# Ur-Energy Inc: Form 10-Q for the period ended Mar 31, 2025

- Company: [Ur-Energy Inc](/companies/urg.md) (CIK 1375205)
- Form: 10-Q
- Filed: 2025-05-08
- Accepted by EDGAR: May 8, 2025, 17:05 ET
- Period: 2025-03-31
- Accession: 0001558370-25-007006
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/1375205/000155837025007006/urg-20250331x10q.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/1375205/000155837025007006/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2025-03-31.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Cost of revenue | 3 months, 2025-01-01 to 2025-03-31 | $2.6m | us-gaap:CostOfRevenue |
| Gross profit | 3 months, 2025-01-01 to 2025-03-31 | −$2.6m | us-gaap:GrossProfit |
| Operating income | 3 months, 2025-01-01 to 2025-03-31 | −$15.8m | us-gaap:OperatingIncomeLoss |
| Interest expense | 3 months, 2025-01-01 to 2025-03-31 | $266.0k | us-gaap:InterestExpenseNonoperating |
| Net income | 3 months, 2025-01-01 to 2025-03-31 | −$10.9m | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months, 2025-01-01 to 2025-03-31 | −$0.03 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months, 2025-01-01 to 2025-03-31 | −$0.03 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months, 2025-01-01 to 2025-03-31 | 364,434,300 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 3 months, 2025-01-01 to 2025-03-31 | $2.8m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 3 months, 2025-01-01 to 2025-03-31 | $3.8m | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Cash and equivalents | at 2025-03-31 | $74.8m | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | at 2025-03-31 | $100.0m | us-gaap:AssetsCurrent |
| Total assets | at 2025-03-31 | $182.9m | us-gaap:Assets |
| Current liabilities | at 2025-03-31 | $20.7m | us-gaap:LiabilitiesCurrent |
| Shareholders' equity | at 2025-03-31 | $123.1m | us-gaap:StockholdersEquity |

## Management's discussion and analysis

As filed, 50,494 characters.

### Business Overview

The following discussion and analysis by management is designed to provide information that we believe is necessary for an understanding of our financial condition, changes in financial condition, and results of our operations and should be read in conjunction with the audited financial statements and MD&A contained in our Annual Report on Form 10-K for the year ended December 31, 2024.

Incorporated on March 22, 2004, Ur-Energy is an exploration stage issuer, as that term is defined by the U.S. Securities and Exchange Commission (“SEC”). We are engaged in uranium recovery and processing activities, including the acquisition, exploration, development, and operation of uranium mineral properties in the U.S. We are operating our first in situ recovery uranium facility at our Lost Creek Project in Wyoming. Ur-Energy is a corporation continued under the *Canada Business Corporations Act* on August 8, 2006. Our common shares are listed on the TSX under the symbol “URE” and on the NYSE American under the symbol “URG.”

Ur-Energy has one wholly owned subsidiary, Ur-Energy USA Inc., incorporated under the laws of the State of Colorado. Ur-Energy USA Inc. has three wholly-owned subsidiaries: NFU Wyoming, LLC, a limited liability company formed under the laws of the State of Wyoming which acts as our land holding and exploration entity; Lost Creek ISR, LLC, a limited liability company formed under the laws of the State of Wyoming to operate our Lost Creek Project and hold our Lost Creek properties and assets; and Pathfinder Mines Corporation, incorporated under the laws of the State of Delaware, which holds, among other assets, the Shirley Basin Project in Wyoming. Our material U.S. subsidiaries remain unchanged since the filing of our Annual Report on Form 10-K, dated April 11, 2025.

We utilize in situ recovery (“ISR”) of the uranium at our flagship project, Lost Creek, and will do so at Shirley Basin and other projects where possible. The ISR technique is employed in uranium extraction because it allows for an effective recovery of roll front uranium mineralization at a lower cost. At Lost Creek, we extract and process uranium oxide (“U3O8”) for shipping to a third-party conversion facility to be weighed, assayed and stored until sold. After sale, when further processed, the uranium we have produced fuels carbon-free, emissions-free nuclear power which is a cost-effective, safe, and reliable form of electrical power. Nuclear power provides an estimated 50% of the carbon-free electricity in the U.S.

Our Lost Creek Project is permitted and licensed for annual recovery of up to 1.2 million pounds U3O8. The processing facility at Lost Creek, which includes all circuits for the production, drying and packaging of U3O8 for delivery into sales transactions, is designed and approved under current licensing to process up to 2.2 million pounds of U3O8 annually, which provides additional capacity of up to one million pounds U3O8 to process material from other sources. The Lost Creek processing facility will be utilized to process captured U3O8 from our Shirley Basin Project for which a satellite plant is being built in 2025. The Shirley Basin permit and license do allow for the construction of a full processing facility, providing greater construction and operating flexibility as may be dictated by future market conditions.

Our sales deliveries in 2025 are projected to be 440,000 pounds U3O8 into two of our sales agreements. We now have seven multi-year sales agreements which together anticipate sales of approximately 5.84 million pounds U3O8 between 2025 and 2033.

### Industry and Market Update

Notably in the U.S., a recent Executive Order of the Trump Administration directs the U.S. Department of Commerce to initiate a national security probe under Section 232 of the Trade Expansion Act of 1962 into the impact of imports of critical minerals and specifically identifies uranium. The investigation is ordered to be completed within 180 days (October 12) when a final report with recommendations is submitted to the President. A draft interim report is due to the Secretaries of Defense and Treasury, in addition to other key Administration leaders, by July 14, 2025. The impact of the investigation and subsequent corrective actions, if any, are unknown at this time but could have a positive impact on Ur-Energy as one of the largest domestic uranium producers in the U.S.

Also in April 2025, the Department of Interior implemented “Emergency Permitting Procedures to Strengthen Domestic Energy Supply.” The permitting procedures include uranium projects and, according to the Department of Interior announcement, the measures are designed to expedite the review and, if appropriate, approval of energy projects.

These recent directives from the Trump Administration continue the strong support for energy and mineral development which began on the first day of President Trump’s administration with the Executive Order titled “Unleashing American Energy” which, among other actions, made it U.S. policy to encourage energy exploration and production on federal lands and requires a review to ensure all regulatory requirements related to energy are grounded in clearly applicable law.

Support for nuclear power in the U.S. has grown to a multi-decade high of 77% according to the long-running Bisconti Research annual public opinion poll on nuclear power. Southern Company brought Vogel Unit 4 online in March 2024 and several companies are planning to initiate construction of small modular reactors (“SMR(s)”) within this decade. Constellation, a significant customer of Ur-Energy, announced the launch of the Crane Clean Energy Center that involves the restart of Three Mile Island Unit 1 in Pennsylvania. Several nuclear power companies have signed long-term, highly profitable power supply contracts with big data companies to power data centers.

