Ur Energy Q2 2026 Earnings Report

Ur Energy EPS Results

• Actual EPS: -$0.04
• Consensus EPS: -$0.03
• Beat/Miss: Missed by -$0.01
• One Year Ago EPS: N/A

Ur Energy Revenue Results

• Actual Revenue: $14.37 million
• Expected Revenue: $14.36 million
• Beat/Miss: Beat by +$11.00 thousand
• YoY Revenue Growth: N/A

Ur Energy Announcement Details

• Quarter: Q2 2026
• Date: 8/10/2026
• Time: After Market Closes
• Conference Call Date: Tuesday, August 11, 2026
• Conference Call Time: 11:00AM ET

Ur-Energy Inc. is a uranium exploration, development and production company focused on supplying uranium for the nuclear energy industry. The company’s activities include acquiring and advancing uranium properties, permitting and constructing recovery facilities, and producing uranium concentrate, commonly known as yellowcake.

Ur-Energy’s primary operating asset is the Lost Creek in-situ recovery uranium project in Wyoming’s Great Divide Basin. The project uses in-situ recovery methods, which circulate a solution through underground uranium deposits to bring the uranium-bearing solution to the surface for processing. Ur-Energy began commercial production at Lost Creek in 2013 and has continued to develop and expand the project as market conditions and customer demand have evolved.

The company also owns the Shirley Basin uranium project in Wyoming, where it has pursued permitting, development and exploration activities. Its properties and operations are concentrated in the United States, particularly in Wyoming, a historically significant region for domestic uranium production. Ur-Energy is headquartered in Littleton, Colorado, and its common shares trade on the NYSE American under the symbol URG.

Ur Energy Q2 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Ur-Energy reported strong second-quarter execution, with 141,000 pounds drummed and 150,000 pounds shipped—up 47% and 44%, respectively, from the first quarter. The company delivered 215,000 contracted pounds for $14.4 million in revenue while maintaining a low cash cost of $40.20 per pound.
• Positive Sentiment: Lost Creek’s newly installed sand filtration system increased plant flow rates from roughly 2,500 gallons per minute to 3,200–3,300 gallons per minute, potentially removing a key production constraint. Management is also advancing wastewater, reverse-osmosis, maintenance, and well-field projects to support higher sustained output.
• Positive Sentiment: Shirley Basin has moved into full operation, with six of its ten production columns online and 10,634 pounds captured during limited second-quarter operations. The first resin shipment to Lost Creek is imminent, and management views the hub-and-spoke model as a capital-efficient path to expand production.
• Neutral Sentiment: The company deferred 300,000 pounds of 2026 deliveries to 2027 and 2029 as a risk-management measure and is not providing explicit production guidance. Management said it remains on track for current-year contracted deliveries, but intends to prioritize inventory protection over spot sales and plans to repay its uranium loan with deliveries this year.
• Positive Sentiment: Ur-Energy is expanding its Wyoming growth pipeline through a planned 120-hole Lost Creek South exploration program, permitting and technical work at Lost Soldier, and continued exploration at North Hadsell. Management also cited increasing utility interest in securing U.S.-sourced uranium and a growing appetite for industry consolidation.

Presentation

[Operator]

Note, this conference is being recorded. I'll now turn the conference over to Ur-Energy's General Counsel and Corporate Secretary, Alex Ritchie. 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 related 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, our Form 10-Q, and other public filings with the SEC and Canadian securities regulators. I will now turn the call over to our CEO and President, Matt Gili.

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

Thank you, Alex. Thank you everyone for joining us today. In addition to Alex, joining me on the call today are Roger Smith, CFO, Steve Hatten, COO, Ryan Schierman, VP of Regulatory Affairs, and Jade Walle, VP Finance. We continue to believe the uranium market is supported by durable long-term fundamentals. More and more nuclear energy is recognized as an essential source of reliable baseload generation. Global capacity is projected to nearly double by 2040. Governments, including the U.S. government, are prioritizing secure domestic fuel supplies, and initiatives in Washington, D.C. are expected to put a premium on U.S.-produced uranium. At the same time, there is a structural gap in the industry between expected demand for uranium and primary mine supply.

