What Ur Energy (URG) Said on Its Q3 Earnings Call

Key Points

• Ur-Energy delivered 190,000 pounds of uranium under long-term contracts in Q3 2026, generating $12.3 million in revenue; year-to-date sales rose 67.3% year over year. Lost Creek production and pounds captured also increased year to date, while cash costs declined 7.6%.
• The company is working to raise output at Lost Creek through higher well-field flow and process improvements, with a wastewater facility and Mine Unit 5 production targeted for 2027. Shirley Basin is ramping up, with additional header houses planned and improved leaching chemistry reported.
• Ur-Energy expects to spend another $34 million on Lost Creek and Shirley Basin through 2027, funded by expected production and sales plus existing cash. It is also advancing exploration projects and says utility customers are increasingly prioritizing security of uranium supply.

Ur Energy NYSEAMERICAN: URG said it is working to increase production at its Wyoming uranium operations through higher flow rates at Lost Creek and process improvements at Shirley Basin, while preparing additional projects for potential development.

The company delivered 190,000 pounds of uranium concentrate, or U3O8, under long-term contracts in the third quarter of 2026, generating $12.3 million in revenue, President and CEO Matt Gili said on the company’s earnings call. Year-to-date sales increased 67.3% from the same period a year earlier.

Through the first nine months of 2026, Ur-Energy drummed 341,058 pounds at Lost Creek, an increase of 18.2% year over year. Pounds captured across its operations rose 26.4% over the same period. Third-quarter cash costs were $40.40 per produced pound, while year-to-date cash costs declined 7.6% from 2025, Gili said.

The company ended the quarter with 233,378 pounds of finished inventory at a conversion facility. In-process and plant inventory increased to 85,708 pounds from 19,496 pounds, including inventory adjustments, according to Gili.

Lost Creek Focuses on Flow

At Lost Creek, Ur-Energy brought a sand filtration system online in July to reduce fine particles and increase flow rates. The company is also constructing a wastewater treatment facility, which Gili said is on schedule to begin operating in the second quarter of 2027.

Well field construction is underway at Mine Unit 5, with regulatory approval and the start of production targeted for the first quarter of 2027. Gili said the company is currently operating in a lower-grade phase and is focused on increasing flow while it advances toward the new mine unit.

During the question-and-answer session, Canaccord Genuity analyst Anthony Taglieri asked whether production could improve in the fourth quarter. Gili said rising flow and steady grade would imply increased production, but he did not provide a quarterly forecast. Chief Operating Officer Steve Hatten said the company was examining individual well patterns for opportunities to make small improvements in grade.

Asked why production fell in the third quarter from the second quarter, management pointed to maintenance and the process of optimizing the sand filtration system. Gili said maintenance on ion exchange columns affected the plant’s ability to take flow from the well field.

Shirley Basin Ramp-Up and Spending

Shirley Basin made its first uranium shipment to Lost Creek for processing in August. The project captured 25,330 pounds of uranium through the first nine months of the year, including 14,697 pounds in the third quarter, Gili said.

The company plans to bring additional header houses online in the fourth quarter and throughout 2027. Gili said changes to Shirley Basin’s leaching chemistry have produced significant improvements in the grade received from the well field since the end of the third quarter.

Hatten said shipments from Shirley Basin had become more streamlined after an initial learning curve. Ryan Schierman, vice president of regulatory affairs, said transportation had gone smoothly and that issues had been on the receiving end at Lost Creek.

In response to a question about 2027 spending and liquidity, Gili said Ur-Energy projected another $26 million in spending on Lost Creek’s wastewater facility and another $8 million on Shirley Basin through next year. He cited expected production and sales, together with existing cash resources, as sources of funding and said the company retained financial flexibility.

Development Pipeline and Contracting

Ur-Energy has started a 120-hole exploration program at Lost Creek South, testing seven miles of combined mineral trends. At Lost Soldier, about 17 miles from Lost Creek, the company expects to publish a technical report by year-end and make a construction decision in 2027, Gili said.

At North Hadsell, 13 of 33 widely spaced holes drilled earlier this year intersected production-grade uranium, according to Gili. Schierman said the company had submitted an expanded drilling program to the Bureau of Land Management and that additional drilling was likely next year.

On uranium contracting, Gili said he believed utility customers were shifting their focus from pricing security toward security of supply. “I don’t want spot price. I want a premium spot price going forward,” he said.

Gili also said the company was not seeing unusual inflationary pressure on the materials it uses for leaching. It faces normal employment-related pressures in Wyoming, he said.

About Ur Energy (NYSEAMERICAN:URG)

Ur-Energy Inc. is a uranium exploration, development, and production company focused on advancing domestic uranium resources in the United States. The company's activities include acquiring, evaluating, permitting, developing, and operating uranium properties, with an emphasis on in-situ recovery methods. Ur-Energy's principal operating asset is the Lost Creek uranium project in Wyoming's Great Divide Basin. Lost Creek uses an in-situ recovery process, which extracts uranium from underground formations by circulating a solution through wells and processing the resulting uranium-bearing fluid at a central facility.

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