Ur-Energy has tied up $17.3 million in refundable cash collateral so it does not have to ship 600,000 pounds of uranium on the original schedule. On October 31, its unrestricted cash stood at $40.2 million.
The company explained the trade-off in one line of its quarterly filing: “Due to lower than expected production in 2026, we entered into these transactions.”
Ur-Energy Q3 2026 Results: 190,000 Pounds Sold at $64.95 Average
Ur-Energy Inc. (NYSE American: URG; TSX: URE) reported third quarter results after the close on November 9 in an 8-K filed with the SEC. The company sold 190,000 pounds of U3O8, the concentrated uranium oxide that utilities buy as reactor fuel feedstock, for $12.3 million in product sales revenue. Every pound moved under long-term contracts. The average realized price was $64.95 per pound, down from $66.85 in the second quarter.
Ur-Energy mines by in-situ recovery (ISR), which dissolves uranium underground and pumps the solution to a surface plant instead of digging ore. Its Lost Creek plant in south-central Wyoming is the processing hub. Cash cost per pound sold came in at $40.40 versus $40.20 in Q2, a figure that includes ad valorem and severance taxes but excludes non-cash costs.
Production is where the quarter splits in two. Pounds captured, meaning uranium pulled from the wellfields onto resin, rose 47.3% from Q2 to 154,667 pounds. Pounds drummed, the dried and packaged finished product, fell 25.8% to 104,586. The difference sat inside the plant: in-process and plant inventory jumped from 19,496 pounds to 85,708 pounds over the quarter, while finished inventory at the conversion facility dropped from 348,292 to 233,378 pounds.
The Form 10-Q shows a Q3 net loss of $17.7 million and a nine-month net loss of $63.2 million.
Ur-Energy Defers 600,000 Pounds, Posts $17.3 Million Collateral
The deferrals came in two rounds. During Q3, the company moved 150,000 pounds of 2026 deliveries to 2027 and another 150,000 pounds to 2029, posting $4.1 million and $4.2 million in refundable cash collateral against them, according to Note 19 of the 10-Q. In October it pushed a further 300,000 pounds from the fourth quarter of 2026 to 2029, backed by a $9.0 million refundable deposit.
The filing says the purpose was to meet 2026 and 2027 commitments and to avoid buying pounds at spot prices to fill them. That avoided purchase carries a visible reference point. The 10-Q marks uranium borrowed under the company’s inventory loan at $89.63 per pound as of September 30, well above the $64.95 Ur-Energy realized on its Q3 sales.
Expected 2026 deliveries are now 700,000 pounds, which is 300,000 fewer than prior guidance. The company projects an average price of about $67.00 per pound on those sales, or roughly $46.9 million in 2026 product sales revenue.
The filing names no counterparties and discloses no fee beyond the collateral. Deferred pounds are not cancelled pounds. They land in years where the contract book is already heavy: base and fixed deliveries total 1,355,000 pounds in 2027 and 1,350,000 pounds in 2029, part of 6,405,000 pounds contracted from 2026 through 2033 across 12 counterparties. Some of those contracts let buyers flex volumes up or down by as much as 10% a year.
The inventory loan got longer as well. Ur-Energy borrows uranium under a facility of up to 250,000 pounds at 5.25% annual interest on borrowed value, and in Q3 its maturity moved from November 30, 2026 to November 30, 2027. A second facility of up to 150,000 pounds, signed in October 2025, had nothing drawn.
Ur-Energy Unrestricted Cash Falls to $40.2 Million by October 31
Cash and cash equivalents were $50.2 million at September 30, against $123.9 million at December 31, 2025. Restricted cash added another $13.0 million. A month later, the filing reports, unrestricted cash was $40.2 million.
Debt is part of the picture. In December 2025 the company issued $120.0 million of 4.75% convertible senior notes due January 15, 2031. A convertible note is a bond the holder can swap for stock at a preset rate, here 576.7013 shares per $1,000 of principal, or about $1.73 per share. The notes sit on the balance sheet at a carrying value of $71.2 million with an effective interest rate of 18.6%. Ur-Energy paid a $3.3 million coupon in July.
