Financial Position - As of March 31, 2024, Ur-Energy had cash resources of $53.9 million, a decrease of $5.8 million from $59.7 million on December 31, 2023[6]. Production and Sales - In Q1 2024, Ur-Energy captured approximately 38,221 pounds, dried and packaged 39,229 pounds, and shipped 35,445 pounds of U3O8[4]. - The company has secured six sales agreements with global nuclear purchasers, projecting total deliveries of 5,720,000 pounds U3O8 from 2024 to 2030[5]. - Ur-Energy expects 2024 production from MU2 to be between 550,000 and 650,000 pounds U3O8, with anticipated revenues of $33.1 million from contracts negotiated in 2022[15][16]. - The company aims to deliver on sales contracts and build inventory, with a focus on favorable uranium sales agreements, including spot sales when warranted[25]. Market Conditions - Uranium spot prices averaged approximately $94 per pound U3O8 in Q1 2024, with term pricing increasing from $68 per pound in December 2023 to $78 per pound by the end of March 2024[17]. - The potential impact of a ban on Russian uranium is being monitored, which could affect the uranium market[25]. Production Capacity and Expansion - The company plans to nearly double its annual permitted mine production to 2.2 million pounds U3O8 by building a satellite facility at the Shirley Basin Project, with initial production expected to commence in 2026[19][20]. - Ur-Energy is advancing production at Lost Creek and exploring opportunities to expand its U.S. based production portfolio[3]. - The company is exploring both organic and inorganic growth opportunities to expand its production portfolio[25]. Operational Efficiency - Ur-Energy's gross profit margin for U3O8 produced in Q4 2023 was approximately 53.6%[11]. - The company has experienced consistent drying and packaging operations, with 29,497 pounds U3O8 drummed since the end of Q1 2024[15]. - The company is focused on maintaining safe and compliant operations at Lost Creek and increasing production levels in a timely and cost-effective manner[25]. - The company is committed to maintaining safe and compliant operations while monitoring market conditions for potential growth opportunities[22][23]. - There are ongoing efforts to address supply chain challenges for equipment and supplies at both Lost Creek and Shirley Basin[25].

Ur-Energy Inc. (NYSE:URG) Q1 2024 Earnings Conference Call May 8, 2024 10:00 AM ET Company Participants Penne Goplerud - Investor Relations John Cash - Chairman of the Board, Chief Executive Officer & President Roger Smith - Chief Financial Officer Steve Hatten - Chief Operating Officer Conference Call Participants Heiko Ihle - H.C. Wainwright Matthew Key - B. Riley Securities Joseph Reagor - ROTH MKM Operator Good day and welcome to the Ur-Energy 2024 First Quarter Earnings Call. At this time, all particip ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED March 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD OF _________ TO _________. Commission File Number: 001-33905 UR-ENERGY INC. (Exact name of registrant as specified in its charter) State or other jurisdiction of inco ...

