Ur-Energy reported higher uranium sales and production capture for the first nine months of 2026, while continuing to ramp up its Shirley Basin mine and make upgrades at Lost Creek. Third-quarter sales reached $12.3 million, all under long-term contracts. The company also advanced exploration near Lost Creek and work on a potential satellite mine at Lost Soldier.
Key details
- Sales rose sharply year over year: Ur-Energy sold 190,000 pounds of uranium in the third quarter, compared with 110,000 pounds a year earlier. The average selling price was $64.95 per pound, up 13% from $57.48 in the third quarter of 2025. All sales were under long-term contracts.
- Nine-month sales increased 67%: Sales for the first three quarters totaled 460,000 pounds, up from 275,000 pounds in the same period of 2025. The average price over that period was $66.56 per pound, 9.3% higher year over year.
- More uranium was captured, but less was drummed than in the prior quarter: Third-quarter pounds captured rose 73.3% from a year earlier to 154,667. Pounds drummed—uranium prepared for shipment from the production process—were 104,586, down 25.8% from the second quarter but up 11.8% from a year earlier. The company attributed the sequential decline partly to planned feed and wastewater-treatment upgrades at Lost Creek and the ramp-up at Shirley Basin.
- Shipments also declined from the second quarter: Ur-Energy shipped 75,087 pounds in the third quarter, down from 149,747 in the second quarter and up 7% from a year earlier. Shipments for the first nine months were 328,790 pounds, 16.7% above the same period of 2025.
- Cash production costs remained low: The cash cost per produced pound sold was $40.40 in the quarter, compared with $40.20 in the second quarter. For the first nine months, the measure averaged $39.56 per pound, down from $42.83 a year earlier. The company’s cost measure includes certain production taxes but excludes non-cash costs.
- Inventory at the conversion facility fell: Ur-Energy reported 233,378 pounds of inventory at the conversion facility at quarter-end, down from 348,292 pounds at the end of the second quarter. Separately, in-process and plant inventory increased to 85,708 pounds from 19,496 pounds.
- Shirley Basin began shipping uranium: The company made its first shipments of uranium captured at the mine and began ramping toward commercial production.
- Lost Creek upgrades and development continued: Ur-Energy brought a sand-filtration system online to increase flow rates while a wastewater-treatment facility remains under construction. It also advanced wellfield development and submitted a package for regulatory approval of a new mine unit.
- Exploration expanded near Lost Creek: In October, the company started a 120-hole drilling program totaling about 84,000 feet at Lost Creek South. The work will test priority areas along a seven-mile trend for potential mine expansion and regional targets that could host a new resource.
- Lost Soldier work moved toward a technical report: Ur-Energy said it expects to complete the report by year-end 2026 as it evaluates the property, about 17 miles from the Lost Creek processing hub, as a possible satellite mine that could feed that facility.
Plain-English implications
Ur-Energy is selling substantially more uranium than a year ago and capturing more pounds as it ramps up production. At the same time, quarterly shipments and pounds drummed were lower than in the prior quarter, amid the company’s stated operational upgrades and ramp-up work. The Lost Creek exploration program and Lost Soldier study are aimed at adding potential future sources of uranium for the company’s existing processing hub.