UR-ENERGY INC
For the period ended Jun 30, 2025. Filed Aug 5, 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.
Jun 30, 2025 · Filed Aug 5, 2025
URG$0.74+7.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0001558370-25-007006
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0001558370-25-010170
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of 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 128 previous paragraphs and 136 current paragraphs.
53 unchanged; 48 reworded; 34 added; 26 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 11 previous and 11 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (34)
Current report
On May 23, 2025, President Trump issued four Executive Orders with the objective of taking “swift and decisive action” to rapidly advance U.S. nuclear power generation and global nuclear influence in the interest of America’s national security. The Executive Orders call for quadrupling American nuclear energy capacity from 100 GW in 2024 to 400 GW by 2050 and provide a clear path to achieve that ambitious goal, including workforce development; expansion of domestic conversion and enrichment services; development and deployment of advanced nuclear reactors; and regulatory reform.
Current report
The U.S. Department of Energy was directed to prioritize work with the U.S. nuclear industry to add 5 gigawatt of power uprates to existing nuclear reactors and have 10 new large reactors under construction by 2030. The directives emphasize that the U.S. will maintain its leading reputation for nuclear safety. The actions taken will accelerate the development of the nuclear industrial base domestically and reposition the U.S. as a commercial nuclear leader globally. The May 2025 Executive Orders complement other recent Executive Orders and bipartisan Congressional actions to advance the domestic nuclear fuel cycle.
Current report
The shift to nuclear power is global, resulting from the desire of many nations for energy security and reliable carbon-free baseload power, and from the immense growth in electricity demand from AI and quantum computing. During the quarter, Sprott Physical Uranium Trust (SPUT) raised $200 million to be used to continue purchasing uranium in the spot market, demonstrating its continued support for the market.
Current report
The market has been volatile since the end of 2025 Q1 in reaction to these events and announcements in support of nuclear fuel industries. Spot pricing was $64.23 at the close of 2025 Q1 and closed 2025 Q2 at an average price of $78.50, which was close to the highest average price in 2025. Spot has continued to retract to current average pricing of $71.30 at July 31, 2025.
Current report
We sold 165,000 pounds U 3 O 8 at an average price of $63.20 per pound in 2025 Q2 for revenue of $10.4 million.
Current report
Subsequent to quarter end, we shipped an additional 34,964 pounds U 3 O 8. At July 31, we had 351,148 pounds U 3 O 8 in finished inventory at the conversion facility.
Current report
We continue to progress construction activities at our fully permitted Shirley Basin Project. The compacted earthen pad for our satellite processing building is complete. The contractor for construction of the foundation for the processing building is onsite and has initiated construction activities. Orders for the major components of the plant facility are complete, including the metal building, ion exchange columns, ion exchange resin, and water treatment systems.
Current report
Installation of the modular main office complex, totaling ~10,000 square feet, is substantially complete, with electrical and plumbing work advancing. The installation of two evaporation ponds is approximately 75% complete.
Current report
Installation of production and injection wells in Mine Unit 1 (SBMU1) continues, with initial drilling, casing and completion in the first three header houses. Monitor wells for SBMU1 have been installed, and sampling is underway. Work has begun to upgrade the electrical substation and other site-wide utilities.
Current report
Exploration Program
Current report
We plan to commence an exploration program in the Great Divide Basin (GDB) in Q3 2025 with an objective to discover new uranium roll fronts and further expand our uranium resource base. We have identified targets for exploration drilling within the GDB at our North Hadsell and LC South projects. In addition to the exploration drilling, we plan to install a series of aquifer test wells at our Lost Soldier Project to increase our understanding of the local hydrogeology.
Current report
Sales Agreements
Current report
Beginning in 2022, we have secured eight multi-year sales agreements with global nuclear energy companies. Most recently, we secured an agreement which calls for annual delivery of 100,000 pounds U 3 O 8 in each of 2028, 2029 and 2030. Pricing is at an escalated fixed price, well above current spot and term prices. Additionally, we may elect for each of 2028, 2029, and 2030 to sell up to an additional 100,000 lbs. U 3 O 8 per year at a sales price equal to 99% of the average monthly spot price for the two months preceding the delivery date.
