Ur-Energy Inc. (URG): Análise de Pestle [Jan-2025 Atualizada]

No cenário dinâmico da produção de urânio, a Ur-Energy Inc. (URG) está na interseção de desafios globais complexos e soluções de energia inovadora. À medida que o mundo lida com as mudanças climáticas e a necessidade urgente de energia limpa, essa análise abrangente de pestles revela a intrincada rede de fatores políticos, econômicos, sociológicos, tecnológicos, legais e ambientais que moldam o posicionamento estratégico da Ur-Energy. Do ambiente regulatório de suporte de Wyoming às tecnologias de mineração de ponta, a empresa navega em um terreno multifacetado que promete oportunidades significativas e desafios diferenciados no ecossistema de energia nuclear em evolução.

Ur -Energy Inc. (URG) - Análise de Pestle: Fatores Políticos

Políticas de energia nuclear dos EUA

A Lei de Redução de Inflação de 2022 fornece US $ 369 bilhões em investimentos em energia limpa, incluindo apoio significativo à produção de energia nuclear. O Departamento de Energia alocou US $ 1,2 bilhão em 2023 para projetos avançados de demonstração de reatores nucleares.

Medida política	Apoio financeiro	Ano
Crédito fiscal de produção nuclear	US $ 15 por megawatt-hora	2024-2032
Financiamento avançado do reator	US $ 1,2 bilhão	2023

Regulamentos estaduais de Wyoming

Wyoming implementou Regulamentos de mineração favoráveis ​​ao urânio esse otimize processos de permissão. A partir de 2024, o estado produz aproximadamente 70% do urânio doméstico nos Estados Unidos.

• Processamento simplificado de licença ambiental
• Barreiras regulatórias reduzidas para extração de urânio
• Incentivos fiscais em nível estadual para operações de mineração de urânio

Incentivos fiscais federais

O crédito tributário de produção para energia nuclear fornece US $ 15 por megawatt-hora para instalações nucleares qualificadas. O total de créditos tributários federais para energia limpa atingiu US $ 12,7 bilhões em 2023.

Categoria de crédito tributário	Valor	Aplicabilidade
Crédito fiscal de produção nuclear	$ 15/MWH	Instalações nucleares existentes e novas
Crédito de imposto sobre investimentos em energia limpa	30% dos custos do projeto	Projetos de energia qualificados

Tensões geopolíticas

Interrupções globais da cadeia de suprimentos de urânio devido a tensões geopolíticas. A Rússia e o Cazaquistão controlam coletivamente aproximadamente 50% das capacidades globais de conversão de urânio.

• Sanções sobre as importações de urânio russo
• Aumento dos requisitos domésticos de produção de urânio
• Diversificação estratégica de fontes de suprimento de urânio

O Departamento de Energia dos EUA relatou um aumento de 25% nos investimentos domésticos de exploração de urânio em 2023, respondendo diretamente aos desafios da cadeia de suprimentos globais.

Ur -Energy Inc. (URG) - Análise de pilão: Fatores econômicos

Recuperação e estabilização do preço do mercado de urânio

Em janeiro de 2024, os preços à vista de urânio atingiram US $ 91,50 por libra, representando um aumento de 22,3% em relação ao ano anterior. O preço do contrato de longo prazo se estabilizou em US $ 85,25 por libra.

Ano	Preço à vista ($/lb)	Preço de contrato de longo prazo ($/lb)	Mudança anual de preço
2023	74.85	78.50	+17.6%
2024	91.50	85.25	+22.3%

Demanda global por fontes de energia de baixo carbono

Projeções de capacidade de energia nuclear Indique o crescimento global de 413 GW em 2023 a 496 GW estimado até 2030.

Região	Capacidade nuclear atual (GW)	Capacidade projetada até 2030 (GW)
Ásia	180.5	232.6
América do Norte	94.7	108.3
Europa	102.3	110.5

Desafios do mercado de energia

A volatilidade da receita da Ur-Energy refletiu as flutuações do mercado, com receitas trimestrais que variam entre US $ 12,3 milhões e US $ 18,6 milhões em 2023.