Most importantly, the U.S. fleet of 94 conventional reactors is experiencing a power production renaissance as reactors are successfully granted life extensions through licensing, power uprates, longer periods between refueling outages and the use of higher levels of fuel enrichment. Each of these contributes to greater power generation and uranium usage. The nuclear power industry has been rapidly transformed from a slowly dying industry just five years ago to a vibrant and growing industry today.

Today’s SMRs have a small footprint, economically and spatially, but meteoric growth in the 2030s is planned by well-funded startups and established long-term players in power plant design and operations. Uranium purchasing will precede SMR operations by two to four years. According to an NEI poll of member companies, there could be as many as 300 SMRs in the U.S. by 2047. The carbon emissions avoided by the utilization of 300 SMRs would be equivalent to taking 100 million cars off the road.

Globally, the nuclear sector continues to grow as nuclear is the only viable scalable source of carbon free, baseload power. According to the World Nuclear Association reporting, as of May 2, 2025, 66 conventional reactors were under construction, 101 reactors were planned, and 440 reactors were operable. In addition to the buildout of new conventional reactors, several nations have reversed or are considering reversals of anti-nuclear policies (Serbia, Estonia, Italy, Spain, Scotland and Belgium). Japan continues to restart reactors, albeit at a slow pace, and there is growing interest in restarting some of the shuttered reactors in Germany. Perhaps the best indication of nuclear power’s growth potential is that the number of countries committing to tripling nuclear power by 2050 rose to 31 during the COP29 UN climate change conference in Baku, Azerbaijan (2024 Q4).

Finally, although tariffs and geopolitical trade actions have dominated the news recently, uranium has been largely excluded from tariffs. Whether the ongoing Section 232 action will change tariff rates remains to be seen. Regardless of whether tariffs are implemented on uranium, it is unlikely it would impact Ur-Energy because nearly all our deliveries to customers are within the U.S. and would not be subject to tariffs.

### Mineral Rights and Properties

We have 12 U.S. uranium properties. Ten of our uranium properties are in the Great Divide Basin, Wyoming, including Lost Creek. Currently, we control nearly 1,800 unpatented mining claims and three State of Wyoming mineral leases for a total of more than 35,000 acres in the area of the Lost Creek Property, including the Lost Creek permit area (the “Lost Creek Project”), and certain adjoining properties referred to as LC East, LC West, LC North, LC South and EN Project areas (collectively, with the Lost Creek Project, the “Lost Creek Property”). Our Shirley Basin Project permit area, also in Wyoming, comprises nearly 1,800 acres of Company-controlled mineral acres.

### Lost Creek Property

During 2025 Q1 operations at Lost Creek, we dried and packaged 83,066 pounds and shipped 106,301 pounds U3O8 to the conversion facility. At quarter end, our in-process inventory at Lost Creek was approximately 29,700 pounds, our drummed inventory at Lost Creek was 10,772 pounds, and our finished inventory at the conversion facility was 368,540 pounds. Subsequent to quarter end, we shipped an additional 35,287 pounds U3O8. We now have 403,827 pounds U3O8 in inventory at the conversion facility.

As previously disclosed, our wellfield flow rate has increased by 44% since the beginning of March 2025 and is now routinely over 2,800 gallons per minute. Additional flow increases are expected throughout the summer as our current fleet of 19 contract drill rigs and Company construction staff bring on additional header houses and enhance flow in existing wells through routine maintenance and improvements. Head grade remains on target. The Lost Creek processing plant is reducing in-circuit inventory with both dryers operating routinely and other process circuits performing more consistently.

Our safety performance has improved with no recordable injury or illness incidents occurring in 2025.

The recent improvements in performance and safety are attributable to several factors of which we believe the most important are growing employee skills and confidence and achieving higher employee retention rates. Our increased number of drill rigs together with mild winter conditions have also contributed to increased output.

Subsequent to quarter-end, we received the Wyoming Department of Environmental Quality (WDEQ) amendments to our Lost Creek permit to mine. This final permitting action by the State, following the license amendment received from WDEQ Uranium Recovery Program (URP) in 2021, allows for the expansion of recovery operations in up to six additional mine units in the HJ and KM horizons at our LC East Project and HJ mine units at Lost Creek. The State’s permit approval was followed by the final concurrence and approval for the expansion: the related aquifer exemption from the U.S. Environmental Protection Agency which was received May 1, 2025.

We anticipate that we will deliver and sell 440,000 pounds U3O8 at an average price per pound sold of $61.56 in 2025 from which we expect to realize revenues of $27.1 million from our U3O8 sales.

### Shirley Basin

Construction at our fully permitted Shirley Basin Project is on target and we continue to estimate early 2026 mine startup. We have hired many of our senior site management and construction staff, who are already directly involved with facility construction. Training of new staff is ongoing, including certain training being conducted at Lost Creek. We have hired several additional professional staff who will join the Shirley Basin team in Q2. Recruiting for operational staff, including the remaining managers, will be ongoing through 2025 Q2 – Q3.

To date, we have completed the following construction activities: upgraded the existing road to an all-weather surface; installed and completed 125 monitor wells for mine unit one and additional site groundwater characterization; installed power between the historical substation and the site for the satellite plant; installed communications and security systems; installed the septic system for the satellite plant enclosure; and initiated dirt work for the satellite plant foundation. We have completed the refurbishment of the existing warehouse, construction bay and maintenance bay. We have also installed and furnished modular offices for these buildings. The construction of the ion exchange vessels is still expected to be complete this fall.

Subsequent to quarter end, we have begun drilling in mine unit one and installed the necessary equipment to conduct sampling of wells related to regulatory permitting. Receipt of materials for the installation of monitor wells has begun and several shipments of materials to construct the main production and injection pipelines for the first mine unit have also been received. Additional dirt work to prepare the satellite plant foundation is now ongoing. The building enclosure for the satellite plant, which will house the ion exchange and wastewater management systems, has been procured. Detailed engineering of all systems continues to support final procurement of plant equipment.

### Results of Operations

### Reconciliation of Non-GAAP measures with US GAAP financial statement presentation

The following tables include measures specific to U3O8 sales, product cost, product profit, pounds sold, price per pound sold, cost per pound sold, and product profit per pound sold. These measures do not have standardized meanings within US GAAP or a defined basis of calculation. These measures are used by management to assess business performance and determine production and pricing strategies. They may also be used by certain investors to evaluate performance. The following two tables provide a reconciliation of U3O8 price per pound sold and U3O8 cost per pound sold to the consolidated financial statements.

| ​ U3O8 Price per Pound Sold Calculation ​ | ​ ​ | ​ ​ Unit ​ ​ | ​ 2024 Q2 ​ | ​ ​ | ​ 2024 Q3 ​ | ​ ​ | ​ 2024 Q4 ​ | ​ ​ | ​ 2025 Q1 ​ |
| --- | --- | ---: | ---: | --- | ---: | --- | ---: | --- | ---: |
| Sales per financial statements | ​ | $000 | 4,653 | ​ | 6,400 | ​ | 22,653 | ​ | — |
| Disposal fees | ​ | $000 | (29) | ​ | (235) | ​ | (296) | ​ | — |
| U3O8 sales | ​ | $000 | 4,624 | ​ | 6,165 | ​ | 22,357 | ​ | — |
| U3O8 pounds sold | ​ | lb | 75,000 | ​ | 100,000 | ​ | 395,000 | ​ | — |
| **U3O8 price per pound sold** | **​** | **$/lb** | **61.65** | **​** | **61.65** | **​** | **56.60** | **​** | **—** |

