from Ur-Energy Inc. (NASDAQ:URG)
Ur-Energy Reports Year-End 2025 Results and Announces Conference Call and Webcast
CASPER, WY / ACCESS Newswire / March 10, 2026 / Ur-Energy Inc. (NYSE American:URG)(TSX:URE) (the "Company" or "Ur-Energy"), a U.S. producer of uranium, has filed the Company's Annual Report on Form 10-K, Consolidated Financial Statements, and Management's Discussion & Analysis, for the year ended December 31, 2025, with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov/edgar.shtml and with Canadian securities authorities on SEDAR+ at www.sedarplus.ca. These filings may also be accessed on the Company's website at www.ur-energy.com. Shareholders of the Company may receive a hard copy of the Consolidated Financial Statements, free of charge, upon request from the Company.
Year-End 2025 Highlights
Lost Creek Ramp-up Continues
Pounds of U3O8 drummed increased by 161,231 pounds, or 65%, during 2025 as compared to 2024, for a total of 410,440 pounds. We ended 2025 with a total of 406,089 pounds of U3O8 in inventory compared to 335,327 pounds at year-end 2024.
Wellfield and plant operations at Lost Creek continued to improve in 2025, with pounds of U3O8 captured increasing by 105,147 pounds, or 40%, over 2024. We added four header houses in Mine Unit 2 in 2025 and increased average flow rates by 890 gallons per minute, or 69%. In 2026, we are continuing our focus on plant optimization and improving flow rates.
The 2025 average price per produced pound of U3O8 sold was $63.20 and the average cash cost per produced pound sold was $42.89.
Shirley Basin - Significant Progress Towards Commissioning
Shirley Basin wellfield development and plant construction advanced significantly, with all ion exchange columns installed. We have pilot drilled 469 wells in Mine Unit 1 through February 2026, supported by eight active drill rigs. The project is fully staffed.
Pending approvals from the Wyoming Department of Environmental Quality ("WDEQ"), Header House 1-1 is ready to be brought online to commence initial injection in and recovery from the wellfield. Development of additional header houses is ongoing, positioning the project for production operations and phased production growth.
Workforce Expansion to Support Production Growth
The total number of our full-time employees grew to 157 at year-end 2025, up from 101 in 2024, representing a 55% year-over-year increase as the Company added talented team members to support Shirley Basin and our other projects. This growth strengthened our excellent operations, technical, and corporate teams, positioning the Company for commissioning activities, production growth, and additional exploration in 2026.
Financial Strength
As of December 31, 2025, we had cash and cash equivalents of $123.9 million, an increase of approximately $47.8 million from the $76.1 million balance on December 31, 2024. Our cash position as of March 4, 2026, was $115.3 million.
Our production increases from 2024 to 2025 led to lower cash and non-cash costs per pound of U3O8 sold (exclusive of taxes), higher U3O8 profit per pound sold, and higher U3O8 profit margin.
In December 2025, the Company closed an offering of $120 million aggregate principal amount of its 4.75% Convertible Senior Notes due 2031 in a private placement, which included the exercise in full by the initial purchasers of their option to purchase an additional $20 million of notes.
In February 2026, 24,684,999 warrants were exercised for 12,342,499 whole common shares of the Company at an exercise price of $1.50 per share for proceeds of $18.5 million. The proceeds will be received in March. Including warrants that were exercised in January 2026, proceeds from warrants exercised in 2026 total $28.7 million. All but an insignificant number of warrants were exercised before the warrants expired in February.
Growing Uranium Resource Base
As detailed in the updated S-K 1300 Technical Report Summary for the Lost Creek Property (the "Lost Creek Report"), dated March 9, 2026, that was filed as an exhibit to our Form 10-K, ongoing delineation drilling has resulted in an increase in our estimated uranium mineral resources. See our separate press release on the Lost Creek Report issued today.
Our combined estimated mineral resources for Lost Creek and Shirley Basin are 21.0 million pounds in the Measured and Indicated categories, and 10.4 million pounds in the Inferred category at December 31, 2025. The estimated mine life at Lost Creek through final wellfield production (but excluding additional restoration) has been extended by nearly three years, with the potential for additional cash flow and long-term growth. See our separate press release on the Lost Creek Report issued today.
Exploration Programs Continue to Advance
Lost Soldier Project: Aquifer test wells were installed at our Lost Soldier Project in 2025, with hydrogeologic testing planned to begin in March 2026, to be followed by baseline environmental studies. Work on a technical report is also underway to establish a mineral resource estimate through detailed roll-front mapping. Located approximately 17 miles from Lost Creek, Lost Soldier offers possible satellite development and infrastructure synergies.
North Hadsell Exploration: 32 of the planned 50 drill holes have been completed, returning significant mineralization, including 13 intercepts exceeding 0.20 grade-thickness ("GT"), which is the cut-off GT the Company uses at Lost Creek to evaluate economic mineral resources. Stacked roll-front horizons with grades and thicknesses comparable to Lost Creek indicate potential for ISR development at a meaningful scale.
