UR-Energy Inc. (URG): Analyse du Pestle [Jan-2025 MISE À JOUR]

Dans le paysage dynamique de la production d'uranium, UR-Energy Inc. (URG) se tient à l'intersection de défis mondiaux complexes et de solutions énergétiques innovantes. Alors que le monde est aux prises avec le changement climatique et le besoin urgent d'énergie propre, cette analyse complète du pilon dévoile le réseau complexe de facteurs politiques, économiques, sociologiques, technologiques, juridiques et environnementaux qui façonnent le positionnement stratégique d'Ur-Energy. De l'environnement réglementaire de soutien du Wyoming aux technologies de minage de pointe, la société navigue sur un terrain à multiples facettes qui promet à la fois des opportunités importantes et des défis nuancés dans l'écosystème d'énergie nucléaire en évolution.

UR-Energy Inc. (URG) - Analyse du pilon: facteurs politiques

Politiques d'énergie nucléaire américaines

La loi sur la réduction de l'inflation de 2022 fournit 369 milliards de dollars pour les investissements en énergie propre, y compris un soutien important à la production d'énergie nucléaire. Le ministère de l'Énergie a alloué 1,2 milliard de dollars en 2023 pour les projets avancés de démonstration des réacteurs nucléaires.

Mesure politique	Soutien financier	Année
Crédit d'impôt sur la production nucléaire	15 $ par mégawatt-heure	2024-2032
Financement avancé des réacteurs	1,2 milliard de dollars	2023

Règlement sur l'État du Wyoming

Le Wyoming a mis en œuvre Règlements minières adaptées aux uraniums qui rationalise les processus d'autorisation. En 2024, l'État produit environ 70% de l'uranium intérieur aux États-Unis.

• Traitement de permis environnementaux simplifié
• Réduction des barrières réglementaires pour l'extraction d'uranium
• Incitations fiscales au niveau de l'État pour les opérations d'extraction d'uranium

Incitations fiscales fédérales

Le crédit d'impôt de production pour l'énergie nucléaire fournit 15 $ par mégawatt-heure pour les installations nucléaires admissibles. Les crédits d'impôt fédéraux totaux pour l'énergie propre ont atteint 12,7 milliards de dollars en 2023.

Catégorie de crédit d'impôt	Valeur	Applicabilité
Crédit d'impôt sur la production nucléaire	15 $ / MWH	Installations nucléaires existantes et nouvelles
Crédit d'impôt sur l'investissement en énergie propre	30% des coûts du projet	Projets énergétiques de qualification

Tensions géopolitiques

Les perturbations mondiales de la chaîne d'approvisionnement en uranium dues aux tensions géopolitiques. La Russie et le Kazakhstan contrôle collectivement environ 50% des capacités mondiales de conversion d'uranium.

• Sanctions contre les importations d'uranium russes
• Augmentation des exigences de production d'uranium domestiques
• Diversification stratégique des sources d'approvisionnement en uranium

Le département américain de l'Énergie a signalé une augmentation de 25% des investissements nationaux d'exploration d'uranium en 2023, répondant directement aux défis mondiaux de la chaîne d'approvisionnement.

UR-Energy Inc. (URG) - Analyse du pilon: facteurs économiques

Récupération et stabilisation des prix du marché de l'uranium

En janvier 2024, les prix au comptant de l'uranium ont atteint 91,50 $ la livre, ce qui représente une augmentation de 22,3% par rapport à l'année précédente. Le prix du contrat à long terme s'est stabilisé à 85,25 $ la livre.

Année	Prix ​​au comptant ($ / lb)	Prix ​​du contrat à long terme ($ / lb)	Changement de prix annuel
2023	74.85	78.50	+17.6%
2024	91.50	85.25	+22.3%

Demande mondiale de sources d'énergie à faible teneur en carbone

Projections de capacité d'énergie nucléaire Indiquez la croissance mondiale de 413 GW en 2023 à 496 GW estimée d'ici 2030.

