Ur-Energy(US:URG)2025-11-03 22:20Production and Sales - Ur-Energy's Lost Creek Project is permitted for annual recovery of up to 1.2 million pounds of U3O8, with processing capacity designed for up to 2.2 million pounds annually[95]. - In Q3 2025, Ur-Energy sold 110,000 pounds of U3O8 at an average price of $57.48 per pound, generating revenue of $6.3 million[107]. - The company anticipates delivering 440,000 pounds of U3O8 in 2025 at an average price of $61.77 per pound, projecting total revenues of $27.2 million[115]. - Ur-Energy has eight multi-year sales agreements, expecting to sell approximately 6.0 million pounds of U3O8 between 2025 and 2033[95]. - The company delivered 165,000 pounds in 2025 Q2 and 110,000 pounds in Q3, with a further delivery of 165,000 pounds expected in Q4[141]. - U3O8 pounds sold in 2025 YTD totaled 275,000, with 395,000 pounds sold in 2024 Q4[139]. - The company has committed deliveries of 400,000 pounds of U3O8 for 2025, with both buyers opting to flex up the annual base delivery quantity by 10%[141]. - Total sales in 2025 are projected at 440,000 pounds of U3O8, with expected revenues of $27.2 million at an average price of $61.77 per pound[184]. Financial Performance - The uranium spot price closed Q3 2025 at $82.63, showing volatility but remaining generally in the $70s or higher throughout the quarter[104]. - Sales for Q3 2025 were $6.32 million, a decrease of $0.08 million (1.2%) from $6.40 million in Q3 2024, while sales for the nine months ended September 30, 2025, increased by $5.71 million (51.7%) to $16.76 million compared to $11.05 million in the same period of 2024[156][158]. - Cost of sales for Q3 2025 was $7.06 million, an increase of $1.45 million (25.8%) from $5.61 million in Q3 2024, and for the nine months ended September 30, 2025, it rose by $8.08 million (80.2%) to $18.16 million compared to $10.08 million in 2024[160]. - Gross profit for Q3 2025 was a loss of $0.74 million, down from a profit of $0.79 million in Q3 2024, and for the nine months ended September 30, 2025, it was a loss of $1.40 million compared to a profit of $0.97 million in 2024[162]. - Net loss for Q3 2025 was $27.46 million, an increase of $19.46 million from a loss of $8.00 million in Q3 2024, and for the nine months ended September 30, 2025, the net loss was $59.32 million compared to a loss of $33.13 million in 2024[171]. - The average price per pound sold for produced U3O8 in 2024 was $51.53, while for non-produced it was $75.87[142]. - In 2024, the average price per pound sold was $58.15, with an average cost of $64.34, resulting in an average loss of $6.19 per pound and a loss margin of approximately 11%[145]. Cost and Pricing - U3O8 price per pound sold in 2025 Q2 was $63.20, while in Q3 it was $57.48, resulting in a year-to-date average price of $60.91[137]. - U3O8 cost per pound sold in 2025 Q2 was $50.89 and in Q3 was $64.21, leading to a year-to-date average cost of $56.22[142]. - The U3O8 cost per pound sold increased to $64.21 in Q3 2025, up by $15.30 from $48.91 in Q3 2024, resulting in a loss of $6.72 per pound sold in Q3 2025 compared to a profit of $12.74 per pound in Q3 2024[162]. - In 2025 Q2, 165,000 produced pounds were sold at an average price of $63.20 and an average cost of $50.89, yielding an average profit of $12.31 per pound and a profit margin of about 20%[146]. - For the first nine months of 2025, the average price per pound sold was $60.91, with an average cost of $56.22, resulting in an average profit of $4.69 per pound and a profit margin of about 8%[146]. Operational Updates - Construction at the Shirley Basin Project is progressing, with nearly 900 cubic yards of concrete poured for the processing building foundation[116]. - The company is advancing exploration programs in the Great Divide Basin, including the Lost Soldier project, to identify additional uranium resources[126]. - Ur-Energy's processing facility at Lost Creek is expected to process captured U3O8 from the Shirley Basin Project, with a satellite plant planned for commissioning in 2026[95]. - The company anticipates initial production flow and commissioning of the first IX columns at Shirley Basin to occur in Q1 2026[192]. - The company has completed recruitment for all positions at Shirley Basin, allowing for thorough safety and task training prior to operations commencement[193]. - Wellfield flow rates at Lost Creek are expected to increase as operational challenges are resolved, supporting higher production rates[194]. Cash Flow and Investments - Cash and cash equivalents decreased from $87.1 million at the end of 2024 to $63.4 million by September 30, 2025, with $24.3 million used for operating activities during the nine months[172]. - The company incurred $14.2 million in investing activities during the nine months ended September 30, 2025, primarily for construction and equipment at Shirley Basin[174]. - Financing activities generated $14.9 million in the nine months ended September 30, 2025, from the sale of 9,980,095 common shares[175]. - As of September 30, 2025, the unrestricted cash position was $52.0 million, with total current liabilities of $9.6 million[183][206]. - As of October 30, 2025, the cash position was $35.4 million, with ongoing construction and operational activities at both mine sites[197]. Management Changes - The company announced the retirement of CEO John W. Cash, effective December 12, 2025, with Matthew D. Gili set to succeed him[132]. - The company expanded its accounting and finance team with the appointment of Jade Walle as Vice President Finance, bringing extensive experience in corporate finance[134].