Production and Sales - In 2023, the company captured approximately 103,487 pounds of U3O8, with Q4 production accounting for 68,448 pounds and an average production grade of 93.9 mg/l U3O8[245]. - The company sold 280,000 pounds of U3O8 in 2023 for total revenues of $17.3 million, with an average sales price of $61.89 per pound[257]. - Projected sales for 2024 are expected to reach 570,000 pounds of U3O8, based on contracts established in 2022 when long-term prices were below $60 per pound[246]. - The company has secured multiple sales agreements, providing for deliveries totaling 5,620,000 pounds of U3O8 from 2024 to 2030[263]. - U3O8 sales included 100,000 pounds delivered to the U.S. DOE at an average price of $64.47 per pound in Q1 2023[283]. - In 2023, the company sold a total of 280,000 pounds of U3O8, generating revenues of $17.3 million, with an average price per pound sold of $61.89[305]. - Uranium production in 2024 is expected to be between 650,000 and 750,000 pounds, with approximately 600,000 to 700,000 pounds U3O8 drummed and packaged during the year[339]. - Contractual commitments for deliveries of 570,000 pounds U3O8 are secured for 2024, with plans to build inventory at the conversion facility[340]. - The company has signed four agreements for annual deliveries of U3O8 ranging from 100,000 to 350,000 pounds from 2026 through 2030, with a potential flexibility of ten percent in annual quantity[343]. - A fifth U3O8 sales agreement has been secured, committing to deliver 50,000 pounds in 2026 and 200,000 pounds annually from 2027 to 2030, with fixed prices escalating from the base agreed price[344]. Financial Performance - The average cost per pound sold for U3O8 in 2023 was $30.99, with a total cost of sales amounting to $8.676 million[287]. - The cost of sales for 2023 was $19.4 million, which included NRV adjustments, compared to $6.9 million in 2022[306]. - The gross profit per pound sold in 2023 was $30.90, resulting in an average gross profit margin of nearly 50%[290]. - The company reported a net loss of $30.7 million for 2023, an increase of $13.5 million compared to the previous year[303]. - The gross loss for 2023 was $1.7 million, a significant improvement from a gross loss of $6.8 million in 2022[303]. - Total operating costs increased by $16.2 million in 2023, primarily driven by a $15.7 million rise in development costs due to ramp-up activities at Lost Creek[310]. - Cash resources as of December 31, 2023, were $59.7 million, an increase of $26.7 million from $33.0 million on December 31, 2022[320]. - The company generated $46.1 million from financing activities in 2023, with net proceeds of $43.1 million from a public offering in February 2023[334]. - The company has a cash position of $66.2 million as of February 29, 2024, and anticipates profitable sales prices under existing contracts[348]. - Current financial liabilities as of December 31, 2023, include accounts payable and accrued liabilities of $2.4 million and notes payable of $5.7 million[356]. Market Conditions - Spot prices for uranium increased by 90% from the year-end 2022 price of $47.68 to over $90 per pound by December 2023[242]. - Term market prices rose nearly 40% from year-end 2022 to $72 per pound by January 31, 2024, reflecting strong demand from utilities[244]. - Uranium spot prices averaged approximately $63 per pound U3O8 in 2023, reaching highs above $90 per pound during the year, and have returned to prices over $100 per pound in early 2024[341]. - The company has seen a dramatic increase in requests for proposals (RFPs) for uranium sales from global utilities, responding with increasing prices due to market improvements[342]. - The average spot market price for uranium was $95.00 per pound as of February 29, 2024, indicating market fluctuations that could impact future sales[361]. Production Capacity and Projects - The company has received regulatory approval to increase annual plant production limits to 2.2 million pounds of U3O8, including wellfield production of up to 1.2 million pounds[254]. - The Lost Creek project has faced challenges with staffing and equipment issues, but improvements in retention and training are expected to enhance production rates[250]. - The Shirley Basin project is fully permitted and plans to construct a satellite plant, with an estimated production capacity of one million pounds of U3O8 per year[265]. - The company plans to initiate a drilling program at Shirley Basin in 2024, with an estimated 24-month timeline for construction and development activities[266]. - The company is advancing activities at the Shirley Basin Project, with all major permits in place, aiming to shorten construction time upon a decision to proceed[345]. - The company is monitoring uranium markets for opportunities to establish additional off-take sales contracts to justify further production expansion[349]. Technology and Innovation - The company achieved a 49% potential savings on well installation costs for injection wells through new technology[270]. - Phase One field testing of new injection well materials was completed in 2022, with Phase Two testing scheduled for 2024[269]. - The company anticipates a 90% reduction in disposed water through an advanced water treatment system, with detailed engineering plans expected in 2024[271]. - The new multipurpose central services facility in Casper was completed in mid-2023, enhancing operational efficiency and reducing emissions[274]. - The company continues to pursue R&D projects aimed at cost-effective technology for uranium extraction, with a focus on injection wells[269]. Debt and Liabilities - The company plans to prepay all remaining amounts on the State Bond Loan by April 1, 2024[273]. - The company expects to resume principal payments on its State Bond Loan, with a remaining balance of $5.7 million as of December 31, 2023[324]. - The warrant liability increased significantly in 2023, resulting in a loss of $1.6 million compared to a gain of $1.8 million in 2022[316]. - The company has not entered into any material off-balance sheet arrangements as of December 31, 2023[351].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD OF _________ TO _________. Commission File Number: 001-33905 UR-ENERGY INC. (Exact name of registrant as specified in its charter) State or other jurisdiction of ...

