Company Performance - Ur Energy reported a quarterly loss of $0.04 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.01, marking an earnings surprise of -300.00% [1] - The company posted revenues of $10.44 million for the quarter ended June 2025, exceeding the Zacks Consensus Estimate by 0.34%, and showing significant growth from $4.65 million in the same quarter last year [2] - Over the last four quarters, Ur Energy has not surpassed consensus EPS estimates and has topped revenue estimates only once [2] Stock Outlook - The immediate price movement of Ur Energy's stock will largely depend on management's commentary during the earnings call and future earnings expectations [3][4] - The stock has gained approximately 7% since the beginning of the year, slightly underperforming the S&P 500's gain of 7.6% [3] Earnings Estimates - The current consensus EPS estimate for the upcoming quarter is -$0.02 on revenues of $6.8 million, and -$0.08 on revenues of $29.93 million for the current fiscal year [7] - Prior to the earnings release, the estimate revisions trend for Ur Energy was favorable, resulting in a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Mining - Miscellaneous industry, to which Ur Energy belongs, is currently ranked in the bottom 36% of over 250 Zacks industries, suggesting potential challenges ahead [8]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED June 30, 2025 Commission File Number: 001-33905 UR-ENERGY INC. (Exact name of registrant as specified in its charter) Canada Not Applicable 10758 West Centennial Road, Suite 200 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRA ...

Ur Energy (URG) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2025. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The earnings report might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may ...

Core Viewpoint - Ur Energy Inc (URG) is identified as a potential stock pick due to a recent "golden cross" event, indicating a bullish trend from a technical perspective [1][4]. Technical Indicators - A "golden cross" occurs when a stock's short-term moving average (50-day) crosses above its long-term moving average (200-day), signaling a bullish breakout [2]. - The successful formation of a golden cross involves three stages: a price bottom, the crossing of moving averages, and the maintenance of upward momentum [3]. Stock Performance - URG shares have increased by 26.2% over the past four weeks, indicating strong upward movement [4]. - The company holds a 2 (Buy) rating on the Zacks Rank, suggesting potential for further breakout [4]. Earnings Outlook - There have been no cuts to earnings estimates for the current quarter, with one revision higher in the past 60 days, contributing to a positive earnings outlook [4]. - The Zacks Consensus Estimate for URG has also seen an increase, reinforcing the bullish sentiment [4]. Investment Consideration - Given the technical indicators and positive earnings estimates, URG is recommended for investors' watchlists [6].

Summary of Ur-Energy (URG) Conference Call - July 23, 2025 Company Overview - **Company**: Ur-Energy (URG) - **Industry**: Uranium Mining Key Points Production and Resources - **Lost Creek Mine**: - In production for over 11 years, with approximately 3,000,000 pounds of uranium produced through 2024 and significant production in 2025 disclosed [1] - Projected production capacity of 1,200,000 pounds per year with low operating costs estimated below $17 per pound and all-in costs around $45 per pound [5][10] - Recovery rate of about 90% for under-pattern resources [28] - **Shirley Basin**: - Projected to produce 1,000,000 pounds per year, with construction well underway and expected production by early 2026 [7][10] - Contains approximately 8,800,000 pounds of measured and indicated resources [8] - Operating costs estimated at over $24 per pound, with all-in costs around $50 per pound [9] Market Dynamics - Current spot market price for uranium is approximately $71.72 per pound, while term market prices are around $80 per pound, indicating favorable pricing for Ur-Energy's contracts [10] - Anticipated increase in uranium demand from 171,000,000 pounds in 2023 to approximately 338,000,000 pounds by 2040, driven by global nuclear power growth [16][17] - Geopolitical factors, particularly the impact of Russia's actions in Ukraine, have led to increased demand for U.S. uranium supply as countries seek alternatives to Russian uranium [19][20][22] Legislative and Public Support - Strong bipartisan support for nuclear energy in the U.S., with significant legislation passed to enhance uranium production and funding of $2.7 billion for HALEU and LEU production [24][26] - Public support for nuclear power has risen to 61% according to recent polls [27] Environmental Impact - In situ mining method employed by Ur-Energy has a low environmental footprint, with minimal surface disturbance and high reclamation efficiency [11][54] - The company aims to recycle over 99% of the water used in operations [36] Financial Position - Market capitalization around $500 million with a cash position of $66 million and no financial debt [38] - Long-term contracts in place to secure revenue, with expected sales of approximately $27 million for the current calendar year [61] Future Outlook - Continued focus on ramping up production at Lost Creek and building out Shirley Basin [39] - Monitoring of uranium prices and geopolitical developments as potential catalysts for growth [60] - Plans to participate in upcoming RFPs for enrichment under the LEU and HALEU programs [59] Additional Insights - The company has a strong institutional ownership, with over 80% held by institutional investors [37] - Exploration opportunities remain abundant in Wyoming, where the company is primarily focused [46] This summary encapsulates the key insights and data points from the Ur-Energy conference call, highlighting the company's production capabilities, market dynamics, legislative support, environmental considerations, financial health, and future outlook.

