Ur-Energy Inc (URG) 2026 Q1 法說會逐字稿

Greetings. Welcome to the Ur-Energy Q1 2026 conference call and webcast. (Operator Instructions) Please note, this conference is being recorded.

各位好。歡迎參加 Ur-Energy 2026 年第一季電話會議與網路直播。（接線員指示）請注意，本次會議將被錄音。

I will now turn the conference over to Alex Ritchie, General Counsel and Corporate Secretary. You may begin.

現在我將把會議交給總法律顧問兼公司秘書 Alex Ritchie。您可以開始了。

Thank you. Today's discussion includes forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results to differ materially. We do not undertake to update or revise any forward-looking statements, except as required by law.

謝謝。今天的討論包含在適用證券法意義下的前瞻性陳述。前瞻性陳述係基於管理層目前的預期與假設，並涉及已知與未知的風險與不確定性，可能導致實際結果出現重大差異。除法律要求外，我們不承擔更新或修訂任何前瞻性陳述之義務。

Today's presentation includes disclaimers relating to forward-looking statements, risk factors, and projections, along with cautionary notes to investors. Please review these carefully together with the risk factors described in our Form 10-K and our other public filings with the SEC and Canadian securities regulators.

今天的簡報包含與前瞻性陳述、風險因素與預測相關的免責聲明，以及對投資人的警示說明。請您務必仔細閱讀，並一併參閱我們在 Form 10-K 以及向美國證券交易委員會（SEC）與加拿大證券監理機關提交之其他公開文件中所述的風險因素。

I'll now turn the call over to our CEO and President, Matt Gili.

現在我將把電話會議交給我們的執行長兼總裁 Matt Gili。

Thank you, Alex. On slide 3. And thank you, everyone, for joining us today. In addition to Alex, joining me on the call are Roger Smith, our CFO; Steve Hatten, our Chief Operating Officer; Ryan Schierman, VP of Regulatory Affairs; and Jade Walle, VP, Finance.

謝謝你，Alex。請看第 3 張投影片。也感謝各位今天加入我們。除了 Alex 之外，與我一同參與電話會議的還有：我們的財務長 Roger Smith；營運長 Steve Hatten；法規事務副總裁 Ryan Schierman；以及財務副總裁 Jade Walle。

It is an exciting time to be a US uranium producer. The nuclear and uranium market environment continues to strengthen and support our long-term growth strategy. Electricity demand growth driven by AI data center development is increasingly pushing the world towards nuclear energy for clean, reliable baseload power. Nuclear momentum continues to build through reactor restarts, life extension programs, and SMR development initiatives.

現在正是成為美國鈾生產商的令人振奮時刻。核能與鈾市場環境持續走強，並支持我們的長期成長策略。由 AI 資料中心開發所帶動的用電需求成長，正日益推動全球轉向核能，以取得潔淨、可靠的基載電力。核能動能也持續累積，包括反應爐重啟、延役計畫，以及小型模組化反應爐（SMR）開發倡議。

Recently, countries such as South Korea, Taiwan, and Japan that depend on LNG imports have increased efforts to restart their -- or expand nuclear generation in response to the closing of the Strait of Hormuz. And just a few weeks ago, TerraPower broke ground on the first utility scale advanced nuclear power plant here in the state of Wyoming.

近期，像是南韓、台灣與日本等依賴 LNG 進口的國家，因應荷姆茲海峽關閉，已加大力度重啟其核電——或擴大核能發電。就在幾週前，TerraPower 也在懷俄明州動土興建首座公用事業規模的先進核電廠。

At the same time, US government policies and programs are supporting domestic nuclear fuel supply chains and regulatory reforms and intend to accelerate nuclear deployment. In January, the Department of Energy announced approximately $2.7 billion in contract awards to support the development of domestic low-enriched uranium and high-assay low-enriched uranium enrichment capacity.

同時，美國政府的政策與計畫正支持國內核燃料供應鏈與監理改革，並意圖加速核能部署。1 月，能源部宣布約 27 億美元的合約授標，以支持國內低濃縮鈾（LEU）與高豐度低濃縮鈾（HALEU）的濃縮產能發展。

Long-term demand growth is expected to require significant new mine development. And while the nuclear industry is increasingly focused on secure uranium supply, only about 4% of uranium deliveries to US utilities in 2024 were US origin. We believe these market tailwinds continue to highlight the strategic importance of domestic uranium production.

預期長期需求成長將需要大量新礦山開發。雖然核能產業日益聚焦於安全可靠的鈾供應，但 2024 年交付給美國公用事業的鈾中，僅約 4% 為美國來源。我們認為，這些市場順風因素持續凸顯國內鈾生產的策略重要性。

Now let's talk about what we, Ur-Energy, are doing to contribute to the transformation of the nuclear industry. Slide 4. The first quarter of 2026 brought several meaningful operational wins as we continue executing on our uranium production growth strategy. At Lost Creek, we improved our operational performance, which reflects the work we've been doing to improve flow rates. We captured 110,000 pounds on resin during the first quarter.

