[Cover Page Information](index=1&type=section&id=Cover%20Page%20Information) Details the Form 10-Q filing specifics, including registrant, period, and share data Form 10-Q Filing Details | Metric | Value | | :--- | :--- | | Form | 10-Q | | Quarterly Period Ended | June 30, 2025 | | Registrant | UR-ENERGY INC. | | Commission File Number | 001-33905 | | Trading Symbols | URG (NYSE American); URE (TSX) | | Filer Status | Non-accelerated filer, Smaller reporting company | | Outstanding Common Shares (as of July 31, 2025) | 364,828,165 | [Cautionary Statements and Mineral Resource Disclosure](index=3&type=section&id=Cautionary%20Statements%20and%20Mineral%20Resource%20Disclosure) Highlights forward-looking statement risks and clarifies mineral resource reporting standards under U.S. securities laws - The report contains forward-looking statements subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially, including maintaining safe operations, achieving production levels, timely delivery of contractual obligations, sufficiency of cash resources, and impacts of the evolving uranium market and geopolitics[8](index=8&type=chunk) - Mineral resource estimates are prepared in accordance with U.S. securities laws (Regulation S-K, Subpart 1300), noting that 'mineral resource' does not equate to 'mineral reserve,' and 'inferred mineral resources' carry significant uncertainty regarding their existence and economic/legal feasibility, and cannot form the basis of feasibility studies under S-K 1300[9](index=9&type=chunk)[12](index=12&type=chunk) [PART I – FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) Presents the company's unaudited interim financial statements and management's discussion and analysis [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) Presents unaudited interim condensed consolidated financial statements, including balance sheets, income statements, equity changes, cash flows, and detailed notes [Interim Condensed Consolidated Balance Sheets (Unaudited)](index=6&type=section&id=Interim%20Condensed%20Consolidated%20Balance%20Sheets%20%28Unaudited%29) Summarizes the company's financial position, detailing assets, liabilities, and shareholders' equity at specific dates Consolidated Balance Sheet Highlights (in thousands of U.S. dollars) | Metric | June 30, 2025 | December 31, 2024 | Change | | :----------------------------- | :------------ | :---------------- | :----- | | Total Assets | 171,335 | 194,128 | (22,793) | | Current Assets | 80,951 | 115,261 | (34,310) | | Cash and cash equivalents | 57,603 | 76,055 | (18,452) | | Trade receivables | 7 | 16,511 | (16,504) | | Total Liabilities | 69,242 | 61,329 | 7,913 | | Total Shareholders' Equity | 102,093 | 132,799 | (30,706) | [Interim Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)](index=7&type=section&id=Interim%20Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss%20%28Unaudited%29) Details the company's revenues, costs, and net income or loss over specific interim periods Consolidated Statements of Operations Highlights (in thousands of U.S. dollars, except per share data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Sales | 10,435 | 4,653 | 10,435 | 4,653 | | Cost of sales | (8,495) | (3,327) | (11,093) | (4,466) | | Gross profit (loss) | 1,940 | 1,326 | (658) | 187 | | Operating costs | (17,703) | (12,733) | (30,940) | (27,878) | | Net income (loss) | (20,956) | (6,584) | (31,854) | (25,125) | | Basic EPS | (0.06) | (0.02) | (0.09) | (0.09) | [Interim Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited)](index=8&type=section&id=Interim%20Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Shareholders%27%20Equity%20%28Unaudited%29) Outlines changes in shareholders' equity, including comprehensive loss, share issuances, and warrant exercises - Shareholders' equity decreased by **$30.7 million** from December 31, 2024, to June 30, 2025, primarily due to a comprehensive loss of **$31.8 million** for the six months ended June 30, 2025, contrasting with a prior year increase driven by share issuances and warrant exercises[18](index=18&type=chunk) Key Changes in Shareholders' Equity (Six Months Ended June 30, in thousands of U.S. dollars) | Metric | 2025 | 2024 | | :-------------------------- | :--- | :--- | | Comprehensive income (loss) | (31,809) | (24,744) | | Shares issued for cash | — | 26,646 | | Exercise of warrants | — | 15,849 | | Exercise of stock options | 618 | 40 | [Interim Condensed Consolidated Statements of Cash Flows (Unaudited)](index=9&type=section&id=Interim%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20%28Unaudited%29) Presents cash flows from operating, investing, and financing activities for the interim periods Consolidated Statements of Cash Flows Highlights (Six Months Ended June 30, in thousands of U.S. dollars) | Cash Flow Activity | 2025 | 2024 | | :---------------------------------------------------------------- | :----- | :----- | | Net cash provided by (used in) operating activities | (9,296) | (25,638) | | Net cash provided by (used in) investing activities | (8,892) | (1,853) | | Net cash provided by (used in) financing activities | (85) | 31,378 | | Increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents | (18,219) | 3,822 | | Ending cash and cash equivalents, and restricted cash and cash equivalents | 68,859 | 72,071 | [Notes to Condensed Consolidated Financial Statements (Unaudited)](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20%28Unaudited%29) Provides detailed explanations and disclosures supporting the condensed consolidated financial statements [1. Nature of Operations](index=10&type=section&id=1.%20Nature%20of%20Operations) Describes the company's primary business activities in uranium mining and recovery operations - Ur-Energy Inc. is an exploration stage issuer engaged in uranium mining and recovery operations, primarily in Wyoming, having commenced production at its Lost Creek Project in 2013[20](index=20&type=chunk) - The recoverability of mineral properties is contingent on economic resource discovery, financing, and profitable production or disposition[21](index=21&type=chunk) [2. Summary of Significant Accounting Policies](index=10&type=section&id=2.%20Summary%20of%20Significant%20Accounting%20Policies) Outlines the key accounting principles and methods applied in preparing the financial statements [Segments](index=10&type=section&id=Segments) Explains the company's operating segments and how performance is evaluated by management - The Company operates as a single operating segment, with its Chief Operating Decision Maker (CODM) evaluating performance and allocating resources on a consolidated basis, focusing on key financial metrics like gross loss, operating loss, and net loss[23](index=23&type=chunk) - All revenues and long-lived assets are within the U.S[24](index=24&type=chunk) [Fair values](index=11&type=section&id=Fair%20values) Details the company's approach to measuring fair value for financial instruments using a three-level hierarchy - The Company follows ASC 820 for measuring the fair value of financial assets and liabilities, classifying them into a three-level hierarchy based on input observability[26](index=26&type=chunk) - Cash equivalents, restricted cash equivalents, inventory derivative obligations, warrant liabilities, and stock option liabilities are adjusted to fair value on a recurring basis[27](index=27&type=chunk)[28](index=28&type=chunk) Fair Value Hierarchy of Financial Instruments (June 30, 2025, in thousands of U.S. dollars) | Item | Level 1 | Level 2 | Level 3 | Total | | :---------------------------- | :------ | :------ | :------ | :---- | | Cash equivalents | 46,419 | — | — | 46,419 | | Restricted cash equivalents | 11,244 | — | — | 11,244 | | Inventory derivative obligation | — | 15,875 | — | 15,875 | | Warrant liability | — | 2,411 | — | 2,411 | | Stock option liabilities | — | 1,344 | — | 1,344 | [3. Cash and Cash Equivalents](index=12&type=section&id=3.