Ur-Energy is a U.S. uranium mining company focused on extracting and selling uranium oxide, or yellowcake, to U.S. utilities and government entities under multi-year term contracts. Yellowcake is the primary input for nuclear fuel used in nuclear power generation. Ur-Energy mines uranium using in situ recovery (ISR), a technique where a solution is injected underground to dissolve uranium, which is then pumped to the surface, processed into yellowcake, and shipped to a conversion facility. ISR requires less surface disturbance than conventional mining and tends to have lower costs. Ur-Energy's only producing asset is the Lost Creek Project in Wyoming, which restarted production in late 2022 and has been ramping since. The company's second project, Shirley Basin in Wyoming, is fully permitted and targeted for production in 2026; because Shirley Basin lacks its own processing plant, extracted resin will be trucked to Lost Creek for final processing. Lost Creek's plant is licensed for up to 2.2M pounds of yellowcake per year, and Ur-Energy's near-term growth plan centers on ramping Lost Creek toward capacity while bringing Shirley Basin online, pushing total output toward that ceiling. Revenue is driven by pounds sold and contracted price per pound. Current term contracts call for deliveries of 800,000 to 1,400,000 pounds annually from 2026 through 2030, at a mix of fixed and market-based pricing.