Ur-Energy Inc. ($URE)

Greetings. Welcome to UR-Energy, Inc.'s Annual General and Special Meeting of Shareholders. [Operator Instructions] Please note this conference is being recorded. I will now turn the meeting over to your host, John Cash, UR-Energy's Chairman. Please go ahead.

Thank you. Good afternoon, everyone. Welcome to Ur-Energy's Annual General and Special Meeting of Shareholders. My name is John Cash. I am the Chairman of the Board of Directors of UR-Energy, greetings to everyone who is listening on their telephone lines and webcast today. I would like to introduce the nonmanagement directors of UR Energy, who are with us today in person or by telephone. Rob Chang, Elmer Dijk, Gary Huber, Thomas Parker, John Paul Presse and Kathy Walker. I would also like to introduce the officers of UR-Energy who are with us today in person or by telephone. Matt Gilly, President and CEO; Roger Smith, Chief Financial Officer; Steve Hatten, Chief Operating Officer; Ryan Sherman, Vice President, Regulatory Affairs; Jade Wally, Vice President, Finance; and Alex Ritchie, General Counsel and Corporate Secretary. Additionally, I would like to introduce Virginia Sweitzer of Fasken Martino, our Canadian Legal Counsel; and Nathan Hartman, our audit partner from BDO USA PC. Both of them are joining us by telephone today. I now call to order this Annual General and Special Meeting of the shareholders of UR-Energy, and I am pleased to welcome you to the meeting. At today's meeting, holders of common shares are entitled to be present and to vote. I will be acting as Chair of the meeting, and Alex Ritchie will act as Secretary. I hereby appoint with your consent, Computershare Investor Services, Inc to act as the scrutineer for the meeting. I now table statutory declarations of Computershare Investor Services, Inc and Broadridge Financial Solutions, certifying the do mailing of the notice of intent availability under the applicable notice and access rules. And for those who requested a full mailing the mailing of the notice, calling the meeting, the management proxy circular and form of proxy and the annual report, including the company's audited consolidated financial statement for the year ended December 31, 2025. I will dispense with reading the notice calling the meeting. I direct that a copy of the statutory declaration confirming the mailing of the mentioned documents and copies of those documents be kept by the secretary as part of the records of the meeting. I'm advised by the Secretary that there is a quorum present. As notice has been duly provided and a quorum of shareholders is present, I declare the meeting to be regularly called and properly constituted for the transaction of business. Before we proceed to the business of the meeting, I ask the Secretary to read the customary cautionary warnings on forward-looking statements. So Alex?

So during this meeting, there may be reference to forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The forward-looking statements contain information that is generally stated to be anticipated, expected or projected by Ur-Energy and involve known and unknown risks, uncertainties and other factors that may cause the actual results and performance of Ur-Energy to be materially different from any future results and performance expressed or implied by the forward-looking information. With regard to forward-looking statements, risk factors and projections as well as other cautionary notes to investors, we direct attention to the legal disclaimers that are contained in the corporate presentation to be made later this meeting. The disclaimers apply equally to the oral presentation this afternoon and the corporate PowerPoint presentation. We ask that you read and carefully consider these disclaimers before investing or trading in our shares. As well, the risk factors inherent in the forward-looking statements and projections are set forth and discussed in the company's annual report on Form 10-K filed on the United States Securities and Exchange EDGAR system and the Canadian SEDAR+ system on March 10, 2026. Ur-Energy undertakes no obligation to update publicly or review any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

All right. Thank you, Alex. The Canada Business Corporations Act and the bylaws of the company entitled any shareholder present in person at the meeting to request a vote by ballot rather than a show of hands. We will be conducting the voting by ballot for those present in person at the meeting on special matters to be voted upon today. I will ask the secretary to read the scrutineer's report on attendance and voting by proxy. Alex?

The scrutineers' report shows that there are present at the meeting, zero registered shareholders representing zero common shares and that they are also present at the meeting 124 proxy holders representing 281,472,014 common shares. Our total representation in person and by proxy of 281,472,014 common shares or 70.84% of the issued common shares of the corporation.

Thank you, Alex. A copy of the audited consolidated financial statements of the company for the year ended December 31, 2025, and together with the report of the auditors on the financial statements, has been made available on the Internet, including on the Ur-Energy website under applicable rules of notice and access and mailed to shareholders of Ur-Energy, who requested a copy of the financial statements. Management of the company is available to answer any questions on the financial statements. Are there any questions on the financial statements? All right, hearing none. In view of the need to attend to formal corporate matters, Certain shareholders have volunteered to move and second resolutions where required. While this procedure will facilitate the handling of formal matters, it should not discourage any shareholder or proxy holder who is present from speaking on any matter before the meeting. When I recognize you, please give your name and state whether you are a shareholder or a proxy holder. Theresa Horn?