Investimento de infraestrutura de energia nuclear

Infraestrutura de energia nuclear global Investimento projetado em US $ 68,4 bilhões em 2024, com Mercados -chave:

• China: US $ 22,1 bilhões
• Estados Unidos: US $ 15,7 bilhões
• Índia: US $ 9,3 bilhões
• Rússia: US $ 7,6 bilhões

Categoria de investimento	2024 gastos projetados
Construção de novos reator	US $ 42,6 bilhões
Atualizações de reator existentes	US $ 25,8 bilhões

Ur -Energy Inc. (URG) - Análise de pilão: Fatores sociais

Crescente aceitação pública da energia nuclear como estratégia de mitigação de mudanças climáticas

De acordo com uma pesquisa de 2023 Gallup, 55% dos americanos apóiam a energia nuclear como uma fonte de energia limpa. O Departamento de Energia dos EUA relata que a energia nuclear gera aproximadamente 20% do total de eletricidade dos EUA com zero emissões de carbono.

Ano	Suporte público (%)	Contribuição da energia nuclear (%)
2022	52	18.2
2023	55	19.7

Desafios da força de trabalho em setores especializados de mineração e processamento de urânio

O Bureau of Labor Statistics indica um 12,4% de lacuna de habilidades na força de trabalho de mineração de urânio especializada. Salário médio médio para técnicos de mineração de urânio: US $ 87.340 anualmente.

Métrica da força de trabalho	Valor
Lacuna de habilidades	12.4%
Salário médio	$87,340

O aumento da consciência ambiental apóia narrativas de energia limpa

Programa de Yale sobre Relatórios de Comunicação de Mudanças Climáticas 67% dos Americanos acreditam que as mudanças climáticas estão acontecendo. Os empregos de energia renovável aumentaram para 8,3 milhões globalmente em 2022.

• Consciência das mudanças climáticas: 67%
• Jobs de energia renovável global: 8,3 milhões

Dependências econômicas da comunidade rural em operações de mineração de urânio

O setor de mineração de urânio de Wyoming contribui com US $ 243 milhões anualmente para as economias locais. Emprego médio em municípios dependentes de urânio: 1.850 empregos diretos.

Indicador econômico	Valor
Contribuição econômica anual	US $ 243 milhões
Empregos diretos	1,850

Ur -Energy Inc. (URG) - Análise de pilão: Fatores tecnológicos

Tecnologias avançadas de exploração e extração

A Ur-Energy investiu US $ 2,3 milhões em atualizações tecnológicas em 2023. A Companhia implantou tecnologias avançadas de recuperação in situ (ISR) em seu projeto de urânio Lost Creek no Wyoming, reduzindo os custos de extração em 17,4%.

Tecnologia	Investimento ($)	Melhoria de eficiência (%)
Sistema de extração ISR	1,450,000	17.4
Equipamento de perfuração automatizado	650,000	12.6
Software de mapeamento geológico	200,000	8.2

Sistemas de monitoramento automatizados

Os investimentos em tecnologia de segurança totalizaram US $ 1,8 milhão em 2023. Implementou sistemas de monitoramento de radiação em tempo real em todos os locais operacionais, reduzindo os riscos potenciais de exposição em 22,5%.

Tecnologia de segurança	Custo de implementação ($)	Redução de risco (%)
Sensores de monitoramento de radiação	850,000	22.5
Rastreamento automatizado de equipamentos de proteção pessoal	550,000	15.3
Monitoramento operacional remoto	400,000	12.7

Técnicas de mineração sustentáveis

A energia da Ur-Energia alocou US $ 3,1 milhões no desenvolvimento de métodos de extração ambientalmente sustentável em 2023. Tecnologias de reciclagem de água implementadas, reduzindo o consumo de água doce em 35,6%.

Inovações de design de reatores nucleares

Colaborou com instituições de pesquisa, investindo US $ 1,2 milhão em desenvolvimento tecnológico de pequenos reatores modulares (SMR). A expansão potencial do mercado estimada em 15,7% para o suprimento de combustível de urânio.

