Core Insights - Ur-Energy Inc. has filed its Form 10-Q for the quarter ended September 30, 2025, with the U.S. Securities and Exchange Commission and Canadian securities authorities [1] Financial and Operating Results - The ramp-up at Lost Creek continued with 93,523 pounds of U3O8 dried and packaged during the third quarter of 2025 [1]

Production and Sales - Ur-Energy's Lost Creek Project is permitted for annual recovery of up to 1.2 million pounds of U3O8, with processing capacity designed for up to 2.2 million pounds annually[95]. - In Q3 2025, Ur-Energy sold 110,000 pounds of U3O8 at an average price of $57.48 per pound, generating revenue of $6.3 million[107]. - The company anticipates delivering 440,000 pounds of U3O8 in 2025 at an average price of $61.77 per pound, projecting total revenues of $27.2 million[115]. - Ur-Energy has eight multi-year sales agreements, expecting to sell approximately 6.0 million pounds of U3O8 between 2025 and 2033[95]. - The company delivered 165,000 pounds in 2025 Q2 and 110,000 pounds in Q3, with a further delivery of 165,000 pounds expected in Q4[141]. - U3O8 pounds sold in 2025 YTD totaled 275,000, with 395,000 pounds sold in 2024 Q4[139]. - The company has committed deliveries of 400,000 pounds of U3O8 for 2025, with both buyers opting to flex up the annual base delivery quantity by 10%[141]. - Total sales in 2025 are projected at 440,000 pounds of U3O8, with expected revenues of $27.2 million at an average price of $61.77 per pound[184]. Financial Performance - The uranium spot price closed Q3 2025 at $82.63, showing volatility but remaining generally in the $70s or higher throughout the quarter[104]. - Sales for Q3 2025 were $6.32 million, a decrease of $0.08 million (1.2%) from $6.40 million in Q3 2024, while sales for the nine months ended September 30, 2025, increased by $5.71 million (51.7%) to $16.76 million compared to $11.05 million in the same period of 2024[156][158]. - Cost of sales for Q3 2025 was $7.06 million, an increase of $1.45 million (25.8%) from $5.61 million in Q3 2024, and for the nine months ended September 30, 2025, it rose by $8.08 million (80.2%) to $18.16 million compared to $10.08 million in 2024[160]. - Gross profit for Q3 2025 was a loss of $0.74 million, down from a profit of $0.79 million in Q3 2024, and for the nine months ended September 30, 2025, it was a loss of $1.40 million compared to a profit of $0.97 million in 2024[162]. - Net loss for Q3 2025 was $27.46 million, an increase of $19.46 million from a loss of $8.00 million in Q3 2024, and for the nine months ended September 30, 2025, the net loss was $59.32 million compared to a loss of $33.13 million in 2024[171]. - The average price per pound sold for produced U3O8 in 2024 was $51.53, while for non-produced it was $75.87[142]. - In 2024, the average price per pound sold was $58.15, with an average cost of $64.34, resulting in an average loss of $6.19 per pound and a loss margin of approximately 11%[145]. Cost and Pricing - U3O8 price per pound sold in 2025 Q2 was $63.20, while in Q3 it was $57.48, resulting in a year-to-date average price of $60.91[137]. - U3O8 cost per pound sold in 2025 Q2 was $50.89 and in Q3 was $64.21, leading to a year-to-date average cost of $56.22[142]. - The U3O8 cost per pound sold increased to $64.21 in Q3 2025, up by $15.30 from $48.91 in Q3 2024, resulting in a loss of $6.72 per pound sold in Q3 2025 compared to a profit of $12.74 per pound in Q3 2024[162]. - In 2025 Q2, 165,000 produced pounds were sold at an average price of $63.20 and an average cost of $50.89, yielding an average profit of $12.31 per pound and a profit margin of about 20%[146]. - For the first nine months of 2025, the average price per pound sold was $60.91, with an average cost of $56.22, resulting in an average profit of $4.69 per pound and a profit margin of about 8%[146]. Operational Updates - Construction at the Shirley Basin Project is progressing, with nearly 900 cubic yards of concrete poured for the processing building foundation[116]. - The company is advancing exploration programs in the Great Divide Basin, including the Lost Soldier project, to identify additional uranium resources[126]. - Ur-Energy's processing facility at Lost Creek is expected to process captured U3O8 from the Shirley Basin Project, with a satellite plant planned for commissioning in 2026[95]. - The company anticipates initial production flow and commissioning of the first IX columns at Shirley Basin to occur in Q1 2026[192]. - The company has completed recruitment for all positions at Shirley Basin, allowing for thorough safety and task training prior to operations commencement[193]. - Wellfield flow rates at Lost Creek are expected to increase as operational challenges are resolved, supporting higher production rates[194]. Cash Flow and Investments - Cash and cash equivalents decreased from $87.1 million at the end of 2024 to $63.4 million by September 30, 2025, with $24.3 million used for operating activities during the nine months[172]. - The company incurred $14.2 million in investing activities during the nine months ended September 30, 2025, primarily for construction and equipment at Shirley Basin[174]. - Financing activities generated $14.9 million in the nine months ended September 30, 2025, from the sale of 9,980,095 common shares[175]. - As of September 30, 2025, the unrestricted cash position was $52.0 million, with total current liabilities of $9.6 million[183][206]. - As of October 30, 2025, the cash position was $35.4 million, with ongoing construction and operational activities at both mine sites[197]. Management Changes - The company announced the retirement of CEO John W. Cash, effective December 12, 2025, with Matthew D. Gili set to succeed him[132]. - The company expanded its accounting and finance team with the appointment of Jade Walle as Vice President Finance, bringing extensive experience in corporate finance[134].