Current report
Several of our sales agreements are a combination of escalated fixed price and market-related pricing, subject to a floor and ceiling, while others are escalated fixed pricing. Also, several of the agreements include provisions by which the purchase may flex the delivery amount (up or down) as much as 10% in a delivery year and others provide options to add sales quantities in additional delivery years.
Current report
Corporate Management Update
Current report
On June 30, 2025, Matthew D. Gili was appointed as Ur-Energy’s President as a part of the Company’s succession planning and plans for strategic growth. Mr. Gili is a Professional Engineer with deep C-suite experience having served as a Chief Executive Officer, Chief Operating Officer, Chief Technical Officer and Executive General Manager. Mr. Gili has served in executive roles with publicly traded mining companies, most recently as President and Chief Operating Officer of i-80 Gold Corporation (2021-2025) and, prior to that, as Chief Executive Officer with Nevada Copper Corporation (2018-2020).
Current report
Mr. Gili’s strong technical experience includes having been Executive General Manager of the Cortez District, leading one of Barrick’s top mining operations in Nevada, from which Mr. Gili was promoted to Chief Technical Officer for Barrick. Additional operational experience includes roles with Rio Tinto as the Managing Director of the Palabora Mining Company in South Africa and Chief Operating Officer of Oyu Tolgoi in Mongolia. Passionate about safety and environmental stewardship Mr. Gili previously acted as Chairman of the Palabora Foundation, and Chairman of the Mongolian Safety Association.
Current report
In 2025 Q2, we delivered 165,000 produced pounds at an average cost per pound sold of $50.89. Production at Lost Creek increased during the quarter leading to lower average costs per pound sold compared to 2024 Q4.
Current report
In 2025 Q2, the average price per pound sold was $63.20 and the average cost per pound sold was $50.89, which resulted in an average profit per pound sold of $12.31 and an average profit margin per pound sold of about 20%. On a cash cost basis, the average profit margin per pound sold was about 36%.
Current report
As a result, pounds captured increased 73% going from 74,479 pounds in 2025 Q1 to 128,970 pounds in 2025 Q2 and our cost per pound captured decreased from $20.18 to $13.66 during the quarter.
Current report
Pound drummed increased 35% going from 83,066 pounds in 2025 Q1 to 112,033 pounds in 2025 Q2. As a result, our cost per pound drummed decreased from $45.89 to $36.34 during the quarter.
Current report
Pound shipped in 2025 Q2 were consistent with the previous quarter and the cost per pound shipped was approximately $0.66 during the quarter.
Current report
In-process and drummed inventory levels at the plant increased during the current quarter, going from approximately 40,000 pounds to approximately 55,000 pounds.
Current report
Conversion inventories decreased during the current quarter, going from approximately 369,000 pounds to 316,000 pounds. The decrease was due to shipping fewer pounds than we sold during the quarter. The ending produced inventory value decreased from $54.53 to $51.96 during the quarter reflecting the lower average production costs during the quarter.
Current report
Three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024
Current report
We sold 165,000 pounds at $63.20 in 2025 Q2 for $10.4 million and 75,000 at $61.65 for $4.7 million in 2024 Q2. The increase in pounds and price were driven by the terms of the contracts. There were no sales in 2025 Q1 or 2024 Q1.
Current report
U 3 O 8 product costs included in cost of sales were greater in the three and six months ended June 30, 2025 compared to 2024 because of the increase in pounds sold. Sales increased from 75,000 pounds in 2024 Q2 to 165,000 pounds in 2025 Q2.
Current report
Gross profit increased from $1.3 million in 2024 Q2 to $1.9 million in 2025 Q2. The main reason for this was the increase in sales from 75,000 pounds to 165,000 pounds. The cost per pound sold increased from $41.69 in 2024 to $50.89 in 2025. Much of what was sold in 2024 was subject to larger NRV adjustments as the spot price of uranium declined and the inventory value was reduced accordingly.
Current report
Total operating costs increased $5.0 million and $3.1 million in the three and six months ended June 30, 2025 as compared to 2024, respectively. The main drivers in the changes were increased development activities, a portion of which was related to larger employee counts and increased development activities associated with the Shirley Basin Project.