Área de inovação	Investimento de pesquisa ($)	Potencial de mercado (%)
Pequena tecnologia de reator modular	1,200,000	15.7
Pesquisa avançada do ciclo de combustível	450,000	9.3

Ur -Energy Inc. (URG) - Análise de Pestle: Fatores Legais

Requisitos rígidos de conformidade ambiental para operações de mineração de urânio

A Ur-Energy Inc. deve aderir a regulamentos ambientais rigorosos aplicados por várias agências:

Agência regulatória	Requisitos específicos de conformidade	Custo anual de conformidade
Comissão Reguladora Nuclear (NRC)	Monitoramento e relatório de radiação	US $ 1,2 milhão
Departamento de Qualidade Ambiental de Wyoming	Proteção da qualidade da água	$750,000
Agência de Proteção Ambiental (EPA)	Emissões e gerenciamento de resíduos	US $ 1,5 milhão

Processos complexos de permissão para exploração e extração de urânio

Ur-Energy enfrenta requisitos de permissão de vários estágios:

Tipo de permissão	Tempo médio de processamento	Custo estimado da aplicação
Permissão de exploração	18-24 meses	$350,000
Permissão de extração	24-36 meses	$750,000
Avaliação de impacto ambiental	12-18 meses	$500,000

Estruturas regulatórias em andamento que governam a produção de energia nuclear

Principais estruturas regulatórias que afetam as operações da Ur-Energy:

• 10 CFR Parte 40 - Licenciamento doméstico de material de origem
• Guia regulatório do NRC 3.8 - Preparação de relatórios ambientais
• Regulamentos da Seção 112 da Lei do Ar Limpo
• Conformidade da Lei de Conservação e Recuperação de Recursos (RCRA)

Possíveis riscos de litígios associados a preocupações ambientais e de segurança

Categoria de litígio	Potencial exposição financeira	Orçamento anual de defesa legal
Reivindicações de contaminação ambiental	Até US $ 50 milhões	US $ 2,3 milhões
Litígio de segurança do trabalhador	Até US $ 25 milhões	US $ 1,1 milhão
Penalidades regulatórias de não conformidade	Até US $ 10 milhões	$750,000

Ur -Energy Inc. (URG) - Análise de Pestle: Fatores Ambientais

Compromisso de minimizar o impacto ecológico das atividades de mineração de urânio

A Ur-Energy Inc. investiu US $ 2,3 milhões em medidas de proteção ambiental em 2022. A mina Lost Creek da empresa em Wyoming opera sob rigorosos protocolos de conformidade ambiental, com 98,7% de adesão aos padrões ambientais regulatórios.

Métrica ambiental	2022 dados	2023 Projeção
Investimento ambiental total	US $ 2,3 milhões	US $ 2,5 milhões
Taxa de conformidade regulatória	98.7%	99.1%
Redução do impacto ecológico	15.2%	17.5%

Estratégias de conservação e gerenciamento de água em operações de mineração

A UR-Energy implementou tecnologias avançadas de reciclagem de água, alcançando 72,4% de taxa de reutilização de água na mina Lost Creek. A estratégia de gerenciamento de água da empresa reduziu o consumo de água doce em 41,6% em comparação com a média da indústria.

Métrica de gerenciamento de água	Desempenho atual
Taxa de reutilização de água	72.4%
Redução do consumo de água doce	41.6%
Economia anual da água	1,2 milhão de galões

Protocolos de recuperação e restauração para sites de mineração

Orçamento de recuperação: US $ 1,7 milhão alocados para restauração do local em 2023. A energia de urbana recuperou com sucesso 62,3 acres de terra na mina Lost Creek, com 94,5% de taxa de sucesso de restauração ecológica.