Company Overview - Ur Energy (URG) is expected to report a quarterly loss of $0.03 per share, reflecting a year-over-year decline of 50% [3] - Revenues are anticipated to be $6.83 million, which is an increase of 6.7% compared to the same quarter last year [3] Earnings Estimates and Revisions - The consensus EPS estimate has been revised down by 33.33% over the last 30 days, indicating a bearish sentiment among analysts regarding the company's earnings prospects [4] - The Most Accurate Estimate for Ur Energy is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -12.50% [12] Earnings Surprise Prediction - A positive Earnings ESP is generally a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1 (Strong Buy), 2 (Buy), or 3 (Hold) [10] - Ur Energy currently holds a Zacks Rank of 3, making it challenging to predict an earnings beat [12] Historical Performance - In the last reported quarter, Ur Energy was expected to post a loss of $0.01 per share but actually reported a loss of -$0.04, resulting in a surprise of -300% [13] - The company has not surpassed consensus EPS estimates in any of the last four quarters [14] Industry Context - In comparison, McEwen (MUX), another player in the Zacks Mining - Miscellaneous industry, is expected to report earnings of $0.31 per share, indicating a year-over-year increase of 875% [18] - McEwen's revenue is projected to be $66.1 million, up 26.5% from the previous year, but it has an Earnings ESP of -44.26% despite a Zacks Rank of 2 (Buy) [19][20]

Group 1 - Ur-Energy Inc. is participating in the 2025 Maxim Growth Summit [1] - The event will take place on October 23rd at The Hard Rock Hotel NYC [1] - The summit aims to bring together industry leaders, innovators, and premier institutions to discuss the latest trends and advancements [1]

Core Points - Ur-Energy Inc. announced the resignation of CEO John W. Cash, effective December 12, 2025, as part of the company's long-term leadership succession planning [1] Company Summary - John W. Cash has been with Ur-Energy since 2007 and has served as CEO since 2022 [1]

Ur-Energy Inc. FY Conference Summary Company Overview - **Company**: Ur-Energy Inc. (NYSEAM:URG) - **Industry**: Uranium Production - **Key Operations**: Lost Creek and Shirley Basin in Wyoming, USA Core Points and Arguments 1. **Production Status**: Ur-Energy is a producing uranium company with operations at the Lost Creek plant, which has been operational since August 2013, producing nearly 3 million pounds of U3O8 [2][3] 2. **Market Recovery**: The uranium market began to improve in 2022, leading to the signing of eight long-term contracts with utility customers, resulting in approximately 6 million pounds under contract for the coming years [3][4] 3. **Cost Structure**: The company aims to achieve an all-in cost of around $45 per pound at Lost Creek, which includes operating costs, development costs, taxes, and capital [5][6] 4. **Resource Availability**: Lost Creek has 12.7 million pounds of measured and indicated resources and over 6 million pounds of inferred resources, with significant potential for growth [4][5] 5. **Shirley Basin Development**: Shirley Basin is under construction, targeting production in early 2026, with a capacity of 1 million pounds per year, and has 8.8 million pounds of measured and indicated resources [10][12] 6. **Production Efficiency**: The expected cash cost at Shirley Basin is over $24 per pound, with an all-in cost of around $50 per pound, benefiting from high flow rates [12][26] 7. **Operational Focus**: The company is currently optimizing production at Lost Creek, with a head grade of around 70 parts per million, nearly double the anticipated level [13][14] 8. **Exploration Plans**: Ur-Energy plans to initiate several exploration programs in late 2025 and 2026, focusing on the Great Divide Basin with 10 projects and over 2,000 unpatented mining claims [15][18] Financial Highlights 1. **Market Capitalization**: The market cap is over $700 million, with a share price that recently approached $2, establishing a new 52-week high [19] 2. **Cash Position**: The company reported $49.1 million in cash with no financial debt, indicating a strong financial position [20][22] 3. **Sales and Revenue**: In the current year, Ur-Energy sold or delivered 440,000 pounds of uranium, with expectations to increase to 1.3 million pounds next year [22] Strategic Insights 1. **Government Programs**: Ur-Energy is positioned to benefit from U.S. government programs related to uranium reserves and other initiatives, although it maintains a focus on independent operations [27][28] 2. **Institutional Ownership**: Approximately 85% of shares are held by institutional investors, indicating strong confidence from sophisticated market players [20] 3. **Value Proposition**: The company emphasizes its status as a "pounds in the can" story, focusing on quality resources rather than quantity, with a clean financial structure and strong management [30] Additional Considerations 1. **Production Capacity**: The Lost Creek facility is permitted to recover 1.2 million pounds per year, with a milling capacity of 2.2 million pounds per year, allowing for flexibility in operations [6][9] 2. **Historical Context**: Shirley Basin is noted as the site of the first commercial in-situ uranium mine, with a rich history of uranium recovery dating back to the 1960s [11] 3. **Future Growth**: The company is optimistic about future exploration and production growth, with plans to enhance resource definition and operational efficiency [15][18]