There were 398,741,181 common shares outstanding as of October 31, 2026. Warrant exercises in Q1 added 19,129,999 shares for $33.0 million; the 2026 cash flow statement shows no other issuance of shares for cash beyond option exercises.
Shareholders’ equity fell to $52.9 million from $77.5 million at year end. No going-concern language appears in the filing. Management wrote that it anticipates planned capital projects at Shirley Basin and Lost Creek “will be funded by cash on hand.” Those projects are not small: the 10-Q puts combined 2026-2027 construction capital at Shirley Basin at $37.5 million and the Lost Creek wastewater treatment facility at $33 million to $35 million. aktiego.com did not find an explicit statement in the filing that cash is sufficient for the next 12 months.
Ur-Energy Names Lost Creek and Shirley Basin Constraints in 10-Q
The quarter’s risk factor update replaces the prior language on both mines. It cites fine-particle flow constraints, wastewater capacity limits at Lost Creek, logistics challenges from the satellite model at Shirley Basin, and higher initial production costs there. The company states these challenges “have and could continue to affect” its production plans and contractual deliveries.
Shirley Basin runs as a satellite feeding the Lost Creek hub, and it is still small. Full operations began in August 2026 with its first shipment to Lost Creek. In Q3 it captured 14,697 pounds and shipped 9,379, with production limited to 158 wells in a small area of the first mine unit, per the earnings release.
At Lost Creek, a sand filtration system came online in July to raise flow rates, and elution and ion exchange maintenance finished after quarter end. Management wrote that the rate of pounds drummed “will increase over time.” It also expects production rates to vary from quarter to quarter.
Ur-Energy MU5 Start Targeted Q1 2027; Lost Creek Wastewater Plant H1 2027
Lost Creek Mine Unit 5 (MU5) production is expected to begin in Q1 2027, subject to regulatory approval; well installation began in Q3.
The new Lost Creek wastewater treatment facility is expected to be completed in the first half of 2027.
At Shirley Basin, Q4 2026 plans include workovers in header houses HH 1-1 and HH 1-2 and bringing 76 additional wells online in HH 1-3. A header house is the wellfield building that controls flow to and from a group of wells.
The extended inventory loan matures November 30, 2027. Contracted base and fixed deliveries for 2027 total 1,355,000 pounds.
A technical report on the Lost Soldier project is expected by year-end 2026.
Sources
- SEC EDGAR: Ur-Energy Inc. Form 8-K Exhibit 99.1, “Ur-Energy Reports Third Quarter 2026 Results,” November 9, 2026
- SEC EDGAR: Ur-Energy Inc. Form 10-Q, Quarter Ended September 30, 2026, filed November 2026
Editorial Disclosure
This article covers Ur-Energy Inc. (NYSE American: URG; TSX: URE), the only security discussed. aktiego.com has not received compensation from Ur-Energy, any IR firm, or any third party. No staff member or principal of aktiego.com holds a position in URG or URE at the time of publication. All company figures were verified against Ur-Energy’s Form 8-K Exhibit 99.1 dated November 9, 2026 and its Form 10-Q for the quarter ended September 30, 2026, both on SEC EDGAR.
The 600,000 pounds of deferred deliveries move obligations to 2027 and 2029; they do not remove them. The $17.3 million in collateral is described by the company as refundable, but that cash is unavailable for operations while posted. The 10-Q does not name the counterparties to the deferrals or disclose who requested them.
Ur-Energy reported a nine-month 2026 net loss of $63.2 million, and unrestricted cash declined to $40.2 million as of October 31, 2026. No going-concern language was found in the filing, and no explicit 12-month cash sufficiency statement was identified in the sources reviewed. The $120.0 million of convertible notes may be settled in cash, shares, or a combination; settlement in shares at the roughly $1.73 conversion price would dilute existing holders.
Delivery guidance, the MU5 start date, wastewater facility timing, and capital estimates are the company’s own forward-looking targets. MU5 production remains subject to regulatory approval. The company’s risk factors state that production constraints have affected, and could continue to affect, contractual deliveries.
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