales and disposal fees. Disposal fees received at Pathfinder’s Shirley Basin facility do not relate to the sale of U 3 O 8 and are excluded from the U 3 O 8 sales and U 3 O 8 price per pound sold measures.
Current wording
Sales per the consolidated financial statements includes U 3 O 8 sales and disposal fees. Disposal fees received at Pathfinder’s Shirley Basin facility do not relate to the sale of U 3 O 8 and are excluded from the U 3 O 8 sales and U 3 O 8 price per pound sold measures.
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 consolidated financial statements includes U 3 O 8 costs of sales and lower of cost or net realizable value (“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 operations, plant operations, site administration, and product distribution costs, including the related depreciation and amortization of capitalized assets, asset retirement costs, and mineral property 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 consolidated 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
The Company made the decision to ramp up operations after securing new term contracts in 2022 with initial deliveries beginning in 2023. In 2023, we delivered 280,000 produced pounds into term contracts at an average price per pound sold of $61.89. In 2024, we delivered 570,000 pounds at an average price per pound sold of $58.15.
Current wording
In 2024, we delivered 570,000 pounds into term contracts at an average price per pound sold of $58.15.
Previous wording
In 2023, we delivered 280,000 produced pounds into term contracts at an average U 3 O 8 cost per pound sold of $30.99. In 2024, we delivered 570,000 pounds at an average U 3 O 8 cost per pound sold of $64.34.
Current wording
In 2024, we delivered 570,000 pounds into term contracts at an average U 3 O 8 cost per pound sold of $64.34. In 2025, we delivered 440,000 pounds into term contracts at an average U 3 O 8 cost per pound sold of $55.52.
Previous wording
The 2024 sales consisted of 270,000 produced pounds and 300,000 non-produced pounds. 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. 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 into a term contract in 2024, 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.
Current wording
Our 2024 sales consisted of 270,000 produced pounds and 300,000 non-produced pounds. The produced pounds were captured and drummed during the initial ramp up period at a higher average cost per pound when the mine operated at lower production levels. 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 base inventory position for 2025. We delivered 300,000 of the 550,000 non-produced pounds into a term contract in 2024, leaving 250,000 non-produced pounds in ending inventory available for 2025 delivery requirements.
Previous wording
In 2024, the average price per pound sold was $58.15 and the average cost per pound sold was $64.34, which resulted in an average loss per pound sold of $6.19 and an average loss margin of about 11%. The loss was driven by the sale of non-produced pounds, which were
Current wording
In 2024, sales of produced pounds generated a profit of $10.12 per pound sold and an average profit margin of about 16%. The combined 2024 average price per pound sold was $58.15 and the average cost per pound sold was $64.34, which resulted in an average loss per pound sold of $6.19 and an average loss margin of about 11%. The loss was driven by the sale of non-produced pounds, which were purchased and borrowed at an average cost of $75.87 per pound. The non-produced pounds were delivered into a sales contract that was executed in 2022 when the long-term price was between $43 and $52 per pound.
Previous wording
We currently have 21 drill rigs turning at Lost Creek, which is sufficient to meet our present development requirements and planned 2025 exploration efforts. The Casper construction shop is functioning well and is capable of meeting our current header house development needs. At present, we are essentially fully staffed at Lost Creek. Significant repairs on Dryer #1 were completed in 2024 Q4 allowing us take Dryer #2 down in Q1 2025 for maintenance, which we anticipate will be complete in coming weeks.
Current wording
We currently have 15 drill rigs operating at Lost Creek, which is sufficient to meet our present development requirements. The Casper construction shop continues to function well and has demonstrated that it is capable of meeting our current header house development needs for both Lost Creek and Shirley Basin.
Previous wording
The following table provides information on our production and ending inventory of U 3 O 8 pounds.
Current wording
The following table provides information on our ending inventory of U 3 O 8 pounds.
Previous wording
Quarterly U3O8** Product Profit and Loss, and Production, and Ending Inventory**
Current wording
Quarterly U3O8** Product Profit and Loss, Production, and Ending Inventory**
Previous wording
Sales per the financial statements includes U 3 O 8 sales and disposal fees. Due to the nature of our contracts, we have a limited number of deliveries, which do not occur consistently during the year. Sales revenues are recognized when the product is transferred to the purchaser.
Current wording
Due to the nature of our contracts, we have a limited number of deliveries, which do not occur consistently during the year. Sales revenues are recognized when the product is transferred to the purchaser.
