Ur Energy Q1 2026 Earnings Report

Ur Energy EPS Results

• Actual EPS: N/A
• Consensus EPS: -$0.04
• Beat/Miss: N/A
• One Year Ago EPS: N/A

Ur Energy Revenue Results

• Actual Revenue: N/A
• Expected Revenue: $9.86 million
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

Ur Energy Announcement Details

• Quarter: Q1 2026
• Date: 5/8/2026
• Time: After Market Closes
• Conference Call Date: Monday, May 11, 2026
• Conference Call Time: 1:00PM ET

Ur-Energy Inc. is a U.S.‐based uranium mining company focused on the exploration, development and production of uranium to serve the global nuclear power industry. The company’s core expertise centers on in situ recovery (ISR) mining techniques, which involve the extraction of uranium from sandstone formations using a low-environmental-impact process that recovers uranium in solution. Through this approach, Ur-Energy strives to maintain efficient production while minimizing surface disturbance, water usage and waste generation.

The company’s flagship asset is the Lost Creek Project in Wyoming’s Great Divide Basin, which commenced commercial production in 2013. Lost Creek benefits from established infrastructure, dedicated pipeline networks and permitted expansion capacity. In addition to Lost Creek, Ur-Energy holds interests in several other exploration and development stage projects in the Powder River Basin of Wyoming and in Canada’s Athabasca Basin. These projects position the company to ramp up production in response to strengthening demand for uranium fuel.

Ur-Energy markets its uranium as U₃O₈ (triuranium octoxide) concentrates and tailors offtake agreements to utilities and strategic partners worldwide. By supplying reactor-grade uranium to customers in North America, Europe and Asia, the company plays a role in supporting the baseload generation needs of the nuclear sector and advancing low-carbon energy initiatives.

Founded in 2005 and headquartered in Littleton, Colorado, Ur-Energy is led by a management team with extensive experience in mining engineering, project development and nuclear fuel markets. Under the direction of President and Chief Executive Officer Travis W. Thompson, the company remains focused on operational excellence, regulatory compliance and the delivery of reliable uranium production to existing and emerging nuclear facilities.

Ur Energy Q1 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Ur‑Energy reported clear operational momentum — Lost Creek captured 110,000 lbs on resin in Q1 (up 41% QOQ), drummed a monthly high of ~57,000 lbs in April, lowered cash costs to $37.50/lb, and finished the quarter with $123M cash and >417,000 lbs of finished inventory.
• Positive Sentiment: Shirley Basin moved into initial commercial startup — first header house online and uranium is being captured on resin, with shipments to Lost Creek expected this summer pending a pre‑operational inspection; 2026 Shirley Basin CapEx remains $25.5M (≈$11M spent in Q1).
• Negative Sentiment: Production at Lost Creek is being hampered by fines from the host formation, forcing accelerated water‑treatment work (sand filters) and raising Lost Creek treatment CapEx to $25–$33M, which could slow near‑term ramp and increase costs.
• Positive Sentiment: Market and contract dynamics look supportive — management says U.S. utilities are actively pursuing long‑term uranium supply, Ur‑Energy has 1.3M lbs of delivery commitments weighted to H2, and industry term pricing/contract structures are firming, improving revenue visibility.

Presentation

[Operator]

Please note this conference is being recorded. I will now turn the conference over to Alex Ritchie, General Counsel and Corporate Secretary. You may begin.

[Alex Ritchie, General Counsel and Corporate Secretary at Ur-Energy]

Thank you. Today's discussion includes forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results to differ materially. We do not undertake to update or revise any forward-looking statements except as required by law. Today's presentation includes disclaimers relating to forward-looking statements, risk factors, and projections, along with cautionary notes to investors. Please review these carefully together with the risk factors described in our Form 10-K and our other public filings with the SEC and Canadian securities regulators. I'll now turn the call over to our CEO and President, Matt Gilley.