%20Cash%20and%20Cash%20Equivalents) Provides a breakdown of cash and cash equivalents, including cash on deposit and money market accounts Cash and Cash Equivalents (in thousands of U.S. dollars) | Item | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Cash on deposit | 11,184 | 8,692 | | Money market accounts | 46,419 | 67,363 | | Total | 57,603 | 76,055 | [4. Trade Receivables](index=12&type=section&id=4.%20Trade%20Receivables) Details the composition of trade receivables, primarily from uranium sales and disposal fees Trade Receivables (in thousands of U.S. dollars) | Item | June 30, 2025 | December 31, 2024 | | :-------------- | :------------ | :---------------- | | Uranium sales | — | 16,500 | | Disposal fees | 7 | 11 | | Total | 7 | 16,511 | [5. Inventory](index=14&type=section&id=5.%20Inventory) Presents the breakdown of inventory by type and discusses valuation adjustments Inventory by Type (in thousands of U.S. dollars) | Inventory by Type | June 30, 2025 | December 31, 2024 | | :---------------------- | :------------ | :---------------- | | In-process inventory | 509 | 42 | | Plant inventory | 921 | 1,840 | | Conversion facility inventory | 19,467 | 18,862 | | Total | 20,897 | 20,744 | - The Company reduced inventory valuation by **$2.7 million** for the six months ended June 30, 2025, due to lower of cost or net realizable value (NRV) calculations, with **$2.1 million** related to non-produced inventory, compared to **$1.3 million** (all produced) in the prior year[33](index=33&type=chunk) [6. Lease Receivables](index=14&type=section&id=6.%20Lease%20Receivables) Details lease receivables, primarily from direct financing leases for drilling equipment Lease Receivables (Net, in thousands of U.S. dollars) | Lease Receivables (net) | June 30, 2025 | December 31, 2024 | | :---------------------- | :------------ | :---------------- | | Current | 643 | 354 | | Long-term | 2,195 | 1,127 | | Total | 2,838 | 1,481 | - Lease receivables primarily consist of direct financing leases for drilling equipment, with terms of three to five years and residual payments, and lease payments received for the six months ended June 30, 2025, totaled **$0.3 million**[34](index=34&type=chunk) [7. Restricted Cash and Cash Equivalents](index=15&type=section&id=7.%20Restricted%20Cash%20and%20Cash%20Equivalents) Explains the nature and amounts of restricted cash, primarily pledged for reclamation surety bonds Restricted Cash and Cash Equivalents (in thousands of U.S. dollars) | Item | June 30, 2025 | December 31, 2024 | | :------------------------------------------------ | :------------ | :---------------- | | Cash and cash equivalents pledged for reclamation | 11,244 | 11,011 | | Other restricted cash | 12 | 12 | | Total | 11,256 | 11,023 | - Restricted cash is primarily pledged as collateral for performance surety bonds, which secure estimated reclamation costs, totaling **$42.5 million** as of June 30, 2025, up from **$42.2 million** at December 31, 2024[37](index=37&type=chunk) [8. Mineral Properties](index=15&type=section&id=8.%20Mineral%20Properties) Summarizes the company's investments in mineral properties, including Lost Creek and Shirley Basin Mineral Property Activity (in thousands of U.S. dollars) | Mineral Property Activity | Lost Creek Property | Shirley Basin Project | Other U.S. Properties | Total | | :------------------------------------- | :------------------ | :-------------------- | :-------------------- | :---- | | December 31, 2024 | 6,812 | 17,854 | 14,714 | 39,380 | | Change in estimated reclamation costs | 2,636 | 74 | — | 2,710 | | Depletion and amortization | (542) | — | — | (542) | | June 30, 2025 | 8,906 | 17,928 | 14,714 | 41,548 | - The Lost Creek Property was acquired in 2005, with additional holdings added since[39](index=39&type=chunk) - The Shirley Basin Project was acquired in 2013[41](index=41&type=chunk) - Other U.S. properties are maintained for future exploration efforts[42](index=42&type=chunk) [9. Capital Assets](index=16&type=section&id=9.%20Capital%20Assets) Details the cost and net book value of the company's capital assets, such as rolling stock and machinery Capital Assets (in thousands of U.S. dollars) | Capital Assets | Cost (June 30, 2025) | Net Book Value (June 30, 2025) | Cost (December 31, 2024) | Net Book Value (December 31, 2024) | | :---------------------------- | :------------------- | :----------------------------- | :----------------------- | :----------------------------- | | Rolling stock | 10,310 | 5,249 | 8,775 | 4,303 | | Enclosures | 42,365 | 22,947 | 37,632 | 19,070 | | Machinery and equipment | 6,661 | 5,374 | 4,012 | 2,804 | | Total | 62,540 | 35,385 | 52,910 | 27,337 | [10. Accounts Payable and Accrued Liabilities](index=16&type=section&id=10.%20Accounts%20Payable%20and%20Accrued%20Liabilities) Provides a breakdown of accounts payable and various accrued liabilities Accounts Payable and Accrued Liabilities (in thousands of U.S. dollars) | Item | June 30, 2025 | December 31, 2024 | | :------------------------------------------------ | :------------ | :---------------- | | Accounts payable | 5,639 | 3,292 | | Accrued payroll liabilities | 908 | 816 | | Accrued severance, ad valorem, and other taxes payable | 583 | 366 | | Total | 7,130 | 4,474 | [11. Inventory Derivative Obligation](index=17&type=section&id=11.%20Inventory%20Derivative%20Obligation) Explains the derivative obligation from a uranium loan and its mark-to-market adjustments - The Company has an inventory derivative obligation from borrowing **250,000 pounds of U3O8**, due November 30, 2025, with interest payments of **5.25% per annum**[46](index=46&type=chunk) - The loan value is subject to mark-to-market adjustments, resulting in losses of **$3.6 million** for Q2 2025 and **$1.5 million** for the six months ended June 30, 2025, due to an increase in the uranium spot price[47](index=47&type=chunk) Inventory Derivative Obligation (in thousands of U.S. dollars) | Inventory Derivative Obligation | June 30, 2025 | December 31, 2024 | | :------------------------------ | :------------ | :---------------- | | Inventory loan fair value | 19,625 | 18,158 | | Inventory loan deposit | (3,750) | (3,750) | | Total | 15,875 | 14,408 | [12. Finance Lease Liabilities](index=17&type=section&id=12.