[Lost Creek Production and Sales](index=1&type=section&id=Lost%20Creek%20Production%20and%20Sales) In **Q2 2025**, the Lost Creek Project saw significant operational improvements, with a **27% increase** in wellfield flow rates and a **35% increase** in dried and packaged U3O8 compared to **Q1**. The company sold **165,000 pounds** of U3O8, generating **$10.4 million** in revenue. Maintenance and upgrades to the processing plant were key activities during the quarter Q2 2025 Lost Creek Production & Sales Metrics | Metric | Value | Note | | :--- | :--- | :--- | | **U3O8 Dried & Packaged** | 112,033 lbs | 35% increase over Q1 2025 | | **U3O8 Shipped** | 105,316 lbs | To conversion facility | | **U3O8 Sold** | 165,000 lbs | - | | **Average Sale Price** | $63.20 / lb | - | | **Revenue** | $10.4 million | - | | **Wellfield Flow Rate** | >3,400 gpm | Increased by **~27%** during **Q2** | | **U3O8 Captured in Q2** | 128,970 lbs | Total H1 2025 capture was 203,449 lbs | Inventory at Quarter End (Q2 2025) | Inventory Location | Amount (lbs U3O8) | | :--- | :--- | | **At Conversion Facility** | 315,607 lbs | | **In-Process at Lost Creek** | ~55,000 lbs | - Operational focus in **Q2** included completing header house 2-15 and conducting plant maintenance, such as upgrading the filter press, reverse osmosis systems, and plant control systems to improve capture rates and streamline drying[2](index=2&type=chunk)[4](index=4&type=chunk) [Shirley Basin Construction](index=2&type=section&id=Shirley%20Basin%20Construction) Construction at the fully permitted Shirley Basin Project is progressing **on schedule**, with a target for **initial uranium production** in **early 2026**. The company has increased its onsite staff by **17** and is leveraging existing infrastructure to manage costs. Key construction activities in **Q2** focused on site preparation, well installation, and facility setup - The project is **on schedule** for **initial uranium production** in **early 2026**, following a pre-operation inspection with the State of Wyoming[8](index=8&type=chunk)[10](index=10&type=chunk) - The company is utilizing and refurbishing existing infrastructure, including roads, power lines, and site facilities. Hiring of operational staff has begun and is expected to be completed in **early Q4 2025**[8](index=8&type=chunk)[9](index=9&type=chunk) [Q2 2025 Construction Activities](index=2&type=section&id=Shirley%20Basin%20Q2%202025%20Construction%20and%20Other%20Activities) Specific **Q2** construction milestones at Shirley Basin included completing the pad for the satellite processing building, installing wells for Mine Unit 1, **substantially complete**ing the main office complex, and making significant progress on evaporation ponds and site utilities - Key **Q2** construction progress includes: - The earthen pad for the satellite processing building is complete, and major components have been ordered - Installation of production, injection, and monitor wells in Mine Unit 1 is underway - The **~10,000 sq ft** modular main office complex is **substantially complete** - Installation of two evaporation ponds is approximately **75% complete** - Work has begun to upgrade the electrical substation and other utilities[11](index=11&type=chunk)[12](index=12&type=chunk)[16](index=16&type=chunk) [Great Divide Basin Exploration Program](index=4&type=section&id=Great%20Divide%20Basin%20Exploration%20Program) Ur-Energy is launching an exploration program in the Great Divide Basin to expand its resource base. The company will mobilize a drill rig in **Q3 2025** to focus on three identified targets: Lost Soldier, North Hadsell, and LC South - The company controls **~7,000 acres** across several uranium projects in the Great Divide Basin[15](index=15&type=chunk) - A planned exploration program will focus on three targets (Lost Soldier, North Hadsell, and LC South) with one drill rig expected to be mobilized in **Q3**[15](index=15&type=chunk) [About Ur-Energy](index=5&type=section&id=About%20Ur-Energy) Ur-Energy is a US-based uranium mining company that operates the Lost Creek in situ recovery facility in Wyoming, which has produced approximately **3 million pounds** of U3O8. The company is also developing its second facility, Shirley Basin. Its shares are traded on the **NYSE American** (**URG**) and the **Toronto Stock Exchange** (**URE**) - Ur-Energy operates the Lost Creek facility and is developing the Shirley Basin facility, both in Wyoming[19](index=19&type=chunk) - The company has produced and packaged approximately **3 million pounds** of U3O8 from Lost Creek since operations began[19](index=19&type=chunk) - The company's