Sales per the financial statements includes U3O8 sales and disposal fees. Disposal fees received at Pathfinder’s Shirley Basin property do not relate to the sale of U3O8 and are excluded from the U3O8 sales and U3O8 price per pound sold measures.

| ​ U3O8 Cost per Pound Sold Calculation ​ | ​ ​ ​ | ​ ​ Unit ​ ​ | ​ 2024 Q2 ​ | ​ ​ | ​ 2024 Q3 ​ | ​ ​ | ​ 2024 Q4 ​ | ​ ​ | ​ 2025 Q1 ​ |
| --- | --- | ---: | ---: | --- | ---: | --- | ---: | --- | ---: |
| Cost of sales per financial statements | ​ | $000 | 3,327 | ​ | 5,613 | ​ | 32,600 | ​ | 2,598 |
| Lower of cost or NRV adjustment | ​ | $000 | (200) | ​ | (722) | ​ | (3,944) | ​ | (2,598) |
| U3O8 product costs | ​ | $000 | 3,127 | ​ | 4,891 | ​ | 28,656 | ​ | — |
| U3O8 pounds sold | ​ | lb | 75,000 | ​ | 100,000 | ​ | 395,000 | ​ | — |
| **U3O8 cost per pound sold** | **​** | **$/lb** | **41.69** | **​** | **48.91** | **​** | **72.55** | **​** | **—** |

Cost of sales per the financial statements includes U3O8 costs of sales and lower of cost or NRV adjustments. U3O8 cost of sales includes ad valorem and severance taxes related to the extraction of uranium, all costs of wellfield and plant operations including the related depreciation and amortization of capitalized assets, reclamation, and mineral property costs, plus product distribution costs. These costs are also used to value inventory. The resulting inventoried cost per pound is compared to the NRV of the product, which is based on the estimated sales price of the product, net of any necessary costs to finish the product. Any inventory value in excess of the NRV is charged to cost of sales in the financial statements. NRV adjustments, if any, relate to U3O8 inventories and do not relate to the sale of U3O8, and are excluded from the U3O8 cost of sales and U3O8 cost per pound sold measures.

### U3O8 Product Sales

The following table provides information on our U3O8 sales:

| ​ U3O8 Product Sales ​ U3O8 Product Sales | ​ ​ ​ ​ | ​ Unit ​ ​ | ​ ​ ​ | ​ 2024 Q2 ​ ​ | ​ ​ ​ | ​ 2024 Q3 ​ ​ | ​ ​ ​ | ​ 2024 Q4 ​ ​ | ​ ​ ​ | ​ 2025 Q1 ​ ​ |
| --- | --- | --- | --- | ---: | --- | ---: | --- | ---: | --- | ---: |
| Produced | ​ | $000 | ​ | 4,624 | ​ | 6,165 | ​ | 5,857 | ​ | — |
| Non-produced | ​ | $000 | ​ | — | ​ | — | ​ | 16,500 | ​ | — |
| **​** | **​** | **$000** | **​** | **4,624** | **​** | **6,165** | **​** | **22,357** | **​** | **—** |
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| **U3O8 Pounds Sold** | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Produced | ​ | lb | ​ | 75,000 | ​ | 100,000 | ​ | 95,000 | ​ | — |
| Non-produced | ​ | lb | ​ | — | ​ | — | ​ | 300,000 | ​ | — |
| **​** | **​** | **lb** | **​** | **75,000** | **​** | **100,000** | **​** | **395,000** | **​** | **—** |
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| **U3O8 Price per Pounds Sold** | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Produced | ​ | $/lb | ​ | 61.65 | ​ | 61.65 | ​ | 61.65 | ​ | — |
| Non-produced | ​ | $/lb | ​ | — | ​ | — | ​ | 55.00 | ​ | — |
| **​** | **​** | **$/lb** | **​** | **61.65** | **​** | **61.65** | **​** | **56.60** | **​** | **—** |

In 2024, we delivered 570,000 pounds at an average price per pound sold of $58.15.

Our total sales in 2025 are projected at 440,000 pounds of U3O8 at an average price per pound sold of $61.56 and we expect to realize revenues of $27.1 million. The deliveries are under contracts negotiated in 2022 and 2023, when the long-term price was between $43 and $57 per pound.

Deliveries for 2025 are committed to two customers for a base amount of 400,000 pounds of U3O8. Under our agreements, both buyers elected to flex up the annual base delivery quantity by 10%. Deliveries of 165,000 pounds, 110,000 pounds, and 165,000 pounds are expected to be made in 2025 Q2, Q3, and Q4, respectively.

There were no product sales in 2025 Q1.

### U3O8 Product Costs

The following table provides information on our U3O8 product costs:

| ​ U3O8 Product Costs ​ U3O8 Product Costs | ​ ​ ​ ​ | ​ Unit ​ ​ | ​ ​ ​ | ​ 2024 Q2 ​ ​ | ​ ​ ​ | ​ 2024 Q3 ​ ​ | ​ ​ ​ | ​ 2024 Q4 ​ ​ | ​ ​ ​ | ​ 2025 Q1 ​ ​ |
| --- | --- | --- | --- | ---: | --- | ---: | --- | ---: | --- | ---: |
| Ad valorem and severance taxes | ​ | $000 | ​ | 42 | ​ | 81 | ​ | 164 | ​ | — |
| Cash costs | ​ | $000 | ​ | 2,336 | ​ | 3,798 | ​ | 4,774 | ​ | — |
| Non-cash costs | ​ | $000 | ​ | 749 | ​ | 1,012 | ​ | 958 | ​ | — |
| Produced | ​ | $000 | ​ | 3,127 | ​ | 4,891 | ​ | 5,896 | ​ | — |
| Non-produced | ​ | $000 | ​ | — | ​ | — | ​ | 22,760 | ​ | — |
| **​** | **​** | **$000** | **​** | **3,127** | **​** | **4,891** | **​** | **28,656** | **​** | **—** |
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| **U3O8 Pounds Sold** | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Produced | ​ | lb | ​ | 75,000 | ​ | 100,000 | ​ | 95,000 | ​ | — |
| Non-produced | ​ | lb | ​ | — | ​ | — | ​ | 300,000 | ​ | — |
| **​** | **​** | **lb** | **​** | **75,000** | **​** | **100,000** | **​** | **395,000** | **​** | **—** |
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| **U3O8 Cost per Pound Sold** | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Ad valorem and severance taxes | ​ | $/lb | ​ | 0.56 | ​ | 0.81 | ​ | 1.73 | ​ | — |
| Cash costs | ​ | $/lb | ​ | 31.15 | ​ | 37.98 | ​ | 50.25 | ​ | — |
| Non-cash costs | ​ | $/lb | ​ | 9.98 | ​ | 10.12 | ​ | 10.08 | ​ | — |
| Produced | ​ | $/lb | ​ | 41.69 | ​ | 48.91 | ​ | 62.06 | ​ | — |
| Non-produced | ​ | $/lb | ​ | — | ​ | — | ​ | 75.87 | ​ | — |
| **​** | **​** | **$/lb** | **​** | **41.69** | **​** | **48.91** | **​** | **72.55** | **​** | **—** |

In 2024, we delivered 570,000 pounds sales, which consisted of 270,000 produced pounds and 300,000 non-produced pounds. The produced pounds were captured and drummed during the ramp up period at a higher average cost per pound when the mine operated at lower, ramp up, production levels.