%20Finance%20Lease%20Liabilities) Details the company's finance lease liabilities for vehicles and mobile equipment Finance Lease Liabilities (in thousands of U.S. dollars) | Finance Lease Liabilities | June 30, 2025 | December 31, 2024 | | :------------------------ | :------------ | :---------------- | | Current portion | 1,022 | 309 | | Non-current portion | 1,272 | 931 | | Total | 2,294 | 1,240 | - The Company has lease arrangements for vehicles and mobile equipment, with a weighted average interest rate of **15.4%** and a remaining life of **2.5 years** as of June 30, 2025[50](index=50&type=chunk) [13. Warrant Liability](index=18&type=section&id=13.%20Warrant%20Liability) Describes the warrant liability, its fair value measurement, and related adjustments - The warrant liability, arising from **39.1 million** warrants issued in February 2023, decreased slightly to **$2.4 million** at June 30, 2025[52](index=52&type=chunk) - This derivative financial liability is measured at fair value using the Black-Scholes model (Level 2 inputs) and is adjusted monthly, with any gain or loss reflected in net income[53](index=53&type=chunk)[54](index=54&type=chunk) Warrant Liability Assumptions (June 30, 2025) | Metric | Feb-2023 Warrants | | :-------------------- | :---------------- | | Expected life (years) | 0.6 | | Expected volatility rate | 72.7% | | Risk free rate | 2.6% | | Exercise price | $1.50 | | Market price | $1.05 | [14. Asset Retirement Obligations](index=19&type=section&id=14.%20Asset%20Retirement%20Obligations) Details the estimated reclamation costs for mining properties and their securing by restricted cash Asset Retirement Obligation Activity (in thousands of U.S. dollars) | Asset Retirement Obligation Activity | Total | | :----------------------------------- | :---- | | December 31, 2024 | 36,857 | | Change in estimated reclamation costs | 2,710 | | Accretion expense | 558 | | June 30, 2025 | 40,125 | - Asset retirement obligations relate to the Lost Creek mine and Shirley Basin project, representing estimated reclamation costs escalated at inflation rates and discounted at credit-adjusted, risk-free rates, secured by restricted cash and cash equivalents[56](index=56&type=chunk)[57](index=57&type=chunk) [15. Shareholders' Equity and Capital Stock](index=19&type=section&id=15.%20Shareholders%27%20Equity%20and%20Capital%20Stock) Provides information on common shares, stock options, restricted share units, and warrants [Common shares](index=19&type=section&id=Common%20shares) Details the number of issued and outstanding common shares and basic/diluted losses per share - The number of issued and outstanding common shares increased from **364.1 million** at December 31, 2024, to **364.8 million** at June 30, 2025[58](index=58&type=chunk) - Basic and diluted losses per common share were **$0.06** for Q2 2025 and **$0.09** for YTD 2025[59](index=59&type=chunk) [Stock options](index=20&type=section&id=Stock%20options) Summarizes stock option activity and related stock-based compensation expense Stock Option Activity | Stock Option Activity | Options (Dec 31, 2024) | Options (June 30, 2025) | | :-------------------- | :----------------------- | :------------------------ | | Outstanding | 8,594,492 | 8,088,463 | | Exercised | — | (464,807) | | Forfeited | — | (41,222) | - Stock-based compensation expense from stock options was **$0.3 million** for the three months ended June 30, 2025, and **$0.5 million** for the six months ended June 30, 2025[62](index=62&type=chunk) - Approximately **$1.7 million** of unamortized expense remains, expected to be recognized over **2.0 years**[63](index=63&type=chunk) [Liability-classified stock options](index=21&type=section&id=Liability-classified%20stock%20options) Details the fair value and activity of liability-classified stock options Liability-classified Stock Option Activity (in thousands of U.S. dollars) | Liability-classified Stock Option Activity | Total | | :--------------------------------------- | :---- | | December 31, 2024 | 1,758 | | Stock compensation expense as adjusted | 152 | | Options exercised | (325) | | Increase (decrease) in liability due to fair value recalculations | (297) | | June 30, 2025 | 1,344 | - The fair value of liability-classified options as of June 30, 2025, was determined using the Black-Scholes model with expected lives ranging from **0.3 to 4.4 years** and volatility rates from **55.7% to 83.9%**[67](index=67&type=chunk) [Restricted share units](index=22&type=section&id=Restricted%20share%20units) Summarizes restricted share unit activity and associated compensation expense Restricted Share Unit Activity | Restricted Share Unit Activity | RSUs (Dec 31, 2024) | RSUs (June 30, 2025) | | :----------------------------- | :-------------------- | :--------------------- | | Outstanding | 1,069,645 | 757,324 | | Redeemed | — | (307,067) | | Forfeited | — | (5,254) | - Stock-based compensation expense from RSUs was **$0.1 million** for the three months ended June 30, 2025, and **$0.3 million** for the six months ended June 30, 2025[70](index=70&type=chunk) - Approximately **$0.5 million** of unamortized expense remains, expected to be recognized over **1.3 years**[71](index=71&type=chunk) [Warrants](index=23&type=section&id=Warrants) Provides details on outstanding warrants, their exercise price, and remaining contractual life Outstanding Warrants (June 30, 2025) | Metric | Value | | :-------------------------------- | :---------- | | Number of outstanding warrants | 39,041,000 | | Number of shares to be issued upon exercise | 19,520,500 | | Weighted average exercise price | $1.50 | | Weighted average remaining contractual life (years) | 0.6 | | Expiry Date | 2026-02-21 | - No warrants were exercised or issued in the six months ended June 30, 2025[74](index=74&type=chunk) - The fair value of warrants on their issue date was determined using the Black-Scholes model[74](index=74&type=chunk) [Fair value calculation assumptions for stock options and restricted share units](index=23&type=section&id=Fair%20value%20calculation%20assumptions%20for%20stock%20options%20and%20restricted%20share%20units) Explains the Black-Scholes model assumptions used for fair value calculations of equity instruments - The Company uses the Black-Scholes model for fair value calculations, estimating expected future volatility from historical trading data, risk-free rates from Canadian Benchmark Bond Yields, and historical experience for forfeitures and expected lives[75](index=75&type=chunk) - No dividends are expected[76](index=76&type=chunk) [16. Sales](index=24&type=section&id=16.%20Sales) Summarizes revenue generated from U3O8 sales and disposal fees for the reported periods Revenue Summary (in thousands of U.S. dollars) | Revenue Summary | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | U3O8 sales | 10,428 | 4,624 | 10,428 | 4,624 | | Disposal fees | 7 | 29 | 7 | 29 | | Total Sales | 10,435 | 4,653 | 10,435 | 4,653 | [17. Cost of Sales](index=24&type=section&id=17.