Intro

John Cash, Chairman and CEO of Ur-Energy Inc. (NYSE American:URG) (TSX:URE), joins me for a comprehensive overview of the Company’s 3 key producing and development-stage uranium assets in south-central Wyoming.   We discuss he key work programs on each project, advancing each one to key milestones the balance of this year and into 2026. 

We start off reviewing operations and growth plans at the flagship asset for the Company, the operating the Lost Creek in situ recovery uranium facility.  They have produced and packaged approximately 3 million pounds of U3O8 from Lost Creek since the commencement of operations. Rough guidance for 2025 is 440,000 pounds, with 1.3 million pounds contracted for 2026.

Third Quarter 2025 Financial and Operating Results

• The ramp up at Lost Creek continued with 93,523 pounds of U3O8 dried and packaged.
• Ur-Energy sold 110,000 pounds of U3O8 during the quarter, at an average price of $57.48 per pound, generating revenue of $6.3 million.
• Uranium sold in Q3 2025 was sourced from previously purchased inventories. Ur-Energy currently has sufficient produced inventory on hand to meet its remaining 2025 sales obligation of 165,000 pounds.
• Four header houses have been brought online this year in Lost Creek's second mine unit ("MU2").
• Q3 2025 cash costs per pound of produced inventory remained consistent with Q2, decreasing slightly to $43.00.
• As of September 30, 2025, the Company had cash and cash equivalents of $52.0 million.

Ur-Energy has begun development and construction activities at their fully-permitted Shirley Basin Project, the Company's second in situ recovery uranium facility in Wyoming. Construction of the foundation for the processing building began in early August and they have poured nearly 900 of the required 1,100 total cubic yards of concrete. The internal foundation of the processing building is substantially complete. 11 ion exchange columns were delivered in September, and two have been placed on the internal foundation. Shirley Basin's professional and operational teams are fully staffed, and wellfield and plant development remain on track for uranium production startup in Q1 2026.

John and I also briefly discussed their 3rd advanced exploration Lost Solider Project, located less than 10 miles northeast of the Lost Creek ISR Mine. Recent work at Lost Soldier included the installation of 18 aquifer test wells designed to enhance the understanding of the local hydrogeology. John explained that the geology of the project area is well understood and supported by data from more than 4,000 historical drill-holes, but that this additional hydrogeologic characterization will assist their technical teams in optimizing potential future mine planning, permitting, and development activities.

Due to the proximity of our operating Lost Creek ISR facility, Lost Soldier has the potential to be developed as a satellite operation. If exploration work is successful, they will evaluate the potential to advance Lost Soldier through the FAST-41 permitting process, a federal framework designed to streamline and improve coordination among agencies for large-scale infrastructure and energy projects.

We wrapped up discussing the experience of the management team and board of directors, the strong financial strength of the Company, and the number of key institutional stakeholders. Ur-Energy is positioned to capitalize on the resurgence of both the U.S. and global nuclear power industry, illustrated by the recently announced U.S. government's $80 billion investment to build new nuclear reactors in the United States.

If you have questions for John regarding UR-Energy, then please email those into me at Shad@kereport.com.

• In full disclosure, Shad is a shareholder of UR-Energy at the time of this recording.

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