現在談談我們 Ur-Energy 正在做什麼，以協助推動核能產業的轉型。請看第 4 張投影片。2026 年第一季，我們在持續執行鈾產量成長策略的同時，取得數項重要的營運成果。在 Lost Creek，我們改善了營運表現，反映出我們為提升流量所做的工作。第一季我們在樹脂上捕集了 110,000 磅的鈾。

That is an increase of 41% over the last quarter and 48% more than the first quarter of 2025. We dried and packaged 96,000 pounds during the quarter and increased finished inventory at the conversion facility to more than 417,000 pounds, which is a 14% increase since year-end.

這較上一季增加 41%，也比 2025 年第一季多 48%。本季我們乾燥並包裝了 96,000 磅，並將轉化設施的成品庫存提高至超過 417,000 磅，較年末增加 14%。

We also continue to improve our cost profile at Lost Creek. The average cash cost per pound sold dropped 13% quarter over quarter to $37.5 per pound. This cost amount per pound includes ad valorem and severance taxes. We sold 55,000 pounds during the quarter, which was in line with our committed delivery schedule. Note that our delivery schedule for 2026 is heavily weighted towards the second half of the year as we continue to ramp up with both mines.

我們也持續改善 Lost Creek 的成本結構。每磅售出之平均現金成本較前一季下降 13%，至每磅 37.5 美元。此每磅成本包含從價稅與開採稅。本季我們售出 55,000 磅，符合我們承諾的交付時程。請注意，我們 2026 年的交付時程高度集中在下半年，因為我們正持續推進兩座礦場的產能爬坡。

Our average sales price was $71 per pound, which is a 12% increase over the fourth quarter of 2025, as our sales this quarter were under newer contracts with more favorable pricing structures. We ended the quarter with $123 million of unrestricted cash.

我們的平均銷售價格為每磅 71 美元，較 2025 年第四季增加 12%，因為本季銷售係依據較新的合約，具更有利的定價結構。季末我們持有 1.23 億美元的非受限現金。

On slide 5, Lost Creek. Looking forward at Lost Creek, we drummed over 57,000 pounds in April. That's our highest monthly total since we decided to ramp up operations in '23. Our production trend at Lost Creek continues to move in the right direction, but we are still focused on getting better optimized -- we're still focused on better optimizing operations and increasing production rates.

請看第 5 張投影片，Lost Creek。展望 Lost Creek，我們在 4 月裝桶超過 57,000 磅。這是自我們在 2023 年決定提升營運規模以來的最高單月總量。Lost Creek 的產量趨勢持續朝正確方向發展，但我們仍專注於進一步最佳化營運並提高產量。

We've made some great strides ramping up production rates at Lost Creek. However, our flow rates continue to be impacted by fine particles from the host formation. To manage these fines, we are installing and commissioning a sand filter system that is on schedule to come online this quarter.

我們在提升 Lost Creek 產量方面已取得顯著進展。然而，我們的流量仍受到母岩地層細微顆粒的影響。為了管理這些細料，我們正在安裝並試運轉一套砂濾系統，按計畫將於本季上線。

Our 2026 production plans in the wellfield are focused on Phase 2 of the first mine unit, Mine Unit Number 1. These plans remain on schedule with the new header house continuing to come online. We continue to prepare for the next mine unit, Mine Unit 5 to come online in 2027. Again, while production is trending in the right direction, we believe the specific initiatives that are underway position Lost Creek for stronger production performance as the year progresses.

我們 2026 年在井場的生產計畫聚焦於第一礦區單元（Mine Unit Number 1）的第 2 階段。隨著新的集管站（header house）持續上線，這些計畫仍按進度推進。我們也持續為下一個礦區單元——第 5 礦區單元（Mine Unit 5）於 2027 年上線做準備。再次強調，雖然產量趨勢正向發展，我們相信目前進行中的具體措施，將使 Lost Creek 在今年後續期間展現更強的產能表現。

Slide 6, Shirley Basin operations. The company reached a major milestone in April when we commenced initial mining operations at our Shirley Basin mine. After Wyoming regulators completed their inspection, we brought our first header house online, and we are now capturing uranium on resin from production solutions. Construction and wellfield development activities at Shirley Basin accelerated and progressed significantly during the first quarter. By the end of the quarter, we had pilot drilled 540 production and injection wells, cased 312 of these wells, and constructed 5 header houses. We have been operating eight drills, in line with our production needs.

第 6 張投影片，Shirley Basin 營運。公司在 4 月達成一項重大里程碑：我們在 Shirley Basin 礦場啟動初始採礦作業。在懷俄明州監理機關完成檢查後，我們讓第一座集管站上線，目前正從生產溶液中在樹脂上捕集鈾。第一季期間，Shirley Basin 的建設與井場開發活動加速並取得顯著進展。截至季末，我們已完成 540 口生產井與注入井的試鑽，為其中 312 口井下套管，並建成 5 座集管站。我們一直維持 8 台鑽機運作，符合我們的生產需求。

Shirley Basin is a satellite facility. We will be transporting uranium loaded resin to Lost Creek for final processing and packaging. So our next major milestone is to start moving resin to Lost Creek. At this point, the infrastructure at Shirley Basin is substantially complete. Subject to our additional and final regulatory approval, we expect to start these shipments in the summer.

