Ur-Energy Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 11 May 2026: press release. Guidance figures: 2 new, 2 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Pounds captured rose sharply: Pounds captured reached 110,314, up 41% from Q4 2025 and 48% from Q1 2025. The company attributed the gain to flow rates improving after plant modifications and repairs. Source
• Drummed and shipped volumes fell: Pounds drummed were 95,599 and pounds shipped were 103,956, both below Q4 2025. Management tied the lower volumes to reduced flow rates in late 2025 during plant modifications. Source
• April drumming at highest since 2023: The company drummed 57,479 pounds in April 2026, its highest monthly total since the 2023 ramp-up decision. Source
• Shirley Basin began operations: Shirley Basin started operations in April 2026 after Wyoming DEQ pre-operational inspections, and uranium is now being captured on resin in the plant. Source
• Average price rose $7.78: The average price per pound sold was $70.98, $7.78 above Q4 2025, reflecting 2024 contracts with more base-escalated and market-based pricing. Source
• Cash cost fell about 13%: Cash cost per pound sold was $37.51, about 13% below Q4 2025. Cash cost includes ad valorem and severance taxes but excludes non-cash costs. Source
• Most deliveries fall in late 2026: A majority of 2026 deliveries are scheduled for the latter part of the year, to complement the Lost Creek and Shirley Basin ramp-up and start-up schedules. Source
• Cash of $122.8 million at March 31: Unrestricted cash and cash equivalents were $122.8 million at March 31, 2026, against $123.9 million at the end of Q4 2025 per the summary table. Source

“While most of our contracted deliveries are scheduled for later in the year, our first quarter results reflect higher contract sales pricing and continued operational improvements at Lost Creek, where our primary focus is driving higher production and efficiency.”

Matthew Gili, President and CEO

Guidance

What changed from last quarter

• New: Shirley Basin began operations in April 2026, after the prior release listed approvals as pending. Source
• New guidance: Management now gives a Q2 2026 timing for the sand filtration system, which the prior release did not mention. Source
• New guidance: The Lost Soldier technical report now has a year-end 2026 completion expectation; the prior release gave no date. Source

Results and growth drivers

• Pounds captured rose sharply: Pounds captured reached 110,314, up 41% from Q4 2025 and 48% from Q1 2025. The company attributed the gain to flow rates improving after plant modifications and repairs. Source
• Drummed and shipped volumes fell: Pounds drummed were 95,599 and pounds shipped were 103,956, both below Q4 2025. Management tied the lower volumes to reduced flow rates in late 2025 during plant modifications. Source
• Revenue from 55,000 pounds sold: The company reported $3.9 million of revenue from 55,000 pounds sold at an average of $70.98 per pound. Source

Lost Creek operations

• Fifteen header houses operating: Fifteen header houses were operating during the quarter: 13 in MU2 and two in MU1 Phase 2. Management said it continued delineation and development in MU4 and MU5. Source
• Drill rigs active at Lost Creek: At quarter-end, 15 drill rigs were supporting the Lost Creek drilling program. Management said wellfield pattern planning for MU5 was initiated. Source
• Water treatment facility in development: Management is developing a water treatment facility to reduce wastewater and address fine particles, and is optimizing wellfield chemistry and plant systems. Source
• April drumming at highest since 2023: The company drummed 57,479 pounds in April 2026, its highest monthly total since the 2023 ramp-up decision. Source

“The start of operations at Shirley Basin, our second ISR mining facility, marks a major milestone for Ur-Energy and greatly expands our potential U.S. uranium production capacity.”

Matthew Gili, President and CEO

Shirley Basin ramp-up

• Shirley Basin began operations: Shirley Basin started operations in April 2026 after Wyoming DEQ pre-operational inspections, and uranium is now being captured on resin in the plant. Source
• Wellfield development advanced: By March 31, 2026, 540 wells had been pilot drilled, 312 of them cased, with eight drill rigs active. Five header houses had been constructed. Source
• Plant construction substantially complete: Roads, power, support facilities, evaporation ponds and the plant structure were substantially complete, while piping, electrical and interior work continued. Source
• Satellite design feeds Lost Creek: Shirley Basin is a satellite operation: uranium captured on resin moves to Lost Creek for final processing, drying and drumming. The site is fully staffed. Source
• Resin transfer marks commercial transition: Management said resin transport to Lost Creek this summer would mark Shirley Basin's transition to commercial operations. Source

Great Divide Basin exploration

• North Hadsell intercepts reported: Seven North Hadsell holes returned significant mineralization, with 13 intercepts above 0.20 GT. Results indicate a stacked roll-front system. Source
• Lost Soldier technical report underway: Lost Soldier, about 17 miles from Lost Creek, has about 4,000 historic drill holes, and a technical report is underway. Source

“We are actively optimizing flow rates, bringing new header houses online, and enhancing plant performance to deliver sustained improvements.”

Matthew Gili, President and CEO

Sales, pricing and costs

• Average price rose $7.78: The average price per pound sold was $70.98, $7.78 above Q4 2025, reflecting 2024 contracts with more base-escalated and market-based pricing. Source
• Cash cost fell about 13%: Cash cost per pound sold was $37.51, about 13% below Q4 2025. Cash cost includes ad valorem and severance taxes but excludes non-cash costs. Source
• Finished inventory increased: Finished inventory at the conversion facility reached 417,231 pounds, up 14% from Q4 2025 and 13% from Q1 2025. Source

Contract deliveries and demand

• Most deliveries fall in late 2026: A majority of 2026 deliveries are scheduled for the latter part of the year, to complement the Lost Creek and Shirley Basin ramp-up and start-up schedules. Source
• Sales under long-term contracts: All sales were under long-term contracts. No pounds were sold in Q1 2025 because of contract timing. Source

Liquidity

• Cash of $122.8 million at March 31: Unrestricted cash and cash equivalents were $122.8 million at March 31, 2026, against $123.9 million at the end of Q4 2025 per the summary table. Source
• Cash position at April 30: Unrestricted cash was $107.5 million as of April 30, 2026, according to the company's release. Source

Coming up, as management said on 11 May 2026

• North Hadsell reclamation this summer: Reclamation work at North Hadsell is planned for summer 2026, ahead of future drilling there. Source
• Shirley Basin concentrations to rise: Management expects uranium concentrations to increase as the wellfield is further conditioned and more circuits come online. Source

Figures management reported

Risks management discussed

• Operational: Management said flow rates at Lost Creek are affected by fine particles from the host formation, which optimization work is meant to address. Source
• Regulatory: Management said transporting uranium-loaded resin to Lost Creek is subject to final regulatory approval. Source
• Regulatory: North Hadsell drilling was completed before seasonal sage grouse restrictions began in March 2026. Source

Earlier plans management reported on

• On track: Management said MU1 Phase 2 development remains on schedule, with all planned wells drilled and cased. Source
• Not stated: Aquifer testing at Lost Soldier commenced in April 2026; the earlier release had scheduled testing to begin in March 2026. Source

Other quarters

• Q3 FY2026 earnings call
• Q2 FY2026 earnings call
• Q3 FY2025 results
• Q2 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.