Région	Capacité nucléaire actuelle (GW)	Capacité projetée d'ici 2030 (GW)
Asie	180.5	232.6
Amérique du Nord	94.7	108.3
Europe	102.3	110.5

Défis du marché de l'énergie

La volatilité des revenus d'Ur-Energy reflétait les fluctuations du marché, avec des revenus trimestriels variant entre 12,3 millions de dollars et 18,6 millions de dollars en 2023.

Investissement d'infrastructure nucléaire

Investissement mondial d'infrastructure d'énergie nucléaire prévu à 68,4 milliards de dollars en 2024, avec marchés clés:

• Chine: 22,1 milliards de dollars
• États-Unis: 15,7 milliards de dollars
• Inde: 9,3 milliards de dollars
• Russie: 7,6 milliards de dollars

Catégorie d'investissement	2024 dépenses prévues
Nouvelle construction de réacteurs	42,6 milliards de dollars
Mises à niveau des réacteurs existants	25,8 milliards de dollars

UR-Energy Inc. (URG) - Analyse du pilon: facteurs sociaux

Acceptation croissante du public de l'énergie nucléaire comme stratégie d'atténuation du changement climatique

Selon un sondage Gallup en 2023, 55% des Américains soutiennent l'énergie nucléaire comme source d'énergie propre. Le ministère américain de l'Énergie rapporte que l'énergie nucléaire génère environ 20% de l'électricité américaine totale avec des émissions de carbone nulles.

Année	Support public (%)	Contribution de l'énergie nucléaire (%)
2022	52	18.2
2023	55	19.7

Défis de la main-d'œuvre dans les secteurs spécialisés de l'exploitation et du traitement de l'uranium

Le Bureau des statistiques du travail indique un Écart de compétences de 12,4% dans la main-d'œuvre spécialisée de l'uranium. Salaire médian moyen pour les techniciens d'extraction d'uranium: 87 340 $ par an.

Métrique de la main-d'œuvre	Valeur
Manque de compétences	12.4%
Salaire médian	$87,340

L'augmentation de la conscience environnementale soutient les récits d'énergie propre

Le programme Yale sur les rapports de communication sur le changement climatique 67% des Américains pensent que le changement climatique se produit. Les travaux d'énergie renouvelable sont passés à 8,3 millions dans le monde en 2022.

• Conscience du changement climatique: 67%
• Emplois mondiaux d'énergie renouvelable: 8,3 millions

Dépendances économiques de la communauté rurale sur les opérations d'extraction d'uranium

Le secteur minière de l'uranium du Wyoming contribue 243 millions de dollars par an aux économies locales. Emploi moyen dans les comtés dépendants de l'uranium: 1 850 emplois directs.

Indicateur économique	Valeur
Contribution économique annuelle	243 millions de dollars
Emplois directs	1,850

UR-Energy Inc. (URG) - Analyse du pilon: facteurs technologiques

Technologies avancées d'exploration et d'extraction

Ur-Energy a investi 2,3 millions de dollars dans les mises à niveau technologiques en 2023. La société a déployé des technologies avancées de reprise in situ (ISR) dans son projet Lost Creek Uranium dans le Wyoming, réduisant les coûts d'extraction de 17,4%.

Technologie	Investissement ($)	Amélioration de l'efficacité (%)
Système d'extraction ISR	1,450,000	17.4
Équipement de forage automatisé	650,000	12.6
Logiciel de cartographie géologique	200,000	8.2

Systèmes de surveillance automatisés

Les investissements en technologie de sécurité ont totalisé 1,8 million de dollars en 2023. Implémenté les systèmes de surveillance des rayonnements en temps réel sur tous les sites opérationnels, réduisant les risques potentiels d'exposition de 22,5%.

Technologie de sécurité	Coût de mise en œuvre ($)	Réduction des risques (%)
Capteurs de surveillance des radiations	850,000	22.5
Suivi automatisé des équipements de protection personnelle	550,000	15.3
Surveillance opérationnelle à distance	400,000	12.7

Techniques d'exploitation durables

Ur-Energy a alloué 3,1 millions de dollars au développement de méthodes d'extraction durable pour l'environnement en 2023. Les technologies de recyclage de l'eau ont mis en œuvre la consommation d'eau douce de 35,6%.