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

We are positioned right in the center of that gap because we are one of the very few companies that produce U.S. uranium, and we are poised to produce a lot more. We are doing this by building America's first district-scale ISR uranium operation through disciplined capital efficient growth. Now let's talk about our operations. In the second quarter, we drummed 141,000 pounds of yellowcake at Lost Creek. That is 47% more than we drummed in the first quarter of this year and 26% more than the second quarter of last year. We shipped 150,000 pounds. Again, that is 44% more than the first quarter and 42% more than the second quarter of last year. In other words, we are executing on our production strategy.

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

We met our delivery commitments, selling 215,000 pounds under our contracts, which brought in $14.4 million in sales revenue. We maintained our low-cost production profile, another reason why Ur-Energy is positioned as a leading U.S. ISR producer. Our cash cost per pound sold, including ad valorem and severance taxes, stayed low at $40.20 per pound. With $95.3 million in unrestricted cash, we ended the quarter with significant liquidity. This means we have the financial flexibility to continue advancing our production growth strategy. We still had a healthy 348,000 pounds of finished inventory at the conversion facility for contracted deliveries. We also proactively deferred 300,000 pounds of 2026 deliveries to 2027 and 2029 to decrease ramp-up risk and increase flexibility relating to our remaining 2026 delivery commitments.

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

Overall, we believe that our second quarter shows the type of operational execution and solid financial foundation needed to continue to increase production and create long-term value for our shareholders. Now I'm going to talk a little bit about our flagship ISR mine at Lost Creek. To grow production at Lost Creek, we worked during the quarter on various optimization efforts. This work included installing a sand filtration system to address fine particles from the well field that impact flow rates and production. Consider that we drummed more pounds of uranium in the second quarter than any quarter since we started ramp up in 2022 without the sand filtration system. Although the system was installed in the second quarter, it wasn't fully commissioned and online until July. We have been making great progress on other projects as well.

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

We broke ground on our wastewater treatment facility in July, and we are on track to finish our reverse osmosis upgrades and a new maintenance program by year end. Our infrastructure investments are enhancing operational capacity and reliability at Lost Creek to support higher sustained production levels. We had 17 active drill rigs at Lost Creek that kept our well field expansion plans on track. We made progress on delineation drilling in our fourth and fifth mine units. Subject to regulatory approval of our well field package, we expect to start well field construction in Mine Unit 5 by year end. This additional drilling is accelerating well field development to ensure a steady pipeline of production areas to support future output. Together, these initiatives are expanding Lost Creek's production capacity and reinforcing the operational foundation for sustainable long-term growth. Turning to Shirley Basin.

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

We reached some important milestones in our growth strategy since the end of the first quarter to expand our production platform beyond Lost Creek. Shirley Basin is designed as a satellite facility with uranium captured on resin transported to Lost Creek for further processing and drumming. In the second quarter, we began capturing uranium at Shirley Basin, and with just limited operations, captured 10,634 pounds. Operations were limited because we needed regulatory authorization from the state to commence full operations and start shipments to Lost Creek, and we received that authorization in late June. Today, I'm excited to share the plant at Shirley is now in full operation, and six of the 10 production columns in the plant are online. All infrastructure and processes are in place to transport uranium to Lost Creek. We are ready.

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

The only work left is to finish commissioning and inspecting the specialty trailers for hauling resin, and that first shipment is imminent. Operating Shirley Basin as a spoke to the Lost Creek hub allows us to increase production while leveraging existing processing infrastructure. That said, we also have processing optionality. We are employing the hub and spoke model to improve capital efficiency and accelerate cash flow. Shirley Basin is fully licensed to operate as an independent production hub in the future. That gives us strategic flexibility as we continue to grow in the Great Divide Basin and continue to advance our growth pipeline. We have optimization activities at Shirley Basin planned through 2027, including wastewater treatment using engineering from the Lost Creek Wastewater Treatment Project. As Shirley Basin ramps up production, we expect it to become a large contributor to our long-term production profile.

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

Now I want to talk for a minute about our growth pipeline. We are an operating uranium mining company, but we are not limited by our existing operations. We have an exploration and development portfolio with multiple opportunities to add resource and expand production. Later this third quarter, we are planning to start an exploration program with 120 holes at our Lost Creek South project. This 16 sq mi project offers strong potential to leverage our existing Lost Creek plant infrastructure with shorter development timelines and lower capital requirements. Our Lost Soldier project is another potential spoke for the Lost Creek hub. Baseline environmental studies are underway at Lost Soldier to support a potential permitting decision as we continue to de-risk the project. We have also started work on a technical report for Lost Soldier that we plan to complete by year-end.

