Business Overview The following discussion and analysis by management is designed to provide information that we believe is necessary for an understanding of our financial condition, changes in financial condition, and results of our operations and should be read in conjunction with the audited financial statements and MD&A contained in our Annual Report. Incorporated on March 22, 2004, Ur-Energy is an exploration stage issuer, as that term is defined by the U.S. Securities and Exchange Commission (“SEC”). We are engaged in uranium recovery and processing activities, including the acquisition, exploration, development, and operation of uranium mineral properties in the U.S. We are operating our Lost Creek Project, our flagship in situ recovery (“ISR”) mining facility, and our Shirley Basin Project, our second ISR uranium mine. When sold and further processed, our uranium production fuels nuclear power, which is a cost-effective, safe, and reliable source of electrical power that provides an estimated 55% of the carbon-free electricity in the U.S. Ur-Energy is a corporation continued under the Canada Business Corporations Act on August 8, 2006. Our common shares are listed on the TSX under the symbol “URE” and on the NYSE American under the symbol “URG.” Our corporate structure and material U.S. subsidiaries remain unchanged since the filing of our Annual Report. We utilize ISR to recover uranium at our Lost Creek Property and Shirley Basin Project, which are both located in Wyoming and are the only two mineral properties that we currently deem to be individually material. The ISR technique is employed in uranium extraction because it allows for an effective recovery of roll front uranium mineralization at a low cost. At Lost Creek, we extract and process uranium oxide (“U3O8”) at the Lost Creek processing facility, which includes all circuits for production, drying, and drumming. After processing, U3O8 is shipped to a third-party conversion facility to be weighed, assayed, and stored until sold. ​ As described in our Annual Report, Shirley Basin is designed as a satellite facility, with U3O8 extracted and captured there transported to Lost Creek for processing. We commenced initial operations to extract and capture U3O8 at Shirley Basin in April 2026. We received final authorization for full ISR operations at Shirley Basin in late June 2026, and expect to begin transporting U3O8 to Lost Creek later this summer. We have the licensed capacity at Shirley Basin to construct a full processing facility to process U3O8 that we extract and capture or to toll process for other producers as may be dictated by future market conditions. ​ Our combined licensed capacity at Lost Creek and Shirley Basin totals 4.2 million pounds of U₃O₈ per year. We currently have multi-year sales agreements with 10 global nuclear energy and trading companies with projected delivery commitments of approximately 5.75 million pounds of U3O8 from 2026 through 2033, including pounds that we delivered in the first half of 2026. ​ Industry and Market Update Demand growth, energy-security considerations, and federal policy initiatives continued to support the nuclear industry and domestic uranium production during the second quarter of 2026. Sector developments during the period included progress on federal regulatory reforms affecting uranium recovery, nuclear materials, and reactor licensing; initiatives to strengthen the domestic nuclear fuel cycle; and federal funding allocations for reactor deployment, nuclear safety, and workforce development. On June 23, 2026, the U.S. Energy Information Administration (“EIA”) released its 2025 Domestic Uranium Production Report. According to the report, U.S. uranium concentrate production increased to approximately 2.1 million pounds U₃O₈ in 2025 from approximately 0.7 million pounds in 2024. Exploration and development drilling reached its highest level since 2013, employment increased by approximately 41%, and industry expenditures reached their highest level since 2014. For context, 2025 domestic production was equivalent to only approximately 3.8% of the 55.9 million pounds of U₃O₈ equivalent purchased by owners and operators of U.S. civilian nuclear power reactors in 2024, the latest year for 28 Table of Contents which EIA uranium-marketing data are available. This comparison involves production and purchases from different reporting years and does not reflect inventory movements or the origin of uranium delivered during either year. Federal nuclear regulatory policy continued to be shaped by the Accelerating Deployment of Versatile, Advanced Nuclear for Clean Energy Act of 2024 (the “ADVANCE Act”) and four nuclear-related Executive Orders (“EOs”) issued on May 23, 2025. Among these, Executive Order 14300 directs the U.S. Nuclear Regulatory Commission (“NRC”) to revise its regulations and processes and states a policy objective of increasing U.S. nuclear generating capacity from approximately 100 gigawatts in 2024 to approximately 400 gigawatts by 2050. Subsequent to the end of the second quarter, the NRC advanced several potentially consequential rulemakings driven by EO 14300 that could broadly affect the nuclear fuel cycle. On July 2, 2026, the NRC transmitted its proposed rule, “In-situ Recovery Monitoring and Decommissioning Timeliness,” to the White House Office of Information and Regulatory Affairs (“OIRA”) for interagency review. This proposed rulemaking is intended to codify risk-informed groundwater protection standards for in-situ recovery (“ISR”) facilities and risk-inform decommissioning timeliness regulations to allow site-specific extensions. Additionally, on July 7, 2026, the NRC published a proposed rule to comprehensively overhaul its National Environmental Policy Act (“NEPA”) regulations. This proposal aims to dramatically streamline environmental reviews and to establish new categorical exclusions for projects within the NRC’s jurisdictional authority. This was followed on July 15, 2026, by a proposed rule to reform the NRC’s foundational radiation-protection framework under 10 CFR Part 20. This rulemaking represents the first major modernization of the agency’s baseline dose-limit and monitoring standards in decades, seeking to align U.S. regulations with updated international radiological protection standards and risk-informed methodologies. Wyoming is an NRC Agreement State and generally administers source- and byproduct-material licenses for Wyoming uranium recovery facilities through its Uranium Recovery Program (“URP”). Because the Company’s operating facilities are located in Wyoming, NRC rules that are administrative or designated as not required for Agreement State compatibility may have limited direct effect on the Company. Other NRC requirements may require corresponding state action or influence Wyoming’s regulatory approach. The pending ISR monitoring and decommissioning rule is the upcoming rulemaking most directly relevant to the Company’s operations, but its financial and operational effects cannot be determined until the NRC publishes the text of the proposed rule and the State of Wyoming determines what corresponding changes to the URP are required. Broader developments in the nuclear industry during the quarter included NRC renewal of the Diablo Canyon and St. Lucie reactor operating licenses and the commencement of construction of Kairos Power’s Hermes 2 demonstration reactor. In infrastructure developments, ConverDyn disclosed that it was evaluating a second U.S. uranium-conversion facility that could approximately duplicate the capacity of its existing plant, which remains subject to completion of engineering