During 2024, we purchased 300,000 pounds and borrowed 250,000 pounds at an average cost of $75.87 per pound to meet 2024 delivery requirements and to establish a sufficient base inventory position for 2025. We delivered 300,000 of the 550,000 non-produced pounds in 2024 Q4, leaving 250,000 non-produced pounds in ending inventory available for 2025 delivery requirements, if needed, or to be sold into the spot market if it is advantageous to do so.

There were no product sales in 2025 Q1.

### U3O8 Product Profit (Loss)

The following table provides information on our U3O8 product profit and loss:

| ​ U3O8 Product Profit (Loss) ​ U3O8 Product Sales | ​ ​ ​ Unit ​ ​ ​ ​ | ​ ​ ​ | ​ 2024 Q2 ​ ​ | ​ ​ ​ | ​ 2024 Q3 ​ ​ | ​ ​ ​ | ​ 2024 Q4 ​ ​ | ​ ​ ​ | ​ 2025 Q1 ​ ​ |
| --- | --- | --- | ---: | --- | ---: | --- | ---: | --- | ---: |
| Produced | ​ $000 | ​ | 4,624 | ​ | 6,165 | ​ | 5,857 | ​ | — |
| Non-produced | ​ $000 | ​ | — | ​ | — | ​ | 16,500 | ​ | — |
| **​** | **​** **$000** | **​** | **4,624** | **​** | **6,165** | **​** | **22,357** | **​** | **—** |
| ​ | ​ ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| **U3O8 Product Costs** | ​ ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Produced | ​ $000 | ​ | 3,127 | ​ | 4,891 | ​ | 5,896 | ​ | — |
| Non-produced | ​ $000 | ​ | — | ​ | — | ​ | 22,760 | ​ | — |
| **​** | **​** **$000** | **​** | **3,127** | **​** | **4,891** | **​** | **28,656** | **​** | **—** |
| ​ | ​ ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| **U3O8 Product Profit (Loss)** | ​ ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Produced | ​ $000 | ​ | 1,497 | ​ | 1,274 | ​ | (39) | ​ | — |
| Non-produced | ​ $000 | ​ | — | ​ | — | ​ | (6,260) | ​ | — |
| **​** | **​** **$000** | **​** | **1,497** | **​** | **1,274** | **​** | **(6,299)** | **​** | **—** |
| ​ | ​ ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| **U3O8 Pounds Sold** | ​ ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Produced | ​ lb | ​ | 75,000 | ​ | 100,000 | ​ | 95,000 | ​ | — |
| Non-produced | ​ lb | ​ | — | ​ | — | ​ | 300,000 | ​ | — |
| ​ | ​ lb | ​ | **75,000** | **​** | **100,000** | **​** | **395,000** | **​** | **—** |
| ​ | ​ ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| **U3O8 Price per Pound Sold** | ​ ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Produced | ​ $/lb | ​ | 61.65 | ​ | 61.65 | ​ | 61.65 | ​ | — |
| Non-produced | ​ $/lb | ​ | — | ​ | — | ​ | 55.00 | ​ | — |
| **​** | **​** **$/lb** | **​** | **61.65** | **​** | **61.65** | **​** | **56.60** | **​** | **—** |
| ​ | ​ ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| **U3O8 Cost per Pound Sold** | ​ ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Produced | ​ $/lb | ​ | 41.69 | ​ | 48.91 | ​ | 62.06 | ​ | — |
| Non-produced | ​ $/lb | ​ | — | ​ | — | ​ | 75.87 | ​ | — |
| ​ | ​ **$/lb** | **​** | **41.69** | **​** | **48.91** | **​** | **72.55** | **​** | **—** |
| ​ | ​ ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| **U3O8 Gross Profit (Loss) per Pound Sold** | ​ ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Produced | ​ $/lb | ​ | 19.96 | ​ | 12.74 | ​ | (0.41) | ​ | — |
| Non-produced | ​ $/lb | ​ | — | ​ | — | ​ | (20.87) | ​ | — |
| ​ | ​ **$/lb** | **​** | **19.96** | **​** | **12.74** | **​** | **(15.95)** | **​** | **—** |
| ​ | ​ ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| **U3O8 Product Profit (Loss) Margin per Pound Sold** | ​ ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Produced | ​% | ​ | 32.4% | ​ | 20.7% | ​ | (0.7)% | ​ | —% |
| Non-produced | ​% | ​ | —% | ​ | —% | ​ | (37.9)% | ​ | —% |
| **​** | **​%** | **​** | **32.4%** | **​** | **20.7%** | **​** | **(28.2)%** | **​** | **—%** |

In 2024, the average price per pound sold was $58.15 and the average cost per pound sold was $64.34, which resulted in an average loss per pound sold of $6.19 and an average loss margin of about 11%. The loss was driven by the sale of non-produced pounds, which were purchased and borrowed at an average cost of $75.87 per pound. The non-produced pounds were delivered into a sales contract that was executed in 2022 when the long-term price was between $43 and $52 per pound.