common shares trade on the **NYSE American** under the symbol "**URG**" and on the **Toronto Stock Exchange** under "**URE**"[19](index=19&type=chunk) [Cautionary Note Regarding Forward-Looking Information](index=5&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Information) This section advises that the report contains forward-looking statements concerning future events, such as production rates, project completion schedules, and exploration results. These statements are subject to significant business, economic, and competitive risks and uncertainties, and actual results could differ materially from expectations - The release contains forward-looking statements regarding future production rates, the Shirley Basin build-out, and planned exploration activities[20](index=20&type=chunk)[21](index=21&type=chunk) - These statements involve known and unknown risks, and actual results may differ materially from those projected[21](index=21&type=chunk) - Factors that could cause results to differ include capital costs, resource estimation, commodity price fluctuations, and regulatory delays[21](index=21&type=chunk)

Summary of Ur-Energy (URG) Conference Call - June 17, 2025 Company Overview - **Company**: Ur-Energy (URG) - **Industry**: Uranium Mining - **Operations**: Lost Creek In Situ recovery uranium facility in South Central Wyoming - **Stock Symbols**: NYSE American: URG, TSX: URE Key Points and Arguments 1. **Recent Industry Developments**: The uranium industry has seen significant positive news, including Sprott Physical Uranium Trust raising $200 million to purchase uranium, leading to an 8% increase in uranium prices per pound [2][3] 2. **Global Nuclear Developments**: - The World Bank lifted its ban on funding nuclear projects - Japan plans to expand its nuclear industry - Spain is reconsidering its nuclear material ban - U.S. President Trump signed an executive order to quadruple nuclear generation in the U.S. [4] 3. **Production and Capacity**: - Lost Creek has produced approximately 3 million pounds of uranium since August 2013, with a capacity of 1.2 million pounds per year [9][16] - The Shirley Basin project is in the construction phase, expected to nearly double production capacity once operational [20][41] 4. **Long-term Agreements**: Ur-Energy has seven long-term agreements with U.S. and European utilities, totaling approximately 5.8 million pounds over the next few years, with some contracts linked to spot prices [10][12] 5. **Environmental Impact**: The in situ mining method used by Ur-Energy has a low carbon footprint, with the potential to offset over 300 million metric tons of CO2 compared to coal-fired systems [38] 6. **Market Position**: Ur-Energy is one of the largest uranium producers in the U.S., with a market cap nearing $400 million and 85% institutional ownership [39][40] 7. **Operating Costs**: Estimated operating costs are around $17 per pound, with all-in mine site costs projected at about $45 per pound as production ramps up [14] 8. **Exploration Plans**: The company plans to conduct exploration in surrounding areas to increase resources, with a focus on historical success in finding additional pounds [15] 9. **Geopolitical Factors**: The U.S. is increasingly looking to diversify its uranium supply due to geopolitical tensions, particularly with Russia, which is a major uranium refiner [28][54] 10. **Government Support**: There is bipartisan support for nuclear power in the U.S., with recent legislation allocating $2.7 billion for nuclear fuel security [31] Additional Important Content 1. **Drill Rig Shortage**: The industry faced a shortage of personnel to operate drill rigs, but supply is beginning to catch up with demand [44][46] 2. **Executive Order Impact**: The outcome of the Section 232 investigation into uranium imports could lead to tariffs, quotas, or direct government purchasing, which may benefit domestic producers like Ur-Energy [47][49] 3. **M&A Activity**: Ur-Energy is actively looking for mergers and acquisitions to enhance its production capabilities, focusing on quality over quantity [58][60] 4. **Partnerships with SMRs**: The company is open to partnerships with small modular reactor (SMR) developers, indicating a growing market for U.S.-produced uranium [63] 5. **Tariff Impact on Production Costs**: Current tariffs have had negligible impact on production costs, as most supplies are sourced domestically [64][66] This summary encapsulates the key insights and developments discussed during the Ur-Energy conference call, highlighting the company's strategic position within the uranium mining industry and the broader nuclear energy landscape.