Theresa Horn a shareholder.

And William Boberg.

Boberg a shareholder.

The next item of business is the election of directors. I declare the meeting open for nominations for the election of directors for the ensuing year or until their successors are elected or appointed.

I nominate John Cash, [indiscernible] Chang, Elmer Debbie Dik, Matthew D. Gilly, Gary C. Huber, Thomas H. Parker, John Paul Presse and Kathy Walker.

As there are no further nominations, I declare the nominations closed, and it is now in order for someone to move and someone to second a resolution electing those nominated as directors of the corporation.

I move that the persons who have been nominated for election as directors are elected directors of the corporation for the ensuing year or until their successors are elected or appointed.

I second the motion.

I now put the motion to the meeting. All those in favor of the motion, please signify in the usual manner by raising your hand, any contrary? Carried. I declare those nominated to have been elected as directors of the corporation for the ensuing year or until their successors are elected or appointed. The next item of business is the appointment of auditors for the current year and authorization for the directors to fix their remuneration. It is now in order for a motion to be made appointing auditors for the current year.

I move that BDO USA, CT appointed auditors of the corporation till August until the flows of the next annual meeting of shareholders or until their successors are appointed at such remuneration as many fixed by the directors and that directors be authorized to fix such remuneration.

May I have a second?

I second the motion.

As a motion has been made and seconded to appoint BDO USA PC as the company auditors, is there any discussion? All those in favor of the motion, please signify in the usual manner by raising your hand. Any contrary? Carried. The next item of business is the nonbinding advisory proposal on executive compensation or say-on-pay. For approval, the executive compensation proposal must receive the affirmative vote of a majority of the shareholders that are represented in person or by proxy at the meeting. The Board of Directors recommends that the shareholders approve this proposal. The vote on this proposal is advisory only and will be taken into consideration by the Board of Directors in establishing executive compensation in the future. Does anyone have any questions concerning this proposal? It is therefore now in order for a motion to be made on the advisory nonbinding resolution on executive compensation.

I move that the company's executive compensation be approved.

May I have a second?

I Second the motion.

As a motion has been made and seconded to put the advisory nonbinding vote on executive compensation to the shareholders. I now put the motion to the meeting. Voting on this resolution will be conducted by ballot. Upon registration, the scrutineer has identified those shareholders and proxy appointees who are eligible to vote on this or any other special matter and has provided those individuals with a ballot. If you have not registered with the scrutineer, please do so now. Please complete the ballot marked say-on-pay by indicating a vote for or against the resolution and signing your ballot. When the next item of business -- I'm sorry, the next item of business is the advisory vote on the frequency of the vote on executive compensation or say when on pay. The proposal seeks a vote for every 1 year, 2 years, 3 years or an abstention. The choice receiving the most votes of the shares that are represented in person or by proxy at the meeting will be deemed to be the reference of the shareholders. The Board of Directors recommended that the shareholders approve annually for the advisory vote on executive compensation on this proposal. The vote on this proposal is advisory only and will be taken into consideration by the Board of Directors in determining the frequency with which they will seek shareholder say on pay. Does anyone have any questions concerning this proposal? It is therefore now in order for a motion to be made on the advisory nonbinding resolution on the frequency of shareholders say on executive compensation.

I move that the company's executive compensation be put to the shareholders for advisory approval on a preferred frequency of every year, every 2 years, every 3 years or [indiscernible].

May I have a second, please?

I second the motion.

The motion has been made and seconded to put the advisory nonbinding vote on the preferred frequency of shareholder vote on executive compensation to the shareholders. Now I put the motion to the meeting. Voting on this resolution, again, will be conducted by a ballot. Please complete the ballot marks say-when-on-pay advisory vote by indicating a vote for 1 year, 2 years, 3 years or abstaining and signing your ballot. We will collect all ballots at the conclusion of balloted voting. The next item of business for consideration is the renewal of the Ur-Energy, Inc amended and restated stock option plan dated 2005 as amended and to approve and authorize for a period of 3 years unallocated options issued under the plan. The shareholders of the corporation last ratified, confirmed and approved the renewal of the stock option plan and approved the authorized for a period of 3 years all unallocated options issued under the plan in June of 2023. The stock option plan is part of the company's overall share-based compensation plan for eligible employees, officers and directors of the company. The maximum number of common shares available for issuance is the aggregate under the stock option plan together with Ur-Energy's restricted share unit and equity incentive plan will not exceed 10% of the issued and outstanding shares of the corporation at the time of the grant. A majority of the votes must be cast in favor of the stock option plan resolution. I now ask for a motion.

