UR-ENERGY INC
For the period ended Sep 30, 2026. Filed Nov 9, 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.
Sep 30, 2026 · Filed Nov 9, 2026
URG$0.81+8.7%Stored close · as of Nov 9, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-10.
0001104659-26-093458
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-09.
0001104659-26-124585
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 146 previous paragraphs and 156 current paragraphs.
51 unchanged; 55 reworded; 50 added; 40 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 12 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 (50)
Current report
Electricity demand growth, especially related to artificial intelligence and data centers, remains a significant factor supporting interest in nuclear energy as a source of reliable, baseload, low-carbon power. 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
The most consequential of these for the ISR industry, “In-situ Recovery Monitoring and Decommissioning Timeliness,” was published by the NRC on September 10, 2026. It would codify risk-informed groundwater protection standards for ISR facilities and provide more flexibility in decommissioning timelines, including site-specific extensions. The Company played a leading role in preparing industry comments, which were submitted before the comment period closed on October 13, 2026. The NRC has targeted March 2027 to issue the final rule. Public comment periods also closed during the third quarter on proposed rules to overhaul the NRC’s National Environmental Policy Act regulations to streamline environmental reviews and to modernize the NRC’s radiation-protection standards under 10 CFR Part 20. The NRC expects to issue both final rules in February 2027.
Current report
Federal policy also continued to focus on reducing reliance on Russian nuclear fuel. On September 18, 2026, the President signed the Sanctioning Russia and Iran Act of 2026, which directs implementation of existing restrictions on Russian uranium imports and requires sanctions on the leadership of Rosatom beginning January 1, 2028, when existing waivers permitting imports of Russian low-enriched uranium must end.
Current report
During the quarter, the National Nuclear Security Administration issued a request for information (“RFI”) to evaluate domestic sources of unobligated U.S.-origin uranium and conversion services, identifying a potential requirement of approximately four million pounds of U₃O₈ per year beginning as early as 2030, roughly twice total U.S. production in 2025. In addition, on August 26, 2026, the U.S. Army selected five companies to build microreactors at military installations, which may require fuel made from unobligated U.S.-origin uranium. Although an RFI is not a commitment to purchase, these potential sources of federal government demand could widen the gap between demand and domestic supply and support higher long-term price premiums for domestic uranium.
Current report
Broader industry developments during the quarter included the NRC’s issuance of a construction permit to the Tennessee Valley Authority for the first commercial small modular reactor in the United States, Holtec’s commencement of fuel loading at the Palisades plant in Michigan, the U.S. Department of Energy’s closing of a loan of up to $1.9 billion to support the restart of NextEra Energy’s Duane Arnold plant in Iowa, and General Matter’s submission of an NRC license application for a uranium-enrichment facility in Paducah, Kentucky.
Current report
Although many of these initiatives remain in proposed or early stages, and their timing, final form, and ultimate effect on the Company cannot be predicted with certainty, they collectively reflect a sustained commitment to nuclear energy and domestic fuel-supply security that the Company believes strengthens the long-term demand outlook for domestic uranium production.
Current report
Production at Lost Creek was less than expected during the third quarter of 2026 due to factors that impacted production grade and flow rates. Although we expected the average production grade from wells in MU2 to decrease because the HHs
Current report
are now in the latter part of their production curve, for the reasons described below, we were unable to offset that decrease as expected by continuing to add HHs in MU1 Phase 2, increasing flow rates by bringing a sand filtration system online, and other process improvements.
Current report
Production grades are expected to vary from quarter to quarter as we move through mine units, and average production grades in Lost Creek mine units, including MU1 and MU2, have generally outperformed our estimates in total. However, production grades of wells in MU1 Phase 2 during the third quarter were mixed, with lower than expected grades in certain patterns due to greater than expected impacts of previous mining in the first phase of MU1.
Current report
Average production grades are expected to increase as we move into new mine units that have not previously been subject to ISR operations, including mine unit five (“MU5”), which is our next planned mine unit.
Current report
In addition to completing construction and installation of HHs 1-18 and 1-19 and substantially completing installation of the 257 production and injection wells planned for the remaining four HHs (HH 1-20 through HH 1-23) in MU1 Phase 2, wellfield development and surface construction at Lost Creek in the third quarter of 2026 focused on pattern planning and drilling in MU5, along with delineation drilling in mine unit four (“MU4”). At September 30, 2026, approximately 88% of the production and injection wells in the first HH in MU5 (HH 5-1) had been drilled and cased and approximately 14% had been completed, and we had 19 drill rigs on site supporting well installation, delineation drilling, and other drilling operations.
Current report
Production flow rates at Lost Creek increased during the third quarter of 2026, but less than expected, from an average of 2,519 gallons per minute (“gpm”) in the second quarter of 2026 to 3,181 gpm in the third quarter of 2026.
Current report
As previously disclosed, production flow to the plant has been negatively affected by the introduction of fine particles (“fines”) from the host formation into the plant. To mitigate these fines, we installed a sand filtration system in the second quarter of 2026 that was commissioned and began operation in July 2026. The filtration system has been effective in decreasing fines and increasing production flow rates, but our ability to utilize the system effectively was impacted more than we expected by constraints in our capacity to manage wastewater generated when backflushing the filtration system. Overall wastewater disposal was partially impacted by the inability to operate wells to receive the clean water component of the wastewater due to unexpected maintenance and testing of wastewater treatment equipment. Flow rate capacity at Lost Creek was also impacted during the quarter by unplanned maintenance to the elution and ion exchange (“IX”) systems at the plant, which was also related to fines from the formation.
Current report
During the third quarter of 2026, we continued to advance longer-term solutions to manage wastewater at Lost Creek and increase flow rates. For the wastewater treatment facility that is under construction at Lost Creek, we completed excavation, grading, and the exterior concrete foundation, began erection of the building, and continued to procure internal equipment components during the quarter. We also continued to advance improvements to the reverse osmosis (“RO”) system in the plant and submitted a data package requested by the federal Bureau of Land Management (“BLM”) for its approval for the Company to conduct surface discharge of non-hazardous wastewater, which has already been approved by the WDEQ.
Current report
Earlier in 2026, we engaged a contractor to evaluate short and long term required maintenance activities and develop a clearly defined maintenance program to better prevent unexpected maintenance. In September 2026, the contractor completed its evaluation and provided its recommendations.
Current report
Because Shirley Basin is operated as a satellite facility, with U₃O₈ captured at Shirley Basin transported to Lost Creek for processing, drying, and drumming, the drummed and shipped pounds of U₃O₈ from Shirley Basin are included in drummed and shipped pounds at Lost Creek above.
Current report
The ramp up of production operations at Shirley Basin and optimization of the transfer system from Shirley Basin to Lost Creek proceeded slower than expected during the third quarter of 2026. We captured 25,330 pounds of U₃O₈ at Shirley Basin to build base in-circuit inventory during the second and third quarters of 2026, including 14,697 pounds during the third quarter. We shipped 9,379 pounds of U₃O₈ from Shirley Basin to Lost Creek for processing during the third quarter.
