UR-ENERGY INC Q4 FY2025 earnings call

Matt Gilley joined Ur-Energy Inc. midway through 2025 and highlighted a year of strong execution and meaningful progress. At Lost Creek, focus on operational execution led to significant year-over-year gains in inventory, pounds drummed, wellfield flow rates, pounds captured, and profit per pound sold. Ongoing drilling at Lost Creek continued to create value with extended mine life, increased resource base, and improved financial metrics. At Shirley Basin, made substantial progress towards bringing second ISR production facility online. Workforce grew by 55% in 2025. Cash position strong due to successful closing of 4.75% convertible senior notes. Lost Soldier and North Hassel projects had ongoing activities related to ISR development and exploration with encouraging results

Lost Creek: Ended 2025 with 406,000 pounds of product in inventory, an increase of 21% over 2024. Pounds drummed increased by 65% over 2024. Wellfield flow rates improved, pounds captured increased by 40%, profit per pound sold increased by more than $12. Average cash cost per pound sold, including severance and ad valorem taxes, was $42.89. Measured and indicated resource at Lost Creek is now estimated at 11,900,000 pounds and inferred resource is at 10,400,000 pounds. Mine life extended by nearly three years, post-tax net cash flow increased to $442,000,000, NPV with 8% discount rate is $244,000,000, internal rate of return is almost 66%. Shirley Basin: Made substantial progress towards bringing second ISR production facility online. Initial processing plant construction nearing completion, all ion exchange columns installed and heat tanks in place. Drilled 469 injection and production wells. Mine Unit 1, Header House 1 ready to begin initial injection and recovery pending state environmental department approval. 2024 technical report estimated nine-year mine life, 8,800,000 pounds in measured and indicated categories, post-tax net cash flow $119,000,000, NPV with 8% discount rate $82,000,000, internal rate of return 69%, all-in cost $50 per pound. Lost Soldier: Installed 18 aquifer test wells in late 2025 to support evaluation of potential for ISR development. Aquifer testing to begin this month, followed by baseline environmental studies. North Hassel: Drilling delivered very encouraging early results. Through February, drilled 32 wide-spaced holes totaling 33,000 feet. Seven intersected significant uranium mineralization, including 13 intercepts exceeding Lost Creek cut-off grade. Suggests multiple stacked roll front horizons comparable to Lost Creek

Contracted for sales of 1,300,000 pounds in 2026 and plan to cover with inventory and new production from Lost Creek and Shirley Basin. Have contingency plans to fulfill 250,000-pound loan due in November, with options on how and when to repay. Contracts for 2026 sales have different stages and prices throughout the year, not a ramp up. Funds from convertible senior notes available for potential M&A opportunities or other uses in a prudent and disciplined manner

Risks related to forward-looking statements involving known and unknown risks and uncertainties that could cause actual results to differ materially. Risks associated with regulatory approvals for Shirley Basin and potential delays due to increased industry activity. Risks related to the uranium market including geopolitical factors and potential changes in regulations that may be reinstated down the road

Q: Sundari Iyer asked about confidence in meeting 1,500,000 commitments and increasing utilization.

A: Matt Gilley said confidence comes from current ramp up at Lost Creek and progress at Shirley Basin, with plans to use existing inventory and new production.

Q: Anthony Tagliari asked about product loans repayment and realized prices.

A: Matt Gilley said loan due in November, options to repay, loans to be repaid in physicals, and contracts for 2026 sales have different prices.

Q: Geoff Graham asked about production trend at Lost Creek and cash costs.

A: Matt Gilley said ramp up continues, with power outage in December affecting Q4, and cash costs are fixed based on pounds drummed.

Q: Joseph Reagor asked about regulatory front at Shirley Basin.

A: Matt Gilley and Ryan said regulatory approvals expected this month, good working relationship with regulators.

Q: Mike Kozak asked about discrepancy between pounds drummed and captured at Lost Creek.

A: Steve Hatten said power outage affected the discrepancy.

Q: Justin Chan asked about milestones and key to hitting targets.

A: Matt Gilley and Steve Hatten discussed milestones for Lost Creek and Shirley Basin, key business improvements on plant fines management.

Q: Matthew Key asked about future sales commitments and M&A.

A: Matt Gilley said talks mostly for 2029 and beyond, funds from convertible notes available for potential M&A.

Q: Heiko Ihle asked about demand for longer-term pricing.

A: Matt Gilley said interest in securing uranium supplies is growing, not over-obligating in near term.

Q: Valerie Kimbell asked about navigating reinstated regulations.

A: Matt Gilley and Ryan said actively monitoring rulemakings and participating in processes