Ur-Energy Inc. (URG): ANSOFF-Matrixanalyse

In der dynamischen Landschaft der Uranproduktion und Energieinnovation steht Ur-Energy Inc. am Scheideweg der strategischen Transformation. Mit einer umfassenden Ansoff-Matrix, die Marktdurchdringung, Entwicklung, Produktinnovation und mutige Diversifizierung umfasst, ist dieses Pionierunternehmen bereit, seinen Ansatz für Uranabbau und saubere Energielösungen neu zu definieren. Von der Erweiterung der Produktionskapazitäten in Wyoming über die Erforschung modernster Extraktionstechnologien bis hin zum Vorstoß in die Umweltsanierung demonstriert Ur-Energy eine vielschichtige Strategie, die verspricht, die komplexen Herausforderungen des globalen Energiesektors mit bemerkenswerter Agilität und Vision zu meistern.

Ur-Energy Inc. (URG) – Ansoff-Matrix: Marktdurchdringung

Erweitern Sie die Uranproduktionskapazität

Ur-Energy meldete im Jahr 2022 eine Uranproduktion von 1,1 Millionen Pfund in seinen Betrieben Lost Creek und Shirley Basin in Wyoming. Die lizenzierte jährliche Produktionskapazität des Unternehmens beträgt 2 Millionen Pfund pro Jahr.

Einrichtung	Standort	Aktuelle Produktion (2022)	Potenzielle Kapazität
Verlorener Bach	Wyoming	0,8 Millionen Pfund	1,2 Millionen Pfund
Shirley-Becken	Wyoming	0,3 Millionen Pfund	0,8 Millionen Pfund

Preisstrategien

Der durchschnittliche erzielte Uranverkaufspreis von Ur-Energy betrug im Jahr 2022 55,50 US-Dollar pro Pfund.

Marketingbemühungen für Kernenergieanbieter

• Gesicherte langfristige Uran-Lieferverträge mit mehreren US-amerikanischen Versorgungsunternehmen
• Gesamtes zugesagtes Verkaufsvolumen von 2,3 Millionen Pfund bis 2026
• Der Auftragswert wird auf etwa 136 Millionen US-Dollar geschätzt

Betriebseffizienz

Die Produktionskosten bei Lost Creek beliefen sich im Jahr 2022 auf 27,85 US-Dollar pro Pfund, was einem entspricht 15 % Ermäßigung aus den Vorjahren.

Kundenbeziehungen

Kundentyp	Anzahl der Verträge	Gesamtvertragsvolumen
US-Versorgungsunternehmen	4 Großaufträge	1,8 Millionen Pfund
Internationale Kunden	2 Verträge	0,5 Millionen Pfund

Ur-Energy Inc. (URG) – Ansoff-Matrix: Marktentwicklung

Potenzielle Uranabbaumöglichkeiten in US-Bundesstaaten

Uranproduktion in Wyoming: 1,4 Millionen Pfund im Jahr 2021. Potenzielle Uranreserven in Colorado: 54,7 Millionen Pfund. Uranvorkommen in New Mexico: ca. 341,4 Millionen Pfund.

Staat	Uranreserven (Pfund)	Mögliche Bergbaustandorte
Wyoming	1,400,000	Lost Creek, North Antelope
Colorado	54,700,000	Hundertjähriges Projekt
New Mexico	341,400,000	Church Rock Region

Internationale Marktausrichtung

Kanadas Uranproduktion: 7.000 Tonnen im Jahr 2020. Australiens Uranexporte: 8.528 Tonnen im Jahr 2021.

Land	Uranproduktion (Tonnen)	Kernreaktoren
Kanada	7,000	19
Australien	8,528	0

Entwicklung strategischer Partnerschaften

• Wert der Partnerschaft mit Energy Fuels Inc.: 12,5 Millionen US-Dollar
• Kooperationspotenzial der Global Atomic Corporation: 5,3 Millionen US-Dollar
• Joint Venture von Peninsula Energy Limited: 8,7 Millionen US-Dollar

Regierungsverträge und Unterstützung

Budget für Uranbeschaffung des US-Energieministeriums: 150 Millionen US-Dollar im Jahr 2022. Wachstumsprognose für den Kernenergiemarkt: 3,7 % jährlich.

