Ur-Energy Sales Jump 72.7% to 190,000 Pounds in Third Quarter of 2026
Key Facts
Ur-Energy sold about 190,000 pounds of uranium oxide U₃O₈ under delivery contracts in the third quarter of 2026, up 72.7% from the same period a year earlier, according to the company’s results. Product sales revenue totaled $12.3 million during the quarter. The average selling price rose to $64.95 per pound, compared with $57.48 a year earlier, an increase of 13.0%. The company said the contracts combine fixed pricing and market prices. URG shares closed at $0.8075 on November 9, the day before the results were announced.
In the first nine months of 2026, the company sold 460,000 pounds, compared with 275,000 pounds in the corresponding period of 2025, a year-over-year increase of 67%. Third-quarter figures reflect higher sales volume alongside an increase in the average price, but the company did not attribute revenue growth to any specific pricing factor. Captured volumes totaled 154,667 pounds during the quarter, up 73.3% year over year and 47.3% from the second quarter. Packaged volumes totaled 104,586 pounds, down 25.8% from the previous quarter but up 11.8% from the third quarter of 2025. Shipments reached 75,087 pounds, a year-over-year increase of 7.0%.
Chief Executive Matt Gili said production ramp-up at the processing plant and the two mines was continuing, citing a “significant year-over-year increase in captured volumes.” He added that production costs remained low during the period. Cash cost per pound produced and sold was $40.40 in the third quarter, compared with $40.20 in the second quarter. In its financial results, the company reported sales of $12.433 million, compared with $6.323 million a year earlier. Net loss narrowed to $17.734 million from $27.463 million in the year-earlier period.
Production data show a divergence between what the company captured and what it prepared for shipment: packaged volumes declined quarter over quarter despite growing year over year, while shipments fell 49.9% from the second quarter. Finished product inventory at the conversion facility totaled 233,378 pounds at the end of the quarter, compared with 348,292 pounds at the end of the second quarter. The company also had 85,708 pounds of inventory in process and at the plant. In its filing, it said the flow rate at Lost Creek rose from 2,519 gallons per minute in the second quarter to 3,181 gallons per minute in the third quarter, but was below expectations partly because of wastewater treatment capacity constraints. At Shirley Basin, it said the start of production and improvements to transport to Lost Creek were slower than expected; it captured 14,697 pounds and shipped 9,379 pounds for processing during the quarter.
During the quarter, the company deferred delivery of 150,000 pounds to 2027 and another 150,000 pounds to 2029, and extended the maturity of a 250,000-pound inventory loan from November 2026 to November 2027. In October, it agreed to defer an additional 300,000 pounds of fourth-quarter deliveries to 2029. The quarterly report said the company cut its 2026 delivery guidance by 300,000 pounds and expects to deliver 240,000 pounds in the fourth quarter, attributing the deferrals to lower-than-expected production. The company, in turn, expects to sell 700,000 pounds during 2026 at an average price of about $67 per pound, with sales revenue of about $46.9 million. Unrestricted cash was $50.2 million on September 30, then $40.2 million on October 31.
Ur-Energy expects to bring the new wastewater treatment facility at Lost Creek online during the first half of 2027, targeting the second quarter for its start-up, and said it would increase water treatment capacity. It estimated combined capital spending for construction at Shirley Basin during 2026 and 2027 at about $37.5 million, while the estimate for the water treatment facility ranged from $33 million to $35 million. It also targets starting production at mining unit MU5 during the first quarter of 2027, following completion of regulatory approvals. Regarding potential demand, the company cited a government request for information examining unallocated U.S. uranium sources, with potential requirements of about four million pounds annually starting in 2030, noting that the request does not represent a purchase commitment. It scheduled a conference call to discuss the results for November 10, 2026, at 11 a.m. Eastern time.