studies and a formal decision to proceed. Urenco USA announced plans to increase the annual uranium-enrichment capacity of its New Mexico facility by nearly 50%, with initial production from the new capacity projected for 2032. The ultimate effect of these fuel-cycle and regulatory developments on U.S. uranium producers remains subject to substantial uncertainty and will depend on factors including the timing and scale of utility reactor deployment, fuel-procurement practices, domestic-origin procurement mandates, and the implementation timelines of federal program funding. Nevertheless, these comprehensive federal initiatives and infrastructure expansions collectively underscore a robust, long-term commitment to nuclear energy that is widely expected to structurally strengthen the prospective demand outlook for domestic uranium production. Lost Creek ​ During 2026 Q2 at Lost Creek, we drummed 140,873 pounds of U3O8 and shipped 149,747 pounds of U3O8 to the conversion facility, including assay adjustments. ​ During the quarter, we operated a total of 16 header houses (“HHs”) at Lost Creek, including 12 HHs in our second mine unit (“MU2”) and four HHs in the second phase of our first mine unit (“MU1 Phase 2”). Four of these HHs were brought online in MU1 Phase 2 during 2026 H1, including two in the first quarter and two in the second quarter. During 2026 Q2, production flow averaged approximately 2,519 gpm and production grade averaged approximately 38 mg/L. 29 Table of Contents ​ Wellfield development and surface construction in 2026 Q2 continued to focus on MU1 Phase 2 and remains on schedule for our 2026 operating plans. MU1 Phase 2 is planned to include 10 HHs. During the quarter, we continued to advance installation of the 376 production and injection wells currently planned for the remaining six HHs in MU1 Phase 2. At June 30, 2026, approximately 99.5% of these wells had been drilled and cased and approximately 72% had been completed, and we had 17 drill rigs on site performing open hole drilling, casing, and completion work. ​ We also continued with wellfield delineation and development in our fourth mine unit (“MU4”) and our fifth mine unit (“MU5”) and pattern planning for MU5. As previously disclosed, during 2026 Q1, we received approval of an amended aquifer exemption for Lost Creek that covered MU5 and substantially expanded the scope of the exemption. ​ We continued to advance several initiatives at Lost Creek during 2026 Q2 to increase production rates. These efforts included the installation of a sand filtration system while we construct a planned wastewater treatment facility. During 2026 Q2, the sand filtration system was fully installed but testing and other commissioning work extended into July 2026. To accommodate modifications to piping at the plant for the system, the Lost Creek plant suffered nearly two days of downtime and four days of reduced flow in June 2026 that affected quarterly production. ​ We made progress on other initiatives to increase production at Lost Creek during Q2 2026, including bringing additional HHs online in MU1 Phase 2 as described above, and continued work to optimize lixiviant chemistry in the formation to increase average grades. We also continued to advance the development of an enhanced maintenance program and improvements to the reverse osmosis system in the plant, and increased our focus on daily drumming to increase the volume of product packaged and shipped. We also progressed the development of the planned wastewater treatment facility at Lost Creek during 2026 Q2, including engineering design work and the procurement of the building shell and internal equipment components. ​ The pounds of U3O8 drummed during 2026 Q2 was the highest amount drummed during a calendar quarter since we made the decision in 2022 to ramp-up Lost Creek operations. Nevertheless, startup of the sand filtration system was delayed until July 2026, and production at Lost Creek during 2026 Q2 continued to be negatively affected by fine particles from the host formation that have reduced flow rates. ​ Shirley Basin ​ As previously disclosed, we brought HH 1-1 online and commenced initial operations to extract and capture U3O8 at Shirley Basin in April 2026. In late June 2026, we received final authorization (the “Authorization”) from the Wyoming Department of Environmental Quality, Uranium Recovery Program (“URP”) to begin full production operations at Shirley Basin, including the transportation of U3O8 captured in the Shirley Basin satellite plant to Lost Creek for drying, packaging, and delivery to the conversion facility for sale to customers. ​ With only limited operations, we captured 10,634 pounds of U3O8 at Shirley Basin during 2026 Q2, all from HH 1-1 in Shirley Basin’s first mine unit (“MU1”). ​ We have fourteen ion exchange (“IX”) columns at Shirley Basin, which include ten for production, two for restoration, and two for cleaning the waste stream before disposal. Although construction of major infrastructure at Shirley Basin was substantially complete at the end of 2026 Q1 as previously disclosed, construction activities continued during 2026 Q2 after commencement of initial operations, focused on structural steel, piping systems, electrical installation, and interior building work. During the quarter, we completed construction in the plant of the pipeline connections to the first four IX production columns and the infrastructure to transfer U3O8 from the Shirley Basin plant into trailers for trucking to Lost Creek for processing. We also completed the necessary modifications to the Lost Creek plant to accept and process these shipments. ​ In the wellfield, drilling and installation of wells and HHs continued during the quarter in MU1. Wellfield construction activity was focused on completing the installation of components and systems for HH 1-2 and progressing the installation of various components for HH 1-3 through HH 1-8. During the quarter, we continued to advance the drilling and installation of the 607 production and injection wells currently planned for HH 1-1 through HH 1-8. At June 30, 2026, approximately 97% of these wells were drilled, 93% were cased, and 84% were completed. We also made improvements 30 Table of Contents to well completions in HH 1-1 and HH 1-2 to improve flow rates. At June 30, 2026, we had nine drill rigs on site performing drilling, casing, and completion work at Shirley Basin. ​ Casper Construction Shop and Lab ​ Our Casper, Wyoming construction shop supplies HHs to both Lost Creek and Shirley Basin. All our HHs are fabricated and built in Casper, allowing for efficiency, cost savings, and greater safety due to minimized travel requirements. During 2026 Q2, our construction shop completed the fabrication of two HHs for Lost Creek and one HH for Shirley Basin and advanced components for two additional HHs for Lost Creek and two additional HHs for Shirley Basin. Including HHs already in operation, at June 30, 2026, the shop had completed the fabrication of nine of the 10 HHs planned for MU1 Phase 2 at Lost Creek and the first six HHs planned for Shirley Basin. ​ Our Casper chemistry lab continued to support mine unit analysis at both Lost Creek and Shirley Basin through uranium analysis, product quality testing, and water sampling analysis. The lab staff also support ongoing research and development programs. ​ Exploration Programs ​ Lost Soldier Project We renewed exploration activities in the Great Divide Basin (“GDB”), Wyoming in 2025 Q3, beginning with our Lost Solider Project. Located approximately 17 road miles northeast of Lost Creek, Lost Soldier has the potential to be