[Matt Gilley, President and CEO at Ur-Energy]

Thank you, Alex. On slide three, thank you everyone for joining us today. In addition to Alex, joining me on the call are Roger Smith, our CFO, Steve Hatten, Chief Operating Officer, Ryan Schierman, Vice President Regulatory Affairs, and Jade Walle, Vice President Finance. It is an exciting time to be a U.S. uranium producer. The nuclear and uranium market environment continues to strengthen and support our long-term growth strategy. Electricity demand growth driven by AI data center development is increasingly pushing the world towards nuclear energy for clean, reliable baseload power. Nuclear momentum continues to build through reactor restarts, life extension programs, and SMR development initiatives. Recently, countries such as South Korea, Taiwan, and Japan that depend on LNG imports have increased efforts to restart their or expand nuclear generation in response to the closing of the Strait of Hormuz.

[Matt Gilley, President and CEO at Ur-Energy]

Just a few weeks ago, TerraPower broke ground on the first utility-scale advanced nuclear power plant here in the state of Wyoming. At the same time, U.S. government policies and programs are supporting domestic nuclear fuel supply chains and regulatory reforms intended to accelerate nuclear deployment. In January, the Department of Energy announced approximately $2.7 billion in contract awards to support the development of domestic low enriched uranium and High-Assay Low-Enriched Uranium enrichment capacity. Long-term demand growth is expected to require significant new mine development. While the nuclear industry is increasingly focused on a secure uranium supply, only about 4% of uranium deliveries to U.S. utilities in 2024 were U.S. origin. We believe these market tailwinds continue to highlight the strategic importance of domestic uranium production.

[Matt Gilley, President and CEO at Ur-Energy]

Now let's talk about what we, Ur-Energy, are doing to contribute to the transformation of the nuclear industry. Slide four. The first quarter of 2026 brought several meaningful operational wins as we continue executing on our uranium production growth strategy. At Lost Creek, we improved our operational performance, which reflects the work we've been doing to improve flow rates. We captured 110,000 pounds on resin during the first quarter. That is an increase of 41% over the last quarter and 48% more than the first quarter of 2025. We dried and packaged 96,000 pounds during the quarter and increased in finished inventory at the conversion facility to more than 417,000 pounds, which is a 14% increase since year-end. We also continued to improve our cost profile at Lost Creek.

[Matt Gilley, President and CEO at Ur-Energy]

The average cash cost per pound sold dropped 13% quarter-over-quarter to $37.5 per pound. This cost amount per pound includes ad valorem and severance taxes. We sold 55,000 pounds during the quarter, which was in line with our committed delivery schedule. Note that our delivery schedule for 2026 is heavily weighted towards the second half of the year as we continue to ramp up at both mines. Our average sales price was $71 per pound, which is a 12% increase over the fourth quarter of 2025 as our sales this quarter were under newer contracts with more favorable pricing structures. We ended the quarter with $123 million of unrestricted cash. On slide five, Lost Creek. Looking forward to Lost Creek, we drummed over 57,000 pounds in April.

[Matt Gilley, President and CEO at Ur-Energy]

That's our highest monthly total since we decided to ramp up operations in 2023. Our production trend at Lost Creek continues to move in the right direction, but we're still focused on better optimizing operations and increasing production rates. We've made some great strides ramping up production rates at Lost Creek. However, our flow rates continue to be impacted by fine particles from the host formation. To manage these fines, we are installing and commissioning a sand filter system that is on schedule to come online this quarter. Our 2026 production plans in the well field are focused on phase II of the first mine unit, mine unit number one. These plans remain on schedule with the new header house continuing to come online.

[Matt Gilley, President and CEO at Ur-Energy]

We continue to prepare for the next mine unit, mine unit five, to come online in 2027. Again, while production is trending in the right direction, we believe the specific initiatives that are underway position Lost Creek for stronger production performance as the year progresses. Slide six, Shirley Basin operations. The company reached a major milestone in April when we commenced initial mining operations at our Shirley Basin mine. After Wyoming regulators completed their inspection, we brought our first header house online, and we are now capturing uranium on resin from production solution. Construction and wellfield development activities at Shirley Basin accelerated and progressed significantly during the first quarter. By the end of the quarter, we had pilot drilled 540 production and injection wells, cased 3,312 of these wells, and constructed five header houses.