### U3O8 Production and Ending Inventory

The following tables provide information on our production and ending inventory of U3O8 pounds:

| ​ U3O8 Production ​ | ​ ​ ​ | ​ Unit ​ | ​ ​ | ​ 2024 Q2 ​ | ​ ​ | ​ 2024 Q3 ​ | ​ ​ | ​ 2024 Q4 ​ | ​ ​ | ​ 2025 Q1 ​ |
| --- | --- | --- | --- | ---: | --- | ---: | --- | ---: | --- | ---: |
| Pounds captured | ​ | lb | ​ | 70,679 | ​ | 75,075 | ​ | 81,771 | ​ | 74,479 |
| Pounds drummed in | ​ | lb | ​ | 64,170 | ​ | 71,804 | ​ | 74,006 | ​ | 83,066 |
| Pounds shipped | ​ | lb | ​ | 70,390 | ​ | 67,488 | ​ | 66,526 | ​ | 106,301 |
| Non-produced pounds purchased or borrowed | ​ | lb | ​ | — | ​ | — | ​ | 550,000 | ​ | — |

| ​ U3O8 Ending Inventory ​ Pounds | ​ ​ ​ ​ | ​ Unit ​ ​ | ​ ​ ​ | ​ 2024 Q2 ​ ​ | ​ ​ ​ | ​ 2024 Q3 ​ ​ | ​ ​ ​ | ​ 2024 Q4 ​ ​ | ​ ​ ​ | ​ 2025 Q1 ​ ​ |
| --- | --- | --- | --- | ---: | --- | ---: | --- | ---: | --- | ---: |
| In-process inventory | ​ | lb | ​ | 86,204 | ​ | 90,140 | ​ | 39,169 | ​ | 29,700 |
| Plant inventory | ​ | lb | ​ | 21,570 | ​ | 26,580 | ​ | 33,919 | ​ | 10,772 |
| Conversion inventory - produced | ​ | lb | ​ | 74,625 | ​ | 40,713 | ​ | 12,239 | ​ | 118,540 |
| Conversion inventory - non-produced | ​ | lb | ​ | — | ​ | — | ​ | 250,000 | ​ | 250,000 |
| **​** | **​** | **lb** | **​** | **182,399** | **​** | **157,433** | **​** | **335,327** | **​** | **409,012** |
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| **Value** | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| In-process inventory | ​ | $000 | ​ | 447 | ​ | 427 | ​ | 42 | ​ | 382 |
| Plant inventory | ​ | $000 | ​ | 1,072 | ​ | 1,499 | ​ | 1,840 | ​ | 582 |
| Conversion inventory - produced | ​ | $000 | ​ | 3,555 | ​ | 2,320 | ​ | 704 | ​ | 6,463 |
| Conversion inventory - non-produced | ​ | $000 | ​ | — | ​ | — | ​ | 18,158 | ​ | 16,058 |
| **​** | **​** | **$000** | **​** | **5,074** | **​** | **4,246** | **​** | **20,744** | **​** | **23,485** |
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| **Cost per Pound** | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| In-process inventory | ​ | $/lb | ​ | 5.19 | ​ | 4.74 | ​ | 1.07 | ​ | 12.86 |
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Plant inventory | ​ | $/lb | ​ | 49.70 | ​ | 56.40 | ​ | 54.25 | ​ | 54.03 |
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Conversion inventory: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Ad valorem and severance tax | ​ | $/lb | ​ | 0.67 | ​ | 1.63 | ​ | 1.57 | ​ | 2.16 |
| Cash cost | ​ | $/lb | ​ | 36.77 | ​ | 45.26 | ​ | 46.83 | ​ | 43.43 |
| Non-cash cost | ​ | $/lb | ​ | 10.20 | ​ | 10.09 | ​ | 9.12 | ​ | 8.94 |
| Conversion inventory - produced | ​ | $/lb | ​ | 47.64 | ​ | 56.98 | ​ | 57.52 | ​ | 54.53 |
| Conversion inventory - non-produced | ​ | $/lb | ​ | — | ​ | — | ​ | 72.63 | ​ | 64.23 |
| **​** | **​** | **$/lb** | **​** | **47.64** | **​** | **56.98** | **​** | **71.93** | **​** | **61.11** |

In 2024, we captured 265,746 pounds as mining activities began to accelerate. Pounds captured increased in each quarter during 2024, although at a slower rate than we anticipated. Drying issues in the plant impacted our ability to capture pounds. The drying issues were resolved in 2025 Q1.

In 2025 Q1, we drummed 83,066 pounds as drying activities began to increase. This allowed us to increase the average flow rate into the plant to approximately 2,066 average gallons per minute in March. Subsequently, we were able to increase the average flow rate to 2,762 gallons per minute in April, which led to increased production in April of 38,646 pounds captured and 43,226 pounds drummed. The wellfield flow rate at Lost Creek increased by 44% since the beginning of March 2025 and is now routinely over 2,800 gallons per minute. Additional flow increases are expected throughout the summer as we bring on additional header houses and enhance flow in existing wells through routine maintenance and improvements..

We shipped 106,301 pounds during 2025 Q1, which increased our ending inventory at the conversion facility to 368,540 pounds, including 250,000 purchased pounds. Subsequent to quarter end, we shipped an additional 35,287 pounds U3O8. We now have 403,827 pounds U3O8 in inventory at the conversion facility

Because production rates were lower than anticipated in 2024, the cost per pound to produce inventory exceeded its NRV. The NRV adjustments to produced inventory decreased from $10.7 million in 2023 to $3.5 million in 2024. Total NRV adjustments in 2024, including $2.5 million of non-produced inventory NRV adjustments, were $6.0 million. In 2025 Q1, the NRV adjustments to produced inventory decreased to $0.5 million and NRV adjustment related to non-produced inventory decreased to $2.1 million.

The cost per produced pound at the conversion facility decreased from $57.52 in 2024 Q4 to $54.53 per pound in 2025 Q1 reflecting a lower cost per pound of drummed inventory shipped to the conversion facility. The decrease in the cost per pound shipped was due to the increase in pounds drummed combined with slightly lower plant production costs during the quarter. As production and shipments continue to increase to targeted levels, we expect the cost per pound in ending inventory, and ultimately the cost per pound sold, to decrease accordingly.

### Three months ended March 31, 2025, compared to the three months ended March 31, 2024

The following table summarizes the results of operations for the three months ended March 31, 2025 and 2024 (expressed in thousands of U.S. dollars, except per share and non-GAAP per pound data):

| ​ ​ ​ ​ ​ | ​ ​ ​ ​ ​ | ​ ​ ​ ​ ​ | ​ Three Months Ended March 31, 2025 ​ | ​ ​ ​ | ​ 2024 ​ | ​ ​ ​ | ​ Change ​ |
| --- | --- | --- | ---: | --- | ---: | --- | ---: |
| Sales | ​ | ​ | — | ​ | — | ​ | — |
| Cost of sales | ​ | ​ | (2,598) | ​ | (1,139) | ​ | (1,459) |
| **Gross profit (loss)** | **​** | **​** | **(2,598)** | **​** | **(1,139)** | **​** | **(1,459)** |
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Operating costs | ​ | ​ | (13,237) | ​ | (15,145) | ​ | 1,908 |
| **Operating profit (loss)** | **​** | **​** | **(15,835)** | **​** | **(16,284)** | **​** | **449** |
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Interest income | ​ | ​ | 867 | ​ | 619 | ​ | 248 |
| Interest expense | ​ | ​ | (266) | ​ | (131) | ​ | (135) |
| Mark to market gain (loss) | ​ | ​ | 4,310 | ​ | (2,756) | ​ | 7,066 |
| Foreign exchange gain (loss) | ​ | ​ | — | ​ | 12 | ​ | (12) |
| Other income (loss) | ​ | ​ | 26 | ​ | (1) | ​ | 27 |
| **Net income (loss)** | **​** | **​** | **(10,898)** | **​** | **(18,541)** | **​** | **7,643** |
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Foreign currency translation adjustment | ​ | ​ | (28) | ​ | 283 | ​ | (311) |
| **Comprehensive income (loss)** | **​** | **​** | **(10,926)** | **​** | **(18,258)** | **​** | **7,332** |
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Earnings (loss) per common share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| Basic | ​ | ​ | (0.03) | ​ | (0.07) | ​ | 0.04 |
| Diluted | ​ | ​ | (0.03) | ​ | (0.07) | ​ | 0.04 |
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| U3O8 pounds sold | ​ | ​ | — | ​ | — | ​ | — |
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| U3O8 price per pound sold | ​ | ​ | — | ​ | — | ​ | — |
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| U3O8 cost per pound sold | ​ | ​ | — | ​ | — | ​ | — |
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |
| U3O8 profit (loss) per pound sold | ​ | ​ | — | ​ | — | ​ | — |