Previous wording
Cost of sales per the financial statements includes U 3 O 8 costs of sales and lower of cost or NRV adjustments and consists of the following:
Current wording
Cost of sales per the consolidated financial statements includes U 3 O 8 product costs of sales and lower of cost or NRV adjustments and consists of the following:
Previous wording
Gross loss is based on sales, which includes disposal fees, and cost of sales, which includes NRV adjustments. Including NRV adjustments, the gross loss was $9.0 million and $1.7 million for the years ended December 31, 2024, and 2023, respectively. Because of low production in 2024, the Company purchased 300,000 pounds with cash at spot uranium prices and borrowed 250,000 pounds that were valued at spot uranium prices. The non-produced pounds were used to meet a 300,000-pound delivery requirement in 2024 Q4, which resulted in an average U 3 O 8 loss of approximately $20.87 per pound sold and contributed to the larger gross loss in 2024.
Current wording
In 2024, the Company purchased 300,000 pounds with cash at spot uranium prices and borrowed 250,000 pounds. The non-produced pounds were used to meet a 300,000-pound delivery requirement in 2024 Q4, which resulted in an average U 3 O 8 loss of approximately $20.87 per pound sold and contributed to the larger gross loss in 2024.
Previous wording
Total operating costs increased $25.0 million in 2024. The increase was primarily due to development costs, which increased $21.1 million due to ramp up activities at Lost Creek and initial pre-mining development activity at Shirley Basin.
Current wording
Total operating costs increased $15.3 million in 2025. The increase was primarily due to development costs, which increased by $12.9 million due to ramp up activities at Lost Creek and initial pre-mining development activities at Shirley Basin.
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. The $1.7 million increase in 2024 was primarily due to additional staffing and outside service costs.
Current wording
Exploration and evaluation expense consists of labor and the associated costs of the geology, evaluation, and regulatory departments, as well as land holding and exploration costs on properties that have not reached the development or operations stage. The $1.1 million increase in 2025 was primarily due to additional labor costs and exploration costs related to our exploration programs at Lost Soldier, North Hadsell, and Lost Creek South. These increases were partially offset by lower service and non-cash costs.
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. The $1.9 million increase in 2024 was primarily related to higher labor costs, stock based compensation costs, and professional fees.
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. The $0.8 million increase in 2025 was primarily related to higher labor and outside service costs, which were partially offset by lower non-cash costs.
Previous wording
The Company is considered an exploration stage issuer and expenses its pre-production development costs. As noted above, 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 wellfield monitor well ring and other development costs. The following table summarizes the development costs included in operating costs for the years ended December 31, 2024 and 2023:
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 and other development costs.
Previous wording
Development expenses increased approximately $21.1 million in the year ended December 31, 2024. The increases were driven by increased drilling activities and the related wellfield construction costs that relate to the Lost Creek mine unit (“MU”) two development program. Lost Creek disposal well development costs in 2023 and 2024 totaled $8.5 million, of which $7.7 million related to the construction of a new disposal well at Lost Creek. At Shirley Basin, we incurred approximately $3.3 million in development costs in 2024. Development activities at Shirley Basin included drilling costs related to the installation of the first monitor well ring.
Current wording
As noted above, development expenses increased approximately $12.9 million in the year ended December 31, 2025. The increase was driven by development activities and wellfield construction costs related to the Shirley Basin mine unit (“MU”) one development program. Lost Creek development costs also increased in 2025 as we completed development activities at MU2 and began development activities in MU1 Phase 2, MU4, and MU5. Activities related to drilling a disposal well at Lost Creek were completed in 2024, leading to higher disposal well development costs in that year as compared to 2025.
Previous wording
The basic and diluted loss per common share was $0.17 and $0.12 for the years ended December 31, 2024, and 2023, 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 loss per common share was $0.20 and $0.17 for the years ended December 31, 2025, and 2024, respectively. The diluted loss per common share is equal to the basic loss per common share in periods of loss due to the anti-dilutive effects of outstanding stock awards and convertible securities.
Previous wording
As shown in the Consolidated Statements of Cash Flow, our cash and cash equivalents, and restricted cash and cash equivalents, increased from the December 31, 2023 balance of $68.2 million to $87.1 million as of December 31, 2024. During 2024, we generated $99.9 million from financing activities, and used $71.9 million for operating activities and $9.0 million for investing activities.