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

Our North Hadsell project also remains an encouraging exploration opportunity following our first quarter drilling results, where 13 of 33 drill holes intersected uranium mineralization. Together, these projects strengthen our long-term organic growth pipeline. They provide multiple opportunities to expand production while leveraging our established Wyoming district ISR platform and our significant licensed capacity. We are producing today while advancing a district scale Wyoming pipeline. We are positioning the company to benefit from a structural domestic uranium bull market. We are executing our strategy. This includes growing a scalable two-asset ISR production platform by further optimizing Lost Creek and ramping up Shirley Basin, advancing low capital organic growth opportunities to extend our hub and spoke production model across Wyoming. We are leveraging our ISR operating expertise, our permitted assets, and our processing capacity to efficiently convert resource into future production.

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

We are capitalizing on the growing strategic importance of U.S. uranium production and maintaining disciplined operational execution and capital allocation to support sustainable production growth and shareholder returns. We have a unique advantage with our expertise and proven success permitting projects efficiently and without long delays. We also have the operating expertise and are building the scale to become the partner of choice in the consolidation and development of Wyoming's uranium districts. With that, I'll turn the call back to the operator and open it up for 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 if 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 star keys. Your first question is coming from Anthony Taglieri from Canaccord Genuity. Your line is live.

[Anthony Taglieri, Analyst at Canaccord Genuity]

Hey, good morning, Matt. Maybe first on production. Now that we have seen operations have been ramping up at Shirley Basin, you guys have the sand filter installed at Lost Creek. Can you give us any color on what we might see for production in the H2 of the year? Is there a potential for you guys to not have to dip into any of the non-produced inventory to hit the, call it, 700,000 pounds of deliveries for the rest of the year?

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

Okay. Anthony, thank you for the call. Look, we are not providing clear production guidance, but we are providing that guidance with regards to our contracted deliveries. We originally started the year with 1.3 million pounds of contracted deliveries for the year. We elected in July to defer 300,000 pounds of those deliveries. The classic risk management. This was a good opportunity for us in a very controlled fashion, proactively to reduce the amount of contracted deliveries for the year, to give us flexibility for execution. I am not going to provide. The color I will provide is that we are absolutely on track to meet our deliveries for this year, and we will have the opportunity and the flexibility now with the deferral to look at different ways to allocate the pounds.

[Anthony Taglieri, Analyst at Canaccord Genuity]

Okay, great. Thank you for that. Maybe, as a follow-up, correct me if I am wrong, I do not think you guys have signed a new contract recently, any new long-term contracts recently. What are you seeing that has changed, maybe call it over the last six months in terms of what is available, terms, pricing, appetite for new contracts, that sort of thing?

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

All right, Anthony. That's a very good question. What I've seen in my six months from when I started to now, when we first started this, we were still very much in a, let's call it a buyer's world. We spent a lot of time talking about the price per pound, and we negotiated the terms. We had already gotten to the stage where we were doing a hybrid contract. We were doing a mix of market and fixed pricing. What I can tell you from my position, my point of view, is that we seem to be entering into a series of discussions with buyers that are much more focused on surety of supply as opposed to negotiating the last $0.50 per pound off of a price. That's the general flavor.

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

The market is very willing and eager to engage in contracts for surety of supply. The informal conversations we have with many of the utilities are, "You don't need to wait for RFPs. If you have pounds you want to commit, let us know. We'll talk." We have not entered into more contracts, but as choice, right? We've turned down RFPs. We have a good, solid contract book. We're not looking to add more to it this year. Next year, we'll reevaluate the book and reevaluate the continued production ramp up and make that decision next year on how we want to add to the book. We do have a couple of discussions in play that could add some commitments this year, for future years, of course. But we're not being aggressive right now. We see we're very focused on price.

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

Look at every month, we seem to get an indication that both the term price and the future prices are going.

[Anthony Taglieri, Analyst at Canaccord Genuity]

Great. Thanks for that. I'll pass it on.

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

Thank you, Anthony.

[Operator]

Thank you. Your next question is coming from Jeff Grampp from Northland Capital Markets. Your line is live.

[Jeff Grampp, Analyst at Northland Capital Markets]

Hey, morning, guys. Hey, Matt, on the-

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

Morning, Jeff.

