UR-ENERGY INC
For the period ended Mar 31, 2025. Filed May 8, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 8, 2025
URG$0.74+7.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-06.
0001654954-24-013836
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0001558370-25-007006
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 153 previous paragraphs and 128 current paragraphs.
38 unchanged; 34 reworded; 55 added; 77 removed; 4 previous and 1 current paragraphs rearranged.
Tables are not compared: 10 previous and 11 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (55)
Current report
Notably in the U.S., a recent Executive Order of the Trump Administration directs the U.S. Department of Commerce to initiate a national security probe under Section 232 of the Trade Expansion Act of 1962 into the impact of imports of critical minerals and specifically identifies uranium. The investigation is ordered to be completed within 180 days (October 12) when a final report with recommendations is submitted to the President. A draft interim report is due to the Secretaries of Defense and Treasury, in addition to other key Administration leaders, by July 14, 2025. The impact of the investigation and subsequent corrective actions, if any, are unknown at this time but could have a positive impact on Ur-Energy as one of the largest domestic uranium producers in the U.S.
Current report
Also in April 2025, the Department of Interior implemented “Emergency Permitting Procedures to Strengthen Domestic Energy Supply.” The permitting procedures include uranium projects and, according to the Department of Interior announcement, the measures are designed to expedite the review and, if appropriate, approval of energy projects.
Current report
These recent directives from the Trump Administration continue the strong support for energy and mineral development which began on the first day of President Trump’s administration with the Executive Order titled “Unleashing American Energy” which, among other actions, made it U.S. policy to encourage energy exploration and production on federal lands and requires a review to ensure all regulatory requirements related to energy are grounded in clearly applicable law.
Current report
Support for nuclear power in the U.S. has grown to a multi-decade high of 77% according to the long-running Bisconti Research annual public opinion poll on nuclear power. Southern Company brought Vogel Unit 4 online in March 2024 and several companies are planning to initiate construction of small modular reactors (“SMR(s)”) within this decade. Constellation, a significant customer of Ur-Energy, announced the launch of the Crane Clean Energy Center that involves the restart of Three Mile Island Unit 1 in Pennsylvania. Several nuclear power companies have signed long-term, highly profitable power supply contracts with big data companies to power data centers.
Current report
Most importantly, the U.S. fleet of 94 conventional reactors is experiencing a power production renaissance as reactors are successfully granted life extensions through licensing, power uprates, longer periods between refueling outages and the use of higher levels of fuel enrichment. Each of these contributes to greater power generation and uranium usage. The nuclear power industry has been rapidly transformed from a slowly dying industry just five years ago to a vibrant and growing industry today.
Current report
Today’s SMRs have a small footprint, economically and spatially, but meteoric growth in the 2030s is planned by well-funded startups and established long-term players in power plant design and operations. Uranium purchasing will precede SMR operations by two to four years. According to an NEI poll of member companies, there could be as many as 300 SMRs in the U.S. by 2047. The carbon emissions avoided by the utilization of 300 SMRs would be equivalent to taking 100 million cars off the road.
Current report
Globally, the nuclear sector continues to grow as nuclear is the only viable scalable source of carbon free, baseload power. According to the World Nuclear Association reporting, as of May 2, 2025, 66 conventional reactors were under construction, 101 reactors were planned, and 440 reactors were operable. In addition to the buildout of new conventional reactors, several nations have reversed or are considering reversals of anti-nuclear policies (Serbia, Estonia, Italy, Spain, Scotland and Belgium). Japan continues to restart reactors, albeit at a slow pace, and there is growing interest in restarting some of the shuttered reactors in Germany. Perhaps the best indication of nuclear power’s growth potential is that the number of countries committing to tripling nuclear power by 2050 rose to 31 during the COP29 UN climate change conference in Baku, Azerbaijan (2024 Q4).
Current report
Finally, although tariffs and geopolitical trade actions have dominated the news recently, uranium has been largely excluded from tariffs. Whether the ongoing Section 232 action will change tariff rates remains to be seen. Regardless of whether tariffs are implemented on uranium, it is unlikely it would impact Ur-Energy because nearly all our deliveries to customers are within the U.S. and would not be subject to tariffs.
Current report
As previously disclosed, our wellfield flow rate has increased by 44% since the beginning of March 2025 and is now routinely over 2,800 gallons per minute. Additional flow increases are expected throughout the summer as our current fleet of 19 contract drill rigs and Company construction staff bring on additional header houses and enhance flow in existing wells through routine maintenance and improvements. Head grade remains on target. The Lost Creek processing plant is reducing in-circuit inventory with both dryers operating routinely and other process circuits performing more consistently.
Current report
Our safety performance has improved with no recordable injury or illness incidents occurring in 2025.
Current report
The recent improvements in performance and safety are attributable to several factors of which we believe the most important are growing employee skills and confidence and achieving higher employee retention rates. Our increased number of drill rigs together with mild winter conditions have also contributed to increased output.
Current report
Subsequent to quarter-end, we received the Wyoming Department of Environmental Quality (WDEQ) amendments to our Lost Creek permit to mine. This final permitting action by the State, following the license amendment received from WDEQ Uranium Recovery Program (URP) in 2021, allows for the expansion of recovery operations in up to six additional mine units in the HJ and KM horizons at our LC East Project and HJ mine units at Lost Creek. The State’s permit approval was followed by the final concurrence and approval for the expansion: the related aquifer exemption from the U.S. Environmental Protection Agency which was received May 1, 2025.