Current report
Development expenses increased approximately $4.0 million and $2.2 million in the three and six months ended June 30, 2025 compared to 2024. The Company has continued to hire staff and engage new drilling contractors to both ramp up production at Lost Creek and develop the Shirley Basin Project, which accounted for a significant portion of the total development cost increases in the three and six month periods. Repairs, fuel, and supplies related to these heightened efforts also contributed to the increase. This was partially offset by the completion of a new disposal well at Lost Creek in 2024 as well as costs for power lines and roads at Shirley Basin with no similar costs in 2025.
Current report
In the six months ended June 30, 2025, we recorded costs of approximately $10.6 million at Shirley Basin on construction and capital equipment purchases. We anticipate additional costs of $25.0 million during the remainder of 2025 for total costs of approximately $35.6 million on construction and capital equipment purchases in 2025. Mine unit development costs at Shirley Basin are expected to total approximately $11.0 million in 2025. Upon the completion of the anticipated 2025 construction, capital equipment purchases, and mine unit development, we expect to commence operations, initiate the ramp up of production, and install a water treatment system at Shirley Basin in 2026.
Current report
We continue to advance Shirley Basin construction and development activities. The office building construction is substantially complete, with connection to utilities ongoing. Historical buildings have been retrofitted and are in use as construction, maintenance and drill casing facilities. We have five drill rigs at Shirley Basin advancing the development of SBMU1 in preparation for wellfield operations. The contractor for construction of the foundation for the processing building is onsite and has initiated construction activities.
Current report
At Lost Creek, we are experiencing continued increases in production, as we progress to targeted production rates. We drummed 112,033 pounds U 3 O 8 in 2025 Q2. We shipped 105,316 pounds U 3 O 8 during the quarter. We also shipped 34,964 pounds U 3 O 8 to the conversion facility in July 2025.
Current report
Header house 2-15 was brought online in late June 2025; it is the fourth header house started in 2025. Flow rates are closely controlled to facilitate all processing activities throughout the mine though overall we anticipate additional flow increases in coming months as we bring on additional header houses and the operations team continues to enhance flow in existing wells through routine maintenance and improvements. Head grade remains above expectations. The Lost Creek processing plant is operating both dryers routinely. Other process circuits are performing more consistently following the completion of planned upgrades during Q2, with additional upgrades and maintenance ongoing. We anticipate that we will begin bringing the planned header houses in MU1 Phase 2 online in 2025 Q4.
Removed paragraphs (26)
Previous 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.
Previous 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.
Previous 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.
Previous 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).
Previous 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.
Previous report
Our safety performance has improved with no recordable injury or illness incidents occurring in 2025.
Previous 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.
Previous 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.
Previous report
There were no product sales in 2025 Q1.
Previous report
There were no product sales in 2025 Q1.
Previous 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
Previous report
Three months ended March 31, 2025, compared to the three months ended March 31, 2024
Previous report
There were no product sales or disposal fees in 2025 Q1 or 2024 Q1.
Previous report
There were no U 3 O 8 product sales in 2025 Q1 or 2024 Q1.
Previous 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.
Previous 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.
Previous report
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 report
Wyoming State Bond Loan
Previous report
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 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.
Previous report
We made great strides at Shirley Basin on construction and development activities in 2024. Now, in 2025, we are actively growing into a two-mine site Company. This became particularly true in Q1, as we began hiring additional management and staff and, subsequent to quarter-end, mobilized drill rigs from Lost Creek to begin development drilling for the first mine unit at Shirley Basin. Initial Shirley Basin management and staff include lateral moves of experienced Lost Creek personnel to form the initial core construction and wellfield team. We plan to continue to find opportunities to train new staff at Lost Creek and likely may move experienced operators to Shirley Basin when our phased recruitment plan calls for those hires in 2025 Q3.
Previous report
At Lost Creek, we drummed 83,066 pounds in 2025 Q1 as drying activities began to increase. This allowed us to increase the average flow rate into the plant to approximately 2,066 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.
Previous report
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 summer as we bring on additional header houses and enhance flow in existing wells through routine maintenance and improvements. Head grade remains on target and remains on a positive trend.
Previous report
The Lost Creek processing plant is reducing in-circuit inventory with both dryers operating routinely and other process circuits performing more consistently.
