UR-ENERGY INC
For the period ended Mar 31, 2026. Filed May 8, 2026.
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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.
Mar 31, 2026 · Filed May 8, 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-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 OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-08.
0001104659-26-057462
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 154 previous paragraphs and 165 current paragraphs.
44 unchanged; 36 reworded; 83 added; 71 removed; 3 previous and 2 current paragraphs rearranged.
Tables are not compared: 11 previous and 12 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 (83)
Current report
In April 2026, we commenced initial operations to extract and capture U 3 O 8 at Shirley Basin. The Shirley Basin Project is designed as a satellite facility. The Lost Creek processing facility will be utilized to process U 3 O 8 that is extracted and captured on resin (plastic beads that attract and bind uranium ions) in ion exchange (“IX”) columns at the Shirley Basin Project. We expect to begin transporting U 3 O 8-loaded resin from Shirley Basin to Lost Creek in summer 2026, subject to the receipt of additional regulatory approvals.
Current report
Our combined licensed capacity at Lost Creek and Shirley Basin totals 4.2 million pounds of U 3 O 8 per year. This includes licensed annual capacity at the Lost Creek processing facility of up to 2.2 million pounds of U 3 O 8 slurry and/or dried U 3 O 8, of which up to 1.2 million pounds of U 3 O 8 may be produced from Lost Creek wellfields. It also includes two million pounds of U 3 O 8 slurry and/or dried U 3 O 8 of licensed annual capacity (including toll processing) at Shirley Basin for a full processing facility. As described above, the Shirley Basin facility is designed as a satellite plant, and we plan to process U 3 O 8 extracted and captured at Shirley Basin at the Lost Creek facility, but our ability to construct a full processing facility at Shirley Basin and toll process for other producers in the future provides operating flexibility as may be dictated by future market conditions. The maximum annual wellfield production rate under the mining permit for Shirley Basin is not planned to exceed 1.4 million pounds of dried U 3 O 8 per year.
Current report
We currently have multi-year sales agreements with eight global nuclear energy companies with projected delivery commitments of approximately 5.75 million pounds U 3 O 8 from 2026 through 2033, including 1.3 million pounds in 2026.
Current report
Demand growth, energy security considerations, and government policies continue to support the nuclear industry in the United States and globally. Developments during 2026 Q1 included continued policy support for domestic nuclear fuel cycle capabilities, increasing electricity demand associated with data centers and artificial intelligence (“AI”), and ongoing regulatory reforms intended to facilitate nuclear deployment.
Current report
Electricity demand growth remains a significant factor supporting interest in nuclear energy as a source of reliable, baseload, low-carbon power. The International Energy Agency reports that nuclear generation reached a record level in 2025 and projects 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 has called for nuclear power generation to triple by 2050.
Current report
Changes in recent years in U.S. government policies, including energy security initiatives, domestic fuel cycle incentives, and reactor deployment programs, are providing greater support to the nuclear industry. In May 2025, President Trump signed four Executive Orders (“EOs”) 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. EO 14300, which mandates a comprehensive revision of U.S. Nuclear Regulatory Commission (“NRC”) regulations and processes, has a policy objective to facilitate the expansion of U.S. nuclear energy capacity from approximately 100 GW in 2024 to approximately 400 GW by 2050. In response, the U.S. government announced a strategic initiative with Westinghouse Electric Company and its owners in October 2025 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
In addition to the broader nuclear industry, the U.S. government has taken actions in recent years that support increased reliance on uranium from U.S. sources. The Prohibiting Russian Uranium Imports Act, enacted in May 2024, restricts imports of Russian uranium products through 2040, subject to limited waivers. The U.S. Geological Survey added uranium to the U.S. Critical Minerals List in 2025, and executive actions, including EO 14241, direct federal agencies to facilitate domestic mineral production.