[Matt Gilley, President and CEO at Ur-Energy]

We have been operating eight drills in line with our production needs. Shirley Basin is a satellite facility. We will be transporting uranium loaded resin to Lost Creek for final processing and packaging, so our next major milestone is to start moving resin to Lost Creek. At this point, the infrastructure at Shirley Basin is substantially complete. Subject to our additional and final regulatory approval, we expect to start these shipments in this summer. This integrated operating model enhances efficiency, supports production scalability, and should substantially increase our uranium production. Shirley Basin is a historically significant uranium district that played an important role in the early development of ISR mining in Wyoming and we are on track to bringing this back into commercial production soon. Slide seven, our Wyoming ISR growth portfolio.

[Matt Gilley, President and CEO at Ur-Energy]

Beyond our operating projects, we continue exploration activities across our Wyoming project portfolio that will support development decisions. At our Lost Soldier project, we commenced aquifer testing in April and plan to start baseline environmental studies this year. We are on plan to have an updated technical report, including economics, completed by year-end. There are 4,000 historic drill holes at Lost Soldier, and it is close to Lost Creek, so the project has strong potential to be a future satellite operation that leverages our existing infrastructure. We also completed 33 exploration drill holes at our North Hassle project before the seasonal sage grouse restrictions started in March. The results include, excuse me, 13 ore grade intercepts and indicates the potential for a stacked roll front ISR system with up to eight individual roll fronts.

[Matt Gilley, President and CEO at Ur-Energy]

Looking ahead, we also have plans to begin a drill program of approximately 120 holes at our Lost Creek South property later this summer with the goal to further extend Lost Creek into new mine units. On slide eight, closing. We enter the second quarter with $123 million in cash, over 417,000 pounds of uranium in inventory at the conversion facility, and momentum building on both of our operating mines. As we move through 2026, our priorities remain focused. Continue to increase flow rates and optimizing operations at Lost Creek. Achieve commercial production this summer at Shirley Basin, followed by production ramp up. Continue to advance our Wyoming exploration portfolio towards development decisions. Continue to improve our safety culture and performance, which has already seen significant improvement.

[Matt Gilley, President and CEO at Ur-Energy]

Meet our 2026 uranium sales agreement commitment from existing inventory and production. On that point, our production plans still support our potential to meet these commitments after commencing shipments from Shirley Basin, bringing the sand filters online at Lost Creek and our other initiatives to continue to increase production. As I mentioned, substantial majority of our deliveries are scheduled for later in the year. We are capturing uranium at Shirley Basin and are close to having two ISR uranium mines in commercial production. We are improving our production momentum. We are advancing our Wyoming ISR project pipeline, and we have a strong balance sheet. We are also bullish on the need for a larger supply of U.S. produced uranium for an expanding nuclear industry.

[Matt Gilley, President and CEO at Ur-Energy]

As one of the few U.S. uranium mining companies that is actually producing uranium, we believe Ur-Energy is well positioned to help meet the growing demand. With that, I'll turn the call back to the operator to open up the Q&A.

[Operator]

Certainly. At this time, we will be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two of you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions. Your first question for today is from Heiko Ihle with H.C. Wainwright.

[Heiko Ihle, Analyst at H.C. Wainwright]

Hey, Matthew and team. Nice little comprehensive overview you just gave.

[Matt Gilley, President and CEO at Ur-Energy]

Thanks, Heiko.

[Heiko Ihle, Analyst at H.C. Wainwright]

Can you give a bit of color on what you're seeing in conversations with your utility partners, given the current geopolitical risk sectors that we're just seeing around the world? I mean, I assume that conversations, the tone is quite positive, but maybe you want to provide the audience with a bit of color on what you're seeing in the actual market.

[Matt Gilley, President and CEO at Ur-Energy]

Oh, absolutely, Heiko. Okay. What we are seeing is a lot of activity from U.S. utilities in the first quarter regarding contracting future uranium supply. Of course, I mean, of course you would expect that, right? We're also seeing I'm trying to be very careful. I don't wanna ever disclose anything confidential. We're starting to see a lot more interest in securing supply over price negotiations. I wouldn't, you know, kind of in summary, Heiko, without divulging anything confidential, there is a lot of energy right now regarding utilities looking to secure future supply. Of course, for utilities, future supply generally starts like three years out. We're starting to see there's a lot of interest. We get a lot of inbound RFPs. We're very careful and choosy about what we respond to because we don't wanna overcommit.