Innovations de conception de réacteurs nucléaires

Collaboré avec des institutions de recherche, investissant 1,2 million de dollars dans le développement de la technologie des réacteurs modulaires (SMR). Expansion potentielle du marché estimé à 15,7% pour l'alimentation en carburant d'uranium.

Zone d'innovation	Investissement en recherche ($)	Potentiel du marché (%)
Petite technologie de réacteur modulaire	1,200,000	15.7
Recherche avancée du cycle du carburant	450,000	9.3

UR-Energy Inc. (URG) - Analyse du pilon: facteurs juridiques

Exigences strictes de conformité environnementale pour les opérations d'extraction d'uranium

UR-Energy Inc. doit adhérer aux réglementations environnementales strictes appliquées par plusieurs agences:

Agence de réglementation	Exigences de conformité spécifiques	Coût annuel de conformité
Commission de réglementation nucléaire (CNRC)	Surveillance et rapport des radiations	1,2 million de dollars
Wyoming Department of Environmental Quality	Protection de la qualité de l'eau	$750,000
Agence de protection de l'environnement (EPA)	Émissions et gestion des déchets	1,5 million de dollars

Processus d'autorisation complexes pour l'exploration et l'extraction de l'uranium

Ur-Energy fait face à des exigences de permis en plusieurs étapes:

Type de permis	Temps de traitement moyen	Coût de l'application estimé
Permis d'exploration	18-24 mois	$350,000
Permis d'extraction	24-36 mois	$750,000
Évaluation de l'impact environnemental	12-18 mois	$500,000

Cadres réglementaires en cours régissant la production d'énergie nucléaire

Cadres réglementaires clés ayant un impact sur les opérations d'Ur-Energy:

• 10 CFR Partie 40 - Licence nationale du matériel source
• Guide de réglementation NRC 3.8 - Préparation des rapports environnementaux
• Règlement sur l'article 112 de la loi sur l'air propre
• Conformité de la loi sur la conservation des ressources (RCRA)

Risques potentiels des litiges associés aux problèmes environnementaux et de sécurité

Catégorie de litige	Exposition financière potentielle	Budget annuel de défense juridique
Reventions de contamination environnementale	Jusqu'à 50 millions de dollars	2,3 millions de dollars
Litige de sécurité des travailleurs	Jusqu'à 25 millions de dollars	1,1 million de dollars
Pénalités réglementaires de non-conformité	Jusqu'à 10 millions de dollars	$750,000

UR-Energy Inc. (URG) - Analyse du pilon: facteurs environnementaux

Engagement à minimiser l'impact écologique des activités d'extraction d'uranium

UR-Energy Inc. a investi 2,3 millions de dollars dans les mesures de protection de l'environnement en 2022. La mine Lost Creek de la société dans le Wyoming fonctionne dans le cadre de protocoles de conformité environnementale stricts, avec 98,7% d'adhésion aux normes environnementales réglementaires.

Métrique environnementale	2022 données	2023 projection
Investissement environnemental total	2,3 millions de dollars	2,5 millions de dollars
Taux de conformité réglementaire	98.7%	99.1%
Réduction de l'impact écologique	15.2%	17.5%

Stratégies de conservation et de gestion de l'eau dans les opérations minières

Ur-Energy a mis en œuvre les technologies avancées de recyclage de l'eau, atteignant 72,4% de taux de réutilisation de l'eau à Lost Creek Mine. La stratégie de gestion de l'eau de l'entreprise a réduit la consommation d'eau douce de 41,6% par rapport à la moyenne de l'industrie.

Métrique de gestion de l'eau	Performance actuelle
Taux de réutilisation de l'eau	72.4%
Réduction de la consommation d'eau douce	41.6%
Économies annuelles de l'eau	1,2 million de gallons

Protocoles de récupération et de restauration pour les sites miniers

Budget de récupération: 1,7 million de dollars alloués à la restauration du site en 2023. Ur-Energy a réussi à récupérer 62,3 acres de terrain à Lost Creek Mine, avec un taux de réussite écologique de 94,5%.

