UR-ENERGY INC URG
Incorporated on March 22, 2004, we are engaged in uranium mining, recovery and processing activities, including the acquisition, exploration, development and operation of uranium mineral properties in the U.S. Through our Wyoming operating subsidiary, Lost Creek ISR, LLC, we began operation of our first in situ recovery uranium facility at our Lost Creek Project in 2013. Ur-Energy is a corporation continued under the Canada Business Corporations Act on August 8, 2006. Our common shares are listed on the NYSE American under the symbol "URG" and on the TSX under the symbol "URE."
We are an "exploration stage issuer," as that term is defined under S-K 1300, because we have not established proven or probable mineral reserves through the completion of a pre-feasibility or feasibility study for any of our uranium projects. As a result, and even though we commenced recovery of uranium at our Lost Creek Project in 2013, we remain classified as an exploration stage issuer and will continue to remain an exploration stage issuer until such time as proven or probable mineral reserves have been established.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $27.2M | $33.7M | $17.7M | $19.0K | $16.0K | $8.3M | $32.3M | $23.5M | $38.4M | $27.3M |
| Cost of revenue | $27.1M | $42.7M | $19.4M | $6.9M | $7.0M | $13.0M | $30.3M | $12.2M | $24.4M | $15.8M |
| Gross profit | $74.0K | -$9.0M | -$1.7M | -$6.8M | -$7.0M | -$4.7M | $2.0M | $11.3M | $14.0M | $11.5M |
| SG&A | $8.9M | $8.0M | $6.2M | $6.0M | $5.3M | $5.2M | $5.8M | $5.4M | $5.1M | $4.7M |
| Total operating expenses | $69.5M | $54.1M | $29.2M | $13.0M | $9.8M | $8.7M | -$10.3M | $10.0M | — | — |
| Operating income | -$69.4M | -$63.1M | -$30.8M | -$19.8M | -$16.8M | -$13.3M | -$8.3M | $1.3M | $1.4M | $271.0K |
| Interest expense | $1.9M | $336.0K | $1.5M | $463.0K | $733.0K | $710.0K | $668.0K | $1.0M | $1.4M | $2.0M |
| Pre-tax income | -$74.9M | -$53.2M | -$30.7M | — | — | — | -$8.4M | $4.6M | $76.0K | -$3.0M |
| Income tax | — | — | — | — | — | — | — | — | — | $17.0K |
| Net income | -$74.9M | -$53.2M | -$30.7M | -$17.1M | -$22.9M | -$14.8M | -$8.4M | $4.5M | $76.0K | -$3.0M |
| EPS, basic | -0.20 | -0.17 | -0.12 | -0.08 | -0.12 | -0.09 | -0.05 | 0.03 | 0.00 | -0.02 |
| EPS, diluted | -0.20 | -0.17 | -0.12 | -0.08 | -0.12 | -0.09 | -0.05 | 0.03 | 0.00 | -0.02 |
| Shares, diluted (wtd. avg.) | $368.4M | $317.7M | $260.0M | $220.5M | $195.7M | $164.26B | $159.9M | $151.6M | $147.5M | $142.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $123.9M | $76.1M | $68.2M | $41.1M | $46.2M | $12.1M | $15.2M | $13.8M | $11.4M | $9.1M |
| Receivables | — | $16.5M | $0 | $8.0K | $4.0K | $0 | $22.0K | $31.0K | $33.0K | $16.0K |
| Inventory | $24.3M | $20.7M | $2.6M | $9.9M | $7.9M | $7.8M | $7.4M | $14.7M | $4.5M | $4.1M |
| Total current assets | $150.4M | $115.3M | $63.7M | $43.9M | $48.6M | $5.1M | $8.3M | $9.1M | $9.2M | $6.5M |
| Property, plant and equipment | $49.7M | $27.3M | $21.0M | $20.1M | $21.3M | $21.9M | $23.6M | $25.2M | $27.0M | $28.8M |
| Total assets | $272.5M | $194.1M | $128.4M | $107.9M | $120.8M | $81.8M | $90.4M | $100.4M | $88.4M | $89.9M |
| Accounts payable | $8.6M | $3.3M | $1.7M | $660.0K | $854.0K | $396.0K | $523.0K | $620.0K | $840.0K | $725.0K |
| Short-term debt | — | — | $5.7M | $5.4M | $1.3M | $502.0K | $0 | $5.1M | $4.8M | $4.5M |
| Total current liabilities | $27.7M | $19.3M | $10.0M | $6.6M | $6.2M | $3.6M | $2.3M | $7.5M | $7.9M | $8.2M |
| Long-term debt | — | — | — | — | $0 | $398.0K | $0 | $9.6M | $14.7M | $19.4M |
| Total liabilities | — | — | — | — | — | — | $46.1M | $48.5M | $49.6M | $53.7M |
| Retained earnings | -$379.0M | -$304.1M | -$250.9M | -$220.3M | -$203.1M | -$180.2M | -$165.4M | -$157.0M | -$161.5M | -$161.6M |
| Total equity | $77.5M | $132.8M | $74.9M | $62.5M | $69.4M | $34.1M | $44.3M | $51.8M | $38.8M | $36.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$43.1M | -$71.9M | -$17.0M | -$18.1M | -$11.7M | -$8.4M | $4.0M | -$5.4M | $5.6M | $3.4M |
| Depreciation and amortisation | $3.8M | $2.7M | $2.2M | $1.8M | $1.8M | $1.8M | $1.8M | $1.9M | $4.9M | $5.1M |
| Stock-based compensation | $1.9M | $2.4M | $1.0M | $1.1M | $1.1M | $951.0K | $787.0K | $900.0K | $891.0K | $857.0K |
| Capital expenditure | $23.6M | $9.0M | $2.0M | $709.0K | $1.2M | $43.0K | $271.0K | $55.0K | $181.0K | $296.0K |
| Investing cash flow | -$23.6M | -$9.0M | -$2.0M | -$709.0K | -$1.2M | -$25.0K | -$243.0K | $4.4M | -$204.0K | -$210.0K |
| Financing cash flow | $114.9M | $99.9M | $46.1M | $5.9M | $54.9M | $5.3M | -$2.4M | $3.4M | -$3.1M | -$3.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-048693.
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