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Ur-Energy is considering more drilling, acquisitions and processing uranium for other companies as it seeks to use spare capacity after restarting its Shirley Basin mine in Wyoming. CEO Matthew Gili told The Northern Miner the company’s two operations have combined licensed capacity of 4.2 million pounds of uranium oxide annually, while about 2.2 million pounds of capacity is already built. The timing and scale of any expansion remain undecided.
Ur-Energy is weighing additional drilling, acquisitions and processing uranium for other producers as it looks to expand its Wyoming business after restarting the Shirley Basin mine, CEO Matthew Gili told The Northern Miner in an October interview. The company says its two Wyoming operations have combined licensed processing capacity of 4.2 million pounds of uranium oxide a year, though the timing and source of any added production have not been settled.
Initial uranium recovery at Shirley Basin began in April, the first mining there since 1992. The operation sent its first shipment of uranium-loaded resin to Ur-Energy’s Lost Creek processing plant in August. The company uses a “hub and spoke” arrangement, transporting material from Shirley Basin to Lost Creek rather than duplicating processing equipment at both sites.
Gili said the roughly 2 million pounds of additional annual capacity could be filled with Ur-Energy’s own production, material processed for other miners, organic growth or acquisitions. The company has about 2.2 million pounds of capacity already built, against the two operations’ combined licensed capacity of 4.2 million pounds of uranium oxide annually.
Ur-Energy announced a 120-hole drilling program at Lost Creek South on Oct. 29. Gili said the broader land package covers about 142 square kilometres and is only about 10% explored. He also pointed to Lost Soldier, north of Lost Creek, as a possible next development. A technical report expected by year-end is intended to help the company decide whether to proceed with construction.
Spare Capacity Is the Expansion Prize
Ur-Energy’s strategy puts existing processing infrastructure at the centre of its growth plans. If the company can increase its own supply or secure third-party material, it could raise throughput without building a separate processing plant for Shirley Basin. That could matter to the economics and pace of a restart in a sector where new production depends on both mine development and available processing capacity.
However, the licensed figure is not the same as actual output. The company has built about 2.2 million pounds of annual capacity, while the full 4.2 million-pound figure includes capacity to process material from other producers. Red Cloud Securities analyst David Talbot told The Northern Miner that neighbouring projects in the Shirley Basin district are not producing, limiting immediate prospects for toll-processing their uranium.
The expansion plans also sit within a broader effort to rebuild U.S. uranium production. The Energy Information Administration reported that U.S. producers turned out about 2.1 million pounds in 2025, far below the national peak of 43.7 million pounds in 1980. Those figures describe national production, not Ur-Energy’s output, and do not establish how quickly the company can grow.
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Two Mines, One Processing Hub
Ur-Energy restarted Lost Creek in 2023, before beginning recovery at Shirley Basin in April. Shirley Basin is about 250 kilometres northwest of Cheyenne; Lost Creek is roughly 140 kilometres away. The company acquired former Shirley Basin owner Pathfinder Mines in 2013. Shirley Basin helped pioneer in-situ recovery in the 1960s, a method that circulates a solution through wells to dissolve uranium underground and bring it to the surface for recovery.
Company disclosures give Shirley Basin 9.1 million pounds of measured and indicated uranium oxide resources, at an average grade of 0.23%. A March 2024 preliminary economic assessment projected annual output of about 1 million pounds over nine years. Lost Creek is expected to produce about 1 million pounds annually over a 13-year mine life; a March 2026 estimate listed 11.9 million pounds of measured and indicated equivalent uranium oxide resources and 10.4 million pounds inferred. These are project estimates, not guarantees of future production.
Ur-Energy said it packaged 236,472 pounds of uranium oxide at Lost Creek in the first half of 2026, including 140,873 pounds in the second quarter. The company’s cost and production plans are unfolding against mixed price signals: the interview report said spot prices had cooled after rising above $100 per pound in January 2024, while long-term contract prices continued to climb. Gili said the long-term price was $96.50 per pound when he spoke, up about 16% over the previous year.
“We’re now making regular shipments of uranium-loaded resin from Shirley Basin to Lost Creek for processing. That’s our hub and spoke model.”
— Matthew Gili, Ur-Energy CEO, speaking to The Northern Miner
Production Sources Are Still Open
Ur-Energy has not identified how much of the unused capacity it expects to fill, or when it might do so. The company has named drilling, acquisitions and third-party processing as options, but the interview does not describe a completed acquisition, a toll-processing agreement or a final decision to build Lost Soldier.
The availability of nearby material is also uncertain. Talbot said neighbouring Shirley Basin projects are not producing, while the company’s drilling program is intended to test its own exploration ground. Resource estimates and projected mine output remain subject to further technical work and development decisions. The interview report also said Ur-Energy was due to release third-quarter results after markets closed Monday; the supplied material does not include those results.
Drilling and Reports Set Next Steps
The announced 120-hole Lost Creek South program is a near-term way for Ur-Energy to test whether its Wyoming land package can add resources to the company’s production pipeline. Results could inform future development planning, but the supplied information does not give a timetable for reporting drilling outcomes or specify how many pounds the program might add.
A technical report on Lost Soldier is expected by year-end, according to the interview report. Its findings are expected to help determine whether Ur-Energy proceeds with construction. The company’s next reported results may also clarify recent operating performance, but the available source material does not provide a forecast for when any expansion would reach production or how the company plans to fill all licensed capacity.
Key Questions
What is Ur-Energy considering in Wyoming?
The company is considering more drilling, acquisitions and processing material for other miners to expand production and use spare capacity. It has not announced a final expansion plan.
What has happened at Shirley Basin?
Initial uranium recovery began in April, and the mine sent its first shipment of uranium-loaded resin to Ur-Energy’s Lost Creek plant in August. It was the first mining at Shirley Basin since 1992.
How much processing capacity does Ur-Energy have?
The company’s two Wyoming operations have combined licensed capacity of 4.2 million pounds of uranium oxide annually. About 2.2 million pounds of capacity is already built; the licensed total includes room for material from other producers.
When will Ur-Energy decide whether to build Lost Soldier?
A technical report expected by year-end is intended to help guide the decision. The source does not say when construction would start if the company proceeds.
Source: northernminer.com