%20Cost%20of%20Sales) Details the components of cost of sales, including product costs and inventory valuation adjustments Cost of Sales (in thousands of U.S. dollars) | Cost of Sales | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Lost Creek product costs | 8,397 | 3,127 | 8,397 | 3,127 | | Lower of cost or NRV adjustments | 98 | 200 | 2,696 | 1,339 | | Total Cost of Sales | 8,495 | 3,327 | 11,093 | 4,466 | - For the six months ended June 30, 2025, **$2.1 million** of the NRV adjustment related to non-produced inventory, compared to no non-produced NRV adjustments in the prior year[79](index=79&type=chunk) [18. Operating Costs](index=24&type=section&id=18.%20Operating%20Costs) Breaks down operating costs into exploration, development, general and administration, and accretion expenses Operating Costs (in thousands of U.S. dollars) | Operating Costs | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Exploration and evaluation | 1,161 | 1,025 | 2,205 | 1,928 | | Development | 14,062 | 10,090 | 23,805 | 21,642 | | General and administration | 2,199 | 1,452 | 4,372 | 4,021 | | Accretion of asset retirement obligations | 281 | 166 | 558 | 287 | | Total Operating Costs | 17,703 | 12,733 | 30,940 | 27,878 | [19. Supplemental Information for Statements of Cash Flows](index=26&type=section&id=19.%20Supplemental%20Information%20for%20Statements%20of%20Cash%20Flows) Provides additional details on cash and cash equivalents, restricted cash, and non-cash activities Cash and Cash Equivalents, and Restricted Cash and Cash Equivalents (in thousands of U.S. dollars) | Item | June 30, 2025 | June 30, 2024 | | :---------------------------------------------------------------- | :------------ | :------------ | | Cash and cash equivalents | 57,603 | 61,314 | | Restricted cash and cash equivalents | 11,256 | 10,757 | | Total Cash and Cash Equivalents, and Restricted Cash and Cash Equivalents | 68,859 | 72,071 | - Non-cash activities included **$1.4 million** in equipment purchases in accounts payable, a **$2.7 million** change in estimated reclamation costs, and **$0.4 million** related to stock option exercises affecting share capital and contributed surplus[84](index=84&type=chunk) [20. Financial Instruments](index=26&type=section&id=20.%20Financial%20Instruments) Discusses the company's financial instruments and exposure to interest rate, credit, and foreign currency risks - The Company's financial instruments include cash, receivables, payables, and derivative obligations, exposing it to interest rate, credit, and foreign currency risks[85](index=85&type=chunk) - Approximately **$68.2 million** of cash was at risk as of June 30, 2025, due to amounts exceeding deposit insurance limits, though no financial assets are considered impaired[86](index=86&type=chunk)[87](index=87&type=chunk) - The Company considers its currency risk to be low, with approximately **$2.1 million Canadian dollars** held for Canadian expenses[179](index=179&type=chunk) - Interest rate risk is also considered low after sensitivity analysis[181](index=181&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation](index=28&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operation) Management's perspective on financial condition, operational results, liquidity, and future outlook, including business overview and market updates [Business Overview](index=28&type=section&id=Business%20Overview) Describes Ur-Energy's core business in uranium recovery, Lost Creek operations, and Shirley Basin development - Ur-Energy Inc. is an exploration stage issuer engaged in uranium recovery and processing using in situ recovery (ISR) at its Lost Creek Project in Wyoming, which commenced production in 2013[89](index=89&type=chunk) - The Lost Creek facility is permitted for **1.2 million pounds U3O8/year** recovery and has a processing capacity of **2.2 million pounds U3O8 annually**[90](index=90&type=chunk) - The Company is developing its Shirley Basin Project, with a satellite plant expected to be commissioned in early 2026[90](index=90&type=chunk) - Ur-Energy has eight multi-year sales agreements anticipating sales of approximately **6.0 million pounds U3O8** between 2025 and 2033, with 2025 sales projected at **440,000 pounds U3O8**[90](index=90&type=chunk) [Industry and Market Update](index=29&type=section&id=Industry%20and%20Market%20Update) Provides an overview of U.S. nuclear energy policies, regulatory developments, and uranium market volatility - President Trump's Executive Orders in May 2025 aim to quadruple U.S. nuclear energy capacity by 2050 and accelerate the domestic nuclear industrial base[91](index=91&type=chunk) - The U.S. Department of Commerce is conducting a Section 232 investigation into critical mineral imports, including uranium, which could positively impact domestic producers[93](index=93&type=chunk) - The Department of Interior implemented 'Emergency Permitting Procedures' to expedite review and approval of energy projects, including uranium[95](index=95&type=chunk) - The uranium market has been volatile, with spot prices closing Q2 2025 at an average of **$78.50**, up from **$64.23** at Q1 close, but retracting to **$71.30** by July 31, 2025[98](index=98&type=chunk) [Mineral Rights and Properties](index=29&type=section&id=Mineral%20Rights%20and%20Properties) Details the operational status and development progress of the company's key mineral properties [Lost Creek Property](index=31&type=section&id=Lost%20Creek%20Property) Highlights Q2 2025 sales, production increases, and permit amendments for expansion at Lost Creek - In Q2 2025, Lost Creek sold **165,000 pounds U3O8** at **$63.20/pound**, generating **$10.4 million** in revenue[100](index=100&type=chunk) - Production increased, with **112,033 pounds** dried and packaged, and **105,316 pounds** shipped to the conversion facility[102](index=102&type=chunk) - The wellfield flow rate increased **27%** in Q2, and Header house 2-15 was brought online[102](index=102&type=chunk) - The Company received Wyoming Department of Environmental Quality (WDEQ) permit amendments and a U.S. Environmental Protection Agency aquifer exemption, allowing for the expansion of recovery operations into up to six additional mine units[103](index=103&type=chunk) [Shirley Basin](index=31&type=section&id=Shirley%20Basin) Reports on construction progress, wellfield development, and staffing increases at the Shirley Basin Project - Construction activities at Shirley Basin are progressing, with the compacted earthen pad for the satellite processing building complete, foundation construction initiated, and major plant components ordered[105](index=105&type=chunk) - The modular main office complex is substantially complete, and installation of two evaporation ponds is approximately **75% complete**[106](index=106&type=chunk) - Installation of production and injection wells in Mine Unit 1 (SBMU1) continues, with initial drilling, casing, and completion in the first three header houses[107](index=107&type=chunk) - The Company increased senior site management and construction and development staff by **17** in Q2[108](index=108&type=chunk) [Exploration Program](index=33&type=section&id=Exploration%20Program) Outlines planned exploration activities in the Great Divide Basin and aquifer testing at Lost Soldier - The