Ur-Energy — Second Quarter 2026 Earnings Summary

Financial Performance

• Generated $14.4 million in product sales revenue from the sale of 215,000 pounds of U₃O₈, representing a 30.3% increase in pounds sold compared to the second quarter of 2025 and a 290.9% increase compared to the first quarter of 2026.
• Average sales price was $66.85 per pound, a 5.8% increase year-over-year from Q2 2025 ($63.20) but a 5.8% decrease quarter-over-quarter from Q1 2026 ($70.98).
• Cash cost per pound sold was $40.20, an increase of 7.2% from Q1 2026 ($37.51) but a 6.1% decrease from Q2 2025 ($42.83).
• Unrestricted cash and cash equivalents totaled $95.3 million at June 30, 2026, a 22.4% decrease from Q1 2026 ($122.8 million) but a 65.5% increase from Q2 2025 ($57.6 million).
• U₃O₈ product profit for the quarter was $3,266,000 (YTD 2026), with a profit margin of 17.9% for the period.
• Ending inventory at the conversion facility was 348,292 pounds, a 16.5% decrease from Q1 2026 and a 10.4% increase from Q2 2025.
• Total U₃O₈ pounds drummed reached 140,873, up 47.4% from Q1 2026 and 25.7% from Q2 2025.
• Total U₃O₈ pounds shipped reached 149,747, up 44.0% from Q1 2026 and 42.2% from Q2 2025.

Guidance and Future Outlook

• The Company expects to make base deliveries of 1.0 million pounds of U₃O₈ in 2026, including 270,000 pounds delivered in the first half.
• Following the quarter, the Company deferred delivery of 150,000 pounds to 2027 and 150,000 pounds to 2029 to align with ramp-up schedules.
• Wellfield construction and installation for the fifth mine unit at Lost Creek are expected to commence by year-end 2026, with 15 header houses planned from late 2026 through 2028.
• Completion and operation of the new wastewater treatment facility at Lost Creek are planned for the first quarter of 2027.
• Implementation of an enhanced maintenance program and improvements to the reverse osmosis system at Lost Creek are expected to be completed by year-end 2026.
• A 120-hole exploration drilling program at Lost Creek South is expected to commence in the third quarter of 2026.
• A technical report including a resource estimate for the Lost Soldier project is expected by year-end 2026.

Business Segments and Product Lines

• Lost Creek: The flagship ISR project drummed 140,873 pounds and shipped 149,747 pounds in Q2 2026. A sand filtration system was installed and brought online in July to increase flow rates.
• Shirley Basin: Received final state regulatory authorization in late June 2026 to commence full production operations. Captured 10,634 pounds during limited operations in Q2 2026. All plant infrastructure for transporting uranium-loaded resin to Lost Creek was in place by the end of July 2026.
• Exploration:
  • Lost Creek South: A 16-square mile property adjacent to Lost Creek is being prepared for a 120-hole drilling program.
  • Lost Soldier: Completed pump testing of two aquifer test well clusters and began baseline environmental studies for potential permitting as a satellite mine.
  • North Hadsell: Advanced abandonment of 33 previously drilled holes totaling 33,800 feet.

Market and Competitive Landscape

• Ur-Energy positions itself as the largest and fastest-growing domestic ISR uranium producer in the United States following the commencement of full operations at Shirley Basin.
• Lost Creek and Shirley Basin have a combined annual licensed production and toll-processing capacity of 4.2 million pounds of U₃O₈.
• All sales during the quarter were made under long-term contracts.
• The Great Divide Basin is identified as an emerging uranium district where the Company is optimizing capital efficiency through the Shirley Basin "spoke" model feeding the Lost Creek hub.

Risks and Challenges

• Forward-looking statements highlight risks including delays in obtaining governmental, environmental, or project approvals.
• Potential risks include variations in capital and operating costs, failure to establish estimated resources and reserves, and fluctuations in ore grade and recovery.
• Risks also encompass delays in development, changes in governmental policies, market conditions, inflation, and exchange rates.
• The success of production ramp-up, optimization initiatives, and drilling programs is subject to uncertainties regarding resource potential and scalability.

Management Commentary and Tone

• President & CEO Matt Gili described Q2 2026 as an "inflection point," citing the transformation into the largest and fastest-growing ISR producer in the U.S. due to the ramp-up at Lost Creek and production at Shirley Basin.
• Management noted that operating costs remain among the lowest in the country and the organic growth pipeline is advancing at pace.
• The tone reflects confidence in the ability to expand production and execute the optimization strategy through 2026 and beyond.

Other Key Points

• Ur-Energy operates on the NYSE American (URG) and TSX (URE).
• The Company broke ground on the wastewater treatment facility at Lost Creek in July 2026.
• 17 drill rigs were actively supporting the Lost Creek drilling program at quarter-end, an increase of two from the previous quarter.
• The Company proactively entered into transactions to defer deliveries to manage inventory and production schedules.
• All sales were under long-term contracts.