Ur-Energy Inc (NYSE American: URG; TSX: URE) is a uranium mining company that produces and sells U3O8, commonly called yellowcake, from in-situ recovery (ISR) operations in Wyoming. Revenue comes from transactional sales of U3O8 pounds under term contracts, with some non-produced uranium sourced externally and resold. The company's primary producing asset is the Lost Creek mine in Wyoming's Great Divide Basin, with Shirley Basin as a second production site. In FY2025, Ur-Energy sold 440,000 pounds of U3O8 for total sales of $27.2 million, generating a gross profit of just $74,000 against operating costs of $69.5 million, resulting in a net loss of $74.9 million. The company also holds exploration-stage projects, including North Hadsell and LC South, both in the Great Divide Basin. As of December 2025, Ur-Energy closed a $120 million convertible debt financing. The company carries 397,328,219 common shares outstanding as of March 4, 2026, pays no dividend, and operates as a pre-scale producer with losses in both FY2024 and FY2025.

Revenue model

Transactional sales of U3O8 (yellowcake) pounds under term contracts with utilities. Revenue is recognized on delivery. The company sells both self-produced uranium and non-produced uranium sourced externally. In FY2025, produced uranium sales totaled $20.9 million and non-produced uranium sales totaled $6.3 million, for combined U3O8 product sales of $27.2 million.

Products and services

U3O8 uranium concentrate (yellowcake), containing 70% to 90% U3O8 by weight, produced via in-situ recovery mining at Lost Creek and Shirley Basin in Wyoming.

Customers and end markets

Nuclear utilities seeking medium- and long-term uranium fuel supply agreements. The filing references term sales contracts for Lost Creek and Shirley Basin production but does not name specific customers or disclose customer concentration data.

Value-chain role

Upstream uranium producer. Ur-Energy extracts uranium via ISR mining, processes it into yellowcake at its Lost Creek processing facility, and ships U3O8 concentrate to utility customers for entry into the nuclear fuel cycle.

Geographic exposure

Operations concentrated in Wyoming, United States, specifically the Great Divide Basin (Lost Creek, North Hadsell, LC South projects) and Shirley Basin. The company is incorporated in Canada and dual-listed on NYSE American and TSX.

Source: SEC 10-K, filed 2026-03-10

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