Group 1 - Ur-Energy Inc. will participate in TD Cowen's 10th Annual Nuclear Fuel Cycle and Next Generation Nuclear Roundtable [1] - The event is scheduled to take place virtually on October 9, 2025 [1]

Core Viewpoint - The long-term outlook for uranium remains strong, driven by increasing global nuclear power capacity and strategic initiatives from countries like the U.S. and India to expand their nuclear energy capabilities [2][28]. Group 1: Cameco Corporation (CCJ) - Cameco is one of the world's largest uranium suppliers, with operations in mining and fuel services, and accounted for 16% of global uranium production in 2024 [4][6]. - In the first half of 2025, Cameco's total revenues increased by 35% year over year to CAD 1,666 million ($1,184 million), with uranium revenues up 27% to CAD 1,324 million ($941 million) [6][9]. - The company expects its share of adjusted EBITDA from Westinghouse to be between $525-$580 million for 2025, reflecting growth from its involvement in nuclear reactor construction projects [11]. - Cameco's share of production expectation from the McArthur River mine has been revised to 9.8-10.5 million pounds due to development delays, while the expected share from the Cigar Lake mine remains at 9.8 million pounds [8][12]. - The company has signed a long-term agreement to supply natural uranium hexafluoride (UF6) to Slovakia's largest electricity producer, marking its entry into the Slovak market [13]. - Cameco's stock has appreciated by 69% in 2025, reflecting the sharp price rebound in uranium [23]. Group 2: Ur-Energy (URG) - Ur-Energy operates the Lost Creek project in Wyoming, which has produced 3 million pounds of uranium since 2013, and is advancing construction at the Shirley Basin [14][16]. - In the first half of 2025, Ur-Energy's revenues jumped 124% to $10.4 million, but the company reported a net loss of seven cents per share [16][20]. - The company has eight multi-year sales agreements with major nuclear and utility companies, with annual delivery amounts ranging from 440,000 to 1,300,000 pounds of uranium from 2025 through 2033 [18]. - Ur-Energy's total sales in 2025 are projected at 440,000 pounds of uranium, leading to revenues of $27.1 million [17]. - Ur-Energy's stock has risen by 46% in 2025, but its revenues are expected to decline by 7.5% year over year in fiscal 2025 [20][23]. Group 3: Comparative Analysis - The Zacks Consensus Estimate for Cameco's 2025 revenues implies year-over-year growth of 11.3%, while Ur-Energy's estimate indicates a decline of 7.5% [19][20]. - Cameco's forward price-to-sales multiple is 15.00X, significantly above its five-year median of 6.74X, while Ur-Energy's is at 5.72X, below its median of 7.70X [26]. - Both companies are positioned to benefit from a bullish long-term uranium outlook, but Cameco offers stronger earnings visibility and stability due to its diversified operations and fixed-price contracts [28][29].

Core Viewpoint - Ur-Energy Inc. has appointed Jade Walle as Vice President Finance, enhancing its leadership team with expertise in corporate finance and capital markets within the mining and energy sectors [1] Company Summary - Jade Walle brings extensive experience in financial reporting and corporate finance, which is expected to benefit Ur-Energy's strategic initiatives [1]

Core Viewpoint - Ur-Energy Inc. is recognized as one of the best uranium stocks to invest in, supported by strong financial performance and strategic positioning in the market [1][2]. Financial Performance - The company reported strong second-quarter 2025 results, driven by lower production costs at operations like Lost Creek, leading to a significant year-over-year increase in revenue and gross margins [3]. - The investment firm H.C. Wainwright reaffirmed a 'Buy' rating on Ur-Energy with a price target of $2.70, reflecting confidence in the company's financial health [2]. Market Positioning - Ur-Energy's flexible contract portfolio positions the company to capitalize on future market opportunities, particularly with renewed expectations for increased uranium demand due to U.S. Department of Energy's uranium programs [3]. - The company's strong asset portfolio and robust cash flow contribute to high investor confidence [3]. Company Overview - Ur-Energy Inc. specializes in the exploration, development, and production of uranium mineral properties, solidifying its status as a leading player in the uranium sector [4].