Previous report
We are generally fully staffed at Lost Creek and retention has improved in recent months, including within our Lost Creek management group. This has allowed us to better train our staff and place a greater focus on their safety.
Previous report
With much development and pre-construction advanced at Shirley Basin in 2024, we are now progressing wellfield development, construction of the modular office building (expected to be complete in 2025 Q3), additional roadwork, and earthwork at the plant site to allow concrete work to begin in May.
Reworded paragraphs (48)
Previous wording
Our Lost Creek Project is permitted and licensed for annual recovery of up to 1.2 million pounds U 3 O 8. The processing facility at Lost Creek, which includes all circuits for the production, drying and packaging of U 3 O 8 for delivery into sales transactions, is designed and approved under current licensing to process up to 2.2 million pounds of U 3 O 8 annually, which provides additional capacity of up to one million pounds U 3 O 8 to process material from other sources. The Lost Creek processing facility will be utilized to process captured U 3 O 8 from our Shirley Basin Project for which a satellite plant is being built in 2025. 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.
Current wording
Our Lost Creek Project is permitted and licensed for annual recovery of up to 1.2 million pounds U 3 O 8. The processing facility at Lost Creek, which includes all circuits for the production, drying and packaging of U 3 O 8 for delivery into sales transactions, is designed and approved under current licensing to process up to 2.2 million pounds of U 3 O 8 annually, which provides additional capacity of up to one million pounds U 3 O 8 to process material from other sources. The Lost Creek processing facility will be utilized to process captured U 3 O 8 from our Shirley Basin Project for which a satellite plant is being built in 2025, with expected commissioning in early 2026. The Shirley Basin permit and license allow for the construction of a full processing facility, providing greater construction and operating flexibility as may be dictated by future market conditions.
Previous wording
Our sales deliveries in 2025 are projected to be 440,000 pounds U 3 O 8 into two of our sales agreements. We now have seven multi-year sales agreements which together anticipate sales of approximately 5.84 million pounds U 3 O 8 between 2025 and 2033.
Current wording
Our sales deliveries in 2025 are projected to be 440,000 pounds U 3 O 8 into two of our sales agreements. We now have eight multi-year sales agreements which together anticipate sales of approximately 6.0 million pounds U 3 O 8 between 2025 and 2033.
Previous wording
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 wording
The U.S. Department of Commerce continues its national security probe under Section 232 of the Trade Expansion Act of 1962 into the impact of imports of critical minerals which specifically identifies uranium. The investigation was initiated by Executive Order in April 2025 and is ordered to be completed within 180 days (October 12) when a final report with recommendations is submitted to the President. A draft interim report was due to the Secretaries of Defense and Treasury, in addition to other key Administration leaders, by July 14, 2025. The impact of the investigation and subsequent remedies, if any, are unknown at this time but could have a positive impact on Ur-Energy as one of the largest uranium producers in the U.S.
Previous wording
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 wording
Although tariffs and geopolitical trade actions have dominated the news recently, uranium has been largely excluded from tariffs. Whether the ongoing Section 232 action will change tariff rates remains to be seen. Regardless of whether tariffs are implemented on uranium, it is unlikely it would impact Ur-Energy because nearly all our deliveries to customers are within the U.S. and are unlikely to be affected by imposition of tariffs.
Previous 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.
Current wording
During 2025 Q2 operations at Lost Creek, we dried and packaged 112,033 pounds and shipped 105,316 pounds U 3 O 8 to the conversion facility. At quarter end, our in-process and drummed inventory at Lost Creek was approximately 55,000 pounds, our finished inventory at the conversion facility was 315,607 pounds.
Previous wording
summer as we bring on additional header houses and enhance flow in existing wells through routine maintenance and improvements..
Current wording
Our wellfield flow rate increased 27% in 2025 Q2. Header house 2-15 was brought online in late June 2025; it is the fourth header house started in 2025. Flow rates are being closely controlled to facilitate all processing activities throughout the mine and plant. We anticipate additional and sustained flow increases in coming months as we bring on additional header houses and the operations team continues to enhance flow in existing wells through routine maintenance and improvements. Head grade remains above expectations. The Lost Creek processing plant is operating both dryers routinely. Other process circuits are performing more consistently following the completion of planned upgrades during the quarter, with additional upgrades and maintenance ongoing.