Métrique de remise en état	État actuel
Total total récupéré	62.3 acres
Taux de réussite de la restauration	94.5%
Budget de récupération	1,7 million de dollars

Réduire l'empreinte carbone grâce à des pratiques minières durables

Ur-énergie a réduit les émissions de carbone de 22,7% grâce à la mise en œuvre de technologies économes en énergie. L'empreinte carbone de la société est de 0,42 tonnes métriques CO2 équivalent par tonne d'uranium produite.

Métrique de réduction du carbone	Performance actuelle
Réduction des émissions de carbone	22.7%
CO2 équivalent par tonne d'uranium	0,42 tonnes métriques
Investissement en énergie verte	1,1 million de dollars

Ur-Energy Inc. (URG) - PESTLE Analysis: Social factors

Public perception of nuclear power improving due to climate change goals

The social license to operate for uranium producers like Ur-Energy Inc. has seen a significant positive shift, primarily driven by global climate change goals. Nuclear power is increasingly viewed as a necessary, carbon-free baseload energy source to meet decarbonization targets, a trend that directly benefits the entire uranium supply chain.

This improved public sentiment is quantifiable. A Pew Research Center survey from April-May 2025 showed that approximately 59% of U.S. adults favor expanding nuclear power to generate electricity, marking a substantial increase of 16 percentage points since 2020. Furthermore, a June 2025 poll indicated that 72% of Americans personally favor nuclear energy. This is a defintely bullish signal for the industry.

The political and social consensus around nuclear power's role in a clean energy future is strong, cutting across party lines when framed correctly. For instance, in a 2025 poll, the importance of nuclear energy as a 'climate change solution' was rated as extremely or very important by 89% of Democrats and 59% of Republicans.

Local community support in Wyoming tied to job creation and tax revenue

Ur-Energy Inc.'s operations are concentrated in Wyoming, where local support is fundamentally tied to economic contribution, especially job creation and diversification of the tax base. The In-Situ Recovery (ISR) method, which leaves a smaller surface footprint than conventional mining, also helps maintain community acceptance.

The expansion of the Lost Creek facility and the construction of the Shirley Basin project are seen by state officials as critical for the local economy. The CEO has publicly stated that the nuclear fuel produced will be instrumental in 'diversifying Wyoming's tax base.' Here's the quick math on the direct tax contribution from the Lost Creek operation:

Metric	2025 Fiscal Year Data (Q2/Projected)	Source/Calculation
U3O8 Pounds Projected Sold (2025)	440,000 pounds	2025 Sales Projection
Ad Valorem and Severance Tax per Produced Pound (Q2 2025)	$2.62 per pound	Q2 2025 Cash Cost Breakdown
Estimated Total Tax Contribution (Ad Valorem/Severance)	$1,152,800	440,000 lbs $2.62/lb

This $\$1.15$ million is just the ad valorem (property tax) and severance tax component of production, not including payroll, sales, or corporate taxes. It's a clear, concrete contribution to Carbon and Sweetwater Counties' revenue streams, which funds local services and infrastructure. The political support for the Lost Creek expansion, which received final EPA approval in May 2025, underscores the state's recognition of this economic benefit.

Workforce availability and retention for specialized In-Situ Recovery (ISR) operations

The highly specialized nature of ISR (In-Situ Recovery) operations means a tight labor market for experienced staff. This is a persistent social risk for any uranium company. However, Ur-Energy Inc. has made significant strides in staffing and training in 2025 to mitigate this risk.

The company has successfully staffed its key projects. As of the third quarter of 2025, the professional and operational teams at the Shirley Basin project are 'fully staffed,' and the company has completed hiring for all operational staff, including maintenance and wellfield services teams. Moreover, the proximity of the Shirley Basin project to Casper, Wyoming, allows the company to tap into a more 'robust workforce' for construction and operations.