Current report
Construction at our fully permitted Shirley Basin Project is on target and we continue to estimate early 2026 mine startup. We have hired many of our senior site management and construction staff, who are already directly involved with facility construction. Training of new staff is ongoing, including certain training being conducted at Lost Creek. We have hired several additional professional staff who will join the Shirley Basin team in Q2. Recruiting for operational staff, including the remaining managers, will be ongoing through 2025 Q2 – Q3.
Current report
To date, we have completed the following construction activities: upgraded the existing road to an all-weather surface; installed and completed 125 monitor wells for mine unit one and additional site groundwater characterization; installed power between the historical substation and the site for the satellite plant; installed communications and security systems; installed the septic system for the satellite plant enclosure; and initiated dirt work for the satellite plant foundation. We have completed the refurbishment of the existing warehouse, construction bay and maintenance bay. We have also installed and furnished modular offices for these buildings. The construction of the ion exchange vessels is still expected to be complete this fall.
Current report
Subsequent to quarter end, we have begun drilling in mine unit one and installed the necessary equipment to conduct sampling of wells related to regulatory permitting. Receipt of materials for the installation of monitor wells has begun and several shipments of materials to construct the main production and injection pipelines for the first mine unit have also been received. Additional dirt work to prepare the satellite plant foundation is now ongoing. The building enclosure for the satellite plant, which will house the ion exchange and wastewater management systems, has been procured. Detailed engineering of all systems continues to support final procurement of plant equipment.
Current report
U 3 O 8 Product Sales
Current report
In 2024, we delivered 570,000 pounds at an average price per pound sold of $58.15.
Current report
There were no product sales in 2025 Q1.
Current report
U 3 O 8 Product Costs
Current report
The following table provides information on our U 3 O 8 product costs:
Current report
In 2024, we delivered 570,000 pounds sales, which consisted of 270,000 produced pounds and 300,000 non-produced pounds. The produced pounds were captured and drummed during the ramp up period at a higher average cost per pound when the mine operated at lower, ramp up, production levels.
Current report
During 2024, we purchased 300,000 pounds and borrowed 250,000 pounds at an average cost of $75.87 per pound to meet 2024 delivery requirements and to establish a sufficient base inventory position for 2025. We delivered 300,000 of the 550,000 non-produced pounds in 2024 Q4, leaving 250,000 non-produced pounds in ending inventory available for 2025 delivery requirements, if needed, or to be sold into the spot market if it is advantageous to do so.
Current report
There were no product sales in 2025 Q1.
Current report
The following table provides information on our U 3 O 8 product profit and loss:
Current report
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 non-produced pounds were delivered into a sales contract that was executed in 2022 when the long-term price was between $43 and $52 per pound.
Current report
In 2025 Q1, we drummed 83,066 pounds as drying activities began to increase. This allowed us to increase the average flow rate into the plant to approximately 2,066 average gallons per minute in March. Subsequently, we were able to increase the average flow rate to 2,762 gallons per minute in April, which led to increased production in April of 38,646 pounds captured and 43,226 pounds drummed. The wellfield flow rate at Lost Creek increased by 44% since the beginning of March 2025 and is now routinely over 2,800 gallons per minute. Additional flow increases are expected throughout the
Current report
summer as we bring on additional header houses and enhance flow in existing wells through routine maintenance and improvements..
Current report
We shipped 106,301 pounds during 2025 Q1, which increased our ending inventory at the conversion facility to 368,540 pounds, including 250,000 purchased pounds. Subsequent to quarter end, we shipped an additional 35,287 pounds U 3 O 8. We now have 403,827 pounds U 3 O 8 in inventory at the conversion facility
Current report
Because production rates were lower than anticipated in 2024, the cost per pound to produce inventory exceeded its NRV. The NRV adjustments to produced inventory decreased from $10.7 million in 2023 to $3.5 million in 2024. Total NRV adjustments in 2024, including $2.5 million of non-produced inventory NRV adjustments, were $6.0 million. In 2025 Q1, the NRV adjustments to produced inventory decreased to $0.5 million and NRV adjustment related to non-produced inventory decreased to $2.1 million.
Current report
There were no product sales or disposal fees in 2025 Q1 or 2024 Q1.
Current report
There were no U 3 O 8 product sales in 2025 Q1 or 2024 Q1.
Current report
NRV adjustments in 2025 Q1 included $0.5 million related to produced inventory and $2.1 million related to non-produced inventory. The 2024 Q1 NRV adjustment was solely related to produced inventory. The decrease in the produced-inventory NRV adjustment to $0.5 million in 2025 Q1as compared to $1.1 million 2024 Q1 is primarily related to increased production. The non-produced NRV adjustment in 2025 Q1 was due to the decrease in the average U 3 O 8 spot price during the quarter.
Current report
As we had no sales during the three months ended March 31, 2025 and 2024, we recognized a gross loss in each period equal to the cost of sales, as discussed above.
Current report
Total operating costs decreased $1.9 million in the three months ended March 31, 2025 as compared to 2024, respectively. The decrease was mainly due to lower development costs at Lost Creek combined with slightly lower general and administrative expenses.
Current report
Beginning in February 2025, Shirley Basin wellfield and plant operation costs were initiated. The costs are being expensed as development costs until inventory production at Shirley Basin commences, at which time the costs will be used to value inventory. At Shirley Basin, development costs increased approximately $0.5 million in 2025 Q1 and will continue to increase as we develop the first mine unit during 2025.