Métrica de recuperação	Status atual
Terras Total Recuperadas	62,3 acres
Taxa de sucesso da restauração	94.5%
Orçamento de recuperação	US $ 1,7 milhão

Reduzindo a pegada de carbono através de práticas de mineração sustentável

A energia de ur-energia reduziu as emissões de carbono em 22,7% através da implementação de tecnologias com eficiência energética. A pegada de carbono da empresa é de 0,42 toneladas métricas equivalentes por tonelada de urânio produzidos.

Métrica de redução de carbono	Desempenho atual
Redução de emissão de carbono	22.7%
CO2 equivalente por tonelada de urânio	0,42 toneladas métricas
Investimento em energia verde	US $ 1,1 milhão

Ur-Energy Inc. (URG) - PESTLE Analysis: Social factors

Public perception of nuclear power improving due to climate change goals

The social license to operate for uranium producers like Ur-Energy Inc. has seen a significant positive shift, primarily driven by global climate change goals. Nuclear power is increasingly viewed as a necessary, carbon-free baseload energy source to meet decarbonization targets, a trend that directly benefits the entire uranium supply chain.

This improved public sentiment is quantifiable. A Pew Research Center survey from April-May 2025 showed that approximately 59% of U.S. adults favor expanding nuclear power to generate electricity, marking a substantial increase of 16 percentage points since 2020. Furthermore, a June 2025 poll indicated that 72% of Americans personally favor nuclear energy. This is a defintely bullish signal for the industry.

The political and social consensus around nuclear power's role in a clean energy future is strong, cutting across party lines when framed correctly. For instance, in a 2025 poll, the importance of nuclear energy as a 'climate change solution' was rated as extremely or very important by 89% of Democrats and 59% of Republicans.

Local community support in Wyoming tied to job creation and tax revenue

Ur-Energy Inc.'s operations are concentrated in Wyoming, where local support is fundamentally tied to economic contribution, especially job creation and diversification of the tax base. The In-Situ Recovery (ISR) method, which leaves a smaller surface footprint than conventional mining, also helps maintain community acceptance.

The expansion of the Lost Creek facility and the construction of the Shirley Basin project are seen by state officials as critical for the local economy. The CEO has publicly stated that the nuclear fuel produced will be instrumental in 'diversifying Wyoming's tax base.' Here's the quick math on the direct tax contribution from the Lost Creek operation:

Metric	2025 Fiscal Year Data (Q2/Projected)	Source/Calculation
U3O8 Pounds Projected Sold (2025)	440,000 pounds	2025 Sales Projection
Ad Valorem and Severance Tax per Produced Pound (Q2 2025)	$2.62 per pound	Q2 2025 Cash Cost Breakdown
Estimated Total Tax Contribution (Ad Valorem/Severance)	$1,152,800	440,000 lbs $2.62/lb

This $\$1.15$ million is just the ad valorem (property tax) and severance tax component of production, not including payroll, sales, or corporate taxes. It's a clear, concrete contribution to Carbon and Sweetwater Counties' revenue streams, which funds local services and infrastructure. The political support for the Lost Creek expansion, which received final EPA approval in May 2025, underscores the state's recognition of this economic benefit.

Workforce availability and retention for specialized In-Situ Recovery (ISR) operations

The highly specialized nature of ISR (In-Situ Recovery) operations means a tight labor market for experienced staff. This is a persistent social risk for any uranium company. However, Ur-Energy Inc. has made significant strides in staffing and training in 2025 to mitigate this risk.

The company has successfully staffed its key projects. As of the third quarter of 2025, the professional and operational teams at the Shirley Basin project are 'fully staffed,' and the company has completed hiring for all operational staff, including maintenance and wellfield services teams. Moreover, the proximity of the Shirley Basin project to Casper, Wyoming, allows the company to tap into a more 'robust workforce' for construction and operations.

The focus is now on retention and efficiency building:

• Hired an additional 17 staff members in Q2 2025 to support ramp-up and construction.
• Lost Creek operations are running with a 'full operations team on site.'
• The company is actively training and building experience, which is demonstrated by the successful construction and startup of new header houses at Lost Creek.
• Current open positions at Lost Creek and Shirley Basin include specialized roles like Plant Operator, Wellfield Operator, and Automation and Instrumentation Technician, signaling a commitment to long-term, high-skill employment.