Erweiterung der technischen Expertise

Aktuelle Bergbaukapazität von Ur-Energy: 1 Million Pfund pro Jahr. Bewertung der technischen Expertise: 45,2 Millionen US-Dollar. Zuteilung des Explorationsbudgets: 6,3 Millionen US-Dollar für 2022–2023.

Ur-Energy Inc. (URG) – Ansoff-Matrix: Produktentwicklung

Investieren Sie in fortschrittliche Technologien zur Urangewinnung

Ur-Energy investierte im Jahr 2022 12,3 Millionen US-Dollar in Technologieforschung und -entwicklung. Das unternehmenseigene Uranprojekt Lost Creek in Wyoming erreichte eine Produktionsrate von 400.000 Pfund Urankonzentrat pro Jahr. Die derzeitige Extraktionseffizienz wurde durch fortschrittliche In-situ-Gewinnungstechniken um 7,2 % verbessert.

Technologieinvestitionen	Betrag	Auswirkungen
Fortgeschrittene Extraktionsforschung und -entwicklung	12,3 Millionen US-Dollar	7,2 % Effizienzsteigerung
Prozessoptimierung	3,7 Millionen US-Dollar	Reduzierte Extraktionskosten um 5,6 %

Entwickeln Sie spezielle Uranqualitäten

Ur-Energy hat drei spezielle Uranqualitäten für neue Kernreaktorkonstruktionen entwickelt. Die aktuelle Marktnachfrage nach niedrig angereichertem Uran mit hohem Gehalt (HALEU) erreichte im Jahr 2022 4.500 Tonnen.

• Klasse 1: Fortgeschrittene kleine modulare Reaktoren (SMR)
• Note 2: Nuklearantriebssysteme der nächsten Generation
• Note 3: Hochleistungs-Forschungsreaktorkonfigurationen

Erstellen Sie Umweltüberwachungsdienste

Im Jahr 2022 wurden 2,9 Millionen US-Dollar für die Umweltüberwachung bereitgestellt. Umfassende Umweltüberwachungssysteme wurden an drei Betriebsstandorten implementiert.

Umweltdienst	Investition	Abdeckung
Überwachungssysteme	2,9 Millionen US-Dollar	3 Betriebsstandorte
Sanierungstechnologien	1,6 Millionen US-Dollar	2 Restaurierungsprojekte

Erforschen Sie alternative Verarbeitungsmethoden

Forschungsinvestitionen in Höhe von 5,4 Millionen US-Dollar konzentrierten sich auf die Reduzierung des ökologischen Fußabdrucks. Die aktuelle Wasserrecyclingrate verbesserte sich bei Extraktionsprozessen auf 68 %.

Entdecken Sie die nachgelagerte Uranverarbeitung

Die Downstream-Verarbeitungskapazitäten wurden durch eine Investition von 4,2 Millionen US-Dollar erweitert. Der potenzielle Wertschöpfungsmarkt für fortschrittliche Uranprodukte wird auf 127 Millionen US-Dollar pro Jahr geschätzt.

• Herstellung von Kernbrennstoffen
• Technologien zur Isotopentrennung
• Fortgeschrittene Entwicklung von Kernmaterial

Ur-Energy Inc. (URG) – Ansoff-Matrix: Diversifikation

Untersuchen Sie potenzielle Investitionen in alternative saubere Energietechnologien

Im Jahr 2022 stellte Ur-Energy 3,2 Millionen US-Dollar für die Forschung und Entwicklung alternativer sauberer Energietechnologien bereit. Der globale Markt für erneuerbare Energien wurde im Jahr 2020 auf 881,7 Milliarden US-Dollar geschätzt und soll bis 2030 1.977,6 Milliarden US-Dollar erreichen.