[Matt Gilley, President and CEO at Ur-Energy]

We've got a very well-crafted, you know, commitment forecast, and we like to keep pounds extra so that we have the ability to be flexible in the future. What there is, it is very strong out there right now regarding utilities looking for pounds.

[Heiko Ihle, Analyst at H.C. Wainwright]

Fair enough. Then just for our model, how much money has been spent at Shirley Basin year to date? Maybe if you want to give a bit of color on the rest of the year quarter-by-quarter, please.

[Matt Gilley, President and CEO at Ur-Energy]

Absolutely. I'm gonna answer quickly, and then I'm gonna pass over to Roger to fill in the details. The entire commitment for Shirley Basin for capital this year remains at $25.5 million.

[Heiko Ihle, Analyst at H.C. Wainwright]

Okay. That's unchanged?

[Matt Gilley, President and CEO at Ur-Energy]

Yes, unchanged. The total capital commitment for the water treatment upgrades at Lost Creek is now forecasted between $25 million and $33 million. What we did there is we've expedited and brought forward the building of those sand filters, which is critical to us meeting our production goals. We'd have occurred a slight increase in expense by bringing those sand filters forward. Steve can go through that in more detail, but we're now at the stage. The sand filters are installed on a pad plant. We're piping in the sand filters, and we have the aggregate ready for installation within those sand filters. Steve, anything else you wanna touch on that?

[Steve Hatten, COO at Ur-Energy]

No, I don't think so. Just know, Heiko Ihle, that we will be focusing, and we are focusing on the very detailed engineering for the Lost Creek work, working already with the construction team as well and getting procurement done as quickly as possible so we can really advance hard construction at Lost Creek this summer. Shirley's moving along steadily. Most of the main equipment's in. Any of the things that you see on our site show you that. We feel good about that.

[Matt Gilley, President and CEO at Ur-Energy]

Okay. Roger, did you have any further color on the quantities at Shirley Basin we spent in the first quarter?

[Roger Smith, CFO and Chief Administrative Officer at Ur-Energy]

Yeah, just a bit. Hi, Heiko. Thanks for the question. During Q1, we spent-

[Heiko Ihle, Analyst at H.C. Wainwright]

Yeah, of course.

[Roger Smith, CFO and Chief Administrative Officer at Ur-Energy]

approximately $11 million of that $25 and a half million of CapEx for this year. We have, probably just under $15 million yet to spend on Shirley Basin CapEx throughout the year.

[Matt Gilley, President and CEO at Ur-Energy]

Thanks, Roger. Thanks, Heiko, for the question. Does that cover what you're looking for?

[Heiko Ihle, Analyst at H.C. Wainwright]

It does, but, like, would you wanna guess a little bit on a quarterly basis? Like, a little bit more color?

[Matt Gilley, President and CEO at Ur-Energy]

I think I'd be, I don't wanna guess. Look, Shirley Basin construction is heavily weighted towards the first half of the year, the further quarters, 'cause we're in the very final stages of construction there.

[Heiko Ihle, Analyst at H.C. Wainwright]

Fair enough. I will get back in queue. Thank you, guys.

[Matt Gilley, President and CEO at Ur-Energy]

Thanks, Heiko.

[Operator]

Your next question is from Anthony Taglieri with Canaccord Genuity.

[Anthony Taglieri, Analyst at Canaccord Genuity]

Hey, Matt.

[Matt Gilley, President and CEO at Ur-Energy]

Good morning, Anthony.

[Anthony Taglieri, Analyst at Canaccord Genuity]

Hey, thanks for taking my questions. maybe just on Lost Creek, so noting the 57,000 pounds drummed in April, should we expect this to be linear for the rest of Q2? You know, is there any reason why production in May and June might be a bit lower than April?

[Matt Gilley, President and CEO at Ur-Energy]

Well, you know, again, I'm being very careful with putting out future guidance. I will say that in April, we actually exceeded our internal plans for production for the month of April. April was a really good month. When you talk about, you know, linear, I would look at it more linear from a quarter-to-quarter standpoint versus a month by month standpoint, seeking out if there, yeah. With Shirley Basin getting us to that 1.3 million pounds.