Shirley Basin 是一座衛星設施。我們將把載鈾樹脂運送至 Lost Creek 進行最終處理與包裝。因此，我們下一個主要里程碑是開始將樹脂運往 Lost Creek。目前 Shirley Basin 的基礎設施已大致完成。在取得額外且最終的監理核准後，我們預期將於夏季開始這些運輸。

This integrated operating model enhances efficiency, supports production scalability, and should substantially increase our uranium production. Shirley Basin is a historically significant uranium district that played an important role in the early development of ISR mining in Wyoming, and we are on track to bring this back into commercial production soon.

此一整合式營運模式可提升效率、支持產能擴張，並應能大幅提高我們的鈾產量。Shirley Basin 是具有歷史意義的鈾礦區，在懷俄明州早期原地浸出（ISR）採礦的發展中扮演重要角色；我們正按計畫在不久後將其恢復至商業化生產。

Slide 7, our Wyoming ISR growth portfolio. Beyond our operating projects, we continue exploration activities across our Wyoming project portfolio that will support development decisions. At our Lost Soldier project, we commenced aquifer testing in April and plan to start baseline environmental studies this year. We are on plan to have an updated technical report, including economics, completed by year-end. There are 4,000 historic drill holes at Lost Soldier, and it is close to Lost Creek, so the project has strong potential to be a future satellite operation that leverages our existing infrastructure.

第 7 張投影片，我們在懷俄明州的 ISR 成長資產組合。除營運中的專案外，我們也持續在懷俄明州的專案組合進行勘探活動，以支持開發決策。在 Lost Soldier 專案，我們於 4 月開始含水層測試，並計畫今年啟動基線環境研究。我們按計畫在年底前完成更新的技術報告（包含經濟性評估）。Lost Soldier 擁有 4,000 個歷史鑽孔，且距離 Lost Creek 很近，因此該專案具備成為未來衛星作業的高度潛力，可利用我們既有的基礎設施。

We also completed 33 exploration drill holes at our North Hadsell project before the seasonal sage grouse restrictions started in March. The results include 13 ore grade intercepts and indicated potential for a stacked roll-front ISR system with up to 8 individual roll fronts. Looking ahead, we also have plans to begin a drill program of approximately 120 holes at our Lost Creek South property later this summer with the goal to further extend Lost Creek into new mine units.

在 3 月季節性鼠尾草松雞限制開始之前，我們也在 North Hadsell 專案完成了 33 個勘探鑽孔。結果包含 13 個達礦石品位的穿透段，並顯示可能存在一個疊置式滾動前緣（roll-front）的 ISR 系統，最多可達 8 個獨立的滾動前緣。展望未來，我們也計畫在今年夏末於 Lost Creek South 礦權啟動約 120 口鑽孔的鑽探計畫，目標是進一步將 Lost Creek 延伸至新的礦區單元。

And on slide 8, closing, we entered the second quarter with $123 million in cash, over 417,000 pounds of uranium and inventory at the conversion facility, and momentum building on both of our operating mines. As we move through 2026, our priorities remain focused: continue to increase flow rates and optimizing operations at Lost Creek; achieve commercial production this summer at Shirley Basin, followed by production ramp-up; continue to advance our Wyoming exploration portfolio towards development decisions; continue to improve our safety culture and performance, which has already seen significant improvement; and meet our 2026 uranium sales agreement commitment from existing inventory and production.

第 8 張投影片，結語。我們以 1.23 億美元現金、轉化設施超過 417,000 磅的鈾與庫存，以及兩座營運礦場動能同步增強的態勢進入第二季。隨著我們推進 2026 年，我們的優先事項仍聚焦於：持續提高 Lost Creek 的流量並最佳化營運；在今年夏季於 Shirley Basin 達成商業化生產，並隨後進行產能爬坡；持續推進懷俄明州勘探資產組合以邁向開發決策；持續改善我們的安全文化與表現，而這方面已出現顯著改善；並以既有庫存與產量履行我們 2026 年鈾銷售協議的承諾。

On that point, our production plans still support our potential to meet these commitments after commencing shipments from Shirley Basin, bringing the sand filters online at Lost Creek and our other initiatives to continue to increase production. And as I mentioned, the substantial majority of our deliveries are scheduled for later in the year.

就此而言，我們的生產計畫仍支持在 Shirley Basin 開始出貨、Lost Creek 的砂濾系統上線，以及其他持續提升產量的措施到位後，具備達成這些承諾的潛力。如我所提及，我們絕大多數的交付排程都在今年稍晚。

We are capturing uranium at Shirley Basin and are close to having two ISR uranium mines in commercial production. We are improving our production momentum, we are advancing our Wyoming ISR project pipeline, and we have a strong balance sheet. We are also bullish on the need for a larger supply of US produced uranium for an expanding nuclear industry.

我們正在 Shirley Basin 捕集鈾，並接近讓兩座 ISR 鈾礦達到商業化生產。我們正在提升產量動能、推進懷俄明州 ISR 專案管線，且資產負債表穩健。我們也看好在核能產業擴張之下，對更多美國本土生產鈾供應的需求。

As one of the few US uranium mining companies that is actually producing uranium, we believe Ur-Energy is well positioned to help meet the growing demand.

作為少數實際正在生產鈾的美國鈾礦公司之一，我們認為 Ur-Energy 已具備良好條件，可協助滿足日益成長的需求。

And with that, I'll turn the call back to the operator to open up the Q&A.