### Sales

Sales per the financial statements includes the U3O8 sales and disposal fees. Due to the nature of our contracts, we have a limited number of deliveries, which do not occur consistently during the year. Sales revenues are recognized when the product is transferred to the purchaser.

There were no product sales or disposal fees in 2025 Q1 or 2024 Q1.

### Cost of Sales

Cost of sales per the financial statements includes U3O8 product costs, Shirley Basin startup costs, and lower of cost or NRV adjustments as shown in the following table (expressed in thousands of U.S. dollars):

| ​ ​ ​ ​ ​ | ​ ​ ​ ​ ​ | ​ ​ ​ ​ ​ | ​ Three Months Ended March 31, 2025 ​ | ​ ​ ​ | ​ 2024 ​ | ​ ​ ​ | ​ Change ​ |
| --- | --- | --- | ---: | --- | ---: | --- | ---: |
| U3O8 product costs | ​ | ​ | - | ​ | - | ​ | - |
| Lower of cost or NRV adjustments | ​ | ​ | 2,598 | ​ | 1,139 | ​ | 1,459 |
| ​ | **​** | **​** | **2,598** | **​** | **1,139** | **​** | **1,459** |

There were no U3O8 product sales in 2025 Q1 or 2024 Q1.

NRV adjustments in 2025 Q1 included $0.5 million related to produced inventory and $2.1 million related to non-produced inventory. The 2024 Q1 NRV adjustment was solely related to produced inventory. The decrease in the produced-inventory NRV adjustment to $0.5 million in 2025 Q1as compared to $1.1 million 2024 Q1 is primarily related to increased production. The non-produced NRV adjustment in 2025 Q1 was due to the decrease in the average U3O8 spot price during the quarter.

### Gross Profit (Loss)

As we had no sales during the three months ended March 31, 2025 and 2024, we recognized a gross loss in each period equal to the cost of sales, as discussed above.

### Operating Costs

The following table summarizes the operating costs for the three months ended March 31, 2025 and 2024 (expressed in thousands of U.S. dollars):

| ​ ​ ​ Operating Costs ​ | ​ ​ ​ ​ ​ | ​ ​ ​ ​ ​ | ​ Three Months Ended March 31, 2025 ​ | ​ ​ ​ | ​ 2024 ​ | ​ ​ ​ | ​ Change ​ |
| --- | --- | --- | ---: | --- | ---: | --- | ---: |
| Exploration and evaluation | ​ | ​ | 1,044 | ​ | 903 | ​ | 141 |
| Development | ​ | ​ | 9,743 | ​ | 11,552 | ​ | (1,809) |
| General and administration | ​ | ​ | 2,173 | ​ | 2,569 | ​ | (396) |
| Accretion | ​ | ​ | 277 | ​ | 121 | ​ | 156 |
| ​ | ​ | ​ | **13,237** | **​** | **15,145** | **​** | **(1,908)** |

Total operating costs decreased $1.9 million in the three months ended March 31, 2025 as compared to 2024, respectively. The decrease was mainly due to lower development costs at Lost Creek combined with slightly lower general and administrative expenses.

Exploration and evaluation expense consists of labor and the associated costs of the exploration, evaluation, and regulatory departments, as well as land holding and exploration costs on properties that have not reached the development or operations stage. The increase in cost of $0.1 million for the three months ended March 31, 2025 was driven by increases in labor costs, which were partially offset by lower non-cash costs.

The Company is considered an exploration stage issuer and expenses its pre-production development costs. These development costs are incurred in advance of production from the related mining areas. Development expense includes costs incurred at the Lost Creek Project not directly attributable to current production activities, including wellfield construction, drilling, and development costs. It also includes costs incurred at the Shirley Basin Project not directly attributable to the construction of the capitalizable assets of the project, including the installation of the first mine unit, which is in progress. The following table summarizes the development costs included in operating costs for the three months ended March 31, 2025 and 2024 (expressed in thousands of U.S. dollars):

| ​ ​ ​ Development Costs ​ | ​ ​ ​ ​ ​ | ​ ​ ​ ​ ​ | ​ Three Months Ended March 31, 2025 ​ | ​ ​ ​ | ​ 2024 ​ | ​ ​ ​ | ​ Change ​ |
| --- | --- | --- | ---: | --- | ---: | --- | ---: |
| Lost Creek mine unit development | ​ | ​ | 9,117 | ​ | 7,615 | ​ | 1,502 |
| Lost Creek disposal well development | ​ | ​ | 2 | ​ | 3,798 | ​ | (3,796) |
| Shirley Basin mine unit development | ​ | ​ | 623 | ​ | 134 | ​ | 489 |
| Other development | ​ | ​ | 1 | ​ | 5 | ​ | (4) |
| ​ | ​ | ​ | **9,743** | **​** | **11,552** | **​** | **(1,809)** |

Development expenses decreased approximately $1.8 million in the three months ended March 31, 2025. The decrease was driven by the completion of a new disposal well at Lost Creek in 2024 Q1 with no similar costs in 2025 Q1. The decrease was partially offset by increased drilling activities and the related wellfield construction costs that relate to the mine unit (“MU”) development program at Lost Creek.

Beginning in February 2025, Shirley Basin wellfield and plant operation costs were initiated. The costs are being expensed as development costs until inventory production at Shirley Basin commences, at which time the costs will be used to value inventory. At Shirley Basin, development costs increased approximately $0.5 million in 2025 Q1 and will continue to increase as we develop the first mine unit during 2025.

General and administration expenses relate to the administration, finance, investor relations, land, and legal functions, and consist principally of personnel, facility, and support costs. For the three months ended March 31, 2025, the expenses decreased $0.4 million. The decreases was primarily related to lower stock compensation expense and labor costs, partially offset by higher outside service costs.

### Other Income and Expenses

Higher interest rates and cash balances generated increased interest income in 2025. At the same time, interest expense increased reflecting interest costs on the new uranium inventory loan in 2025 Q1 as compared to the Wyoming state bond loan in 2024 Q1, which was paid off in March 2024.