Previous wording
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 wording
We received the Wyoming Department of Environmental Quality (WDEQ) amendments to our Lost Creek permit to mine in 2025 Q2. This final permitting action by the State, following the license amendment received from WDEQ Uranium Recovery Program (URP) in 2021, allows for the expansion of recovery operations in up to six additional mine units in the HJ and KM horizons at our LC East Project and HJ mine units at Lost Creek. The State’s permit approval was followed by the final concurrence and approval for the expansion: the related aquifer exemption from the U.S. Environmental Protection Agency which was received May 1, 2025.
Previous 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.
Current wording
Including the sales during the quarter, we anticipate that we will deliver and sell 440,000 pounds U 3 O 8 at an average price per pound sold of $61.56 in 2025 from which we expect to realize revenues of $27.1 million.
Previous wording
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 wording
During Q2 we increased our senior site management and construction and development staff by 17. Training of new staff is ongoing. Recruiting for operational staff, including the remaining managers, is ongoing.
Previous wording
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 wording
Prior to 2025 Q2, we completed the following Shirley Basin construction and development activities: upgraded the existing road to an all-weather surface; installed and completed 125 monitor wells for SBMU1 and additional site groundwater characterization; installed power between the historical substation and the site for the satellite plant; installed communications and security systems; and installed the septic system for the satellite plant enclosure. Additionally, we completed the refurbishment of the existing warehouse, construction bay and maintenance bay, including installation and furnishing modular offices for these buildings. The construction of the ion exchange vessels is still expected to be complete this fall.
Previous wording
Our total sales in 2025 are projected at 440,000 pounds of U 3 O 8 at an average price per pound sold of $61.56 and we expect to realize revenues of $27.1 million. The deliveries are under contracts negotiated in 2022 and 2023, when the long-term price was between $43 and $57 per pound.
Current wording
In 2025 Q2, we sold 165,000 produced pounds of U 3 O 8 at $63.20 per pound. Our total sales in 2025 are projected at 440,000 pounds of U 3 O 8 at an average price per pound sold of $61.56 and we expect to realize revenues of $27.1 million. The deliveries are under contracts negotiated in 2022 and 2023, when the long-term price was between $43 and $57 per pound.
Previous wording
Deliveries for 2025 are committed to two customers for a base amount of 400,000 pounds of U 3 O 8. Under our agreements, both buyers elected to flex up the annual base delivery quantity by 10%. Deliveries of 165,000 pounds, 110,000 pounds, and 165,000 pounds are expected to be made in 2025 Q2, Q3, and Q4, respectively.
Current wording
Deliveries for 2025 are committed to two customers for a base amount of 400,000 pounds of U 3 O 8. Under our agreements, both buyers elected to flex up the annual base delivery quantity by 10%. Deliveries of 165,000 pounds were made in 2025 Q2 and deliveries of 110,000 pounds and 165,000 pounds are expected to be made in 2025 Q3 and Q4, respectively.
Previous wording
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 wording
In 2024, we delivered 570,000 pounds sales, which consisted of 270,000 produced pounds at an average cost per pound sold of $51.53 and 300,000 non-produced pounds at an average cost per pound sold of $75.87. The produced pounds were captured and drummed during the ramp up period at a higher average cost per pound when the mine operated at lower, ramp up, production levels.
Previous wording
In 2024, the average price per pound sold was $58.15 and the average cost per pound sold was $64.34, which resulted in an average loss per pound sold of $6.19 and an average loss margin of about 11%. The loss was driven by the sale of non-produced pounds, which were purchased and borrowed at an average cost of $75.87 per pound. The 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 wording
In 2024, the average price per pound sold was $58.15 and the average cost per pound sold was $64.34, which resulted in an average loss per pound sold of $6.19 and an average loss margin of about 11%. The loss was driven by the sale of non-produced pounds, which were purchased and borrowed at an average cost of $75.87 per pound. The average cost per produced pound sold was $51.53, which resulted in an average gain per produced pound sold of $10.12 and an average profit margin per pound sold of about 16%.
