- Business
- Ur-Energy Inc. (TSX: URE; NYSE American: URG) engages in uranium mining, recovery, and processing activities, including the acquisition, exploration, development, and operation of uranium mineral properties in the United States; the company produces uranium concentrates (U3O8, or yellowcake) using low-cost, environmentally sensitive in-situ recovery (ISR) technology at its flagship Lost Creek facility in south-central Wyoming's Great Divide Basin and advances construction of its second ISR facility at the Shirley Basin project in Wyoming; it holds interests in 12 projects primarily in Wyoming, including Lost Soldier, LC South, North Hadsell, and Pathfinder Mines assets. Incorporated in 2004 in Canada and re-domiciled to the United States (Delaware) in 2006, Ur-Energy maintains corporate headquarters in Littleton, Colorado, with operations focused on supplying nuclear utilities domestically and internationally. The Lost Creek ISR facility, covering approximately 1,800 unpatented mining claims and three Wyoming mineral leases totaling 35,400 acres, has produced and packaged roughly 3 million pounds of U3O8 since commencing operations in 2013, with a licensed annual capacity of up to 2.2 million pounds including wellfield production of 1.2 million pounds and toll processing of 1 million pounds following a 2021 license amendment; Shirley Basin, acquired via the 2016 Pathfinder Mines assets purchase, targets initial production ramp-up in early 2026 with potential annual output of 1 million pounds U3O8. Recent developments include a 2024 decision to commence development and construction at Shirley Basin, with site activities advancing through 2025 including foundation pouring for the processing plant, installation of production and monitor wells, header house fabrication, evaporation pond construction, and full staffing of professional and operational teams; the company executed its eighth multi-year uranium sales agreement in 2025 for 100,000 pounds U3O8 annually in 2028-2030 at escalated fixed prices above spot and term levels, bringing total contracted sales to 6.0 million pounds through 2033 with delivery flexibility and significant uncontracted licensed capacity; ongoing 2025 exploration in the Great Divide Basin targets resource expansion at North Hadsell, LC South, and Lost Soldier via aquifer test wells and drilling programs; Lost Creek operations continue ramping up with four new header houses online in 2025, production from Mine Unit 1 Phase 2 initiating in Q4 2025, and Q3 2025 output of 93,523 pounds drummed amid optimized flows and plant upgrades.