[Anthony Taglieri, Analyst at Canaccord Genuity]

Okay, great. Maybe just as a follow-up for Shirley Basin, you know, how's that start up been versus expectations? Maybe some commentary there would be great. You know, what still needs to happen there from a regulatory point of view to begin shipping loaded resin to Lost Creek? When you say summer months, is that sort of like a mid-June timeline?

[Matt Gilley, President and CEO at Ur-Energy]

Okay. I'm going to answer the first question, then hand over to Ryan. Look, we were, our internal plan was that we would have the ability to add lixiviant and start liberating uranium by the end of April, and we were able to meet that timeline. We were actually a few days, you know, a week or two ahead of schedule. That's progressing very well on track. We're very excited about what we're seeing so far at Shirley Basin. Ryan, can you give more color into what is that final regulatory approval?

[Ryan Schierman, VP of Regulatory Affairs at Ur-Energy]

Yeah. Final regulatory approval is a pre-operational inspection. What this is just a verification that infrastructure and our programs are in place to safely do what we said we were going to. At this point, we don't believe we have anything that would preclude us from passing through that inspection. We've been preparing for it, and it's been on our radar. It's a regular part of business. Nothing out of the norm for us on that.

[Matt Gilley, President and CEO at Ur-Energy]

Yeah, when we say when we expect to do that, again, being careful, but, you know, your original assumption was fairly on track of when we expect the timing.

[Anthony Taglieri, Analyst at Canaccord Genuity]

Okay, great. I'll pass it on. Thanks for that.

[Matt Gilley, President and CEO at Ur-Energy]

Thank you, Anthony.

[Operator]

Your next question for today is from Jeff Grampp with Northland Capital Markets.

[Matt Gilley, President and CEO at Ur-Energy]

Hey, morning, Jeff.

[Roger Smith, CFO and Chief Administrative Officer at Ur-Energy]

Hey, good morning, Jeff.

[Jeff Grampp, Analyst at Northland Capital Markets]

Matt, outside of the wastewater and excuse me, some of the kind of upgrades to address the fines issue, it sounds like there's some other general optimization initiatives at Lost Creek that you guys are evaluating or implementing. Was just hoping to get a little more detail on, you know, what some of those other projects are and are these kind of cost optimization, production optimization or any other details you can share.

[Matt Gilley, President and CEO at Ur-Energy]

Okay. you know, the other main business improvement activities at Lost Creek are not capital improvements at all, but they're really procedural and operational improvements. They're specifically regarding our maintenance systems, just getting a well-built, well-articulated, and well-executed maintenance program for the plant itself, as well as bringing in procurement, we're beefed up our procurement team and getting it aligned with maintenance so that, you know, your parts are there when you need them and your kits are ready when you need to do maintenance. Those are the two other initiatives, the primary initiatives at Lost Creek regarding beefing up operations.

[Jeff Grampp, Analyst at Northland Capital Markets]

Got it. Great. Appreciate that. My follow-up on the exploration side, specifically looking at Lost Soldier, and I noted, you guys are looking at kind of some pre-permitting activities, technical report coming later this year. Is, is the technical report, would you say kind of a prerequisite, if you will, in getting some positive data there to, kind of, I guess, more fully look at a full-blown kind of permitting exercise? Or how comfortable are you guys, kind of trying to accelerate, you know, potentially permitting and getting that to production relative to, you know, technical report and more kind of technical evaluation internally? Thanks.

[Matt Gilley, President and CEO at Ur-Energy]

Yeah, I understand your question, Jeff. It's a really good question. Look, we are progressing along with the technical report of Lost Soldier, and we will do the work to the standard we always do the work, which is extremely high standard with economics. We have initiated or in the process of initiating the baseline surveys as the beginning of our permitting because we feel very comfortable in spending that money before we finalize the technical report and make a construction decision. It's a modest spend at this time, but it is prudent and it will accelerate the permitting process should we make a positive investment decision at the end of this year.

[Jeff Grampp, Analyst at Northland Capital Markets]

Got it. And is in general, you know, not trying to hold you to too specific a timeline, but is, I don't know, two, three years a good kind of rule of thumb for permitting a project like that? Or am I off base one way or another?

[Matt Gilley, President and CEO at Ur-Energy]

Ryan,

[Ryan Schierman, VP of Regulatory Affairs at Ur-Energy]

I would say three to five years is a fair estimate.

