Ur-Energy Reports Year-End 2025 Results and Announces Conference Call and Webcast
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Ur-Energy Reports Year-End 2025 Results
and Announces Conference Call and Webcast
Casper, Wyoming / ACCESS Newswire / March 10, 2026 / Ur-Energy Inc. (NYSE American:URG) (TSX:URE)
(the “Company” or “Ur -Energy”), a U.S. producer of uranium, has filed the Company’s Annual Report on
Form 10-K, Consolidated Financial Statements, and Management’s Discussion & Analysis, for the year ended
December 31, 2025, with the U.S. Secu rities and Exchange Commission on EDGAR at
www.sec.gov/edgar.shtml and with Canadian securities authorities on SEDAR+ at www.sedarplus.ca. These
filings may also be accessed on the Company’s website at www.ur-energy.com. Shareholders of the Company
may receive a hard copy of the Consolidated Financial Statements, free of charge, upon request from the
Company.
Year-End 2025 Highlights
Lost Creek Ramp-up Continues
Pounds of U3O8 drummed increased by 161,231 pounds, or 65%, during 2025 as compared to 2024,
for a total of 410,440 pounds. We ended 2025 with a total of 406,089 pounds of U3O8 in inventory
compared to 335,327 pounds at year-end 2024.
Wellfield and plant operations at Lost Creek continued to improve in 2025, with pounds of U 3O8
captured increasing by 105,147 pounds, or 40% , over 2024. We added four header houses in Mine
Unit 2 in 2025 and increased average flow rates by 890 gallons per minute, or 69%. In 2026, we are
continuing our focus on plant optimization and improving flow rates.
The 2025 average price per produced pound of U3O8 sold was $63.20 and the average cash cost per
produced pound sold was $42.89.
Shirley Basin - Significant Progress Towards Commissioning
Shirley Basin wellfield development and plant construction advanced significantly , with all ion
exchange columns installed. We have pilot drilled 469 wells in Mine Unit 1 through February 2026,
supported by eight active drill rigs. The project is fully staffed.
Pending approval s from the Wyoming Department of Environmental Quality (“WDEQ”) , Header
House 1 -1 is ready to be brought online to commence initial injection in and recovery from the
wellfield. Development of additional header houses is ongoing, positioning the project for production
operations and phased production growth.
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Workforce Expansion to Support Production Growth
The t otal number of our full-time employees grew to 157 at year -end 2025, up from 101 in 2024,
representing a 55% year-over-year increase as the Company added talented team members to support
Shirley Basin and our other projects. This growth strengthened our excellent operations, technical, and
corporate teams, positioning the Company for commissioning activities , production growth , and
additional exploration in 2026.
Financial Strength
As of December 31, 2025, we had cash and cash equivalents of $123.9 million, an increase of
approximately $47.8 million from the $76.1 million balance on December 31, 2024. Our cash position
as of March 4, 2026, was $115.3 million.
Our production increases from 2024 to 2025 led to lower cash and non-cash costs per pound of U3O8
sold (exclusive of taxes), higher U3O8 profit per pound sold, and higher U3O8 profit margin.
In December 2025, the Company closed an offering of $120 million aggregate principal amount of its
4.75% Convertible Senior Notes due 2031 in a private placement, which included the exercise in full
by the initial purchasers of their option to purchase an additional $20 million of notes.
In February 2026, 24,684,999 warrants were exercised for 12,342,499 whole common shares of the
Company at an exercise price of $1.50 per share for proceeds of $18.5 million. The proceeds will be
received in March. Including warrants that were exercised in January 2026, proceeds from warrants
exercised in 2026 total $28.7 million. All but an insignificant number of warrants were exercised
before the warrants expired in February.
Growing Uranium Resource Base
As detailed in the updated S-K 1300 Technical Report Summary for the Lost Creek Property (the “Lost
Creek Report”), dated March 9, 2026, that was filed as an exhibit to our Form 10 -K, ongoing
delineation drilling has resulted in an increase in our estimated uranium mineral resources. See our
separate press release on the Lost Creek Report issued today.
