Executive Summary

2024 year-end: UR-Energy delivered 570,000 lbs U3O8 at an average price of $58.15/lb (produced: 270k lbs; non-produced: 300k lbs). 2024 Sales were $33.7M with a gross loss of $9.0M and net loss of $53.2M, driven by high costs during ramp-up and losses on non-produced pounds; Q4 head grade averaged 66.2 mg/L with 81,771 lbs captured and 74,006 lbs drummed .
2025 deliveries revised: Company deferred 300k lbs from 2025 to H1 2026; now plans to deliver 440,000 lbs in 2025 for approximately $27.1M sales proceeds; Shirley Basin buildout remains on schedule with initial production expected in early 2026 .
Balance sheet and liquidity: Cash resources were $76.1M at 12/31/24 and $71.8M as of April 9, 2025; earlier period cash was higher due to July 2024 equity raise and decreased into year-end as operations and inventory purchases progressed .
Positioning and macro: Management highlighted that Lost Creek was the largest U.S. uranium producer per EIA Q3-2024 report; long-term contracts (now seven) support deliveries through 2030 with market-linked pricing components and annual base deliveries of 440k–1.3M lbs from 2025–2030 .
Estimates: S&P Global consensus EPS/Revenue for Q4 2024 were not retrievable at this time; comparisons to Street were therefore unavailable (S&P Global access limit reached).

What Went Well and What Went Wrong

What Went Well

Contracting strength and visibility: Seven multi-year sales agreements now cover 2025–2030 (base 440k–1.3M lbs annually) with pricing designed to be profitable on an all-in cost basis and to escalate annually, some with market-related components .
Production ramp progress indicators: Q4 head grade averaged 66.2 mg/L; six header houses came online in 2024 with HH 2-12 in Jan-25 and HH 2-13 in Mar-25; equipment maintenance on dryers progressed, improving operational readiness into 2025 .
Market positioning: Management emphasized Lost Creek’s status as the largest U.S. uranium producer per EIA Q3-2024 report and reiterated constructive long-term uranium market fundamentals .
- Quote: “Lost Creek is the largest uranium producer in the US according to the… EIA… report… from Q3 2023 through… Q3 2024.”
- Quote: “As intended, the long-term contracts we signed beginning in 2022 largely insulate our revenue… while providing us with visibility to higher spot prices through hybrid contracts and uncommitted production.”

What Went Wrong

2024 unit economics pressured: Average cost per lb sold was $64.34 vs average price $58.15 (loss of $6.19/lb), driven by high-cost non-produced pounds (avg cost $75.87/lb) and elevated produced costs during ramp-up .
Profitability impacted by inventory NRV adjustments: 2024 gross loss was $9.0M; total 2024 NRV adjustments were $6.0M (including $2.5M on non-produced inventory), reflecting cost/price dynamics and ramp-up effects .
Delivery profile reduced for 2025: Company deferred 300k lbs initially scheduled for 2025 to H1 2026; now plans to deliver 440k lbs in 2025 (~$27.1M proceeds), lowering near-term sales vs earlier expectations (previously 700–740k lbs guided) .

Financial Results

Operational KPIs (Production and Inventory Flow)

Metric	Q2 2024	Q3 2024	Q4 2024
Pounds Captured (lbs)	70,679	75,075	81,771
Pounds Drummed (lbs)	64,170	71,804	74,006
Pounds Shipped (lbs)	70,390	67,488	—
In-Process Inventory (lbs, period-end)	86,204	90,140	39,169
Plant Inventory (lbs, period-end)	21,570	26,580	33,919
Conversion Inventory – Produced (lbs, period-end)	74,625	40,713	12,239

Note: Full-year 2024 shipped totaled 239,849 lbs and ending inventory 335,327 lbs (includes 250,000 lbs non-produced at converter) .

Sales and Unit Economics (Annual)

Metric	FY 2023	FY 2024
U3O8 Pounds Sold (Total) (lbs)	280,000	570,000
Average Price per lb Sold ($/lb)	61.89	58.15
Average Cost per lb Sold ($/lb)	30.99	64.34
Profit (Loss) per lb ($/lb)	30.90	(6.19)
Produced Price / Cost / Profit per lb ($/lb)	61.23 / 28.04 / 33.19	61.65 / 51.53 / 10.12
Non-Produced Price / Cost / Profit per lb ($/lb)	64.47 / 42.56 / 21.91	55.00 / 75.87 / (20.87)
Sales ($000)	17,679	33,706
Cost of Sales ($000)	(19,365)	(42,679)
Gross Profit (Loss) ($000)	(1,686)	(8,973)
Operating Loss ($000)	(30,842)	(63,089)
Net Loss ($000)	(30,656)	(53,189)

Notes: 2024 NRV adjustments totaled $6.0M (including $2.5M on non-produced inventory) . 2024 U3O8 “Product Sales” totaled $33,146k (produced $16,646k; non-produced $16,500k) .

