Ur-Energy(URG) - 2025 Q2 - Quarterly Results

Lost Creek Production and Sales 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][4] Shirley Basin Construction 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][10] - 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][9] Q2 2025 Construction Activities Specific Q2 construction milestones at Shirley Basin included completing the pad for the satellite processing building, installing wells for Mine Unit 1, substantially completeing 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][12][16] Great Divide Basin Exploration Program 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] - 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] About Ur-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] - The company has produced and packaged approximately 3 million pounds of U3O8 from Lost Creek since operations began[19] - The company's common shares trade on the NYSE American under the symbol "URG" and on the Toronto Stock Exchange under "URE"[19] Cautionary Note Regarding Forward-Looking Information 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][21] - These statements involve known and unknown risks, and actual results may differ materially from those projected[21] - Factors that could cause results to differ include capital costs, resource estimation, commodity price fluctuations, and regulatory delays[21]