Our combined estimated mineral resources for Lost Creek and Shirley Basin are 21.0 million pounds
in the Measured and Indicated categories, and 10. 4 million pounds in the Inferred category at
December 31, 2025. The estimated mine life at Lost Creek through final wellfield production ( but
excluding additional restoration) has been extended b y nearly three years, with the potential for
additional cash flow and long-term growth. See our separate press release on the Lost Creek Report
issued today.
Exploration Programs Continue to Advance
Lost Soldier Project: Aquifer test wells were installed at our Lost Soldier Project in 2025, with
hydrogeologic testing planned to begin in March 2026, to be followed by baseline environmental
studies. Work on a technical report is also underway to establish a mineral resource estimate through
detailed roll- front mapping. Located approximately 17 miles from Lost Creek, Lost Soldier offers
possible satellite development and infrastructure synergies.
North Hadsell Exploration: 32 of the planned 50 drill holes have been completed, returning significant
mineralization, including 13 intercepts exceeding 0.20 grade-thickness (“GT”), which is the cut-off GT
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the Company uses at Lost Creek to evaluate economic mineral resources. Stacked roll-front horizons
with grades and thicknesses comparable to Lost Creek indicate potential for ISR development at a
meaningful scale.
Potential Growth Near Lost Creek: Drilling is expected to shift from our North Hadsell Project to our
LC South Project in summer 2026 with a planned 120 -hole program, reinforcing long -term growth
optionality in the Great Divide Basin.
Ur-Energy President and CEO Matt Gili commented: “2025 reflected strong execution across our operating
and development portfolio. At Lost Creek, we delivered meaningful year- over-year improvements in
production, throughput, and operating performance while continuing to expand our resources and extend
mine life. At the same time, we advanced Shirley Basin toward commissioning, with significant construction
complete, drilling well advanced, and a talented team in place. With two ISR platforms, a growing resource
base at Lost Creek, and a robust exploration pipeline in the Great Divide Basin, we are well positioned to
drive production growth and long-term value in 2026 and beyond.”
Year-end 2025 Conference Call and Webcast: 3:00 PM Eastern, 1:00 PM Mountain on March 11, 2026
Audience Webcast URL: https://www.webcaster5.com/Webcast/Page/2307/53689
To Join the Conference Call by Phone:
Toll Free: 888-506-0062
International: 973-528-0011
Participant Access Code:110618
Conference Call Replay:
Toll Free: 877-481-4010
International: 919-882-2331
Replay Passcode: 53689
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U3O8 Product Sales, Costs, and Profit (Loss)1
The following table provides information on our U3O8 product profit and loss.
U3O8 Product Profit (Loss) Unit 2024 2025
U3O8 Product Sales
Produced $000 16,646 20,856
Non-produced $000 16,500 6,323
$000 33,146 27,179
U3O8 Product Costs
Produced $000 13,914 17,365
Non-produced $000 22,760 7,065
$000 36,674 24,430
U3O8 Product Profit (Loss)
Produced $000 2,732 3,491
Non-produced $000 (6,260) (742)
$000 (3,528) 2,749
U3O8 Pounds Sold
Produced lb 270,000 330,000
Non-produced lb 300,000 110,000
lb 570,000 440,000
U3O8 Price per Pound Sold
Produced $/lb 61.65 63.20
Non-produced $/lb 55.00 57.48
$/lb 58.15 61.77
U3O8 Cost per Pound Sold
Ad valorem and severance taxes $/lb 1.06 3.43
Cash costs $/lb 40.40 39.46
Non-cash costs $/lb 10.07 9.73
Produced $/lb 51.53 52.62
Non-produced $/lb 75.87 64.23
$/lb 64.34 55.52
U3O8 Profit (Loss) per Pound Sold
Cash costs $/lb 21.25 23.74
Less ad valorem and severance taxes $/lb (1.06) (3.43)
Less non-cash costs $/lb (10.07) (9.73)
Produced $/lb 10.12 10.58
Non-produced $/lb (20.87) (6.75)
$/lb (6.19) 6.25
U3O8 Profit (Loss) Margin
Cash costs % 34.5 37.6
Less ad valorem and severance taxes % (1.7) (5.4)
Less non-cash costs % (16.4) (15.5)
Produced % 16.4 16.7
Non-produced % (37.9) (11.7)
% (10.6) 10.1
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1 This table includes measures specific to U3O8 product sales, product costs, product profits, pounds sold, price per pound sold, cost
per pound sold, and profit (loss) per pound sold that do not have standardized meanings within US GAAP or a defined basis of
calculation. These measures are used by man agement to assess business performance and determine production and pricing
strategies. They may also be used by certain investors to evaluate performance.
