Q3 2026 Conference Call and Webcast - UR-ENERGY INC

Explicit Guidance:

• FY2027 Production: Target delivery of 1.4 million pounds of U3O8 in 2027, supported by inventory drawdown and new production from Lost Creek and Shirley Basin.
• FY2027 Revenue/Cash Flow: Management projects reaching an EBITDA inflection point in the "late 2027, early 2028 timeframe."
• Capital Expenditures (CapEx): Planned spend of $26 million for the Lost Creek Wastewater Facility and $8 million for Shirley Basin development through 2027. Total projected CapEx for Shirley Basin for next year is $8 million.
• Cost Structure: Cash cost per pound expected to decline as production ramp-up increases fixed-cost leverage; management notes no specific inflationary pressure on consumables (oxygen, CO2, baking soda) compared to sulfuric acid users.

Business-Segment Outlook:

• Lost Creek: Production ramp-up continuing with focus on flow optimization; flow rates reported as increasing daily in Q3 2026. Target for Mine Unit 5 (MU5) construction decision expected following a technical report release in late 2026, with production targeted for Q1 2027. New wastewater treatment facility on schedule to be operational in Q2 2027 to optimize capacity.
• Shirley Basin: Transitioning to a "spoke" of the Lost Creek hub; 25,330 pounds captured YTD. Additional header houses planned for Q4 2026 and throughout 2027. Lixiviant chemistry optimization showing positive results post-Q3. Potential flexibility to operate as a stand-alone hub if the Great Divide Basin develops.
• Exploration Pipeline:
  • Lost Creek South: 120-hole exploration program currently testing 7 miles of composite trend for mine expansion and new resource hosting.
  • Lost Soldier: Technical report expected by year-end to trigger a construction decision in 2027; serves as a potential satellite operation 17 miles from Lost Creek.
  • North Haddis (North Hadsall): Planning ongoing for follow-up drilling; extended drill program submitted to BLM for larger-scale drilling in 2027.

Market and Competitive Outlook:

• Supply/Demand Dynamics: Anticipates a widening structural gap between uranium demand and supply through 2040, with global nuclear capacity projected to nearly double.
• Pricing Structure: Shift in contracting landscape observed where utilities are prioritizing "security of supply" over price certainty; contracts increasingly command premiums (approx. $10 above spot) to secure future delivery.
• Competitive Positioning: Aiming to re-establish Wyoming as the top U.S. uranium district via a district-scale ISR platform leveraging existing infrastructure to service multiple future satellite mines.

Macro / Industry Outlook:

• Domestic Energy Security: U.S. energy security focus is driving demand for domestic uranium production and secure fuel supply chains.
• Regulatory Environment: Management reports no permitting delays; active engagement with BLM for drilling expansions.
• Labor Market: Wyoming noted as having "essentially no unemployment," presenting standard labor inflation risks but no sector-specific spikes.

Strategic Initiatives:

• Infrastructure Expansion: Construction of wastewater treatment facility at Lost Creek (operational Q2 2027) and completion of Shirley Basin wastewater project (end of 2027).
• Growth Strategy (6 Priorities): 1) Increase production/cash flow via optimization; 2) Expand district-scale ISR platform; 3) Advance capital-efficient satellite mine pipeline; 4) Maintain low-cost profile; 5) Leverage domestic supply strategic importance; 6) Disciplined capital allocation.
• Operational Optimization: Implementation of sand filtration systems at Lost Creek (online July 2026) to improve flow rates; maintenance of elution/ion exchange systems completed to increase processing capacity.
• Logistics: Resin transport from Shirley Basin to Lost Creek has moved past initial learning curve and is now routine.

Risks and Headwinds to Outlook:

• Production Variability: ISR mining involves fluctuating grades and decline curves; transition between Mine Units (e.g., moving from MU2 to MU5) may result in temporary lower grades or production dips as new environments are tapped.
• Inventory Adjustments: Historical discrepancies between captured and drummed pounds noted, requiring inventory adjustments (gospel metric is drummed pounds).
• Execution Risks: Timelines for technical report release (Lost Soldier) and construction decisions (MU5) are contingent on ongoing testing and regulatory processes.
• Operational Complexity: Early-stage processes at new assets (Shirley Basin) carry inherent ramp-up risks and learning curves regarding resin transfer and plant integration.

Management Tone on the Future:

• Confidence Level: Highly optimistic and confident; repeated use of phrases like "couldn't be more thrilled" and "very energized" regarding progress at Lost Creek and Shirley Basin.
• Trend Assessment: Management views the current transition period in contracting (spot vs. supply security) as a significant upside opportunity for pricing power rather than a risk.
• Strategic Outlook: Describes the company's trajectory as accelerating from a single-asset operation to a "multi-asset domestic uranium producer" and "America's uranium powerhouse," with expectations of sustained production growth.

Miscellaneous:

• Inventory Levels: Ended quarter with 233,378 pounds of finished inventory; in-process/plant inventory increased from 19,496 to 85,708 pounds.
• Q3 2026 Results: Delivered 190,000 pounds under long-term contracts; $12.3M revenue; cash cost of $40.40/lb.
• Asset Footprint: Lost Creek property spans 55 square miles with production currently on a fraction of the land, indicating significant expansion potential.