Casper, WY 82604 Ur-Energy Reports Second Quarter 2026 Results Full Operations at Shirley Basin Positions Ur-Energy as the Largest U.S. ISR Uranium Producer
PRESS RELEASE
1478 Willer Drive
Casper, WY 82604
Ur-Energy Reports Second Quarter 2026 Results
Full Operations at Shirley Basin Positions Ur-Energy as the Largest U.S. ISR Uranium Producer
Casper, Wyoming, August 10, 2026 – Ur-Energy Inc. (NYSE American:URG) (TSX:URE) (“ Ur-Energy” or the “ Company”),
America’s largest and fastest-growing domestic ISR uranium producer, is pleased to announce its financial and operating
results, along with development and exploration highlights, for the second quarter ended June 30, 2026.
Financial and Operating Highlights
New Record for Pounds Drummed: Processed and packaged 140,873 pounds of U₃O₈ during the quarter, an increase
of 47.4% over the first quarter of 2026 and 25.7% over the second quarter of 2025, and the most drummed in a
calendar quarter since the start of ramp up at Lost Creek in 2022.
Continued Increase of Pounds Shipped: Shipped 149,747 pounds of U₃O₈ to the conversion facility during the second
quarter, an increase of 44.0% over the first quarter of 2026 and 42.2% over the second quarter of 2025.
Delivered on Contracted Sales: Sales for the second quarter under contracted deliveries totaled 215,000 pounds of
U₃O₈ as projected, generating $14.4 million in product sales revenue.
Continued Low-Cost Production: The cash cost per pound of U₃O₈ sold during the quarter remained low at $40.20,
compared to $37.51 for the first quarter of 2026 and $42.83 for the second quarter of 2025.
Strong Liquidity: Unrestricted cash and cash equivalents totaled $95.3 million at June 30, 2026.
Ending Inventory: Ended the second quarter with 348,292 pounds of finished inventory at the conversion facility,
which was a 16.5% decrease from the first quarter of 2026 and 10.4% more than the second quarter of 2025.
Matt Gili, President & CEO of Ur-Energy, stated, “ The second quarter of 2026 marked an inflection point for Ur-Energy.
The continued ramp up at Lost Creek and the commencement of production at Shirley Basin has transformed us into both
the largest and the fastest-growing ISR producer of uranium in the United States. We continue to expand our production,
our operating costs remain among the lowest in the country, and our organic growth pipeline is advancing at pace.”
Development and Exploration Highlights
Final Regulatory Approval at Shirley Basin: In late June 2026, the Company received final state regulatory
authorization to commence full production operations at Shirley Basin, including the transportation of uranium-
loaded resin to Lost Creek for processing and shipping.
Shirley Basin Ready to Commence Full Operations: All plant infrastructure and processes are in place at Shirley Basin
to transport uranium-loaded resin to Lost Creek and launch full production operations only two and a half years after
the build out decision. The first shipment is expected imminently.
Production Optimization at Lost Creek: Continued to increase flow rates and further increase production, adding
header houses, installing a sand filtration system and breaking ground on the planned wastewater treatment facility
in July, and advancing initiatives to optimize wellfield chemistry.
Rapid Progress on Near-Mine Exploration: Completed test well clusters and began baseline environmental studies
at Lost Soldier in anticipation of potential permitting as a satellite mine feeding Lost Creek. Also commenced planning
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and preparations for a 120-hole exploration drilling program at Lost Creek South – a highly prospective, under
explored approximately 16-square mile property immediately adjacent to the Lost Creek operation.
