URG earnings call summary

Prepared Highlights

• 2025 year-end product inventory of 406,000 pounds, a 21% increase over 2024 (CEO)
• Pounds drummed in 2025 increased 65% over 2024; pounds captured increased 40% (CEO)
• Average cash cost per pound sold (including severance and ad valorem taxes) was $42.89 (CEO)
• Profit per pound sold increased by more than $12 year-over-year (CEO)
• Lost Creek measured & indicated resource: 11,900,000 pounds; inferred: 10,400,000 pounds (CEO)
• Lost Creek estimated mine life extended by nearly three years; post-tax net cash flow $442,000,000 (CEO)
• Lost Creek NPV (8% discount) estimated at $244,000,000; IRR of almost 66% (CEO)
• Shirley Basin: 469 injection and production wells drilled; Header House 1 ready for initial injection pending state approval (CEO)
• Shirley Basin estimated mine life: nine years; measured & indicated resource: 8,800,000 pounds; post-tax net cash flow $119,000,000; NPV (8% discount) $82,000,000; IRR 69%; all-in cost $50 per pound (CEO)
• Year-end cash: $123,900,000; cash as of 03/04/2026: $115,300,000 (excluding $18,500,000 to be received from warrant exercises) (CEO)
• 2025 gross profit: $74,000 (CEO)
• Combined estimated mineral resources: 21,000,000 pounds measured & indicated; 10,400,000 pounds inferred as of 12/31/2025 (CEO)
• Official guidance: Contracted sales of 1,300,000 pounds in 2026; plan to cover with inventory and new production from Lost Creek and Shirley Basin (CEO)
• On 03/04/2026, conversion facility inventory: 379,000 pounds (CEO)

Mgmt Quotes

• “We ended the year with 406,000 pounds of product in inventory, an increase of 21% over 2024.” (CEO)
• “Every time we drill Lost Creek, we have been fortunate to increase the resource base.” (CEO, quoting COO Steve Hatten)
• “We finished the year with a positive gross profit of $74,000. A milestone, but an encouraging milestone.” (CEO)
• “Our combined estimated mineral resource totals 21,000,000 pounds in the measured and indicated categories, and 10,400,000 pounds in the inferred category.” (CEO)
• “We have contracted for sales of 1,300,000 pounds in 2026.” (CEO)

Prepared Metrics

Q&A Batch (1-5 of 5)

Q1 — Sundari Iyer

• Topic: Delivery confidence and utilization ramp to 50–60%
• Key points:
  • 2026 plan: deliver 1,300,000 contractual sales from existing inventory + new production.
  • Lost Creek: wellfield producing high-quality uranium; plant improvements ongoing; adding sand filters over next several months.
  • Shirley Basin: on track to start moving solution through plant this month; resin deliveries begin Q2; pending Wyoming environmental approval (on track).
• Mgmt stance: Bullish – confident in ability to ship based on visible ramp-up and construction progress.

Q2 — Anthony Tagliari

• Topic: Product loan repayment (250,000 lbs) and 2026 realized price cadence
• Key points:
  • Loan due November; can be repaid in physicals (not necessarily own pounds); cash balance allows spot purchase if favorable.
  • 2026 contracted deliveries: 1,300,000 lbs for proceeds up to $82,000,000; prices vary by contract slot, no ramp-up.
• Mgmt stance: Neutral – no fixed repayment path; price cadence is average of multiple contracts, not a trend.

Q3 — Geoff Graham

• Topic: Lost Creek Q1 production trend and 2026 cash costs
• Key points:
  • December: 11-day power disruption from windstorm; plant performed well; January rough due to resin reload; February back on track; March positive.
  • Costs: ISR operations have highly fixed cost structure (wells, electricity, labor, reagents); cost per pound inversely linear with pounds drummed/sold.
• Mgmt stance: Neutral – no specific production or cost guidance; emphasizes fixed-cost leverage from volume.

