Ur-Energy Reports Robust Year-End 2025 Results and Strategic Advancements

Key Highlights for Investors

• Significant Production Growth: Ur-Energy drummed 410,440 pounds of U₃O₈ in 2025, a 65% increase over 2024, reflecting successful ramp-up at the Lost Creek facility. Inventory at year-end rose to 406,089 pounds, up from 335,327 pounds in 2024.
• Operational Improvements: Wellfield and plant operations at Lost Creek improved markedly. U₃O₈ captured increased by 40% (105,147 pounds), with four new header houses added and flow rates up 69%. The company remains focused on optimizing plant performance and increasing flow rates in 2026.
• Financial Strength: Ur-Energy ended 2025 with \$123.9 million in cash and cash equivalents, up \$47.8 million from 2024. As of March 4, 2026, the company held \$115.3 million in cash, bolstered by warrant exercises totaling \$28.7 million in proceeds.
• Successful Capital Raise: In December 2025, Ur-Energy closed a \$120 million offering of 4.75% Convertible Senior Notes due 2031, with full exercise of the over-allotment option.
• Expansion of Workforce: Staff increased to 157 employees, up 55% year-over-year, strengthening operational, technical, and corporate teams in preparation for production growth and expanded exploration.
• Resource Growth and Exploration: Ongoing drilling at Lost Creek and Shirley Basin boosted combined Measured and Indicated uranium resources to 21.0 million pounds, with 10.4 million pounds in the Inferred category. Mine life at Lost Creek was extended by nearly three years.
• Shirley Basin Nears Commissioning: All ion exchange columns installed; 469 wells drilled in Mine Unit 1. The project is fully staffed and awaiting Wyoming Department of Environmental Quality (WDEQ) approvals to commence initial injection and recovery. Additional header houses are under development for phased production growth.
• Exploration Pipeline:
  • Lost Soldier Project: Aquifer test wells installed; hydrogeologic testing to begin March 2026, followed by environmental studies and a technical report. Potential synergies with Lost Creek infrastructure.
  • North Hadsell: 32 of 50 drill holes completed, with significant mineralization encountered. Stacked roll-front horizons suggest ISR development potential at scale. Drilling will shift to LC South in summer 2026 with a planned 120-hole program.

Detailed Financial & Production Metrics

• U₃O₈ Sales: Produced uranium sales were \$20.9 million (2025), up from \$16.6 million (2024). Non-produced uranium sales decreased to \$6.3 million, reflecting reduced reliance on purchased material.
• Costs:
  • Cash cost per produced pound sold: \$42.89
  • Average price per produced pound sold: \$63.20
  • Produced profit per pound sold: \$10.58 (2025), up from \$10.12 (2024)
  • Profit margin for produced pounds: 16.7% (2025), up from 16.4% (2024)
• Profitability: Gross profit improved to \$74,000 in 2025 from a loss of \$8.97 million in 2024, driven by higher sales price and lower unit costs.
• Net Loss: Net loss widened to \$74.9 million (2025) from \$53.2 million (2024), primarily due to increased operating costs and a mark-to-market loss, despite improved gross profit and production metrics.
• Operational Detail: U₃O₈ pounds produced (drummed): 410,440 (2025) vs. 249,209 (2024). U₃O₈ pounds sold: 440,000 (2025) vs. 570,000 (2024).
• Inventory Value: Year-end inventory valued at \$24.3 million (2025), up from \$20.7 million (2024).

Strategic Developments and Potential Share Price Catalysts

• Lost Creek Ramp-Up: Ongoing improvements, increased production, and extended mine life signal strengthening fundamentals and potential for long-term cash flow. Continued resource expansion highlights significant upside.
• Shirley Basin Commissioning: Near-term transition to production at Shirley Basin is a major milestone. The addition of a second ISR platform could materially increase output and revenue, pending regulatory approvals.
• Exploration Upside: Successful drilling at North Hadsell and LC South could add substantial resources and future production capacity, enhancing growth potential.
• Financial Position: Strong cash balance and successful capital raise position Ur-Energy to fund growth, exploration, and production ramp-up without near-term dilution risk.
• Reduction in Non-produced Sales: Shift towards internal production reduces reliance on purchased uranium, improving margins and reducing operational risk.
• Forward-Looking Statements: The company anticipates further production increases, resource growth, and successful commissioning of Shirley Basin, though these remain subject to regulatory approvals and operational execution risks.

Management Commentary

“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.” — Matt Gili, President and CEO

Upcoming Investor Event

Year-end 2025 Conference Call and Webcast:
March 11, 2026 — 3:00 PM Eastern / 1:00 PM Mountain
Webcast Link
Toll Free: 888-506-0062 | International: 973-528-0011
Participant Access Code: 110618
Replay: Toll Free 877-481-4010 | International 919-882-2331 | Passcode: 53689

Contact Information

Valerie Kimball, IR Director
Email: [email protected]
Phone: 720-460-8534

Important Investor Notes & Potential Risks

• Pending regulatory approvals at Shirley Basin; delays could impact production ramp-up and revenue growth.
• Operating costs increased in 2025, impacting net results despite improved gross profitability.
• Forward-looking statements are subject to operational, regulatory, commodity price, and financing risks.
• Exploration and resource expansion remain subject to technical, environmental, and permitting outcomes.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. All forward-looking statements are subject to risks and uncertainties, including regulatory approvals, operational execution, commodity price fluctuations, and other factors as detailed in Ur-Energy’s public filings. Investors should conduct their own due diligence and consult with financial advisors before making investment decisions. The author accepts no liability for any investment actions taken based on this article.

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