Current wording
As shown in the Consolidated Statements of Cash Flow, our cash and cash equivalents, and restricted cash and cash equivalents, increased from $87.1 million as of December 31, 2024, to $135.3 million as of December 31, 2025. During 2025, net cash of $114.9 million was provided from financing activities, $43.1 million was used in operating activities, and $23.6 million was used in investing activities.
Previous wording
Investing activities used $9.0 million of cash in 2024. We spent $3.6 million on operating equipment at Lost Creek, and $5.4 million on construction and other equipment at Shirley Basin.
Current wording
Investing activities used $23.6 million of cash in 2025. We spent $18.4 million on construction at Shirley Basin and $5.2 million on vehicles, equipment, and enclosures primarily at Shirley Basin.
Previous wording
On October 23, 2013, we closed a $34.0 million Sweetwater County, State of Wyoming, Taxable Industrial Development Revenue Bond financing program loan (“State Bond Loan”). The State Bond Loan called for payments of interest at a fixed rate of 5.75% per annum on a quarterly basis, which commenced January 1, 2014. The principal was to be payable in 28 quarterly installments, which commenced January 1, 2015. The State Bond Loan was secured by all the assets of the Lost Creek Project.
Current wording
On October 23, 2013, we closed a $34.0 million Sweetwater County, State of Wyoming, Taxable Industrial Development Revenue Bond financing program loan (“State Bond Loan”). The State Bond Loan called for payments of interest at a fixed rate of 5.75% per annum on a quarterly basis, which commenced January 1, 2014. As amended, the principal was payable in quarterly installments with the last payment due on October 1, 2024. The final payment was made March 27, 2024, after which the loan was paid in full.
Previous wording
On May 29, 2020, we entered into an At Market Issuance Sales Agreement (the “Sales Agreement”) with B. Riley Securities, Inc. (“B. Riley Securities”), relating to our common shares. On June 7, 2021, we amended and restated the Sales Agreement to include Cantor Fitzgerald & Co. (“Cantor,” and together with B. Riley Securities, the “Agents”) as a co-agent. Under the Sales Agreement, as amended, we may, from time to time, issue and sell common shares at market prices on the NYSE American or other U.S. market through the agents for aggregate sales proceeds of up to $50 million. The Sales Agreement was originally filed in conjunction with a then-active universal shelf registration statement on Form S-3.
Current wording
On May 29, 2020, we entered into an At Market Issuance Sales Agreement (the “Sales Agreement”) with B. Riley Securities, Inc. (“B. Riley Securities”), relating to our common shares. On June 7, 2021, we amended and restated the Sales Agreement to include Cantor Fitzgerald & Co. (“Cantor,” and together with B. Riley Securities, the “Agents”) as a co-agent. Under the Sales Agreement, as amended, we may, from time to time, issue and sell common shares at market prices on the NYSE American or other U.S. market. The Sales Agreement was filed in conjunction with a universal shelf registration statement on Form S-3, effective May 27, 2020, which has now expired.
Previous wording
On July 19, 2023, we entered into a further amendment to the Amended Sales Agreement (“Amendment No. 2” and hereafter the “Amended Sales Agreement”) with the Agents to, among other things, reflect the new registration statement under which we may sell up to $50 million from time to time through or to the Agents under the Amended Sales Agreement, in addition to amounts previously sold under the Sales Agreement. Subsequently, we filed a new prospectus supplement in June 2024 under which we may sell up to $100 million from time to time through or to the Agents under the Amended Sales Agreement, including the common shares previously sold under the Sales Agreement.
Current wording
On July 19, 2023, we entered into an amendment to the Amended Sales Agreement (“Amendment No. 2” and hereafter the “Amended Sales Agreement”) with the Agents to, among other things, reflect the new registration statement. Under the current prospectus supplement to the registration statement, we may sell up to $70 million from time to time through or to the Agents pursuant to the Amended Sales Agreement.
Previous wording
In 2024, we utilized the Amended Sales Agreement for gross proceeds of $28.6 million from sales of 16,939,825 common shares.
Current wording
In 2025, we utilized the Amended Sales Agreement for gross proceeds of $16.0 million from sales of 10,619,331 common shares.
Previous wording
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 per common share and accompanying warrant. The gross proceeds to Ur-Energy from this offering were approximately $46.1 million. After fees and expenses of $3.0 million, net proceeds to the Company were approximately $43.1 million. The warrants expire in February 2026.