Current report
The 2024 Q1 mark to market adjustment included the revaluation of the warrant liability and the 2025 Q1 adjustment included the revaluations of the warrant liability and uranium inventory loan. Because of a decrease in the Company’s share price, which is used to calculate the warrant liability revaluation, and a decrease in the average U 3 O 8 spot price, which is used to calculate the uranium inventory loan revaluation, 2025 Q1 reflected a $4.3 million gain as compared to a $2.8 million loss in 2024 Q1.
Current report
Financing activities used less than $0.1 million in the three months ended March 31, 2025. We received $0.2 million from the exercise of stock options and paid $0.2 million for lease payments and RSUs redemption costs.
Current report
For the three months ended March 31, 2025, we have not utilized the Amended Sales Agreement.
Current report
Our total sales in 2025 are projected at 440,000 pounds of U 3 O 8 at an average price per pound sold of $61.56 and we expect to realize revenues of $27.1 million. The deliveries are under contracts negotiated in 2022 and 2023, when the long-term price was between $43 and $57 per pound. 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, 110,000 pounds, and 165,000 pounds are expected to be made in 2025 Q2, Q3, and Q4, respectively.
Current report
As of March 31, 2025, we had 368,540 pounds of U 3 O 8 in our conversion facility inventory. We shipped 35,287 pounds on April 21, 2025, which increased our ending inventory at the conversion facility to 403,827 pounds.
Showing the first 40 of 55 passages. Open the source sections for the rest.
Removed paragraphs (77)
Previous report
In the past several years, the nuclear markets have been favorably affected in many ways through greater acceptance of nuclear energy. Recently, technology and other industries operating data centers (in what is now simply being referred to as “big data”) have realized the opportunities which exist to maintain carbon free baseload electricity while supporting the immense electric demand generated by these centers. The Electric Power Research Institute’s May 28, 2024, White Paper titled Powering Intelligence, suggests that data centers are expected to consume as much as 9.1% of U.S. electricity generation by 2030 versus an estimated 4% today.
Previous report
The International Energy Agency stated in its Electricity 2024, Analysis and Forecast to 2026 report that
Previous report
Data centres are significant drivers of growth in electricity demand in many regions. After globally consuming an estimated 460 terawatt-hours (TWh) in 2022, data centres’ total electricity consumption could reach more than 1 000 TWh in 2026. This demand is roughly equivalent to the electricity consumption of Japan.
Previous report
The use of nuclear power by big data isn’t just a projection; it is already happening in a material way. Talen has already been selling significant power to big data. During the quarter, Constellation Energy announced a power purchase agreement with Microsoft for 835 megawatts of electricity. This is the largest ever power purchase agreement for Constellation and will result in the restart of the Three Mile Island Unit 1 nuclear reactor in Pennsylvania. While contributing 835 megawatts of carbon-free electricity to the grid, this historic project will create 3,400 jobs and offset approximately 61 million metric tons of CO 2 emissions over 20 years. Still others in big data, including Google and Amazon, have announced plans to utilize nuclear energy to satisfy these rapidly growing electrical needs.
Previous report
Throughout 2024, utilities and other buyers continue to identify energy security as a nearly universal priority. Ongoing war and geopolitics have only strengthened the resolve of fuel purchasers to reduce dependence on Russian nuclear products. U.S. and global utilities have increasingly been seeking non-Russian supplies when negotiating uranium term sales agreements.
Previous report
In the U.S., the ban on Russian imports of nuclear fuels, signed into law earlier in the year, became effective in August 2024. While allowing certain waivers until January 1, 2028, the prohibitions on imports continue through 2040. The ban will help to secure the U.S. nuclear fuel supply chain and advance domestic uranium recovery operations.
Previous report
The U.S. Department of Energy (DOE) has been progressing its requests for proposals under both its high-assay, low-enriched uranium (HALEU) and low-enriched uranium (LEU) programs for which domestic uranium supply is preferred. In October 2024, the DOE announced it awarded contracts to Centrus Energy Corp., Orano SA, General Matter Inc. and Louisiana Energy Services (a URENCO company) to provide enrichment services to develop HALEU to fuel small modular nuclear reactors. The contracts for enrichment are worth up to $2.7 billion over the next ten years. These programs also reflect efforts by the U.S. to advance energy security; Russia has been the only potential source of HALEU.
Previous report
During 2024 Q3 we captured 75,075 pounds, dried and packaged 71,804 pounds and shipped 67,488 pounds U 3 O 8. Although not at previously anticipated rates, these figures represent increases in production numbers compared with the captured and dried figures of earlier quarters.
Previous report
As we continue to work through the challenges of ramp-up at Lost Creek, we now anticipate 2024 production will be in a range between 240,000 and 280,000 pounds U 3 O 8 captured on IX resin.
Previous report
We expect to satisfy our remaining 2024 contractual commitments to our customers with Lost Creek production and other available sources.
Previous report
During the quarter, we brought Header Houses (HHs) 2-9 and 2-10 online, bringing the number of new header houses in the first three quarters of 2024 to five. HH 2-11 came online in early October. HH 2-12 is on the ground at Lost Creek, and HHs 2-13 through 2-15 are being constructed in our Casper facilities.
Previous report
Throughout 2024 Q3 we increased our drill rig count at Lost Creek to 15. Two of the rigs which had been deployed to Shirley Basin returned to Lost Creek in October, such that our current rig count at Lost Creek is 17. We anticipate at least three additional drill rigs will mobilize to Lost Creek prior to the end of the year.