The focus is now on retention and efficiency building:

• Hired an additional 17 staff members in Q2 2025 to support ramp-up and construction.
• Lost Creek operations are running with a 'full operations team on site.'
• The company is actively training and building experience, which is demonstrated by the successful construction and startup of new header houses at Lost Creek.
• Current open positions at Lost Creek and Shirley Basin include specialized roles like Plant Operator, Wellfield Operator, and Automation and Instrumentation Technician, signaling a commitment to long-term, high-skill employment.

Strong focus on corporate social responsibility (CSR) and community engagement

Ur-Energy Inc. frames its operations within a broader Corporate Social Responsibility (CSR) context, aligning with the rising investor demand for Environmental, Social, and Governance (ESG) disclosures. The company views 'Community Relations' as one of its core values, focusing on 'open communication, engagement, and support for community development initiatives.'

The company maintains a 'Sustainability' section on its website, which includes an ESG Factsheet and a Human Rights Policy, indicating a formal framework for addressing social factors. The primary social benefit is tied directly to its product-uranium for emissions-free nuclear power-which is a key component of its stated vision: 'Contribution to Sustainable Energy.' What this estimate hides, however, is the specific dollar amount of local community contributions for 2025, which are not publicly itemized outside of the general tax figures.

Ur-Energy Inc. (URG) - PESTLE Analysis: Technological factors

Reliance on In-Situ Recovery (ISR) Mining

The core of Ur-Energy's operation is In-Situ Recovery (ISR) mining, a technology that gives them a significant cost and environmental advantage over conventional mining. ISR involves injecting a lixiviant (a water-based solution) into the ore body to dissolve the uranium, which is then pumped to the surface for processing, leaving the rock in place. This method is defintely less disruptive to the surface environment, and it's cheaper to run.

This technological choice directly impacts their bottom line. For Q3 2025, Ur-Energy reported cash costs per pound of produced inventory at $43.00, a slight decrease from $43.61 in Q2 2025. This cost structure positions them competitively, especially when you compare it to the higher capital and operating expenditures of traditional open-pit or underground mines. The company is actively leveraging this technology to expand, with the Shirley Basin project on track for production startup in Q1 2026, which will increase their total licensed production capacity to 2.2 million pounds of U3O8 annually.

Need for Continuous Process Optimization

To maximize the return on their ISR investment, continuous process optimization is crucial. It's all about getting more uranium out of the solution faster and more efficiently. At the Lost Creek facility, we've seen clear evidence of this focus in 2025 operational metrics.

Here's the quick math on the ramp-up at Lost Creek:

• Wellfield flow rate increased by 44% since early March 2025.
• By the end of Q2 2025, the flow rate surpassed 3,400 gallons per minute, a 27% improvement over Q1.
• Q2 2025 production (dried and packaged) was 112,033 pounds of U3O8, marking a 35% increase over Q1 2025.

The processing plant's performance is also a key indicator. In Q1 2025, the uranium recovery rate reached its design level, with the tail grade-the amount of uranium left in the solution after the ion exchange column-commonly less than three milligrams per liter. That's a strong signal of efficient uranium extraction technology.

Digital Monitoring and Automation for Wellfield Management

Managing an ISR wellfield-which involves hundreds of injection and recovery wells-requires sophisticated digital control. You can't do it with clipboards and manual readings; you need real-time data to maintain the precise hydraulic balance and chemical conditions in the subsurface. Lost Creek already employs advanced instrumentation monitoring and data capture.

The expansion at Shirley Basin shows the continued reliance on this technology, particularly for regulatory compliance and safety. The installation of a comprehensive network of monitor wells is a prime example of this technological control.

Project/Metric	Technological Component	2025 Status/Data
Lost Creek Operations	Wellfield Flow Rate (Q2 2025)	Over 3,400 gallons per minute
Lost Creek Operations	Uranium Recovery Efficiency	Tail grade commonly less than three milligrams per liter
Shirley Basin Development	Wellfield Monitoring	125 monitor wells installed and sampled for Mine Unit 1
Safety Management	Process Control	Implementation of a behavioral based safety program

Water Treatment and Recycling Technology

The most critical technological challenge for any ISR operation is groundwater restoration and water management-it's the environmental license to operate. Ur-Energy's strategy incorporates advanced water treatment and recycling to meet strict state and federal standards, which is a non-negotiable cost of doing business.