[Jeff Grampp, Analyst at Northland Capital Markets]

The sand filtration system at Lost Creek, it looks like that was completed last month, kind of fully. Not trying to get you to guide to anything too explicit, but just wondering kind of early time results or benefits you're seeing from that in terms of flow rates, and I guess just trying to contextualize how big of an impact or restriction was that over the last couple of quarters relative to what you're maybe seeing in real time now. Thanks.

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

Okay. So Jeff, good question. Prepared for your question, Jeff. I am going to give some just indicative numbers. Okay? We averaged just over 2,500 gallons per minute last quarter going through the plant. After the sand filter, last period we've been averaging around 3,200-3,300. So just that inclusion of the sand filter has had a statistical, meaningful increase in flow rates to the point now where the constraint is now moving to other aspects. We now have enough flow that we need to get more clever in how we run our production injection wells. So this is just classic theory of constraints. We had a constraint with sand on top of our ion exchange columns. We've removed that constraint, and now we're moving on to the next constraint, and that next constraint will be just bringing on more and more of our wells.

[Jeff Grampp, Analyst at Northland Capital Markets]

Got it. Super helpful details. I appreciate that. Shifting to the exploration side at Lost Creek South, can you touch on the, I guess, relative benefits or streamlining, if you will, of potentially moving that forward, assuming you have some good drill results there? How much of a benefit do you get from that being basically right on top of your existing assets there relative to something like Shirley Basin or some of the other satellite projects? Is there a meaningful benefit there in terms of accelerating timeline to bringing something like that online?

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

Well, sure. Certainly. The impact of permitting the effort that's required to permit another property immediately to the south of an existing property is just less. It's also just less when you are dealing with a property in the same hydrologic basin that you're currently in. Look, I mean, Lost Creek South is just the south edge of our existing line of operation. So the closer we can get to Lost Creek and find more pounds, the easier life is going to be. That adds more flexibility, it adds more optionality. Any time you can increase the denominator, you're looking at lower costs, you're looking at more pounds.

[Jeff Grampp, Analyst at Northland Capital Markets]

That makes a lot of sense. Sounds good. I'll turn it back. Thank you.

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

Thanks, Jeff.

[Operator]

Thank you. Your next question's coming from Andrew Wong from RBC Capital Markets. Your line is live.

[Ali McCoy, Analyst at RBC Capital Markets]

Hey, guys. This is Ali McCoy-

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

Hey, Andrew.

[Ali McCoy, Analyst at RBC Capital Markets]

For Andrew Wong.

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

Okay.

[Ali McCoy, Analyst at RBC Capital Markets]

Yeah. Andrew couldn't make it, so I'm just taking it, but thanks for taking the question. Just a question on the cash costs. Cash costs were $40 a pound in the quarter. I guess, what's the cadence for production costs going down? When do you anticipate going down to a run rate level with the ramp-up of Shirley Basin? I guess just for the model, how do you project these costs going down? When it could reach a steady state? I think you mentioned previously, like $20-$25 a pound.

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

Yeah. Look, our costs are so fixed, are so controlled in a fixed manner. Much more than I'm used to in gold and copper. We model 80% fixed costs for what we're doing. It's all about the production denominator. The costs go down as the pounds go up. We spend almost the same amount of money every day, regardless of how many pounds we produce. You can model the cost decline exactly as you would model the production increase.

[Ali McCoy, Analyst at RBC Capital Markets]

No, that's really helpful. Thanks. Just one more from me on the wellfield development cost. Can you bring some color on the breakdown between the sites going forward and how much is remaining for 2026 and then 2027?

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

Okay. I'm not sure. Jade, do you have that breakdown? Look, we spend between $12 million and $15 million per quarter on development costs. That's broken out between Lost Creek and Shirley. We move drills between Lost Creek and Shirley to maximize our efforts and to maximize our flexibility. You can model between $12 million and $15 million a quarter for our development costs for the next at least year as we go forward. I'm getting a note here from Jade. Jade, do you want to talk?

[Jade Walle, VP Finance at Ur-Energy]

Sure. Those development costs, we don't anticipate those to change much because we're always staying one to two to three years ahead.

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

Yeah.

[Jade Walle, VP Finance at Ur-Energy]

So we can be ready for the next pattern.

