Ur-Energy Inc. (NYSE American:URG)(TSX:URE), a U.S. uranium producer, has announced the filing of an updated S-K 1300 Initial Assessment Technical Report Summary for its Lost Creek Property, effective as of December 31, 2025. The report, prepared by Qualified Person WWC Engineering, supersedes the previous report dated March 4, 2024. The updated report highlights an extended mine life and a significant increase in net cash flow, signaling improved economic prospects for the project.

Extended Mine Life and Increased Resources

The updated report estimates that the Lost Creek Property holds 11.868 million pounds of eU3O8 in the Measured and Indicated categories and 10.357 million pounds in the Inferred category, after accounting for 3.475 million pounds of historical production through December 31, 2025. This represents a 5.2% decrease in the Measured and Indicated categories, but a 34.3% increase in the Inferred category compared to the previous report from December 31, 2024.

The estimated mine life, which refers to the duration through final wellfield production but excluding additional restoration, has increased by nearly three years, extending from 2036 Q3 to 2039 Q2. This extension is a critical development for the project, as it indicates the potential for sustained production over a longer period.

Despite two years of production, the estimated pounds remaining to be produced have increased by approximately one million pounds, from 11.664 million pounds as of December 31, 2023, to 12.700 million pounds as of December 31, 2025. This increase suggests that the project’s resources are more substantial than previously estimated.

Economic Projections and Financial Implications

The Lost Creek Report estimates that the Property will generate a life of mine net cash flow of $442.2 million after income taxes as of December 31, 2025, compared to $303.6 million as of December 31, 2023, marking a 45.7% increase. This substantial growth in projected net cash flow reflects improved economic viability and operational efficiency.

Applying an eight percent rate, the calculated net present value (NPV) after income taxes increased by 47.4%, from $165.6 million as of December 31, 2023, to $244.1 million as of December 31, 2025. This significant increase in NPV highlights the project’s enhanced financial attractiveness.

The economic analyses included in the report continue to support the potential viability of the Lost Creek Property. According to the report, the project’s initial capital costs of $46.5 million were incurred prior to the start of the economic analysis, and these costs are excluded from the cash flow and NPV calculations.

Operational Progress and Future Outlook

Chief Operating Officer Steve Hatten remarked on the progress at Lost Creek, stating, ‘Drilling at Lost Creek continues to deliver exceptional results, with drilling to date expanding our estimated resources and extending the estimated mine life, as reflected in the updated Lost Creek Report. With only a relatively small portion of the Property drilled to date, the potential scale and long-term growth prospects of Lost Creek remain compelling.’

The report also highlights that the project’s economic parameters, including sustaining capital expenditures, operating costs, and tax considerations, have been carefully evaluated. The Lost Creek Property is expected to generate a net cash flow of $442.196 million after income taxes, with an internal rate of return (IRR) of 65.7% after adjusting for undepreciated initial capital.

Looking ahead, the company is anticipated to continue improving plant performance and addressing remaining start-up considerations. The extended mine life and increased net cash flow are expected to support the company’s long-term strategic goals and enhance shareholder value.

The Lost Creek Property’s resources are reported through November 1, 2025, with all resources occurring below the static water table. mineral resources that are not mineral reserves do not have demonstrated economic viability, and the point of reference for resources is in situ at the Property.

The updated report provides a detailed breakdown of the project’s resource summary, including the Measured, Indicated, and Inferred categories. The resource estimates are based on a grade cutoff of 0.02% eU3O8 and a grade x thickness cutoff of 0.20 GT, as defined in S-K 1300 and used in NI 43-101.

The economic parameters included in the report highlight the project’s financial performance, including sustaining capital expenditures, operating costs, and tax considerations. The report also provides a cash flow summary, detailing the total project costs, net cash flow before and after tax, and the impact of initial and sustaining capital expenditures.

The Lost Creek Property’s financial projections and resource estimates are expected to play a crucial role in shaping the company’s future operations and strategic decisions. The updated report reflects the company’s commitment to transparency and provides valuable insights into the project’s economic potential.

With the extended mine life and increased net cash flow, the Lost Creek Property is positioned to deliver long-term value to shareholders and contribute to the broader uranium market. The company’s continued progress at the site highlights its dedication to operational excellence and sustainable growth.