Previous wording
In 2024, we captured 265,746 pounds as mining activities began to accelerate. Pounds captured increased in each quarter during 2024, although at a slower rate than we anticipated. Drying issues in the plant impacted our ability to capture pounds. The drying issues were resolved in 2025 Q1.
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, which allowed us to increase flow rates into the plant by approximately 56% going from 2,066 average gallons per minute in March to 3,220 average gallons per minute in June.
Previous wording
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 wording
Because production rates were lower in 2025 Q1, the cost per pound to produce inventory exceeded its NRV. As production rates increased, the NRV adjustments to produced inventory decreased from $0.5 million in 2025 Q1 to $0.1 million in 2025 Q2. The last NRV adjustment was in April. There were no NRV adjustments in May or June.
Previous 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.
Current wording
As production continues to increase to targeted levels, we expect NRV adjustments to stop and the cost per pound in ending inventory, and ultimately the cost per pound sold, to decrease accordingly.
Previous 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):
Current wording
The following table summarizes the results of operations for the three and six months ended June 30, 2025 and 2024 (expressed in thousands of U.S. dollars, except per share and non-GAAP per pound data):
Previous 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.
Current wording
Sales per the financial statements includes U 3 O 8 sales and disposal fees. Due to the nature of our contracts, we have a limited number of deliveries, which do not occur consistently during the year. Sales revenues are recognized when the product is transferred to the purchaser.
Previous 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):
Current wording
Cost of sales per the financial statements includes U 3 O 8 product costs and lower of cost or NRV adjustments as shown in the following table (expressed in thousands of U.S. dollars):
Previous wording
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 wording
NRV adjustments in 2025 Q2 included $0.1 million related to produced inventory, which was $0.1 million less than 2024 Q2. The decrease was primarily related to increased production in 2025 Q2 as compared to 2024 Q2. NRV adjustment for the six months ended June 30, 2025 included $2.1 million related to non-produced inventory and $0.6 million related to produced inventory, which was $0.7 less than the produced NRV adjustment in the six months ended June 30, 2024. Again, the decrease was primarily related to increased production in the first six months of 2025 compared to 2024.
Previous 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):
Current wording
The following table summarizes the operating costs for the three and six months ended June 30, 2025 and 2024 (expressed in thousands of U.S. dollars):
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 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.
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. Labor accounted for $0.3 million and $0.6 million of the increases in the three- and six-month periods of 2025 compared to 2024 which were offset by decreases in service costs associated with acquisition investigations in the prior year.
Previous 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):
Current wording
The Company is considered an exploration stage issuer and expenses its pre-production development costs. These development costs are incurred in advance of production from the related mining areas. Development expense includes costs incurred at the Lost Creek Project not directly attributable to current production activities, including wellfield construction, drilling, and development costs. It also includes costs incurred at the Shirley Basin Project not directly attributable to the construction of the capitalizable assets of the project, including the installation of the first mine unit, which is in progress. The following table summarizes the development costs included in operating costs for the three and six months ended June 30, 2025 and 2024 (expressed in thousands of U.S. dollars):
Previous wording
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 wording
Beginning in 2025, Shirley Basin wellfield, plant, and site administration departmental costs were initiated. The costs are being expensed as development costs until inventory production at Shirley Basin commences, at which time the costs will be used to value inventory. At Shirley Basin, development costs will continue to increase as we develop the first mine unit during 2025.
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 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.
Current wording
General and administration expenses relate to the administration, finance, investor relations, land, and legal functions, and consist principally of personnel, facility, and support costs. For the three and six months ended June 30, 2025, the expenses increased $0.7 million and $0.4 million, respectively. The increases were driven by outside service costs together with some increases in labor costs. A portion of the increase for the quarter is related to the revised treatment of stock options as a liability that is revalued quarterly and can significantly affect stock compensation expense.
Previous 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.
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 a new uranium inventory loan in 2025 as compared to the Wyoming state bond loan, which was paid off in March 2024.
Previous wording
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 wording
The 2024 Q1 mark to market adjustments included only the revaluation of the warrant liability while the 2025 adjustments included the revaluations of the warrant liability and the new uranium inventory loan. Because of increases during the quarter in the Company’s share price, which is used to calculate the warrant liability revaluation, and increases in the average U 3 O 8 spot price, which is used to calculate the uranium inventory loan revaluation, 2025 reflected $5.6 million and $1.3 million losses for the three- and six-month periods as compared to $4.2 million and $1.5 million gains in 2024 when our stock price was declining.