developed as a satellite operation. Although the geology of the project is largely understood with the benefit of data from approximately 4,000 historical drill holes, additional hydrogeologic data gathering and characterization are underway to enable us to better plan for potential permitting and development of the site. ​ During 2026 Q2, we completed pump testing of two of the three aquifer test well clusters that we installed prior to the quarter and began work on baseline environmental studies in anticipation of possible permitting of the project. We also began preliminary work on a technical report for the project during the quarter. ​ North Hadsell and LC South In 2025 Q4, we began exploration drilling at our North Hadsell Project, also in the GDB north of Lost Creek. Through mid-March 2026, when seasonal sage grouse restrictions began, we had drilled 33 wide-spaced framework holes, each approximately 1,000 feet deep, for a total of 33,815 feet. Seven of these initial drill holes returned significant mineralization, indicating the presence of a stacked roll-front system containing 13 individual intercepts exceeding 0.20 GT (Grade (%eU3O8) times Thickness (ft)). These grades and thicknesses closely resemble the mineralization at Lost Creek, where the Company applies a 0.20 GT cut-off in evaluating economic mineral resources. Preliminary interpretation suggested the potential for up to eight individual roll fronts within a depth range of approximately 300 to 800 feet below surface, ideal for ISR mining, with indications of additional mineralized horizons at depth. ​ During 2026 Q2, we completed abandonment of all holes drilled during recent exploration activities at North Hadsell, which allows us to devote the three drill rigs that were at North Hadsell to our planned 120-drill hole exploration program at our LC South property. ​ Sales Agreements ​ During 2026 Q2, we sold 215,000 pounds of U3O8 at an average price of $66.85 per pound, generating revenue of $14.37 million. At June 30, 2026, our finished inventory at the third-party conversion facility totaled 348,292 pounds of U3O8. ​ We currently have sales agreements with ten global nuclear energy and uranium trading companies. After the deferral described below under “Looking Ahead,” our agreements call for base annual deliveries of 1.0 million pounds of U3O8 in 2026, including pounds that we delivered in the first half of 2026, and for base annual deliveries of 1.3 million pounds in 2027, 1.4 million pounds in 2028, 1.05 million pounds in 2029, 800 thousand pounds in 2030, 100 thousand pounds in 2032, and 100 thousand pounds in 2033, with additional deliveries at our election of up to 100,000 pounds in 2028, 2029, and 2030. Combined base deliveries from 2026 through 2033 total 5.75 million pounds of U3O8. ​ 31 Table of Contents Several of our sales agreements provide for a combination of escalated fixed price and market-related pricing, subject to a floor and ceiling, while others are escalated fixed pricing. Also, several of the agreements include provisions by which the purchaser may flex the delivery amount (up or down) as much as 10% in a delivery year, and others provide options to add sales quantities in additional delivery years. ​ ​ ​ 32 Table of Contents Results of Operations Reconciliation of Non-GAAP measures with US GAAP financial statement presentation The following tables include measures specific to U3O8 sales, product cost, product profit, pounds sold, price per pound sold, cost per pound sold, and product profit per pound sold. These measures do not have standardized meanings within US GAAP or a defined basis of calculation. These measures are used by management to assess business performance and determine production and pricing strategies. They may also be used by certain investors to evaluate performance. The following two tables provide a reconciliation of U3O8 price per pound sold and U3O8 cost per pound sold to the consolidated financial statements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U3O8 Price per Pound Sold Calculation ​ ​ ​ Unit ​ ​ ​ 2025 Q3 ​ ​ ​ 2025 Q4 ​ ​ ​ 2026 Q1 ​ ​ ​ 2026 Q2 ​ ​ ​ 2026 YTD ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales per financial statements ​ $000 ​ 6,323 ​ 10,449 ​ 3,931 ​ 14,373 ​ 18,304 Disposal fees ​ $000 ​ — ​ (21) ​ (27) ​ — ​ (27) U3O8 sales ​ $000 ​ 6,323 ​ 10,428 ​ 3,904 ​ 14,373 ​ 18,277 U3O8 pounds sold ​ lb ​ 110,000 ​ 165,000 ​ 55,000 ​ 215,000 ​ 270,000 U3O8 price per pound sold ​ $/lb ​ 57.48 ​ 63.20 ​ 70.98 ​ 66.85 ​ 67.69 ​ Sales per the financial statements includes U3O8 sales and disposal fees. Disposal fees received at Pathfinder’s Shirley Basin property do not relate to the sale of U3O8 and are excluded from the U3O8 sales and U3O8 price per pound sold measures. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U3O8 Cost per Pound Sold Calculation ​ Unit ​ ​ ​ 2025 Q3 ​ ​ ​ 2025 Q4 ​ ​ ​ 2026 Q1 ​ ​ ​ 2026 Q2 ​ ​ ​ 2026 YTD ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of sales per financial statements ​ $000 ​ 7,065 ​ 8,977 ​ 2,687 ​ 12,479 ​ 15,166 Lower of cost or NRV adjustment ​ $000 ​ — ​ (9) ​ — ​ (154) ​ (154) U3O8 product costs ​ $000 ​ 7,065 ​ 8,968 ​ 2,687 ​ 12,325 ​ 15,012 U3O8 pounds sold ​ lb ​ 110,000 ​ 165,000 ​ 55,000 ​ 215,000 ​ 270,000 U3O8 cost per pound sold ​ $/lb ​ 64.23 ​ 54.35 ​ 48.85 ​ 57.33 ​ 55.60 ​ Cost of sales per the financial statements includes U3O8 costs of sales and lower of cost or NRV adjustments. U3O8 cost of sales includes ad valorem and severance taxes related to the extraction of uranium, all costs of wellfield and plant operations, including the related depreciation and amortization of capitalized assets, asset retirement costs, and mineral property costs, plus product distribution costs. These costs are also used to value inventory. The resulting inventoried cost per pound is compared to the NRV of the product, which is based on the estimated sales price of the product, net of any necessary costs to finish the product. Any inventory value in excess of the NRV is charged to cost of sales in the financial statements. NRV adjustments, if any, relate to U3O8 inventories and do not relate to the sale of U3O8, and are excluded from the U3O8 product costs and U3O8 cost per pound sold measures. 33 Table of Contents U3O8 Product Sales The following table provides information on our U3O8 product sales: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U3O8 Product Sales ​ Unit ​ ​ ​ 2025 Q3 ​ ​ ​ 2025 Q4 ​ ​ ​ 2026 Q1 ​ ​ ​ 2026 Q2 ​ ​ ​ 2026 YTD ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U3O8 Product Sales ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Produced ​ $000 ​ — ​ 10,428 ​ 3,904 ​ 10,692 ​ 14,596 Non-produced ​ $000 ​ 6,323 ​ — ​ — ​ 3,681 ​ 3,681 ​ ​ $000 ​ 6,323 ​ 10,428 ​ 3,904 ​ 14,373 ​ 18,277 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U3O8 Pounds Sold ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Produced ​ lb ​ — ​ 165,000 ​ 55,000 ​ 165,000 ​ 220,000 Non-produced ​ lb ​ 110,000 ​ — ​ — ​ 50,000 ​ 50,000 ​ ​ lb ​ 110,000 ​ 165,000 ​ 55,000 ​ 215,000 ​ 270,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U3O8 Price per Pounds Sold ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Produced ​ $/lb ​ — ​ 63.20 ​ 70.98 ​ 64.80 ​ 66.35 Non-produced ​ $/lb ​ 57.48 ​ — ​ — ​ 73.62 ​ 73.62 ​ ​ $/lb ​ 57.48 ​ 63.20 ​ 70.98 ​ 66.85 ​ 67.69 ​ In 2025, we sold 440,000 pounds of U3O8 at an average price per pound sold of $61.77 for revenues of $27.2 million. The deliveries were made into base-escalated contracts negotiated in 2022 and 2023, when the long-term price was between $43 and $57 per pound. In 2026 Q2, we