UR-ENERGY INC Q2 FY2026 earnings call

• Market Fundamentals and Strategic Positioning • Nuclear energy is increasingly recognized as critical reliable baseload power, with global capacity projected to nearly double by 2040 • U.S. government policy prioritizes secure domestic uranium supplies, creating a structural gap between demand and primary mine supply that UR Energy is positioned to fill • UR Energy is the leading U.S. ISR uranium producer, building America's first district-scale ISR operation via disciplined, capital-efficient growth, with expertise in efficient permitting and existing licensed capacity to scale

• Lost Creek Operations and Optimization • Q2 2026 production was the highest since ramp-up began in 2022, maintaining a low-cost production profile • A new sand filtration system to address wellfield fine particle flow restrictions was installed in Q2 and fully commissioned in July 2026, increasing average plant flow rates from ~2,500 gallons per minute to ~3,200-3,300 gallons per minute • Groundwork on a new wastewater treatment facility broke ground in July 2026, with reverse osmosis upgrades and a new maintenance program on track for completion by end-2026 • 17 active drill rigs are advancing wellfield expansion; delineation drilling is ongoing in the fourth and fifth mine units, with construction for mine unit five expected to start by end-2026 pending regulatory approval

• Shirley Basin Milestones • Shirley Basin uses a hub-and-spoke model, where uranium captured on resin is transported to Lost Creek for processing, leveraging existing infrastructure for higher capital efficiency; it is also fully licensed to operate as an independent hub in the future for strategic flexibility • Full state regulatory authorization for commercial operation was received in late June 2026, and the facility is now fully operational with 6 of 10 production columns online • Final commissioning of specialty resin hauling trailers is complete, with the first shipment to Lost Creek imminent • Shirley Basin has higher uranium grade and shallower deposits than Lost Creek, enabling faster drilling and development, with optimization activities planned through 2027

• Growth Pipeline • A 120-hole exploration program for the Lost Creek South project (adjacent to existing Lost Creek infrastructure) will start in Q3 2026, offering lower capital requirements and faster development timelines • Baseline environmental studies are ongoing at the Lost Soldier project, with a PEA-level technical report on track for completion by end-2026, and baseline permitting work progressing as expected with no major surprises • North Hatchell remains an encouraging exploration opportunity after Q1 2026 drilling found uranium mineralization in 13 of 33 drill holes

UR Energy operates two core production segments, Lost Creek (flagship ISR uranium mine) and Shirley Basin (satellite production facility), with additional exploration-stage projects. In Q2 2026, the Lost Creek segment produced 141,000 pounds of yellowcake (47% higher than Q1 2026, 26% higher than Q2 2025), shipped 150,000 pounds (44% higher than Q1 2026, 42% higher than Q2 2025), and generated $14.4 million in total sales revenue from 215,000 pounds of contracted sales across the company's operations. The Shirley Basin segment captured 10,634 pounds of uranium in Q2 2026 during limited pre-authorization operations, and reached full operation in Q3 2026 after receiving state regulatory approval. Overall company cash cost per pound sold was $40.20, ending the quarter with $95.3 million in unrestricted cash and 348,000 pounds of finished inventory. No separate revenue contribution percentages are provided for individual segments in the transcript.

• The original 2026 contracted delivery target of 1.3 million pounds was adjusted via proactive deferral of 300,000 pounds to 2027 and 2029, reducing 2026 delivery commitments to 1 million pounds, and management confirmed it remains on track to meet the revised 2026 delivery target • Quarterly wellfield development costs are expected to remain between $12 million and $15 million for the next year, split between Lost Creek and Shirley Basin, with costs leveling out after pre-production development at Shirley Basin • Management projects cash costs will decline to a steady-state range of $20 to $25 per pound as production volumes increase, given 80% of operating costs are fixed • The base case plan is to fulfill the outstanding uranium loan maturing in Q4 2026, though the loan is renegotiable and flexible, with multiple risk mitigation options in place • 540,000 pounds of guided 2026 contracted deliveries does not include the 250,000 pounds required for uranium loan repayment

• Production ramp-up risk is a core concern, which management proactively mitigated by deferring 300,000 pounds of 2026 contracted deliveries to later years to maintain execution flexibility • Operational constraints at Lost Creek shifted from wellfield fine particle flow issues (resolved by the new sand filtration system) to injection well capacity, requiring continued optimization of wellfield operations • All forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from expectations, in line with risk factors disclosed in SEC and Canadian regulatory filings • Early-stage operations at Shirley Basin still require additional data to validate recovery curves against internal plans, even with favorable early indications of high flow rates and high uranium grade

Q: Given the ramp-up at Shirley Basin and the new sand filter at Lost Creek, what can we expect for H2 2026 production, and can you hit delivery targets without drawing on non-produced inventory? / A: Management does not provide explicit production guidance, but confirmed it is on track to meet the revised 2026 delivery target after proactively deferring 300,000 pounds of deliveries to 2027 and 2029 as a risk management measure to preserve execution flexibility.

Q: How has the uranium contracting market changed recently, in terms of pricing, terms, and buyer appetite? / A: Management noted the market has shifted from a buyer-focused market to one where utilities prioritize surety of supply over negotiating incremental price reductions. Buyers are now open to contracting outside of formal rigid RFP processes, but UR Energy is not actively adding new 2026 commitments and will reevaluate the contract book in 2027, with only a few ongoing discussions for future delivery commitments.

Q: What development cost breakdown should be modeled for Lost Creek and Shirley Basin for the rest of 2026 and 2027? / A: Management expects total quarterly development spending to remain between $12 million and $15 million for the next year. Costs are balanced between the two sites as drills are moved to maximize progress, with spending staying steady to keep development 1-3 years ahead of production needs.

Q: Is there growing appetite for M&A of U.S. uranium development assets, and will UR Energy pursue spot sales of deferred production? / A: Management confirmed growing interest in consolidation among U.S. uranium assets, with UR Energy actively evaluating opportunities to create shareholder value, but declined to give specific details. The company prioritizes protecting inventory for future contracted deliveries and opportunistic pricing, and has no current interest in spot sales.

Q: How is Shirley Basin's early operational performance matching internal projections, and how much infrastructure is needed to reach 1 million pounds per year production? / A: Early operations show significantly higher natural flow rates and higher uranium grades than typical Wyoming ISR mines, but the company is still in early stages collecting recovery curve data. To reach 1 million pounds per year, 6 to 8 new header houses will need to be installed annually, with most resource already drilled and no additional exploration required.