Current wording
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 per common share and accompanying warrant. The gross proceeds to Ur-Energy from this offering were approximately $46.1 million. After fees and
Previous wording
We have seven multi-year sales contracts in place and realized revenues of $33.1 million from the sale of 570,000 pounds of U 3 O 8 in 2024. We expect to realize revenues of $27.1 million from the sale of 440,000 pounds of uranium in 2025. As of April 9, 2025, we had 368,540 pounds of conversion facility inventory having made three shipments totaling 106,301 pounds to the conversion facility through March 2025. Deliveries into term contracts in 2025 are expected to be made from our existing conversion facility inventory and new production from Lost Creek.
Current wording
We have multi-year sales contracts in place with eight customers and realized revenues of $27.2 million from the sale of 440,000 pounds U 3 O 8 in 2025. We expect to realize revenues of up to $82.9 million from the sale of as many as 1,300,000 pounds of uranium in 2026. As of March 4, 2026, we had 379,197 pounds of conversion facility inventory including two shipments totaling 69,606 pounds made in 2026, the last of which was enroute to the conversion facility on March 4, 2026. We expect to return 250,000 pounds to a lender in 2026 Q4 to satisfy the terms of our uranium inventory loan. The return of the uranium inventory loan pounds and deliveries into term contracts in 2026 are expected to be made from our existing conversion facility inventory and new production from Lost Creek and Shirley Basin. We are closely monitoring current and expected production from both projects. The Company may seek to alter our 2026 delivery and inventory loan repayment schedules, borrow additional pounds from the inventory loans, or consider additional uranium purchases, if necessary.
Previous wording
In addition to normal production and operating costs at Lost Creek, we anticipate spending approximately $38.2 million at Shirley Basin on construction, equipment purchases, mine unit development, and initial production costs. We expect that these capital projects will be funded by operating cash flow and cash on hand. We have no immediate plans to issue additional securities or obtain additional funding other than that which may be required due to the uneven nature of cash flows generated from operations.
Current wording
We anticipate that the capital projects at Shirley Basin and Lost Creek will be funded by cash on hand, warrant proceeds, and expected operating cash flow. We have no immediate plans to issue additional securities or obtain additional financing other than that which may be required due to the uneven nature of cash flows generated from operations and used for construction related activities.
Previous wording
We look forward to the commencement of operations at Shirley Basin, as it will diversify our production sources and further support our efforts to remain a leading U.S. uranium producer. We also anticipate restarting exploration programs to identify additional mineral resources and supplement future production.
Current wording
We look forward to the commencement of production operations at Shirley Basin, as it will diversify our production sources and further support our efforts to remain a leading U.S. uranium producer.
Showing the first 40 of 47 pairs. Open the source sections for the rest.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
The annual production of U 3 O 8 from wellfield production and toll processing of loaded resin or yellowcake slurry will not exceed two million pounds equivalent of dried U 3 O 8.
Current report — wording carried from elsewhere
The following table provides information on our quarterly U 3 O 8 product profit and loss.
Current report — wording carried from elsewhere
The following table provides information on our quarterly U 3 O 8 production.
Current report — wording carried from elsewhere
Development expenses increased approximately $12.9 million in 2025. The following table summarizes the development costs included in operating costs for the years ended December 31, 2025, and 2024:
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
On July 29, 2024, the Company closed an underwritten public offering of 57,150,000 common shares at a price of $1.05 per common share. The Company also granted the underwriters a 30-day option to purchase up to 8,572,500 additional common shares on the same terms. The option was exercised in full. Including the exercised option, Ur-Energy issued a total of 65,722,500 common shares. The gross proceeds to Ur-Energy from this offering were approximately $69.0 million. After fees and expenses of $3.8 million, net proceeds to the Company were approximately $65.2 million.
Previous report — wording carried elsewhere
purchased and borrowed at an average cost of $75.87 per pound. The non-produced pounds were delivered into a sales contract that was executed in 2022 when the long-term price was between $43 and $52 per pound.
Previous report — wording carried elsewhere
The following two tables provide information on our quarterly U 3 O 8 product profit and loss, production, and ending inventory.
Previous report — wording carried elsewhere
During the year, production increased each quarter ultimately reaching 81,771 pounds captured in 2024 Q4. Similarly, pounds drummed also increased quarter on quarter. During 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 sufficient base inventory position for 2025. We delivered 300,000 of the 550,000 non-produced pounds into term contracts in 2024, leaving 250,000 non-produced pounds in ending inventory available for 2025 delivery requirements, if needed.