Current report
Production activity at Shirley Basin during the third quarter was limited to a small area of MU1, consisting of 158 injection and production wells, to improve operating parameters associated with the early ramp up and optimization of ISR operations at the newly commissioned mine, including gravel packing, screen-slot sizing, optimization of lixiviant chemistry, and the workover of wells, where necessary.
Current report
Production during the third quarter from Shirley Basin was also affected by factors that limited the pounds of U₃O₈ captured that could be processed at Lost Creek, including unexpected modifications needed at Lost Creek to efficiently unload unprocessed uranium from Shirley Basin; the need to procure temporary trailer solutions due to significant manufacturer delays in delivering specialty trailers to transport uranium from Shirley Basin to Lost Creek; and the unplanned maintenance to the elution and IX systems at the Lost Creek plant discussed above.
Current report
During the third quarter at Shirley Basin, we advanced wellfield drilling and installation of wells for nine additional HHs in MU1 (HH 1-3 through HH 1-11). At September 30, 2026, of the 696 production and injection wells planned for these HHs, approximately 94% had been drilled, approximately 65% had been cased, and approximately 58% had been completed; substantially all work was complete for the installation of HH 1-3 other than pipeline connections to the plant; the main pipeline was complete to HH 1-4; and we had eight drill rigs on site supporting drilling, casing, and completion work. We also substantially completed the remaining plant construction activities that were not essential for production operations, including interior offices and most instrumentation.
Current report
Lost Soldier
Current report
Lost Creek South
Current report
The Lost Creek South Project totals approximately 16 square miles and is located immediately adjacent to the Lost Creek Project. Historical drilling on the Lost Creek South Project consisted of 488 drill holes. In 2010, we drilled 159 exploration holes (for a total of 101,950 feet) that confirmed numerous individual roll front systems occurring within several stratigraphic horizons correlative to mineralized horizons in the Lost Creek Project. A series of wide-spaced drill holes were also part of this exploration program which identified deep oxidation (alteration) that represents the potential for several additional roll front horizons.
Current report
During the third quarter of 2026, we carried out additional planning and preparation activities for a 120-hole exploration program at Lost Creek South, including the submission of a bond to the WDEQ to begin drilling activities.
Current report
North Hadsell
Current report
Research and Development
Current report
During the third quarter of 2026, the Company advanced several research and development initiatives. Notably, the Company received approval during the quarter of a Gateway for Accelerated Innovation in Nuclear (“GAIN”) technical collaboration award from the U.S. Department of Energy (“DOE”) for the Pacific Northwest National Laboratory (“PNNL”) to perform analysis of select groundwater restoration methods.
Current report
The DOE also approved a proposal during the third quarter for the Company to collaborate with PNNL to investigate the use of artificial intelligence to evaluate wellfield operations and better balance the wellfield to prevent excursions and improve recoveries.
Current report
In another project and industry first, various mine solutions at the Company’s Lost Creek plant were being tested during the third quarter utilizing experimental UVvis technology capable of continuously measuring uranium concentration. The measurement and testing are being conducted in collaboration with Los Alamos National Laboratory supported by DOE funding.
Current report
We currently have sales agreements with 12 global nuclear energy and uranium trading companies. During the third quarter of 2026, we entered into a sales agreement that calls for annual deliveries of 200,000 pounds of U₃O₈ in each of 2030, 2031, and 2032. As previously disclosed, during the third quarter we also entered into transactions to defer 2026 deliveries under sales contracts of 150,000 pounds of U₃O₈ to 2027 and 150,000 pounds to 2029. During the third quarter, we also amended the inventory loan under which we previously borrowed 250,000 pounds of U₃O₈ by extending the maturity date for repayment from November 2026 to November 2027.
Current report
In the third quarter of 2026, we delivered 10,000 produced pounds at an average cost per pound sold of $55.50. In the nine months ended September 30, 2026, we delivered 230,000 produced pounds at an average cost per pound sold of $52.08. Production rates modestly increased in the first nine months of 2026, leading to the consistent average cost per produced pound sold in the nine months ended September 30, 2026 as compared to 2025.
Current report
In the third quarter of 2026, we delivered 180,000 non-produced pounds at an average cost per pound sold of $70.87. In the nine months ended September 30, 2026, we delivered 230,000 non-produced pounds at an average cost per pound sold of $71.06. The average cost per non-produced pound sold in 2026 is higher as compared to 2025, due to prior period non-produced pound NRV adjustments, which lowered the 2025 average cost basis.
Current report
In the third quarter of 2026, we sold 180,000 non-produced pounds at an average price per pound sold of $65.27 and an average cost per pound sold of $70.87, which resulted in an average loss per pound sold of $5.60, and an average loss margin per pound sold of about 9%. In the nine months ended September 30, 2026, we sold 230,000 non-produced pounds at an average price per pound sold of $67.08 and an average cost per pound sold of $71.06, which resulted in an average loss per pound sold of $3.98 and an average loss margin per pound sold of about 6%. The lower average loss per pound sold and loss margin per pound sold in the first nine months of 2026 compared to 2025 was due to higher sales prices received partially offset by a higher cost per pound sold.
Current report
under construction at Lost Creek and planned to be in operation in the second quarter of 2027 is expected to fully address wastewater capacity constraints.
Current report
Pounds drummed and shipped in the third quarter of 2026 decreased to 104,586 and 75,087, respectively, and were predominantly comprised of Lost Creek pounds. The decrease in pounds drummed is due to lower captured pounds in the previous quarter and unplanned maintenance and modifications at the Lost Creek plant to efficiently unload unprocessed uranium from Shirley Basin. The decrease in pounds shipped is due to fewer drummed pounds during the quarter and partially relates to a timing difference in shipment schedules. We received positive assay adjustments totaling 1,099 pounds during the third quarter of 2026, bringing the year-to-date total to 12,528 pounds and indicating that we previously drummed and shipped more pounds than estimated. The positive assay adjustments are included in pounds at Lost Creek drummed and shipped during the quarter.
Current report
Summary of Results of Operations
Current report
Including the 460,000 pounds that we delivered during the first three quarters and 240,000 pounds that we expect to deliver in the fourth quarter of 2026, we expect to make deliveries under sales contracts of 700,000 pounds of U 3 O 8 in 2026, which is 300,000 pounds less than our previous guidance, at an average price of $67 per pound for total product sales revenue of $46.9 million. These deliveries are expected to be made from existing conversion facility inventory and production from Lost Creek and Shirley Basin.
Current report
As previously disclosed, in the third quarter of 2026, we entered into transactions to defer delivery of 150,000 pounds of U 3 O 8 from 2026 to 2027 and defer delivery of 150,000 pounds from 2026 to 2029. As discussed above, we also extended the maturity date of our 250,000 pound inventory loan from November 2026 to 2027 in the third quarter. In October 2026, we entered into a transaction to defer delivery of an additional 300,000 pounds of U 3 O 8 from the fourth quarter of 2026 to 2029. The Company posted a refundable cash collateral deposit for this transaction of $9.0 million. Due to lower than expected production in 2026, we entered into these transactions to increase our ability to satisfy delivery commitments in the fourth quarter of 2026 and in 2027 from our inventory and new production and avoid purchasing pounds of U 3 O 8 at spot prices.