Current report
The U.S. government has continued to take actions in 2026 to support the domestic nuclear fuel cycle and reduce reliance on foreign sources of nuclear fuel. 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 January 2026, the DOE announced approximately $2.7 billion in contract awards to support the development of domestic low-enriched uranium (LEU) and high-assay, low-enriched uranium (HALEU) enrichment capacity. In parallel, the NRC has continued implementation of the reforms directed by EO 14300, including to establish defined licensing timelines, streamline regulatory review, and adopt more risk-informed and performance-based licensing approaches.
Current report
In the broader nuclear market, the military conflict involving Iran that began in late February 2026 and associated shipping disruptions through the Strait of Hormuz introduced uncertainty into global oil and liquefied natural gas markets and highlighted the importance of reliable energy supply. Since the onset of the conflict, several countries in Africa reaffirmed plans to pursue new nuclear generation projects; South Korea moved to increase nuclear generation, including raising utilization rates at existing plants and accelerating maintenance schedules to increase output; Taiwan began evaluating the potential restart of previously shut-down reactors; and Japan entered into new international nuclear cooperation and fuel-related agreements. Japan also restarted the world’s largest nuclear plant, Kashiwazaki-Kariwa, in January 2026, prior to the conflict.
Current report
During 2026 Q1, spot U 3 O 8 prices remained relatively volatile, increasing from approximately $81.55 per pound at December 31, 2025, to approximately $101.25 per pound on January 29, 2026, and ending the quarter at $84.25 per pound on March 31, 2026. Over a longer period, uranium prices have increased from historical lows in prior years but have continued to fluctuate in response to market developments.
Current report
Overall, recent developments continue to support the outlook for nuclear energy and uranium markets. Increasing electricity demand, government support for domestic nuclear fuel cycle capabilities, ongoing regulatory reform efforts, and energy security considerations continue to highlight the importance of domestic uranium as a source of fuel for reliable, carbon-free electricity.
Current report
We control approximately 3,536 acres of property interests in the general area of our Shirley Basin Project in central southeast Wyoming. Within that area, the permitted area of 2,605 acres includes 1,770 acres of locatable mineral lands that we control, including nine patents, 29 unpatented mining claims, and two tracts of fee minerals.
Current report
Our Wyoming properties, including our Shirley Basin Project, total approximately 48,000 acres. We have other non-material exploration stage projects in Wyoming located in the GDB, and our Lucky Mc Project is in the Gas Hills Uranium District, Wyoming. The Lost Creek Property and the Shirley Basin Project are the only two mineral properties that we deem to be individually material.
Current report
We sold 55,000 pounds of U 3 O 8 at an average price of $70.98 per pound during 2026 Q1, generating revenue of $3.9 million. During the quarter, we dried and packaged 95,599 pounds of U 3 O 8 and shipped 103,956 pounds of U 3 O 8 to the conversion facility. At March 31, 2026, our finished inventory at the third-party conversion facility totaled 417,231 pounds of U 3 O 8.
Current report
During 2026 Q1, we operated a total of 15 header houses (“HHs”) at Lost Creek, including 13 in our second mine unit (“MU2”) and two brought online during 2026 Q1 in the second phase of our first mine unit (“MU1 Phase 2”). An additional HH in MU1 Phase 2 was recirculating fluid at quarter-end and is expected to be brought online in the coming days.
Current report
Wellfield development and surface construction at Lost Creek during 2026 Q1 were focused on MU1 Phase 2 and remain on schedule for our 2026 operating plans. MU1 Phase 2 is planned to include 10 HHs, several of which we plan to bring online during 2026 Q2. During the quarter, we advanced installation of the remaining production and injection wells planned for MU1 Phase 2, all of which have been drilled and cased. Including HHs already in operation, our Casper shop has completed construction of seven of the 10 HHs planned for MU1 Phase 2 and made progress on components for the remaining three.
Current report
We also continued with wellfield delineation and development in MU4 and MU5 and began pattern planning for MU5. During 2026 Q1, we received approval of an amended aquifer exemption for Lost Creek that covered MU5 and substantially expanded the scope of the exemption. At March 31, 2026, we had 15 drill rigs operating at Lost Creek, which we expect will be sufficient for our 2026 drill programs.