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

Yeah, 100%. You did see a whole lot of development costs at Shirley Basin ahead of production, as you would expect, right? You've got to develop ahead of your production. But we're into the stage now we're starting to levelize out that development cost per quarter. As we move forward, when you start seeing our development costs decrease, we're either at the end or you should be concerned.

[Ali McCoy, Analyst at RBC Capital Markets]

Got it. Thanks, guys. Super helpful.

[Operator]

Thank you. Your next question's coming from Joseph Reagor from ROTH Capital Partners. Your line is live.

[Joseph Reagor, Analyst at ROTH Capital Partners]

Hey, Matt and team. Thanks for taking the questions.

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

Thank you.

[Joseph Reagor, Analyst at ROTH Capital Partners]

Most of the stuff I wanted to touch on was already asked, but just one bigger picture thing. Have you guys seen any change in the M&A market for development or non-operating assets in the U.S.? Anything where, without maybe naming assets, but just any more willingness by other holders to come to the table and potentially sell something that would help you guys grow faster?

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

Absolutely, Joe. Always a tough question to answer. I will be very purposefully vague in my response. I would say that there is a growing appetite for consolidation in the western United States. We all recognize our position, both in the domestic production as well as in the global production. Growth is imperative for all of us. There is, I think, eagerness. We really all work together very well. We know each other very well. We are always looking for those opportunities where we can create shareholder value. However, that shareholder value is created through consolidation. I have to be purposely vague, Joe.

[Joseph Reagor, Analyst at ROTH Capital Partners]

Yeah, fair enough. I totally understand. Then just with these deferrals that you guys have made, is there any chance you guys would make any spot sales? Or at this point, is protecting your inventory for future sales more important?

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

Protecting inventory is more important. We are not interested in spot sales. We could place pounds with utilities if we needed to, if we have excess inventory. Right now we are very focused on the concept of risk management providing us the flexibility to make our contracted deliveries, repay our uranium debt, and to have a stockpile for when opportunistic pricing becomes available that we can engage in that.

[Joseph Reagor, Analyst at ROTH Capital Partners]

Okay. That's fair enough. All right, I'll turn it over. Thanks, Matt.

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

Thanks, Joe.

[Operator]

Thank you. Your next question's coming from Justin Chan from SCP Resource Finance. Your line is live.

[Justin Chan, Analyst at SCP Resource Finance]

Hi, Matt. I guess my first question's on Shirley. Just trying to get a sense of, from a well field and header house and just footprint perspective, how much I guess what I'm trying to get to is what kind of footprint do you need to hit that 1 million pound a year level, or let's say half a million pounds? And how many wells, header houses, how much of a footprint do you have relative to that currently deployed?

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

Okay. Well, look, I'm going to answer quick. Thanks, Justin. Great question. I'll answer really quickly and hand over to Steve. Right now we have two header houses installed and we are I just want to make sure you understand from the standpoint of Ur-Energy, we are in the uranium mining business. We never stop drilling wells. We never stop building and installing header houses. We will continue to be drilling wells and installing header houses till two years before we are done. But Steve, relative to the long-term position, where are we right now?

[Steve Hatten, COO at Ur-Energy]

We have worked all the way out into our eighth header house with respect to drilling, understanding that it takes between three and six months ahead from the time you start drilling before it even gets into the construction phase. Ideally for us, we're looking at anywhere between 6-10 header houses need to get installed every year to make the nominal 1 million pound a year production rate. Now, the advantage that Shirley has, number one, it's got better grade than most facilities. Number two, it's shallower, so the drilling goes much quicker. So where at Lost Creek you can see us with 17 rigs, we can run eight or nine rigs at Shirley. One of the other advantages at Shirley that you'll see is we have it drilled out already. So there is limited delineation drilling required and no exploration for us.

[Steve Hatten, COO at Ur-Energy]

We have defined the resource for the life of the project as it stands.

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

When you are looking at a 1 million pound a year production, how many header houses are you thinking of at that point?

[Steve Hatten, COO at Ur-Energy]

Yeah. We are typically, again, it is grade based. Matt, I talk all the time, the whole calculation for us is flow and grade, right? So we have a facility that can handle 6,000 gallons a minute, 1 million pounds a year, that is around 40 parts per million uranium coming through. So your peaks will define how long you run everything, as will your flow. So we look anywhere at Shirley Basin needing to have six to eight header houses installed at an annual basis.

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

Yeah. Justin, does that answer your question?