Previous report
Our most recently completed deep disposal well, LCDW5, has been placed into operation, and with Lost Creek’s other two deep wells, is satisfying wastewater needs.
Previous report
Because our incoming employees have little or no experience with uranium ISR operations, training remains a priority. As we are gaining a larger core group of staff, we continue to focus on retention as well as recruitment in efforts to stabilize our workforce.
Previous report
Following our announcement in early 2024 of the “go” decision to begin buildout of our Shirley Basin in situ recovery facility in Carbon County, Wyoming we initiated several work programs for the year. These programs have complemented our initial purchasing plan for long lead-time equipment which began in 2023.
Previous report
Installation of the monitor wells for the first mine unit at Shirley Basin is complete. The two drill rigs which were primarily responsible for the monitor well program have been redeployed to Lost Creek in October. We have begun to collect hydrologic data and have initiated aquifer pump testing for the first mine unit. This test program is anticipated to be completed in 2024 Q4. The hydrologic confinement at Shirley Basin is well established.
Previous report
The existing south access road to the site has been upgraded to an all-season road. Power supply to the satellite plant construction area has been completed and the line is energized. We are advancing the refurbishment of the pre-existing substation that serviced historic Shirley Basin operations. The septic system is installed.
Previous report
We have selected a contractor who has commenced renovation of existing site buildings which will be used for construction, maintenance and drill casing facilities. The office building layout has been approved and we are nearing completion of a construction agreement.
Previous report
Engineering related to the satellite plant, including the wastewater treatment system, is at various stages of design and layout. Steel has been rolled and welded for 15 IX columns at a fabrication facility in Casper. Construction of these columns is progressing toward expected delivery in 2025 Q3. Long-lead items remain on schedule, and we are vigilant in our review of timing for additional long- and mid-lead time purchases.
Previous report
We continue to expect construction at Shirley Basin to be complete in late 2025 with a pre-operation inspection by the State of Wyoming following soon after.
Previous report
Sales of U 3 O 8 and Sales Agreements
Previous report
We sold 100,000 pounds U 3 O 8 in 2024 Q3 at an average price of $61.65 per pound for proceeds of $6.2 million.
Previous report
Equity Financing
Previous report
U 3 O 8 Price per Pound Sold Calculation
Previous report
U 3 O 8 Cost per Pound Sold Reconciliation
Previous report
U 3 O 8 Sales
Previous report
As previously announced, the Company made the decision to ramp up operations after securing new term contracts in 2022 with initial deliveries beginning in 2023 Q3.
Previous report
We sold 175,000 pounds of U 3 O 8 in the nine months ended September 30, 2024 at an average price per pound sold of $61.65. In the nine months ended September 30, 2023, we sold 190,000 pounds at an average price per pound sold of $62.56.
Previous report
Deliveries for 2025 are committed to three customers for a base amount of 700,000 pounds of U 3 O 8. Under our agreements, two of the three buyers may elect to flex up or down by as much as 10% of the annual base delivery quantity. We received notice from both purchasers of their election to flex up their 2025 purchases by 10%, such that we now anticipate we will deliver 740,000 pounds of U 3 O 8 into our term sales agreements in 2025.
Previous report
U 3 O 8 Product Cost
Previous report
The following table provides information on our U 3 O 8 product cost.
Previous report
We sold 175,000 pounds of U 3 O 8 in the nine months ended September 30, 2024 at an average price per pound sold of $61.65. The average cost per pound sold was $45.82 for the nine months ended September 30, 2024. In the nine months ended September 30, 2023, we sold 190,000 pounds at an average price per pound sold of $62.56. The average cost per pound sold was $32.38 for the nine months ended September 30, 2023.
Previous report
In 2023, the sales were made with a combination of pre-ramp up produced and purchased pounds the Company already had in its finished inventory at the conversion facility. The produced pounds were inventoried in earlier years with higher production rates and lower average costs per pound produced. As the post-ramp up production rates increase, we expect to again achieve lower average costs per pound produced.
Previous report
We sold a total of 175,000 pounds of U 3 O 8 in the nine months ended September 30, 2024 at an average price per pound sold of $61.65. The average cost per pound sold was $45.82 for the nine months ended September 30, 2024, which resulted in an average profit per pound sold of $15.83 and an average profit margin of approximately 26%.
Previous report
In the nine months ended September 30, 2023, the average price per pound sold into contracts was $62.56 and the average cost per pound sold was $32.38, which resulted in an average profit per pound sold of $30.18 and an average profit margin of approximately 48%. Higher average prices per pound and lower average costs per pound resulted in higher average profits per pound sold in 2023 as compared to 2024. As noted above, the produced pounds that were sold in 2023 had been produced in earlier years with higher production rates and lower average costs per pound produced.
Previous report
Plant production at Lost Creek resumed in 2023 Q3. Drying operations encountered labor and equipment issues that reduced plant throughput in 2023 Q4. The equipment issues were addressed, and pounds dried increased in each subsequent quarter. We dried 71,804 pounds in 2024 Q3. Despite the quarterly increases, drying operations have not reached targeted levels due to maintenance and manpower issues.
Previous report
There were no shipments in 2023. The first shipment of U 3 O 8 to the conversion facility since the return to commercial operations was completed in 2024 Q1, when 35,445 pounds were delivered to the conversion facility. During 2024 Q2, two shipments totaling 70,390 pounds U 3 O 8 were shipped to the conversion facility. We shipped another two shipments totaling 67,488 pounds U 3 O 8 in 2024 Q3. In October 2024, we made two shipments to the conversion facility totaling 46,601 pounds U 3 O 8.