Liquidity and Cash

Metric	Q2 2024 (6/30)	Q3 2024 (9/30)	FY 2024 (12/31)	Post-Year (4/9/25)
Cash Resources ($M)	$61.3	$129.4	$76.1	$71.8

Revenue/EPS vs Estimates (Q4 2024)

Metric	Q4 2024 Actual	Q4 2024 Consensus	# of Estimates
Revenue	N/A (not disclosed in press release)	N/A (unavailable)	N/A (unavailable)
EPS	N/A (not disclosed in press release)	N/A (unavailable)	N/A (unavailable)

S&P Global consensus estimates could not be retrieved due to access limits at this time; therefore “vs. estimates” comparisons are unavailable.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Lost Creek Captured Production	FY 2024	550k–650k lbs (earlier)	240k–280k lbs (Q3 update)	Lowered
U3O8 Deliveries	FY 2024	570k lbs; ~$33.1M revenue	570k lbs; $58.15/lb achieved	Maintained/Achieved
U3O8 Deliveries	FY 2025	700k–740k lbs (earlier)	440k lbs; ~$27.1M proceeds	Lowered (300k lbs deferred to H1’26)
Shirley Basin Start	Initial Production	Early 2026	Early 2026 reiterated	Maintained

Earnings Call Themes & Trends

Note: No Q4 2024 earnings call transcript was found; themes below draw from Q2–Q3 results releases and the April 11 year-end press release.

Topic	Q2 2024 (previous)	Q3 2024 (previous)	Q4 2024 (current period)	Trend
Production Ramp	HHs added; rising capture/drumming; still equipment/operational challenges	Continued increases; 2024 capture guided down to 240–280k lbs	Q4 head grade 66.2 mg/L; 81,771 lbs captured; repairs on dryers; more HHs online in early 2025	Improving execution, yet still normalizing
Sales Book & Pricing	5.7M lbs 2024–2030; profitable on all-in basis; escalators; market-linked features	Six agreements; steady term price strength	Seven agreements; base 440k–1.3M lbs/year 2025–2030	Stronger contract coverage
2025 Deliveries	700–730k lbs guided	740k indicated	440k planned; 300k deferred to H1’26	Lower near-term volume
Macro/Tariffs	Russian uranium ban law noted	Demand/term price support; utility RFPs	Minimal tariff impact to date; deliveries mostly U.S.; uranium largely excluded	Supportive macro; limited tariff impact
Project Pipeline	Shirley Basin buildout decision; early 2026 start	Construction advancing; early 2026 start	Buildout on schedule; early 2026 reiterated	On track

Management Commentary

Strategy and contract insulation: “As intended, the long-term contracts we signed beginning in 2022 largely insulate our revenue from these uncertainties while providing us with visibility to higher spot prices through hybrid contracts and uncommitted production.” – John Cash, CEO .
Execution priorities: “Our primary objectives will be to continue to safely ramp up production at Lost Creek and finalize the buildout of our Shirley Basin mine so our constructed annual mine/mill capacity will increase to 2.2M pounds U3O8.” .
Tariffs and supply chain: “To date, we have seen no impact from tariffs on our deliveries… uranium has largely been excluded from tariffs… little to no impact… on purchases of materials for construction at Shirley Basin…” .
Market positioning: “Lost Creek is the largest uranium producer in the US according to the… EIA… Q3 2024.” .
2025 delivery strategy and inventory: “By purchasing and borrowing inventory in Q4 2024, we took proactive measures to meet our 2024 delivery requirements and to establish a sufficient base inventory position for 2025… we plan to deliver 440,000 pounds U3O8 in 2025 for approximately $27.1 million…” .

Q&A Highlights

No Q4 2024 earnings call transcript was available; no Q&A highlights could be reviewed. Commentary above reflects press releases and 8-K disclosures .

Estimates Context

S&P Global consensus for Q4 2024 EPS and Revenue could not be retrieved due to access limits at this time; as a result, we cannot provide “vs. estimates” comparisons for Q4 2024. We will update once access is restored.

Key Takeaways for Investors

2024 ramp advanced but at elevated costs; produced-pound economics remained positive, but non-produced pounds (to meet delivery obligations) created per-pound losses, compressing margins and producing a $9.0M gross loss for the year .
2025 deliveries reset to 440k lbs (from 700–740k earlier) with 300k lbs deferred to H1’26; near-term revenue is lower, but inventory/delivery timing better aligns with ramp and Shirley Basin start .
Contract book now seven agreements with base 440k–1.3M lbs annually (2025–2030) and escalators/market-linked features, providing multi-year revenue visibility and leverage to higher pricing .
Operational execution remains the swing factor: continued improvements in grades, header house additions, and resolved maintenance are critical to lowering unit costs and restoring per-pound profitability .
Shirley Basin remains on schedule for early 2026 start, set to expand licensed/constructed capacity to 2.2M lbs; on-time commissioning would materially change volume and cost profile into 2026+ .
Macro tailwinds intact; tariffs have had minimal impact to date; utility RFPs and term pricing trends continue to support contracting and long-term fundamentals .
Near-term trading implication: sentiment likely hinges on evidence of sustained cost normalization at Lost Creek and confirmation of 2025 delivery cadence; medium-term thesis turns on Shirley Basin timing and incremental contracting at attractive pricing .

Sources: Q4/Year-End 2024 8-K and Exhibit 99.1 press release (April 11, 2025) ; 2025-02-10 production/construction update ; Q3 2024 results press release (Nov 6, 2024) ; Q2 2024 results press release (Aug 9, 2024) ; filing delay press release (Mar 31, 2025) .

UR-ENERGY INC (URG)·Q4 2024 Earnings Summary