Current report
The current combined 2026 and 2027 capital expenditure estimate for Shirley Basin construction is $37.5 million, which includes all the production and wastewater treatment systems required for full commercial production operations. We spent $29.1 million of that amount during the nine months ended September 30, 2026 (including $10.1 million that we deferred from 2025 planned expenditures). We expect to spend approximately $4.6 million during the fourth quarter of 2026 and approximately $3.8 million in 2027 to finalize the production facility. We expect to incur additional capital expenditures for Shirley Basin in 2028 or later for additional wastewater treatment equipment to facilitate restoration activities that is not essential for production operations.
Current report
As described above, at Lost Creek we installed a sand filtration system that began operations in the third quarter of 2026, and are constructing a wastewater treatment facility. Including the sand filtration system, the current capital expenditure estimate for the wastewater treatment facility is $33 to $35 million. We expect to spend approximately $23 million on this project during 2026 and approximately $11 million in 2027 to complete the facility. During the nine months ended September 30, 2026, we spent $7.7 million on capital expenditures related to this project. We may elect to defer capital expenditures related to this facility, which will be required for future restoration activities and is expected to allow us to increase flow rates and production, but is not essential for production operations at current levels.
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Removed paragraphs (40)
Previous report
On June 23, 2026, the U.S. Energy Information Administration (“EIA”) released its 2025 Domestic Uranium Production Report. According to the report, U.S. uranium concentrate production increased to approximately 2.1 million pounds U₃O₈ in 2025 from approximately 0.7 million pounds in 2024. Exploration and development drilling reached its highest level since 2013, employment increased by approximately 41%, and industry expenditures reached their highest level since 2014. For context, 2025 domestic production was equivalent to only approximately 3.8% of the 55.9 million pounds of U₃O₈ equivalent purchased by owners and operators of U.S. civilian nuclear power reactors in 2024, the latest year for
Previous report
which EIA uranium-marketing data are available. This comparison involves production and purchases from different reporting years and does not reflect inventory movements or the origin of uranium delivered during either year.
Previous report
On July 2, 2026, the NRC transmitted its proposed rule, “In-situ Recovery Monitoring and Decommissioning Timeliness,” to the White House Office of Information and Regulatory Affairs (“OIRA”) for interagency review. This proposed rulemaking is intended to codify risk-informed groundwater protection standards for in-situ recovery (“ISR”) facilities and risk-inform decommissioning timeliness regulations to allow site-specific extensions. Additionally, on July 7, 2026, the NRC published a proposed rule to comprehensively overhaul its National Environmental Policy Act (“NEPA”) regulations. This proposal aims to dramatically streamline environmental reviews and to establish new categorical exclusions for projects within the NRC’s jurisdictional authority. This was followed on July 15, 2026, by a proposed rule to reform the NRC’s foundational radiation-protection framework under 10 CFR Part 20. This rulemaking represents the first major modernization of the agency’s baseline dose-limit and monitoring standards in decades, seeking to align U.S. regulations with updated international radiological protection standards and risk-informed methodologies.
Previous report
Broader developments in the nuclear industry during the quarter included NRC renewal of the Diablo Canyon and St. Lucie reactor operating licenses and the commencement of construction of Kairos Power’s Hermes 2 demonstration reactor. In infrastructure developments, ConverDyn disclosed that it was evaluating a second U.S. uranium-conversion facility that could approximately duplicate the capacity of its existing plant, which remains subject to completion of engineering studies and a formal decision to proceed. Urenco USA announced plans to increase the annual uranium-enrichment capacity of its New Mexico facility by nearly 50%, with initial production from the new capacity projected for 2032.
Previous report
The ultimate effect of these fuel-cycle and regulatory developments on U.S. uranium producers remains subject to substantial uncertainty and will depend on factors including the timing and scale of utility reactor deployment, fuel-procurement practices, domestic-origin procurement mandates, and the implementation timelines of federal program funding. Nevertheless, these comprehensive federal initiatives and infrastructure expansions collectively underscore a robust, long-term commitment to nuclear energy that is widely expected to structurally strengthen the prospective demand outlook for domestic uranium production.
Previous report
Wellfield development and surface construction in 2026 Q2 continued to focus on MU1 Phase 2 and remains on schedule for our 2026 operating plans. MU1 Phase 2 is planned to include 10 HHs. During the quarter, we continued to advance installation of the 376 production and injection wells currently planned for the remaining six HHs in MU1 Phase 2. At June 30, 2026, approximately 99.5% of these wells had been drilled and cased and approximately 72% had been completed, and we had 17 drill rigs on site performing open hole drilling, casing, and completion work.
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We continued to advance several initiatives at Lost Creek during 2026 Q2 to increase production rates. These efforts included the installation of a sand filtration system while we construct a planned wastewater treatment facility. During 2026 Q2, the sand filtration system was fully installed but testing and other commissioning work extended into July 2026. To accommodate modifications to piping at the plant for the system, the Lost Creek plant suffered nearly two days of downtime and four days of reduced flow in June 2026 that affected quarterly production.
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We made progress on other initiatives to increase production at Lost Creek during Q2 2026, including bringing additional HHs online in MU1 Phase 2 as described above, and continued work to optimize lixiviant chemistry in the formation to increase average grades. We also continued to advance the development of an enhanced maintenance program and improvements to the reverse osmosis system in the plant, and increased our focus on daily drumming to increase the volume of product packaged and shipped. We also progressed the development of the planned wastewater treatment facility at Lost Creek during 2026 Q2, including engineering design work and the procurement of the building shell and internal equipment components.
Previous report
The pounds of U 3 O 8 drummed during 2026 Q2 was the highest amount drummed during a calendar quarter since we made the decision in 2022 to ramp-up Lost Creek operations. Nevertheless, startup of the sand filtration system was delayed until July 2026, and production at Lost Creek during 2026 Q2 continued to be negatively affected by fine particles from the host formation that have reduced flow rates.
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With only limited operations, we captured 10,634 pounds of U 3 O 8 at Shirley Basin during 2026 Q2, all from HH 1-1 in Shirley Basin’s first mine unit (“MU1”).
Previous report
We have fourteen ion exchange (“IX”) columns at Shirley Basin, which include ten for production, two for restoration, and two for cleaning the waste stream before disposal. Although construction of major infrastructure at Shirley Basin was substantially complete at the end of 2026 Q1 as previously disclosed, construction activities continued during 2026 Q2 after commencement of initial operations, focused on structural steel, piping systems, electrical installation, and interior building work. During the quarter, we completed construction in the plant of the pipeline connections to the first four IX production columns and the infrastructure to transfer U 3 O 8 from the Shirley Basin plant into trailers for trucking to Lost Creek for processing. We also completed the necessary modifications to the Lost Creek plant to accept and process these shipments.
Previous report
In the wellfield, drilling and installation of wells and HHs continued during the quarter in MU1. Wellfield construction activity was focused on completing the installation of components and systems for HH 1-2 and progressing the installation of various components for HH 1-3 through HH 1-8. During the quarter, we continued to advance the drilling and installation of the 607 production and injection wells currently planned for HH 1-1 through HH 1-8. At June 30, 2026, approximately 97% of these wells were drilled, 93% were cased, and 84% were completed. We also made improvements
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to well completions in HH 1-1 and HH 1-2 to improve flow rates. At June 30, 2026, we had nine drill rigs on site performing drilling, casing, and completion work at Shirley Basin.