那麼，我把電話交回給接線員，開放問答環節。

(Operator Instructions)

（接線員指示）

Heiko Ihle, H.C. Wainwright.

Heiko Ihle，H.C. Wainwright。

Can you give a bit of color on what you're seeing in conversations with your utility partners given the current geopolitical risk factors that we're seeing around the world? I mean I assume that conversations, the tone is quite positive. But maybe you want to provide the audience with a bit of color on what you're seeing in the actual market.

在目前我們看到全球地緣政治風險因素的情況下，你們與公用事業合作夥伴的對話中觀察到什麼情況？我的意思是，我想對話的氛圍應該相當正面。但也許你可以向聽眾多補充一些你在實際市場上看到的情況。

Absolutely, Heiko. Okay. So what we are seeing is a lot of activity from US utilities in this -- in the first quarter, regarding contracting future uranium supply. Now of course, I mean, of course, you would expect that, right?

當然可以，Heiko。好的。我們看到的是，美國公用事業在第一季就未來鈾供應的簽約方面非常活躍。當然，我的意思是，這也在預期之內，對吧？

We're also seeing -- I'm trying to be very careful. I don't want to ever disclose anything confidential. We're starting to see a lot more interest in securing supply over price negotiations. I wouldn't -- kind of, in summary, Heiko, without divulging anything confidential, there is a lot of energy right now regarding utilities looking to secure future supply. And of course, for utility, future supply generally starts like three years out.

我們也看到——我會非常謹慎。我不想透露任何機密資訊。我們開始看到，相較於價格談判，市場對於確保供應的興趣更高。總結來說，Heiko，在不洩露任何機密的前提下，目前公用事業為了鎖定未來供應而展現出很強的動能。而且對公用事業而言，所謂未來供應通常是從大約三年後開始。

But we're starting to see -- there's a lot of interest. We get a lot of inbound RFPs. We're very careful and choosy about what we respond to because we don't want to overcommit. We've got a very well-crafted commitment forecast, and we like to keep pounds extra so that we have the ability to be flexible in the future. But there, it is very strong out there right now regarding utilities looking for pounds.

但我們開始看到——興趣非常高。我們收到很多主動送來的 RFP（徵求提案）。我們在回覆哪些案子上非常謹慎且挑剔，因為我們不想過度承諾。我們有一份非常周延的承諾量預測，也希望保留額外的磅數，讓我們未來能保持彈性。但目前外部市場確實非常強勁，公用事業正在尋找鈾磅數。

Fair enough. And then just for our model, how much has been -- money has been spent at Shirley Basin year-to-date? And maybe if you want to give a bit of color on the rest of the year quarter by quarter, please?

了解。那接著就我們的模型來看，Shirley Basin 今年迄今已經花了多少資金？另外，如果你願意的話，也請按季度為今年剩餘時間提供一些補充說明。

Absolutely. So what I have -- I'm going to answer quickly, and then I'm going to pass over to Roger to fill in the details. The entire commitment for Shirley Basin for capital this year remains at $25.5 million (inaudible).

當然可以。我先快速回答，然後把細節交給 Roger 補充。今年 Shirley Basin 的資本支出總承諾仍為 2,550 萬美元（聽不清）。

Okay. So that's unchanged?

好的。所以這沒有變？

Yes, it's unchanged. The total capital commitment for the water treatment upgrades at Lost Creek is now forecasted between $25 million and $33 million. What we did there is we've expedited and brought forward the building of those sand filters, which is critical to us meeting our production goals. And we have incurred a slight increase in expense by bringing those sand filters forward. Steve can go through that in more detail, but we are now at the stage the sand filters are installed on a pad -- plant.

是的，沒有變。Lost Creek 的水處理升級總資本承諾目前預估在 2,500 萬至 3,300 萬美元之間。我們所做的是加速並提前建置那些砂濾器，這對我們達成產量目標至關重要。由於把砂濾器提前，我們的費用略有增加。Steve 可以更詳細說明，但我們目前已經進入砂濾器安裝在基座——廠區的階段。

We're piping in the sand filters, and we have the aggregate ready for installation within those sand filters.

我們正在把砂濾器接管，並且已備妥骨材，準備安裝到那些砂濾器內。

Steve, anything else you want to touch on that?

Steve，你還有什麼想補充的嗎？

No, I don't think so. Just note, Heiko, that we will be focusing and we are focusing on the very detailed engineering for the Lost Creek work, working already with the construction team as well and getting procurement done as quickly as possible so we can really advance hard construction at Lost Creek this summer. But Shirley is moving along steadily. Most of the main equipment and any of the things that you see on our site show you that. So we feel good about that.

沒有，我想差不多了。只是提醒一下，Heiko，我們將會、也正在把重點放在 Lost Creek 工程非常細緻的工程設計上，同時也已經與施工團隊合作，並盡快完成採購，這樣我們就能在今年夏天大力推進 Lost Creek 的實質施工。不過 Shirley 的進度也在穩健推進。主要設備以及你在我們場址看到的各項設施都能證明這點。所以我們對此感覺良好。

Roger, did you have any further color on the quantities at Shirley Basin we spent in the first quarter?