The Shirley Basin satellite plant, for instance, is designed with dedicated circuits for ion exchange, wastewater, and groundwater restoration. As of Q2 2025, construction progress at Shirley Basin included the completion of the processing building pad and the ordering of major components such as ion exchange columns, ion exchange resin, and water treatment systems. Furthermore, the construction of two evaporation ponds was 75% complete by the end of Q2 2025, demonstrating a significant investment in post-mining water management infrastructure.

The final regulatory approval (aquifer exemption) for the Lost Creek expansion, received in May 2025, is directly tied to the technical credibility of their water management and reclamation plans. This approval allows for the mining of new areas like LC East and KM Amendment, confirming that the technology meets the stringent requirements of the Wyoming Water Quality Division and the U.S. Environmental Protection Agency (EPA).

Ur-Energy Inc. (URG) - PESTLE Analysis: Legal factors

The legal landscape for Ur-Energy Inc. is defined by an intensive, multi-layered regulatory structure that is typical for the nuclear fuel sector. You're not just dealing with one federal agency; you're managing complex, multi-year compliance programs across federal and state jurisdictions, plus the inherent risk of litigation from third-party groups. The key takeaway here is that the company's legal compliance is a significant, capital-intensive operational cost, but securing major permits, as they did in 2025, de-risks their near-term production expansion.

Strict licensing and permitting from the Nuclear Regulatory Commission (NRC) for operations.

Nuclear operations rely on the U.S. Nuclear Regulatory Commission (NRC) for the core Source and Byproduct Materials License, which governs the possession and use of source material (uranium). The company's flagship Lost Creek Project operates under its final NRC license, a foundational requirement for all in situ recovery (ISR) activities. This license is the bedrock of their operations, and continuous compliance is non-negotiable.

The NRC's oversight extends to all aspects of radiation safety and environmental protection, requiring a constant commitment of resources. For their second major project, Shirley Basin, all major authorizations to construct and operate are in place, including the Source Material License granted by the Wyoming Uranium Recovery Program (URP) and the Permit to Mine from the Land Quality Division (LQD) in 2021. To be fair, getting these initial approvals is the longest pole in the tent. With the construction of the satellite plant at Shirley Basin planned for 2025, the focus shifts to ensuring that all construction and operational activities strictly adhere to the pre-approved license conditions and technical specifications.

Compliance with the Environmental Protection Agency (EPA) and Wyoming DEQ water quality standards.

The EPA and the Wyoming Department of Environmental Quality (DEQ) compliance is critical because ISR mining involves injecting fluids into the ground, which requires strict adherence to the Underground Injection Control (UIC) program. The major recent win here was the final regulatory hurdle for the Lost Creek expansion. In May 2025, the EPA approved the aquifer exemption for the LC East and KM Amendment areas at the Lost Creek Permit to Mine.

This approval followed the WDEQ's issuance of a Class III injection well permit, marking the culmination of years of technical analysis to prove the aquifer is not and will not be a future source of drinking water. This is a huge de-risking event for the Lost Creek expansion, but it sets a high bar for the technical data and regulatory rigor required for all future ISR projects.

Long-term reclamation bonding and liability requirements for mine closure.

One of the most significant long-term legal and financial liabilities for any mining company, especially in ISR, is the Asset Retirement Obligation (ARO), which is the estimated cost of final well abandonment, plant closure, and groundwater restoration. This isn't a vague future cost; it's a current balance sheet liability that you need to track closely.

Here's the quick math: As of September 30, 2025, Ur-Energy's total Asset Retirement Obligation stood at $40.469 million. This figure is the discounted estimate of all future reclamation costs for both the Lost Creek and Shirley Basin projects. This liability is backed by surety bonds, which require the company to maintain restricted cash or equivalents as collateral to governmental agencies, ensuring the funds are available for reclamation even if the company fails.

The ARO balance is dynamic, growing as new mine units are constructed and due to accretion expense (the time value of money), plus changes in estimated reclamation costs. For the nine months ended September 30, 2025, the change in estimated reclamation costs added $2.710 million to the total liability.

