Ur-Energy Inc.
Ur-Energy operates the Lost Creek ISR uranium facility in south-central Wyoming (producing since 2013) and brought its second ISR facility, Shirley Basin, into operation in April 2026. Cash of US$172.04 million and debt of US$120.83 million (the latter consistent with a US$120M convertible note financing closed Dec 2025) leave a modest positive net cash position.
Notable vs. Peers
- Financials score of 4.5/10 is weaker than the peer average of 6.1/10.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Oct 2012 · Bureau of Land Management (BLM) issued its Record of Decision approving the Plan of Operations for Lost Creek -- the final regulatory approval that, combined with the previously-received NRC Source and Byproduct Materials License, EPA Aquifer Exemption, WDEQ Class I UIC Permit and Oct 2011 WDEQ Permit to Mine, made the project 'fully permitted.' · Source
- Reached — date not disclosed · No separately dated formal 'Board sanctions construction' release distinct from the groundbreaking found -- Ur-Energy's Oct 31, 2012 release describes a groundbreaking ceremony 'held in early October,' immediately following the Oct 5, 2012 BLM Record of Decision. Dated to that same early-October groundbreaking as CONSTRUCTION_START below (GMIN/EQX precedent), exact day not confirmed -- recorded reached-but-undated. · Source
- Reached — date not disclosed · Facility construction at Lost Creek started with a groundbreaking ceremony held in early October 2012, immediately following the Oct 5, 2012 BLM Record of Decision. Exact day not confirmed from available sourcing -- recorded reached-but-undated. · Source
- Aug 2013 · Ur-Energy initiated uranium production operations at Lost Creek after receiving notice of final operational clearance from the NRC. First yellowcake shipment (~35,000 lb U3O8) left the facility Dec 3, 2013. · Source
- Reached — date not disclosed · Genuinely reached, but no single company-wide commercial-production date exists across two Wyoming ISR uranium facilities with different histories: Lost Creek (original production began 2013-08-02 after NRC operational clearance, later suspended during a period of low uranium prices, with a restart of commercial production announced in 2023) and Shirley Basin (a brand-new facility -- uranium recovery only commenced April 2026, with the first shipment of resin to the Lost Creek processing plant only 2026-08-19 -- still in early ramp-up as of this write, not a separate confirmed threshold). Given both the Lost Creek restart's own ambiguity and Shirley Basin's very recent, still-ramping status, no single clean date is used. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.
Your Rankings
Management Team
President, Chief Executive Officer and Director of Ur-Energy Inc., having joined the company in June 2025 as President and been appointed Chief Executive Officer and a director in December 2025. (P.Eng) Mining executive with more than two decades of senior leadership and operational experience across several publicly traded mining companies. Previously President and Chief Operating Officer of i-80 Gold Corporation and Chief Executive Officer of Nevada Copper Corporation. At Barrick served as Executive General Manager of the Cortez District before promotion to Chief Technical Officer with strategic oversight of global technical functions, and at Rio Tinto held positions including Managing Director of the Palabora Mining Company in South Africa and Chief Operating Officer of Oyu Tolgoi in Mongolia. Has served as Chairman of the Palabora Foundation and of the Mongolian Safety Association. BSc in Mining Engineering, University of Idaho.
Chief Financial Officer and Chief Administrative Officer of Ur-Energy Inc. (CPA, MBA, CGMA) 35 years of mining and manufacturing experience including finance, accounting, IT, ERP and systems implementations, mergers, acquisitions, audit, tax, and public and private reporting in international environments. Served as Ur-Energy's Chief Financial Officer and Vice President Finance, IT and Administration until May 2011, when he assumed the additional title and responsibilities of Chief Administrative Officer; joined the company in May 2007 after serving as Vice President, Finance for Luzenac America, Inc. and Director of Financial Planning and Analysis for Rio Tinto Minerals from September 2000 to May 2007. Has also held Vice President Finance, Corporate Controller, Accounting Manager and Internal Auditor positions with Vista Gold Corporation, Westmont Gold Inc. and Homestake Mining Corporation. MBA and BA in Accounting, Western State Colorado University.
Chief Operating Officer of Ur-Energy Inc., named to the role in October 2022. Had served as Vice President Operations for the company since 2011, and prior to that was Ur-Energy's Engineering Manager from 2007 to 2010 and Director of Engineering and Operations from 2010 to 2011. More than 30 years of experience in uranium production with a strong background in in situ recovery uranium design and operations, previously working as a Project Engineer for Power Resources, Inc., Manager, Wellfield Operations for Rio Algom Mining Corp., and Operations Manager at Cameco's Smith Ranch-Highland Facility. BSc in Petroleum Engineering, Texas Tech University.
General Counsel and Corporate Secretary of Ur-Energy Inc., having joined the company in January 2026. (JD) More than 25 years of diverse legal, executive and business experience. In private practice from 1999 to 2009, including nine years at a prominent Denver law firm representing mining and energy clients on billions of dollars of transactions, then from 2009 to 2012 senior corporate counsel for the US subsidiary of an international oil and gas company. From 2017 until joining Ur-Energy was Executive Director of The Foundation for Natural Resources and Energy Law (formerly the Rocky Mountain Mineral Law Foundation), and from 2012 to 2017 an associate professor of law at the University of New Mexico School of Law teaching natural resources, property and business law. Before law school was a public accountant for three years at KPMG. JD, University of Virginia School of Law; BSBA in Accounting, Georgetown University.