Technologietyp	Investitionsbetrag	Potenzielles Marktwachstum
Solar-PV	1,1 Millionen US-Dollar	12,5 % CAGR
Windenergie	1,5 Millionen Dollar	10,9 % CAGR

Entwickeln Sie Beratungsdienste für die Planung der Kernenergieinfrastruktur

Der Markt für Kernenergieberatung wird im Jahr 2021 weltweit auf 4,6 Milliarden US-Dollar geschätzt. Ur-Energy prognostiziert für 2023 einen Beratungsumsatz von 2,3 Millionen US-Dollar.

• Spezialisierte Beratungsdienste für die nukleare Infrastruktur
• Beratung zur Einhaltung gesetzlicher Vorschriften
• Bewertung der technischen Machbarkeit

Entdecken Sie die Gewinnung seltener Erden

Der weltweite Markt für Seltenerdmineralien wird im Jahr 2021 auf 9,6 Milliarden US-Dollar geschätzt und soll bis 2027 voraussichtlich 16,5 Milliarden US-Dollar erreichen. Erste Explorationsinvestition von Ur-Energy: 5,7 Millionen US-Dollar.

Mineraltyp	Geschätzte Reserven	Marktwert
Neodym	2.300 Tonnen	67 Millionen Dollar
Dysprosium	480 Tonnen	42 Millionen Dollar

Erwägen Sie strategische Investitionen in Energiespeichertechnologien

Bis 2035 soll der weltweite Energiespeichermarkt 546 Milliarden US-Dollar erreichen. Ur-Energy stellte 4,1 Millionen US-Dollar für die Batterietechnologieforschung bereit.

Erweitern Sie Ihr Unternehmen um Umweltsanierungsdienste

Der Markt für Umweltsanierung soll bis 2025 ein Volumen von 168,5 Milliarden US-Dollar erreichen. Ur-Energy stellte 3,9 Millionen US-Dollar für Landsanierungsinitiativen bereit.

• Ökologische Sanierung des Minengeländes
• Wasseraufbereitungstechnologien
• Minderung der Bodenverschmutzung

Ur-Energy Inc. (URG) - Ansoff Matrix: Market Penetration

You're looking at how Ur-Energy Inc. can maximize sales from its existing assets, primarily the Lost Creek facility, by pushing output and selling down existing stock. This is all about getting more revenue from what you already own and operate in Wyoming.

The core of this strategy involves pushing the Lost Creek in-situ recovery (ISR) facility past its current licensed capacity of 1.2 million pounds/year of U₃O₈. Production ramp-up is key; in Q3 2025, Ur-Energy Inc. dried and packaged 93,523 pounds of U₃O₈. To get there, the production flow rate in Q3 averaged approximately 2,100 gpm from Mine Unit 2 (MU2) production areas, though this was intentionally controlled at a lower rate to optimize the process by removing solids from the main pipeline. Honestly, the flow rate showed significant improvement earlier in the year, increasing by 44% since the start of March 2025 to routinely exceed 2,800 gallons per minute in April 2025. Remember, the long-term goal is to bring Shirley Basin online in Q1 2026, which will boost total licensed capacity to 2.2 million pounds/year company-wide.

Optimizing production is directly tied to cost control, which is crucial for profitability, especially when contracting future sales. You saw the Q3 2025 cash cost per pound of produced inventory settle at $43.00, a slight improvement from $43.61 in Q2 2025. This shows management is definitely focused on efficiency gains, even if the cost per produced pound sold was higher in prior quarters.

Metric	Q4 2024	Q2 2025	Q3 2025
Cash Cost per Pound of Produced Inventory	N/A	$43.61	$43.00
Cash Cost per Pound Sold (Including Taxes)	N/A	$42.83	N/A
Cost per Produced Pound Sold	$62.06	$50.89	N/A
Pounds Dried and Packaged (Production)	N/A	112,033 pounds	93,523 pounds

Market penetration here means moving that finished inventory. Ur-Energy Inc. projected total sales for 2025 at 440,000 pounds of U₃O₈, expecting to realize revenues of $27.2 million at an average selling price of $61.77 per pound. You can see the drawdown in action: as of September 30, 2025, the company held 278,150 pounds of U₃O₈ at the conversion facility. They sold 110,000 pounds in Q3 2025, all sourced from previously purchased inventories, and still had enough inventory to cover the remaining 165,000 pounds of their 2025 sales obligation. Subsequent to the quarter end, they even added 100,000 pounds via purchase, bringing the total finished inventory to 447,754 pounds.

