Ur-Energy Reports Third Quarter 2026 Results

Ur-Energy Inc. (URE) reported third-quarter 2026 results, recording 190,000 lbs of U₃O₈ sold at an average price of $64.95/lb, generating $12.3 million in revenue. The company captured 154,667 lbs, with 104,586 lbs drummed and 75,087 lbs shipped. The cash cost on produced pounds sold was $40.40/lb.

The release highlighted higher year-over-year sales and captured pounds, the first shipments from Shirley Basin, ramp-up activities there, optimization at Lost Creek, and a 120-hole drill program at Lost Creek South.

A product-profit table in the report showed a Q3 net product loss of $(969,000), representing a -7.9% product margin. Produced pounds generated only $37,000 of profit, while 180,000 lbs of non-produced inventory were sold at a $(1.006) million loss.

Ur-Energy deferred more deliveries, moving 150,000 lbs to 2027 and 150,000 lbs to 2029. In October, the company deferred an additional 300,000 lbs from Q4 2026 to 2029. It also extended a 250,000-lb inventory loan from November 2026 to November 2027.

For full-year 2026, the company’s guidance is now set at 700,000 lbs sold at approximately $67.00/lb, for roughly $46.9 million in revenue.

Ur-Energy Inc. (URE) reported a third-quarter product loss of $(969,000) and a negative product margin of -7.9%, driven by the sale of non-produced inventory. Of the 190,000 lbs sold, 180,000 lbs were drawn from inventory at an average cost of $70.87/lb, while the realized price was $65.27/lb.

The company revised its financial outlook downward, cutting full-year 2026 sales guidance by 30.0% and implying a 55.6% decline in fourth-quarter sales. Additionally, the inventory loan was extended rather than repaid, marking a deviation from prior management commitments.

Market reaction to the release was already priced in, with the stock falling from $1.98 on the Q2 2026 release date of August 10, 2026, to $1.13 on November 9, 2026, a decline of approximately 43%.

While operational metrics showed improvement, with captured pounds up 73.3% year-over-year, first shipments from Shirley Basin, and the submission of the MU5 package, these factors did not offset the near-term financial challenges. Production of drummed and shipped pounds fell sequentially, and revenue was supported by inventory liquidation as full-year sales guidance was cut again.

Ur-Energy Inc., listed on the NYSE American under ticker URG and the TSX under URE, is a US-focused in-situ recovery uranium producer headquartered in Casper, Wyoming. The company’s core asset is the Lost Creek ISR mine and processing hub in south-central Wyoming, which has been in production since 2013. Lost Creek serves as the center of the company’s hub-and-spoke strategy and has processed and shipped more than 3.5 million lbs since its start-up.

The company’s second asset is the Shirley Basin ISR mine in central Wyoming, which began full operations in August 2026. It is currently operated as a satellite feeding resin to Lost Creek. The combined licensed production and toll-processing capacity for Lost Creek and Shirley Basin is 4.2 million lbs/year. Ur-Energy describes itself as the largest and fastest-growing US ISR uranium producer by H1 2026 pounds produced.

The company’s development and exploration portfolio includes the Lost Soldier, Lost Creek South, and North Hadsell projects in the Great Divide Basin. The combined Wyoming land package covers roughly 75 square miles, with Lost Creek alone covering 55 square miles.