sold 215,000 pounds of U3O8 at an average price of $66.85 per pound for revenues of $14.4 million. In the six months ended June 30, 2026, we sold 270,000 pounds of U3O8 at an average price of $67.69 per pound for revenues of $18.3 million The deliveries were made under contracts negotiated in 2024 that included a combination of base-escalated and market-based pricing, which led to the higher price received in 2026 as compared to the 2025 pricing. In 2026, we expect to sell a total of 1,000,000 pounds of U3O8 at an average price per pound sold of approximately $64 for revenues of approximately $64 million. Of the 1,000,000 pounds, only 210,000 pounds were contracted in 2024 with a combination of base-escalated and market-based pricing. The remaining 790,000 pounds were negotiated as base-escalated contracts in 2022 and 2023 when the long-term price was between $43 and $57, which will lead to the lower average estimated price for the year ending December 31, 2026, as compared to the June 30, 2026 year-to-date average actual price. Deliveries for 2026 are committed to six customers with a substantial majority of deliveries occurring in the latter part of the year. In addition to the 55,000 pounds that we delivered in 2026 Q1 and the 215,000 pounds that we delivered in 2026 Q2, we expect to deliver 190,000 pounds in 2026 Q3 and 540,000 pounds in 2026 Q4, for a total of 1,000,000 pounds of U3O8 in 2026. The deliveries were scheduled in this fashion to complement the ramp-up and start-up schedules of Lost Creek and Shirley Basin. ​ 34 Table of Contents U3O8 Product Costs The following table provides information on our U3O8 product costs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U3O8 Product Costs ​ Unit ​ ​ ​ 2025 Q3 ​ ​ ​ 2025 Q4 ​ ​ ​ 2026 Q1 ​ ​ ​ 2026 Q2 ​ ​ ​ 2026 YTD ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U3O8 Product Costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ad valorem and severance taxes ​ $000 ​ — ​ 700 ​ 211 ​ 732 ​ 943 Cash costs ​ $000 ​ — ​ 6,386 ​ 1,852 ​ 5,901 ​ 7,753 Non-cash costs ​ $000 ​ — ​ 1,882 ​ 624 ​ 2,105 ​ 2,729 Produced ​ $000 ​ — ​ 8,968 ​ 2,687 ​ 8,738 ​ 11,425 Non-produced ​ $000 ​ 7,065 ​ — ​ — ​ 3,587 ​ 3,587 ​ ​ $000 ​ 7,065 ​ 8,968 ​ 2,687 ​ 12,325 ​ 15,012 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U3O8 Pounds Sold ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Produced ​ lb ​ — ​ 165,000 ​ 55,000 ​ 165,000 ​ 220,000 Non-produced ​ lb ​ 110,000 ​ — ​ — ​ 50,000 ​ 50,000 ​ ​ lb ​ 110,000 ​ 165,000 ​ 55,000 ​ 215,000 ​ 270,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U3O8 Cost per Pound Sold ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ad valorem and severance taxes ​ $/lb ​ — ​ 4.24 ​ 3.84 ​ 4.44 ​ 4.29 Cash costs ​ $/lb ​ — ​ 38.70 ​ 33.67 ​ 35.76 ​ 35.24 Non-cash costs ​ $/lb ​ — ​ 11.41 ​ 11.34 ​ 12.76 ​ 12.40 Produced ​ $/lb ​ — ​ 54.35 ​ 48.85 ​ 52.96 ​ 51.93 Non-produced ​ $/lb ​ 64.23 ​ — ​ — ​ 71.74 ​ 71.74 ​ ​ $/lb ​ 64.23 ​ 54.35 ​ 48.85 ​ 57.32 ​ 55.60 ​ In 2025, we delivered 330,000 produced pounds at an average cost per pound sold of $52.62. Production at Lost Creek increased during the year leading to lower average costs per produced pound. The cost per produced pound in ending inventory was $46.36 at December 31, 2025. In 2025, we delivered 110,000 non-produced pounds at an average cost per pound sold of $64.23. In 2026 Q2, we delivered 165,000 produced pounds at an average cost per pound sold of $52.96. In the six months ended June 30, 2026, we delivered 220,000 produced pounds at an average cost per pound sold of $51.93. The increased production rates in 2025 and the first six months of 2026 led to the lower average cost per pound sold in the six months ended June 30, 2026 as compared to 2025. In 2026, we expect to sell 1,000,000 pounds of U3O8 from a combination of produced and purchased pounds. Production at Lost Creek is expected to continue to increase in 2026 and we expect to initiate production at Shirley Basin in summer 2026. As production increases, we expect further decreases in the cost per pound produced at Lost Creek, although initial production at Shirley Basin will likely have higher costs until production rates increase. ​ 35 Table of Contents U3O8 Product Profit (Loss) The following table provides information on our U3O8 product profit and loss: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U3O8 Product Profit (Loss) ​ Unit ​ ​ ​ 2025 Q3 ​ ​ ​ 2025 Q4 ​ ​ ​ 2026 Q1 ​ ​ ​ 2026 Q2 ​ ​ ​ 2026 YTD ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U3O8 Product Sales ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Produced ​ $000 ​ — ​ 10,428 ​ 3,904 ​ 10,692 ​ 14,596 Non-produced ​ $000 ​ 6,323 ​ — ​ — ​ 3,681 ​ 3,681 ​ ​ $000 ​ 6,323 ​ 10,428 ​ 3,904 ​ 14,373 ​ 18,277 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U3O8 Product Costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Produced ​ $000 ​ — ​ 8,968 ​ 2,687 ​ 8,738 ​ 11,425 Non-produced ​ $000 ​ 7,065 ​ — ​ — ​ 3,587 ​ 3,587 ​ ​ $000 ​ 7,065 ​ 8,968 ​ 2,687 ​ 12,325 ​ 15,012 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U3O8 Product Profit (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Produced ​ $000 ​ — ​ 1,460 ​ 1,217 ​ 1,955 ​ 3,172 Non-produced ​ $000 ​ (742) ​ — ​ — ​ 94 ​ 94 ​ ​ $000 ​ (742) ​ 1,460 ​ 1,217 ​ 2,049 ​ 3,266 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U3O8 Pounds Sold ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Produced ​ lb ​ — ​ 165,000 ​ 55,000 ​ 165,000 ​ 220,000 Non-produced ​ lb ​ 110,000 ​ — ​ — ​ 50,000 ​ 50,000 ​ ​ lb ​ 110,000 ​ 165,000 ​ 55,000 ​ 215,000 ​ 270,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U3O8 Price per Pound Sold ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Produced ​ $/lb ​ — ​ 63.20 ​ 70.98 ​ 64.80 ​ 66.35 Non-produced ​ $/lb ​ 57.48 ​ — ​ — ​ 73.62 ​ 73.62 ​ ​ $/lb ​ 57.48 ​ 63.20 ​ 70.98 ​ 66.85 ​ 67.69 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U3O8 Cost per Pound Sold ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ad valorem and severance taxes ​ $/lb ​ — ​ 4.24 ​ 3.84 ​ 4.44 ​ 4.29 Cash costs ​ $/lb ​ — ​ 38.70 ​ 33.67 ​ 35.76 ​ 35.24 Non-cash costs ​ $/lb ​ — ​ 11.41 ​ 11.34 ​ 12.76 ​ 12.40 Produced ​ $/lb ​ — ​ 54.35 ​ 48.85 ​ 52.96 ​ 51.93 Non-produced ​ $/lb ​ 64.23 ​ — ​ — ​ 71.74 ​ 71.74 ​ ​ $/lb ​ 64.23 ​ 54.35 ​ 48.85 ​ 57.32 ​ 55.60 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U3O8 Profit (Loss) per Pound Sold ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash costs ​ $/lb ​ — ​ 24.50 ​ 37.31 ​ 29.04 ​ 31.11 Less ad valorem and severance taxes ​ $/lb ​ — ​ (4.24) ​ (3.84) ​ (4.44) ​ (4.29) Less non-cash costs ​ $/lb ​ — ​ (11.41) ​ (11.34) ​ (12.76) ​ (12.40) Produced ​ $/lb ​ — ​ 8.85 ​ 22.13 ​ 11.84 ​ 14.42 Non-produced ​ $/lb ​ (6.75) ​ — ​ — ​ 1.88 ​ 1.88 ​ ​ $/lb ​ (6.75) ​ 8.85 ​ 22.13 ​ 9.53 ​ 12.09 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U3O8 Profit (Loss) Margin ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash costs ​ % ​ — ​ 38.8 ​ 52.6 ​ 44.8 ​ 46.9 Less ad valorem and severance taxes ​ % ​ — ​ (6.7) ​ (5.4) ​ (6.9) ​ (6.5) Less non-cash costs ​ % ​ — ​ (18.1) ​ (16.0) ​ (19.6) ​ (18.7) Produced ​ % ​ — ​ 14.0 ​ 31.2 ​ 18.3 ​ 21.7 Non-produced ​ % ​ (11.7) ​ — ​ — ​ 2.6 ​ 2.6 ​ ​ % ​ (11.7) ​ 14.0 ​ 31.2 ​ 14.3 ​ 17.9 36 Table of Contents In 2025, the average price per pound sold was $61.77 and the average cost per pound sold was $55.52, which resulted in an average profit per pound sold of $6.25 and an average profit margin of about 10%. The non-produced pounds sold in 2025 resulted in a loss per pound sold of $6.75 due to the higher average cost per purchased pound sold, which