Current report
During 2026 Q1, production flow averaged approximately 2,700 gpm and production grade averaged approximately 47 mg/L. We continue to optimize plant operations to increase flow rates from the wellfield, including addressing fine particles from the host formation that have reduced flow rates. To better address these fine particles over the long-term, we are developing a water treatment facility at Lost Creek, which we expect will enable sustained higher flow rates. As an interim measure, we progressed work during 2026 Q1 on the installation of a sand filtration system, which is expected to be operational in 2026 Q2.
Current report
To increase production at Lost Creek, we also plan to continue the shift from MU2 to MU1 Phase 2, bringing additional HHs online in MU1 Phase 2 throughout 2026, and by better optimizing injection fluid chemistry. We have also engaged a contractor to support implementation of an enhanced maintenance program, and we plan to improve our reverse osmosis systems. We continue to focus on daily drumming to increase the volume of product packaged and shipped from the plant.
Current report
Since year-end 2025, with few exceptions, we have been fully staffed at Lost Creek. Retention and training remain priorities as we continue to optimize operations. Many employees at Lost Creek were hired as part of the ramp-up of operations and are relatively new to the industry. As personnel gain additional experience, we expect continued improvement in production performance.
Current report
During 2026 Q1, we continued to advance wellfield development and plant construction at our Shirley Basin Project. The plant is being constructed as a satellite facility, with U 3 O 8 extracted from the wellfield and captured on resin in the plant to be transported to Lost Creek for processing, drying, and drumming. The project is planned to include three relatively shallow mine units.
Current report
Drilling and installation of wells for HH 1-1 in the first mine unit (“MU1”) at Shirley Basin were completed prior to year-end 2025. During 2026 Q1, we completed the connection of HH 1-1 to the plant and progressed surface construction and installation of HH 1-2. The main pipeline has been completed for the first four HHs.
Current report
Well installation in MU1 progressed well during the quarter and continues at various stages for HH 1-3 through HH 1-8. Historical delineation and exploration drilling at Shirley Basin has allowed for focused wellfield development. At March 31, 2026, 540 injection and production wells in MU1 had been pilot drilled, 312 of those wells had been cased, and eight drill rigs were operating at Shirley Basin. Our Casper shop has completed construction of five HHs planned for MU1 and made progress on components for two additional HHs.
Current report
Construction activities at Shirley Basin progressed during 2026 Q1 across all structural, mechanical, electrical, and site infrastructure workstreams. Major infrastructure is substantially complete, including primary roads; substation and secondary overhead power; support buildings (including the refurbishment of the existing warehouse, construction bay, maintenance bay, and a new drilling support building); the first two evaporation ponds; the modular main office complex; and the foundation, metal building, and roof of the plant. In addition, all IX columns and most tanks in the plant have been installed and work has progressed on exterior utilities, fencing, and grading. While engineering refinements, procurement activities, and seasonal weather conditions have affected the pace of certain workstreams, construction progress accelerated and execution improved during the quarter. Ongoing construction activities are focused on structural steel, piping systems, electrical installation, and interior building work.
Current report
Since year-end 2025, the Wyoming Department of Environmental Quality completed its pre-operational inspections for the facility, and in April 2026, we brought HH 1-1 online and commenced initial operations to extract and capture U 3 O 8.
Current report
Subject to an additional regulatory operational inspection and approval, we expect to complete the installation and commissioning of the production circuits and other development needed to commence the transportation of resin loaded with U 3 O 8 from Shirley Basin to Lost Creek in summer 2026. After processing, drying, and drumming at Lost Creek, U 3 O 8 produced at Shirley Basin will be transported to the third-party conversion facility and added to our inventory for delivery to customers.
Current report
Various plant construction activities are expected to continue through 2026 following the commencement of U 3 O 8-loaded resin shipments to Lost Creek, with the installation of water treatment equipment planned for 2027.
Current report
With few exceptions, we have been fully staffed at Shirley Basin since year-end 2025. A phased recruitment plan implemented in 2025 has allowed us to provide personnel, many of whom are new to the industry, with task, safety, and cross training in advance of operations.