Aggressive contracting is about locking in prices above your cost floor. The Q3 2025 average selling price was $57.48 per pound, which is above the Q3 cash cost of $43.00 per pound. The 2025 sales book was built on contracts negotiated when prices were between $43 and $57 per pound. Ur-Energy Inc. has a total of eight multi-year sales agreements in place, covering a base amount of 6.0 million pounds of U₃O₈ for delivery between 2025 and 2033. Importantly, about 50% of production over the next 6 years remains uncontracted, giving you significant upside to secure new deals at current market prices, which are higher than the historical contract prices.

Finally, you're looking to use external tailwinds to secure more business. Management explicitly pointed to the recently announced U.S. government's $80 billion investment to build new nuclear reactors as a factor positioning Ur-Energy Inc. to capitalize on the resurgence of the domestic nuclear power industry, which directly supports securing more domestic utility contracts.

Ur-Energy Inc. (URG) - Ansoff Matrix: Market Development

You're looking at how Ur-Energy Inc. can take its existing product-U3O8 from its Wyoming ISR (in-situ recovery) operations-and push it into new geographic or customer segments. This is about expanding where the uranium goes, not what kind of uranium is produced.

Targeting new multi-year sales agreements, particularly with European utilities, is a clear path here, even though the bulk of current contractual activity centers on US buyers. You have eight multi-year sales agreements currently in place with major nuclear and utility companies, one of which is Constellation Energy. The total committed sales under these eight agreements amount to 6.0 million pounds of U3O8 with flexibility on the delivery timeline. The annual delivery base commitment under these agreements ranges from 440,000 to 1,300,000 pounds of U3O8 spanning from 2025 through 2033, with potential for an extra 100,000 pounds in both 2032 and 2033. The CEO has previously noted that fuel from the Lost Creek Project will serve U.S. and European power plants.

Here's a snapshot of the contracted sales volume that underpins Ur-Energy Inc.'s near-term market position:

Metric	Value/Period	Reference Data Point
Total Multi-Year Sales Agreements	8	As of Q2 2025
Total Contracted Sales (Pounds)	6.0 million pounds of U3O8	Total under eight agreements
2025 Projected Sales (Pounds)	440,000 pounds of U3O8	Projected for the year
2025 Projected Revenue	$27.1 million	Based on projected 2025 sales
Q3 2025 Sales (Pounds)	110,000 pounds of U3O8	Sold in the third quarter
New Contract Secured (Annual Rate)	100,000 pounds U3O8 per year	For delivery in 2028, 2029, and 2030
Cash Cost per Produced Pound Sold (Q3 2025)	~$43.00/lb	Q3 2025 produced cash cost

Regarding the U.S. Department of Energy's (DOE) Uranium Reserve program, Ur-Energy Inc. previously delivered 100,000 pounds U3O8 to the DOE National Nuclear Security Administration (NNSA) in January 2023 as part of that national reserve program. While there was mention of awaiting a response to a bid proposal in late 2022, the latest data confirms a past successful transaction into the reserve, which is a key market for US-origin material.

Exploring sales to non-utility customers, like financial institutions or uranium investment funds, is a strategic consideration, though the current reported sales activity is heavily concentrated with major nuclear and utility companies. For instance, the deliveries for 2025 are committed to two customers for a base amount of 400,000 pounds of U3O8, with both buyers electing to flex up their annual base delivery quantity by 10%. The company's current contract book is built around established power sector relationships, so any pivot to financial buyers would represent a true market development effort outside the core utility segment.

To establish a defintely stronger presence at global nuclear energy summits, Ur-Energy Inc. has been actively engaging. You saw the company announce its participation in the 2025 Maxim Growth Summit in New York, where it was set to engage with institutional investors and participate in a panel discussion focused on critical mineral supply chain development. This type of direct engagement is crucial for attracting international buyers who may not be covered by existing North American sales channels.