[Matt Gilley, President and CEO at Ur-Energy]

Yeah.

[Jeff Grampp, Analyst at Northland Capital Markets]

Three to five. Perfect. Thank you, guys. I'll turn it back.

[Matt Gilley, President and CEO at Ur-Energy]

Thanks, Jeff.

[Operator]

Your next question for today is from Joseph Reagor with Roth Capital Partners.

[Joseph Reagor, Analyst at Roth Capital Partners]

Hey, Matt and team. Thanks for taking the questions. Most of my questions have already been touched on, but a couple other kind of fine-tuning things. Matt, in your remarks you commented on contracts being second half weighted. Is that just because Q1 was so light that even if we're you know, we put the rest of them evenly across the year, then it's gonna be second half weighted? Even over the remaining three quarters, is it still second half weighted?

[Matt Gilley, President and CEO at Ur-Energy]

Yeah, I mean, it's weighted in the second half. You know how lumpy our delivery contracts are, and that's one of the consequences of the way that we contract, is it comes in real lumpy. We focused our delivery commitments for the second half of the year to, let's be fair, to match our production profile for ramp up, Joe. That's, we put out some guidance in the 10-Q to show the delivery commitments by quarter. They're weighted to the second half to match our production ramp up. Is that Joe, does that kind of answer the question you're looking for?

[Joseph Reagor, Analyst at Roth Capital Partners]

Yeah. Yeah, no, it's fair. Just in general, as you think about kind of how Lost Creek has performed since it restarted, there's been a number of challenges or hurdles as we've gone along from hiring to getting enough header houses built. Do you feel that the underlying resources performed as expected, and this is simply a matter of you got to get enough header houses built so that you can operating so you can get production up to nameplate? Is there anything that, you know, has underperformed kind of under the hood that we haven't talked about yet?

[Matt Gilley, President and CEO at Ur-Energy]

Okay. Very, very good question, Joe. All right. At Lost Creek, and this is reflected in our updated technical report earlier this year. Lost Creek has demonstrated the ability to produce uranium as an ore body. The resource is very solid. We've updated that resource, and we're very confident in that resource. To the point, we actually added, four million pounds into that resource. The resource itself and the ability to get uranium into solution has been very well documented at Lost Creek. You know, there were challenges in the startup, and there were You know, labor was tight and drill rigs were tight and all those things, and we've worked our way through all those things.

[Matt Gilley, President and CEO at Ur-Energy]

The thing that is hindering us from increasing ramp up even further right now is those fines that are coming in from the well field. It's important to note our hypothesis right now, those fines aren't really present in the ore body. What they are, they appear to be iron mineralization that is being liberated by the kind of the same process with the oxygen that we're adding into the lixiviant oxygen we're adding into the solution is also oxidizing some iron mineralization. We refer to colloquially as orange grunge that comes out on top of our resin columns. We really see. While we didn't anticipate needing a pre-filter into the plant before, we now have we're installing the sand filters so that we're pre-filtering all of the solution coming into the plant.

[Matt Gilley, President and CEO at Ur-Energy]

As well as on all the header houses we've installed, all the new header houses for my unit one, we have installed filtration at the discharge of the production wells as well. I mean, in summary, very confident in the resource at Lost Creek, and it's demonstrated, it's proven itself multiple times as being there and being very amenable to what we do. Again, very confident in the resource itself. I don't have something that's hidden that you I don't think you know about and really see the solution to the fines as being the next major change and inflection point in the production ramp-up curve at Lost Creek.

[Joseph Reagor, Analyst at Roth Capital Partners]

Okay. Thanks, Matt. It's good to hear. I just had to ask, obviously.

[Matt Gilley, President and CEO at Ur-Energy]

Yeah, 100%. It's a good question. Very good question, Joe.

[Joseph Reagor, Analyst at Roth Capital Partners]

Okay.

[Operator]

Once again, if you would like to ask a question, please press star one. Your next question for today is from Soundarya Iyer with B. Riley Securities.

[Soundarya Iyer, Analyst at B. Riley Securities]

Hi, Matt and team. Congratulations on the quarter. I just have two questions. Starting with the realized price. You realized about $71 a pound on Q1 sales, which was a meaningful step up from last quarter and last year. How should we think about the blended realization as we go into the second half of 2026?