Current report
Our Casper, Wyoming construction shop supplies header houses to both our Lost Creek Project and our Shirley Basin Project. All our header houses are fabricated and built in Casper, allowing for efficiency, cost savings, and greater safety due to minimized travel requirements. During 2026 Q1, our construction team delivered two HHs to Lost Creek and three HHs to Shirley Basin, and advanced construction of five additional header houses.
Current report
Lost Soldier Project
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. Through mid-March 2026, when seasonal sage grouse restrictions began, we had drilled 33 wide-spaced framework holes, each approximately 1,000 feet deep, for a total of 33,815 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 (%eU 3 O 8) 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
We plan to begin reclamation work at North Hadsell this summer on surface disturbance associated with the recent exploration activities, which will be necessary before returning to drill at the project. We also expect to commence an approximately 120-hole exploration program at our LC South property this summer.
Current report
We currently have multi-year sales agreements with eight global nuclear energy companies. Our agreements call for base annual deliveries of 1.3 million pounds of U 3 O 8 in 2026, 1.15 million pounds in 2027, 1.4 million pounds in 2028, 900 thousand pounds in 2029, 800 thousand pounds in 2030, 100 thousand pounds in 2032, and 100 thousand pounds in 2033, with additional deliveries at our election of up to 100,000 pounds in 2028, 2029, and 2030. Combined base deliveries from 2026 through 2033 total 5.75 million pounds of U 3 O 8.
Current report
In January 2026, Alex Ritchie was appointed General Counsel and Corporate Secretary of the Company to succeed Penne Goplerud, who has retired. Mr. Ritchie has more than 25 years of diverse legal, executive and business experience. He was in private practice from 1999-2009, including nine years at a prominent Denver law firm, where he represented mining and energy clients on billions of dollars of transactions.
Current report
From 2009 to 2012, Mr. Ritchie served as senior corporate counsel for the U.S. subsidiary of an international oil and gas company, where he worked on environmental, major project, acquisition and divestiture, contract, and corporate matters. Before law school, he was a public accountant for three years at KPMG. Mr. Ritchie has been a thought leader and educator on natural resources law. From 2017 until joining Ur-Energy in January 2026, he was the Executive Director of The Foundation for Natural Resources and Energy Law (formerly the Rocky Mountain Mineral Law Foundation). From 2012 – 2017, he was an associate professor of law at the University of New Mexico School of Law where he taught natural resources, property and business law. Mr. Ritchie obtained his J.D. from the University of Virginia School of Law and his B.S.B.A in accounting from Georgetown University.
Current report
In 2026 Q1, we sold 55,000 pounds of U 3 O 8 at an average price of $70.98 per pound for revenues of $3.9 million. The deliveries were made under contracts negotiated in 2024 that included a combination of base-escalated and market-based pricing, which led to the higher price received in 2026 Q1 as compared to the 2025 pricing.
Current report
In 2026, we expect to sell 1,300,000 pounds of U 3 O 8 at an average price per pound sold of approximately $63 for revenues of approximately $82 million. Of the 1,300,000 pounds, only 210,000 pounds were contracted in 2024 with a combination of base-escalated and market-based pricing. The remaining 1,090,000 pounds were negotiated as base-escalated contracts in 2022 and 2023, when the long-term price was between $43 and $57, which will lead to the lower average estimated price in 2026 as compared to the 2026 average actual Q1 price.
Current report
Deliveries for 2026 are committed to six customers with a substantial majority of deliveries occurring in the latter part of the year. Our current expectation is to deliver 55,000 pounds in 2026 Q1, 215,000 pounds in 2026 Q2, 190,000 pounds in 2026 Q3, and 840,000 pounds in 2026 Q4, for a total of 1,300,000 pounds of U 3 O 8 in 2026. The deliveries were scheduled in this fashion to complement the ramp up and start up schedules of Lost Creek and Shirley Basin.
