This article first appeared on GuruFocus .
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Uranium Captured:110,000 pounds on resin in Q1 2026, a 41% increase over the last quarter and 48% more than Q1 2025.
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Uranium Packaged:96,000 pounds during the quarter.
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Finished Inventory:More than 417,000 pounds at the conversion facility, a 14% increase since year-end.
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Cash Cost per Pound Sold:$37.5 per pound, a 13% decrease quarter over quarter.
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Uranium Sold:55,000 pounds during the quarter.
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Average Sales Price:$71 per pound, a 12% increase over Q4 2025.
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Unrestricted Cash:$123 million at the end of the quarter.
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Uranium Drummed in April:Over 57,000 pounds, the highest monthly total since ramp-up in 2023.
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Shirley Basin Operations:Initial mining operations commenced in April; infrastructure substantially complete.
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Exploration Drilling:33 exploration drill holes completed at North Hadsell project with 13 ore grade intercepts.
Release Date: May 11, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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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.
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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.
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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.
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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.
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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.
Negative Points
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Production at Lost Creek is still impacted by fine particles from the host formation, necessitating the installation of a sand filter system.
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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.
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There are ongoing challenges with optimizing operations and increasing production rates at Lost Creek, despite improvements.
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The capital commitment for water treatment upgrades at Lost Creek has increased, with costs now forecasted between $25 and $33 million.
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The company faces regulatory hurdles at Shirley Basin, requiring final regulatory approval before commencing shipments of uranium-loaded resin to Lost Creek.
Q & A Highlights
Q: Can you give us a bit of color on what you're seeing in conversations with your utility partners, given the current geopolitical risk sectors? A: We are seeing a lot of activity from US utilities regarding contracting future uranium supply. There's significant interest in securing supply, and we receive many inbound RFPs. We are selective in our responses to maintain flexibility for future commitments. The interest from utilities is strong, particularly for supply starting about three years out.
Q: How much money has been spent at Shirley Basin year-to-date, and what are the expectations for the rest of the year? A: The total capital commitment for Shirley Basin this year remains at $25.5 million. During Q1, we spent approximately $11 million, leaving just under $15 million to be spent throughout the year. The construction is heavily weighted towards the first half of the year.
Q: Should we expect production at Lost Creek to be linear for the rest of Q2? A: In April, we exceeded our internal production plans. While we don't provide monthly guidance, production should be viewed more linearly from a quarter-to-quarter standpoint. We are focused on meeting our production goals, especially with the upcoming integration of Shirley Basin.
Q: What are the main business improvement activities at Lost Creek outside of capital improvements? A: The main improvements are procedural and operational, focusing on enhancing maintenance systems and procurement processes. We are building a well-articulated maintenance program and aligning procurement with maintenance to ensure parts and kits are available when needed.
Q: How should we think about the blended realization of uranium prices as we go into the second half of 2026? A: We have committed to deliver 1.3 million pounds for the year, with an expected realized price of $83.2 million. The $71 per pound realized in Q1 was from a favorable contract, and the blended price for the year will reflect our overall contract portfolio.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
