Episode Details

Interview with Matthew D. Gili, President & CEO of Ur-Energy

Our previous interview: https://www.cruxinvestor.com/posts/ur-energy-amexurg-bringing-second-uranium-mine-online-as-demand-surges-9237

Recording date: 27th April 2026

Ur-Energy has officially launched operations at its Shirley Basin facility in Wyoming, marking a major milestone as the company's second producing uranium asset. Using an innovative hub-and-spoke model, the site functions as a satellite operation. It extracts uranium using in-situ recovery (ISR) mining—a low-impact method that relies on oxygen and carbon dioxide—and daily ships the uranium-bearing resin to the company’s primary Lost Creek facility for final processing. This capital-efficient approach allows Ur-Energy to scale up quickly without needing to build duplicative processing infrastructure.

The financial outlook for this expansion is highly favorable. Ur-Energy projects operating costs between $45 and $50 per pound, which delivers substantial profit margins when compared to current term contract prices hovering around $90 per pound. While the company is licensed to produce up to 4.2 million pounds annually across both sites, its near-term target sits at a robust 2 million pounds. Because the company treats well development as an operating expense rather than a capitalized cost, its future sustaining capital needs drop to a modest $2 million annually once initial construction wraps up, freeing up significant cash flow.

This operational leap arrives at a critical moment for U.S. energy security. The United States currently consumes roughly 50 million pounds of uranium each year but produces merely 2 to 3 million pounds domestically. Fueled by strong bipartisan support for nuclear energy, Ur-Energy is positioning itself to help fill this massive supply gap. The company isn’t stopping at its current capacity, either. Management is actively evaluating a third project, Lost Soldier, with a technical report expected by late 2026. Through disciplined growth and deep regulatory expertise, Ur-Energy is steadily advancing toward its ultimate goal of becoming the largest uranium producer in the United States.

https://www.cruxinvestor.com/companies/ur-energy-inc

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