Current report
In 2025, we delivered 330,000 produced pounds at an average cost per pound sold of $52.62. Production at Lost Creek increased during the year leading to lower average costs per produced pound. The cost per produced pound in ending inventory was $46.36 at December 31, 2025. In 2025, we delivered 110,000 non-produced pounds at an average cost per pound sold of $64.23.
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Removed paragraphs (71)
Previous report
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 report
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 report
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 report
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 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.
Previous report
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.
Previous report
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 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.
Previous 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.
Previous report
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 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.
Previous report
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 report
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 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.
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Previous 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.
Previous report
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 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.
Previous 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
Previous report
continues it procurement and construction plans, including for the fabrication of steel piping, supports and catwalks offsite, prior to installation in the plant.
Previous 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.
Previous 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.
Previous report
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 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.
Previous 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.
Previous report
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 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.
Previous 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.
Previous report
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 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.
Previous 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.
Previous 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.
Previous 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.
Previous report
In 2024, we delivered 570,000 pounds at an average price per pound sold of $58.15.
Previous report
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 report
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 report
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.
Showing the first 40 of 71 passages. Open the source sections for the rest.
Reworded paragraphs (36)
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 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.”
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 Lost Creek Project, our flagship in situ recovery (“ISR”) mining facility, and have commenced initial operations at our Shirley Basin Project, our second ISR uranium mine. 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
Ur-Energy has one wholly owned subsidiary, Ur-Energy USA Inc., incorporated under the laws of the State of Colorado. Ur-Energy USA Inc. has three wholly-owned subsidiaries: NFU Wyoming, LLC, a limited liability company formed under the laws of the State of Wyoming which acts as our land holding and exploration entity; Lost Creek ISR, LLC, a limited liability company formed under the laws of the State of Wyoming to operate our Lost Creek Project and hold our Lost Creek properties and assets; and Pathfinder Mines Corporation, incorporated under the laws of the State of Delaware, which holds, among other assets, the Shirley Basin Project in Wyoming. Our material U.S. subsidiaries remain unchanged since the filing of our Annual Report on Form 10-K, dated April 11, 2025.
Current wording
Ur-Energy has one wholly owned subsidiary, Ur-Energy USA Inc., incorporated under the laws of the State of Colorado. Ur-Energy USA Inc. has three wholly-owned subsidiaries: NFU Wyoming, LLC, a limited liability company formed under the laws of the State of Wyoming which acts as our land holding and exploration entity; Lost Creek ISR, LLC, a limited liability company formed under the laws of the State of Wyoming to operate our Lost Creek Project and hold our Lost Creek properties and assets; and Pathfinder Mines Corporation, incorporated under the laws of the State of Delaware, which holds, among other assets, our Shirley Basin Project in Wyoming. Our material U.S. subsidiaries remain unchanged since the filing of our Annual Report on Form 10-K, dated March 10, 2026.
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 source of electrical power. Nuclear power provides an estimated 55% of the carbon-free electricity in the U.S.
Current wording
At Lost Creek, we extract and process uranium oxide (“U 3 O 8”) at the Lost Creek processing facility, which includes all circuits for the production, drying, and drumming (packaging) of U 3 O 8. After processing, drying, and drumming, U 3 O 8 is shipped from Lost Creek to a third-party conversion facility to be weighed, assayed, and stored until sold. When sold and further processed, our uranium production fuels nuclear power, which is a cost-effective, safe, and reliable source of electrical power that provides an estimated 55% of the carbon-free electricity in the U.S.
Previous wording
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 wording
Successful production operations depend on strong safety programs. Our safety performance and culture at Lost Creek and Shirley Basin have continued to improve, and we remain focused on safety and compliance throughout our operations.
Previous wording
We have 12 U.S. uranium properties. Ten of our uranium properties are in the Great Divide Basin, Wyoming, including Lost Creek. Currently, we control nearly 1,800 unpatented mining claims and three State of Wyoming mineral leases for a total of more than 35,000 acres in the area of the Lost Creek Property, including the Lost Creek permit area (the “Lost Creek Project”), and certain adjoining properties referred to as LC East, LC West, LC North, LC South and EN Project areas (collectively, with the Lost Creek Project, the “Lost Creek Property”). Our Shirley Basin Project permit area, also in Wyoming, comprises nearly 1,800 acres of Company-controlled mineral acres.