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Our Casper, Wyoming construction shop supplies HHs to both Lost Creek and Shirley Basin. All our HHs are fabricated and built in Casper, allowing for efficiency, cost savings, and greater safety due to minimized travel requirements. During 2026 Q2, our construction shop completed the fabrication of two HHs for Lost Creek and one HH for Shirley Basin and advanced components for two additional HHs for Lost Creek and two additional HHs for Shirley Basin. Including HHs already in operation, at June 30, 2026, the shop had completed the fabrication of nine of the 10 HHs planned for MU1 Phase 2 at Lost Creek and the first six HHs planned for Shirley Basin.
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Lost Soldier Project
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North Hadsell and LC South
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During 2026 Q2, we completed abandonment of all holes drilled during recent exploration activities at North Hadsell, which allows us to devote the three drill rigs that were at North Hadsell to our planned 120-drill hole exploration program at our LC South property.
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In 2026 Q2, we delivered 165,000 produced pounds at an average cost per pound sold of $52.96. In the six months ended June 30, 2026, we delivered 220,000 produced pounds at an average cost per pound sold of $51.93. The increased production rates in 2025 and the first six months of 2026 led to the lower average cost per pound sold in the six months ended June 30, 2026 as compared to 2025.
Previous report
In 2026, we expect to sell 1,000,000 pounds of U 3 O 8 from a combination of produced and purchased pounds. Production at Lost Creek is expected to continue to increase in 2026 and we expect to initiate production at Shirley Basin in summer 2026. As production increases, we expect further decreases in the cost per pound produced at Lost Creek, although initial production at Shirley Basin will likely have higher costs until production rates increase.
Previous report
In 2026, profit margins from Lost Creek should be better than in 2025 with a slightly higher average sales price and lower average production cost per pound sold. As Shirley Basin comes online, the initial cost per pound produced will likely be higher until production rates increase over time, which will result in lower initial profit margins.
Previous report
Pounds drummed and shipped in 2026 Q2 increased to 140,873 and 149,747, respectively, and were comprised solely of Lost Creek pounds. We received positive assay adjustments totaling 7,745 pounds during 2026 Q2, bringing the year-to-
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date total to 11,429 pounds, indicating we previously drummed and shipped more pounds than estimated. The positive assay adjustments are included in pounds at Lost Creek drummed and shipped during the quarter. We expect pounds drummed and shipped to increase in 2026 Q3 as expected flow rates increase with the Lost Creek sand filtration system online and as Shirley Basin is expected to start shipments and begin to ramp up operations.
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Three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025
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Investing activities used $27.3 million during the six months ended June 30, 2026. We spent $22.8 million on construction and $0.9 million on rolling stock at Shirley Basin, $3.0 million on construction, primarily related to the sand filtration
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The substantial majority of our 2026 deliveries are scheduled for the latter part of the year consistent with the ramp-up schedules of Lost Creek and Shirley Basin. As discussed above, our total sales in 2026 are projected to be 1,000,000 pounds of U 3 O 8 at an average price of $64 per pound for expected revenues of $64 million.
Previous report
We also expect to return 250,000 pounds to a lender in 2026 Q4 to satisfy our uranium inventory loan. The deliveries and loan repayment are expected to be made from existing conversion facility inventory and production from Lost Creek and Shirley Basin. We are closely monitoring production from both projects and may seek to alter delivery or repayment schedules, borrow additional uranium, or purchase uranium, if necessary.
Previous report
We have revised our 2026 capital expenditure estimate for Shirley Basin to approximately $30.5 million and elected to defer $5.3 million related to the wastewater treatment facility to 2027. The combined 2026 and 2027 capital expenditure estimate of $35.8 million is up from the previously projected estimate of $25.5 million (which included $10.1 million in weather-delayed carryover from 2025). During the six months ended June 30, 2026, we spent $21.9 million. The $5.0 million increase in 2026 is driven primarily by initial engineering plan revisions, which led to contractor overtime and expedited labor fees and material cost inflation from procurement delays. Additional cost drivers included higher winter construction expenses and the need to import off-site material for evaporation pond clay liners instead of mining on-site. The $5.3 million increase for 2027 relates to the deferral of the remaining water treatment facility construction costs. The water treatment facility will be required for future restoration activities and is not essential for current production operations.
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As discussed above, we installed a sand filtration system at Lost Creek in 2026 Q2 while a planned wastewater treatment facility is under construction. The estimated cost of the facility is between $25 million and $33 million.
Previous report
As described above, we installed a sand filtration system in 2026 Q2 and expect this system will reduce the impact of fine particles from the host formation and assist with increasing flow rates until the planned completion of the wastewater treatment facility. Although testing and other commissioning of the system extended past the end of the quarter, operation of the system commenced in July 2026.
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In early July 2026, we broke ground and began grading the site for the wastewater treatment facility. Additional grading work and forming for building concrete continued through July and into August, when the initial concrete pads are expected to be poured. We expect to complete construction of the facility by the end of 2027 Q1.
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We will continue optimization of the lixiviant chemistry to increase average grades. We will also continue our focus on daily drumming, and plan to complete our initiatives to implement an enhanced maintenance program and improvements to the reverse osmosis system by year-end 2026.
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During the remainder of 2026, we plan to continue wellfield construction and installation in MU1 Phase 2 at a pace similar to 2026 Q2 until all 10 HHs planned for MU1 Phase 2 are in production. As described above, drilling in MU1 Phase 2 is very advanced, and we brought an additional HH in MU1 Phase 2 online in July 2026. Subject to regulatory approval by the Wyoming Department of Environmental Quality (“WDEQ”), we expect to commence wellfield construction and installation in MU5 by the end of the year 2026, where we plan to install 15 HHs from late 2026 through 2028. In July 2026, we began hydrologic testing, archeological studies, and the compilation of other data for the MU5 regulatory approval package, which we plan to submit in 2026 Q3.
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Since the end of 2026 Q2, we have also actively continued to drill delineation holes in MU4 to better define the resources.
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After commencing initial operations and receiving the Authorization for full production operations at Shirley Basin in 2026 Q2, we continue to expect our first shipments of production from Shirley Basin, our second ISER uranium mining facility, this summer.
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After receipt of the Authorization, we promptly prepared the first four IX production columns and pressure tested the piping systems to allow us to commence full operations. By the end of July 2026, six production columns were ready for operation, and all infrastructure and processes were in place at Shirley Basin to commence shipments of U 3 O 8 to Lost Creek, other than the requisite shipping trailers, which we anticipate will be on site and ready for shipments this summer. We also expect to have all ten production columns in operation by the end of 2026 Q3.
Previous report
Various plant construction activities that are not essential for production are expected to continue through 2026 following the commencement of U 3 O 8 shipments to Lost Creek, including completion of interior offices. We also plan to install wastewater treatment equipment in 2027, after completing the wastewater treatment facility under construction at Lost Creek, with the engineering design based substantially on the design of the Lost Creek wastewater treatment facility.