Company plans to commence an exploration program in the Great Divide Basin (GDB) in Q3 2025, targeting new uranium roll fronts at its North Hadsell and LC South projects[111](index=111&type=chunk) - Additionally, aquifer test wells will be installed at the Lost Soldier Project to enhance hydrogeological understanding[111](index=111&type=chunk) [Sales Agreements](index=33&type=section&id=Sales%20Agreements) Describes multi-year sales agreements for U3O8, including pricing structures and delivery flexibility - Since 2022, Ur-Energy has secured eight multi-year sales agreements with global nuclear energy companies, anticipating sales of approximately **6.0 million pounds U3O8** between 2025 and 2033[112](index=112&type=chunk) - These agreements feature a mix of escalated fixed prices and market-related pricing, often with floor/ceiling provisions and flexibility clauses for delivery amounts[113](index=113&type=chunk) - A recent agreement calls for annual delivery of **100,000 pounds U3O8** in 2028, 2029, and 2030 at an escalated fixed price, with an option for an additional **100,000 pounds per year** at **99%** of the average monthly spot price[112](index=112&type=chunk) [Corporate Management Update](index=33&type=section&id=Corporate%20Management%20Update) Announces the appointment of Matthew D. Gili as President, supporting strategic growth initiatives - Matthew D. Gili was appointed as Ur-Energy's President on June 30, 2025, as part of the Company's succession planning and strategic growth initiatives[114](index=114&type=chunk) - Mr. Gili brings extensive C-suite and technical experience from publicly traded mining companies[115](index=115&type=chunk) [Results of Operations](index=34&type=section&id=Results%20of%20Operations) Analyzes the company's financial performance, including sales, costs, and profitability metrics [Reconciliation of Non-GAAP measures with US GAAP financial statement presentation](index=34&type=section&id=Reconciliation%20of%20Non-GAAP%20measures%20with%20US%20GAAP%20financial%20statement%20presentation) Reconciles non-GAAP metrics like U3O8 price and cost per pound sold to GAAP financial statements U3O8 Price and Cost per Pound Sold (Q2 2025) | Metric | Unit | 2025 Q2 | | :---------------------- | :--- | :------ | | U3O8 price per pound sold | $/lb | 63.20 | | U3O8 cost per pound sold | $/lb | 50.89 | - Non-GAAP measures for U3O8 sales and cost per pound exclude disposal fees and lower of cost or NRV adjustments, respectively, to provide a clearer view of core uranium product performance[117](index=117&type=chunk)[118](index=118&type=chunk) [U3O8 Product Sales](index=35&type=section&id=U3O8%20Product%20Sales) Details U3O8 sales volume, price per pound, and revenue projections for 2025 U3O8 Product Sales (Produced, Q2 2025) | Metric | Unit | 2025 Q2 | | :-------------------- | :--- | :------ | | Produced Sales | $000 | 10,428 | | Pounds Sold Produced | lb | 165,000 | | Price per Pound Sold Produced | $/lb | 63.20 | - In Q2 2025, the Company sold **165,000 produced pounds of U3O8** at **$63.20 per pound**[119](index=119&type=chunk) - Total sales for 2025 are projected at **440,000 pounds U3O8** at an average price of **$61.56 per pound**, expecting **$27.1 million** in revenue[120](index=120&type=chunk) - Remaining deliveries of **110,000 pounds** and **165,000 pounds** are expected in Q3 and Q4 2025, respectively[121](index=121&type=chunk) [U3O8 Product Costs](index=36&type=section&id=U3O8%20Product%20Costs) Analyzes the average cost per produced pound sold and the impact of non-produced inventory purchases U3O8 Cost per Pound Sold (Q2 2025) | U3O8 Cost per Pound Sold | Unit | 2025 Q2 | | :----------------------- | :--- | :------ | | Ad valorem and severance taxes | $/lb | 2.62 | | Cash costs | $/lb | 40.21 | | Non-cash costs | $/lb | 8.06 | | Produced | $/lb | 50.89 | - In Q2 2025, the average cost per produced pound sold was **$50.89**, which was lower than Q4 2024 (**$62.06**) due to increased production at Lost Creek[123](index=123&type=chunk) - In 2024, the Company purchased and borrowed **550,000 non-produced pounds** at an average cost of **$75.87 per pound** to meet delivery requirements and establish inventory[124](index=124&type=chunk) [U3O8 Product Profit (Loss)](index=37&type=section&id=U3O8%20Product%20Profit%20%28Loss%29) Examines the profit margin per produced pound sold and contrasts it with prior period performance U3O8 Profit (Loss) per Pound Sold (Q2 2025) | U3O8 Profit (Loss) per Pound Sold | Unit | 2025 Q2 | | :-------------------------------- | :--- | :------ | | Produced | $/lb | 12.31 | | Produced Profit Margin | % | 19.5 | | Cash costs Profit Margin | % | 36.4 | - In Q2 2025, the average profit per produced pound sold was **$12.31**, resulting in a **19.5% profit margin**[126](index=126&type=chunk) - This contrasts with an average loss of **$6.19 per pound sold** and an **11% loss margin** in 2024, primarily driven by the sale of high-cost non-produced pounds[127](index=127&type=chunk) [U3O8 Production and Ending Inventory](index=39&type=section&id=U3O8%20Production%20and%20Ending%20Inventory) Reports on U3O8 production volumes, changes in cost per pound, and inventory valuation adjustments U3O8 Production (Q2 2025 vs Q1 2025) | Metric | Unit | 2025 Q1 | 2025 Q2 | Change (%) | | :-------------- | :--- | :------ | :------ | :--------- | | Pounds captured | lb | 74,479 | 128,970 | +73% | | Pounds drummed | lb | 83,066 | 112,033 | +35% | - Increased production in Q2 2025 led to a decrease in cost per pound captured from **$20.18 to $13.66** and cost per pound drummed from **$45.89 to $36.34**[130](index=130&type=chunk) - Ending produced inventory value decreased from **$54.53/lb** in Q1 2025 to **$51.96/lb** in Q2 2025, reflecting lower average production costs[132](index=132&type=chunk) - NRV adjustments to produced inventory decreased from **$0.5 million** in Q1 2025 to **$0.1 million** in Q2 2025, with no adjustments in May or June, indicating improving production rates[133](index=133&type=chunk) [Three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024](index=42&type=section&id=Three%20and%20six%20months%20ended%20June%2030%2C%202025%2C%20compared%20to%20the%20three%20and%20six%20months%20ended%20June%2030%2C%202024) Compares financial performance metrics for the current and prior year interim periods [Sales](index=42&type=section&id=Sales) Compares sales revenue, U3O8 pounds sold, and average price per pound for the periods Sales Performance (Three Months Ended June 30, in thousands of U.S. dollars) | Metric | 2025 | 2024 | Change | | :------------------------ | :--- | :--- | :----- | | Sales | 10,435 | 4,653 | 5,782 | | U3O8 pounds sold | 165,000 | 75,000 | 90,000 | | U3O8 price per pound sold | 63.20 | 61.65 | 1.55 | [Cost of Sales](index=43&type=section&id=Cost%20of%20Sales) Analyzes changes in cost of sales, including product costs and NRV adjustments, between periods Cost of Sales (Three Months Ended June 30, in thousands of U.S. dollars) | Cost of Sales | 2025 | 2024 | Change | | :--------------------------- | :--- | :--- | :----- | | U3O8 product costs | 8,397 | 3,127 | 5,270 | | Lower