Industry Overview - The United States was a leader in uranium mining from the 1960s to the mid-1980s, but domestic production has significantly declined since then [1] - The U.S. is the largest producer of nuclear power, yet it imports over 95% of the uranium needed for its 94 nuclear reactors [3] Policy and Government Support - Government funding and subsidies previously supported uranium production, but there has been a de-prioritization since the 1990s [2] - The Biden administration banned the import of Russian uranium in 2024 and allocated $2.7 billion in federal funding to enhance domestic uranium enrichment and conversion capacity [7] - Bipartisan support exists for the domestic uranium industry, but experts indicate that the U.S. will still rely on imports to meet demand [6][8] Demand and Supply Dynamics - There is a growing demand for nuclear power driven by electricity needs from AI technologies and a global shift towards cleaner energy [4] - A report from the Nuclear Energy Agency and the International Atomic Energy Agency suggests that known uranium deposits could be depleted by 2080 if demand continues to rise [5] - Current global uranium mining efforts are insufficient to meet demand, with a significant time lag from discovery to production [6] Challenges in Domestic Production - Even with existing permitted uranium projects, the U.S. cannot satisfy its own demand due to limited reserves, holding less than 1% of the world's total [8] - Companies like Ur-Energy and Energy Fuels are working to restart and increase domestic uranium production but face various challenges [9]

PART I – FINANCIAL INFORMATION [Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) Presents the unaudited interim condensed consolidated financial statements for the quarter ended March 31, 2025, including balance sheets, statements of operations, and cash flows Interim Condensed Consolidated Balance Sheet Highlights (Unaudited) | (in thousands of U.S. dollars) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total current assets** | 99,958 | 115,261 | | **Total assets** | **182,873** | **194,128** | | **Total current liabilities** | 20,681 | 19,254 | | **Total liabilities** | 59,774 | 61,329 | | **Total shareholders' equity** | 123,099 | 132,799 | Interim Condensed Consolidated Statements of Operations Highlights (Unaudited) | (in thousands of U.S. dollars) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Sales | — | — | | Gross profit (loss) | (2,598) | (1,139) | | Operating profit (loss) | (15,835) | (16,284) | | **Net income (loss)** | **(10,898)** | **(18,541)** | | **Basic and Diluted loss per share** | **(0.03)** | **(0.07)** | Interim Condensed Consolidated Statements of Cash Flows Highlights (Unaudited) | (in thousands of U.S. dollars) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | 2,806 | (14,377) | | Net cash used in investing activities | (3,828) | (843) | | Net cash provided by financing activities | (11) | 9,556 | | **Decrease in cash and cash equivalents** | **(1,091)** | **(5,712)** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's Q1 2025 financial condition and operational results, highlighting project advancements, improved net loss, and strong liquidity [Business Overview](index=27&type=section&id=Business%20Overview) Ur-Energy is a US-based uranium mining company operating the Lost Creek Project with significant processing capacity and multi-year sales agreements - The company operates its first in-situ recovery (ISR) uranium facility at the Lost Creek Project in Wyoming[85](index=85&type=chunk) - The Lost Creek processing facility is licensed for up to **1.2 million pounds U3O8** annual recovery and can process up to **2.2 million pounds annually**, providing capacity for material from other sources like the Shirley Basin Project[86](index=86&type=chunk) - The company holds **seven multi-year sales agreements** anticipating sales of approximately **5.84 million pounds of U3O8** between 2025 and 2033[86](index=86&type=chunk) [Industry and Market Update](index=28&type=section&id=Industry%20and%20Market%20Update) The uranium market benefits from strong US government support, high public approval for nuclear power, and global sector expansion with numerous reactors under construction and planned - The U.S. Department of Commerce has initiated a Section 232 national security investigation into the impact of uranium imports, which