Earnings Recap — Q2 FY2026
CY Q3 2026 · Reported August 10, 2026 · Beat 0 of last 6 quarters
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Ur-Energy's production ramp and Shirley Basin startup directly support the AI-driven nuclear renaissance, as data center electricity demand increases the need for reliable baseload power. The company's focus on U.S.-origin uranium aligns with policy efforts to secure domestic fuel supply chains, which could become increasingly strategic as AI infrastructure expands.
Ur-Energy delivered a strong operational quarter: drummed 141,000 lbs at Lost Creek (best since 2022 ramp-up), shipped 150,000 lbs, and sold 215,000 lbs under contracts for $14.4M revenue. Cash cost per pound sold was $40.20, and the company ended with $95.3M cash and 348,000 lbs finished inventory. Shirley Basin began capturing uranium (10,600 lbs) and received final state authorization to ship resin to Lost Creek; the plant is now in full operation with 6 of 10 columns online. Management also deferred 300,000 lbs of 2029 deliveries to 2026-2027 to manage risk.
Management reiterated a bullish long-term uranium thesis, citing global nuclear capacity projected to nearly double by 2040 and U.S. policy support for domestic fuel. They deferred 300,000 lbs of 2029 deliveries into 2026-2027 to reduce ramp-up risk and maintain flexibility on remaining 2026 commitments. No formal production guidance was provided, but they affirmed they are on track to meet contracted deliveries. Shirley Basin is now in full operation with 6 of 10 columns online and first resin shipment imminent; optimization activities are planned through 2027. Lost Creek sand filtration is driving higher flow rates (3.2-3.3k gpm vs 2.5k gpm prior), and management expects cash costs to decline toward a $20-25/lb run-rate as production scales. They are deliberately not signing new contracts this year, focusing on price and surety-of-supply discussions, and plan to reevaluate the contract book next year.
“We are not providing clear, like, production guidance, but we are we are providing that guidance with regards to our contracted deliveries.”
on Production guidance
“The market is very willing and eager to engage in contracts for surety of supply. The informal conversations we have with many of the utilities are you know, you do not need to wait for RFPs. If you have pounds you want to commit, let us know.”
on Contracting environment
“So we have worked all the way our way all the way out our eighth header house with respect to drilling. Understanding that it takes between 3 and 6 months ahead from time you start drilling before it even gets into the construction phase. So ideally, for us, we are looking at anywhere between 6 to 10 header houses need to get installed every year to make the nominal 1 million pound a year production rate.”
on Shirley Basin performance
Can you give us any color on what we might see for production in the second half of the year? And is there a potential for you guys to not have to dip into any of the non produced inventory to hit the 700 thousand pounds of deliveries for the rest of the year?
Management declined to provide production guidance but confirmed they are on track to meet contracted deliveries. They deferred 300,000 lbs of 2029 deliveries to 2026-2027 to increase flexibility, and will allocate pounds accordingly.
On the sand filtration system at Lost Creek, what early time results or benefits are you seeing in terms of flow rates?
Flow rates increased from ~2,500 gpm to ~3,200-3,300 gpm after the sand filter was commissioned. The constraint has shifted to wellfield management, and they are now bringing on more wells.
What is the cadence for production costs going down? When do you anticipate going down to a run rate level with the ramp up of Shirley Basin?
Costs are ~80% fixed, so they decline as production increases. Management expects cash costs to trend toward $20-25/lb as volumes scale. Development costs are expected to remain $12-15M per quarter for at least the next year.