[Justin Chan, Analyst at SCP Resource Finance]

Got you. That is really helpful. Yeah, that was a great answer. It is really helpful. And I get that each well will be at various stages of increasing or decreasing-

[Steve Hatten, COO at Ur-Energy]

Yeah.

[Justin Chan, Analyst at SCP Resource Finance]

Grade, flow rate, et cetera.

[Steve Hatten, COO at Ur-Energy]

100%. Thanks, Justin.

[Justin Chan, Analyst at SCP Resource Finance]

Averaging large numbers, but yeah, that gives me a great sense of where you are in the ramp up relative to the footprint you will have at steady state. Thanks very much for that. Then maybe just one other question, I will free up the line. There is that uranium loan that is also, I think nominally matures in Q4. What is the guidance there? Is that something that you could extend or is that something that needs to be delivered into? What is the thinking there?

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

Thanks, Justin. Look, our plan right now is to deliver into that loan. That is our base case plan. It is a loan with a trading entity, and those are renegotiable and those are flexible, and part of our risk management strategy is always to have multiple options. We will never miss a contracted delivery. We have a system in place to mitigate this risk through multiple opportunities. But the base case plan is to deliver into that loan this year.

[Justin Chan, Analyst at SCP Resource Finance]

Okay, thanks very much. I will free up the line. Thanks, Matt.

[Operator]

Thank you. Your next question is coming from Heiko Ihle from H.C. Wainwright. Your line is live.

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

Hey, Matt and team. Thanks for taking my questions. I am sure you guys-

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

Hey, Heiko.

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

Had a chance to see the report this morning. Hey. Conceptually, demand for U.S.-sourced uranium in the conversations with U.S. utilities, obviously there is a bunch of geopolitical risks. Obviously things have changed. You hinted at this a little bit, that you have the scale of the proven production. But walk me through what you are seeing in these conversations right now versus what may have been gotten discussed a year or even three years ago.

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

Yeah. Okay. Heiko, look, right now the conversations are centered on surety of supply. You're hearing U.S. utilities talk about things like, "Look, we'll just do 100% market price contract. What can we do to sign a contract such that we have a surety of supply?" Also kind of a breaking away, I don't want to put words in utility's mouth, but we're certainly having a lot of conversations that are about, don't wait for RFPs. Let's get a relationship, and if you have pounds to place, we're interested in that conversation.

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

Right.

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

When we start breaking away from that RFP, that very rigid RFP process, which is very much at the advantage of the utilities, as we're breaking away from that, my interpretation is that surety of supply is becoming more relevant than negotiating the last nickel on the price per pound.

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

Okay, fair enough. At Lost Soldier, conceptually, the completion of the technical report and the resources should be by the end of the year. We're now in mid-August. You want to maybe provide a bit more color on when we should expect to see things, how far along you are in the pipeline.

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

Yep.

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

Maybe even if there is something that you didn't expect to see, given that we're so close, I would assume if there's anything major, you probably have a pretty good inkling of a clue thus far.

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

Yeah. Okay, so look, we know Lost Soldier well, and we published a technical report on it back in 2006. We know the deposit well, and we are now very much on schedule. I know this because we talk about this a lot, Heiko. We are very much on track and on schedule to produce a technical report at the end of this year for resource and economics at the PEA level. We are very eagerly pursuing that. We see a lot of potential here. Of course, I cannot comment on what we see as the numbers and all that. But I can tell you we are very eager to finish this technical report, to make that known to the investing public, and more importantly, having that known to ourselves and our directors so that we can contemplate construction decisions.

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

Fair enough. But is it fair to say that there's been nothing that got spotted thus far that would majorly surprise us?

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

Steve, do we have any-- we don't have any surprises, do we?

[Steve Hatten, COO at Ur-Energy]

No, there are no surprises. This is an area that has been extensively drilled over many, many decades now with all the majors in the Wyoming area. We know what we have. There's a lot of data. There is thousands of holes out there that our geology team is evaluating. So we know it hydrologically. We know it geologically. It's going through the steps.

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

Yeah. Look, let's just add on to that permitting, because we are advancing the beginning of baseline permitting proactively in anticipation of a construction decision. Ryan, do you have anything you want to add about the permitting? Are you seeing anything there that is changing from our base case assumptions?