U3O8 Production and Ending Inventory
The following table provides information on our production of U3O8 pounds.
U3O8 Production Unit 2024 2025
Pounds captured lb 265,746 370,893
Pounds drummed in lb 249,209 410,440
Pounds shipped lb 239,849 420,144
Non-produced pounds acquired lb 550,000 100,000
The following table provides information on our ending inventory of U 3O8 pounds.
U3O8 Ending Inventory Unit 2024 2025
Pounds
In-process inventory lb 39,169 17,203
Plant inventory lb 33,919 24,295
Conversion inventory - produced lb 12,239 124,591
Conversion inventory - non-produced lb 250,000 240,000
lb 335,327 406,089
Value
In-process inventory $000 42 201
Plant inventory $000 1,840 1,097
Conversion inventory - produced $000 704 5,776
Conversion inventory - non-produced $000 18,158 17,217
$000 20,744 24,291
Cost per Pound
In-process inventory $/lb 1.07 11.68
Plant inventory $/lb 54.25 45.15
Conversion inventory:
Ad valorem and severance tax $/lb 1.57 3.89
Cash cost $/lb 46.83 31.89
Non-cash cost $/lb 9.12 10.58
Conversion inventory - produced $/lb 57.52 46.36
Conversion inventory - non-produced $/lb 72.63 71.74
$/lb 71.93 63.07
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Year Ended December 31, 2025, Compared to Year Ended December 31, 2024
The following table summarizes the results of our operations for the years ended December 31, 2025, and 2024:
(expressed in thousands of U.S. dollars, except per share and non-GAAP per pound data)
Results of Operations Year Ended
(expressed in thousands of U.S. dollars, December 31,
except per share and non-GAAP per pound data) 2025 2024 Change
Sales 27,207 33,706 (6,499)
Cost of sales (27,133) (42,679) 15,546
Gross profit (loss) 74 (8,973) 9,047
Operating costs (69,454) (54,116) (15,338)
Operating profit (loss) (69,380) (63,089) (6,291)
Interest income 2,407 3,677 (1,270)
Interest expense (1,947) (336) (1,611)
Mark to market gain (loss) (6,124) 6,444 (12,568)
Foreign exchange gain (loss) (26) 80 (106)
Other income (loss) 172 35 137
Net income (loss) (74,898) (53,189) (21,709)
Foreign currency translation adjustment (145) 471 (616)
Comprehensive income (loss) (75,043) (52,718) (22,325)
Earnings (loss) per common share:
Basic (0.20) (0.17) (0.03)
Diluted (0.20) (0.17) (0.03)
U3O8 pounds sold 440,000 570,000 (130,000)
U3O8 price per pound sold 61.77 58.15 3.62
U3O8 cost per pound sold 55.52 64.34 (8.82)
U3O8 profit (loss) per pound sold 6.25 (6.19) 12.44
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Lost Creek ISR Project – Great Divide Basin, Wyoming
Focus on Operational Execution
During 2025, Ur-Energy advanced wellfield development and brought four additional header houses online
at Lost Creek. The Company drummed 410, 440 pounds of U₃O₈ in 2025, up from 249,209 pounds in 2024,
and shipped 420,144 pounds, reflecting improved throughput and operating execution.
The Company continues to make progress proactively identifying and addressing operational challenges
while advancing detailed engineering solutions to improve flow and plant performance.
In 2026, operational priorities remain focused on continued ramp -up, plant optimization, and sustained
production rate increases. Several new header houses are expected to be brought online in MU1 Phase 2
during the first half of the year, with the first c ommissioned in February. Planned investments, including
commencement of construction of a wastewater treatment facility, are expected to facilitate increased
overall plant throughput over time.
Lost Creek is fully staffed, with ongoing emphasis on retention and training to support continued operational
improvement and efficiency. With 15 active drill rigs, drilling and wellfield development remain on schedule,
positioning the operation to continue increasing production.