could positively impact domestic producers like Ur-Energy[87](index=87&type=chunk) - Support for nuclear power in the U.S. has reached a multi-decade high of **77%**, with significant developments like Vogel Unit 4 coming online and plans for small modular reactors (SMRs)[90](index=90&type=chunk) - Globally, the nuclear sector is expanding, with **66 conventional reactors** under construction, **101 planned**, and **440 operable** as of May 2, 2025. The number of countries committing to triple nuclear power by 2050 has risen to **31**[93](index=93&type=chunk) [Mineral Rights and Properties](index=30&type=section&id=Mineral%20Rights%20and%20Properties) The company is advancing its Lost Creek and Shirley Basin projects in Wyoming, with Lost Creek ramping up production and Shirley Basin on track for an early 2026 startup - The company controls nearly **1,800 unpatented mining claims** and **three State of Wyoming mineral leases**, totaling over **35,000 acres** in the Lost Creek Property area[95](index=95&type=chunk) - The Shirley Basin Project permit area comprises nearly **1,800 acres** of Company-controlled mineral acres[95](index=95&type=chunk) [Lost Creek Property](index=30&type=section&id=Lost%20Creek%20Property) Lost Creek operations in Q1 2025 saw increased wellfield flow rates, significant U3O8 packaging, and receipt of key permit amendments for expansion - During Q1 2025, **83,066 pounds of U3O8** were dried and packaged, and **106,301 pounds** were shipped to the conversion facility[96](index=96&type=chunk) - Wellfield flow rate increased by **44%** since the beginning of March 2025, now routinely exceeding **2,800 gallons per minute**[97](index=97&type=chunk) - Received final state and federal approvals for the expansion of recovery operations into **six additional mine units** at the LC East and Lost Creek projects[99](index=99&type=chunk) [Shirley Basin Project](index=30&type=section&id=Shirley%20Basin) Construction at the Shirley Basin Project is on schedule for an early 2026 startup, with significant infrastructure and drilling progress underway - Construction is on target for an **early 2026 mine startup**[101](index=101&type=chunk) - Key construction activities completed include road upgrades, installation of **125 monitor wells**, power and communication systems, and refurbishment of existing buildings[102](index=102&type=chunk) - Subsequent to quarter end, drilling has begun in mine unit one, and materials for pipelines and the satellite plant enclosure have been procured or received[103](index=103&type=chunk) [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Q1 2025 results show no sales revenue, a gross loss of $2.6 million, reduced operating costs, and a significant mark-to-market gain leading to an improved net loss of $10.9 million [U3O8 Production and Ending Inventory](index=38&type=section&id=U3O8%20Production%20and%20Ending%20Inventory) Q1 2025 saw increased U3O8 production and ending inventory, with improved production efficiency reflected in a decreased cost per produced pound U3O8 Production (in pounds) | Production Metric | 2024 Q4 | 2025 Q1 | | :--- | :--- | :--- | | Pounds captured | 81,771 | 74,479 | | Pounds drummed | 74,006 | 83,066 | | Pounds shipped | 66,526 | 106,301 | U3O8 Ending Inventory | Inventory Metric | 2024 Q4 | 2025 Q1 | | :--- | :--- | :--- | | **Total Pounds** | **335,327** | **409,012** | | In-process (lbs) | 39,169 | 29,700 | | Plant (lbs) | 33,919 | 10,772 | | Conversion - produced (lbs) | 12,239 | 118,540 | | Conversion - non-produced (lbs) | 250,000 | 250,000 | | **Total Value ($000)** | **20,744** | **23,485** | - The cost per produced pound at the conversion facility decreased from **$57.52** in Q4 2024 to **$54.53 per pound** in Q1 2025, reflecting lower costs of drummed inventory shipped[120](index=120&type=chunk) [Q1 2025 vs. Q1 2024 Comparison](index=40&type=section&id=Three%20months%20ended%20March%2031%2C%202025%2C%20compared%20to%20the%20three%20months%20ended%20March%2031%2C%202024) Net loss improved in Q1 2025 to $10.9 million from $18.5 million in Q1 2024, driven by mark-to-market gains and lower operating costs, despite a wider gross loss Q1 2025 vs Q1 2024 Results Summary | (in thousands of U.S. dollars) | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Gross profit (loss) | (2,598) | (1,139) | (1,459) | | Operating profit (loss) | (15,835) | (16,284) | 449 | | Mark to market