of cost or NRV adjustments | 98 | 200 | (102) | | Total | 8,495 | 3,327 | 5,168 | - The increase in cost of sales was primarily due to the higher volume of U3O8 pounds sold[138](index=138&type=chunk) - NRV adjustments for produced inventory were lower in Q2 2025 (**$0.1 million**) compared to Q2 2024 (**$0.2 million**), reflecting increased production[139](index=139&type=chunk) [Gross Profit (Loss)](index=43&type=section&id=Gross%20Profit%20%28Loss%29) Compares gross profit performance, highlighting the impact of sales volume and cost per pound - Gross profit increased from **$1.3 million** in Q2 2024 to **$1.9 million** in Q2 2025, mainly driven by the significant increase in sales volume (**165,000 pounds** vs. **75,000 pounds**), despite a higher cost per pound sold[135](index=135&type=chunk)[140](index=140&type=chunk) [Operating Costs](index=43&type=section&id=Operating%20Costs) Analyzes changes in exploration, development, and general and administration expenses Operating Costs (Three Months Ended June 30, in thousands of U.S. dollars) | Operating Costs | 2025 | 2024 | Change | | :----------------------------- | :--- | :--- | :----- | | Exploration and evaluation | 1,161 | 1,025 | 136 | | Development | 14,062 | 10,090 | 3,972 | | General and administration | 2,199 | 1,452 | 747 | | Total | 17,703 | 12,733 | 4,970 | - Total operating costs increased by **$5.0 million** in Q2 2025 and **$3.1 million** for YTD 2025, primarily due to increased development activities at Lost Creek and Shirley Basin, including higher employee counts and related expenses[141](index=141&type=chunk)[143](index=143&type=chunk) - General and administration expenses also rose due to outside service costs and the revaluation of stock options as a liability[145](index=145&type=chunk) [Other Income and Expenses](index=45&type=section&id=Other%20Income%20and%20Expenses) Details interest income, interest expense, and mark-to-market gains or losses Other Income and Expenses (in thousands of U.S. dollars) | Item | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Interest income | 701 | 613 | 1,568 | 1,232 | | Interest expense | (290) | (33) | (556) | (164) | | Mark to market gain (loss) | (5,622) | 4,230 | (1,312) | 1,474 | - Mark-to-market adjustments resulted in significant losses in 2025 (**$5.6 million** for Q2, **$1.3 million** for YTD) compared to gains in 2024[147](index=147&type=chunk) - These losses were driven by increases in the Company's share price (affecting warrant liability revaluation) and the average U3O8 spot price (affecting uranium inventory loan revaluation)[147](index=147&type=chunk) [Earnings (loss) per Common Share](index=46&type=section&id=Earnings%20%28loss%29%20per%20Common%20Share) Compares basic and diluted earnings per common share for the reported periods Earnings (Loss) per Common Share | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Basic | (0.06) | (0.02) | (0.09) | (0.09) | | Diluted | (0.06) | (0.02) | (0.09) | (0.09) | - The diluted loss per common share was equal to the basic loss per common share due to the anti-dilutive effect of all convertible securities in periods of loss[148](index=148&type=chunk) [Liquidity and Capital Resources](index=46&type=section&id=Liquidity%20and%20Capital%20Resources) Assesses the company's financial flexibility, cash position, and funding strategies for operations and development [Universal Shelf Registration and At Market Facility](index=46&type=section&id=Universal%20Shelf%20Registration%20and%20At%20Market%20Facility) Describes the company's shelf registration and at-market facility for potential equity offerings - The Company has an effective universal shelf registration statement on Form S-3, allowing it to offer and sell up to **$175 million** in various securities[153](index=153&type=chunk) - An Amended Sales Agreement permits selling up to **$100 million** of common shares at market prices[154](index=154&type=chunk) - No sales were made under this agreement in the first six months of 2025[155](index=155&type=chunk) [2023 Underwritten Public Offering](index=46&type=section&id=2023%20Underwritten%20Public%20Offering) Summarizes the proceeds and terms of the 2023 underwritten public offering of common shares and warrants - In February 2023, the Company closed a **$46.1 million** underwritten public offering, issuing **39,100,000 common shares** and accompanying warrants[156](index=156&type=chunk) - Net proceeds after fees and expenses were approximately **$43.1 million**[157](index=157&type=chunk) [2024 Underwritten Public Offering](index=48&type=section&id=2024%20Underwritten%20Public%20Offering) Details the gross and net proceeds from the 2024 underwritten public offering of common shares - In July 2024, the Company closed an underwritten public offering, issuing a total of **65,722,500 common shares** at **$1.05 per share**, including the full exercise of the underwriters' option, generating gross proceeds of approximately **$69.0 million** and net proceeds of **$65.2 million**[158](index=158&type=chunk) [Liquidity Outlook](index=48&type=section&id=Liquidity%20Outlook) Projects future liquidity, including cash position, expected revenues, and capital expenditure plans - As of June 30, 2025, unrestricted cash was **$57.6 million**[159](index=159&type=chunk) - The Company projects **$27.1 million** in 2025 revenues from **440,000 pounds of U3O8** sales, with **$16.7 million** expected in Q3 and Q4[160](index=160&type=chunk) - Significant capital expenditures are planned for Shirley Basin (**$35.6 million** in 2025), to be funded by operating cash flow and existing cash, with potential for additional financing if needed[162](index=162&type=chunk)[163](index=163&type=chunk) [Looking Ahead](index=48&type=section&id=Looking%20Ahead) Outlines strategic priorities, including Shirley Basin development, Lost Creek production, and exploration programs - Ur-Energy is focused on advancing Shirley Basin construction for a 2026 production ramp-up, increasing production at Lost Creek (**112,033 pounds U3O8** drummed in Q2 2025), and restarting exploration programs[164](index=164&type=chunk)[165](index=165&type=chunk) - The Company aims to diversify production sources and maintain its position as a leading U.S. uranium producer, supported by multi-year sales agreements and a cash position of **$49.1 million** as of July 31, 2025[168](index=168&type=chunk)[169](index=169&type=chunk)[170](index=170&type=chunk)[171](index=171&type=chunk) - At Lost Creek, Header house 2-15 was brought online in late June 2025 (fourth in 2025), and planned header houses in MU1 Phase 2 are expected online in Q4 2025[167](index=167&type=chunk) [Transactions with Related Parties](index=50&type=section&id=Transactions%20with%20Related%20Parties) Confirms no reportable transactions with related parties occurred during the quarter - There were no reportable transactions with related parties during the quarter ended June 30, 2025[172](index=172&type=chunk) [Proposed Transactions](index=50&type=section&id=Proposed%20Transactions) States the company's continuous evaluation of potential merger, acquisition, and investment