Ur Energy (NYSEAMERICAN:URG) management used its year-end 2025 results call to highlight operational gains at its Lost Creek in-situ recovery (ISR) uranium operation, construction progress at the Shirley Basin project, and a strengthened balance sheet following a convertible notes financing. CEO and President Matt Gilley, who joined the company midway through 2025, said the company delivered “strong execution and meaningful progress” across operations, development, and financial position, positioning Ur-Energy for production growth in 2026.
Lost Creek operational gains and updated technical report
Gilley said Lost Creek posted “significant year-over-year gains” in 2025. The company ended the year with 406,000 pounds of product in inventory, up 21% from 2024. Ur-Energy increased pounds drummed by 65% versus 2024 and improved well field flow rates. The company also reported a 40% increase in pounds captured and said profit per pound sold improved by more than $12. Average cash cost per pound sold, including severance and ad valorem taxes, was $42.89.
Chief Operating Officer Steve Hatten, referenced by Gilley, emphasized that resource estimates have increased as drilling continues, noting the Lost Creek property covers more than 35,000 contiguous acres and only a portion has been drilled.
Shirley Basin buildout and regulatory timeline
At the Shirley Basin ISR project, Ur-Energy said it made substantial progress toward bringing its second production facility online. Gilley reported that initial processing plant construction is nearing completion, with all ion exchange (IX) columns installed and key tanks in place. The company has drilled 469 injection and production wells to support startup. In Mine Unit 1, Header House 1 is ready for initial injection and recovery, pending approval from the state environmental department.
Management said Wyoming regulators began pre-operational inspections in late February and are reviewing the well field data package. In response to analyst questions about permitting timelines, Gilley said the company anticipates approvals “this month,” while noting that timing can be difficult to predict. VP of Regulatory Affairs Ryan said the company has an “excellent working relationship” with Wyoming regulators and that nothing currently points to likely delays, though he acknowledged that increasing industry activity can stretch state resources.
Gilley added that the plant is expected to be mechanically ready to receive solution on Monday of the following week, with the first resin tank to be loaded at that time; any delays beyond that, he said, would be due to waiting for regulatory approval. He also told analysts the company is on track to start moving solution through the plant in March and expects to begin shipping resin deliveries in the second quarter to the Lost Creek facility.
Management reiterated metrics from a March 2024 technical report for Shirley Basin, including a 9-year estimated mine life and 8.8 million pounds of measured and indicated resources. The report estimated post-tax net cash flow of $119 million, an 8% discount-rate NPV of $82 million, and an internal rate of return of 69%, with estimated all-in costs of $50 per pound.
Financial position, product loan, and contracted sales
Ur-Energy ended 2025 with $123.9 million in cash, which management attributed largely to the successful closing of 4.75% convertible senior notes. Cash as of March 4, 2026 was $115.3 million, which management said did not include $18.5 million expected in March from the exercise of 24.7 million warrants. Gilley said all outstanding warrants were exercised over the last few months except for an “insignificant number” that expired.
Gilley also noted the company finished the year with positive gross profit of $74,000, calling it a modest but encouraging milestone as operations and production improve.
On sales, management said Ur-Energy has contracted for 1.3 million pounds of deliveries in 2026 and plans to cover those commitments with existing inventory plus new production from Lost Creek and Shirley Basin. In response to a question about realized prices in 2026, Gilley pointed investors to the company’s 10-K disclosure showing the 1.3 million pounds are contracted for proceeds of up to $82 million, with deliveries priced in different blocks rather than on a simple ramp-up schedule. Gilley said investors should think of it as an average realized price across a series of contract price points.
Management also discussed a 250,000-pound product loan due in November 2026. Gilley said the loan must be repaid in physical uranium (not necessarily Ur-Energy’s own physical material) and that the company has multiple options for repayment, including buying pounds in the spot market using its cash balance. He said the company has not pinned down a specific repayment path but is watching for opportunities, including potential short-term spot price weakness that could allow it to resolve the obligation at favorable levels.
Development pipeline: Lost Soldier, North Hadsell, and Lost Creek South
Beyond its two key ISR assets, Ur-Energy outlined exploration and development work intended to expand its production pipeline and resource base. At the Lost Soldier project, the company installed 18 aquifer test wells in late 2025 to evaluate ISR development potential. Aquifer testing is expected to begin in March, followed by baseline environmental studies for permitting. Gilley said Lost Soldier is 17 miles from the Lost Creek processing plant and could potentially be developed as a satellite operation using existing infrastructure. The company is also preparing a technical report for Lost Soldier that it expects to complete by the end of 2026.
At the North Hadsell project in Wyoming’s Great Divide Basin, the company reported “very encouraging early results.” Through the end of February, Ur-Energy drilled 32 wide-spaced holes totaling 33,000 feet, with seven holes intersecting significant uranium mineralization, including 13 intercepts exceeding the Lost Creek cutoff grade. Management said the results suggest multiple stacked roll-front horizons with grades and thicknesses comparable to Lost Creek, supporting potential ISR development. The company also cited two “standout” holes about 1.5 miles apart that intersected significant stacked mineralization at similar depths, which it said supports early confidence in potential system scale.
After completing a 50-hole program at North Hadsell, Ur-Energy plans to move rigs to the Lost Creek South project in the summer, where it is planning a 120-hole drill program during 2026.
Operations outlook and market commentary
Gilley said the company’s combined estimated mineral resource totals 21 million pounds in the measured and indicated categories and 10.4 million pounds in the inferred category as of Dec. 31, 2025. He also said that as of March 4, Ur-Energy had 379,000 pounds in conversion facility inventory.
On operational cadence, Gilley described Lost Creek’s ramp as “fairly linear” through 2026, while anticipating a more pronounced increase in drummed pounds later in the year as Shirley Basin resin shipments begin feeding the Lost Creek facility. Hatten provided additional detail on Lost Creek wellfield development, including activity in Mine Unit 5 and Mine Unit 1 Phase 2. He said Header House 14 has come on, Header House 15 is in re-circulation mode to increase grade, and Header House 16 is next.
On costs, management did not provide 2026 guidance, but Gilley said ISR operations have a largely fixed cost structure, meaning cost per pound typically declines as pounds sold increase. He also discussed plant-focused improvement initiatives at Lost Creek aimed at fines management, including adding sand filters on the front end of the plant and dedicating capital to upgrades in water treatment, including reverse osmosis, as described in the 10-K.
Looking further out on contracting, Gilley said current discussions are “mostly for 2029 and beyond,” adding that the company is comfortable with its sales book and does not see a need to fully commit volumes years in advance. He said Ur-Energy is optimistic on uranium pricing and wants some inventory available for opportunistic sales. In a separate discussion of contracting trends, Gilley said the market is shifting toward market-related pricing components and away from term contracts with escalators.
Gilley also said Ur-Energy is seeing increased interest in “U.S.-based production” and suggested there is potential for U.S.-based uranium to earn a meaningful premium compared with “U.S. legal production,” influencing the company’s decision to avoid over-obligating near-term volumes.
About Ur Energy (NYSEAMERICAN:URG)
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.
