Ur-Energy Reports Third Quarter 2026 Results

CASPER, WY / ACCESS Newswire / November 9, 2026 / Ur-Energy Inc. (NYSE American:URG)(TSX:URE) ("Ur-Energy" or the "Company"), America's largest and fastest-growing domestic ISR uranium producer, is pleased to announce its financial and operating results, along with exploration and development highlights, for the third quarter ended September 30, 2026.

Financial and Operating Highlights

• Significantly Increased Year Over Year Sales: Sales for the third quarter under contracted deliveries totaled 190,000 pounds of U₃O₈ for $12.3 million in product sales revenue; pounds sold year-over-year through three quarters were 67.3% higher in 2026 than in 2025.
• Increased Pounds Captured: Captured pounds of U₃O₈ increased 26.4% year-over-year through three quarters from 2025 to 2026.
• Continued Low-Cost Production: The cash cost per produced pound of U₃O₈ sold during the quarter remained low at $40.40, virtually the same as $40.20 for the second quarter of 2026.
• Ending Inventory: Ended the third quarter with 233,378 pounds of finished inventory at the conversion facility. Total inventory decreased from the second quarter by 13.2% while in process and plant inventory increased from 19,496 pounds to 85,708 pounds including inventory adjustments.
• Pounds Drummed: Pounds drummed of U₃O₈ was 25.8% lower than the second quarter as the Company works to complete planned feed and wastewater treatment upgrades at Lost Creek and begins to accelerate ramp up the new Shirley Basin mine. Pounds drummed grew year-over-year through three quarters by 18% from 2025 to 2026.

Matt Gili, President & CEO of Ur-Energy, stated, "Ur-Energy has had another busy and productive quarter. Ramp up at our processing hub and both mines continues to proceed, with a large year-over-year increase in captured pounds. It's also important to add that production costs have remained low throughout the period, and we sold significantly more pounds through three quarters in 2026 than in 2025. We are also accelerating our multi-asset growth strategy. Notably, this includes a 120-hole near mine and regional exploration program at Lost Creek South, and the final phase of a technical report for Lost Soldier, which sits just seventeen miles from the Lost Creek hub."

Exploration and Development Highlights

• Accelerated Near-Mine Exploration: Commenced a 120-hole (~84,000 ft.) exploration drill program at Lost Creek South in October 2026. Lost Creek South is part of the larger Lost Creek property - a 55-square-mile land package that hosts the Company's flagship mine and processing hub. The drill program will test a series of high-priority areas along seven miles of composite trend for possible near mine expansion as well as regional targets with strong potential for hosting a new resource.
• Potential New Satellite Mine: Progressed a technical report expected by year-end 2026 at Lost Soldier in anticipation of potential permitting as a satellite mine feeding the Lost Creek processing hub.
• Launched Full Operations and Began Ramp Up at Shirley Basin: Made first shipments of U₃O₈ captured at Shirley Basin; commenced ramp up towards commercial production.
• Continued Optimization of Operations at Lost Creek: Brought sand filtration system online to increase flow rates, while managing wastewater capacity until completion of the wastewater treatment facility currently under construction. Commenced wellfield development and submitted package for regulatory approval for a new mine unit.

Summary of Selected Third Quarter Results

1. All sales were under long-term contracts.
2. Produced pounds only; includes ad valorem and severance taxes but excludes non-cash costs.
3. Percentages may not recalculate precisely due to rounding.

Summary of Selected Year to Date Results

1. Year to date through three quarters.
2. All sales were under long-term contracts.
3. Produced pounds only; includes ad valorem and severance taxes but excludes non-cash costs.
4. Percentages may not recalculate precisely due to rounding.

Executing Ur-Energy's District Growth Strategy

Lost Creek South: Totaling approximately 16-square miles immediately adjacent to the Lost Creek operation, Lost Creek South has clear potential as a low-cost, near-mine expansion opportunity. Since the end of the third quarter, the Company commenced a 120-hole (~84,000 ft.) exploration drill program at Lost Creek South. The drill program will test a series of high-priority areas along seven miles of composite trend for possible near mine expansion as well as regional targets with strong potential for hosting a new resource.

Lost Soldier: With approximately 4,000 historic drill holes and related data indicating mineralization, and close proximity to the Company's Lost Creek operation, Lost Soldier has superb potential as a satellite operation. During the third quarter, the Company completed the third of three planned aquifer tests and continued to advance a technical report expected by year-end 2026, with a construction decision to follow.

North Hadsell: The Company drilled 33 wide-spaced holes totaling approximately 33,800 feet in the first quarter of 2026, with 13 holes hitting mineralization that closely resembles that of Lost Creek. During the third quarter, the Company completed all surface reclamation of drill holes. Planning is underway to follow up this highly successful program.