Roger，你能否就第一季在 Shirley Basin 的支出金額再補充一些說明？

Yes, just a bit. Heiko, thanks for the question. During Q1, we spent approximately $11 million of that $25.5 million of CapEx for this year. So we have probably just under $15 million yet to spend on Shirley Basin CapEx throughout the year.

可以，補充一點。Heiko，謝謝你的問題。第一季我們在今年 2,550 萬美元的資本支出中，大約已支出 1,100 萬美元。因此今年在 Shirley Basin 的資本支出，全年尚有可能略低於 1,500 萬美元需要支出。

Thanks, Heiko, for the question. And does that cover what you're looking for?

謝謝你的問題，Heiko。這樣有回答到你想了解的嗎？

It does. But like would you want to guess a little bit on a quarterly basis, like a little bit more color?

有。但例如按季度來看，你們願不願意稍微猜一下，提供更多一點說明？

Well, I don't want to get -- look, it's going to -- Shirley Basin construction is heavily weighted towards the first half of the year, further quarters, because we're in the very final stages of construction.

嗯，我不想——你看，Shirley Basin 的施工支出會明顯集中在上半年、相較於後續季度，因為我們正處於施工的最後階段。

Anthony Taglieri, Canaccord.

Anthony Taglieri，Canaccord。

Maybe just on Lost Creek. So noting the 57,000 pounds drummed in April, should we expect this to be linear for the rest of the Q2? Is there any reason why production in May and June might be a bit lower than April?

想請教一下 Lost Creek。鑑於 4 月裝桶了 57,000 磅，我們是否應該預期第二季剩餘時間會線性延續？是否有任何原因會讓 5 月和 6 月的產量可能比 4 月低一些？

Well, again, I'm being very careful with putting out future guidance. I will say that in April, we actually exceeded our internal plans for production for the month of April. So April was a really good month. You talk about -- I would look at more linear from a quarter-to-quarter standpoint versus a month-by-month standpoint, peaking out -- getting us -- with Shirley Basin getting us to that 1.3 million pounds.

嗯，再次強調，我對發布未來指引會非常謹慎。我可以說的是，4 月我們實際上超過了公司內部對 4 月的產量計畫，所以 4 月是非常好的一個月。至於你提到——我會更傾向從季度對季度的角度看是否更線性，而不是逐月來看；隨著 Shirley Basin 推進，帶動我們達到 130 萬磅的目標。

Okay. Great. So maybe just as a follow-up for Shirley Basin. How has that start-up been versus expectations? Maybe some commentary there would be great.

好的，很好。那麼再追問 Shirley Basin。它的啟動情況相較於預期如何？如果能就此做些評論會很棒。

And what still needs to happen there from a regulatory point of view to begin shipping loaded resin to Lost Creek. And when you say summer months, is that sort of like a mid-June time line?

另外，從法規角度來看，開始把裝載樹脂運送到 Lost Creek 之前，還需要完成哪些事項？以及你說的夏季月份，是指大概 6 月中旬那樣的時間線嗎？

Okay. So I'm going to answer the first question and then hand over to Ryan. So look, we were -- our internal plan was that we would have the ability to add lixiviant start liberating uranium by the end of April, and we were able to beat that time line. So we were actually a few days, a week or two ahead of schedule. That's progressing very well on track. We're very excited about what we're seeing so far at Shirley Basin.

好的。我先回答第一個問題，然後交給 Ryan。你看，我們的內部計畫是到 4 月底前具備加入浸出液、開始釋放鈾的能力，而我們提前達成了這個時間點。我們實際上比進度早了幾天到一兩週。進展非常順利、完全在軌道上。我們對目前在 Shirley Basin 看到的情況感到非常振奮。

Ryan, can you give more color into what is that final regulatory approval?

Ryan，你能否就最後的法規核准再多補充一些？

Yes. So final regulatory approval is a preoperational inspection. What this is, is just a verification that infrastructure and our programs are in place to safely do what we said we were going to. At this point, we don't believe we have anything that would preclude us from passing through that inspection. We've been preparing for it, and it's been on our radar. It's a regular part of business. So nothing out of the norm for us on that.

可以。最後的法規核准是一項投運前檢查（preoperational inspection）。其內容就是確認基礎設施與我們的各項計畫已到位，能夠安全地執行我們所承諾要做的事。就目前而言，我們不認為有任何事項會妨礙我們通過該檢查。我們一直在為此做準備，也一直把它列入工作重點。這是正常的例行業務流程，對我們來說沒有任何異常。

And yes, when we say when we expect to do that, again, being careful, but your original assumption was fairly on track of when we expect the timing.

至於我們預期何時完成——同樣要謹慎一些——但你原先的假設在時間點上大致符合我們的預期。

Jeff Grampp, Northland Capital Markets.

Jeff Grampp，Northland Capital Markets。

Matt, so outside of the wastewater and some of the kind of upgrades to address the fines issue, it sounds like there's some other general optimization initiatives at Lost Creek that you guys are evaluating or implementing. I was just hoping to get a little more detail on what some of those other projects are? And are these kind of cost optimization, production optimization or any other details you can share?