Financial Data and Key Metrics Changes - As of August 3, the company reported $63.7 million in cash and an inventory of 223,790 pounds of uranium, with expectations to ship the first load of yellowcake in Q4 [68] - For 2023, the company anticipates total revenue of $17.3 million, with a gross profit margin expected to exceed 40% [30][68] - The company has three multiyear contracts in place with average pricing of about $62 per pound, projected to generate approximately $220 million in revenue [45] Business Line Data and Key Metrics Changes - The Lost Creek mine has a licensed production capacity of 1.2 million pounds per year, while the processing plant is licensed for 2.2 million pounds per year [17] - The Shirley Basin mine is licensed for 1 million pounds per year, with plans to build a satellite facility to expedite production [4][17] - The company is ramping up production at Lost Creek, with Header House 2-4 in full production and plans to bring Header House 2-5 online in September [10][28] Market Data and Key Metrics Changes - The demand for nuclear fuel is projected to grow significantly as countries seek carbon-free energy sources and energy independence [6] - The geopolitical landscape has increased uranium prices, with a bifurcated market emerging where U.S. production commands a premium over other sources [48][49] - The company noted that the U.S. has limited ability to replace Russian processing and Kazakhstan's mine supplies, adding to supply chain risks [23][24] Company Strategy and Development Direction - The company aims to ramp up production at Lost Creek and develop Shirley Basin as long-term contracts justify [46] - The strategy includes leveraging existing resources and minimizing capital expenditures by processing resin from Shirley Basin at Lost Creek [4][17] - The company is focused on maintaining a disciplined approach to mergers and acquisitions, prioritizing projects that can progress to economic production [85] Management's Comments on Operating Environment and Future Outlook - Management highlighted strong public and government support for nuclear energy in Wyoming, which is beneficial for operations [68] - The company is optimistic about the future of uranium mining, citing increasing interest from global players and legislative support for nuclear energy [74][37] - Management expressed concerns about the recent U.S. government moratorium on mining in certain areas, emphasizing the minimal impact of in-situ mining technology [82] Other Important Information - The company has a well-established reputation as a low-cost producer, with average recovery rates of 90% compared to the U.S. industry average of 60% to 80% [27] - The company is actively working on research and development to improve operational efficiency, including advanced water treatment systems [29] - The company has a ready-to-sell inventory of 224,000 pounds, positioning it well to capitalize on market opportunities [46] Q&A Session Summary Question: Thoughts on future market dynamics and long-term offtake agreements - Management noted that U.S. utilities are becoming more profitable and are interested in diversifying their offtake agreements to mitigate risks [34] Question: Scalability of the U.S. DOE uranium reserve - Management expressed hope to participate in the DOE uranium reserve program if additional funding is allocated, emphasizing their capacity at Lost Creek and Shirley Basin [76] Question: Impact of U.S. government decisions on mining - Management criticized the recent moratorium on mining, stating it was a wrong move but noted that existing claims would be honored [82] Question: Interest in market-related contracts - Management confirmed interest in market-related contracts as prices improve, indicating flexibility in negotiations with utilities [94]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED June 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD OF _________ TO _________. Commission File Number: 001-33905 UR-ENERGY INC. (Exact name of registrant as specified in its charter) State or other jurisdiction of incor ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED March 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD OF _________ TO _________. Commission File Number: 001-33905 UR-ENERGY INC. (Exact name of registrant as specified in its charter) State or other jurisdiction of inco ...