[Matt Gilley, President and CEO at Ur-Energy]

Very good, very good question, Soundarya. Yes, we've disclosed this in the same quarter as well. We have commitments to deliver 1.3 million pounds for the year, and with that, we expect that realized price from that 1.3 million pounds to be $83.2 million. That tells you. You do that math, and you see what the blended price is for the year. The $71 million that we received in the first quarter was a good contract, relatively better than some of the other contracts we're delivering into this year.

[Soundarya Iyer, Analyst at B. Riley Securities]

Got it. That's helpful. Then on just the macro front, the U.S. uranium, we have just handful of producers with permitted ISR sites. How are you thinking about, you know, the M&A landscape right now or going into or, you know, going through 2026? What's the appetite for organic growth or inorganic growth in this industry today?

[Matt Gilley, President and CEO at Ur-Energy]

Okay. Very probing question. Look, I believe that all of the CEOs you talk to are going to tell you that we are in a period that appears to be amenable, I'm being very careful in my words here, appears to be amenable to consolidation. It's a very exciting time to be a uranium producer in the United States. There is opportunity for consolidation, and we at Ur-Energy are very well-placed to participate in that consolidation. We are producing today. We're located in our corporate headquarters are in Casper, Wyoming, and we have a very healthy balance sheet with the cash necessary to utilize for high-quality opportunities should they arise.

[Soundarya Iyer, Analyst at B. Riley Securities]

Thanks, team. I don't have facts.

[Matt Gilley, President and CEO at Ur-Energy]

Thank you.

[Operator]

I will now hand the floor over to Valerie to moderate webcast questions.

[Valerie Kimball, Director of Investor Relations at Ur-Energy]

Thank you. Our first question, we touched on this earlier. Can you describe some of the terms on the long-term contracts that you've signed recently?

[Matt Gilley, President and CEO at Ur-Energy]

Well, we don't disclose that. I mean, what I can tell you is that the present appetite for long-term contracts right now, and I'm really regurgitating what Cameco talks about quite a bit. You know, you see your term price. Your term price is in the low $90s right now, and that's up. All these prices being escalated to typically around 3%. You're seeing term price being around low $90s. You see almost all contracts now include a portion of the delivery that is market related with floors and ceilings. The floors and ceilings typically run, you know, kind of right now in the kind of $80 as a floor and kind of towards $120 as a ceiling. Each one of these contracts is different.

[Matt Gilley, President and CEO at Ur-Energy]

Each one of these contracts has its own nuance, and I'm really just regurgitating what you've heard Grant at Cameco, disclose. I'm being a little careful, but that's generally the industry trend right now.

[Valerie Kimball, Director of Investor Relations at Ur-Energy]

Okay, there are no more questions from the webcast.

[Matt Gilley, President and CEO at Ur-Energy]

All right. Thank you, Valerie.

[Operator]

There are no further questions from the phone lines. I will now hand the floor back to management for closing remarks.

[Matt Gilley, President and CEO at Ur-Energy]

Thank you everyone for participating in the call today. Yeah, a really, a very strong quarter from the standpoint of the ramp up at Lost Creek and Shirley Basin. We're very proud of the activities we've completed. We're very energized by what we're seeing going forward. We look forward to 2026 to be a real inflection year for Ur-Energy, and we're proud to be part of the U.S. nuclear fuel cycle. Thank you everyone for joining today.

[Operator]

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

Participants

Analysts

• Alex Ritchie, General Counsel and Corporate Secretary at Ur-Energy
• Anthony Taglieri, Analyst at Canaccord Genuity
• Heiko Ihle, Analyst at H.C. Wainwright
• Jeff Grampp, Analyst at Northland Capital Markets
• Joseph Reagor, Analyst at Roth Capital Partners
• Matt Gilley, President and CEO at Ur-Energy
• Roger Smith, CFO and Chief Administrative Officer at Ur-Energy
• Ryan Schierman, VP of Regulatory Affairs at Ur-Energy
• Soundarya Iyer, Analyst at B. Riley Securities
• Steve Hatten, COO at Ur-Energy
• Valerie Kimball, Director of Investor Relations at Ur-Energy