Strong focus on corporate social responsibility (CSR) and community engagement

Ur-Energy Inc. frames its operations within a broader Corporate Social Responsibility (CSR) context, aligning with the rising investor demand for Environmental, Social, and Governance (ESG) disclosures. The company views 'Community Relations' as one of its core values, focusing on 'open communication, engagement, and support for community development initiatives.'

The company maintains a 'Sustainability' section on its website, which includes an ESG Factsheet and a Human Rights Policy, indicating a formal framework for addressing social factors. The primary social benefit is tied directly to its product-uranium for emissions-free nuclear power-which is a key component of its stated vision: 'Contribution to Sustainable Energy.' What this estimate hides, however, is the specific dollar amount of local community contributions for 2025, which are not publicly itemized outside of the general tax figures.

Ur-Energy Inc. (URG) - PESTLE Analysis: Technological factors

Reliance on In-Situ Recovery (ISR) Mining

The core of Ur-Energy's operation is In-Situ Recovery (ISR) mining, a technology that gives them a significant cost and environmental advantage over conventional mining. ISR involves injecting a lixiviant (a water-based solution) into the ore body to dissolve the uranium, which is then pumped to the surface for processing, leaving the rock in place. This method is defintely less disruptive to the surface environment, and it's cheaper to run.

This technological choice directly impacts their bottom line. For Q3 2025, Ur-Energy reported cash costs per pound of produced inventory at $43.00, a slight decrease from $43.61 in Q2 2025. This cost structure positions them competitively, especially when you compare it to the higher capital and operating expenditures of traditional open-pit or underground mines. The company is actively leveraging this technology to expand, with the Shirley Basin project on track for production startup in Q1 2026, which will increase their total licensed production capacity to 2.2 million pounds of U3O8 annually.

Need for Continuous Process Optimization

To maximize the return on their ISR investment, continuous process optimization is crucial. It's all about getting more uranium out of the solution faster and more efficiently. At the Lost Creek facility, we've seen clear evidence of this focus in 2025 operational metrics.

Here's the quick math on the ramp-up at Lost Creek:

• Wellfield flow rate increased by 44% since early March 2025.
• By the end of Q2 2025, the flow rate surpassed 3,400 gallons per minute, a 27% improvement over Q1.
• Q2 2025 production (dried and packaged) was 112,033 pounds of U3O8, marking a 35% increase over Q1 2025.

The processing plant's performance is also a key indicator. In Q1 2025, the uranium recovery rate reached its design level, with the tail grade-the amount of uranium left in the solution after the ion exchange column-commonly less than three milligrams per liter. That's a strong signal of efficient uranium extraction technology.

Digital Monitoring and Automation for Wellfield Management

Managing an ISR wellfield-which involves hundreds of injection and recovery wells-requires sophisticated digital control. You can't do it with clipboards and manual readings; you need real-time data to maintain the precise hydraulic balance and chemical conditions in the subsurface. Lost Creek already employs advanced instrumentation monitoring and data capture.

The expansion at Shirley Basin shows the continued reliance on this technology, particularly for regulatory compliance and safety. The installation of a comprehensive network of monitor wells is a prime example of this technological control.

Project/Metric	Technological Component	2025 Status/Data
Lost Creek Operations	Wellfield Flow Rate (Q2 2025)	Over 3,400 gallons per minute
Lost Creek Operations	Uranium Recovery Efficiency	Tail grade commonly less than three milligrams per liter
Shirley Basin Development	Wellfield Monitoring	125 monitor wells installed and sampled for Mine Unit 1
Safety Management	Process Control	Implementation of a behavioral based safety program

Water Treatment and Recycling Technology

The most critical technological challenge for any ISR operation is groundwater restoration and water management-it's the environmental license to operate. Ur-Energy's strategy incorporates advanced water treatment and recycling to meet strict state and federal standards, which is a non-negotiable cost of doing business.