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At our Lost Soldier project, we expect to complete initial aquifer testing and commence baseline environmental studies in 2026 Q3 and plan to complete a new technical report of estimated mineral resources by the end of 2026. With abandonment of prior exploration holes that were drilled at our North Hadsell project complete at the end of 2026 Q2, we plan to
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commence an approximately 120-drill hole exploration program at our LC South property in 2026 Q3, with three drill rigs planned for the program.
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Sales Contracts
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Including the 270,000 pounds that we delivered in the first half of 2026, we expect to make base deliveries under sales contracts of 1,000,000 pounds of U 3 O 8 in 2026, which is 300,000 pounds less than our previous guidance. In July 2026, we entered into transactions to defer delivery of 150,000 pounds to 2027 and 150,000 pounds to 2029. Although we had sufficient pounds of U 3 O 8 in inventory at the conversion facility to make the delivery as scheduled, we deferred delivery of the 300,000 pounds to increase our ability to satisfy subsequent delivery commitments in the second half of 2026 from our existing inventory and new production.
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Previous wording
The following discussion and analysis by management is designed to provide information that we believe is necessary for an understanding of our financial condition, changes in financial condition, and results of our operations and should be read in conjunction with the audited financial statements and MD&A contained in our Annual Report.
Current wording
The following discussion and analysis by management is designed to provide information that we believe is necessary for an understanding of our financial condition, changes in financial condition, and results of our operations and should be read in conjunction with the audited financial statements and MD&A contained in our Annual Report on Form 10-K for the year ended December 31, 2025.
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 Lost Creek Project, our flagship in situ recovery (“ISR”) mining facility, and our Shirley Basin Project, our second ISR uranium mine. 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.
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”), with its corporate headquarters in Casper, Wyoming. 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 our Shirley Basin Project, our second ISR uranium mine. 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 more than 40% of carbon-free electricity and the vast majority of carbon-free baseload electricity in the U.S.
Previous wording
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.” Our corporate structure and material U.S. subsidiaries remain unchanged since the filing of our Annual Report.
Current wording
Ur-Energy is a corporation continued under the Canada Business Corporations Act on August 8, 2006. Our common shares are listed on the NYSE American under the symbol “URG” and on the TSX under the symbol “URE.” Our corporate structure and material U.S. subsidiaries remain unchanged since the filing of our Annual Report.
Previous 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 production, drying, and drumming. After processing, U 3 O 8 is shipped to a third-party conversion facility to be weighed, assayed, and stored until sold.
Current wording
At Lost Creek, we extract and process uranium oxide (“U 3 O 8”) at the Lost Creek processing plant, which includes all circuits for processing, drying, and drumming. After drumming, U 3 O 8 is shipped to a third-party conversion facility to be weighed, assayed, and stored until sold.
Previous wording
As described in our Annual Report, Shirley Basin is designed as a satellite facility, with U 3 O 8 extracted and captured there transported to Lost Creek for processing. We commenced initial operations to extract and capture U 3 O 8 at Shirley Basin in April 2026. We received final authorization for full ISR operations at Shirley Basin in late June 2026, and expect to begin transporting U 3 O 8 to Lost Creek later this summer. We have the licensed capacity at Shirley Basin to construct a full processing facility to process U 3 O 8 that we extract and capture or to toll process for other producers as may be dictated by future market conditions.
Current wording
Our second ISR operation in Wyoming, Shirley Basin is a satellite mine and facility, with U 3 O 8 extracted and captured at Shirley Basin transported to Lost Creek for processing, drying, and drumming. We commenced initial operations to extract and capture U 3 O 8 at Shirley Basin in April 2026 and commenced transporting U 3 O 8 from Shirley Basin to Lost Creek for processing in August 2026. Although Shirley Basin is currently operated as a satellite facility, we have the licensed capacity to construct a full processing plant at Shirley Basin to process U 3 O 8 that we may extract and capture at our properties or to toll process for other producers as may be dictated by future market conditions.
Previous wording
Our combined licensed capacity at Lost Creek and Shirley Basin totals 4.2 million pounds of U₃O₈ per year. We currently have multi-year sales agreements with 10 global nuclear energy and trading companies with projected delivery commitments of approximately 5.75 million pounds of U 3 O 8 from 2026 through 2033, including pounds that we delivered in the first half of 2026.
Current wording
Our combined licensed capacity at Lost Creek and Shirley Basin totals 4.2 million pounds of U 3 O 8 per year. We currently have multi-year sales agreements with 12 global nuclear energy and trading companies with base delivery commitments of 6.4 million pounds of U 3 O 8 from 2026 through 2033, including pounds that we delivered in the first three quarters of 2026.
Previous wording
Demand growth, energy-security considerations, and federal policy initiatives continued to support the nuclear industry and domestic uranium production during the second quarter of 2026. Sector developments during the period included progress on federal regulatory reforms affecting uranium recovery, nuclear materials, and reactor licensing; initiatives to strengthen the domestic nuclear fuel cycle; and federal funding allocations for reactor deployment, nuclear safety, and workforce development.
Current wording
Energy-security and national-security priorities, together with federal and state policy initiatives, continued to support the nuclear industry and domestic uranium production during the third quarter of 2026. Developments during the period included regulatory reforms affecting uranium recovery, restrictions on Russian nuclear fuel, potential new federal demand for U.S.-origin uranium, and progress on reactor construction, restarts, and domestic enrichment.
Previous wording
Federal nuclear regulatory policy continued to be shaped by the Accelerating Deployment of Versatile, Advanced Nuclear for Clean Energy Act of 2024 (the “ADVANCE Act”) and four nuclear-related Executive Orders (“EOs”) issued on May 23, 2025. Among these, Executive Order 14300 directs the U.S. Nuclear Regulatory Commission (“NRC”) to revise its regulations and processes and states a policy objective of increasing U.S. nuclear generating capacity from approximately 100 gigawatts in 2024 to approximately 400 gigawatts by 2050. Subsequent to the end of the second quarter, the NRC advanced several potentially consequential rulemakings driven by EO 14300 that could broadly affect the nuclear fuel cycle.
Current wording
Federal nuclear regulatory policy continued to be shaped by the ADVANCE Act of 2024 and four nuclear-related Executive Orders (“EOs”) issued on May 23, 2025, including EO 14300, which directs the U.S. Nuclear Regulatory Commission (“NRC”) to revise its regulations to support expanded U.S. nuclear generating capacity. During the third quarter of 2026, the NRC advanced several proposed rules under EO 14300 that could affect the Company.
Previous wording
Wyoming is an NRC Agreement State and generally administers source- and byproduct-material licenses for Wyoming uranium recovery facilities through its Uranium Recovery Program (“URP”). Because the Company’s operating facilities are located in Wyoming, NRC rules that are administrative or designated as not required for Agreement State compatibility may have limited direct effect on the Company. Other NRC requirements may require corresponding state action or influence Wyoming’s regulatory approach. The pending ISR monitoring and decommissioning rule is the upcoming rulemaking most directly relevant to the Company’s operations, but its financial and operational effects cannot be determined until the NRC publishes the text of the proposed rule and the State of Wyoming determines what corresponding changes to the URP are required.
