Ur-Energy: 35% Production Jump in Q2

Key Points

• - Revenue for the second quarter of 2025 was $10.4 million, beating the analyst estimate of $7.10 million by 46.6%.

• - Production at Lost Creek ramped up significantly, with dried and packaged pounds up 35% compared to Q1 2025.

• - No earnings-per-share or cost/margin data was disclosed, limiting insight into profitability or cash generation.

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Ur-Energy (NYSEMKT:URG), a uranium miner focused primarily in Wyoming, reported its latest earnings on July 15, 2025, covering results for the second quarter of 2025. The headline result was a Q2 2025 revenue figure of $10.4 million, well above analyst expectations of $7.1 million, thanks to higher-than-expected sales volumes and strong realized uranium prices. The company did not disclose net income, operating expenses, or earnings per share, limiting visibility into its overall profitability during the period. The quarter showed clear operational progress at both the Lost Creek site and development-stage Shirley Basin, with robust output and continued construction.

Source: Analyst estimates provided by FactSet. The company did not provide net earnings, operating expenses, or margin figures.

Company Overview and Business Focus

Ur-Energy is a uranium mining firm that operates the Lost Creek in situ recovery facility in Wyoming, with expansion underway at the Shirley Basin project and ongoing exploration in the Great Divide Basin. In situ recovery (ISR) is a mining technique that extracts uranium through wells by circulating solutions underground, offering relatively low-cost and environmentally sensitive production compared to traditional mining. The company's core business rests on producing uranium in the United States to meet the needs of utilities and the broader nuclear energy market.

Recently, the company has targeted higher production output, expanded its operational capabilities, and advanced the Shirley Basin development in anticipation of future demand. Its success hinges on mastering operational efficiency, maintaining strict regulatory compliance, and financially prudent expansion—especially important given the tight environmental oversight and volatile uranium pricing that dominate the sector. Contracting with utilities at favorable terms and keeping costs in check remain key measures of performance.

Notable Developments and Operational Performance This Quarter

The period saw meaningful progress at Lost Creek. Dried and packaged uranium output reached 112,033 pounds in Q2 2025, an increase of 35% over the first quarter of 2025. Total captured uranium production for the first half of the year was 203,449 pounds, up 73% from Q1 2025. This higher production was matched by increased shipments—105,316 pounds—and culminated in 165,000 pounds sold, all at an average realized price of $63.20 per pound. This unit price reflects current market dynamics; uranium prices have rallied and allowed producers to secure more advantageous sales contracts.

Operational upgrades played a notable role in the quarter’s results. The company reported a 27% rise in wellfield flow rates—a measure of the volume of solution moved through the production field—now exceeding 3,400 gallons per minute. Upgrades to plant systems, including filter press equipment and water treatment infrastructure, were completed. The combination of higher flow rates and sustained “head grade,” the uranium concentration in the production solution, held steady at over 70 milligrams per liter during May and June. This boosted overall capture and packaging rates.

The development project at Shirley Basin advanced on several fronts. Construction continued on the satellite processing pad, key equipment orders moved forward, and on-site utilities upgrades progressed to support future operations. Staff additions continued in line with construction milestones, with new operational hires expected by early October 2025. The company noted that initial uranium output at Shirley Basin is targeted for early 2026, pending regulatory inspection and operational ramp-up.

The company’s inventory position at Q2 2025 was 315,607 pounds of finished uranium stored at an offsite conversion facility and an additional 55,000 pounds held in process at Lost Creek. The company did not provide net earnings, operating expenses, or margin figures.

Outlook and What to Watch

Looking ahead, management commented that production levels at Lost Creek are expected to rise through the summer as additional wellfield “header houses,” small control and collection buildings, become operational. The Shirley Basin development is reportedly on schedule, with the goal of bringing its first pounds of uranium into production soon after regulatory approvals in early 2026. Additional drilling and exploration are planned for three new targets in the Great Divide Basin later this year.

The company’s leadership instead focused its commentary on operational milestones and ongoing construction progress. Investors and observers will likely keep a close eye on whether production momentum continues, how quickly Shirley Basin ramps up, and whether further uranium sales contract wins are secured amid price volatility.

Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.

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