Summary of Selected Second Quarter Results
Q2 2025 Q1 2026 Q2 2026 % Variance Q2 2026 to
Q2 20255 Q1 20265
Pounds Captured 128,970 110,314 105,016 -18.6% -4.8%
Pounds Drummed 112,033 95,599 140,873 25.7% 47.4%
Pounds Shipped 105,316 103,956 149,747 42.2% 44.0%
Pounds Sold 165,000 55,000 215,000 30.3% 290.9%
Pounds in Inventory2 315,607 417,231 348,292 10.4% -16.5%
Average Sales Price $63.20 $70.98 $66.85 5.8% -5.8%
Cash Cost Per Pound Sold3 $42.83 $37.51 $40.20 -6.1% 7.2%
Cash ($millions)4 $57.6 $122.8 $95.3 65.5% -22.4%
1. All sales were under long-term contracts.
2. Pounds in inventory at the conversion facility.
3. Includes ad valorem and severance taxes but excludes non-cash costs.
4. Unrestricted cash position at the end of the quarter.
5. Percentages may not recalculate precisely due to rounding.
Lost Creek Production Growth and Continued Optimization
At Lost Creek, Ur-Energy’s flagship uranium ISR mining project, the Company drummed 140,873 pounds of U₃O₈, an
increase of 47.4% over the first quarter of 2026 and 25.7% over the second quarter of 2025. The Company also shipped
149,747 pounds during this time, an increase of 44.0% over the first quarter of 2026 and 42.2% over the second quarter
of 2025.
Wellfield development and surface construction remain on schedule for the Company’s 2026 operating plans. Subject to
regulatory approval, the Company expects to commence wellfield construction and installation in the fifth mine unit by
year-end 2026, where 15 header houses are planned from late 2026 through 2028. At quarter-end, 17 drill rigs were
actively supporting the Lost Creek drilling program – an increase of two from the previous quarter.
A sand filtration system was installed at Lost Creek during the quarter and brought online in July to increase flow rates
while the new wastewater treatment facility is completed. Development of the wastewater treatment facility accelerated
during the quarter, and the Company broke ground in July 2026. Completion and operation are planned for the first
quarter of 2027. Additionally, the Company expects to complete implementation of an enhanced maintenance program
and improvements to the reverse osmosis system by year-end 2026.
Shirley Basin Ready for Full Production Operations
In April 2026, the Company commenced limited initial operations to extract and capture uranium at Shirley Basin. While
the project is permitted as a second production and processing hub operation to maximize future optionality in the
emerging Great Divide Basin uranium district, Shirley Basin is designed as a spoke of the Lost Creek hub to optimize capital
efficiency.
While conducting only limited operations, the Company succeeded in capturing 10,634 pounds of U₃O₈ at the Shirley Basin
plant during the second quarter of 2026. In late June 2026, the Company received final authorization from the State of
Wyoming to commence full production operations, including the transportation of extracted and captured uranium to
Lost Creek. By the end of July 2026, all plant infrastructure and processes for transportation were in place. As of the date
of this release, the Company was preparing a trailer for the first shipment to Lost Creek to transition Shirley Basin to full
production operations.
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Various additional plant construction activities are expected to continue through 2026 as the Company continues to
deliver on its optimization strategy.
Exploration Activities in the Great Divide Basin
Lost Creek South : Totaling approximately 16-square miles immediately adjacent to the Lost Creek operation, Lost Creek
South has clear potential as a low-cost, near-mine expansion opportunity. During the second quarter, the Company carried
out planning and preparation activities for a 120-hole exploration program that is expected to commence in the third
quarter of 2026 with three drill rigs.
Lost Soldier: With approximately 4,000 historic drill holes and related data indicating mineralization, and close proximity
to the Company’s Lost Creek operation, Lost Soldier has superb potential as a satellite operation. During the second
quarter of 2026, the Company completed pump testing of two of the three aquifer test well clusters and began work on
baseline environmental studies in anticipation of possible permitting. Additionally, completion of a technical report
including a resource estimate for the project is expected by year-end 2026.
North Hadsell: The Company drilled 33 holes totaling approximately 33,800 feet in the first quarter of 2026, with 13 holes
hitting mineralization that closely resembles that of Lost Creek. During the second quarter, the Company advanced the
opportunity by completing abandonment of the previously drilled holes.