Previous 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.
Current wording
The basic and diluted losses per common share for the three and six months ended June 30, 2025 were $0.06 and $0.09 per share, respectively. The basic and diluted losses per common share for the same periods in 2024 were $0.02 and $0.09, respectively. The diluted loss per common share is equal to the basic loss per common share due to the anti-dilutive effect of all convertible securities in periods of loss.
Previous wording
As shown in the Interim Consolidated Statements of Cash Flows, our cash, cash equivalents, and restricted cash and cash equivalents decreased from the December 31, 2024 balance of $87.1 million to $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.
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 $68.9 million as of June 30, 2025. During the six months ended June 30, 2025, we used $9.3 million for operating activities, $8.9 million for investing activities, and $0.1 million for financing activities.
Previous 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.
Current wording
Operating activities used $9.3 million in the six months ended 2025. In 2025 Q1, we collected $16.5 million from a sale made in December 2024. We also received $10.4 million from a sale in 2025 Q2 and $1.6 million of interest income in the six months ended June 30, 2025. We spent $0.4 million on interest expense, $9.4 million on production costs, and $29.6 million on operating costs. We had a $1.6 million favorable working capital movement primarily related to increases in accounts payable and accrued liabilities.
Previous 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.
Current wording
Investing activities used $8.9 million during the six months ended June 30, 2025. We spent $6.2 million on construction and equipment at Shirley Basin and $2.7 million for rolling stock, machinery and equipment, and IT purchases at Shirley Basin and Lost Creek.
Previous wording
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 wording
Financing activities used $0.1 million in the six months ended June 30, 2025. We received $0.2 million from the exercise of stock options and spent $0.3 million for principal payments on finance leases and RSU redemption costs.
Previous wording
For the three months ended March 31, 2025, we have not utilized the Amended Sales Agreement.
Current wording
For the three and six months ended June 30, 2025, we have not utilized the Amended Sales Agreement.
Previous wording
On February 21, 2023, the Company closed a $46.1 million underwritten public offering of 39,100,000 common shares and accompanying warrants to purchase up to 19,550,000 common shares, at a combined public offering price of $1.18 per common share and accompanying warrant. The gross proceeds to Ur-Energy from this offering were approximately $46.1 million. After fees and expenses of $3.0 million, net proceeds to the Company were approximately $43.1 million.
Current wording
On February 21, 2023, the Company closed a $46.1 million underwritten public offering of 39,100,000 common shares and accompanying warrants to purchase up to 19,550,000 common shares, at a combined public offering price of $1.18
Previous 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.
Current wording
per common share and accompanying warrant. The gross proceeds to Ur-Energy from this offering were approximately $46.1 million. After fees and expenses of $3.0 million, net proceeds to the Company were approximately $43.1 million.
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
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 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 May 2, 2025, our unrestricted cash position was $66.0 million.
Current wording
As of June 30, 2025, our unrestricted cash position was $57.6 million.
Previous wording
Our total sales in 2025 are projected at 440,000 pounds of U 3 O 8 at an average price per pound sold of $61.56 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 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. Deliveries for 2025 are committed to two customers for a base amount of 400,000 pounds of U 3 O 8. Under our agreements, both buyers elected to flex up the annual base delivery quantity by 10%. Deliveries of 165,000 pounds were made in 2025 Q2. Remaining deliveries of 110,000 pounds and 165,000 pounds are expected to be made in 2025 Q3 and Q4, respectively, and generate revenues totaling approximately $16.7 million.
Previous wording
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 wording
As of June 30, 2025, we had 315,607 pounds of U 3 O 8 in our conversion facility inventory. Subsequent to quarter end, we shipped an additional 34,964 pounds U 3 O 8. We now have 351,148 pounds U 3 O 8 in finished inventory at the conversion facility.
Showing the first 40 of 48 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
We are restarting exploration programs to identify additional mineral resources on several of the Company’s projects and supplement future production.
Rearranged previous paragraphs (1)
Previous report — wording carried 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