URGNYSEGold and Silver OresUS GAAP · USD

Ur Energy Inc

Ur-Energy Inc. is a uranium recovery and processing company focused on acquiring, exploring, developing, and operating uranium mineral properties in the United States. Its core assets include the Lost Creek in situ recovery project and the Shirley Basin project in Wyoming, supported by U.S.-based land-holding and operating subsidiaries.

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Revenue27.2m USD
−19.3 %y/y
Operating profit (EBIT)-69.4m USD
−10.0 %y/y
EBIT margin-255.0%
−67.8 ppy/y
Net income-74.9m USD
−40.8 %y/y
Free cash flow-66.7m USD
+17.6 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-75-50-2502550m USD2020: 8.3 m USD2020: EBIT -13 m USD20202021: 0.02 m USD2021: EBIT -17 m USD20212022: 0.02 m USD2022: EBIT -20 m USD20222023: 18 m USD2023: EBIT -31 m USD20232024: 34 m USD2024: EBIT -63 m USD20242025: 27 m USD2025: EBIT -69 m USD202527-69
RevenueOperating profit (EBIT)
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Business

Share of revenue
Uranium production85 %

ISR extraction and processing of uranium concentrate from company-owned properties.

U3O8 sales12 %

Sale of uranium concentrate under term and spot-linked contracts.

Disposal and reclamation fees3 %

Fees earned from accepting material tied to third-party reclamation programs.

Customers

Ur-Energy sells uranium concentrate to nuclear fuel purchasers, including utilities and other participants in the nuclear fuel cycle. Its disposal fee activity depends on third-party reclamation programs, while its production business is tied to long-term offtake and delivery contracts.

Nuclear fuel purchasers

Buy uranium concentrate for conversion and downstream reactor fuel use; they value reliable supply and contract certainty.

Utility and fuel-cycle contract counterparties

Enter term sales agreements for scheduled deliveries from Lost Creek and future production.

Spot market buyers

Purchase uranium concentrate opportunistically when market pricing and availability align.

Reclamation program counterparties

Provide disposal-related revenue through material accepted under reclamation and cleanup programs.

Strategy

Ur-Energy’s strategy centers on expanding uranium production from its Wyoming ISR assets while securing term sales contracts that support future output. The company also emphasizes advancing its property portfolio and maintaining access to the nuclear fuel market as demand for uranium strengthens.

Expand and sustain ISR uranium productionMedium term

Production from Lost Creek and future assets underpins sales volume and market relevance.

Lock in long-term uranium sales contractsShort term

Term contracts provide visibility for future production and cash flow planning.

Advance U.S. uranium property portfolioMedium term

A broader asset base supports future mine life and optionality beyond Lost Creek.

Geography

Ur-Energy’s operations are concentrated in Wyoming, where it controls the Lost Creek property and the Shirley Basin project, along with other uranium properties in the Great Divide Basin. The company is incorporated in Canada but operates through U.S. subsidiaries and lists its shares on the TSX and NYSE American.

Risks

Ur-Energy is exposed to uranium price volatility, a limited customer base, and the challenge of securing additional sales contracts on acceptable terms. Its operations also depend on permitting, technical execution at ISR mines, and regulatory conditions in the U.S. nuclear and mining sectors.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Uranium market volatility1Limited customer base2Contracting risk3Regulatory and permitting risk4Cybersecurity and IT disruption5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Uranium market volatilityImpact: HighLikelihood: Medium

    U3O8 pricing is cyclical and can change contract value, inventory realizability, and project economics.

    Exposure: Lost Creek and future uranium sales

  2. Limited customer baseImpact: HighLikelihood: Low

    The uranium market has relatively few buyers, increasing counterparty concentration and pricing pressure.

    Exposure: Term sales and spot sales

  3. Contracting riskImpact: HighLikelihood: Low

    Failure to secure additional term sales agreements could reduce production visibility and cash flow support.

    Exposure: Lost Creek and Shirley Basin output

  4. Regulatory and permitting riskImpact: MediumLikelihood: Medium

    Uranium mining and ISR operations require permits and ongoing compliance with environmental and mining rules.

    Exposure: Wyoming properties

  5. Cybersecurity and IT disruptionImpact: MediumLikelihood: Low

    Operational systems and confidential data could be affected by cyberattacks or network failures.

    Exposure: Corporate and operating systems

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Accounting

Judgemental items
Inventory valuation and NRV

Production costs are capitalized into uranium inventory and written down if expected selling prices fall below cost.

Impact: Can affect gross margin and inventory carrying value

Revenue recognition timing

Sales are recognized on transfer of product, and deliveries occur irregularly under contract terms.

Impact: Quarterly revenue can be lumpy

Impairment of mineral properties and long-lived assets

Future cash flows depend on uranium prices, recoverable resources, and operating costs.

Impact: Can create large non-cash write-downs

Asset retirement obligations

Reclamation liabilities require estimates of future closure and remediation costs.

Impact: Affects liabilities and operating expense over time

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Last updated: 24/09/2026