was $64.23. The average cost per produced pound sold was $52.62, which resulted in an average gain per produced pound sold of $10.58 and an average profit margin per pound sold of about 17%. In 2026 Q2, we sold 165,000 produced pounds at an average price per pound sold of $64.80 and an average cost per pound sold of $52.95, which resulted in an average profit per pound sold of $11.85 and an average profit margin per pound sold of about 18%. In the six months ended June 30, 2026, we sold 220,000 produced pounds at an average price per pound sold of $66.35 and an average cost per pound sold of $51.93, which resulted in an average profit per pound sold of $14.42 and an average profit margin per pound sold of about 22%. On a cash cost basis, the average profit per pound sold was $31.11 and the profit margin per pound sold was about 47%. The improvement in average profit per pound sold and profit margin per pound sold in the first six months of 2026 as compared to 2025 was due to the higher sales price received in combination with a lower cost per pound sold. In 2026, profit margins from Lost Creek should be better than in 2025 with a slightly higher average sales price and lower average production cost per pound sold. As Shirley Basin comes online, the initial cost per pound produced will likely be higher until production rates increase over time, which will result in lower initial profit margins. ​ 37 Table of Contents U3O8 Production and Ending Inventory The following tables provide information on our production and ending inventory of U3O8 pounds: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U3O8 Production ​ Unit ​ ​ ​ 2025 Q3 ​ ​ ​ 2025 Q4 ​ ​ ​ 2026 Q1 ​ ​ ​ 2026 Q2 ​ ​ ​ 2026 YTD ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pounds captured ​ lb ​ 89,267 ​ 78,177 ​ 110,314 ​ 105,016 ​ 215,330 Pounds drummed in ​ lb ​ 93,523 ​ 121,818 ​ 95,599 ​ 140,873 ​ 236,472 Pounds shipped ​ lb ​ 70,190 ​ 138,337 ​ 103,956 ​ 149,747 ​ 253,703 Non-produced pounds acquired ​ lb ​ — ​ 100,000 ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U3O8 Ending Inventory ​ Unit ​ ​ ​ 2025 Q3 ​ ​ ​ 2025 Q4 ​ ​ ​ 2026 Q1 ​ ​ ​ 2026 Q2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pounds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ In-process inventory ​ lb ​ 29,362 ​ 17,203 ​ 26,794 ​ 12,430 ​ ​ Plant inventory ​ lb ​ 40,817 ​ 24,295 ​ 15,939 ​ 7,066 ​ ​ Conversion inventory - produced ​ lb ​ 138,150 ​ 124,591 ​ 177,231 ​ 158,292 ​ ​ Conversion inventory - non-produced ​ lb ​ 140,000 ​ 240,000 ​ 240,000 ​ 190,000 ​ ​ ​ ​ lb ​ 348,329 ​ 406,089 ​ 459,964 ​ 367,788 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ In-process inventory ​ $000 ​ 630 ​ 201 ​ 681 ​ 43 ​ ​ Plant inventory ​ $000 ​ 2,267 ​ 1,097 ​ 995 ​ 373 ​ ​ Conversion inventory - produced ​ $000 ​ 7,290 ​ 5,776 ​ 9,133 ​ 8,707 ​ ​ Conversion inventory - non-produced ​ $000 ​ 8,992 ​ 17,217 ​ 17,217 ​ 13,484 ​ ​ ​ ​ $000 ​ 19,179 ​ 24,291 ​ 28,026 ​ 22,607 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost per Pound ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ In-process inventory ​ $/lb ​ 21.46 ​ 11.68 ​ 25.42 ​ 3.46 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plant inventory ​ $/lb ​ 55.54 ​ 45.15 ​ 62.43 ​ 52.79 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Conversion inventory: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ad valorem and severance tax ​ $/lb ​ 3.29 ​ 3.89 ​ 3.95 ​ 4.79 ​ ​ Cash cost ​ $/lb ​ 39.71 ​ 31.89 ​ 35.52 ​ 35.69 ​ ​ Non-cash cost ​ $/lb ​ 9.77 ​ 10.58 ​ 12.06 ​ 14.53 ​ ​ Conversion inventory - produced ​ $/lb ​ 52.77 ​ 46.36 ​ 51.53 ​ 55.01 ​ ​ Conversion inventory - non-produced ​ $/lb ​ 64.23 ​ 71.74 ​ 71.74 ​ 70.97 ​ ​ ​ ​ $/lb ​ 58.54 ​ 63.07 ​ 63.15 ​ 63.71 ​ ​ ​ In 2025, we captured 370,893 pounds, drummed 410,440 pounds, and shipped 420,144 pounds. In 2026 Q2, we captured 105,016 pounds, and in the six months ended June 30, 2026, we captured 215,330 pounds or about 58% of the total captured in 2025. Pounds captured in 2026 Q2 included 10,633 pounds from Shirley Basin as operations were initiated during the quarter. Flow rates at Lost Creek were intentionally lowered in late 2025 to allow the plant to make processing modifications and perform additional equipment repairs. The work related to plant systems was mostly completed in 2025 Q4, which allowed us to maintain better average flow rates in the first six months of 2026. Fine particles from the host formation carried in solution inhibited our ability to further increase flow rates into the plant during the first six months of 2026. To address this issue, in 2026 Q2 we installed a sand filtration system to further optimize production and processing by selectively removing fine particles before they enter the plant. Although testing and other commissioning work of the sand filtration system extended past 2026 Q2, operation of the system commenced in July 2026, which should allow us to further increase flow rates during the last six months of 2026. Pounds drummed and shipped in 2026 Q2 increased to 140,873 and 149,747, respectively, and were comprised solely of Lost Creek pounds. We received positive assay adjustments totaling 7,745 pounds during 2026 Q2, bringing the year-to- 38 Table of Contents date total to 11,429 pounds, indicating we previously drummed and shipped more pounds than estimated. The positive assay adjustments are included in pounds at Lost Creek drummed and shipped during the quarter. We expect pounds drummed and shipped to increase in 2026 Q3 as expected flow rates increase with the Lost Creek sand filtration system online and as Shirley Basin is expected to start shipments and begin to ramp up operations. Conversion facility inventories decreased during the current quarter to 348,292 pounds at June 30, 2026. The decrease was due to selling more pounds than were shipped to the conversion facility during the quarter. The ending produced inventory cost per pound increased from $51.53 to $55.01 during the quarter, reflecting higher average production costs per pound shipped to the facility in combination with the sale of lower cost pounds earlier in the quarter. ​ ​ ​ 39 Table of Contents Three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025 The following table summarizes the results of operations for the three and six months ended June 30, 2026 and 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Results of Operations ​ Three Months Ended ​ Six Months Ended (expressed in thousands of U.S. dollars, ​ June 30, ​ June 30, except per share and non-GAAP per pound data) ​ 2026 ​ 2025 ​ Change ​ 2026 ​ 2025 ​ Change ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales ​ 14,373 ​ 10,435 ​ 3,938 ​ 18,304 ​ 10,435 ​ 7,869 Cost of sales ​ (12,479) ​ (8,495) ​ (3,984) ​ (15,166) ​ (11,093) ​ (4,073) Gross profit (loss) ​ 1,894 ​ 1,940 ​ (46) ​ 3,138 ​ (658) ​ 3,796 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating costs ​ (20,330) ​ (17,703) ​ (2,627) ​ (41,907) ​ (30,940) ​ (10,967) Operating profit (loss) ​ (18,436) ​ (15,763) ​ (2,673) ​ (38,769) ​ (31,598) ​ (7,171) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ 1,029 ​ 701 ​ 328 ​ 1,794 ​ 1,568 ​ 226 Interest expense ​ (2,760) ​ (290) ​ (2,470) ​ (5,706) ​ (556) ​ (5,150) Mark to market gain (loss) ​ 4,797 ​ (5,622) ​ 10,419 ​ (1,566) ​ (1,312) ​ (254) Foreign exchange gain (loss) ​ (1,357) ​ (24) ​ (1,333) ​ (1,996) ​ (24) ​ (1,972) Other income (loss) ​ 35 ​ 42 ​ (7) ​ 776 ​ 68 ​ 708 Net income (loss) ​ (16,692) ​ (20,956) ​ 4,264 ​ (45,467) ​ (31,854) ​ (13,613) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency translation adjustment ​ 1,439 ​ 73 ​ 