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of Contents](#TOC)\n\n​\n\n​\n\n​\n\n**United States**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n​\n\n**FORM ****10-Q**\n\n**(Mark One)**\n\n​\n\n​\n\n​\n\n☑\n\n**QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n​\n\n​\n\n​\n\n**FOR THE QUARTERLY PERIOD ENDED****March 31, 2026**\n\n​\n\n​\n\n​\n\n​\n\n☐\n\n**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n​\n\n​\n\n​\n\n**FOR THE TRANSITION PERIOD OF _________ TO _________.**\n\n​\n\n**Commission File Number:****001-33905**\n\n​\n\n**UR-ENERGY INC.**\n\n**(Exact name of registrant as specified in its charter)**\n\n​\n\n​\n\n​\n\n**Canada**\n\n**Not Applicable**\n\nState or other jurisdiction of incorporation or organization\n\n(I.R.S. Employer Identification No.)\n\n​\n\n**1478 Willer Drive**\n\n**Casper****,****Wyoming********82604**\n\n(Address of principal executive offices, including zip code)\n\n​\n\nRegistrant’s telephone number, including area code: **720****-****981-4588**\n\n​\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n​\n\n**Title of each class:**\n\n**  ​ ​ ​**\n\n**Trading Symbol**\n\n**  ​ ​ ​**\n\n**Name of each exchange on which registered:**\n\nCommon stock\n\n​\n\nURG (NYSE American); URE (TSX)\n\n​\n\nNYSE American; TSX\n\n​\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.\n\nYes ☑ No ◻\n\n​\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).\n\nYes ☑   No ◻\n\n​\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer ◻    Accelerated filer ◻   Non-accelerated filer ☑    Smaller reporting company ☑    Emerging growth company ◻\n\n​\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻\n\n​\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).\n\nYes ◻ No ☑\n\n​\n\nAs of April 30, 2026, there were 397,331,853 shares of the registrant’s no par value Common Shares (“Common Shares”), the registrant’s only outstanding class of voting securities, outstanding.\n\n​\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\nUR-ENERGY INC.\n\nTABLE OF CONTENTS\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Page**\n\n​\n\n​\n\n​\n\n[PART I – FINANCIAL INFORMATION](#PARTI_670467)\n\n​\n\n​\n\n​\n\n[Item 1.](#Item1FINANCIALSTATEMENTS_29655)\n\n[Financial Statements](#Item1FINANCIALSTATEMENTS_29655)\n\n5\n\n[Item 2.](#Item2MANAGEMENTSDISCUSSIONANDANALYSIS_34)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#Item2MANAGEMENTSDISCUSSIONANDANALYSIS_34)\n\n26\n\n[Item 3.](#Item3QUANTITATIVEANDQUALITATIVE_844280)\n\n[Quantitative and Qualitative Disclosures about Market Risk](#Item3QUANTITATIVEANDQUALITATIVE_844280)\n\n48\n\n[Item 4.](#Item4CONTROLSANDPROCEDURES_704596)\n\n[Controls and Procedures](#Item4CONTROLSANDPROCEDURES_704596)\n\n49\n\n​\n\n​\n\n​\n\n[PART II – OTHER INFORMATION](#PARTII_377172)\n\n​\n\n​\n\n​\n\n[Item 1.](#Item1LEGALPROCEEDINGS_299356)\n\n[Legal Proceedings](#Item1LEGALPROCEEDINGS_299356)\n\n50\n\n[Item 1A.](#Item1ARISKFACTORS_465527)\n\n[Risk Factors](#Item1ARISKFACTORS_465527)\n\n50\n\n[Item 2.](#Item2UNREGISTEREDSALESOFEQUITY_224417)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#Item2UNREGISTEREDSALESOFEQUITY_224417)\n\n50\n\n[Item 3.](#Item3DEFAULTSUPONSENIOR_914878)\n\n[Defaults Upon Senior Securities](#Item3DEFAULTSUPONSENIOR_914878)\n\n50\n\n[Item 4.](#Item4MINESAFETYDISCLOSURE_291477)\n\n[Mine Safety Disclosure](#Item4MINESAFETYDISCLOSURE_291477)\n\n50\n\n[Item 5.](#Item5OTHERINFORMATION_249024)\n\n[Other Information](#Item5OTHERINFORMATION_249024)\n\n50\n\n[Item 6.](#Item6EXHIBITS_37378)\n\n[Exhibits](#Item6EXHIBITS_37378)\n\n51\n\n​\n\n​\n\n​\n\n[SIGNATURES](#SIGNATURES_270353)\n\n52\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\n*When we use the terms “Ur-Energy,” “we,” “us,” “our,” or the “Company,” we are referring to Ur-Energy Inc. and its subsidiaries, unless the context otherwise requires. Throughout this document we make statements that are classified as “forward-looking.” Please refer to the “Cautionary Statement Regarding Forward-Looking Statements” section below for an explanation of these types of assertions.