Current wording
Our current land portfolio in Wyoming includes 12 projects. Ten of these projects are in the Great Divide Basin (“GDB”), Wyoming, including our flagship Lost Creek Project. We control nearly 1,800 unpatented mining claims and three State of Wyoming mineral leases for a total of approximately 35,400 acres at our Lost Creek Property, including the Lost Creek permit area (the “Lost Creek Project” or “Lost Creek”) and certain adjoining projects, which we refer to as the LC East, LC West, LC North, LC South, and EN project areas (collectively, with the Lost Creek Project, the “Lost Creek Property”). Five of the projects at the Lost Creek Property contain reported mineral resources: Lost Creek, LC East, LC West, LC North, and LC South.
Previous wording
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 wording
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.
Previous wording
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 wording
In 2025, we renewed exploration activities in the Great Divide Basin (“GDB”), Wyoming. Work began at our Lost Soldier Project located 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 commenced aquifer testing in April 2026 and plan to initiate baseline environmental studies in 2026 in anticipation of possible permitting to advance the project. We also anticipate preparing a technical report for Lost Soldier in 2026. Located approximately 17 road miles to the Lost Creek plant, Lost Soldier has the potential to be developed as a satellite operation.
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 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 wording
Several of our sales agreements provide for 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
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 wording
During the quarter, we provided notice to one of our customers of the satisfaction of the fourth of four production milestones tied to delivery commitments in 2026 through 2029.
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, 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.
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 product costs and U 3 O 8 cost per pound sold measures.
Previous 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.
Current wording
In 2025, we sold 440,000 pounds of U 3 O 8 at an average price per pound sold of $61.77 for revenues of $27.2 million. The deliveries were made into base-escalated contracts negotiated in 2022 and 2023, when the long-term price was between $43 and $57 per pound.
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 purchased and borrowed at an average cost of $75.87 per pound. The average cost per produced pound sold was $51.53, which resulted in an average gain per produced pound sold of $10.12 and an average profit margin per pound sold of about 16%.
Current wording
In 2025, the average price per pound sold was $61.77 and the average cost per pound sold was $55.52, which resulted in an average profit per pound sold of $6.25 and an average profit margin of about 10%. The non-produced pounds sold in 2025 resulted in a loss per pound sold of $6.75 due to the higher average cost per purchased pound sold, which was $64.23. The average cost per produced pound sold was $52.62, which resulted in an average gain per produced pound sold of $10.58 and an average profit margin per pound sold of about 17%.
Previous 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%.
Current wording
In 2026 Q1, we sold 55,000 produced pounds at an average price per pound sold of $70.98 and the average cost per pound sold was $48.85, which resulted in an average profit per pound sold of $22.13 and an average profit margin per pound sold of about 31%. On a cash cost basis, the average profit per pound sold was $37.31 and the profit margin per pound sold was about 53%. The improvement in 2026 Q1 as compared to 2025 was due to the higher sales price received in combination with a lower cost per pound sold.
Previous 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.
Current wording
In 2026 Q1, pounds captured increased 32,137 pounds or about 41% compared to 2025 Q4. Flow rates at Lost Creek improved after being intentionally lowered in late 2025 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. Much of the work related to plant systems was completed in 2025 Q4.
Previous 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.
Current wording
Conversion facility inventories increased during the current quarter, from approximately 365,000 pounds at December 31, 2025 to approximately 417,000 pounds at March 31, 2026. The increase was due to shipping more pounds to the conversion facility than we sold during the quarter. The ending produced inventory cost per pound increased from $46.36 to $51.53 during the quarter, reflecting higher average production costs per pound drummed that resulted from drumming fewer pounds during the quarter.
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 2025 Q3.