1,366 ​ 2,353 ​ 45 ​ 2,308 Comprehensive income (loss) ​ (15,253) ​ (20,883) ​ 5,630 ​ (43,114) ​ (31,809) ​ (11,305) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings (loss) per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ (0.04) ​ (0.06) ​ 0.02 ​ (0.12) ​ (0.09) ​ (0.03) Diluted ​ (0.04) ​ (0.06) ​ 0.02 ​ (0.12) ​ (0.09) ​ (0.03) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U3O8 pounds sold ​ 215,000 ​ 165,000 ​ 50,000 ​ 270,000 ​ 165,000 ​ 105,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U3O8 price per pound sold ​ 66.85 ​ 63.20 ​ 3.65 ​ 67.69 ​ 63.20 ​ 4.49 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U3O8 cost per pound sold ​ 57.32 ​ 50.89 ​ 6.43 ​ 55.60 ​ 50.89 ​ 4.71 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U3O8 profit (loss) per pound sold ​ 9.53 ​ 12.31 ​ (2.78) ​ 12.09 ​ 12.31 ​ (0.22) ​ Sales Sales per the financial statements include U3O8 sales and disposal fees as shown in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended Sales ​ June 30, ​ June 30, (expressed in thousands of U.S. dollars) ​ 2026 ​ 2025 ​ Change ​ 2026 ​ 2025 ​ Change ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U3O8 product sales ​ 14,373 ​ 10,428 ​ 3,945 ​ 18,277 ​ 10,428 ​ 7,849 Disposal fees ​ — ​ 7 ​ (7) ​ 27 ​ 7 ​ 20 ​ ​ 14,373 ​ 10,435 ​ 3,938 ​ 18,304 ​ 10,435 ​ 7,869 ​ Due to the nature of our contracts, we have a limited number of deliveries, which do not occur consistently during the year. Sales revenues are recognized when the product is transferred to the purchaser. 40 Table of Contents We sold 215,000 pounds at an average price of $66.85 for $14.4 million in 2026 Q2 and sold 165,000 pounds at $63.20 in 2025 Q2 for $10.4 million. We sold 270,000 pounds at an average price of $67.69 for $18.3 million in the six months ended June 30, 2026 and sold 165,000 pounds at $63.20 for $10.4 million in the same period in 2025. The increase in pounds and price was driven by the terms of the underlying sales contracts. We also had two transactions totaling $27 thousand in disposal fee revenue in the six months ended June 30, 2026, and $7 thousand in disposal fee revenues in the same period in 2025. Our disposal income is dependent on the operating and reclamation programs of other companies and varies based on their level of activity. Cost of Sales Cost of sales per the financial statements includes U3O8 product costs and lower of cost or NRV adjustments as shown in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended Cost of Sales ​ June 30, ​ June 30, (expressed in thousands of U.S. dollars) ​ 2026 ​ 2025 ​ Change ​ 2026 ​ 2025 ​ Change ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U3O8 product costs ​ 12,325 ​ 8,397 ​ 3,928 ​ 15,012 ​ 8,397 ​ 6,615 Lower of cost or NRV adjustments ​ 154 ​ 98 ​ 56 ​ 154 ​ 2,696 ​ (2,542) ​ ​ 12,479 ​ 8,495 ​ 3,984 ​ 15,166 ​ 11,093 ​ 4,073 ​ For the three months ended June 30, 2026, we sold 165,000 pounds from inventory produced at Lost Creek and 50,000 pounds from non-produced inventory. For the six months ended June 30, 2026, we sold 220,000 pounds from inventory produced at Lost Creek and 50,000 pounds from non-produced inventory. U3O8 product costs included in cost of sales were greater in the three and six months ended June 30, 2026, compared to 2025 because of the increase in pounds sold, higher labor costs, and the use of purchased pounds to fill an order in 2026. The purchased pounds have a higher cost than our produced pounds. The $0.2 million in NRV adjustments for the six months ended June 30, 2026, primarily related to expected future sales of non-produced inventory at a sales price below carrying cost, while NRV adjustments for the six months ended June 30, 2025, predominantly related to a decline in the market price of U3O8, which reduced the value of the non-produced inventory that had been acquired in 2024 and 2025. Gross Profit (Loss) For the three months ended June 30, 2026, the $1.9 million gross profit was consistent with the same period in 2025. For the six months ended June 30, 2026, gross profit increased to $3.1 million from a loss of $0.7 million in the comparable 2025 period. The primary reason for the increase was higher 2026 sales volumes that resulted in a lower cost per pound sold, partially offset by higher labor and depreciation. 41 Table of Contents Operating Costs The following table summarizes operating costs for the three and six months ended June 30, 2026 and 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended Operating Costs ​ June 30, ​ June 30, (expressed in thousands of U.S. dollars) ​ 2026 ​ 2025 ​ Change ​ 2026 ​ 2025 ​ Change ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exploration and evaluation ​ 1,191 ​ 1,161 ​ 30 ​ 3,470 ​ 2,205 ​ 1,265 Development ​ 15,940 ​ 14,062 ​ 1,878 ​ 30,886 ​ 23,805 ​ 7,081 General and administration ​ 2,711 ​ 2,199 ​ 512 ​ 6,634 ​ 4,372 ​ 2,262 Accretion of asset retirement obligations ​ 488 ​ 281 ​ 207 ​ 917 ​ 558 ​ 359 ​ ​ 20,330 ​ 17,703 ​ 2,627 ​ 41,907 ​ 30,940 ​ 10,967 ​ Total operating costs increased $2.6 million and $11.0 million in the three and six months ended June 30, 2026, as compared to 2025, respectively. The primary reasons were increased development activities, including higher labor costs due to increased employee levels and increased development activities associated with pre-operational and wellfield development costs at Shirley Basin, and an increase in general and administration expense. Exploration and evaluation expense consists of labor and the associated costs of the exploration, evaluation, and regulatory departments, as well as land holding and exploration costs on properties that have not reached the development or operations stage. For the six months ended June 30, 2026, these costs increased $1.3 million over the same period in 2025. Labor costs accounted for $0.7 million of the increase, due to increases in staffing levels and increased exploration and evaluation activity, including exploration drilling on properties other than Lost Creek and Shirley Basin. Development expense, a component of operating costs, increased $1.9 million and $7.1 million in the three and six months ended June 30, 2026, as compared to 2025, respectively. The following table summarizes the development costs included in operating costs for the three and six months ended June 30, 2026, and 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Six Months Ended Development Costs ​ June 30, ​ ​ June 30, (expressed in thousands of U.S. dollars) ​ 2026 ​ 2025 ​ Change ​ ​ 2026 ​ 2025 ​ Change ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lost Creek mine unit development ​ 7,978 ​ 10,440 ​ (2,462) ​ ​ 15,096 ​ 19,557 ​ (4,461) Lost Creek disposal well development ​ 29 ​ 38 ​ (9) ​ ​ 39 ​ 40 ​ (1) Shirley Basin mine unit development ​ 7,865 ​ 3,518 ​ 4,347 ​ ​ 15,680 ​ 4,141 ​ 11,539 Other development ​ 68 ​ 66 ​ 2 ​ ​ 71 ​ 67 ​ 4 ​ ​ 15,940 ​ 14,062 ​ 1,878 ​ ​ 30,886 ​ 23,805 ​ 7,081 ​ The Company is considered an exploration stage issuer and expenses its pre-production development costs. These development costs are incurred in advance of production from the related mining areas. Development expense includes costs incurred at Lost Creek not directly attributable to current production activities, including wellfield construction, drilling, and development costs. It also includes costs incurred at Shirley Basin not directly attributable to the construction of the capitalizable assets of the project, including the installation of the first mine unit, which is in progress. Production stage issuers, as defined by the SEC, having established proven and probable reserves, typically capitalize expenditures relating to ongoing development activities with corresponding depletion calculated over proven and probable reserves using the units-of-production method. Depletion is then allocated to inventory, and as the inventory is sold, to cost of sales. We are an exploration stage issuer, which has resulted in the Company reporting larger losses than if it was a production stage issuer due to the expensing, instead of capitalization, of expenditures relating to ongoing mine development activities. Correspondingly, there will be no depletion allocated to future periods of the Company since those costs were expensed previously, resulting in both lower inventory costs and cost of sales, and results of operations with higher gross profit and lower gross loss than if we would have been in the production stage. As a result, our consolidated financial statements may not be directly comparable to the financial statements of production stage issuers. 