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

Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more during the specified period [5]. Core Insights - In Q1 2025, the company achieved a U3O8 production of 745,484 pounds, a 17% increase quarter-on-quarter, marking the highest quarterly output since the restart of the Langer Heinrich Mine (LHM) [1][2]. - The average realized price for U3O8 increased by 4% to $69.9 per pound in Q1 2025 [4]. - The company sold 872,435 pounds of U3O8 in Q1 2025, representing a 74% increase quarter-on-quarter, with sales exceeding production due to delivery timing under existing contracts [2]. Summary by Sections Production and Operations - The company’s U3O8 production in Q1 2025 reached 745,484 pounds, a record since the mine's restart, with total production exceeding 2 million pounds for the fiscal year to date [1][2]. - The average recovery rate at the plant was 88%, and the unit production cost decreased by 4% to $40.6 per pound [3][10]. - Despite significant rainfall causing operational disruptions, initial mining activities resumed by the end of the quarter, with plans to optimize the ore blending strategy to enhance efficiency [7]. Financial Performance - As of March 31, 2025, the company held $117.3 million in cash and cash equivalents, a decrease of $38 million from the previous quarter, primarily due to customer prepayments [8]. - The company reported a reversal of previous stockpile impairment at $18.4 per pound, an increase of 6.98% quarter-on-quarter [3][10]. - Sustaining capital expenditure for the quarter was $7.2 million, mainly related to the construction of a new tailings storage facility [6].