Q3 2026 Conference Call and Webcast - UR-ENERGY INC

Financial Performance:

• Generated $12.3 million in revenue from 190,000 pounds of U3O8 sold under long-term contracts in Q3 2026.
• Year-to-date (YTD) sales increased 67.3% YoY; YTD pounds captured rose 26.4%, while pounds drummed reached 341,058 (up ~18% YoY).
• Q3 cash cost per produced pound was $40.40; YTD cash costs declined 7.6% YoY.
• Reported 233,378 pounds of finished inventory and increased in-process/plant inventory from 19,496 to 85,708 pounds.
• Q3 cost per pound sold was weighted higher due to sales of 180,000 previously purchased pounds (higher cost basis) versus only 10,000 pounds of current production.
• Management projects $26 million in capital expenditure for the Lost Creek wastewater facility and $8 million for Shirley Basin development through 2027.

Guidance and Future Outlook:

• Aiming for 1.4 million pounds of production delivery in 2027, supported by ramp-ups and existing inventory.
• Targeted production ramp-up includes Mine Unit 5 at Lost Creek expected to commence operations in Q1 2027.
• New wastewater treatment facility at Lost Creek is on schedule for Q2 2027 operation to optimize capacity.
• Shirley Basin plans to bring additional header houses online throughout Q4 2026 and 2027.
• Expectation to reach an EBITDA inflection point in late 2027 or early 2028.
• Long-term goal to re-establish Wyoming as the top U.S. uranium district via a district-scale ISR platform.

Business Segments and Product Lines:

• Lost Creek: Primary production hub; YTD production up 18.2% (341,058 lbs). Optimizing flow rates via new sand filtration system (online July) and plant maintenance on elution/ion exchange systems.
• Shirley Basin: Transitioned to a multi-asset producer; shipped first uranium to Lost Creek in August. Captured 25,330 lbs YTD (14,697 lbs in Q3). Currently operates as a satellite spoke but retains flexibility to become a standalone hub.
• Exploration & Expansion: Advanced Mine Unit 5 at Lost Creek; commenced 120-hole exploration program at Lost Creek South testing seven miles of trends.
• New Assets: Finalizing technical report for "Lost Soldier" (17 miles from Lost Creek) with construction decision targeting 2027; North Hadsall drilling program yielded production-grade uranium in 13 of 33 holes, with extended drilling permits submitted to BLM.

Market and Competitive Landscape:

• Operates within a market backdrop of projected global nuclear capacity doubling by 2040 and a structural supply-demand gap.
• U.S. energy security is driving demand for domestic uranium, shifting utility contracting from pure price security to security of supply.
• Customers are increasingly willing to pay premiums (approximately $10/spot above spot price) to secure domestic supply chains.
• Leveraging a "district-scale" ISR model to efficiently deploy skilled teams across multiple satellite mines.

Risks and Challenges:

• Operational ramp-up volatility: Grade profiles fluctuate naturally in ISR as mines progress through decline curves and transition between mine units; Q3 production dip attributed to plant maintenance and sand filter optimization rather than grade decline.
• Regulatory and logistical hurdles: Initial resin transport from Shirley to Lost Creek involved a learning curve on receiving procedures, though now routine.
• Inventory adjustments: YTD pounds captured revised upward following a Q3 adjustment where drummed volume exceeded previously recorded captured volume.
• Labor market constraints: Wyoming's near-zero unemployment necessitates managing standard inflationary pressures on labor costs.

Management Commentary and Tone:

• Tone is highly confident and optimistic regarding operational progress, citing "couldn't be more thrilled" with flow rate increases at Lost Creek and grade improvements at Shirley Basin.
• Emphasizes a disciplined, capital-efficient approach with a focus on increasing flow as the primary driver of production volume.
• Management highlights the strategic pivot of the utility market toward securing domestic supply over maximizing spot price exposure.

Analyst Questions and Answers:

• Production Path (Sundara Iyer): Confirmed 2027 delivery will rely on inventory and ramp-up; flow rates at Lost Creek are increasing daily, while Shirley Basin is optimizing lexiviant chemistry.
• Grade vs. Flow (Anthony Taglieri): Clarified that grade is currently stable/declining due to natural mine unit transitions, but flow is increasing; production is expected to rise as flow dominates the equation (Production = Flow x Grade).
• Capital & Liquidity (Sundara Iyer): CapEx of $34M total ($26M Lost Creek, $8M Shirley) to be funded by cash resources and existing liquidity; no immediate need for external financing to hit EBITDA inflection in 2027/28.
• Cash Burn (Heiko Aile/Kate): Cash spend is relatively constant year-over-year, maintaining ~25 rigs and 8-10 header houses installed annually.
• Lost Soldier (Heiko Aile/Kate): Technical report publication by year-end is the primary catalyst for the 2027 construction decision.
• Q3 Production Dip (Jeff Gramp): Lower Q3 output vs Q2 attributed to maintenance on ion exchange columns and learning curve on new sand filters; flow is now growing routinely.
• Shirley/Lost Creek Logistics (Ali McLei): Transport bottlenecks were logistical/operational learning curves during the first resin transfer; shipments are now streamlined and routine.
• Cost Structure (Matthew Key): Higher Q3 weighted average costs explained by sales mix of non-produced inventory; no significant inflationary pressure on lexivians (oxygen/CO2/baking soda) vs. sulfuric acid peers.

Other Key Points:

• Lost Creek property covers 55 square miles with production currently on a fraction of the land, indicating significant expansion potential.
• North Hadsall results are considered highly successful for wide-spacing exploration (up to 1,000 ft spacing).
• Company strategy prioritizes six points: increasing production/cash flow, expanding district-scale platform, advancing satellite mines, maintaining low costs, leveraging domestic supply importance, and disciplined capital allocation.