Q4 — Joseph Reagor

• Topic: Regulatory delays at Shirley Basin and production timeline
• Key points:
  • Industry delays mostly focused on Texas; Ur-Energy has excellent relationship with Wyoming regulators.
  • Shirley Basin: header house ready; plant mechanically ready to receive solution next Monday (loading first resin tank); regulatory approvals anticipated this month.
  • Any delay beyond mechanical readiness would be due to pending approvals.
• Mgmt stance: Bullish – on track, no likely delays, working closely with state.

Q5 — Mike Kozak

• Topic: Q4 discrepancy between pounds drummed and pounds captured at Lost Creek
• Key points:
  • Q4 variance driven by December power outage: plant ran on generator, wellfield on line power; mismatch caused by timing of production vs. processing.
  • Similar variance can occur if plant does maintenance (wellfield captured up, plant down).
• Mgmt stance: Neutral – explained as operational timing issue; no forward guidance on mean reversion.

Q&A Batch (6-10 of 10)

Q6 — Justin Chan

• Topic: 2025 年生产里程碑与井场开发部署
• Key points:
  • 目标为 130 万磅交付，Lost Creek 全年线性爬坡，Shirley Basin 三月向工厂送溶液，二季度开始装树脂并运往 Lost Creek。
  • Lost Creek 工厂产量在第三季度达到峰值，非线性上升。
  • 年产 100 万磅时，Lost Creek 每年需部署 8–10 个 header house；Shirley Basin 今年部署 6–8 个，之后可能减至 6–8 个。
  • 关键改进在工厂端，尤其是细粉管理，已投资升级水处理（前端砂滤及后端反渗透）。
• Mgmt stance: 乐观（给出明确的线性爬坡和 header house 部署数字，对完成目标有信心）

Q7 — Matthew Key

• Topic: 未来销售承诺与并购策略
• Key points:
  • 当前谈判主要聚焦 2029 及以后年份。
  • 对现有销售书满意，不急于提前完全承诺，希望保留库存做机会性销售。
  • 并购非必需，但增加资源对 Ur-Energy 有价值；去年底的可转换融资为此准备了资金。
  • 同时自身也在 Lost Creek 周边进行勘探扩张。
• Mgmt stance: 中性偏谨慎（对价格乐观但谨慎管理承诺，M&A 持观望但备好资金）

Q8 — Heiko Ihle

• Topic: 长期合同定价、需求强度及地缘政治溢价
• Key points:
  • 买家对铀供应的兴趣“增长且活跃”，但管理层避免用“迫切”一词；收到大量 RFP。
  • 定价结构向市场相关方向移动，固定升水合同减少。
  • 美国本土生产可能获得显著溢价，公司有意保留部分库存用于此类机会。
  • 地缘政治影响主要出现在浓缩环节，铀氧化物环节影响较小。
• Mgmt stance: 中性偏乐观（需求在增长，但谨慎避免过度承诺；看好美国生产溢价）

Q9 — Matt Gilley (webcast 问题，由 Ryan 回答)

• Topic: ISR 监管规则制定与公司应对
• Key points:
  • NRC 将在未来数月发布 ISR 草案规则，源于行政命令 14100。
  • 公司积极参与 NRC、National Mining Association、Wyoming Mining Association、Nuclear Energy Institute 等组织的讨论。
  • 持续监测所有规则制定并主动参与，以降低运营风险。
• Mgmt stance: 乐观（积极并深入参与规则制定过程，认为能最小化风险）

Q10 — Matt Gilley (webcast 问题，由 Ryan 回答)

• Topic: 技术研发、国家实验室合作及先进燃料供应
• Key points:
  • 公司与多个 DOE 国家实验室合作，解决运营效率问题。
  • DOE 承诺超过 20 亿美元用于提升美国浓缩产能，公司已参与供应 U3O8 的讨论。
  • 不直接参与燃料制造（如 Lightbridge 等），但提供源材料。
• Mgmt stance: 乐观（积极合作行业研发，深度参与浓缩