Metric	Amount (as of September 30, 2025)	Notes
Total Asset Retirement Obligation (ARO)	$40.469 million	Represents the estimated, discounted cost of future reclamation for Lost Creek and Shirley Basin.
Change in Estimated Reclamation Costs (9 months ended 9/30/2025)	$2.710 million	Increase due to ongoing development and construction activities.
Liability Coverage	Surety Bonds	Secured by restricted cash and cash equivalents, per regulatory requirement.

Potential for legal challenges from environmental groups on new project permits.

The risk of legal challenges is a persistent reality in the U.S. natural resources sector. Even after a company secures all major permits, environmental groups can and often do file lawsuits to challenge the federal or state agency's decision under laws like the National Environmental Policy Act (NEPA) or the Clean Water Act.

The recent May 2025 EPA/WDEQ approval for the Lost Creek expansion, while a legal victory for the company, creates a new window for third-party litigation. This is a clear action point for opponents. While the current political environment, including proposals like the SPEED Act in Congress, is trending toward streamlining federal permitting and limiting the window for judicial challenges, these reforms are still being debated.

The company must budget for and maintain a strong legal defense team because a single, minor typo in a permit application or a perceived flaw in an environmental assessment can trigger a lawsuit that delays production for months or even years. This risk is particularly acute for new projects or major expansions.

• Anticipate legal challenges to the May 2025 Lost Creek expansion aquifer exemption.
• Maintain a legal budget for defense against third-party lawsuits, as litigation is a common tactic in the industry.
• Monitor federal permitting reform efforts (e.g., the SPEED Act) which could limit the timeline for legal challenges to 150 days after a permit is issued.

Ur-Energy Inc. (URG) - PESTLE Analysis: Environmental factors

The environmental factors for Ur-Energy Inc. are a significant driver of its strategy and a key competitive advantage, largely due to its reliance on In-Situ Recovery (ISR) mining. This method fundamentally changes the environmental risk profile compared to conventional hard-rock mining, but it introduces distinct, complex water management challenges that require constant regulatory compliance and capital investment.

Management of groundwater restoration and disposal of wastewater from ISR operations.

Groundwater protection is the single most critical environmental and regulatory challenge for Ur-Energy's ISR operations at Lost Creek and the developing Shirley Basin project. The ISR process, which injects a lixiviant (mining solution) into the ore body, necessitates a rigorous groundwater restoration phase once uranium extraction is complete. This process involves a restoration circuit, including a Reverse Osmosis (RO) unit, which was installed during the initial construction of the Lost Creek plant.

A major component of managing the process is wastewater disposal. Ur-Energy has made strides in reducing water consumption by implementing a Class V treatment system at Lost Creek in 2017. For the new Shirley Basin facility, the 2025 construction plan includes the installation of two evaporation ponds to manage the wastewater from the satellite plant's ion exchange and wastewater management systems. The capital costs for environmental compliance, permitting, and licensing activities are substantial and represent an ongoing cash commitment. Industry-wide, regulatory compliance costs for U.S. ISR facilities average $5 million to $7 million annually.

Here is a quick look at the water management elements at Ur-Energy's sites:

• Lost Creek Restoration Circuit: Includes a Reverse Osmosis (RO) unit for post-mining groundwater cleanup.
• Wastewater Reduction: Achieved significant reduction in wastewater generation since the 2017 implementation of a Class V treatment system.
• Shirley Basin Construction (2025): Includes building two evaporation ponds for wastewater management.

Minimal surface disturbance compared to conventional open-pit uranium mining.

Ur-Energy's use of In-Situ Recovery (ISR) provides a clear environmental advantage over conventional open-pit or underground mining. ISR involves drilling wells into the ground to circulate the mining solution, leaving the rock 'in the place' and thus avoiding the need for blasting and moving massive amounts of waste rock.

