Ur-Energy — Third Quarter 2026 Earnings Summary

Financial Performance:

• Q3 2026 product sales revenue totaled $12.3 million from the sale of 190,000 pounds of U₃O₈, compared to 110,000 pounds sold in Q3 2025.
• Year-to-date (YTD) through three quarters of 2026, the Company sold 460,000 pounds of U₃O₈, a 67.3% increase compared to 275,000 pounds in the same period of 2025.
• Average sales price in Q3 2026 was $64.95 per pound, down 2.8% from Q2 2026 ($66.85) but up 13.0% from Q3 2025 ($57.48).
• YTD average sales price for 2026 was $66.56 per pound, a 9.3% increase from $60.91 in 2025.
• Cash cost per pound sold in Q3 2026 was $40.40, virtually unchanged from $40.20 in Q2 2026; YTD cash cost per pound sold was $39.56, a 7.6% decrease from $42.83 in 2025.
• U₃O₈ product profit for Q3 2026 was a loss of $969,000, compared to a profit of $2,049,000 in Q2 2026; YTD product profit was $2,297,000.
• U₃O₈ product profit margin for Q3 2026 was -7.9%, compared to 14.3% in Q2 2026; YTD margin was 7.5%.
• Conversion facility finished inventory decreased to 233,378 pounds at the end of Q3 2026 from 348,292 pounds in Q2 2026.
• In-process and plant inventory increased to 85,708 pounds at the end of Q3 2026 from 19,496 pounds in Q2 2026.
• All sales during the period were under long-term contracts.

Guidance and Future Outlook:

• For the full year 2026, the Company expects to sell 700,000 pounds of U₃O₈ at an average price of approximately $67.00 per pound, generating product sales revenues of approximately $46.9 million.
• The new wastewater treatment facility at Lost Creek is expected to be in operation in Q2 2027.
• Regulatory approval for Mine Unit 5 (MU5) at Lost Creek is expected in Q1 2027, with production operations anticipated to commence thereafter.
• Improvements to header houses at Shirley Basin are expected to be completed in the near term, with additional header houses coming online throughout Q4 2026 and 2027.
• A technical report for the Lost Soldier satellite mine is expected by year-end 2026, with a construction decision to follow.

Business Segments and Product Lines:

• Shirley Basin mine launched full operations in August 2026, making its first shipment to the Lost Creek processing facility; the mine captured 25,330 pounds of U₃O₈ YTD 2026, including 14,697 pounds in Q3.
• Lost Creek operations captured 154,667 pounds of U₃O₈ in Q3 2026, a 47.3% increase from Q2 2026 and a 73.3% increase from Q3 2025.
• YTD 2026 captured pounds totaled 369,997, a 26.4% increase from 292,716 pounds in YTD 2025.
• Pounds drummed at Lost Creek in Q3 2026 were 104,586, a 25.8% decrease from Q2 2026 but an 11.8% increase from Q3 2025; YTD drummed pounds increased 18.2% year-over-year.
• A 120-hole (~84,000 ft.) exploration drill program commenced at Lost Creek South in October 2026 to test for near-mine expansion and regional targets.
• North Hadsell project completed surface reclamation of 33 wide-spaced holes in Q3 2026, with follow-up planning underway.
• Lost Creek optimization included bringing a sand filtration system online to increase flow rates and submitting a regulatory package for a new mine unit.

Market and Competitive Landscape:

• Ur-Energy is identified as America's largest and fastest-growing domestic ISR uranium producer.
• The Company operates a multi-asset strategy with the Lost Creek processing hub and mine, and the Shirley Basin mine, transitioning to a dual-hub model to maximize optionality in the Great Divide Basin.
• Shirley Basin is currently operated as a spoke of the Lost Creek hub to optimize capital efficiency while permitted as a future independent production and processing hub.

Risks and Challenges:

• Production activity at Shirley Basin was limited to a small area of the first mine unit during the quarter to improve operating parameters and optimize ISR operations.
• Pounds drummed at Lost Creek decreased in Q3 2026 due to planned feed and wastewater treatment upgrades and the ramp-up of the Shirley Basin mine.
• The Company faces risks related to the timing of construction activities, regulatory approvals, and the ability to meet sales projections if production and inventory are insufficient.
• Forward-looking statements note risks including capital cost variances, failure to establish resources, grade and recovery variations, production rate delays, and changes in governmental policies or market conditions.

Management Commentary and Tone:

• President & CEO Matt Gili described the quarter as "busy and productive," highlighting a large year-over-year increase in captured pounds and sustained low production costs.
• Management emphasized the acceleration of the multi-asset growth strategy, including exploration at Lost Creek South and the technical report for Lost Soldier.
• The tone reflects confidence in the ramp-up of processing hubs and mines, noting that production costs have remained low throughout the period.

Other Key Points:

• The Company proactively entered into transactions to defer deliveries of 150,000 pounds to 2027 and 150,000 pounds to 2029, and extended the maturity date of its 250,000-pound inventory loan from November 2026 to November 2027.
• In October 2026, the Company deferred an additional 300,000 pounds of deliveries from Q4 2026 to 2029.
• These deferral transactions are designed to provide time to advance ramp-up at Lost Creek and Shirley Basin while enabling the Company to meet near-term delivery commitments from existing inventory.
• The Company completed the third of three planned aquifer tests at Lost Soldier during the quarter.
• Maintenance of elution and ion exchange (IX) systems at the Lost Creek plant was completed to increase processing and drumming capacity.