Current wording
There were no NRV adjustments in 2026 Q1.
Previous 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):
Current wording
The following table summarizes the results of operations for the three months ended March 31, 2026 and 2025:
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
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 wording
We also had two transactions totaling $27 thousand in disposal fee revenue in the three months ended March 31, 2026. We had no disposal fee revenues in 2025 Q1. Our disposal income is dependent on the reclamation programs of other companies and varies based on their level of activity.
Previous wording
Cost of sales per the financial statements includes U 3 O 8 product costs and lower of cost or NRV adjustments as shown in the following table (expressed in thousands of U.S. dollars):
Current wording
Cost of sales per the financial statements includes U 3 O 8 product costs and lower of cost or NRV adjustments as shown in the following table:
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. 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.
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 2026 Q1, costs increased $1.2 million over 2025 Q1. Labor costs accounted for $0.7 million of the increases in 2026 compared to 2025, due to increases in staffing levels and bonus accruals. In addition, exploration drilling on properties other than Lost Creek and Shirley Basin amounted to $0.4 million for the period.
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 nine months ended September 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.
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 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.
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 months ended March 31, 2026, these expenses increased $1.8 million, compared to 2025. The increase was driven by labor, which increased $1.0 million due to executive staff increases, which took place after 2025 Q1, as well as the 2026 Q1 bonus costs. Stock based compensation also increased by $0.7 million as more personnel qualified for stock-based awards as compared to 2025 Q1 and due to changes in the stock price.
Previous 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.
Current wording
The basic and diluted losses per common share for the three months ended March 31, 2026 were $0.07 per share. The basic and diluted losses per common share for the same period in 2025 were $0.03. The diluted loss per common share is equal to the basic loss per common share due to the anti-dilutive effect of outstanding stock awards and convertible securities in periods of loss.
Previous wording
As shown in the Interim Consolidated Statements of Cash Flows, our cash, cash equivalents, and restricted cash and cash equivalents decreased from the December 31, 2024 balance of $87.1 million to $63.4 million as of September 30, 2025. During the nine months ended September 30, 2025, we used $24.3 million for operating activities, $14.2 million for investing activities, and raised $14.9 million through financing activities.
Current wording
As shown in the Interim Consolidated Statements of Cash Flows, our cash, cash equivalents, and restricted cash and cash equivalents increased from the December 31, 2025 balance of $135.3 million to $135.7 million as of March 31, 2026. During the three months ended March 31, 2026, we used $16.5 million for operating activities, $12.2 million for investing activities, and raised $28.4 million through financing activities.
Previous wording
Operating activities used $24.3 million in the nine months ended 2025. In 2025 Q1, we collected $16.5 million from a sale made in December 2024. We also collected $14.4 million from sales in 2025 and $2.1 million of interest income in the nine months ended September 30, 2025. We spent $0.7 million on interest expense, $13.5 million on production costs, and $45.5 million on operating costs. We had a $2.6 million favorable working capital movement primarily related to increases in accounts payable and accrued liabilities.
Current wording
Operating activities used $16.5 million in the three months ended March 31, 2026. In 2026 Q1, we collected $3.9 million from a uranium sale and received $0.8 million of interest income. We spent $0.4 million on interest expense, $4.9 million on production costs, and $20.3 million on operating costs. We had a $4.4 million favorable working capital movement primarily related to increases in accounts payable and accrued liabilities.
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. 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.
Current wording
On May 29, 2020, the Company entered into an At Market Issuance Sales Agreement (the “Sales Agreement”) with B. Riley Securities, Inc. (“B. Riley Securities”) relating to our common shares. The Sales Agreement was filed in conjunction with a universal shelf registration statement on Form S-3, effective May 27, 2020, which has expired. On June 7, 2021, we amended and restated the Sales Agreement (the “Restated Agreement”) to include Cantor Fitzgerald & Co. (“Cantor,” and together with B. Riley Securities, the “Agents”) as a co-agent. Under the Restated Agreement, as amended, we may from time to time issue and sell our common shares at market prices on the NYSE American or other U.S. market.