42 Table of Contents As noted, development expenses increased approximately $1.9 million and $7.1 million during the three and six months ended June 30, 2026, compared to 2025, respectively. Development activities at Shirley Basin accounted for the majority of the increase, which was partially offset by a decrease in development costs at Lost Creek. The Company reached full staffing levels for the development and operations at Shirley Basin and has substantially completed initial plant construction and commenced capturing U3O8, but because Shirley Basin has not commenced commercial production operations, all wellfield, plant, and site administration costs are treated as development costs. Drilling costs, supplies, and related services as well as repairs, fuel, and overhead, such as insurance and bonding costs, related to these heightened efforts are being expensed to development costs. General and administration expenses relate to administration, finance, investor relations, land, and legal functions, and consist principally of personnel, facility, and support costs. For the three and six months ended June 30, 2026, these expenses increased $0.5 million and $2.3 million, compared to their respective 2025 periods. The increase was primarily driven by labor, which increased $0.4 million and $1.4 million, respectively, due to continued increases in executive staff, as well as higher 2026 Q1 bonus costs due to higher employee headcount and increased stock-based compensation. Other Income and Expenses Interest income was $0.3 million and $0.2 million higher for the three and six months ended June 30, 2026, as compared to the same periods in 2025, respectively. The increases were primarily driven by higher invested cash balances in 2026 relative to 2025, due to the net proceeds received in connection with our 4.75% Convertible Senior Notes due 2031 (the “Convertible Notes”) issued in December 2025. Interest expense significantly increased in 2026, due to the sale of our Convertible Notes in December 2025. The coupon interest expense and the related amortization of debt discounts, including debt issuance costs, for the Convertible Notes in 2026 were not present during the comparable 2025 periods. The mark to market adjustments in the three and six months periods ended June 30, 2026, include changes in the values of the capped call and conversion option derivative instruments associated with the Convertible Notes, and changes in the market value of marketable securities that we received in connection with the sale of drilling data in 2026 Q1, as described below. They also include mark to market adjustments to the warrant liability during 2026 Q1, prior to their exercise and expiration, as well as the inventory derivative obligation. The comparable 2025 periods’ mark to market losses include adjustments to the warrant liability and the inventory derivative obligation. Other income includes the sale of certain drilling data in January 2026 for $0.1 million of cash and marketable securities valued at $0.6 million. Earnings (loss) per Common Share The basic and diluted losses per common share for the three and six months ended June 30, 2026, were $0.04 per share and $0.12 per share, respectively. The basic and diluted losses per common share for the same periods in 2025 were $0.06 per share and $0.09 per share, respectively. The diluted losses per common share are equal to the basic losses per common share due to the anti-dilutive effect of outstanding stock awards and convertible securities in periods of loss. Liquidity and Capital Resources As shown in the Interim Consolidated Statements of Cash Flows, our cash, cash equivalents, and restricted cash and cash equivalents decreased from the December 31, 2025 balance of $135.3 million to $108.2 million as of June 30, 2026. During the six months ended June 30, 2026, we used $28.5 million for operating activities and $27.3 million for investing activities, and raised $28.6 million through financing activities. Operating activities used $28.5 million in the six months ended June 30, 2026. We collected $18.3 million from sales and received $1.8 million of interest income. We spent $0.8 million on interest expense, $10.0 million on production costs, and $37.4 million on operating costs. We had $0.5 million in unfavorable working capital movements, primarily related to increases in prepaid expenses and other current assets. Investing activities used $27.3 million during the six months ended June 30, 2026. We spent $22.8 million on construction and $0.9 million on rolling stock at Shirley Basin, $3.0 million on construction, primarily related to the sand filtration 43 Table of Contents system, and $0.4 million for rolling stock at Lost Creek and $0.3 million on other, and received $0.1 million from the sale of drilling data. Financing activities generated $28.6 million in the six months ended June 30, 2026. We received $28.7 million from the exercise of 38.3 million warrants for 19.1 million shares at $1.50 per share and $0.5 million from the exercise of stock options. This was partially offset by $0.3 million of debt issuance costs related to the Convertible Notes financing and $0.3 million for principal payments on finance leases. Universal Shelf Registration and At Market Facility We are a party to an At Market Issuance Sales Agreement, as amended (the “Sales Agreement”), with B. Riley Securities, Inc. and Cantor Fitzgerald & Co. (the “Agents”). Under the Sales Agreement, we may from time to time issue and sell our common shares at market prices on the NYSE American or other U.S. market. We have filed with the SEC a universal shelf registration statement, declared effective on April 16, 2026, under which we may sell up to $50 million of our common shares from time to time through or to the Agents, in addition to amounts previously sold under the Sales Agreement. For the three and six months ended June 30, 2026, we have not utilized the Sales Agreement. Liquidity Outlook As of June 30, 2026, our unrestricted cash position was $95.3 million. As of July 31, 2026, our unrestricted cash position was $77.3 million. The substantial majority of our 2026 deliveries are scheduled for the latter part of the year consistent with the ramp-up schedules of Lost Creek and Shirley Basin. As discussed above, our total sales in 2026 are projected to be 1,000,000 pounds of U3O8 at an average price of $64 per pound for expected revenues of $64 million. We also expect to return 250,000 pounds to a lender in 2026 Q4 to satisfy our uranium inventory loan. The deliveries and loan repayment are expected to be made from existing conversion facility inventory and production from Lost Creek