Lost Creek Optimizing Flow Rates and Beginning Move to New Mine Unit

Including pounds captured at Shirley Basin, the Company captured 154,667 pounds of U₃O₈ during the third quarter, an increase of 47% compared to the second quarter and 73% compared to the third quarter of 2025. During the first three quarters of 2026, the Company captured 369,997 pounds, nearly equaling the total pounds captured in all of 2025.

At Lost Creek, Ur-Energy's flagship uranium ISR mining project, the Company drummed 104,586 pounds of U₃O₈ during the third quarter, a decrease of 25.8% compared to the second quarter, and an increase of 11.8% over the third quarter of 2025. During the first three quarters of 2026, the Company drummed 341,058 pounds, a year-over-year increase of 18.2%.

A sand filtration system was brought online in July at Lost Creek to increase flow rates while a new wastewater treatment facility is being constructed. The new facility is expected to be in operation in the second quarter of 2027 and is expected to fully optimize wastewater capacity. The temporary sand filtration system has been effective in decreasing fine particles from the wellfield and increasing flow rates and, since the end of the quarter, the Company has implemented process and other measures to better manage wastewater while advancing the permanent facility to completion. Since the end of the quarter, the Company also completed maintenance of the elution and ion exchange ("IX") systems at the Lost Creek plant to increase processing and drumming of pounds of U₃O₈.

To increase average grades beyond production from the third quarter, the Company commenced well installations and wellfield construction in Mine Unit 5 ("MU5") and submitted the regulatory approval package for the first phase of MU5. The Company expects to receive approval to commence production operations in MU5 in the first quarter of 2027.

Shirley Basin Starts Full Operations and Ramp Up

In August 2026, the Company made its first shipment from its Shirley Basin mine to Lost Creek for processing, marking the start of full operations at Shirley Basin and Ur-Energy's transition to a multi-asset, domestic U.S. uranium producer. While Shirley Basin is permitted as a second production and processing hub operation to maximize future optionality in the emerging Great Divide Basin uranium district, it is currently operated as a spoke of the Lost Creek hub to optimize capital efficiency.

The Company captured 25,330 pounds of U₃O₈ at Shirley Basin to build base in-circuit inventory during the second and third quarters of 2026, including 14,697 pounds during the third quarter. The Company shipped 9,379 pounds from Shirley Basin to Lost Creek for processing during the quarter. Production activity at Shirley Basin during the quarter was limited to a small area of the first mine unit, consisting of 158 injection and production wells, to improve operating parameters associated with the early ramp up and optimization of ISR operations at the newly commissioned mine. In addition, production from Shirley Basin that could be processed at Lost Creek was limited while the Company completed optimization of the transfer system and maintenance of the elution and IX systems at the Lost Creek plant discussed above.

To further the ramp up of production from the wellfield, the Company expects to complete improvements to the wells in the first two header houses in the near term, and bring additional header houses online throughout the fourth quarter of 2026 and 2027. The Company continues to optimize lixiviant chemistry, and subsequent to the end of the quarter, has seen positive results.

Sales and Inventory

During the third quarter, the Company sold 190,000 pounds of U₃O₈ under contracts with a combination of fixed and market pricing. The average price during the quarter was $64.95 per pound for product sales revenues of $12.3 million. During the first three quarters of 2026, the Company sold 460,000 pounds of U₃O₈, compared to 275,000 pounds through the first three quarters of 2025, a year-over-year increase of 67%.

At the end of the third quarter, the Company had 233,378 pounds of U₃O₈ of finished inventory at the conversion facility, compared to 348,292 at the end of the second quarter. The Company also had 85,708 pounds of in-process and plant inventory at the end of the third quarter.

During the third quarter, to maintain contract delivery commitments in line with ongoing production ramp up, the Company proactively entered into transactions to defer deliveries of 150,000 pounds to 2027 and 150,000 pounds to 2029, and extended the maturity date of its outstanding 250,000 pound inventory loan from November 2026 to November 2027. In October 2026, the Company entered into a transaction to defer deliveries of an additional 300,000 pounds from the fourth quarter of 2026 to 2029. Collectively, these deferral transactions provide additional time to advance ramp up at Lost Creek and Shirley Basin while enabling the Company to meet near-term delivery commitments from existing inventory and new production. In 2026, the Company expects to sell a total of 700,000 pounds of U₃O₈ at an average price of approximately $67.00 per pound for product sales revenues of approximately $46.9 million.

U₃O₈ Product Profit (Loss)

The following table provides information on the Company's U₃O₈ product profit and loss: