Ur-Energy Captures More Uranium as Drumming Falls

The Tip Desk · November 12, 2026 · 3 min read

Third-quarter product sales were $12.3 million on 190,000 pounds, with U3O8 product profit a $969 thousand loss.

Ur-Energy Inc. (URG), America’s largest domestic in-situ recovery uranium producer, captured 154,667 pounds of U₃O₈ in the third quarter ended September 30, 2026, a 47.3% increase from 105,016 pounds in the second quarter after a 4.8% sequential decline in the prior period.

The company said the ramp-up at its processing hub and both mines continued, with a large year-over-year increase in captured pounds. Pounds captured rose 73.3% from 89,267 in the third quarter of 2025. Including pounds captured at Shirley Basin, the company said it captured 154,667 pounds during the quarter. During the first three quarters of 2026 it captured 369,997 pounds, nearly equaling the total captured in all of 2025.

At Lost Creek, the flagship ISR mine, drummed pounds fell to 104,586, down 25.8% from a record 140,873 in the second quarter. The company said pounds drummed were lower as it worked to complete planned feed and wastewater treatment upgrades at Lost Creek and began to accelerate ramp-up at the new Shirley Basin mine. Pounds shipped dropped to 75,087 from 149,747. A sand filtration system was brought online in July to increase flow rates while a new wastewater treatment facility is under construction and expected in operation in the second quarter of 2027. Since the end of the quarter, the company said it completed maintenance of the elution and ion-exchange systems at Lost Creek to increase processing and drumming.

Shirley Basin began full operations in August 2026 with first shipments to Lost Creek. The company captured 14,697 pounds at Shirley Basin in the third quarter and shipped 9,379 pounds to Lost Creek. Production was limited to a small area of the first mine unit of 158 injection and production wells.

Sales for the quarter under contracted deliveries totaled 190,000 pounds of U₃O₈ for $12.3 million in product sales revenue, down from 215,000 pounds and $14.4 million in the second quarter. The average sales price was $64.95 a pound. Cash cost per produced pound sold was $40.40, virtually the same as $40.20 in the second quarter. U₃O₈ product profit swung to a $969 thousand loss from a $2.05 million profit in the second quarter. The profit margin was -7.9%.

Finished inventory at the conversion facility ended the quarter at 233,378 pounds, down 33.0% from 348,292 at the end of the second quarter. In-process and plant inventory rose to 85,708 pounds from 19,496. During the quarter the company entered transactions to defer deliveries of 150,000 pounds to 2027 and 150,000 pounds to 2029, and extended the maturity of its 250,000-pound inventory loan from November 2026 to November 2027. In October 2026 it deferred an additional 300,000 pounds from the fourth quarter of 2026 to 2029. The company said those deferrals provide additional time to advance ramp-up at Lost Creek and Shirley Basin while enabling it to meet near-term delivery commitments from existing inventory and new production.

Through three quarters, pounds sold were 67.3% higher in 2026 than in 2025, at 460,000 pounds versus 275,000. Captured pounds through three quarters increased 26.4% year-over-year. The company expects to sell a total of 700,000 pounds of U₃O₈ in 2026 at an average price of approximately $67.00 a pound for product sales revenues of approximately $46.9 million.

It commenced a 120-hole exploration drill program at Lost Creek South in October 2026 and is progressing a technical report expected by year-end 2026 at Lost Soldier. The company said it expects to receive approval to commence production operations in Mine Unit 5 at Lost Creek in the first quarter of 2027.