Previous report
We ended the quarter with 90,140 pounds in process, 26,580 drummed pounds in the plant, and 40,713 pounds at the conversion facility.
Previous report
Because production rates were low during the initial ramp up period, the cost per pound to produce inventory exceeded its NRV. The NRV adjustments decreased from $2.5 million in 2023 Q4 to $1.1 million in 2024 Q1 and decreased again to $0.2 million in 2024 Q2. The NRV adjustment increased in 2024 Q3 to $0.7 million primarily due to higher production cost during the period.
Previous report
In 2024 Q3, we had one sale and delivered 100,000 pounds of U 3 O 8 at an average price of $61.65 per pound. Through September, we have delivered a total of 175,000 pounds at an average price of $61.65. For the year, our total sales are projected at 570,000 pounds of U 3 O 8 at an average price of $58.15 per pound and we expect to realize revenues of $33.1 million.
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Reworded paragraphs (34)
Previous wording
Incorporated on March 22, 2004, Ur-Energy is an exploration stage issuer, as that term is defined by the SEC. We are engaged in uranium recovery and processing activities, including the acquisition, exploration, development, and operation of uranium mineral properties in the U.S. We are operating our first in situ recovery uranium facility at our Lost Creek Project in Wyoming. Ur-Energy is a corporation continued under theCanada Business Corporations Act on August 8, 2006. Our common shares are listed on the TSX under the symbol “URE” and on the NYSE American under the symbol “URG.”
Current wording
Incorporated on March 22, 2004, Ur-Energy is an exploration stage issuer, as that term is defined by the U.S. Securities and Exchange Commission (“SEC”). We are engaged in uranium recovery and processing activities, including the acquisition, exploration, development, and operation of uranium mineral properties in the U.S. We are operating our first in situ recovery uranium facility at our Lost Creek Project in Wyoming. Ur-Energy is a corporation continued under theCanada Business Corporations Act on August 8, 2006. Our common shares are listed on the TSX under the symbol “URE” and on the NYSE American under the symbol “URG.”
Previous wording
We utilize in situ recovery (“ISR”) of the uranium at our flagship project, Lost Creek, 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 lower cost. At Lost Creek, we extract and process uranium oxide (“U 3 O 8”) for shipping to a third-party conversion facility to be weighed, assayed and stored until sold. After sale, when further processed, the uranium we have produced fuels carbon-free, emissions-free nuclear power which is a cost-effective, safe, and reliable form of electrical power. Nuclear power provides an estimated 50% of the carbon-free electricity in the U.S.
Current wording
We utilize in situ recovery (“ISR”) of the uranium at our flagship project, Lost Creek, and will do so at Shirley Basin and other projects where possible. The ISR technique is employed in uranium extraction because it allows for an effective recovery of roll front uranium mineralization at a lower cost. At Lost Creek, we extract and process uranium oxide (“U 3 O 8”) for shipping to a third-party conversion facility to be weighed, assayed and stored until sold. After sale, when further processed, the uranium we have produced fuels carbon-free, emissions-free nuclear power which is a cost-effective, safe, and reliable form of electrical power. Nuclear power provides an estimated 50% of the carbon-free electricity in the U.S.
Previous wording
Our Lost Creek Project is permitted and licensed for annual recovery of up to 1.2 million pounds U 3 O 8. The processing facility at Lost Creek, which includes all circuits for the production, drying and packaging of U 3 O 8 for delivery into sales transactions, is designed and approved under current licensing to process up to 2.2 million pounds of U 3 O 8 annually, which provides additional capacity of up to one million pounds U 3 O 8 to process material from other sources. The Lost Creek processing facility will be utilized to process captured U 3 O 8 from our Shirley Basin Project for which a satellite plant will be built in 2025. However, the Shirley Basin permit and license allow for the construction of a full processing facility, providing greater construction and operating flexibility as may be dictated by future market conditions.
Current wording
Our Lost Creek Project is permitted and licensed for annual recovery of up to 1.2 million pounds U 3 O 8. The processing facility at Lost Creek, which includes all circuits for the production, drying and packaging of U 3 O 8 for delivery into sales transactions, is designed and approved under current licensing to process up to 2.2 million pounds of U 3 O 8 annually, which provides additional capacity of up to one million pounds U 3 O 8 to process material from other sources. The Lost Creek processing facility will be utilized to process captured U 3 O 8 from our Shirley Basin Project for which a satellite plant is being built in 2025. The Shirley Basin permit and license do allow for the construction of a full processing facility, providing greater construction and operating flexibility as may be dictated by future market conditions.
Previous wording
Our sales deliveries in 2024 are projected to be 570,000 pounds U 3 O 8 into two of our sales agreements secured in 2022. We now have six multi-year sales agreements which together anticipate sales of approximately 5.7 million pounds U 3 O 8 between 2024 and 2030.
Current wording
Our sales deliveries in 2025 are projected to be 440,000 pounds U 3 O 8 into two of our sales agreements. We now have seven multi-year sales agreements which together anticipate sales of approximately 5.84 million pounds U 3 O 8 between 2025 and 2033.