Sales and Inventory
During the second quarter, the Company sold 215,000 pounds of U₃O₈ at an average price of $66.85 per pound, generating
$14.4 million in product sales revenue. A total of 348,292 pounds of finished inventory was held at the conversion facility
at quarter-end, compared to 417,231 pounds at the end of the first quarter of 2026 and 315,607 pounds at the end of the
second quarter of 2025.
Including the 270,000 pounds delivered in the first half of 2026, the Company expects to make base deliveries of 1.0
million pounds of U₃O₈ in 2026. After the end of the quarter, the Company proactively entered into transactions to defer
delivery of 150,000 pounds to 2027 and 150,000 pounds to 2029. The deferral transactions increase the Company’s ability
to make subsequent 2026 deliveries from existing inventory and new production. A larger number of expected 2026
deliveries were scheduled in the latter part of the year to coincide with the ramp-up and startup schedules for Lost Creek
and Shirley Basin.
U3O8 Product Profit (Loss)
The following table provides information on the Company’s U 3O8 product profit and loss:
Unit 2025 Q3 2025 Q4 2026 Q1 2026 Q2 2026 YTD
U3O8 Product Sales
Produced $000 — 10,428 3,904 10,692 14,596
Non-produced $000 6,323 — — 3,681 3,681
$000 6,323 10,428 3,904 14,373 18,277
U3O8 Product Costs
Produced $000 — 8,968 2,687 8,738 11,425
Non-produced $000 7,065 — — 3,587 3,587
$000 7,065 8,968 2,687 12,325 15,012
U3O8 Product Profit (Loss)
Produced $000 — 1,460 1,217 1,955 3,172
Non-produced $000 (742) — — 94 94
$000 (742) 1,460 1,217 2,049 3,266
U3O8 Pounds Sold
Produced lb — 165,000 55,000 165,000 220,000
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Non-produced lb 110,000 — — 50,000 50,000
lb 110,000 165,000 55,000 215,000 270,000
U3O8 Price per Pound Sold
Produced $/lb — 63.20 70.98 64.80 66.35
Non-produced $/lb 57.48 — — 73.62 73.62
$/lb 57.48 63.20 70.98 66.85 67.69
U3O8 Cost per Pound Sold
Ad valorem and severance taxes $/lb — 4.24 3.84 4.44 4.29
Cash costs $/lb — 38.70 33.67 35.76 35.24
Non-cash costs $/lb — 11.41 11.34 12.76 12.40
Produced $/lb — 54.35 48.85 52.96 51.93
Non-produced $/lb 64.23 — — 71.74 71.74
$/lb 64.23 54.35 48.85 57.32 55.60
U3O8 Profit (Loss) per Pound Sold
Cash costs $/lb — 24.50 37.31 29.04 31.11
Less ad valorem and severance taxes $/lb — (4.24) (3.84) (4.44) (4.29)
Less non-cash costs $/lb — (11.41) (11.34) (12.76) (12.40)
Produced $/lb — 8.85 22.13 11.84 14.42
Non-produced $/lb (6.75) — — 1.88 1.88
$/lb (6.75) 8.85 22.13 9.53 12.09
U3O8 Profit (Loss) Margin
Cash costs % — 38.8 52.6 44.8 46.9
Less ad valorem and severance taxes % — (6.7) (5.4) (6.9) (6.5)
Less non-cash costs % — (18.1) (16.0) (19.6) (18.7)
Produced % — 14.0 31.2 18.3 21.7
Non-produced % (11.7) — — 2.6 2.6
% (11.7) 14.0 31.2 14.3 17.9
U3O8 Production and Ending Inventory
The following tables provide information on the Company’s production and ending inventory of U 3O8 pounds:
U3O8 Production Unit 2025 Q3 2025 Q4 2026 Q1 2026 Q2 2026 YTD
Pounds captured lb 89,267 78,177 110,314 105,016 215,330
Pounds drummed in lb 93,523 121,818 95,599 140,873 236,472
Pounds shipped lb 70,190 138,337 103,956 149,747 253,703
Non-produced pounds acquired lb — 100,000 — — —