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

No, I don't think so. Like I said, as Steve mentioned, there's no surprises. We're just moving through the process. We're moving through the process for Lost Soldier. We're doing baseline work. A lot of baseline work has been completed in the past at Lost Soldier, and we're using that and trying to leverage that to find some efficiencies to accelerate that permitting timeframe. But overall, it's moving through the process as would be expected.

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

Okay, perfect. I'll stop hogging the queue, and I'll get back in line.

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

Thanks, Heiko.

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

Thanks, guys.

[Operator]

Thank you. Your next question's coming from Mike Kozak from Cantor Fitzgerald. Your line is live.

[Mike Kozak, Analyst at Cantor Fitzgerald]

Yeah. Good morning, Matt, and team. A couple questions from me. Most of mine have been answered, but just one or two more. First, now that you're starting to capture some material at Shirley Basin, I'm wondering how metrics like flow rates, recovery curves, et cetera, are reconciling in the field, versus your internal plans.

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

All right, Steve.

[Steve Hatten, COO at Ur-Energy]

All right.

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

This is you.

[Steve Hatten, COO at Ur-Energy]

Shirley is an interesting facility. You have been around this industry long enough to know what the norms are in the rest of Wyoming production, including at Lost Creek. Shirley has tremendous flow rates, which is a blessing and is also can be challenging from time to time when you work through the hydrology of trying to contact the ore. We are seeing flow rates that are significantly higher naturally than what we see at most other uranium mines in the state of Wyoming. We are working through how that works out for us on the final recovery curves. The data that we capture from the first two header houses will help us plan more efficiently in the future, and we are beginning to see how those curves relate, working at the pressures that we need to maintain our lixiviant chemistry the way we want it.

[Steve Hatten, COO at Ur-Energy]

Again, we are in the very early stages of learning. We have great grade over there. We have great flow, and we are trying to leverage that to a great, concise production curve that we can model for future periods.

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

Yeah. In general terms, based on our assumptions going into this and the commissioning of Shirley, we are seeing in general terms, are we seeing the aquifer and the ore reserve, resource, pardon me, behave like we expected?

[Steve Hatten, COO at Ur-Energy]

Yes. Yes, we are. We are seeing flows that are typically two to three times what you would see at most other in situ facilities in the state of Wyoming. And the grades are certainly are upper class grades there. We are seeing really nice numbers on a per pattern basis and very concise geologic patterns there that will allow us to mine. But again, we are early in the recovery curve, and we are developing more data every day as we work with geology and production.

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

Yeah. Thanks, Steve. Mike, does that answer your question?

[Mike Kozak, Analyst at Cantor Fitzgerald]

Yeah. Yes, it does. Thank you. My second one was just kind of a housekeeping one. I think you're guiding now with the deferral of some material, I think you're guiding to Q4 sales volumes of 540,000 pounds. My question was, does that include the 250 that's going to be returned to the term loan, or is that 250 going to be extra?

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

No, the 250 would be extra. The guidance is for contracted deliveries. It is not for the repayment of the uranium loan.

[Mike Kozak, Analyst at Cantor Fitzgerald]

I assumed that. I just wanted to check. All right. Thank you. I will jump back in queue.

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

That is a good question. I am glad you asked that because it might not have been clear to everybody else. Thanks, Mike.

[Mike Kozak, Analyst at Cantor Fitzgerald]

Yeah.

[Operator]

Thank you. We have reached the end of the question and answer session. I would now like to invite CEO Matt Gili to provide any closing remarks.

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

All right. Well, I appreciate the questions. I want to thank all of you who joined us today. We are uniquely positioned and our focus is simple. We are executing on our operating plans. We are growing production in a responsible way, and we are expanding our ISR uranium platform in Wyoming. Thank you.

[Operator]

Thank you. That concludes today's conference, and 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
• Matt Gili, CEO and President at Ur-Energy
• Anthony Taglieri, Analyst at Canaccord Genuity
• Jeff Grampp, Analyst at Northland Capital Markets
• Ali McCoy, Analyst at RBC Capital Markets
• Jade Walle, VP Finance at Ur-Energy
• Joseph Reagor, Analyst at ROTH Capital Partners
• Justin Chan, Analyst at SCP Resource Finance
• Steve Hatten, COO at Ur-Energy
• Heiko Ihle, Analyst at H.C. Wainwright
• Ryan Schierman, VP of Regulatory Affairs at Ur-Energy
• Mike Kozak, Analyst at Cantor Fitzgerald