History
Ur-Energy turned its Lost Creek uranium mine into a growing producer, then raised steadily larger sums to build a second mine at Shirley Basin.
2014-2016: Growing Lost Creek and adding Shirley Basin
Ur-Energy's core asset was Lost Creek in Wyoming, an in-situ recovery mine, meaning uranium is dissolved from the ground and pumped out rather than dug up. It had been in production since the third quarter of 2013. In March 2014 the company amended its loan with RMB Australia Holdings, lifting the term loan to $6.5M and adding a $3.5M revolving facility tied to the newly acquired Pathfinder Shirley Basin project, bought from an AREVA affiliate. In July 2014 it released Shirley Basin's first resource estimate: 8.8 million pounds of Measured and Indicated uranium.
In 2015 Lost Creek outperformed its design. Better recoveries let the company lower its grade cutoff, lifting Mine Unit 1's Measured resources 95% to 4.7 million pounds. A December update put the whole property at 13.25 million pounds Measured and Indicated and 6.44 million pounds Inferred. A January 2016 economic assessment extended mine life nine years to 2031, with 13.8 million pounds of planned production.
In February 2016 the company raised roughly $6M at $0.50 a share. Full-year 2015 brought 784,000 pounds captured and $41.8M of revenue at $45.20 a pound, with long-term contracts covering 3.1 million pounds for 2016-2021 at an average $49.81. Even so, cash fell to $4.1M by the end of the first quarter of 2016 from $6.8M at year-end. By November, spot uranium had dropped to $18.75 a pound, though the contracts still delivered margins above $30. Cumulative production reached 2.0 million pounds.
2017-2021: Debt relief and a recovering market
The record for 2017 is quiet. In September 2018 the company raised $10M by selling 12.2 million shares plus warrants at a combined $0.82, its first major raise since prices began recovering. Shares on issue rose from about 146.5 million at the end of 2017 to about 159.7 million a year later.
The company also leaned on its lenders. In October 2019 it amended its Wyoming State Industrial Development Revenue Bond to defer principal for six quarters, saving about $8.1M and pushing maturity to April 2023. In October 2020 it did so again, saving about $7.8M and moving maturity to October 2024. Two government-backed PPP loans taken in 2020 were fully forgiven by mid-2021. In February 2021 it raised about $15.2M, selling 14.7 million shares plus warrants at $0.90.
2022-2024: The decision to build Shirley Basin
In February 2023 the company raised about $46.1M, selling 34 million shares plus warrants at $1.18, its largest raise to that point, to fund the run-up to a construction decision. In March 2024, with all major permits and licenses in hand, it made the final decision to build Shirley Basin: about 24 months of design, equipment ordering and construction of a satellite ion-exchange plant and initial wellfield. In July 2024 it raised $60M by selling 57.15 million shares at $1.05, with no warrants. Shares on issue rose from about 224.7 million at the end of 2022 to about 364.1 million at the end of 2024.
2025: Leadership and a convertible note
In June 2025 Matthew Gili, formerly of i-80 Gold, Nevada Copper and Barrick, joined as President as the company moved from one mine toward two. On 15 December 2025 it issued $120M of 4.75% Convertible Senior Notes due 2031, with net proceeds of about $114.8M and a conversion price of $1.73 a share, a 27.5% premium. The money was to fund Shirley Basin development and pay for capped-call hedges, which are designed to limit future dilution. It was the company's first major long-term debt instrument and its largest raise. As of that date, Lost Creek was producing and Shirley Basin was being built.
Written from the 18 story beats below (2014 to 15 Dec 2025), which come from the company's own announcements and filings.