URG · Ur-Energy Inc.

Ur-Energy's Q1 2026 results reflect a quarter of operational recovery and strategic progress. Pounds captured surged 41% sequentially to 110,314, driven by improved flow rates following plant modifications and repairs completed in late 2025. However, drummed and shipped volumes declined due to reduced processing availability in the quarter, as the plant prioritized modifications. Revenue of $3.9 million came from the sale of 55,000 produced pounds at an average price of $70.98 per pound, a 12% increase from Q4 2025, benefiting from contracts negotiated in 2024 with a more favorable mix of base-escalated and market-based pricing. Cash cost per pound sold decreased 13% to $37.51, reflecting lower production costs. The company ended the quarter with $122.8 million in unrestricted cash, providing ample liquidity to fund ongoing operations and expansion. Management highlighted the commencement of operations at Shirley Basin in April 2026, a second ISR facility that is expected to significantly increase production capacity once resin shipments begin this summer. Exploration activities at Great Divide Basin continue to advance, with 13 ore-grade intercepts identified at North Hadsell and a planned 120-hole program at LC South. The company remains focused on optimizing Lost Creek operations, with a sand filtration system expected online in Q2 2026 to further improve flow rates. Overall, the quarter demonstrates operational momentum and strategic execution toward expanding domestic uranium production.