Ur-Energy Advances Growth Portfolio in the Great Divide Basin

The most recent news release (January 28, 2026) reports significant progress in Ur-Energy's Wyoming growth portfolio. Specifically, the company has initiated technical and hydrogeologic studies at the Lost Soldier Project and received positive initial drilling results from the North Hadsell Project. Notable intercepts from the 16-hole, 5,110-meter program at North Hadsell include hole NH-04-08, which returned 15.45 meters with a Grade Thickness (GT) of 0.73, and hole NH-32-03, which returned 14 meters with a GT of 0.71. CEO Matthew Gili highlighted that these results underscore the momentum in the Great Divide Basin and suggest potential for capital-efficient resource expansion.

• Resource Expansion: The drilling results at North Hadsell are promising, showing thick intervals (up to 15.4 meters) with GT values exceeding the typical 0.20-0.30 threshold required for economic ISR (In-Situ Recovery) mining. This provides confidence in the company’s ability to grow its resource base beyond the flagship Lost Creek and Shirley Basin assets.
• Strategic Shift: Following the massive US$120 million convertible note financing in December 2025, the company is shifting from a pure "survival and build" mode to an "aggressive exploration" mode. This news confirms that capital is being deployed into the "pipeline" to ensure long-term production longevity.
• Operational Continuity: The technical studies at Lost Soldier (aquifer testing) are a critical step toward eventual permitting. Advancing these now suggests management is looking 3-5 years ahead to maintain the 2.2 million lb annual production target after current reserves are depleted.
• Cost Efficiency: Management's focus on "capital-efficient" expansion suggests they are leveraging existing infrastructure in the Great Divide Basin to lower the hurdle for new production units.

Ur-Energy is a U.S.-based uranium producer primarily utilizing In-Situ Recovery (ISR) technology in Wyoming. - Lost Creek (Flagship): A producing mine with a 2-million-pound per year licensed capacity. It has produced over 3.0 million pounds to date and is currently in a ramp-up phase (Mine Unit 2). - Shirley Basin: A project under construction with all major permits in hand. It is expected to add 1.0 million pounds of annual production capacity, with a target start date in early 2026. - Total Licensed Capacity: 2.2 million pounds annually across both projects.