*\n\nCautionary Statement Regarding Forward-Looking Information\n\nThis report on Form 10-Q contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws, and these forward-looking statements can be identified by the use of words such as “expect,” “anticipate,” “estimate,” “believe,” “may,” “potential,” “intend,” “plan,” and other similar expressions or statements that an action, event, or result “may,” “could,” or “should” be taken, occur, or be achieved or the negative thereof or other similar statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, achievements, or industry results to be materially different from any future results, performance, or achievements expressed or implied by these forward-looking statements. Such statements include, but are not limited to: (i) our ability to maintain and conduct operations and other activities at Lost Creek and Shirley Basin in a safe and compliant manner; (ii) our ability and the timing to continue to ramp up and increase production operations at Lost Creek; (iii) our ability at Shirley Basin to move from initial operations to full production operations and begin transporting uranium-loaded resin to Lost Creek for processing, drying, and drumming and to ramp up and increase production operations at Shirley Basin; (iv) our ability to deliver into our sales commitments; (v) our ability to satisfy our inventory loan or convertible notes obligations; (vi) whether the sales prices in our contracts will be profitable on an all-in production cost basis; (vii) the technical and economic viability of the Lost Creek Property or the Shirley Basin Project as set forth in the applicable technical reports for the Lost Creek Property and the Shirley Basin Project; (viii) the timing and outcome of processing and completing future permits and authorizations for ongoing or new operations; (ix) the ability and timing to complete additional favorable uranium sales agreements, including spot sales as may be warranted; (x) the production rates and life of the Shirley Basin Project and the Lost Creek Project and subsequent development of and production from Adjoining Projects within the Lost Creek Property, including plans at LC East; (xi) the potential of exploration targets throughout the Lost Creek Property (including the ability to expand resources); (xii) our ability to advance exploration programs and the potential of our other exploration projects, including our Lost Soldier, North Hadsell, LC South, and other projects in the Great Divide Basin and Lucky Mc; (xiii) our ability to complete the construction and build out of Shirley Basin on current budget and schedule and to complete construction of the wastewater treatment facility at Lost Creek as currently planned; (xiv) conditions in the uranium market, including the major influences of climate change and environmental objectives, geopolitics, trade actions, and demands of artificial intelligence and data centers, and how they will affect our operations and business; and (xv) the impacts of global conflicts and geopolitical tensions, including current trade controls and impositions of tariffs, on the global economy and more specifically on the nuclear fuel industry, including U.S. uranium producers. The factors that may affect our actual results, performance, or achievements, or industry results, include, among others: the accuracy of future estimates of production, development, and production operations, capital expenditures, operating costs, mineral resources, recovery rates, grades, and market prices; the effectiveness of our business strategies and measures to implement such strategies; our competitive strengths; our estimates of goals for expansion and growth of our business and operations; our plans and references to our future successes; our history of operating losses and uncertainty of future profitability; our status as an exploration stage company; our lack of mineral reserves; risks associated with obtaining permits and other authorizations in the U.S.; risks associated with current variable economic conditions; the impacts of our convertible notes financing; the possible impact of future financings; the hazards associated with mining production; compliance with environmental laws and regulations; uncertainty regarding the pricing and collection of accounts; the possibility for adverse results in potential litigation; uncertainties associated with changes in government policy and regulation; uncertainties associated with a Canada Revenue Agency or U.S. Internal Revenue Service audit of any of our cross border transactions; adverse