gain (loss) | 4,310 | (2,756) | 7,066 | | **Net income (loss)** | **(10,898)** | **(18,541)** | **7,643** | - Operating costs decreased by **$1.9 million** in Q1 2025 compared to Q1 2024, mainly due to lower development costs at Lost Creek[128](index=128&type=chunk) - A mark-to-market gain of **$4.3 million** was recorded in Q1 2025, compared to a **$2.8 million loss** in Q1 2024. The gain was due to a decrease in the company's share price (affecting warrant liability) and a decrease in the U3O8 spot price (affecting the uranium inventory loan)[135](index=135&type=chunk) [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with $86.0 million in cash as of March 31, 2025, generated $2.8 million from operations, and projects $27.1 million in 2025 U3O8 sales - Cash, cash equivalents, and restricted cash decreased slightly to **$86.0 million** as of March 31, 2025, from **$87.1 million** at year-end 2024[137](index=137&type=chunk) - In Q1 2025, the company generated **$2.8 million** from operating activities, largely due to the collection of a **$16.5 million** trade receivable from a December 2024 sale[137](index=137&type=chunk)[138](index=138&type=chunk) - Investing activities used **$3.8 million** in Q1 2025, with **$3.0 million** spent on construction and equipment at Shirley Basin[139](index=139&type=chunk) - The company projects 2025 sales of **440,000 pounds of U3O8** at an average price of **$61.56/lb**, expecting revenues of **$27.1 million**[149](index=149&type=chunk) [Looking Ahead](index=47&type=section&id=Looking%20Ahead) The company aims to become a two-mine operator in 2025, advancing Shirley Basin and ramping up Lost Creek production, supported by long-term sales agreements and a strong cash position - The company is actively growing into a **two-mine site company** in 2025, with development drilling beginning at Shirley Basin[151](index=151&type=chunk) - The wellfield flow rate at Lost Creek increased by **44%** since the beginning of March 2025 and is now routinely over **2,800 gallons per minute**, leading to increased production in April 2025 (**38,646 lbs captured**, **43,226 lbs drummed**)[153](index=153&type=chunk)[154](index=154&type=chunk) - The company has **seven sales agreements** with deliveries scheduled from 2025 through 2033, with prices anticipated to be profitable on an all-in production cost basis[160](index=160&type=chunk) - The company's cash position was **$66.0 million** as of May 2, 2025[161](index=161&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=50&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company identifies key market risks including credit, liquidity, and commodity price volatility, while currency and interest rate risks are considered low - Credit risk: Approximately **$85.3 million** held in financial institutions is at risk, exceeding federal deposit insurance coverage as of March 31, 2025[168](index=168&type=chunk) - Liquidity risk: As of March 31, 2025, current financial liabilities total approximately **$24.4 million** (**$7.9 million** accounts payable, **$0.4 million** lease payable, **$16.1 million** inventory loan), which is covered by **$74.8 million** of cash and cash equivalents[170](index=170&type=chunk) - Commodity Price Risk: The company is exposed to fluctuations in uranium prices, which are affected by numerous factors beyond its control. The average spot market price was **$69.55 per pound U3O8** as of May 2, 2025[172](index=172&type=chunk) [Controls and Procedures](index=50&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures are effective as of March 31, 2025, with no material changes to internal controls over financial reporting during the quarter - The CEO and CFO concluded that the Company's disclosure controls and procedures are effective as of the end of the period covered by the report[173](index=173&type=chunk) - No changes in internal control over financial reporting occurred during Q1 2025 that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[175](index=175&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=52&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no new legal proceedings or material developments in pending proceedings during the quarter - There were no new legal proceedings or material developments in pending proceedings[177](index=177&type=chunk) [Risk Factors](index=52&type=section&id=Item%201A.