Part I [Items 1 and 2. Business and Properties](index=7&type=section&id=Items%201%20and%202.%20Business%20and%20Properties) Ur-Energy is a US-based uranium mining company focused on ISR operations at its Lost Creek and Shirley Basin projects, currently ramping up production to fulfill new sales agreements [Overview and Corporate Structure](index=7&type=section&id=Overview%20and%20Corporate%20Structure) Ur-Energy, a Canadian corporation operating through US subsidiaries, specializes in ISR uranium mining at its Lost Creek and Shirley Basin projects, with production ramping up to meet new sales commitments - The company engages in uranium mining, recovery, and processing, with its first ISR mine, the Lost Creek Project, commencing operations in **2013**[26](index=26&type=chunk) - In December 2022, the company decided to ramp up production to fulfill new sales commitments of **600,000 pounds of U3O8 annually**, starting in **2024**[27](index=27&type=chunk)[34](index=34&type=chunk) - Despite commencing production in 2013, the company is classified as an "exploration stage issuer" due to the absence of established proven or probable mineral reserves[28](index=28&type=chunk) - The Lost Creek processing facility has a licensed capacity of up to **2.2 million pounds of U3O8 per year**, with approximately **1.2 million pounds** from its own wellfields, providing excess capacity for future projects[42](index=42&type=chunk) [Our Mineral Properties](index=10&type=section&id=Our%20Mineral%20Properties) Ur-Energy's primary mineral properties, Lost Creek and Shirley Basin in Wyoming, hold significant Measured, Indicated, and Inferred uranium resources Mineral Resources Summary (as of 12/31/2021) | Project | Category | Avg Grade (% eU3O8) | Short Tons (X 1000) | Pounds (X 1000) | | :--- | :--- | :--- | :--- | :--- | | **Lost Creek Property** | Measured | 0.048 | 7,115 | 6,887 | | | Indicated | 0.046 | 5,523 | 5,027 | | | **M&I Total** | | **12,638** | **11,914** | | | Inferred | 0.044 | 7,512 | 6,607 | | **Shirley Basin Project** | Measured | 0.275 | 1,367 | 7,521 | | | Indicated | 0.118 | 549 | 1,295 | | | **M&I Total** | | **1,916** | **8,816** | | | Inferred | - | - | - | - The Lost Creek Property comprises the operational Lost Creek Project and five adjoining projects, encompassing approximately **35,400 acres**[45](index=45&type=chunk)[66](index=66&type=chunk) - The Shirley Basin Project is fully permitted for construction and operation, with plans to install the first monitor well ring in **H1 2023**[36](index=36&type=chunk)[102](index=102&type=chunk) [Competition, Mineral Prices, and Regulations](index=23&type=section&id=Competition%2C%20Mineral%20Prices%2C%20and%20Regulations) The uranium industry is highly competitive with volatile prices, and the company's operations are subject to extensive and costly environmental and mining regulations Uranium Year-End Prices (US$/lb U3O8) | Price Type | 2020 | 2021 | 2022 | | :--- | :--- | :--- | :--- | | Spot Price | $30.20 | $42.05 | $47.68 | | Long-Term Price | $35.00 | $42.75 | $52.00 | - Competition includes larger, more established, and state-owned companies, posing challenges in securing sales agreements and property acquisitions[125](index=125&type=chunk) - Operations are subject to extensive laws and regulations from multiple authorities, imposing substantial costs and potential liabilities[130](index=130&type=chunk)[131](index=131&type=chunk)[135](index=135&type=chunk) [Human Resources and Corporate Information](index=26&type=section&id=Human%20Resources%20and%20Corporate%20Information) As of December 31, 2022, Ur-Energy employed 40 staff across its US corporate and operational offices, with ongoing hiring to support the Lost Creek production ramp-up - As of December 31, 2022, Lost Creek ISR, LLC employed **26 full-time staff** at the Lost Creek Project, and Ur-Energy USA had **14 employees** (10 full-time, 4 part-time)[145](index=145&type=chunk) - Hiring has been ongoing since **Q4 2021** to support construction, development, and the production ramp-up at Lost Creek[146](index=146&type=chunk) [Item 1A. Risk Factors](index=27&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant market, operational, regulatory, financial, and share-related risks, including price volatility, competition, and the need for additional capital - Market risks include volatile uranium prices, competition from state-owned enterprises, and reliance on a limited number of customers for sales contracts[155](index=155&type=chunk)[157](index=157&type=chunk)[158](index=158&type=chunk) - Operational risks arise from commencing production without established mineral reserves, increasing economic and technical uncertainty, and the inherent hazards of mining[167](index=167&type=chunk)[166](index=166&type=chunk) - Regulatory risks include extensive and evolving environmental laws that can delay projects and increase costs[164](index=164&type=chunk)[174](index=174&type=chunk)[177](index=177&type=chunk) - Financial risks include the need to raise additional capital, restrictive covenants in its State Bond Loan, and potential default if unable to service debt[187](index=187&type=chunk)[188](index=188&type=chunk)[189](index=189&type=chunk) - The company may be classified as a Passive Foreign Investment Company (PFIC), potentially resulting in adverse U.S. federal income tax consequences for U.S. shareholders[198](index=198&type=chunk) [Item 1B. Unresolved Staff Comments](index=47&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments - None [Item 3. Legal Proceedings](index=47&type=section&id=Item%203.%20Legal%20Proceedings) The company reports no legal proceedings - None [Item 4. Mine Safety Disclosure](index=47&type=section&id=Item%204.%20Mine%20Safety%20Disclosure) The company's Lost Creek operations are not subject to Federal Mine Safety and Health Administration (MSHA) regulation - The company's operations are not subject to regulation by the Federal Mine Safety and Health Administration (MSHA)[219](index=219&type=chunk) Part II [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=48&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Ur-Energy's common shares trade on the NYSE American and TSX, with **264.7 million** shares outstanding as of March 1, 2023, and no dividends paid or planned - Common shares are listed on the NYSE American (URG) and Toronto Stock Exchange (URE)[220](index=220&type=chunk) - As of March 1, 2023, **264,726,804 common shares** were issued and outstanding[220](index=220&type=chunk) - The company has not paid dividends and has no current plans to do so[222](index=222&type=chunk) [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=49&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2022, Ur-Energy secured new sales contracts, prompting a production ramp-up at Lost Creek, resulting in a **$17.1 million** net loss, with liquidity significantly boosted by a **$46.1 million** equity offering in early 2023 [2022 Developments](index=50&type=section&id=2022%20Developments) Key 2022 developments included securing multi-year sales agreements for **600,000 lbs U3O8** annually, initiating a production ramp-up at Lost Creek, and completing a **$46.1 million** equity financing post-year-end - Secured new multi-year sales agreements for annual delivery of **600,000 pounds of U3O8** beginning in **2024**, plus a **2023** delivery of **180,000 pounds**[235](index=235&type=chunk)[241](index=241&type=chunk)[242](index=242&type=chunk) - Awarded a contract to sell **100,000 pounds of U3O8** to the DOE National Nuclear Security Administration at **$64.47 per pound**, delivered in **January 2023**[243](index=243&type=chunk) - Continued construction and development in Mine Unit 2 at Lost Creek, installing wells for the fourth and fifth header houses to facilitate the production ramp-up[237](index=237&type=chunk) - Subsequent to year-end, closed an underwritten public offering in **February 2023**, raising gross proceeds of approximately **$46.1 million**[254](index=254&type=chunk) [Results of Operations](index=54&type=section&id=Results%20of%20Operations) In 2022, Ur-Energy reported a net loss of **$17.1 million**, an improvement from **$22.9 million** in 2021, primarily due to a **$1.8 million** gain on warrant liability revaluation and increased operating costs