U3O8 Ending Inventory Unit 2025 Q3 2025 Q4 2026 Q1 2026 Q2
Pounds
In-process inventory lb 29,362 17,203 26,794 12,430
Plant inventory lb 40,817 24,295 15,939 7,066
Conversion inventory - produced lb 138,150 124,591 177,231 158,292
Conversion inventory - non-produced lb 140,000 240,000 240,000 190,000
lb 348,329 406,089 459,964 367,788
Value
In-process inventory $000 630 201 681 43
Plant inventory $000 2,267 1,097 995 373
Conversion inventory - produced $000 7,290 5,776 9,133 8,707
Conversion inventory - non-produced $000 8,992 17,217 17,217 13,484
$000 19,179 24,291 28,026 22,607
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Cost per Pound
In-process inventory $/lb 21.46 11.68 25.42 3.46
Plant inventory $/lb 55.54 45.15 62.43 52.79
Conversion inventory:
Ad valorem and severance tax $/lb 3.29 3.89 3.95 4.79
Cash cost $/lb 39.71 31.89 35.52 35.69
Non-cash cost $/lb 9.77 10.58 12.06 14.53
Conversion inventory - produced $/lb 52.77 46.36 51.53 55.01
Conversion inventory - non-produced $/lb 64.23 71.74 71.74 70.97
$/lb 58.54 63.07 63.15 63.71
Conference Call and Webcast
Management will hold a conference call and audio webcast to discuss the quarterly highlights followed by a question-and-
answer session with participants. The details are as follows:
Date: Tuesday, August 11, 2026
Time: 11:00 a.m. ET (8:00 a.m. PT)
Webcast URL: https://www.webcaster5.com/Webcast/Page/2307/54392
To Join the Conference Call by Phone:
Toll Free: 877-545-0523
International: 973-528-0016
Participant Access Code: 860447
Conference Call Replay:
Toll Free: 877-481-4010
International: 919-882-2331
Replay Passcode: 54392
About Ur-Energy
Ur-Energy is the largest and fastest-growing ISR uranium mining company in the United States. It owns and operates the
Lost Creek ISR uranium facility in south-central Wyoming, which has produced more than 3.5 million pounds of U₃O₈ since
operations began, and the Shirley Basin ISR operation in central Wyoming, where uranium recovery commenced in April
2026. Lost Creek and Shirley Basin have combined annual licensed production and toll-processing capacity of 4.2 million
pounds of U₃O₈. The Company is also engaged in exploration and development activities at a selection of highly
prospective projects in the Great Divide Basin uranium district. Ur-Energy’s common shares trade on the NYSE American
under the symbol “URG” and on the Toronto Stock Exchange under the symbol “URE.” The Company’s corporate
headquarters is in Casper, Wyoming, and its registered office is in Ottawa, Ontario.
Contact Ur-Energy Investor Relations at:
Richard Matthews
Phone: +1 (604) 355-7179
Email: [email protected]
Financial Statements and Non-GAAP Measures
This press release should be read in conjunction with Ur-Energy’s Quarterly Report on Form 10-Q for the three and six
months ended June 30, 2026, including the unaudited consolidated financial statements and associated Management’s
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Discussion and Analysis of Financial Condition and Results of Operation included therein, which is available on the
Company’s website at www.ur-energy.com and under the Company’s issuer profile on EDGAR at www.sec.gov and
SEDAR+ at www.sedarplus.ca.
