Company Overview: Ur-Energy Inc.

Business Focus

Ur-Energy Inc. is engaged in uranium mining, recovery, and processing activities primarily within the United States. The company specializes in in situ recovery (ISR) of uranium, which involves extracting uranium from underground deposits using injection and production wells without extensive surface disturbance or tailings facilities.

Key Operations and Properties

• Main Production Facility:

  • Lost Creek ISR Uranium Project in Sweetwater County, Wyoming
  • Operational since 2013 after receiving essential permits and licenses in 2012-2013.
  • Capable of producing up to 2.2 million pounds U3O8 annually under current permits.
  • Production has resumed with a ramp-up starting in 2023, producing and selling uranium since then.
  • Production Data (2023-2024):
    • 2023: Sold 280,000 pounds UO at an average price of $61.89 per pound.
    • 2024: Sold 570,000 pounds UO at an average price of $58.15 per pound.
    • Captured 103,487 pounds in 2023 and 265,746 pounds in 2024.

• Other Significant Assets:

  • Shirley Basin ISR Uranium Project in Wyoming; fully permitted with plans to begin operations in Q1 2026.
  • Contains reported mineral resources; licensed for up to 1 million pounds UO per year.
  • Construction and exploration activities commenced in 2024.
  • Resource Estimates (as of December 2024):
    • Measured & Indicated: ~15,216 tons with an average grade of 0.070% eU3O8 (~21.4 million pounds U3O8).
    • Inferred resources not reported; recent drilling for planning purposes.

• Other Projects:

  • Additional exploration-stage properties in Wyoming, Nevada, and the Gas Hills district in Wyoming.
  • No current production but hold claims and leases for future development.

Market and Sales

• Customers: Approximately 6,700 beneficial beneficial shareholders.
• Revenue (2024): Approximately $33.1 million from sale of 570,000 pounds UO.
• Sales Contracts:
  • Seven multi-year agreements for delivery between 2025 and 2033, totaling 5.84 million pounds U3O8.
  • Prices are a mix of fixed, escalated, and market-based pricing, generally above estimated production costs.
• Inventory and Purchases:
  • Maintains product inventory to manage supply chain and delivery schedules.
  • Purchased 300,000 pounds UO in late 2024 at an average cost of $80.61 per pound.
  • Borrowed 250,000 pounds UO to meet delivery and inventory needs for 2024.

Employees

• Total employees:
  • Lost Creek LLC: 84 full-time employees as of December 31, 2024.
  • Ur-Energy USA (the U.S. subsidiary): 17 full-time employees (6 in Littleton, Colorado and 11 in Wyoming).
• Other subsidiaries: No additional employees reported in 2024.

Corporate Status & Financials

• Incorporation:
  • Founded March 22, 2004.
  • Continued under the Canada Business Corporations Act since August 8, 2006.
• Stock Listings:
  • NYSE American (Symbol: URG)
  • TSX (Symbol: URE)
• Market Capitalization (as of June 30, 2024):
  • Approximate market value of non-affiliated shares: $376.1 million.
• Outstanding Shares:
  • As of April 9, 2025: 364,819,260 common shares.
• Ownership:
  • Majority freely tradable; restricted by beneficial ownership.
• Revenue (2024):
  • ~$33.1 million from uranium sales.
• Net Income: Not explicitly provided, but the company reported a net loss of approximately $3.5 million in 2024 (based on detailed cost and revenue discussions).

Key Activities & Strategy

• Returning Lost Creek to full commercial production.
• Building and preparing Shirley Basin for future operations.
• Managing multi-year sales agreements to secure long-term revenue streams.
• Maintaining inventory to stabilize supply and meet contractual obligations.
• Focusing on in situ recovery technology due to its lower environmental impact and costs.
• Securing permits, licenses, and regulatory approvals for current and planned projects.

Note: The company emphasizes its role in supporting clean energy through uranium production for nuclear power and is actively working on expanding its resource base via exploration and project development activities.