net income -$28.8M. Ur-Energy brings Shirley Basin online, raises in convertibles, targets 1.3M lbs in 2026

Filed May 8, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 8, 2025 · ~2 min read

Key Changes

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  Shirley Basin commenced uranium extraction in April 2026, with resin shipments to Lost Creek for processing expected summer 2026 pending regulatory approval. This transitions the company's second mine from construction to production.

  MD&A: Shirley Basin Operations verify on EDGAR →
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  Company raised $120M via 4.75% convertible notes due 2031 (conversion at $1.73/share, 27.5% premium) and spent $16.6M on capped calls to limit dilution. Q1 2026 also saw $28.7M from warrant exercises at $1.50/share.

  MD&A: Financing Activities verify on EDGAR →
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  2026 delivery commitments total 1.3M lbs at ~$63/lb average, with 250K lbs due to lender in Q4. Company is closely monitoring production from both sites and may alter schedules, borrow uranium, or make spot purchases if needed.

  MD&A: Delivery Schedule verify on EDGAR →