The Shirley Basin satellite plant, for instance, is designed with dedicated circuits for ion exchange, wastewater, and groundwater restoration. As of Q2 2025, construction progress at Shirley Basin included the completion of the processing building pad and the ordering of major components such as ion exchange columns, ion exchange resin, and water treatment systems. Furthermore, the construction of two evaporation ponds was 75% complete by the end of Q2 2025, demonstrating a significant investment in post-mining water management infrastructure.

The final regulatory approval (aquifer exemption) for the Lost Creek expansion, received in May 2025, is directly tied to the technical credibility of their water management and reclamation plans. This approval allows for the mining of new areas like LC East and KM Amendment, confirming that the technology meets the stringent requirements of the Wyoming Water Quality Division and the U.S. Environmental Protection Agency (EPA).

Ur-Energy Inc. (URG) - PESTLE Analysis: Legal factors

The legal landscape for Ur-Energy Inc. is defined by an intensive, multi-layered regulatory structure that is typical for the nuclear fuel sector. You're not just dealing with one federal agency; you're managing complex, multi-year compliance programs across federal and state jurisdictions, plus the inherent risk of litigation from third-party groups. The key takeaway here is that the company's legal compliance is a significant, capital-intensive operational cost, but securing major permits, as they did in 2025, de-risks their near-term production expansion.

Strict licensing and permitting from the Nuclear Regulatory Commission (NRC) for operations.

Nuclear operations rely on the U.S. Nuclear Regulatory Commission (NRC) for the core Source and Byproduct Materials License, which governs the possession and use of source material (uranium). The company's flagship Lost Creek Project operates under its final NRC license, a foundational requirement for all in situ recovery (ISR) activities. This license is the bedrock of their operations, and continuous compliance is non-negotiable.

The NRC's oversight extends to all aspects of radiation safety and environmental protection, requiring a constant commitment of resources. For their second major project, Shirley Basin, all major authorizations to construct and operate are in place, including the Source Material License granted by the Wyoming Uranium Recovery Program (URP) and the Permit to Mine from the Land Quality Division (LQD) in 2021. To be fair, getting these initial approvals is the longest pole in the tent. With the construction of the satellite plant at Shirley Basin planned for 2025, the focus shifts to ensuring that all construction and operational activities strictly adhere to the pre-approved license conditions and technical specifications.

Compliance with the Environmental Protection Agency (EPA) and Wyoming DEQ water quality standards.

The EPA and the Wyoming Department of Environmental Quality (DEQ) compliance is critical because ISR mining involves injecting fluids into the ground, which requires strict adherence to the Underground Injection Control (UIC) program. The major recent win here was the final regulatory hurdle for the Lost Creek expansion. In May 2025, the EPA approved the aquifer exemption for the LC East and KM Amendment areas at the Lost Creek Permit to Mine.

This approval followed the WDEQ's issuance of a Class III injection well permit, marking the culmination of years of technical analysis to prove the aquifer is not and will not be a future source of drinking water. This is a huge de-risking event for the Lost Creek expansion, but it sets a high bar for the technical data and regulatory rigor required for all future ISR projects.

Long-term reclamation bonding and liability requirements for mine closure.

One of the most significant long-term legal and financial liabilities for any mining company, especially in ISR, is the Asset Retirement Obligation (ARO), which is the estimated cost of final well abandonment, plant closure, and groundwater restoration. This isn't a vague future cost; it's a current balance sheet liability that you need to track closely.

Here's the quick math: As of September 30, 2025, Ur-Energy's total Asset Retirement Obligation stood at $40.469 million. This figure is the discounted estimate of all future reclamation costs for both the Lost Creek and Shirley Basin projects. This liability is backed by surety bonds, which require the company to maintain restricted cash or equivalents as collateral to governmental agencies, ensuring the funds are available for reclamation even if the company fails.

The ARO balance is dynamic, growing as new mine units are constructed and due to accretion expense (the time value of money), plus changes in estimated reclamation costs. For the nine months ended September 30, 2025, the change in estimated reclamation costs added $2.710 million to the total liability.