changes in general business conditions in any of the countries in which we do business; changes in our size and structure; the effectiveness of our management and strategic relationships; our ability to attract, retain, train, and develop skilled personnel; our ability to innovate and implement new technologies; uncertainties regarding our need for and ability to raise additional capital; uncertainty regarding the fluctuations of our quarterly results; foreign currency exchange risks; the inability to enforce civil liabilities against the Company or its directors and officers; our ability to maintain our listing on the NYSE American LLC (“NYSE American”) and Toronto Stock Exchange (“TSX”); risks associated with our expected classification as a “passive foreign investment company” under the U.S. Internal Revenue Code of 1986, as amended; risks arising from various geopolitical tensions and events, including the war in the Middle East and tensions over the Strait of Hormuz, the war in Ukraine, and tensions between the U.S. and China; risks associated with various trade actions and tariffs and related impacts on our industry and the economy; risks associated with our investments; and other risks and uncertainties described under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, dated March 10, 2026.\n\n​\n\n​\n\n​\n\n3\n\n[Table of Contents](#TOC)\n\nAny forward-looking statements and information are based on estimates and assumptions only as of the date of this report, and the Company undertakes no obligation to update or revise any forward-looking statement or information to reflect information, events, results, or circumstances or the occurrence of unanticipated events, except as required by applicable laws. New factors emerge from time to time, and it is not possible for management to predict all such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements or information.\n\n​\n\nCautionary Note to Investors Concerning Disclosure of Mineral Resources\n\nUnless otherwise indicated, all mineral resource estimates that are material to our business or financial condition included in this quarterly report on Form 10-Q and in the documents incorporated by reference herein have been prepared in accordance with U.S. securities laws pursuant to Regulation S-K, Subpart 1300 (“S-K 1300”), and are supported by initial assessments prepared in accordance with the requirements of S-K 1300. Our estimates of mineral resources are also prepared in accordance with Canadian National Instrument 43-101 *Standards of Disclosure for Mineral Projects* (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves (“CIM Definition Standards”). NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for public disclosure an issuer makes of scientific and technical information concerning mineral projects. Our technical report summaries are the Technical Report on the Lost Creek ISR Uranium Property, Sweetwater County, Wyoming, USA (March 10, 2026) and the Initial Assessment Technical Report Summary on the Shirley Basin ISR Uranium Project Carbon County, Wyoming USA, as amended (March 11, 2024).\n\nInvestors should note that the term “mineral resource” does not equate to the term “mineral reserve.” Mineralization may not be classified as a “mineral reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Investors should also understand that “inferred mineral resources” have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an “inferred mineral resource” will ever be upgraded to a higher category. Under S-K 1300, estimated “inferred mineral resources” may not form the basis of feasibility or pre-feasibility studies. Additionally, as required under S-K 1300, our report on the Lost Creek Property includes two economic analyses to account for the chance that the inferred resources are not upgraded as production recovery progresses and the Company collects additional drilling data; the second economic analysis was prepared with the inferred resources excluded. The estimated recovery excluding the inferred resources also establishes the potential viability at the property, as detailed in the S-K 1300 report. Investors are cautioned not to assume that all or any part of an “inferred mineral resource” exists or is economically or legally mineable.\n\n​\n\n​\n\n4\n\n[Table of Contents](#TOC)\n\nPART I"}