Ur-Energy Inc.

In the second quarter, UR Energy drummed 141 thousand pounds of Yellowcake at Lost Creek, which was 47% more than Q1 and 26% more than Q2 last year. It shipped 150 thousand pounds, up 44% sequentially and 42% year over year, and sold 215 thousand pounds under contracts, generating $14.4 million in sales revenue. Cash cost per pound sold, including ad valorem and severance taxes, was $40.20, and the company ended the quarter with $95.3 million of unrestricted cash. Management did not provide production guidance, but said it is absolutely on track to meet 2025 contracted deliveries after deferring 300 thousand pounds of deliveries to reduce execution risk. In Q&A, management said Q4 contracted delivery guidance is 540 thousand pounds and that the 250 thousand pounds related to the uranium loan would be extra, not included in that figure.

Matt Gilley’s message was that the uranium market remains underpinned by durable long-term fundamentals, a structural demand-supply gap, and growing U.S. policy support for domestic fuel. He emphasized that UR Energy is positioned to benefit because it is one of the few U.S. uranium producers and is building a district-scale ISR platform in Wyoming. His tone was confident and execution-focused, repeatedly stressing operational progress, capital discipline, and a hub-and-spoke growth model centered on Lost Creek and Shirley Basin.

The CFO commentary focused on cash efficiency, flexibility, and the mechanics of the ramp. Management highlighted $40.20 per pound cash costs in the quarter, $95.3 million of unrestricted cash, and a model that is roughly 80% fixed cost, meaning unit costs should fall as pounds rise. On growth spending, management said development costs run about $12 million to $15 million per quarter, broken out between Lost Creek and Shirley Basin, and said those costs should not change much as the company stays 1 to 2 to 3 years ahead on development. They also said the company is prioritizing inventory protection and risk management over spot sales, while using the delivery deferral to preserve optionality and reduce ramp-up risk.

Analysts focused on second-half production, the impact of the sand filter at Lost Creek, the contract market, Shirley Basin ramp metrics, and how much of the year-end delivery commitment might be covered without drawing on non-produced inventory. Management said it is not giving explicit production guidance but is on track for contracted deliveries, and noted the sand filter lifted flow rates from just over 2.5 thousand gallons per minute to about 3.2 thousand to 3.3 thousand. On contracting, management said the market is shifting toward surety of supply, but the company is not aggressively adding contracts this year and has turned down RFPs. They also said the plan is to deliver into the uranium loan this year, with the $2.50 million referenced in Q&A being extra beyond the contracted delivery guidance.