Previous wording
At quarter end, our in-process inventory was approximately 90,140 pounds, our drummed inventory at Lost Creek was 26,580 pounds, and our finished inventory at the conversion facility was 40,713 pounds U 3 O 8. In addition to the two shipments made to the conversion facility during 2024 Q3, we made two shipments following the end of the quarter, which totaled 46,592 pounds U 3 O 8.
Current wording
During 2025 Q1 operations at Lost Creek, we dried and packaged 83,066 pounds and shipped 106,301 pounds U 3 O 8 to the conversion facility. At quarter end, our in-process inventory at Lost Creek was approximately 29,700 pounds, our drummed inventory at Lost Creek was 10,772 pounds, and our finished inventory at the conversion facility was 368,540 pounds. Subsequent to quarter end, we shipped an additional 35,287 pounds U 3 O 8. We now have 403,827 pounds U 3 O 8 in inventory at the conversion facility.
Previous wording
We continue to anticipate that we will deliver and sell 570,000 pounds U 3 O 8 in 2024. Including the revenue received during the quarter, we expect to realize revenues of $33.1 million from our 2024 U 3 O 8 sales.
Current wording
We anticipate that we will deliver and sell 440,000 pounds U 3 O 8 at an average price per pound sold of $61.56 in 2025 from which we expect to realize revenues of $27.1 million from our U 3 O 8 sales.
Previous wording
Our total sales in 2024 are projected at 570,000 pounds of U 3 O 8 at an average price per pound sold of $58.15 and we expect to realize revenues of $33.1 million. The deliveries are under contracts negotiated in 2022, when the long-term price was between $43 and $52 per pound.
Current wording
Our total sales in 2025 are projected at 440,000 pounds of U 3 O 8 at an average price per pound sold of $61.56 and we expect to realize revenues of $27.1 million. The deliveries are under contracts negotiated in 2022 and 2023, when the long-term price was between $43 and $57 per pound.
Previous wording
Deliveries for 2025 are committed to three of our customers for a base amount of 700,000 pounds U 3 O 8. Under these agreements, two of the three buyers may elect to flex up or down by as much as 10% of the annual base delivery quantity. Both purchasers have elected to flex up their 2025 purchases by 10%, such that we now anticipate we will deliver 740,000 pounds U 3 O 8 into our term sales agreements in 2025.
Current wording
Deliveries for 2025 are committed to two customers for a base amount of 400,000 pounds of U 3 O 8. Under our agreements, both buyers elected to flex up the annual base delivery quantity by 10%. Deliveries of 165,000 pounds, 110,000 pounds, and 165,000 pounds are expected to be made in 2025 Q2, Q3, and Q4, respectively.
Previous wording
U 3 O 8 Product Profit
Current wording
U 3 O 8 Product Profit (Loss)
Previous wording
The following table provides information on our production and ending inventory of U 3 O 8 pounds.
Current wording
The following tables provide information on our production and ending inventory of U 3 O 8 pounds:
Previous wording
Wellfield production at Lost Creek resumed in 2023 Q2 and pounds captured increased in each subsequent quarter, except in 2024 Q1 when drying issues at the plant slowed our ability to capture pounds. We captured 75,075 pounds in 2024 Q3.
Current wording
In 2024, we captured 265,746 pounds as mining activities began to accelerate. Pounds captured increased in each quarter during 2024, although at a slower rate than we anticipated. Drying issues in the plant impacted our ability to capture pounds. The drying issues were resolved in 2025 Q1.
Previous wording
The cost per pound at the conversion facility increased during the quarter reflecting the higher cost per pound of the drummed inventory shipped to the conversion facility in 2024. As production and shipments continue to increase to targeted levels, we expect the cost per pound in ending inventory and ultimately the cost per pound sold to level off and then decrease accordingly.
Current wording
The cost per produced pound at the conversion facility decreased from $57.52 in 2024 Q4 to $54.53 per pound in 2025 Q1 reflecting a lower cost per pound of drummed inventory shipped to the conversion facility. The decrease in the cost per pound shipped was due to the increase in pounds drummed combined with slightly lower plant production costs during the quarter. As production and shipments continue to increase to targeted levels, we expect the cost per pound in ending inventory, and ultimately the cost per pound sold, to decrease accordingly.
Previous wording
Three and nine months ended September 30, 2024, compared to the three and nine months ended September 30, 2023
Current wording
Three months ended March 31, 2025, compared to the three months ended March 31, 2024
Previous wording
The following table summarizes the results of operations for the three and nine months ended September 30, 2024 and 2023 (in thousands of U.S. dollars, except per share and per pound data):
Current wording
The following table summarizes the results of operations for the three months ended March 31, 2025 and 2024 (expressed in thousands of U.S. dollars, except per share and non-GAAP per pound data):
Previous 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.
Current wording
Sales per the financial statements includes the 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.
Previous wording
Cost of sales per the financial statements includes U 3 O 8 costs of sales and lower of cost or NRV adjustments and consists of the following (in thousands of U.S. dollars):
Current wording
Cost of sales per the financial statements includes U 3 O 8 product costs, Shirley Basin startup costs, and lower of cost or NRV adjustments as shown in the following table (expressed in thousands of U.S. dollars):
Previous wording
The following table summarizes the operating costs for the three and nine months ended September 30, 2024 and 2023:
Current wording
The following table summarizes the operating costs for the three months ended March 31, 2025 and 2024 (expressed in thousands of U.S. dollars):
Previous wording
Exploration and evaluation expense consists of labor and the associated costs of the exploration, evaluation, and regulatory departments, as well as land holding and exploration costs on properties that have not reached the development or operations stage. The increases in cost of $0.4 million and $1.2 million for the three and nine months ended September 30, 2024, respectively, were driven by increases in outside service costs and labor costs for additional staffing.