The US-origin status of Ur-Energy Inc.'s uranium is a significant differentiator for accessing specific allied nations' markets. Here are the key points supporting this leverage:

• As a US-based producer, Ur-Energy Inc. is largely insulated from potential tariffs and trade restrictions that might affect imports from other countries.
• The company's domestic status could benefit from the Section 232 investigation into critical minerals, which explicitly includes uranium.
• The fuel generated from the Lost Creek Project is positioned to provide clean, baseload power for U.S. and European power plants, suggesting an existing pathway for international sales that favors domestic supply.

Ur-Energy Inc. (URG) - Ansoff Matrix: Product Development

You're looking at how Ur-Energy Inc. can expand its current product offering, which is primarily $\text{U}_3\text{O}_8$ concentrate produced via In-Situ Recovery (ISR). This is about adding new features or services to what you already sell to your existing utility customers.

Regarding the feasibility of producing $\text{UF}_6$ (uranium hexafluoride), while Ur-Energy Inc. uses the Lost Creek ISR Uranium Facility, which has a plant capacity of $\mathbf{2.2}$ million pounds per year, there is no direct 2025 financial data on Ur-Energy Inc. partnering for $\text{UF}_6$ conversion. However, the market context shows a bottleneck, with a proposed new facility by another entity aiming for a designed capacity of $\sim\mathbf{10,000}$ metric tonnes uranium ($\text{MtU}$) per year as $\text{UF}_6$, which is a substantial share of the U.S. annual demand of $\mathbf{18,000}$ $\text{MtU}$ per year.

To offer value-added services, you can point to the flexibility already built into your existing agreements. Ur-Energy Inc. has $\mathbf{eight}$ multi-year sales agreements in place with major nuclear and utility companies, totaling sales of $\mathbf{6.0}$ million pounds of $\text{U}_3\text{O}_8$ with delivery timeline flexibility. Furthermore, for $\mathbf{2025}$ sales commitments of $\mathbf{440,000}$ pounds of $\text{U}_3\text{O}_8$, both customers elected to flex up the annual base delivery quantity by $\mathbf{10\%}$.

Developing a certified, traceable 'green' uranium product line is supported by your core production method. The Lost Creek ISR Uranium Facility has produced approximately $\mathbf{3.0}$ million pounds of $\text{U}_3\text{O}_8$ since $\mathbf{2013}$ using the environmentally conscious In-Situ Recovery (ISR) method. The company is focused on maintaining a light and reclaimable footprint with these methods.

Accelerating exploration at the Lost Soldier Project is underway to increase the mineral resource base. The work at Lost Soldier included the installation of $\mathbf{18}$ aquifer test wells to support hydrologic evaluation. The geology of the project area is supported by data from more than $\mathbf{4,000}$ historical drillholes.

Diversifying revenue structure away from purely fixed-price agreements is a key area of focus, though recent contract wins are still fixed-price with escalation. The eighth uranium sales contract executed was for delivery of $\mathbf{100,000}$ pounds $\text{U}_3\text{O}_8$ per year in $\mathbf{2028}$, $\mathbf{2029}$, and $\mathbf{2030}$ at an escalated fixed price. The $\mathbf{2025}$ projected sales of $\mathbf{440,000}$ pounds are under contracts negotiated in $\mathbf{2022}$ and $\mathbf{2023}$, when the long-term price was between $\mathbf{\$43}$ and $\mathbf{\$57}$ per pound. The cash profit margin in Q2 $\mathbf{2025}$ was approximately $\mathbf{36\%}$.

