Ur-Energy Reports Second Quarter 2026 Results
Ur-Energy cut its 2026 delivery guide 23% to 1.0 million pounds, as record production was offset by cost creep and lower realized prices.
Ur-Energy Inc. (URE) reported record quarterly production in its Q2 2026 earnings release, delivering 140,873 lbs of drummed uranium, a 47% increase quarter-over-quarter. The company shipped 149,747 lbs and sold 215,000 lbs at an average price of $66.85 per pound. These figures contributed to $14.4 million in product sales revenue, with a cash cost of $40.20 per pound sold. The company holds $95.3 million in unrestricted cash.
At its Shirley Basin operation, Ur-Energy received final state regulatory approval and is currently capturing uranium. The company expects to begin its first resin shipment to Lost Creek imminently.
Management revised its 2026 delivery guidance downward from 1.3 million lbs to 1.0 million lbs. The company deferred 150,000 lbs to both 2027 and 2029, citing the need to align with production ramp-up schedules.
Ur-Energy Inc. (URE) reduced its 2026 contractual deliveries by 300,000 lbs, a 23% decrease relative to prior commitments and market expectations. While the company reported record production and received authorization for Shirley Basin, the delivery cut indicates that the production ramp is not keeping pace with the previously telegraphed sales schedule.
Realized price fell sequentially to $66.85, down from $70.98 in Q1, while cash cost per pound rose to $40.20 from $37.51. The stock had already declined from $2.90 in early June to approximately $1.94 prior to the release. The financing and balance sheet remain healthy, but the operational miss on contracted sales represents a material negative.
Ur-Energy Inc. (URE) operates the Lost Creek and Shirley Basin in-situ recovery uranium mines in Wyoming, USA. Lost Creek, the company’s flagship facility, has been in production since 2013, having shipped more than 3.5 million pounds of uranium. The site features a plant with a capacity of 2.2 million pounds per year and holds a remaining mine life of 13 years.
Shirley Basin commenced production in the second quarter of 2026, operating with a licensed capacity of 2.0 million pounds per year. Uranium from Shirley Basin is sent to Lost Creek for final processing. Together, the two mines provide a combined licensed capacity of 4.2 million pounds per year.
In addition to its producing assets, the company holds the Lost Soldier, North Hadsell, and LC South exploration projects within the Great Divide Basin. Ur-Energy’s land position spans approximately 35,000 acres. The company has secured long-term sales contracts totaling 5.75 million pounds through 2033.