Matt，所以除了廢水以及一些用來解決細粉（fines）問題的升級之外，聽起來你們也在評估或推動 Lost Creek 其他一般性的最佳化措施。我想更了解一些：那些其他專案是什麼？這些是成本最佳化、產量最佳化，還是其他類型？有沒有任何細節可以分享？

Okay. So the other main business improvement activities at Lost Creek are not capital improvements at all, but they're really -- they're procedural and operational improvements. And they're specifically regarding our maintenance systems, just getting a well-built, well-articulated and well-executed maintenance program for the plant itself as well as bringing in procurement, getting -- we beefed up our procurement team and getting it aligned with maintenance so that your parts are there when you need them and your kits are ready when you need to do maintenance. Those are the two other initiatives, the primary initiatives at Lost Creek regarding beefing up operation.

好的。Lost Creek 其他主要的業務改善活動其實完全不是資本改善，而是——流程與營運面的改善。具體來說，主要是針對我們的維護系統：建立一套完善、清楚且能落地執行的維護計畫，涵蓋廠區本身；同時也把採購納入，因為我們強化了採購團隊，並讓它與維護工作對齊，確保需要零件時零件到位、需要做維護時維修套件也已準備好。這兩項是 Lost Creek 強化營運的另外兩個、也是最主要的措施。

Got it. Great. Appreciate that. My follow-up on the exploration side, specifically looking at Lost Soldier, I noted you guys are looking at kind of some pre-permitting activities, technical report coming later this year. Is the technical report, would you say kind of a prerequisite, if you will, in getting some positive data there to kind of, I guess, more fully look at a full-blown kind of permitting exercise?

了解，很好，謝謝。那我在勘探方面的追問，特別是 Lost Soldier。我注意到你們正在進行一些前期許可（pre-permitting）工作，並且今年稍晚會出技術報告。你會不會說，技術報告算是一個前置條件——也就是要先有一些正面的數據——才能更完整地推進一個全面的許可申請流程？

Or how comfortable are you guys kind of trying to accelerate potentially permitting and getting that to production relative to technical report and more kind of technical evaluation internally?

或者說，在技術報告與更多內部技術評估之前，你們對於加速許可、並推進到投產的節奏有多大的把握？

Yes. I understand your question, Jeff. It's a really good question. Look, we are progressing along with the technical report of Lost Soldier, and we will do the work to the standard we always do the work, which is extremely high standard with economics. We have initiated or are in the process of initiating the baseline surveys as the beginning of our permitting because we feel very comfortable in spending that money before we finalize the technical report to make a construction decision.

是的，Jeff，我理解你的問題，這是個很好的問題。你看，我們正在推進 Lost Soldier 的技術報告，我們會以一貫的標準來完成工作——也就是非常高的標準，並納入經濟性評估。我們已經啟動或正在啟動基線調查（baseline surveys），作為許可工作的起點，因為在我們完成技術報告、做出是否建設的決策之前，我們對於先投入這筆費用感到相當有把握。

It's a modest spend at this time, but it is prudent, and it will accelerate the permitting process should we make a positive investment decision at the end of this year.

目前這是一筆不大的支出，但這是審慎之舉；而且若我們在今年年底做出正面的投資決策，這將加速許可審批流程。

Got it. And in general, I'm not trying to hold you to too specific time line, but is, I don't know, two, three years a good kind of rule of thumb for permitting a project like that? Or am I off base one way or another?

了解。整體而言，我不是要把你綁在非常精確的時間表上，但我想問，像那樣的專案，許可審批大概以兩、三年作為經驗法則是否合理？還是我在某個方向上理解有誤？

I would say three to five years is a fair estimate.

我會說三到五年是相當合理的估計。

Joseph Reagor, ROTH Capital Partners.

Joseph Reagor，ROTH Capital Partners。

Most of my questions have already been touched on, but a couple of other kind of fine-tuning things. Matt, in your prepared remarks, you commented on contracts being second half weighted. Is that just because Q1 was so light that even if we put the rest of them evenly across the year, then it's going to be second half weighted? Or even over the remaining three quarters, is it still second half weighted?

我大多數問題都已經被提到過了，但還有幾個需要再微調的點。Matt，在你準備好的發言中，你提到合約交付在下半年比重較高。這只是因為第一季太淡，即使把剩下的合約平均分配到全年，仍會呈現下半年偏重？還是即便只看剩下三個季度，仍然是下半年偏重？

Yes. I mean, so it's weighted in the second half of the year. You know how lumpy our delivery contracts are. And that's one of the consequences of the way that we contract, is it comes in real lumpy. We focused our delivery commitments for the second half of the year to -- to be fair, to match our production profile for ramp-up, Joe.

是的。我的意思是，它確實偏重在下半年。你也知道我們的交付合約有多不均勻（lumpy）。而我們這種簽約方式的結果之一，就是交付會非常不平均。我們把交付承諾集中在下半年——坦白說，是為了配合我們產量爬坡（ramp-up）的生產曲線，Joe。

And that's -- so I would -- we would -- we don't -- we put out some guidance in the 10-Q to show the delivery commitments by quarter. They're weighted to the second half to match our production ramp up.

而且——所以我會——我們會——我們在 10-Q 裡也提供了一些指引，按季度列出交付承諾。它們偏重在下半年，以配合我們的產量爬坡。

Joe, does that kind of answer the question you're looking for?