Previous wording
On June 28, 2023, we filed a new universal shelf registration statement on Form S-3 with the SEC through which we may offer and sell, from time to time, in one or more offerings, at prices and terms to be determined, up to $175 million of our common shares, warrants to purchase our common shares, our senior and subordinated debt securities, and rights to
Current wording
On April 6, 2026, we filed a new universal shelf registration statement on Form S-3, through which we may offer and sell, from time to time in one or more offerings, and at prices and terms to be determined pursuant to a prospectus supplement, up to $300 million of our common shares, warrants to purchase our common shares, our senior and subordinated debt securities, and rights to purchase our common shares and/or senior and subordinated debt securities. The new registration statement was declared effective on April 16, 2026, and will remain effective for a three-year period.
Previous 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.
Current wording
On April 16, 2026, we entered into a third amendment to the Restated Agreement (“Amendment No. 3,” and together with Amendment No. 1, Amendment No. 2, and the Restated Agreement, the “Amended Sales Agreement”) with the Agents to, among other things, reflect the new registration statement and the prospectus supplement to the new registration statement, under which we may sell up to $50 million of our common shares from time to time through or to the Agents, in addition to amounts previously sold under the Restated Agreement, as previously amended.
Previous wording
For the three and nine months ended September 30, 2025, we have utilized the Amended Sales Agreement for gross proceeds of $15.2 million from sales of 9,980,095 common shares.
Current wording
For the three months ended March 31, 2026, we have not utilized the Amended Sales Agreement.
Previous wording
As of September 30, 2025, our unrestricted cash position was $52.0 million.
Current wording
As of March 31, 2026, our unrestricted cash position was $122.8 million.
Previous 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. Deliveries for 2025 are committed to two customers for a base amount of 400,000 pounds. 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.
Current wording
Our total sales in 2026 are projected to be 1,300,000 pounds of U 3 O 8 at an average price per pound sold of $63 and we expect to realize revenues of $82 million. The majority of the deliveries are under contracts negotiated in 2022 and 2023, when the long-term price was between $43 and $57 per pound. A smaller portion are under contracts negotiated in 2024, which included a combination of base-escalated and market-based pricing.
Previous wording
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.
Current wording
We anticipate that the capital projects at Shirley Basin and Lost Creek will be funded by cash on hand 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 or used for construction-related activities.
Previous wording
As discussed above, we have secured multi-year sales agreements with leading nuclear companies, including several which include market-related pricing components. We now have eight agreements that call for base annual deliveries of 0.4 million to 1.3 million pounds of U 3 O 8 from 2025 through 2030, with additional deliveries of 100,000 pounds called for in 2032 and 2033. Combined base deliveries from 2025 through 2033 total 6.0 million pounds of U 3 O 8. Sales prices are anticipated to be profitable on an all-in production cost basis and escalate annually from initial pricing.
Current wording
We have multi-year sales agreements with leading nuclear companies, including several that contain market-related pricing components. Combined base deliveries under these agreements from 2026 through 2033 total 5.75 million pounds of U₃O₈, including 1.3 million pounds in 2026. Sales prices are expected to be profitable on an all-in production cost basis and to escalate annually from initial pricing.
Previous wording
There have been no significant changes to the critical accounting estimates disclosed in our 2024 Form 10-K.
Current wording
There have been no significant changes to the critical accounting estimates disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.
Previous wording
As of October 30, 2025, we had outstanding 376,213,626 common shares and 7,349,989 options to acquire common shares.
Current wording
As of April 30, 2026, we had outstanding 397,331,853 common shares and 8,864,856 options to acquire common shares.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
We utilize ISR to recover uranium at our Lost Creek Property and Shirley Basin Project, which are both located in Wyoming, and will do so at 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 low cost.
Current report — wording carried from elsewhere
The following table provides information on our U 3 O 8 product sales:
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
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.
Previous report — wording carried elsewhere
The following table provides information on our U 3 O 8 sales:
Previous report — wording carried 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.