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. The increase in cost of $0.1 million for the three months ended March 31, 2025 was driven by increases in labor costs, which were partially offset by lower non-cash costs.
Previous wording
The Company is considered an exploration stage issuer and expenses its pre-production development costs. As noted above, these development costs are incurred in advance of production from the related mining areas. Development expense includes costs incurred at the Lost Creek Project not directly attributable to current production activities, including wellfield construction, drilling, and development costs. It also includes costs incurred at the Shirley Basin Project not directly attributable to the construction of the capitalizable assets of the project, including the installation of the wellfield monitor well ring and other development costs. The following table summarizes the development costs included in operating costs for the three and nine months ended September 30, 2024 and 2023:
Current wording
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 months ended March 31, 2025 and 2024 (expressed in thousands of U.S. dollars):
Previous wording
Development expenses increased approximately $0.7 million and $18.2 million in the three and nine months ended September 30, 2024, respectively. The increases were driven by increased drilling activities and the related wellfield construction costs that relate to the mine unit (“MU”) two development program at Lost Creek. In addition, development costs in 2023 and 2024 also included $7.7 million in direct costs primarily related to the construction of a new disposal well at Lost Creek. At Shirley Basin, we incurred approximately $1.3 million and $2.5 million development costs in the three and nine months ended September 30, 2024, respectively. Development activities at Shirley Basin included drilling costs related to the installation of the first monitor well ring.
Current wording
Development expenses decreased approximately $1.8 million in the three months ended March 31, 2025. The decrease was driven by the completion of a new disposal well at Lost Creek in 2024 Q1 with no similar costs in 2025 Q1. The decrease was partially offset by increased drilling activities and the related wellfield construction costs that relate to the mine unit (“MU”) development program at Lost Creek.
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, 2024, the expenses increased $0.1 million and increased $0.7 million, respectively. The increases for the nine months were driven by higher labor costs, insurance costs, and stock compensation expense.
Current wording
General and administration expenses relate to the administration, finance, investor relations, land, and legal functions, and consist principally of personnel, facility, and support costs. For the three months ended March 31, 2025, the expenses decreased $0.4 million. The decreases was primarily related to lower stock compensation expense and labor costs, partially offset by higher outside service costs.
Previous wording
Higher interest rates and cash balances have generated significant interest income in 2024. At the same time, interest expense decreased after the Company paid off the Wyoming state bond loan in March 2024.
Current wording
Higher interest rates and cash balances generated increased interest income in 2025. At the same time, interest expense increased reflecting interest costs on the new uranium inventory loan in 2025 Q1 as compared to the Wyoming state bond loan in 2024 Q1, which was paid off in March 2024.
Previous wording
The basic and diluted losses per common share for the three and nine months ended September 30, 2024, were $0.02 and $0.11, respectively. For the three and nine months ended September 30, 2023 the losses were $0.07 and $0.10 per share. 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, 2025 and 2024, were $0.03 and $0.07 per share, 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.
Previous wording
As shown in the Interim Consolidated Statements of Cash Flow, our cash, cash equivalents, and restricted cash and cash equivalents increased from the December 31, 2023 balance of $68.2 million to $129.4 million as of September 30, 2024. Cash resources consist of Canadian and U.S. dollar denominated deposit and money market accounts, and U.S. treasury fund investments. During the nine months ended September 30, 2024, we spent $32.5 million on operating activities, used $5.7 million on investing activities, and generated $99.3 million from financing activities.
Current 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 $86.0 million as of March 31, 2025. During the three months ended March 31, 2025, we generated $2.8 million from operating activities, used $3.8 million for investing activities, and used less than $0.1 million for financing activities.
Previous wording
During the nine-month period, we sold 175,000 pounds of U 3 O 8 for $10.8 million, received $0.3 million in disposal fees, and generated $2.4 million from interest income, net of loan interest expense of $0.1 million. We spent $9.8 million on production-related cash costs, $37.0 million on operating costs, and had a $0.8 million favorable working capital movement primarily related to increases in accounts payable and accrued liabilities.
Current wording
Operating activities generated $2.8 million in 2025 Q1. In January 2025, we collected $16.5 million from a sale made in December 2024 and received $0.9 million of interest income. We spent $0.2 million on interest expense, $4.4 million on production costs, and $13.1 million on operating costs. We had a $3.1 million favorable working capital movement primarily related to increases in accounts payable and accrued liabilities.
Previous wording
Investing activities used $5.7 million during the nine months ended September 30, 2024. We spent $2.8 million on construction and equipment at Shirley Basin and $2.9 million for vehicles and equipment. The vehicles and equipment will be used primarily at Lost Creek.
Current wording
Investing activities used $3.8 million during the three months ended March 31, 2025. We spent $3.0 million on construction and equipment at Shirley Basin and $0.8 million for rolling stock purchases at Shirley Basin and Lost Creek.
Previous wording
On March 27, 2024, the remaining $4.4 million balance due on the State Bond Loan was prepaid in full. The State Bond Loan was secured by all the assets of the Lost Creek Project. All releases of collateral have been obtained following the final repayment of the facility.
Current wording
On October 23, 2013, we closed a $34.0 million Sweetwater County, State of Wyoming, Taxable Industrial Development Revenue Bond financing program loan (“State Bond Loan”). On March 27, 2024, the remaining $4.4 million balance due on the State Bond Loan was prepaid in full. The State Bond Loan was secured by all the assets of the Lost Creek Project. All releases of collateral have been obtained following the final repayment of the facility.