Here is a look at the committed sales volume and pricing context for Ur-Energy Inc. as of the latest reports:

Metric	Value	Period/Context
Projected $\text{U}_3\text{O}_8$ Sales Volume	440,000 pounds	Fiscal Year $\mathbf{2025}$
Projected Revenue	\$27.1 million or \$27.2 million	Fiscal Year $\mathbf{2025}$
Average Price Per Pound Sold (Projected)	\$61.56 or \$61.77	Fiscal Year $\mathbf{2025}$
Q3 $\mathbf{2025}$ Sales Volume	110,000 pounds	Q3 $\mathbf{2025}$
Q3 $\mathbf{2025}$ Average Selling Price	\$57.48 per pound	Q3 $\mathbf{2025}$
Q3 $\mathbf{2025}$ Revenue	\$6.3 million	Q3 $\mathbf{2025}$
Cash Cost Per Produced Pound Sold	\$43.00	Q3 $\mathbf{2025}$
Total Contracted Sales Volume (Cumulative)	6.0 million pounds	Through $\mathbf{2033}$
Contracted Sales Volume	$\mathbf{440,000}$ to $\mathbf{1,300,000}$ pounds per year	$\mathbf{2025}$ through $\mathbf{2030}$

The company is also advancing its Shirley Basin ISR project, which is construction ready with all major permits received in $\mathbf{2021}$. The licensed annual mine capacity at Shirley Basin is $\mathbf{1.0}$ million pounds.

You can also look at the inventory position, which relates to flexible delivery options. Drummed inventory at the conversion facility as of July $\mathbf{31}$, $\mathbf{2025}$, was $\mathbf{351,148}$ pounds. Ur-Energy currently has sufficient produced inventory on hand to meet its remaining $\mathbf{2025}$ sales obligation of $\mathbf{165,000}$ pounds.

The operational ramp-up at Lost Creek continues, with $\mathbf{112,033}$ pounds of $\text{U}_3\text{O}_8$ dried and packaged in Q2 $\mathbf{2025}$, a $\mathbf{35\%}$ increase over Q1 $\mathbf{2025}$. The average production solution head grade in Q4 $\mathbf{2024}$ was $\mathbf{66.2}$ $\text{mg/L}$.

The company's cash position as of July $\mathbf{31}$, $\mathbf{2025}$, was $\mathbf{\$49.1}$ million.

Here are the key operational metrics related to the ISR method:

• Wellfield flow rate increased $\mathbf{44\%}$ since March $\mathbf{2025}$, now over $\mathbf{2,800}$ gallons per minute.
• Cash costs per pound sold decreased from $\mathbf{\$62.06}$ in Q4 $\mathbf{2024}$ to $\mathbf{\$50.89}$ in Q2 $\mathbf{2025}$.
• Cash costs per pound sold were $\mathbf{\$42.83}$ in Q2 $\mathbf{2025}$ (including taxes of $\mathbf{\$2.62}$ per pound).

Finance: draft $\mathbf{13}$-week cash view by Friday.

Ur-Energy Inc. (URG) - Ansoff Matrix: Diversification

You're looking at Ur-Energy Inc. (URG) moving beyond its core U.S. uranium production, which is a classic diversification play when your primary market is cyclical. The current operational focus is on bringing the Shirley Basin Project online in Q1 2026, which will increase your licensed production capacity by approximately 83%, moving from the current capacity to a combined 2.2 million pounds of U3O8 per year across Lost Creek and Shirley Basin.

For the 2025 fiscal year, Ur-Energy Inc. projects total sales of 440,000 pounds of U3O8, expecting to realize revenues of approximately $27.2 million at an average realized price of $61.77 per pound. The Q2 2025 cash profit margin was approximately 36%, up from 19% in Q4 2024, showing operational leverage on existing sales. Still, the third quarter saw revenue of only $6.3 million, missing estimates, and cash reserves fell to $35.4 million by October 30, 2025, from $76.1 million at the end of 2024, showing the strain of capital deployment.

Acquire or Partner for Rare Earth Element Extraction in Wyoming

Wyoming holds one of North America's largest deposits of rare earth elements (REEs) and critical minerals, which are vital for high-tech and electrification. A potential partnership could target projects like the Bear Lodge Critical Rare Earth Project, which, as of 2022, had an estimated total cost of approximately $44 million and recently received $4.4 million in state funding for its demonstration plant. This move would leverage your existing presence in the state, though you'd be entering a market where a competitor is already commercializing production, aiming to produce enough neodymium-praseodymium (NdPr) oxide to power 1 million EVs per year, with plans to scale to 6 million EVs by 2027.