opportunities - The Company continuously evaluates potential merger, acquisition, investment, and venture transactions to enhance shareholder value, with timely disclosure made as reportable events arise[173](index=173&type=chunk) [Critical Accounting Estimates](index=50&type=section&id=Critical%20Accounting%20Estimates) Confirms no significant changes to critical accounting estimates from the prior annual report - There have been no significant changes to the critical accounting estimates disclosed in the Company's 2024 Form 10-K[174](index=174&type=chunk) [Off Balance Sheet Arrangements](index=50&type=section&id=Off%20Balance%20Sheet%20Arrangements) States the absence of material off-balance sheet arrangements, such as guaranteed contracts or derivatives - The Company has not entered into any material off-balance sheet arrangements, such as guaranteed contracts, contingent interests in assets transferred to unconsolidated entities, or derivative instrument obligations[175](index=175&type=chunk) [Outstanding Share Data](index=50&type=section&id=Outstanding%20Share%20Data) Provides details on common shares and options outstanding as of July 31, 2025 Outstanding Share Data (as of July 31, 2025) | Metric | Value | | :-------------------------- | :---------- | | Common shares outstanding | 364,828,165 | | Options to acquire common shares | 8,079,558 | [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=52&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) Discusses exposure to market risks, including interest rate, credit, currency, liquidity, and commodity price fluctuations [Market risk](index=52&type=section&id=Market%20risk) Defines market risk as the potential adverse financial impact from changes in interest rates and foreign currency - Market risk is the risk of adverse financial impact due to changes in the fair value or future cash flows of financial instruments because of fluctuations in interest rates and foreign currency exchange rates[177](index=177&type=chunk) [Credit risk](index=52&type=section&id=Credit%20risk) Addresses credit risk from cash balances exceeding insurance limits, while noting no impaired financial assets - The Company is exposed to credit risk from cash and cash equivalents held in financial institutions, with approximately **$68.2 million** uninsured as of June 30, 2025[178](index=178&type=chunk) - However, the Company does not consider any of its financial assets to be impaired[178](index=178&type=chunk) [Currency risk](index=52&type=section&id=Currency%20risk) Assesses currency risk as low, primarily due to Canadian dollar holdings for operational expenses - The Company maintains approximately **$2.1 million Canadian dollars** for Canadian expenses, which is considered a low currency risk[179](index=179&type=chunk) [Liquidity risk](index=52&type=section&id=Liquidity%20risk) Evaluates the company's ability to meet current financial liabilities with available cash and inventory - As of June 30, 2025, the Company's current financial liabilities totaled approximately **$24.0 million**, including accounts payable, current lease liabilities, and the inventory loan[180](index=180&type=chunk) - This is offset by **$57.6 million** in cash and cash equivalents and **$20.9 million** in inventory[180](index=180&type=chunk) [Interest rate risk](index=52&type=section&id=Interest%20rate%20risk) Concludes that interest rate risk is low following a comprehensive sensitivity analysis - The Company has completed a sensitivity analysis and considers its interest rate risk to be low[181](index=181&type=chunk) [Commodity Price Risk](index=52&type=section&id=Commodity%20Price%20Risk) Discusses exposure to uranium price volatility influenced by demand, geopolitics, and production levels - The Company is subject to market risk related to the price of uranium, which is influenced by demand for nuclear power, political/economic conditions, governmental legislation, and production levels[182](index=182&type=chunk) - The average spot market price was **$71.30 per pound U3O8** as of July 31, 2025[182](index=182&type=chunk) [Item 4. Controls and Procedures](index=52&type=section&id=Item%204.%20Controls%20and%20Procedures) Management evaluated disclosure controls and procedures, concluding effectiveness with no material changes in internal controls [Evaluation of Disclosure Controls and Procedures](index=52&type=section&id=Evaluation%20of%20Disclosure%20Controls%20and%20Procedures) Reports on the CEO and CFO's conclusion regarding the effectiveness of disclosure controls and procedures - As of June 30, 2025, the Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures were effective in ensuring timely and accurate reporting of information required under the Exchange Act[183](index=183&type=chunk)[184](index=184&type=chunk) [Changes in Internal Controls over Financial Reporting](index=54&type=section&id=Changes%20in%20Internal%20Controls%20over%20Financial%20Reporting) States that no material changes occurred in internal controls over financial reporting during the quarter - No changes in internal controls over financial reporting occurred during the three months ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting[185](index=185&type=chunk) [PART II – OTHER INFORMATION](index=54&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) Presents additional information not covered in Part I, including legal, risk, and control disclosures [Item 1. Legal Proceedings](index=54&type=section&id=Item%201.%20Legal%20Proceedings) There were no new legal proceedings or material developments in pending proceedings during the quarter ended June 30, 2025 - No new legal proceedings or material developments in pending proceedings were reported[187](index=187&type=chunk) [Item 1A. Risk Factors](index=54&type=section&id=Item%201A.%20Risk%20Factors) As of June 30, 2025, there have been no material changes from the risk factors disclosed in the company's Annual Report on Form 10-K - No material changes from the risk factors set forth in the Annual Report on Form 10-K as of June 30, 2025[188](index=188&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=54&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities or use of proceeds to report during the quarter - None[189](index=189&type=chunk) [Item 3. Defaults Upon Senior Securities](index=54&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) There were no defaults upon senior securities to report during the quarter - None[190](index=190&type=chunk) [Item 4. Mine Safety Disclosure](index=54&type=section&id=Item%204.%20Mine%20Safety%20Disclosure) The company's operations and exploration activities at Lost Creek are not subject to regulation by the federal Mine Safety and Health Administration - Operations and exploration activities at Lost Creek are not subject to regulation by the federal Mine Safety and Health Administration[191](index=191&type=chunk) [Item 5. Other Information](index=54&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements during the quarter ended June 30, 2025 - No directors or officers adopted or terminated a 'Rule 10b5-1 trading arrangement' or 'non-Rule 10b5-1 trading arrangement' during the quarter ended June 30, 2025[192](index=192&type=chunk) [Item 6. Exhibits](index=55&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications from the CEO and CFO (pursuant to Sections 302 and 906 of Sarbanes-Oxley Act) and Inline XBRL documents - Exhibits include CEO and CFO certifications pursuant to Exchange Act Rules 13a-14 and 15d-14 (Section 302) and 18 U.S.C. Section 1350 (Section 906), as well as various Inline XBRL documents[194](index=194&type=chunk) [SIGNATURES](index=56&type=section&id=SIGNATURES) Confirms the official signing of the report by the Chief Executive Officer and Chief Financial Officer - The report was duly signed on August 5, 2025, by John W. Cash, Chief Executive Officer, and Roger L. Smith, Chief Financial Officer[195](index=195&type=chunk)[196](index=196&type=chunk)[197](index=197&type=chunk)