Current wording
Wyoming is an NRC Agreement State and administers licenses for the Company’s uranium recovery facilities through its Uranium Recovery Program (“URP”). Some NRC rule changes may require corresponding state action, while others may have limited direct effect on the Company. The effects of the proposed ISR rule cannot be determined until the NRC issues a final rule and Wyoming determines what corresponding changes to the URP are required.
Previous wording
During 2026 Q2 at Lost Creek, we drummed 140,873 pounds of U 3 O 8 and shipped 149,747 pounds of U 3 O 8 to the conversion facility, including assay adjustments.
Current wording
During the third quarter of 2026 at Lost Creek, we drummed 103,487 pounds of U₃O₈ and shipped 73,987 pounds of U₃O₈ to the conversion facility.
Previous wording
During the quarter, we operated a total of 16 header houses (“HHs”) at Lost Creek, including 12 HHs in our second mine unit (“MU2”) and four HHs in the second phase of our first mine unit (“MU1 Phase 2”). Four of these HHs were brought online in MU1 Phase 2 during 2026 H1, including two in the first quarter and two in the second quarter. During 2026 Q2, production flow averaged approximately 2,519 gpm and production grade averaged approximately 38 mg/L.
Current wording
We operated a total of 18 header houses (“HHs”) at Lost Creek during the quarter, including 12 HHs (HH 2-4 through HH 2-15) in our second mine unit (“MU2”) and six HHs (HH 1-14 through HH 1-19) in the second phase of our first mine unit (“MU1 Phase 2”). All these MU1 Phase 2 HHs were brought online in 2026, including two in each of the first three quarters.
Previous wording
We also continued with wellfield delineation and development in our fourth mine unit (“MU4”) and our fifth mine unit (“MU5”) and pattern planning for MU5. As previously disclosed, 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.
Current wording
As previously disclosed, during the first quarter of 2026, we received approval of an amended aquifer exemption for Lost Creek that covered MU5 and substantially expanded the scope of the exemption. During the third quarter of 2026, we completed hydrologic testing and the compilation of other data for the regulatory approval package for the first phase of MU5, which we submitted to the Wyoming Department of Environmental Quality (“WDEQ”) in September 2026.
Previous wording
As previously disclosed, we brought HH 1-1 online and commenced initial operations to extract and capture U 3 O 8 at Shirley Basin in April 2026. In late June 2026, we received final authorization (the “Authorization”) from the Wyoming Department of Environmental Quality, Uranium Recovery Program (“URP”) to begin full production operations at Shirley Basin, including the transportation of U 3 O 8 captured in the Shirley Basin satellite plant to Lost Creek for drying, packaging, and delivery to the conversion facility for sale to customers.
Current wording
As previously disclosed, we brought the first HH at Shirley Basin (HH 1-1) online and commenced initial operations to extract and capture U₃O₈ at Shirley Basin in April 2026. We made our first shipment of U₃O₈ captured in the Shirley Basin satellite plant to Lost Creek for processing in August 2026.
Previous wording
We renewed exploration activities in the Great Divide Basin (“GDB”), Wyoming in 2025 Q3, beginning with our Lost Solider Project. Located approximately 17 road miles northeast of Lost Creek, Lost Soldier has the potential to be developed as a satellite operation. Although the geology of the project is largely understood with the benefit of data from approximately 4,000 historical drill holes, additional hydrogeologic data gathering and characterization are underway to enable us to better plan for potential permitting and development of the site.
Current wording
We renewed exploration activities in the Great Divide Basin (“GDB”), Wyoming in the third quarter of 2025, beginning with our Lost Solider Project. Located approximately 17 road miles northeast of Lost Creek, Lost Soldier has the potential to be developed as a satellite operation. Although the geology of the project is largely understood with the benefit of data from approximately 4,000 historical drill holes, additional hydrogeologic data gathering and characterization are underway to enable us to better plan for potential permitting and development of the site.
Previous wording
During 2026 Q2, we completed pump testing of two of the three aquifer test well clusters that we installed prior to the quarter and began work on baseline environmental studies in anticipation of possible permitting of the project. We also began preliminary work on a technical report for the project during the quarter.
Current wording
During the third quarter of 2026, we completed pump testing of the last of three aquifer-test well clusters that we installed prior to the quarter and continued work on baseline environmental studies in anticipation of possible permitting of the project. We also significantly advanced work on a technical report for the project during the quarter.
Previous wording
In 2025 Q4, we 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 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 suggested 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 wording
In the fourth quarter of 2025, we 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 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 suggested 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. During the third quarter of 2026, we completed all surface reclamation of all the disturbance from our previous drilling program at North Hadsell.
Previous wording
Our Casper chemistry lab continued 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, Wyoming construction shop supplies HHs to both Lost Creek and Shirley Basin. All our HHs are fabricated and built in Casper, allowing for efficiency, cost savings, and greater safety due to minimized travel requirements. Our Casper chemistry lab continued 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
During 2026 Q2, we sold 215,000 pounds of U 3 O 8 at an average price of $66.85 per pound, generating revenue of $14.37 million. At June 30, 2026, our finished inventory at the third-party conversion facility totaled 348,292 pounds of U 3 O 8.
Current wording
During the third quarter of 2026, we sold 190,000 pounds of U₃O₈ at an average price of $64.95 per pound, generating sales revenue of $12.3 million. At September 30, 2026, our finished inventory at the third-party conversion facility totaled 233,378 pounds of U₃O₈.
Previous wording
We currently have sales agreements with ten global nuclear energy and uranium trading companies. After the deferral described below under “Looking Ahead,” our agreements call for base annual deliveries of 1.0 million pounds of U 3 O 8 in 2026, including pounds that we delivered in the first half of 2026, and for base annual deliveries of 1.3 million pounds in 2027, 1.4 million pounds in 2028, 1.05 million 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 wording
After the additional deferral transaction described below under “Looking Ahead,” our sales agreements call for total base and fixed annual deliveries of 700,000 pounds of U₃O₈ in 2026, including pounds that we delivered in the first three quarters of 2026, and for base and fixed annual deliveries of 1,355,000 pounds in 2027, 1,400,000 pounds in 2028, 1,350,000 pounds in 2029, 1,000,000 pounds in 2030, 200,000 pounds in 2031, 300,000 pounds in 2032, and 100,000 pounds in 2033. These combined base and fixed deliveries from 2026 through 2033 total 6,405,000 pounds of U₃O₈.
Previous 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.
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 for us to add sales quantities in the same or additional delivery years at market-related pricing.
Previous wording
Sales per the financial statements includes U 3 O 8 sales and disposal fees. Disposal fees received at Pathfinder’s Shirley Basin property 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 financial statements include U 3 O 8 sales and disposal fees. Fees received for disposal at Shirley Basin 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
In 2026 Q2, we sold 215,000 pounds of U 3 O 8 at an average price of $66.85 per pound for revenues of $14.4 million. In the six months ended June 30, 2026, we sold 270,000 pounds of U 3 O 8 at an average price of $67.69 per pound for revenues of $18.3 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 as compared to the 2025 pricing.