The 2024 Q1 mark to market adjustment included the revaluation of the warrant liability and the 2025 Q1 adjustment included the revaluations of the warrant liability and uranium inventory loan. Because of a decrease in the Company’s share price, which is used to calculate the warrant liability revaluation, and a decrease in the average U3O8 spot price, which is used to calculate the uranium inventory loan revaluation, 2025 Q1 reflected a $4.3 million gain as compared to a $2.8 million loss in 2024 Q1.

### Earnings (loss) per Common Share

The basic and diluted losses per common share for the three months ended March 31, 2025 and 2024, were $0.03 and $0.07 per share, respectively. The diluted loss per common share is equal to the basic loss per common share due to the anti-dilutive effect of all convertible securities in periods of loss.

### Liquidity and Capital Resources

As shown in the Interim Consolidated Statements of Cash Flows, our cash, cash equivalents, and restricted cash and cash equivalents decreased from the December 31, 2024 balance of $87.1 million to $86.0 million as of March 31, 2025. During the three months ended March 31, 2025, we generated $2.8 million from operating activities, used $3.8 million for investing activities, and used less than $0.1 million for financing activities.

Operating activities generated $2.8 million in 2025 Q1. In January 2025, we collected $16.5 million from a sale made in December 2024 and received $0.9 million of interest income. We spent $0.2 million on interest expense, $4.4 million on production costs, and $13.1 million on operating costs. We had a $3.1 million favorable working capital movement primarily related to increases in accounts payable and accrued liabilities.

Investing activities used $3.8 million during the three months ended March 31, 2025. We spent $3.0 million on construction and equipment at Shirley Basin and $0.8 million for rolling stock purchases at Shirley Basin and Lost Creek.

Financing activities used less than $0.1 million in the three months ended March 31, 2025. We received $0.2 million from the exercise of stock options and paid $0.2 million for lease payments and RSUs redemption costs.

### Wyoming State Bond Loan

On October 23, 2013, we closed a $34.0 million Sweetwater County, State of Wyoming, Taxable Industrial Development Revenue Bond financing program loan (“State Bond Loan”). On March 27, 2024, the remaining $4.4 million balance due on the State Bond Loan was prepaid in full. The State Bond Loan was secured by all the assets of the Lost Creek Project. All releases of collateral have been obtained following the final repayment of the facility.

### Universal Shelf Registration and At Market Facility

On May 29, 2020, we entered into an At Market Issuance Sales Agreement (the “Sales Agreement”) with B. Riley Securities, Inc. (“B. Riley Securities”), relating to our common shares. On June 7, 2021, we amended and restated the Sales Agreement to include Cantor Fitzgerald & Co. (“Cantor,” and together with B. Riley Securities, the “Agents”) as a co-agent. Under the Sales Agreement, as amended, we may, from time to time, issue and sell Common Shares at market prices on the NYSE American or other U.S. market. The Sales Agreement was filed in conjunction with a universal shelf registration statement on Form S-3, effective May 27, 2020, which has now expired.

On June 28, 2023, we filed a new universal shelf registration statement on Form S-3 with the SEC through which we may offer and sell, from time to time, in one or more offerings, at prices and terms to be determined, up to $175 million of our common shares, warrants to purchase our common shares, our senior and subordinated debt securities, and rights to purchase our common shares and/or senior and subordinated debt securities. The registration statement became effective July 19, 2023, for a three-year period.

On July 19, 2023, we entered into an amendment to the Amended Sales Agreement (“Amendment No. 2” and hereafter the “Amended Sales Agreement”) with the Agents to, among other things, reflect the new registration statement under which we may sell up to $50 million from time to time through or to the Agents under the Amended Sales Agreement, in addition to amounts previously sold under the Sales Agreement. Subsequently, we filed a new prospectus supplement in June 2024 under which we may sell up to $100 million from time to time through or to the Agents under the Amended Sales Agreement, including the common shares previously sold under the Sales Agreement.

For the three months ended March 31, 2025, we have not utilized the Amended Sales Agreement.

### 2023 Underwritten Public Offering

On February 21, 2023, the Company closed a $46.1 million underwritten public offering of 39,100,000 common shares and accompanying warrants to purchase up to 19,550,000 common shares, at a combined public offering price of $1.18 per common share and accompanying warrant. The gross proceeds to Ur-Energy from this offering were approximately $46.1 million. After fees and expenses of $3.0 million, net proceeds to the Company were approximately $43.1 million.

### 2024 Underwritten Public Offering

On July 29, 2024, the Company closed an underwritten public offering of 57,150,000 common shares at a price of $1.05 per common share. The Company also granted the underwriters a 30-day option to purchase up to 8,572,500 additional common shares on the same terms. The option was exercised in full. Including the exercised option, the Company issued a total of 65,722,500 common shares. The gross proceeds to the Company from this offering were approximately $69.0 million. After fees and expenses of $3.8 million, net proceeds to the Company were approximately $65.2 million.

### Liquidity Outlook

As of May 2, 2025, our unrestricted cash position was $66.0 million.

Our total sales in 2025 are projected at 440,000 pounds of U3O8 at an average price per pound sold of $61.56 and we expect to realize revenues of $27.1 million. The deliveries are under contracts negotiated in 2022 and 2023, when the long-term price was between $43 and $57 per pound. Deliveries for 2025 are committed to two customers for a base amount of 400,000 pounds of U3O8. Under our agreements, both buyers elected to flex up the annual base delivery quantity by 10%. Deliveries of 165,000 pounds, 110,000 pounds, and 165,000 pounds are expected to be made in 2025 Q2, Q3, and Q4, respectively.

As of March 31, 2025, we had 368,540 pounds of U3O8 in our conversion facility inventory. We shipped 35,287 pounds on April 21, 2025, which increased our ending inventory at the conversion facility to 403,827 pounds.

In addition to normal production and operating costs at Lost Creek, we anticipate spending approximately $34 million at Shirley Basin on construction, equipment purchases, mine unit development, and initial production costs. We expect that these capital projects will be funded by operating cash flow and cash on hand. We have no immediate plans to issue additional securities or obtain additional funding other than that which may be required due to the uneven nature of cash flows generated from operations.

### Looking Ahead

We made great strides at Shirley Basin on construction and development activities in 2024. Now, in 2025, we are actively growing into a two-mine site Company. This became particularly true in Q1, as we began hiring additional management and staff and, subsequent to quarter-end, mobilized drill rigs from Lost Creek to begin development drilling for the first mine unit at Shirley Basin. Initial Shirley Basin management and staff include lateral moves of experienced Lost Creek personnel to form the initial core construction and wellfield team. We plan to continue to find opportunities to train new staff at Lost Creek and likely may move experienced operators to Shirley Basin when our phased recruitment plan calls for those hires in 2025 Q3.