The press release includes measures specific to U₃O₈ sales, product cost, product profit, pounds sold, price per pound
sold, cost per pound sold, and product profit per pound sold. These measures do not have standardized meanings within
U.S. GAAP or a defined basis of calculation. These measures are used by management to assess business performance and
determine production and pricing strategies. They may also be used by certain investors to evaluate performance. The
use of these performance measures is intended to provide additional information and should not be considered in
isolation or as a substitute for measures of performance prepared in accordance with U.S. GAAP. The Company’s
definitions of these measures may differ from other mining companies, and therefore may not be comparable. These non-
GAAP measures should be read in conjunction with the Company’s consolidated financial statements for applicable
periods.
Cautionary Statement Regarding Forward-Looking Information
This release may contain “forward-looking statements” within the meaning of applicable securities laws regarding events
or conditions that may occur in the future ( e.g., the Company’s ability and the expected or planned timing at Lost Creek
to continue to ramp up and increase production operations, optimize chemistry, construct the wastewater treatment
facility, and implement maintenance improvements and other initiatives to increase production; whether the Company’s
efforts, including the installation of sand filtration, to mitigate fine particles from the wellfield and increase flow rates at
Lost Creek will be successful; the Company’s ability and the expected or planned timing at Shirley Basin to begin
transporting uranium to Lost Creek, ramp up and increase production, bring additional production columns online,
complete remaining construction and commissioning, and install wastewater treatment equipment; the Company’s ability
to efficiently process, dry, and drum Shirley Basin production at Lost Creek and execute the Shirley Basin satellite model;
the Company’s ability and the expected or planned timing at both Lost Creek and Shirley Basin to execute drilling plans,
install and bring additional header houses online, receive regulatory approvals for additional mine units, and move into,
commence wellfield construction in, and successfully produce in additional mine units; the Company’s ability and the
expected or planned timing at Lost Soldier to complete aquifer testing, baseline environmental studies, or a new technical
report; whether for any of the Company’s exploration programs, including Lost Soldier, North Hadsell, and LC South, the
drilling programs will continue, further work will support preliminary interpretations, the resource potential will be
adequate for ISR mining, the Company will commence or complete permitting, or the projects will be scalable or allow the
Company to leverage existing infrastructure or operating expertise; whether the Company’s production and inventory will
be sufficient for it to meet its commitments to sell and deliver production or to meet its sales projections; whether the
Company’s cash resources will be sufficient for its capital requirements and operating costs without additional financing;
and whether the Company’s revenue, sales prices, or production costs will increase or decrease) and are based on current
expectations that, while considered reasonable by management at this time, inherently involve a number of significant
business, economic, and competitive risks, uncertainties, and contingencies. Generally, forward-looking statements can
be identified by use of forward-looking terminology such as “plans,” “expects,” “does not expect,” “is expected,” “is likely,”
“estimates,” “intends,” “anticipates,” “does not anticipate,” “believes,” or variations of the foregoing, or statements that
certain actions, events or results “may,” “could,” “might” or “will” “be taken,” “occur,” “be achieved” or “have the
potential to.” All statements, other than statements of historical fact, are considered to be forward-looking statements.
Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause actual
results, performance, or achievements of the Company to be materially different from any future results, performance,
or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ
materially from forward-looking statements include, but are not limited to, capital and other costs varying significantly
from estimates; failure to establish estimated resources and reserves; the grade and recovery of ore that is mined varying
from estimates; production rates, methods, and amounts varying from estimates; delays in obtaining or failures to obtain
required governmental, environmental, or other project approvals; inflation; changes in exchange rates; fluctuations in
commodity prices; delays in development; changes in governmental polices or market conditions; and other factors
described in the public filings of the Company that are available at www.sec.gov and www.sedarplus.ca. Readers should
not place undue reliance on forward-looking statements. The forward-looking statements contained herein are based on
the beliefs, expectations, and opinions of management as of the date hereof, and Ur-Energy disclaims any intent or
obligation to update them or revise them to reflect any change in circumstances or changes in management’s beliefs,
expectations, or opinions that occur in the future, except as required by applicable law.