Current wording
In the third quarter of 2026, we sold 190,000 pounds of U 3 O 8 at an average price of $64.95 per pound for revenues of $12.3 million. In the nine months ended September 30, 2026, we sold 460,000 pounds of U 3 O 8 at an average price of $66.56 per pound for revenues of $30.6 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 pricing for 2026 sales compared to 2025 pricing.
Previous wording
In 2026, we expect to sell a total of 1,000,000 pounds of U 3 O 8 at an average price per pound sold of approximately $64 for revenues of approximately $64 million. Of the 1,000,000 pounds, only 210,000 pounds were contracted in 2024 with a combination of base-escalated and market-based pricing. The remaining 790,000 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 for the year ending December 31, 2026, as compared to the June 30, 2026 year-to-date average actual price.
Current wording
In 2026, we expect to sell a total of 700,000 pounds of U 3 O 8 at an average price per pound sold of approximately $67.00 for revenues of approximately $46.9 million. Of those 700,000 pounds, 210,000 pounds were contracted in 2024 with a combination of base-escalated and market-based pricing, 75,000 pounds of which we expect to deliver in the fourth quarter of 2026. The remaining 490,000 pounds were negotiated as base-escalated contracts in 2022 and 2023 when the long-term price was between $43 and $57.
Previous wording
Deliveries for 2026 are committed to six customers with a substantial majority of deliveries occurring in the latter part of the year. In addition to the 55,000 pounds that we delivered in 2026 Q1 and the 215,000 pounds that we delivered in 2026 Q2, we expect to deliver 190,000 pounds in 2026 Q3 and 540,000 pounds in 2026 Q4, for a total of 1,000,000 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 wording
Deliveries for 2026 are committed to five customers with a larger portion of deliveries occurring in the latter part of the year. We expect to deliver a total of 700,000 pounds of U 3 O 8 in 2026, including the 460,000 pounds that we delivered during the first three quarters and 240,000 pounds that we expect to deliver in the fourth quarter.
Previous wording
In 2026 Q2, we sold 165,000 produced pounds at an average price per pound sold of $64.80 and an average cost per pound sold of $52.95, which resulted in an average profit per pound sold of $11.85 and an average profit margin per pound sold of about 18%. In the six months ended June 30, 2026, we sold 220,000 produced pounds at an average price per pound sold of $66.35 and an average cost per pound sold of $51.93, which resulted in an average profit per pound sold of $14.42 and an average profit margin per pound sold of about 22%. On a cash cost basis, the average profit per pound sold was $31.11 and the profit margin per pound sold was about 47%. The improvement in average profit per pound sold and profit margin per pound sold in the first six months of 2026 as compared to 2025 was due to the higher sales price received in combination with a lower cost per pound sold.
Current wording
In the third quarter of 2026, we sold 10,000 produced pounds at an average price per pound sold of $59.15 and an average cost per pound sold of $55.50, which resulted in an average profit per pound sold of $3.65, and an average profit margin per pound sold of about 6%. In the nine months ended September 30, 2026, we sold 230,000 produced pounds at an average price per pound sold of $66.03 and an average cost per pound sold of $52.08, which resulted in an average profit per pound sold of $13.95 and an average profit margin per pound sold of about 21%. On a cash cost basis, the average profit per pound sold was $30.76 and the profit margin per pound sold was about 47%. The improvement in average profit per pound sold and profit margin per pound sold in the first nine months of 2026 compared to 2025 was due to higher sales prices received partially offset by a slightly higher cost per pound sold.
Previous wording
In 2026 Q2, we captured 105,016 pounds, and in the six months ended June 30, 2026, we captured 215,330 pounds or about 58% of the total captured in 2025. Pounds captured in 2026 Q2 included 10,633 pounds from Shirley Basin as operations were initiated during the quarter. Flow rates at Lost Creek were intentionally lowered in late 2025 to allow the plant to make processing modifications and perform additional equipment repairs. The work related to plant systems was mostly completed in 2025 Q4, which allowed us to maintain better average flow rates in the first six months of 2026. Fine particles from the host formation carried in solution inhibited our ability to further increase flow rates into the plant during the first six months of 2026. To address this issue, in 2026 Q2 we installed a sand filtration system to further optimize production and processing by selectively removing fine particles before they enter the plant. Although testing and other commissioning work of the sand filtration system extended past 2026 Q2, operation of the system commenced in July 2026, which should allow us to further increase flow rates during the last six months of 2026.
Current wording
In the third quarter of 2026, we captured 154,667 pounds, an increase of 47% compared to the second quarter of 2026, and in the nine months ended September 30, 2026, we captured 369,997 pounds, nearly equaling total pounds captured in all of 2025. Pounds captured in the third quarter of 2026 included 14,697 pounds from Shirley Basin as full operations began. Flow rates at Lost Creek were intentionally lowered in late 2025 to allow the plant to make processing modifications and perform additional equipment repairs. The work related to plant systems was mostly completed in the fourth quarter of 2025, which allowed us to maintain better average flow rates. However, fine particles from the host formation inhibited our ability to further increase flow rates into the plant during the first nine months of 2026. To address this issue, we installed a sand filtration system to remove fine particles before they enter the plant. Operation of the sand filtration system commenced in July 2026, and while it has been effective in decreasing fines and increasing production flow rates, our ability to utilize the system effectively was impacted more than expected by constraints in our capacity to manage wastewater generated when backflushing the system. As discussed under “Lost Creek” and “Looking Ahead” below, we have implemented process and other measures to better manage wastewater, and the wastewater treatment facility that is
Previous wording
Conversion facility inventories decreased during the current quarter to 348,292 pounds at June 30, 2026. The decrease was due to selling more pounds than were shipped to the conversion facility during the quarter. The ending produced inventory cost per pound increased from $51.53 to $55.01 during the quarter, reflecting higher average production costs per pound shipped to the facility in combination with the sale of lower cost pounds earlier in the quarter.
Current wording
Conversion facility inventories decreased during the third quarter to 233,378 pounds at September 30, 2026. The decrease was due to selling more pounds than were shipped to the conversion facility during the quarter. The ending produced inventory cost per pound increased slightly from $55.01 to $55.53 during the quarter, reflecting higher average production costs per pound shipped to the facility.
Previous wording
The following table summarizes the results of operations for the three and six months ended June 30, 2026 and 2025:
Current wording
The following table summarizes the results of operations for the three and nine months ended September 30, 2026 and 2025:
Previous wording
We sold 215,000 pounds at an average price of $66.85 for $14.4 million in 2026 Q2 and sold 165,000 pounds at $63.20 in 2025 Q2 for $10.4 million. We sold 270,000 pounds at an average price of $67.69 for $18.3 million in the six months ended June 30, 2026 and sold 165,000 pounds at $63.20 for $10.4 million in the same period in 2025. The increase in pounds and price was driven by the terms of the underlying sales contracts.