With the move of two drill rigs to Shirley Basin, we now have 19 drill rigs working at Lost Creek, which is sufficient for our present development requirements and our planned 2025 exploration programs. Since the start of 2025, we have brought three header houses (HHs) online at Lost Creek: HH 2-12 in January, HH 2-13 in March and HH 2-14 on May 1, 2025.

At Lost Creek, we drummed 83,066 pounds in 2025 Q1 as drying activities began to increase. This allowed us to increase the average flow rate into the plant to approximately 2,066 gallons per minute in March. Subsequently, we were able to increase the average flow rate to 2,762 gallons per minute in April, which led to increased production in April of 38,646 pounds captured and 43,226 pounds drummed.

The wellfield flow rate at Lost Creek increased by 44% since the beginning of March 2025 and is now routinely over 2,800 gallons per minute. Additional flow increases are expected throughout the summer as we bring on additional header houses and enhance flow in existing wells through routine maintenance and improvements. Head grade remains on target and remains on a positive trend.

The Lost Creek processing plant is reducing in-circuit inventory with both dryers operating routinely and other process circuits performing more consistently.

We are generally fully staffed at Lost Creek and retention has improved in recent months, including within our Lost Creek management group. This has allowed us to better train our staff and place a greater focus on their safety.

The Casper construction shop is functioning well and meeting our present header house development needs for Lost Creek and is in position to meet our development needs at Shirley Basin as we move towards production there.

With much development and pre-construction advanced at Shirley Basin in 2024, we are now progressing wellfield development, construction of the modular office building (expected to be complete in 2025 Q3), additional roadwork, and earthwork at the plant site to allow concrete work to begin in May.

As noted above, hiring completed for Shirley Basin includes our Mine Manager and several key managers, nearly all construction and casing staff and the first among our wellfield services team. Our staff of production geologists is in place at the project. In Q2, we will onboard an engineer, a health physicist and geological logging staff, all of whom have been hired. Our phased recruitment program is anticipated to allow for more thorough safety and task training of staff prior to commencement of operations.

We look forward to the commencement of operations at Shirley Basin, as it will diversify our production sources and further support our efforts to remain a leading U.S. uranium producer. We also anticipate restarting exploration programs to identify additional mineral resources and supplement future production.

As discussed above, we have secured multi-year sales agreements with leading nuclear companies, including several which include market-related pricing components. We now have seven agreements that call for combined annual delivery of a base amount of 440,000 to 1,300,000 pounds of U3O8 from 2025 through 2030, with additional deliveries of 100,000 called for in 2032 and 2033. Sales prices are anticipated to be profitable on an all-in production cost basis and escalate annually from initial pricing.

Our cash position as of May 2, 2025, was $66.0 million.

With additional staff and contractors and significant construction and operational activity at both mine sites, we continue to focus on maintaining safe and compliant operations.

### Transactions with Related Parties

There were no reportable transactions with related parties during the quarter.

### Proposed Transactions

As is typical of the mineral exploration, development, and mining industry, we will consider and review potential merger, acquisition, investment and venture transactions and opportunities that could enhance shareholder value. Timely disclosure of such transactions is made as soon as reportable events arise.

### Critical Accounting Estimates

There have been no significant changes to the critical accounting estimates disclosed in our 2024 Form 10-K.

### Off Balance Sheet Arrangements

We have not entered into any material off balance sheet arrangements such as guaranteed contracts, contingent interests in assets transferred to unconsolidated entities, derivative instrument obligations, or with respect to any obligations under a variable interest entity arrangement.

### Outstanding Share Data

As of May 2, 2025, we had outstanding 364,819,260 common shares and 8,129,685 options to acquire common shares.

## Market risk

As filed, 2,725 characters.

### Market risk

Market risk is the risk to the Company of adverse financial impact due to changes in the fair value or future cash flows of financial instruments because of fluctuations in interest rates and foreign currency exchange rates.

#### Credit risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, and restricted cash and cash equivalents. These assets include Canadian dollar and U.S. dollar denominated certificates of deposit, money market accounts, and demand deposits. These instruments are maintained at financial institutions in Canada and the U.S. Of the amount held on deposit, approximately $0.6 million is covered by the Canada Deposit Insurance Corporation, the Securities Investor Protection Corporation, or the U.S. Federal Deposit Insurance Corporation, leaving approximately $85.3 million at risk on March 31, 2025, should the financial institutions with which these amounts are invested be rendered insolvent. The Company does not consider any of its financial assets to be impaired as of March 31, 2025.

#### Currency risk

As of March 31, 2025, we maintained a balance of approximately $2.9 million Canadian dollars. The funds will be used to pay Canadian dollar expenses and are considered to be a low currency risk to the Company.

#### Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they come due. As of March 31, 2025, the Company’s current financial liabilities consisted of accounts payable and accrued liabilities of $7.9 million, the current portion of leases payable of $0.4 million and the repayment of the inventory loan currently valued at $16.1 million. As of March 31, 2025, we had $74.8 million of cash and cash equivalents and $23.5 million in inventory.

#### Interest rate risk

The Company has completed a sensitivity analysis to estimate the impact that a change in interest rates would have on the net loss and considers the change to be a low interest rate risk to the Company.

### Commodity Price Risk

The Company is subject to market risk related to the market price of uranium. Future sales would be impacted by both spot and long-term uranium price fluctuations. Historically, uranium prices have been subject to fluctuation, and the price of uranium has been and will continue to be affected by numerous factors beyond our control, including the demand for nuclear power, political and economic conditions, governmental legislation in uranium producing and consuming countries, and production levels and costs of production of other producing companies. The average spot market price was $69.55 per pound U3O8 as of May 2, 2025.

## Controls and procedures

As filed, 1,634 characters.

### (a) Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this MD&A, under the supervision of the Chief Executive Officer and the Chief Financial Officer, the Company evaluated the effectiveness of its disclosure controls and procedures, as such term is defined in Rule 13a-15(e) and Rule 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”). Based on this evaluation, the Chief Executive Officer and the Chief Financial Officer have concluded that the Company’s disclosure controls and procedures are effective to ensure that information the Company is required to disclose in reports that are filed or submitted under the Exchange Act: (1) is recorded, processed and summarized effectively and reported within the time periods specified in SEC rules and forms, and (2) is accumulated and communicated to Company management, including the Chief Executive Officer and the Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. The Company’s disclosure controls and procedures include components of internal control over financial reporting. No matter how well designed and operated, internal controls over financial reporting can provide only reasonable, but not absolute, assurance that the control system’s objectives will be met.

### (b) Changes in Internal Controls over Financial Reporting

No changes in our internal control over financial reporting occurred during the three months ended March 31, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

## Risk factors

As filed, 126 characters.

As of March 31, 2025, there have been no material changes from those risk factors set forth in our Annual Report on Form 10-K.

Filed May 8, 2025.
Source: SEC EDGAR, the filing index for accession 0001558370-25-007006. Last ingested by Listed: Nov 2, 2026, 06:22 ET. No prices; not investment advice.