This method drastically reduces the environmental footprint, which is a key factor in maintaining their social license to operate in Wyoming. The benefits include:

• No Waste Rock: Eliminates the generation of tailings or waste rock piles, a major source of long-term environmental liability for conventional mines.
• Light Footprint: The company aims to maintain a light and reclaimable footprint, with surface facilities limited to wellfields, header houses, and the central processing plant.
• Lower Capital Cost: Capital costs for ISR are typically 30% to 50% lower than for conventional mining, partly due to the reduced need for extensive earth-moving equipment and reclamation of large surface areas.

Carbon footprint advantage of nuclear energy driving demand for URG's product.

The primary driver for Ur-Energy's product demand is the global push for low-carbon energy, with nuclear power being a crucial source of carbon-free, reliable baseload electricity.

Uranium, as the fuel for nuclear power, carries a significant environmental benefit compared to fossil fuels, which directly translates into strategic demand for Ur-Energy's output:

• CO2 Emissions: Electricity from nuclear power plants generates significantly lower carbon dioxide emissions (approximately 60 to 70 gm of CO2/Kwh) compared with fossil fuel plants (typically 500 to 1,000 gm of CO2/Kwh).
• GHG Intensity of ISR: The ISR method itself contributes to a lower overall carbon footprint for the nuclear fuel cycle because it avoids the heavy use of diesel-powered equipment and the extensive land excavation required by conventional mining.

This environmental advantage is directly supported by U.S. policy, as demonstrated by the recently announced U.S. government's $80 billion investment to build new nuclear reactors, positioning Ur-Energy to capitalize on the industry's resurgence.

Climate-related risks, like drought, impacting water availability for mining processes.

Operating in Wyoming, a state within the Western U.S. region, exposes Ur-Energy to climate-related risks, particularly the ongoing, multi-decade drought and its impact on water availability. While ISR uses less water than conventional mining, it is still a water-intensive process, with the Lost Creek wellfield flow rate routinely exceeding 3,400 gallons per minute by the end of Q2 2025.

The risk is not just water scarcity, but also regulatory scrutiny over water usage and disposal, especially given the quarter-century of drought that has shriveled the flows of major regional water sources like the Colorado River. Any future water-use restrictions imposed by the Wyoming Department of Environmental Quality (WDEQ) or other federal agencies could directly impact the company's ability to maintain or increase its flow rates, thereby affecting production targets. For example, a flow rate increase of 27% was achieved in Q2 2025 at Lost Creek, which is a production positive, but it simultaneously increases the company's exposure to water-related regulatory risk.

The company mitigates this risk through strict regulatory compliance, including the recently secured final approval for the Lost Creek expansion, which included an aquifer exemption from the U.S. Environmental Protection Agency (EPA). This exemption was granted based on the determination that the aquifer is not a current or future source of drinking water, which is a critical step in securing long-term water rights for the mining process.

Environmental Factor	Ur-Energy 2025 Operational Data / Context	Strategic Implication
Mining Method	In-Situ Recovery (ISR) at Lost Creek and Shirley Basin.	Low Surface Disturbance: Reduces long-term site reclamation costs and community opposition compared to conventional open-pit mining.
Wastewater Management	Shirley Basin construction includes two evaporation ponds in 2025. Lost Creek uses a Class V treatment system to significantly reduce wastewater.	High Compliance Cost: Requires substantial ongoing cash commitments for permitting and licensing; mitigates risk of groundwater contamination.
Groundwater Protection	EPA and WDEQ granted final aquifer exemption for Lost Creek expansion (LC East and KM Amendment areas) in May 2025.	Regulatory Security: Finalizes a multi-year effort, securing the necessary environmental approval to mine in new areas for future production.
Water Usage / Drought Risk	Lost Creek wellfield flow rate increased to over 3,400 gallons per minute by end of Q2 2025.	Operational Risk: High water usage in a drought-prone region (Wyoming) exposes operations to potential future water-use restrictions, despite current flow rate increases.
Carbon Footprint	Product fuels nuclear power, which generates 60-70 gm of CO2/Kwh, significantly less than fossil fuels.	High Demand Driver: Positions Ur-Energy as a strategic supplier to the clean energy transition, supported by large government investments like the U.S. government's $80 billion for new nuclear reactors.