Joe，這樣有回答到你想問的問題嗎？

Yes. Yes. No, that's fair. And then just in general, as you think about kind of how Lost Creek has performed since it restarted, there's been a number of challenges or hurdles as we've gone along from hiring to getting enough header houses built. But do you feel that the underlying resource has performed as expected and this is simply a matter of you got to get enough header houses built so that you get operating so you can get production up to nameplate?

有。有的。這樣很合理。接著更一般性地問，從 Lost Creek 重啟以來的表現來看，我們一路上遇到不少挑戰或門檻，從招募人手到建夠足夠的集管站（header houses）。但你是否覺得礦體的底層資源表現符合預期，而這只是需要建夠足夠的集管站、讓營運順起來，才能把產量拉升到設計產能（nameplate）？

Or is there anything that has underperformed kind of under the hood that we haven't talked about yet?

還是說，有沒有任何我們尚未談到、在更底層（under the hood）表現不如預期的地方？

Okay. Very, very good question, Joe. All right. So at Lost Creek -- and this is reflected in our updated technical report earlier this year. Lost Creek has demonstrated the ability to produce uranium as an ore body.

好的。Joe，這是個非常、非常好的問題。好，那麼在 Lost Creek——這也反映在我們今年稍早更新的技術報告中——Lost Creek 作為礦體，已經展現出能夠生產鈾的能力。

The resource is very solid. We've updated that resource, and we're very confident in that resource. And to the point, we actually added almost 4 million pounds into that resource. So the resource itself and the ability to get uranium into solution has been very well documented at Lost Creek. What -- and there were challenges in the startup and there were -- labor was tight and drill rigs were tight and all those things, and we've worked our way through all those.

資源非常扎實。我們已更新該資源量，並且對此非常有信心。更重要的是，我們實際上在該資源中新增了將近 400 萬磅。因此，資源本身以及將鈾帶入溶液的能力，在 Lost Creek 都有非常充分的紀錄。至於——啟動期間確實有挑戰，勞動力緊缺、鑽機緊缺等等，我們也一路把這些問題逐一克服。

The thing that is hindering us from increasing ramp-up even further right now is those fines that are coming in from the wellfield. It's important to note, our hypothesis right now, those fines aren't really present in the ore body. What they are, they appear to be iron mineralization that is being liberated by the kind of the same process with the oxygen that we're adding into the lixiviant oxygen we're adding into the solution, is also oxidizing some iron mineralization.

目前阻礙我們進一步加快爬坡的，是從井場（wellfield）進來的那些細粉（fines）。需要強調的是，我們目前的假設是，這些細粉並不真正存在於礦體中。它們看起來像是鐵的礦化物，因為我們在浸出液（lixiviant）中加入的氧——也就是我們加入溶液中的氧——同時也在氧化某些鐵的礦化物，導致其被釋放出來。

We refer to colloquially as orange grunge that comes out on top of our resin columns. So we really see -- while we didn't anticipate needing prefilter into the plant before, we now have -- we're installing the sand filters so that we have -- we're prefiltering all of the solution coming into the plant as well as on all the header houses, we've installed -- all the new header houses for Mine Unit 1, we have installed filtration at the discharge of the production wells as well.

我們口語上把它稱為會堆在樹脂柱（resin columns）頂部的「橘色黏泥」（orange grunge）。所以我們確實看到——雖然先前我們沒預期需要在進廠前做預過濾（prefilter），但現在我們正在安裝砂濾器（sand filters），以便對所有進入工廠的溶液進行預過濾；同時在所有集管站方面，我們也在——Mine Unit 1 的所有新集管站——在生產井出水端也都加裝了過濾設備。

So I mean, in summary, very confident in the resource at Lost Creek. And it's demonstrated, it's proven itself multiple times as being there and being very, very amenable to what we do. So again, very confident in the resource itself. I don't have something that's hidden that you -- I don't think you know about and really see the solution to the fines as being the next major change and inflection point in the production ramp-up curve at Lost Creek.

總結來說，我們對 Lost Creek 的資源非常有信心。它已多次證明資源確實存在，而且非常適合我們的作業方式。因此，再次強調，我們對資源本身非常有信心。我沒有什麼你不知道的「隱藏問題」；我們也認為，解決細粉問題將是 Lost Creek 產量爬坡曲線下一個主要的變革與拐點。

(Operator Instructions)

（接線員指示）

Soundarya Iyer, B. Riley Securities.

Soundarya Iyer，B. Riley Securities。

Matt and team, congratulations on the quarter. So I just have two questions. Starting with the realized price, you realized about $71 a pound on Q1 sales, which was a meaningful step-up from last quarter and last year. So how should we think about the blended realization as we go into the second half of 2026?

Matt 和團隊，恭喜本季表現。我只有兩個問題。先從實現價格（realized price）開始，你們第一季銷售的實現價格約為每磅 71 美元，較上季與去年都有明顯提升。那麼我們應該如何看待 2026 年下半年的綜合實現價格（blended realization）？

Yes. Very good questions, Soundarya. Yes, look, we've disclosed this in the 10-Q as well. We are -- we have committed to deliver 1.3 million pounds for the year, and we expect that realized price from that 1.3 million pounds to be $83.2 million. So that tells you what the blended.

