Ur-Energy (URG) Q1 2026 earnings summary

Executive summary

• Strong uranium market fundamentals driven by global nuclear momentum and U.S. policy support for domestic supply chains.

• Significant operational progress at Lost Creek and Shirley Basin, with production ramping up and new milestones achieved; Shirley Basin operations commenced in April 2026, marking a major expansion.

• Multi-year sales agreements in place with eight global nuclear energy companies, with 1.3 million pounds of U3O8 scheduled for delivery in 2026 and 5.75 million pounds through 2033.

• Focused on meeting 2026 sales commitments and advancing exploration projects in Wyoming, including Great Divide Basin, North Hadsell, and Lost Soldier.

• Major infrastructure at Shirley Basin is substantially complete; resin shipments to Lost Creek for processing expected to begin in summer 2026.

Financial highlights

• Q1 2026 sales were $3.9 million from 55,000 pounds of U3O8 at an average price of $70.98 per pound, a 12% increase over Q4 2025.

• Average cash cost per pound sold dropped 13% quarter-over-quarter to $37.5/lb.

• Gross profit for Q1 2026 was $1.2 million, with a net loss of $28.8 million due to higher operating and development costs.

• Ended the quarter with $122.8 million in unrestricted cash and over 417,000 lbs of uranium in inventory.

• Operating costs increased to $21.6 million in Q1 2026, reflecting ramp-up and development at Shirley Basin and Lost Creek.

Outlook and guidance

• 2026 sales projected at 1.3 million pounds of U3O8 at an average price of $63 per pound, for expected revenues of $82 million.

• Production and deliveries are heavily weighted to the second half of 2026, aligning with ramp-up at both mines.

• Sand filtration system and other optimizations at Lost Creek are expected to further improve flow rates and production.

• Ongoing exploration and technical studies at Lost Soldier and North Hadsell to support future growth.

• Construction of a wastewater treatment facility at Lost Creek planned for H2 2026, with completion in 2027.