%20Risk%20Factors) No material changes to previously disclosed risk factors were reported as of March 31, 2025 - As of March 31, 2025, there have been no material changes from the risk factors set forth in the Annual Report on Form 10-K[178](index=178&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=52&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reports no unregistered sales of equity securities during the period - None[179](index=179&type=chunk) [Defaults Upon Senior Securities](index=52&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon senior securities - None[180](index=180&type=chunk) [Mine Safety Disclosure](index=52&type=section&id=Item%204.%20Mine%20Safety%20Disclosure) The company's Lost Creek operations are not subject to federal Mine Safety and Health Administration regulation - The company's operations at Lost Creek are not subject to regulation by the federal Mine Safety and Health Administration under the Federal Mine Safety and Health Act of 1977[181](index=181&type=chunk) [Other Information](index=52&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated trading arrangements during Q1 2025 - During the quarter ended March 31, 2025, none of the company's directors or officers adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement"[182](index=182&type=chunk) [Exhibits](index=53&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including CEO and CFO certifications and Inline XBRL documents - The report includes certifications from the CEO and CFO as required by the Sarbanes-Oxley Act of 2002[183](index=183&type=chunk) - Inline XBRL documents (Instance, Schema, Calculation, Definition, Labels, Presentation) are filed as exhibits[183](index=183&type=chunk)

Production and Sales Performance - In 2024, Ur-Energy captured approximately 265,746 pounds of U3O8, a significant increase from 103,487 pounds in 2023, representing a 156% growth[5] - Ur-Energy's total sales in 2024 reached $33.706 million, a substantial increase from $17.679 million in 2023, marking a growth of 90%[15] - The company plans to deliver 440,000 pounds of U3O8 in 2025, generating approximately $27.1 million in sales proceeds[19] - The cost of sales in 2024 was $42.679 million, compared to $19.365 million in 2023, resulting in a significant increase of 121%[15] - The average price per pound sold in 2024 was $58.15, down from $61.89 in 2023, resulting in an average loss per pound sold of $6.19 in 2024 compared to a profit of $30.90 in 2023[10] Financial Performance - The company reported a gross loss of $8.973 million in 2024, compared to a gross loss of $1.686 million in 2023, indicating a deterioration in financial performance[15] - Ur-Energy's comprehensive loss for 2024 was $52.718 million, compared to a comprehensive loss of $31.203 million in 2023, reflecting a worsening financial situation[15] - As of December 31, 2024, Ur-Energy had cash resources of $76.1 million, up from $59.7 million at the end of 2023, reflecting a 27% increase[6] Project Development and Operations - Construction at the Shirley Basin mine is on schedule, with an anticipated annual mine/mill capacity increase to 2.2 million pounds of U3O8[3] - The company has received all major permits to begin construction at the Shirley Basin facility, with a 'go' decision made for March 2024[28] - Ur-Energy is awaiting remaining regulatory authorization for the expansion of the Lost Creek facility[28] - Ur-Energy has produced and shipped approximately 2.8 million pounds of U3O8 from the Lost Creek facility since operations began[28] Market and Trading Information - The primary trading market for Ur-Energy's common shares is on the NYSE American under the symbol "URG" and also trades on the Toronto Stock Exchange under "URE"[28] Risks and Forward-Looking Statements - Ur-Energy's management acknowledges various risks and uncertainties that could impact future performance, including capital costs and commodity price fluctuations[31] - The company emphasizes the importance of obtaining necessary governmental and environmental approvals for project developments[31] - Forward-looking statements made by Ur-Energy are based on current expectations and involve significant business and economic risks[29] - The company has plans to restart exploration programs, although results remain uncertain[29] - Ur-Energy disclaims any obligation to update forward-looking statements based on changes in management's beliefs or circumstances[30]