from Lost Creek development Consolidated Results of Operations (in thousands) | | Year Ended Dec 31, 2022 | Year Ended Dec 31, 2021 | Change | | :--- | :--- | :--- | :--- | | Sales | $19 | $16 | $3 | | Gross loss | $(6,842) | $(6,984) | $142 | | Loss from operations | $(19,794) | $(16,757) | $(3,037) | | Net loss | $(17,140) | $(22,938) | $5,798 | | Loss per common share | $(0.08) | $(0.12) | $0.04 | U3O8 Production and Inventory | Metric | Unit | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | :--- | | Pounds captured | lb | 325 | 251 | 10,789 | | Ending Inventory | lb | 325,147 | 284,859 | 284,661 | | Ending Inventory Value | $000 | $9,903 | $7,923 | $7,814 | | Avg. Cost/lb (Total) | $/lb | $30.46 | $27.81 | $27.45 | - Operating costs increased by **$3.2 million** in **2022**, primarily due to a **$2.8 million** increase in development expenses for drilling and supplies at Lost Creek's Mine Unit 2[272](index=272&type=chunk)[273](index=273&type=chunk)[274](index=274&type=chunk) - The company recognized a **$1.8 million** gain on warrant liability revaluation in **2022**, compared to a **$6.0 million** loss in **2021**, significantly impacting the net loss comparison[277](index=277&type=chunk) [Liquidity and Capital Resources](index=58&type=section&id=Liquidity%20and%20Capital%20Resources) Cash resources decreased to **$33.0 million** by December 31, 2022, primarily due to operating activities, but were significantly boosted to **$79.0 million** by March 1, 2023, following a **$46.1 million** equity offering - Cash resources were **$33.0 million** at December 31, 2022, down from **$46.2 million** at the end of **2021**[281](index=281&type=chunk) - Financing activities in **2022** provided **$5.9 million**, including **$3.7 million** from the At Market facility and **$2.9 million** from warrant exercises[283](index=283&type=chunk) - The outstanding balance on the Wyoming State Bond Loan was **$11.1 million** as of December 31, 2022, with principal repayments resuming in **October 2022**[284](index=284&type=chunk)[285](index=285&type=chunk) - As of March 1, 2023, the company's unrestricted cash position was **$79.0 million**, bolstered by a **February 2023** equity financing[294](index=294&type=chunk)[301](index=301&type=chunk) [Item 7A. Quantitative and Qualitative Disclosures about Market Risk](index=63&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company is exposed to significant commodity price risk due to volatile uranium prices, while interest rate and currency risks are considered low - The company is subject to commodity price risk from fluctuations in uranium spot and long-term prices, influenced by factors beyond its control[313](index=313&type=chunk) - Interest rate risk from cash and debt is not considered material, with a hypothetical **10%** change in rates having a negligible effect[311](index=311&type=chunk) - Currency risk is considered low, as the company maintains a small balance of approximately **$2.0 million Canadian dollars** for local expenses[312](index=312&type=chunk) [Item 9A. Controls and Procedures](index=66&type=section&id=Item%209A.%20Controls%20and%20Procedures) As of December 31, 2022, management concluded that the company's disclosure controls and internal control over financial reporting were effective - Management concluded that the company's disclosure controls and procedures were effective as of **December 31, 2022**[335](index=335&type=chunk) - Based on the COSO framework, management concluded that the company maintained effective internal control over financial reporting as of **December 31, 2022**[338](index=338&type=chunk) Part III [Items 10-14](index=68&type=section&id=Items%2010-14) Information for Items 10 through 14 is incorporated by reference from the company's definitive proxy statement for the **2023** Annual Meeting of Shareholders - Information for Items 10, 11, 12, 13, and 14 is incorporated by reference from the registrant's definitive proxy statement for the **2023** Annual Meeting of Shareholders[6](index=6&type=chunk)[344](index=344&type=chunk)[346](index=346&type=chunk) Part IV [Item 15. Exhibits and Financial Statement