Drilling at Lost Creek continues to demonstrate consistent success in expanding estimated mineral resources
and extending mine life. As detailed in the Lost Creek Report, the mineral resource estimates for the Property
reflect 11.9 million pounds in the Measured and Indicated categories, and 10.4 million pounds in the Inferred
category. The estimated mine life through final wellfield production (but excluding additional restoration)
has been extended by nearly three years, with the potential for additional cash flow and long-term growth.
Historically, each phase of drilling has supported the addition of estimated mineral resources. Notably, only
a relatively small portion of the Lost Creek Property has been drilled to date , underscoring the scale and
growth potential of the asset base and supporting a potential longer-term production outlook.
Shirley Basin ISR Project, Shirley Basin, Wyoming
Significant Progress Towards Commissioning
During 2025, we made significant progress on wellfield development and initiated construction of the plant
facility at Shirley Basin. Construction of the plant building is well advanced, with all ion exchange columns
installed and key tanks set. Remaining interior construction, commissioning of production circuits, and
construction of phase two infrastructure are expected to progress through 2026, followed by the ramp -up
of operations.
Pending approvals from the WDEQ, Header House 1-1 is ready to be brought online to commence injection
in and recovery from the wellfield. Development of additional header houses in Mine Unit 1 is ongoing,
positioning the project for production operations and phased production growth as commissioning
progresses.
The wellfield data package for Mine Unit 1 is currently under review by the WDEQ, which also began its pre-
operational inspection in late February 2026. Additional site visits are expected as the inspection process
continues. Following completion of the in spection and regulatory review, we expect approval to begin
recovery from the wellfield and collection of uranium onto resin in the plant.
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Drilling activity continues at a strong pace. Through February 2026, the Company has pilot drilled 469
injection and production wells in Mine Unit 1, currently supported by eight active drill rigs. With delineation
drilling completed historically, activity is focused on efficient development and construction to support near-
term production.
Shirley Basin has a licensed wellfield capacity of one million pounds of U₃O₈ per year. Total annual production
from wellfield recovery and toll processing is permitted at up to two million pounds U₃O₈ equivalent. Shirley
Basin is designed as a satellite operation, with loaded resin to be transported to Lost Creek for processing .
We expect to be able to commence transporting loaded resin to Lost Creek for processing, drying, and
drumming in summer 2026, subject to the receipt of additional regulatory approvals.
Staffing at Shirley Basin is substantially complete, with a focus on training and operational readiness.
Leveraging Ur-Energy’s operating experience at Lost Creek, the Company expects a disciplined ramp -up as
Shirley Basin transitions into production, providing a second U.S. ISR produ ction platform and meaningful
growth in overall uranium output.
Expanded Exploration Programs to Advance the Development Pipeline
Lost Soldier Project
In 2025, the Company renewed exploration in Wyoming’s Great Divide Basin, advancing the Lost Soldier
Project with the installation of aquifer test wells to support ISR evaluation. Aquifer testing is scheduled to
begin in March 2026, followed by baseline environmental studies to support potential permitting. Located
approximately 17 miles from the Lost Cree k plant, Lost Soldier offers possible satellite development
optionality by leveraging existing infrastructure. Work is also underway on a technical report for the project.
North Hadsell and LC South Exploration
Drilling at the North Hadsell Project in the Great Divide Basin continues to deliver encouraging early results
from the ongoing 50-hole program. Through February 2026, we have drilled 32 wide-spaced holes at North
Hadsell totaling 32,965 feet, including se ven holes intersecting significant uranium mineralization with 13
intercepts exceeding 0.20 GT . These grades and thicknesses closely resemble the mineralization at Lost
Creek, where the Company applies a 0.20 GT cut-off in evaluating economic mineral resources.
Results also suggest the presence of multiple stacked roll -front horizons comparable to those at the
Company’s producing Lost Creek ISR mine, supporting ISR recovery potential. Two of the most compelling
holes, located approximately 1.5 miles apart at similar depths, indicate meaningful potential scale to the
mineralized system and reinforce North Hadsell’s potential as a future development opportunity.
Drilling is expected to transition from North Hadsell to the LC South Project in summer 2026, where a larger
120-hole program is planned, reinforcing the Company’s longer-term growth pipeline near Lost Creek.