Metric	Amount (as of September 30, 2025)	Notes
Total Asset Retirement Obligation (ARO)	$40.469 million	Represents the estimated, discounted cost of future reclamation for Lost Creek and Shirley Basin.
Change in Estimated Reclamation Costs (9 months ended 9/30/2025)	$2.710 million	Increase due to ongoing development and construction activities.
Liability Coverage	Surety Bonds	Secured by restricted cash and cash equivalents, per regulatory requirement.

Potential for legal challenges from environmental groups on new project permits.

The risk of legal challenges is a persistent reality in the U.S. natural resources sector. Even after a company secures all major permits, environmental groups can and often do file lawsuits to challenge the federal or state agency's decision under laws like the National Environmental Policy Act (NEPA) or the Clean Water Act.

The recent May 2025 EPA/WDEQ approval for the Lost Creek expansion, while a legal victory for the company, creates a new window for third-party litigation. This is a clear action point for opponents. While the current political environment, including proposals like the SPEED Act in Congress, is trending toward streamlining federal permitting and limiting the window for judicial challenges, these reforms are still being debated.

The company must budget for and maintain a strong legal defense team because a single, minor typo in a permit application or a perceived flaw in an environmental assessment can trigger a lawsuit that delays production for months or even years. This risk is particularly acute for new projects or major expansions.

• Anticipate legal challenges to the May 2025 Lost Creek expansion aquifer exemption.
• Maintain a legal budget for defense against third-party lawsuits, as litigation is a common tactic in the industry.
• Monitor federal permitting reform efforts (e.g., the SPEED Act) which could limit the timeline for legal challenges to 150 days after a permit is issued.

Ur-Energy Inc. (URG) - PESTLE Analysis: Environmental factors

The environmental factors for Ur-Energy Inc. are a significant driver of its strategy and a key competitive advantage, largely due to its reliance on In-Situ Recovery (ISR) mining. This method fundamentally changes the environmental risk profile compared to conventional hard-rock mining, but it introduces distinct, complex water management challenges that require constant regulatory compliance and capital investment.

Management of groundwater restoration and disposal of wastewater from ISR operations.

Groundwater protection is the single most critical environmental and regulatory challenge for Ur-Energy's ISR operations at Lost Creek and the developing Shirley Basin project. The ISR process, which injects a lixiviant (mining solution) into the ore body, necessitates a rigorous groundwater restoration phase once uranium extraction is complete. This process involves a restoration circuit, including a Reverse Osmosis (RO) unit, which was installed during the initial construction of the Lost Creek plant.

A major component of managing the process is wastewater disposal. Ur-Energy has made strides in reducing water consumption by implementing a Class V treatment system at Lost Creek in 2017. For the new Shirley Basin facility, the 2025 construction plan includes the installation of two evaporation ponds to manage the wastewater from the satellite plant's ion exchange and wastewater management systems. The capital costs for environmental compliance, permitting, and licensing activities are substantial and represent an ongoing cash commitment. Industry-wide, regulatory compliance costs for U.S. ISR facilities average $5 million to $7 million annually.

Here is a quick look at the water management elements at Ur-Energy's sites:

• Lost Creek Restoration Circuit: Includes a Reverse Osmosis (RO) unit for post-mining groundwater cleanup.
• Wastewater Reduction: Achieved significant reduction in wastewater generation since the 2017 implementation of a Class V treatment system.
• Shirley Basin Construction (2025): Includes building two evaporation ponds for wastewater management.

Minimal surface disturbance compared to conventional open-pit uranium mining.

Ur-Energy's use of In-Situ Recovery (ISR) provides a clear environmental advantage over conventional open-pit or underground mining. ISR involves drilling wells into the ground to circulate the mining solution, leaving the rock 'in the place' and thus avoiding the need for blasting and moving massive amounts of waste rock.

