Q1 2026 Ur-Energy Inc Earnings Call Transcript
Key Points
- Ur-Energy Inc (URG) reported a significant increase in uranium production, capturing 110,000 pounds on resin in Q1 2026, a 41% increase over the previous quarter.
- The company improved its cost profile at Lost Creek, reducing the cash cost per pound sold by 13% quarter over quarter to $37.5 per pound.
- Ur-Energy Inc (URG) achieved a higher average sales price of $71 per pound, a 12% increase over Q4 2025, due to newer contracts with more favorable pricing structures.
- The company commenced initial mining operations at Shirley Basin, marking a major milestone with the first header house online and uranium being captured on resin.
- Ur-Energy Inc (URG) ended the quarter with a strong financial position, holding $123 million in unrestricted cash and over 417,000 pounds of uranium inventory at the conversion facility.
- Production at Lost Creek is still impacted by fine particles from the host formation, necessitating the installation of a sand filter system.
- The company's delivery schedule for 2026 is heavily weighted towards the second half of the year, which may pose risks if production targets are not met.
- There are ongoing challenges with optimizing operations and increasing production rates at Lost Creek, despite improvements.
- The capital commitment for water treatment upgrades at Lost Creek has increased, with costs now forecasted between $25 and $33 million.
- The company faces regulatory hurdles at Shirley Basin, requiring final regulatory approval before commencing shipments of uranium-loaded resin to Lost Creek.
Greetings. Welcome to the Ur-Energy Q1 2026 conference call and webcast. (Operator Instructions) Please note this conference is being recorded.
I will now turn the conference over to Alex Ritchie, General Counsel and Corporate Secretary. You may begin.
Thank you. Today's discussion includes forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results to differ materially. We do not undertake to update or revise any forward-looking statements except as required by law.
Today's presentation includes disclaimers relating to forward-looking statements, risk factors, and projections, along with cautionary notes to investors. Please review these carefully, together with the risk factors described in our Form 10-K and our other public filings with the SEC and Canadian securities regulators.
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