Current wording
We sold 190,000 pounds at an average price of $64.95 for $12.3 million in the third quarter of 2026, compared to 110,000 pounds at $57.48 for $6.3 million in the third quarter of 2025. We sold 460,000 pounds at an average price of $66.56 for $30.6 million in the nine months ended September 30, 2026, and sold 275,000 pounds at $60.91 for $16.8 million in the same period in 2025. The increase in pounds and prices was driven by the terms of the underlying sales contracts.
Previous wording
We also had two transactions totaling $27 thousand in disposal fee revenue in the six months ended June 30, 2026, and $7 thousand in disposal fee revenues in the same period in 2025. Our disposal income is dependent on the operating and reclamation programs of other companies and varies based on their level of activity.
Current wording
We also had transactions totaling $120 thousand in disposal fee revenue in the nine months ended September 30, 2026, and $7 thousand in disposal fee revenues in the same period in 2025. Our disposal income is dependent on the operating and reclamation programs of other companies and varies based on their level of activity.
Previous wording
For the three months ended June 30, 2026, we sold 165,000 pounds from inventory produced at Lost Creek and 50,000 pounds from non-produced inventory. For the six months ended June 30, 2026, we sold 220,000 pounds from inventory produced at Lost Creek and 50,000 pounds from non-produced inventory.
Current wording
For the three months ended September 30, 2026, we sold 10,000 pounds from inventory produced at Lost Creek and 180,000 pounds from non-produced inventory. For the nine months ended September 30, 2026, we sold 230,000 pounds from inventory produced at Lost Creek and 230,000 pounds from non-produced inventory.
Previous wording
U 3 O 8 product costs included in cost of sales were greater in the three and six months ended June 30, 2026, compared to 2025 because of the increase in pounds sold, higher labor costs, and the use of purchased pounds to fill an order in 2026. The purchased pounds have a higher cost than our produced pounds.
Current wording
U 3 O 8 product costs included in cost of sales were greater in the three and nine months ended September 30, 2026, compared to 2025 because of the increase in pounds sold, higher labor and services costs, and the use of purchased pounds to fill orders in 2026. The purchased pounds have a higher cost than our produced pounds.
Previous wording
The $0.2 million in NRV adjustments for the six months ended June 30, 2026, primarily related to expected future sales of non-produced inventory at a sales price below carrying cost, while NRV adjustments for the six months ended June 30, 2025, predominantly related to a decline in the market price of U 3 O 8, which reduced the value of the non-produced inventory that had been acquired in 2024 and 2025.
Current wording
The $0.6 million in NRV adjustments for the nine months ended September 30, 2026 primarily related to expected future sales of non-produced inventory at an average sales price below carrying cost, while $2.7 million in NRV adjustments for the nine months ended September 30, 2025 predominantly related to a decline in the market price of U 3 O 8, which reduced the value of the non-produced inventory that was acquired in 2024 and 2025.
Previous wording
For the three months ended June 30, 2026, the $1.9 million gross profit was consistent with the same period in 2025. For the six months ended June 30, 2026, gross profit increased to $3.1 million from a loss of $0.7 million in the comparable 2025 period. The primary reason for the increase was higher 2026 sales volumes that resulted in a lower cost per pound sold, partially offset by higher labor and depreciation.
Current wording
For the three months ended September 30, 2026, the $1.3 million gross loss was $0.6 million higher than the same period in 2025 due primarily to the NRV adjustment in 2026. For the nine months ended September 30, 2026, gross profit increased to $1.8 million from a gross loss of $1.4 million in the same period in 2025. The primary reason for the increase was higher 2026 sales volumes that resulted in a lower cost per pound sold, partially offset by higher labor costs, services costs, and depreciation.
Previous wording
The following table summarizes operating costs for the three and six months ended June 30, 2026 and 2025:
Current wording
The following table summarizes operating costs for the three and nine months ended September 30, 2026 and 2025:
Previous wording
Total operating costs increased $2.6 million and $11.0 million in the three and six months ended June 30, 2026, as compared to 2025, respectively. The primary reasons were increased development activities, including higher labor costs due to increased employee levels and increased development activities associated with pre-operational and wellfield development costs at Shirley Basin, and an increase in general and administration expense.
Current wording
Total operating costs increased $6.6 million and $17.6 million in the three and nine months ended September 30, 2026, compared to the same periods in 2025, respectively. The primary reasons were increased development activities, including higher labor costs due to increased employee levels and increased development activities associated with pre-operational and wellfield development costs at Shirley Basin, and increases in exploration and general and administration expenses.
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 the six months ended June 30, 2026, these costs increased $1.3 million over the same period in 2025. Labor costs accounted for $0.7 million of the increase, due to increases in staffing levels and increased exploration and evaluation activity, including exploration drilling on properties other than Lost Creek and Shirley Basin.
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 the nine months ended September 30, 2026, these costs increased $0.9 million over the same period in 2025. Labor costs accounted for nearly all the increase, due to increases in staffing levels and increased exploration and evaluation activity, including exploration drilling on properties other than Lost Creek and Shirley Basin.
Previous wording
Development expense, a component of operating costs, increased $1.9 million and $7.1 million in the three and six months ended June 30, 2026, as compared to 2025, respectively. The following table summarizes the development costs included in operating costs for the three and six months ended June 30, 2026, and 2025:
Current wording
Development expense, a component of operating costs, increased $7.2 million and $14.3 million in the three and nine months ended September 30, 2026, compared to the same periods in 2025, respectively. The following table summarizes the development costs included in operating costs for the three and nine months ended September 30, 2026, and 2025:
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 Lost Creek not directly attributable to current production activities, including wellfield construction, drilling, and development costs. It also includes costs incurred at Shirley Basin 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.
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 Lost Creek not directly attributable to current production activities, including wellfield construction, drilling, and development costs. It also includes costs incurred at Shirley Basin not directly attributable to the construction of the capitalizable assets of the project, including the installation of the first two mine units which are in progress.
Previous wording
As noted, development expenses increased approximately $1.9 million and $7.1 million during the three and six months ended June 30, 2026, compared to 2025, respectively. Development activities at Shirley Basin accounted for the majority of the increase, which was partially offset by a decrease in development costs at Lost Creek. The Company reached full staffing levels for the development and operations at Shirley Basin and has substantially completed initial plant construction and commenced capturing U 3 O 8, but because Shirley Basin has not commenced commercial production operations, all wellfield, plant, and site administration costs are treated as development costs. Drilling costs, supplies, and related services as well as repairs, fuel, and overhead, such as insurance and bonding costs, related to these heightened efforts are being expensed to development costs.
Current wording
As noted, development expenses increased approximately $7.2 million and $14.3 million during the three and nine months ended September 30, 2026, compared to the same periods in 2025, respectively. Development activities at Shirley Basin accounted for the majority of the increase, which was partially offset by a decrease in development costs at Lost Creek. The Company reached full staffing levels for the development and operations at Shirley Basin, has substantially completed initial plant construction, and has commenced capturing and shipping U 3 O 8, from Shirley Basin to Lost Creek for processing, but because Shirley Basin has not commenced commercial production operations, all wellfield, plant, and site administration costs are treated as development costs. Drilling costs, labor, supplies, and related services as well as repairs, fuel, and overhead, such as insurance and bonding costs, related to these heightened efforts are being expensed to development costs.
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