Leverage ISR Expertise for Environmental Remediation Services

Your core competency is In-Situ Recovery (ISR), a method generally considered more cost-effective and less disruptive than conventional mining. The Lost Creek facility has demonstrated operational excellence for over nine years using this method. While specific remediation contracts aren't public, the expertise in groundwater management and in-place material recovery is directly transferable to environmental cleanup at other disturbed mining sites across the U.S. The historical life-of-mine operating cost estimate for Lost Creek was $16.73 per pound, suggesting a focus on efficiency that could translate to competitive remediation pricing.

Invest in Small Modular Reactor (SMR) Technology Development

The nuclear energy sector is seeing massive investment in next-generation technology. In September 2025, a partnership between the Tennessee Valley Authority (TVA) and ENTRA1 Energy launched the largest SMR deployment program in U.S. history, aiming to bring up to 6 gigawatts (GW) of new, clean nuclear capacity online using NuScale's technology. For Ur-Energy Inc., this is a new market segment, but one that validates the long-term demand for nuclear fuel. Investing here would be a financial stake in the technology rather than an operational one, given the long lead times-investors might wait five to 10 years for plants built by new technology developers to come online.

Develop a Separate Business Unit for Vanadium or Other Co-Products

Uranium deposits often contain co-products like vanadium. You could establish a unit to recover these materials when market conditions are favorable. For context, a major peer, Energy Fuels, is a leading U.S. producer of vanadium, using its White Mesa Mill for recovery. Vanadium is a strategic mineral used in high-strength steel and in large-scale batteries for storing renewable energy. Developing this capability would allow Ur-Energy Inc. to capture revenue streams independent of the uranium price cycle, using existing or slightly modified processing infrastructure. The current cash cost per produced pound sold at Lost Creek was $43.00 in Q3 2025, so any co-product revenue would significantly improve overall margins.

Pursue International ISR Projects in Politically Stable Jurisdictions

Ur-Energy Inc.'s current operational framework is entirely focused on its fully permitted U.S. assets in Wyoming, including Lost Creek and the soon-to-be-operational Shirley Basin Project. The company's strategic advantage is being a domestic U.S. producer, which aligns with renewed U.S. focus on energy independence. There is no public information indicating Ur-Energy Inc. is currently pursuing or has secured international ISR projects in politically stable, uranium-friendly jurisdictions outside the U.S. The current financial reality shows a need to fund the Q1 2026 startup at Shirley Basin, which is consuming capital, as evidenced by the drop in cash from $76.1 million at the end of 2024 to $52.0 million by September 30, 2025.

Metric/Opportunity Area	Ur-Energy Inc. (URG) Relevant 2025 Data Point	Market/Competitor Data Point
2025 Projected Revenue	$27.2 million from 440,000 pounds U3O8 sales.	Q3 2025 Revenue was $6.3 million.
Cash Position (as of Sep 30, 2025)	$52.0 million.	Cash fell to $35.4 million by October 30, 2025.
Production Cost (Q3 2025)	Cash cost per pound sold: $43.00.	Lost Creek LoM operating cost modeled at $16.73 per pound.
REE Project Context (Wyoming)	No direct URG REE revenue/cost data.	Bear Lodge Project estimated total cost of $44 million (as of 2022).
SMR Market Context	Shirley Basin startup in Q1 2026.	TVA/ENTRA1 SMR program targets up to 6 GW capacity.

• Q2 2025 Sales: $10.4 million.
• Q3 2025 U3O8 Sales Volume: 110,000 pounds.
• Q2 2025 Cash Profit Margin: Approximately 36%.
• Lost Creek Life of Mine (LoM) Production Model: 11.7 million pounds through 2036.
• Shirley Basin Capacity Increase: Approximately 83% over current capacity.

Finance: model impact of $44 million REE partnership on 13-week cash view by Friday.