是的。Soundarya，問題很好。你看，我們在 10-Q 也有揭露。我們——今年已承諾交付 130 萬磅，並預期這 130 萬磅的實現收入為 8,320 萬美元。這就告訴你綜合——

You do that math and you see what the blended price is for the year. The $71 that we received in the first quarter was a good contract, relatively better than some of the other contracts we're delivering into this year.

你把數學算一下，就能看出今年的綜合價格。第一季我們拿到的 71 美元是一份不錯的合約，相對而言比我們今年要交付的其他一些合約更好。

Got it. That's helpful. And then on just the macro front, the US uranium, we have just a handful of producers with permitted ISR sites. How are you thinking about the M&A landscape right now or going into -- going through 2026?

了解，這很有幫助。接著在宏觀層面，美國鈾產業只有少數幾家生產商擁有已獲許可的 ISR 場址。你們如何看待目前、或進入——走向 2026 年的併購（M&A）版圖？

What's the appetite for organic growth or inorganic growth in this industry today?

在當今這個產業裡，對有機成長或非有機成長的胃納（appetite）如何？

Okay. So very probing question. Look, I believe that all the CEOs you talk to are going to tell you that we are in a period that appears to be amenable -- I'm being very careful in my words here, appears to be amenable to consolidation. And so it's a very exciting time to be a uranium producer in the United States. There is opportunity for consolidation.

好的，這是個很深入的問題。你看，我相信你去問的所有 CEO 都會告訴你：我們正處於一個看起來——我在用詞上非常謹慎——看起來有利於產業整併的時期。因此，作為美國的鈾生產商，這是一個非常令人振奮的時刻。確實存在整併的機會。

And we, at Ur-Energy, are very well placed to participate in that consolidation. We are producing today. We're located in -- our corporate headquarters are in Casper, Wyoming, and we have a very healthy balance sheet with the cash necessary to utilize for high-quality opportunities should they arise.

而我們 Ur-Energy 也處於非常有利的位置，可以參與這波整併。我們目前正在生產。我們的公司總部位於懷俄明州卡斯珀（Casper, Wyoming），而且我們的資產負債表非常健康，具備必要的現金，可在出現高品質機會時加以運用。

I will now hand the floor over to Valerie to moderate webcast questions.

我現在把時間交給 Valerie，由她來主持網路直播提問。

Thank you. Our first question, we've touched on this earlier, can you describe some of the terms on the long-term contracts that you've signed recently?

謝謝。我們的第一個問題，我們先前已稍有提及：你能否描述一下你們最近簽署的長期合約中的一些條款？

Well, I don't -- we don't disclose that. I mean what I can tell you is the present appetite for long-term contracts right now -- and I'm really regurgitating what Cameco talks about quite a bit. You see your term price, your term price is in the low 90s right now, and that's -- all these prices being escalated, typically around 3%. But you're seeing the term price being around the low 90s. You're starting -- you see -- almost all contracts now include a portion of the delivery that is market related with floors and ceilings.

嗯，我們不——我們不會揭露那些內容。我能告訴你的是，目前市場對長期合約的胃納——我其實是在重述 Cameco 經常談到的內容。你看到期約價格（term price），目前期約價格在 90 美元出頭；而且——這些價格通常會按約每年上調（escalated），一般約 3%。但你確實看到期約價格大約在 90 美元出頭。你也開始——你會看到——幾乎所有合約現在都包含一部分與市場掛鉤的交付條款，並設有下限與上限（floors and ceilings）。

The floors and ceilings typically run kind of in the -- right now in the kind of $80 is a floor and kind of towards $120 is the ceiling. Each one of these contracts is different. Each one of these contracts has its own nuance. And I'm really just regurgitating what you've heard Grant at Cameco disclose. So I'm being a little careful, but that's generally the industry trend right now.

這些下限與上限目前大致落在——下限約 80 美元，上限大概接近 120 美元。每一份合約都不同，每一份合約都有其細微差異。我基本上是在重述你聽過 Cameco 的 Grant 所揭露的內容。所以我會稍微謹慎一些，但這大致就是目前的產業趨勢。

Okay. There are no more questions from the webcast.

好的。網路直播沒有更多問題了。

All right. Thank you, Valerie.

好，謝謝你，Valerie。

There are no further questions from the phone lines. I will now hand the floor back to management for closing remarks.

電話線上沒有進一步的問題。我現在把時間交回管理層做結語。

Thank you, everyone, for participating in the call today. Really -- a very strong quarter from the standpoint of the ramp-up at Lost Creek and Shirley Basin. We're very proud of the activities that we've completed. We're very, very energized by what we're seeing going forward. We look forward to 2026 to be a real inflection year for Ur-Energy, and we're proud to be part of the US nuclear fuel cycle.

謝謝各位今天參與電話會議。就 Lost Creek 與 Shirley Basin 的爬坡進展而言，這一季表現非常強勁。我們對已完成的各項工作感到非常自豪。對於未來我們所看到的進展，我們也感到非常、非常振奮。我們期待 2026 年成為 Ur-Energy 真正的轉折年（inflection year），也很榮幸能成為美國核燃料循環的一部分。

So thank you, everyone, for joining today.

所以，謝謝各位今天的參與。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，您現在可以掛斷電話線路。感謝您的參與。