Vice President Regulatory Affairs of Ur-Energy Inc., having joined the company in March 2024. (MSc) Prior to joining Ur-Energy held numerous management positions, most recently at Fluor/Idaho Environmental Coalition, contractors to the US Department of Energy, at the Idaho Cleanup Project, and has held several positions in the uranium recovery industry gaining expertise in regulatory relations and compliance, licensing, and environmental health and safety. As Wyoming Uranium Recovery Program Manager from 2015 to 2020 he was critical in assisting Wyoming to become the 38th US Nuclear Regulatory Commission Agreement State, the first ever partial agreement for material solely at uranium recovery operations. BS in Environmental Science, Brigham Young University; MSc in Health Physics, Idaho State University; Certified Health Physicist.
Vice President, Finance of Ur-Energy Inc., having joined the company in September 2025. (CPA, MSc) Certified Public Accountant with nearly 30 years of experience, most recently an audit partner with PricewaterhouseCoopers LLP from 2011 to 2024, having begun his career there in 1996 and served clients in numerous industries including publicly traded energy and mining companies, with assignments in Tulsa, London, Houston and Denver. Technical background includes service in PwC's Global Capital Markets Group in London from 1999 to 2002 assisting non-US companies with US capital market transactions and SEC reporting, and leadership roles overseeing a division of PwC's Center of Excellence and its Acceleration Center in India. Licensed as a CPA in Oklahoma, Texas and Colorado; BSc and MSc in Accounting, Oklahoma State University.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
enCore Energy Corp, a real operating uranium producer (South Texas ISR operations plus the White Mesa mill), holds 5.7% of Ur-Energy (22,458,804 shares) per Ur-Energy's own June 2026 definitive proxy statement -- the same filing this note's institutional-ownership analysis was already drawn from. Institutional ownership is otherwise very high but almost entirely passive uranium-sector ETFs and broad index funds. Two officers bought stock on the open market in the past year, though much larger selling by several other insiders in the same window offsets that buying.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Lost Creek Property (Sweetwater County, Wyoming), Ur-Energy's producing flagship ISR mine and by far its larger asset. Updated S-K 1300 Initial Assessment Technical Report Summary prepared by Western Water Consultants, Inc. d/b/a WWC Engineering, effective 31 Dec 2025, filed as an exhibit to the FY2025 Form 10-K on 10 Mar 2026: PRE-TAX NPV8=US$305.885M, AFTER-TAX (post-tax) NPV8=US$244.092M (written here, after-tax per repo convention); pre-tax IRR=67.6%, after-tax IRR=65.7% (written here); life-of-mine net cash flow (after tax) US$442.2M (+45.7% vs the prior Dec 2023 report's US$303.6M); LOM production 12.7 Mlb U3O8 (3.475 Mlb already produced through 31 Dec 2025); Measured+Indicated 11.868 Mlb eU3O8, Inferred 10.357 Mlb eU3O8 (effective 1 Nov 2025). MINE LIFE: the report does not state a bare year figure -- it gives dates instead ('estimated mine life...increased by nearly three years, from 2036 Q3 per the Prior Report to 2039 Q2 per the Lost Creek Report'). mineLifeYears=13.5 here is COMPUTED from the report's own effective date (31 Dec 2025) to its own stated end-of-wellfield-production date (Q2 2039, taken as ~30 Apr 2039, i.e. Q2 midpoint) -- approximately 13 years 4 months, rounded to 13.5 -- not an explicit 'X-year' figure the report itself states; flagged as a derivation, not a quote. Ur-Energy ALSO holds the Shirley Basin ISR project (Carbon/Converse Counties, Wyoming; construction/pre-production, not yet a producing asset): its own S-K 1300 TRS (same 10 Mar 2026 filing round) reports pre-tax NPV8=US$120.4M/IRR=83.7%, after-tax NPV8=US$83.2M/IRR=69%, ~9-year mine life, 6.0 Mlb LOM production -- a separate, smaller, distinct study. Per the playbook's multi-project rule, Shirley Basin's figures are NOT combined with or substituted into Lost Creek's for the shared company-level fields above -- flagged here for a possible future second-project treatment, not decided unilaterally. [Task #529 update, Aug 2026]: ouncesFound now written as 21,800,000 lb U3O8 -- combined Measured+Indicated across Ur-Energy's two Wyoming ISR properties: Lost Creek (12.682 Mlb eU3O8 M&I, per the updated S-K 1300 TRS effective 31 Dec 2025 already cited above for dcfNpvUsd/mineLifeYears) plus Shirley Basin (approximately 9.1 Mlb U3O8 M&I at 0.22% grade, per its own separate S-K 1300 Technical Report Summary). Lost Creek's own Inferred component (6.119 Mlb eU3O8) is excluded per Measured+Indicated-only convention.