Core Viewpoint - Ur Energy (URG) is anticipated to report a year-over-year increase in earnings driven by higher revenues for the quarter ended June 2025, with the consensus outlook indicating a potential impact on its near-term stock price based on actual results compared to estimates [1][2]. Financial Expectations - The consensus estimate suggests Ur Energy will post a quarterly loss of $0.01 per share, reflecting a year-over-year change of +66.7%. Revenues are projected to be $10.4 million, representing a significant increase of 123.7% from the same quarter last year [3]. - The Most Accurate Estimate for Ur Energy aligns with the Zacks Consensus Estimate, resulting in an Earnings ESP of 0%, indicating no recent analyst revisions that differ from the consensus [12]. Estimate Revisions and Predictions - The consensus EPS estimate has remained unchanged over the last 30 days, indicating stability in analyst assessments [4]. - A positive Earnings ESP is generally a strong predictor of an earnings beat, especially when combined with a favorable Zacks Rank. Stocks with this combination have historically produced a positive surprise nearly 70% of the time [10]. Historical Performance - Ur Energy has not been able to beat consensus EPS estimates in any of the last four quarters, with the last reported quarter showing an expected loss of $0.03 per share, which matched the actual result, resulting in no surprise [13][14]. Industry Context - Another company in the mining sector, MP Materials Corp. (MP), is expected to report a loss of $0.16 per share for the same quarter, with revenues anticipated at $45.38 million, up 45.2% year-over-year. However, it also faces challenges with a negative Earnings ESP of -7.94% [18][19].

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]

Production and Sales Performance - The company captured over 3.0 million pounds of U3O8 since operations began at Lost Creek in 2013, with 265,746 pounds captured in 2024, up from 103,487 pounds in 2023 [264][265]. - In Q4 2024, the average production solution head grade was 66.2 mg/L, with approximately 81,771 pounds of U3O8 captured [265]. - The company sold 570,000 pounds of U3O8 in 2024, generating sales proceeds of $33.1 million [276]. - U3O8 sales increased from $17.3 million in 2023 to $33.1 million in 2024, with pounds sold rising from 280,000 to 570,000 [302][306]. - The company delivered 570,000 pounds of U3O8 in 2024 at an average price of $58.15, compared to 280,000 pounds at $61.89 in 2023 [330]. - The company shipped 239,849 pounds in 2024, with the first shipment occurring on February 27, 2024, totaling 35,445 pounds [319]. Financial Performance - Sales for the year ended December 31, 2024, were $33.7 million, a significant increase from $17.7 million in 2023, reflecting a change of $16.0 million [329]. - Cost of sales rose to $42.7 million in 2024 from $19.4 million in 2023, resulting in a gross loss of $9.0 million compared to a gross loss of $1.7 million in the previous year [332][334]. - Net loss for 2024 was $53.2 million, an increase of $22.5 million from the net loss of $30.7 million in 2023 [329]. - The basic and diluted loss per common share was $0.17 in 2024, compared to $0.12 in 2023 [342]. - Cash and cash equivalents increased from $68.2 million at the end of 2023 to $87.1 million by December 31, 2024 [344]. - Financing activities generated $99.9 million in 2024, including $65.2 million from an equity financing and $27.8 million from the sale of common shares [347]. Production Costs and Pricing - The average U3O8 price per pound sold decreased from $61.89 in 2023 to $58.15 in 2024, influenced by lower contract prices for some deliveries [306][307]. - U3O8 production costs rose significantly from $30.99 per pound in 2023 to $64.34 per pound in 2024, reflecting increased operational costs [310]. - The cost per pound for produced U3O8 increased from $28.04 in 2023 to $51.53 in 2024, reflecting rising operational costs [318]. Operational Developments - The company anticipates bringing several header houses online in 2025, advancing toward full plant capacity production at Lost Creek [266]. - The company initiated the buildout of the Shirley Basin in situ recovery facility in early 2024, completing the installation of 125 monitor wells [284][285]. - The company plans to begin drilling and wellfield development in Q2 2025, with six drill rigs anticipated on site [291]. - Construction at the Shirley Basin site is expected to be completed by late 2025, with pre-operation inspections to follow [289]. - The company has begun hiring management and construction staff for the Shirley Basin project, with additional hires planned throughout the year [292]. Regulatory and Market Developments - The company has secured seven multi-year sales agreements with global nuclear purchasers, projecting sales of 440,000 pounds of U3O8 in 2025 [283]. - The U.S. Department of Energy awarded contracts worth up to $2.7 billion for enrichment services to develop HALEU for small modular nuclear reactors over the next ten years [259]. - The company expects to receive regulatory approvals for the LC East and KM horizon amendment during H1 2025, which will increase the license limit for annual plant production to 2.2 million pounds of U3O8 [273][274]. Inventory and Adjustments - The company ended 2024 with 39,169 pounds in-process, 33,919 pounds drummed, and 262,239 pounds at the conversion facility, including 250,000 purchased pounds [322]. - The total NRV adjustments in 2024 amounted to $6.0 million, down from $10.7 million in 2023, indicating improved inventory valuation [322]. - The company purchased and borrowed 550,000 non-produced pounds at an average cost of $75.87 per pound to meet delivery requirements for 2024 [326]. Capital and Investment Activities - The company closed a public offering of 57,150,000 common shares at $1.05 per share, raising approximately $69.0 million in gross proceeds, with net proceeds of about $65.2 million after fees [294]. - The company incurred $9.0 million in investing activities, primarily for operating equipment at Lost Creek and construction at Shirley Basin [346]. - Anticipated capital expenditures at Shirley Basin are approximately $38.2 million, funded by operating cash flow and cash on hand [360].