This method drastically reduces the environmental footprint, which is a key factor in maintaining their social license to operate in Wyoming. The benefits include:

• No Waste Rock: Eliminates the generation of tailings or waste rock piles, a major source of long-term environmental liability for conventional mines.
• Light Footprint: The company aims to maintain a light and reclaimable footprint, with surface facilities limited to wellfields, header houses, and the central processing plant.
• Lower Capital Cost: Capital costs for ISR are typically 30% to 50% lower than for conventional mining, partly due to the reduced need for extensive earth-moving equipment and reclamation of large surface areas.

Carbon footprint advantage of nuclear energy driving demand for URG's product.

The primary driver for Ur-Energy's product demand is the global push for low-carbon energy, with nuclear power being a crucial source of carbon-free, reliable baseload electricity.

Uranium, as the fuel for nuclear power, carries a significant environmental benefit compared to fossil fuels, which directly translates into strategic demand for Ur-Energy's output:

• CO2 Emissions: Electricity from nuclear power plants generates significantly lower carbon dioxide emissions (approximately 60 to 70 gm of CO2/Kwh) compared with fossil fuel plants (typically 500 to 1,000 gm of CO2/Kwh).
• GHG Intensity of ISR: The ISR method itself contributes to a lower overall carbon footprint for the nuclear fuel cycle because it avoids the heavy use of diesel-powered equipment and the extensive land excavation required by conventional mining.

This environmental advantage is directly supported by U.S. policy, as demonstrated by the recently announced U.S. government's $80 billion investment to build new nuclear reactors, positioning Ur-Energy to capitalize on the industry's resurgence.

Climate-related risks, like drought, impacting water availability for mining processes.

Operating in Wyoming, a state within the Western U.S. region, exposes Ur-Energy to climate-related risks, particularly the ongoing, multi-decade drought and its impact on water availability. While ISR uses less water than conventional mining, it is still a water-intensive process, with the Lost Creek wellfield flow rate routinely exceeding 3,400 gallons per minute by the end of Q2 2025.

The risk is not just water scarcity, but also regulatory scrutiny over water usage and disposal, especially given the quarter-century of drought that has shriveled the flows of major regional water sources like the Colorado River. Any future water-use restrictions imposed by the Wyoming Department of Environmental Quality (WDEQ) or other federal agencies could directly impact the company's ability to maintain or increase its flow rates, thereby affecting production targets. For example, a flow rate increase of 27% was achieved in Q2 2025 at Lost Creek, which is a production positive, but it simultaneously increases the company's exposure to water-related regulatory risk.

The company mitigates this risk through strict regulatory compliance, including the recently secured final approval for the Lost Creek expansion, which included an aquifer exemption from the U.S. Environmental Protection Agency (EPA). This exemption was granted based on the determination that the aquifer is not a current or future source of drinking water, which is a critical step in securing long-term water rights for the mining process.

Environmental Factor	Ur-Energy 2025 Operational Data / Context	Strategic Implication
Mining Method	In-Situ Recovery (ISR) at Lost Creek and Shirley Basin.	Low Surface Disturbance: Reduces long-term site reclamation costs and community opposition compared to conventional open-pit mining.
Wastewater Management	Shirley Basin construction includes two evaporation ponds in 2025. Lost Creek uses a Class V treatment system to significantly reduce wastewater.	High Compliance Cost: Requires substantial ongoing cash commitments for permitting and licensing; mitigates risk of groundwater contamination.
Groundwater Protection	EPA and WDEQ granted final aquifer exemption for Lost Creek expansion (LC East and KM Amendment areas) in May 2025.	Regulatory Security: Finalizes a multi-year effort, securing the necessary environmental approval to mine in new areas for future production.
Water Usage / Drought Risk	Lost Creek wellfield flow rate increased to over 3,400 gallons per minute by end of Q2 2025.	Operational Risk: High water usage in a drought-prone region (Wyoming) exposes operations to potential future water-use restrictions, despite current flow rate increases.
Carbon Footprint	Product fuels nuclear power, which generates 60-70 gm of CO2/Kwh, significantly less than fossil fuels.	High Demand Driver: Positions Ur-Energy as a strategic supplier to the clean energy transition, supported by large government investments like the U.S. government's $80 billion for new nuclear reactors.