Potential Growth Near Lost Creek: Drilling is expected to shift from our North Hadsell Project to our LC South Project in summer 2026 with a planned 120-hole program, reinforcing long-term growth optionality in the Great Divide Basin.
Ur-Energy President and CEO Matt Gili commented: "2025 reflected strong execution across our operating and development portfolio. At Lost Creek, we delivered meaningful year-over-year improvements in production, throughput, and operating performance while continuing to expand our resources and extend mine life. At the same time, we advanced Shirley Basin toward commissioning, with significant construction complete, drilling well advanced, and a talented team in place. With two ISR platforms, a growing resource base at Lost Creek, and a robust exploration pipeline in the Great Divide Basin, we are well positioned to drive production growth and long-term value in 2026 and beyond."
Year-end 2025 Conference Call and Webcast: 3:00 PM Eastern, 1:00 PM Mountain on March 11, 2026
Audience Webcast URL: https://www.webcaster5.com/Webcast/Page/2307/53689
To Join the Conference Call by Phone: | Conference Call Replay: |
U3O8 Product Sales, Costs, and Profit (Loss)1
The following table provides information on our U3O8 product profit and loss.
U3O8 Product Profit (Loss) | Unit | 2024 | 2025 | |||||||||
U3O8 Product Sales | ||||||||||||
Produced | $000 | 16,646 | 20,856 | |||||||||
Non-produced | $000 | 16,500 | 6,323 | |||||||||
$000 | 33,146 | 27,179 | ||||||||||
U3O8 Product Costs | ||||||||||||
Produced | $000 | 13,914 | 17,365 | |||||||||
Non-produced | $000 | 22,760 | 7,065 | |||||||||
$000 | 36,674 | 24,430 | ||||||||||
U3O8 Product Profit (Loss) | ||||||||||||
Produced | $000 | 2,732 | 3,491 | |||||||||
Non-produced | $000 | (6,260 | ) | (742 | ) | |||||||
$000 | (3,528 | ) | 2,749 | |||||||||
U3O8 Pounds Sold | ||||||||||||
Produced | lb | 270,000 | 330,000 | |||||||||
Non-produced | lb | 300,000 | 110,000 | |||||||||
lb | 570,000 | 440,000 | ||||||||||
U3O8 Price per Pound Sold | ||||||||||||
Produced | $/lb | 61.65 | 63.20 | |||||||||
Non-produced | $/lb | 55.00 | 57.48 | |||||||||
$/lb | 58.15 | 61.77 | ||||||||||
U3O8 Cost per Pound Sold | ||||||||||||
Ad valorem and severance taxes | $/lb | 1.06 | 3.43 | |||||||||
Cash costs | $/lb | 40.40 | 39.46 | |||||||||
Non-cash costs | $/lb | 10.07 | 9.73 | |||||||||
Produced | $/lb | 51.53 | 52.62 | |||||||||
Non-produced | $/lb | 75.87 | 64.23 | |||||||||
$/lb | 64.34 | 55.52 | ||||||||||
U3O8 Profit (Loss) per Pound Sold | ||||||||||||
Cash costs | $/lb | 21.25 | 23.74 | |||||||||
Less ad valorem and severance taxes | $/lb | (1.06 | ) | (3.43 | ) | |||||||
Less non-cash costs | $/lb | (10.07 | ) | (9.73 | ) | |||||||
Produced | $/lb | 10.12 | 10.58 | |||||||||
Non-produced | $/lb | (20.87 | ) | (6.75 | ) | |||||||
$/lb | (6.19 | ) | 6.25 | |||||||||
U3O8 Profit (Loss) Margin | ||||||||||||
Cash costs | % | 34.5 | 37.6 | |||||||||
Less ad valorem and severance taxes | % | (1.7 | ) | (5.4 | ) | |||||||
Less non-cash costs | % | (16.4 | ) | (15.5 | ) | |||||||
Produced | % | 16.4 | 16.7 | |||||||||
Non-produced | % | (37.9 | ) | (11.7 | ) | |||||||
% | (10.6 | ) | 10.1 | |||||||||
1 This table includes measures specific to U3O8 product sales, product costs, product profits, pounds sold, price per pound sold, cost per pound sold, and profit (loss) per pound sold that do not have standardized meanings within US GAAP or a defined basis of calculation. These measures are used by management to assess business performance and determine production and pricing strategies. They may also be used by certain investors to evaluate performance.
U3O8 Production and Ending Inventory
The following table provides information on our production of U3O8 pounds.
U3O8 Production | Unit | 2024 | 2025 | |||||||
Pounds captured | lb | 265,746 | 370,893 | |||||||
Pounds drummed in | lb | 249,209 | 410,440 | |||||||
Pounds shipped | lb | |||||||||