Previous wording
On May 29, 2020, we entered into an At Market Issuance Sales Agreement (the “Sales Agreement”) with B. Riley Securities, Inc. (“B. Riley Securities”), relating to our common shares. On June 7, 2021, we amended and restated the Sales Agreement to include Cantor Fitzgerald & Co. (“Cantor,” and together with B. Riley Securities, the “Agents”) as a co-agent. Under the Sales Agreement, as amended, we may, from time to time, issue and sell Common Shares at market prices on the NYSE American or other U.S. market through the agents for aggregate sales proceeds of up to $50 million. The Sales Agreement was 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, we entered into an At Market Issuance Sales Agreement (the “Sales Agreement”) with B. Riley Securities, Inc. (“B. Riley Securities”), relating to our common shares. On June 7, 2021, we amended and restated the Sales Agreement to include Cantor Fitzgerald & Co. (“Cantor,” and together with B. Riley Securities, the “Agents”) as a co-agent. Under the Sales Agreement, as amended, we may, from time to time, issue and sell Common Shares at market prices on the NYSE American or other U.S. market. The Sales Agreement was filed in conjunction with a universal shelf registration statement on Form S-3, effective May 27, 2020, which has now expired.
Previous wording
On July 19, 2023, we entered into a further amendment to the Amended Sales Agreement (“Amendment No. 2” and hereafter the “Amended Sales Agreement”) with the Agents to, among other things, reflect the new registration statement under which we may sell up to $50 million from time to time through or to the Agents under the Amended Sales Agreement, in addition to amounts previously sold under the Sales Agreement. Subsequently, we filed a new prospectus supplement in June 2024 under which we may sell up to $100 million from time to time through or to the Agents under the Amended Sales Agreement, including the common shares previously sold under the Sales Agreement.
Current wording
On July 19, 2023, we entered into an amendment to the Amended Sales Agreement (“Amendment No. 2” and hereafter the “Amended Sales Agreement”) with the Agents to, among other things, reflect the new registration statement under which we may sell up to $50 million from time to time through or to the Agents under the Amended Sales Agreement, in addition to amounts previously sold under the Sales Agreement. Subsequently, we filed a new prospectus supplement in June 2024 under which we may sell up to $100 million from time to time through or to the Agents under the Amended Sales Agreement, including the common shares previously sold under the Sales Agreement.
Previous wording
On July 29, 2024, the Company closed an underwritten public offering of 57,150,000 common shares at a price of $1.05 per common share. The Company also granted the underwriters a 30-day option to purchase up to 8,572,500 additional common shares on the same terms. The option was exercised in full. Including the exercised option, Ur-Energy issued a total of 65,722,500 common shares. The gross proceeds to Ur-Energy from this offering were approximately $69.0 million. After fees and expenses of $3.8 million, net proceeds to the Company were approximately $65.2 million.
Current wording
On July 29, 2024, the Company closed an underwritten public offering of 57,150,000 common shares at a price of $1.05 per common share. The Company also granted the underwriters a 30-day option to purchase up to 8,572,500 additional common shares on the same terms. The option was exercised in full. Including the exercised option, the Company issued
Previous wording
On July 29, 2024, the Company closed an underwritten public offering of 57,150,000 common shares at a price of $1.05 per common share. The Company also granted the underwriters a 30-day option to purchase up to 8,572,500 additional common shares on the same terms. The option was exercised in full. Including the exercised option, the Company issued a total of 65,722,500 common shares. The gross proceeds to the Company from this offering were approximately $69.0 million. After fees and expenses of $3.8 million, net proceeds to the Company were approximately $65.2 million.
Current wording
a total of 65,722,500 common shares. The gross proceeds to the Company from this offering were approximately $69.0 million. After fees and expenses of $3.8 million, net proceeds to the Company were approximately $65.2 million.
Previous wording
As of October 30, 2024, our unrestricted cash position was $110.3 million.
Current wording
As of May 2, 2025, our unrestricted cash position was $66.0 million.
Previous wording
As always, we will focus on maintaining safe and compliant operations.
Current wording
With additional staff and contractors and significant construction and operational activity at both mine sites, we continue to focus on maintaining safe and compliant operations.
Previous wording
As of October 30, 2024, we had outstanding 364,101,038 common shares and 6,695,123 options to acquire common shares.
Current wording
As of May 2, 2025, we had outstanding 364,819,260 common shares and 8,129,685 options to acquire common shares.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
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
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
The following table provides information on our U 3 O 8 product profit.
Previous report — wording carried elsewhere
Sales per the financial statements includes the U 3 O 8 sales and disposal fees.
Previous report — wording carried elsewhere
On November 23, 2021, 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 $100 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 registration statement became effective December 17, 2021, for a three-year period.
Previous report — wording carried elsewhere
On December 17, 2021, we entered into an amendment to the Sales Agreement (“Amendment No. 1” and together with the Sales Agreement, the “Amended Sales Agreement”) with the Agents to, among other things, reflect the new registration statement under which we may sell up to $50 million from time to time through or to the Agents under the Amended Sales Agreement, in addition to amounts previously sold under the Sales Agreement. In February 2023, in conjunction with our underwritten public offering, we filed a prospectus supplement by which we decreased the amount of common stock offered pursuant to the Amended Sales Agreement.