Schedules](index=69&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all exhibits filed with the **10-K** report, including corporate documents, agreements, certifications, and technical reports, with consolidated financial statements referenced from page F-1 - The Consolidated Financial Statements are filed as part of the Form **10-K** and begin on page **F-1**[352](index=352&type=chunk) - Filed exhibits include technical reports for the Lost Creek and Shirley Basin properties, financing agreements, employment agreements, and required CEO/CFO certifications[353](index=353&type=chunk)[354](index=354&type=chunk) Consolidated Financial Statements [Report of Independent Registered Public Accounting Firm](index=72&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) PricewaterhouseCoopers LLP issued an unqualified opinion on the consolidated financial statements, identifying the assessment of impairment indicators for long-lived assets as a critical audit matter - The auditor, PricewaterhouseCoopers LLP, issued an unqualified opinion, stating the financial statements are fairly presented in conformity with **US GAAP**[363](index=363&type=chunk) - A critical audit matter was identified regarding the assessment of impairment indicators for long-lived assets, involving significant management judgment and a high degree of auditor subjectivity[367](index=367&type=chunk)[369](index=369&type=chunk) [Financial Statements](index=74&type=section&id=Financial%20Statements) The consolidated financial statements show a decrease in total assets to **$107.9 million** and total liabilities to **$45.4 million** in 2022, with a net loss of **$17.1 million** Consolidated Balance Sheet Summary (in thousands) | | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | **Total Current Assets** | $43,944 | $48,623 | | **Total Non-Current Assets** | $63,951 | $72,216 | | **Total Assets** | **$107,895** | **$120,839** | | **Total Current Liabilities** | $6,603 | $6,224 | | **Total Non-Current Liabilities** | $38,793 | $45,229 | | **Total Shareholders' Equity** | $62,499 | $69,386 | | **Total Liabilities & Equity** | **$107,895** | **$120,839** | Consolidated Statement of Operations Summary (in thousands) | | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | Sales | $19 | $16 | $8,316 | | Gross loss | $(6,842) | $(6,984) | $(4,652) | | Net loss | $(17,140) | $(22,938) | $(14,785) | | Loss per share (Basic & Diluted) | $(0.08) | $(0.12) | $(0.09) | [Notes to Consolidated Financial Statements](index=77&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, confirming the company's exploration stage status, with key financial figures including **$35.7 million** in mineral properties, **$11.1 million** State Bond Loan, and a **$46.1 million** equity financing post-year-end - The company remains an exploration stage issuer, having not established proven or probable reserves for its projects, including the producing Lost Creek Property[379](index=379&type=chunk)[381](index=381&type=chunk) - As of **December 31, 2022**, mineral properties were valued at **$35.7 million** and capital assets at **$20.1 million**, with no impairment indicators identified[372](index=372&type=chunk)[416](index=416&type=chunk)[417](index=417&type=chunk) - The outstanding balance of the State Bond Loan was **$11.1 million** as of **December 31, 2022**, with scheduled payments through **October 2024**[429](index=429&type=chunk)[430](index=430&type=chunk) - Asset Retirement Obligations (ARO) for future reclamation were estimated at **$30.7 million**[433](index=433&type=chunk) - Subsequent to year-end, the company raised gross proceeds of approximately **$46.1 million** from an underwritten public offering in **February 2023** and received **$6.4 million** from a uranium sale to the DOE in **January 2023**[487](index=487&type=chunk)[488](index=488&type=chunk)

United States SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED September 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD OF _________ TO _________. Commission File Number: 001-33905 UR-ENERGY INC. (Exact name of registrant as specified in its charter) State or other jurisdiction of ...