and Shirley Basin. We are closely monitoring production from both projects and may seek to alter delivery or repayment schedules, borrow additional uranium, or purchase uranium, if necessary. We have revised our 2026 capital expenditure estimate for Shirley Basin to approximately $30.5 million and elected to defer $5.3 million related to the wastewater treatment facility to 2027. The combined 2026 and 2027 capital expenditure estimate of $35.8 million is up from the previously projected estimate of $25.5 million (which included $10.1 million in weather-delayed carryover from 2025). During the six months ended June 30, 2026, we spent $21.9 million. The $5.0 million increase in 2026 is driven primarily by initial engineering plan revisions, which led to contractor overtime and expedited labor fees and material cost inflation from procurement delays. Additional cost drivers included higher winter construction expenses and the need to import off-site material for evaporation pond clay liners instead of mining on-site. The $5.3 million increase for 2027 relates to the deferral of the remaining water treatment facility construction costs. The water treatment facility will be required for future restoration activities and is not essential for current production operations. As discussed above, we installed a sand filtration system at Lost Creek in 2026 Q2 while a planned wastewater treatment facility is under construction. The estimated cost of the facility is between $25 million and $33 million. We anticipate that the planned capital projects at Shirley Basin and Lost Creek will be funded by cash on hand and expected operating cash flow. We have no immediate plans to issue additional securities or obtain additional financing other than that which may be required due to the uneven nature of cash flows generated from operations or used for construction-related activities. 44 Table of Contents Looking Ahead Lost Creek At Lost Creek, we believe the rate of U3O8 pounds drummed will continue to increase over time as we install additional infrastructure, continue optimization of operations and implementation of process improvements, and our workforce gains more experience, recognizing that production rates are expected to vary from quarter to quarter as we continue to add HHs in MU1 Phase 2 and move into additional mine units. ​ As described above, we installed a sand filtration system in 2026 Q2 and expect this system will reduce the impact of fine particles from the host formation and assist with increasing flow rates until the planned completion of the wastewater treatment facility. Although testing and other commissioning of the system extended past the end of the quarter, operation of the system commenced in July 2026. ​ In early July 2026, we broke ground and began grading the site for the wastewater treatment facility. Additional grading work and forming for building concrete continued through July and into August, when the initial concrete pads are expected to be poured. We expect to complete construction of the facility by the end of 2027 Q1. ​ We will continue optimization of the lixiviant chemistry to increase average grades. We will also continue our focus on daily drumming, and plan to complete our initiatives to implement an enhanced maintenance program and improvements to the reverse osmosis system by year-end 2026. ​ During the remainder of 2026, we plan to continue wellfield construction and installation in MU1 Phase 2 at a pace similar to 2026 Q2 until all 10 HHs planned for MU1 Phase 2 are in production. As described above, drilling in MU1 Phase 2 is very advanced, and we brought an additional HH in MU1 Phase 2 online in July 2026. Subject to regulatory approval by the Wyoming Department of Environmental Quality (“WDEQ”), we expect to commence wellfield construction and installation in MU5 by the end of the year 2026, where we plan to install 15 HHs from late 2026 through 2028. In July 2026, we began hydrologic testing, archeological studies, and the compilation of other data for the MU5 regulatory approval package, which we plan to submit in 2026 Q3. ​ Since the end of 2026 Q2, we have also actively continued to drill delineation holes in MU4 to better define the resources. ​ Shirley Basin After commencing initial operations and receiving the Authorization for full production operations at Shirley Basin in 2026 Q2, we continue to expect our first shipments of production from Shirley Basin, our second ISER uranium mining facility, this summer. After receipt of the Authorization, we promptly prepared the first four IX production columns and pressure tested the piping systems to allow us to commence full operations. By the end of July 2026, six production columns were ready for operation, and all infrastructure and processes were in place at Shirley Basin to commence shipments of U3O8 to Lost Creek, other than the requisite shipping trailers, which we anticipate will be on site and ready for shipments this summer. We also expect to have all ten production columns in operation by the end of 2026 Q3. Various plant construction activities that are not essential for production are expected to continue through 2026 following the commencement of U3O8 shipments to Lost Creek, including completion of interior offices. We also plan to install wastewater treatment equipment in 2027, after completing the wastewater treatment facility under construction at Lost Creek, with the engineering design based substantially on the design of the Lost Creek wastewater treatment facility. ​ Exploration Programs Although Lost Creek and Shirley Basin remain the Company’s priorities, we plan to continue our exploration programs to enhance our ability to leverage existing infrastructure and expand our uranium resource base. ​ At our Lost Soldier project, we expect to complete initial aquifer testing and commence baseline environmental studies in 2026 Q3 and plan to complete a new technical report of estimated mineral resources by the end of 2026. With abandonment of prior exploration holes that were drilled at our North Hadsell project complete at the end of 2026 Q2, we plan to 45 Table of Contents commence an approximately 120-drill hole exploration program at our LC South property in 2026 Q3, with three drill rigs planned for the program. ​ Sales Contracts Including the 270,000 pounds that we delivered in the first half of 2026, we expect to make base deliveries under sales contracts of 1,000,000 pounds of U3O8 in 2026, which is 300,000 pounds less than our previous guidance. In July 2026, we entered into transactions to defer delivery of 150,000 pounds to 2027 and 150,000 pounds to 2029. Although we had sufficient pounds of U3O8 in inventory at the conversion facility to make the delivery as scheduled, we deferred delivery of the 300,000 pounds to increase our ability to satisfy subsequent delivery commitments in the second half of 2026 from our existing inventory and new production. ​ Transactions with Related Parties There were no reportable transactions with related parties during the quarter. Critical Accounting Estimates There have been no significant changes to the critical accounting estimates disclosed in our Annual Report. Off Balance Sheet Arrangements We have not entered into any material off balance sheet arrangements such as guaranteed contracts, contingent interests in assets transferred to unconsolidated entities, derivative instrument obligations, or with respect to any obligations under a variable interest entity arrangement. Outstanding Share Data As of July 31, 2026, we had outstanding 397,863,720 common shares and 8,274,087 options to acquire common shares.