[indiscernible] of the stock option dilution as set out in the management process.

Thank you. May we have a second, please.

I second the motion.

The resolution has been moved. Are there any questions from the floor? I now put the motion to the meeting. Voting on this resolution will be conducted by ballot. Please complete the ballot marks stock option plan resolution by indicating a vote for or against the resolution and signing your ballot. The scrutineer will now collect all of the ballots, and I would ask everyone to hand all of your ballots to the scrutineer. We will take a few moments to finalize the counting of the ballots. We now have the results of the voting by ballot. So Alex, I'll turn it over to you to report those results.

For the advisory vote on executive compensation or say-on-pay, the proposal has been approved by approximately 97.3% of the votes cast for the resolution. The advisory vote on executive compensation is approved. The advisory vote on say when on pay, the proposal has been returned with a vote of approximately 98.2% of the votes cast for 1 year or annually. 0.23% of the votes cast for 2 years, 0.97% and sorry, 0.70% of the votes cast for 3 years and 0.87% of the votes abstaining. The shareholders' preference is deemed to be 1 year or for an annual say-on-pay advisory bill. For the stock option plan resolution, the proposal has been approved by a vote of approximately 55.27% of the votes cast for the stock option resolution. As a result, the stock option plan resolution has also been approved. All right.

Thank you, Alex. As there is no other business before the meeting, I will entertain a motion to conclude the meeting.

[indiscernible]

May I have a second?

I second the motion.

All those in favor of the motion, please signify by raising your hand, contrary, same sign. The motion is carried. I now declare the formal portion of the meeting concluded. And thank you, everyone. We appreciate your participation. And at this point, we'll jump into the corporate presentation and just a discussion of what the company is up to. So give me half a second year to transition for that. I got to check my glasses here and see which 1 works best for the screen. I think we'll stick with the glasses. So we have been doing a lot of work, Matt and his team to update the corporate presentation. So we'll be going through that. The presentation is also available on our website. So we'd encourage you to take a look there as well as a lot of other fantastic information about the company, our projects, its governance and references to all of our disclosure as well. So without further ado, we'll jump into the corporate presentation and give you an update on what the company is up to. And it certainly has been an exciting time. We do have our standard disclaimer, which I'm not going to read through because Alex has already highlighted some of the concerns with forward-looking statements. I'll try to stay away from those. But do be aware that some may be made, but we would ask you to rely on our disclosure on investing decisions. We continue to receive -- it seems like almost daily, good news from the uranium market and the nuclear market, broadly speaking, globally, not just here in the U.S. But every country around the world, it seems as taking a hard look at nuclear. And so that nuclear renaissance that really initiated just a few years ago is continuing and it just continues to pick up speed. AI data center growth has been immense. And a lot of those large data companies, big names like Google, for example, are looking to nuclear because they need carbon-free baseload energy to power those data centers. They don't want to rely on gas, if they can get away from it. They certainly don't want to rely on coal. So the world is turning to nuclear with massive demand from AI and big data. And so we're continuing to see that grow. And I think that is going to continue to escalate as we go forward. Reactor restarts we've commented on this before and would comment on that again. As recently as 2, 3 years ago, we would have said that several reactors in the U.S. would be shutting down as they just aged out. And the owners of those, the utilities simply would not be seeking relicensing to keep those open. But that's not true anymore. Right now, every single reactor that's online in the United States is going to be kept online for many, many years to come. a handful of reactors that have been shut down are being refurbished and being brought back online. We're very proud to comment on that, that we are actually providing the fuel to one of those restarts. That's the Crane Energy Center, the Constellation is about to get started. So we're a proud customer of Constellation, and that's an American-made restart. And so we're very pleased to be a part of that story. And that's not just true here in the U.S. around the world. nations are looking for every opportunity to keep reactors on and keep them going with rare exceptions to that. But by and large, there is a significant global push. In fact, if you take a look at the TOP meetings, you see that in a number of countries around the world have committed to doubling or tripling the use of nuclear power by 2050. And so they are putting their money. They're putting their legislation where their mouth is at, and we're seeing tremendous growth. Here in the U.S., the federal government continues, again, day after day, it seems like we continue to get more and more good news out of the U.S. government on how they are assisting. Congress has passed a number of bills along with funding. You would have seen some months ago that $2.7 billion was allocated to enrichment. Those awards have now been granted to several actors here in the U.S. to build out additional capacity or new capacity. And just a couple of days ago, you saw that there was an announcement by Urenco that they would be significantly increasing their capacity at their facility in New Mexico. In that press release, they commented a lot about U.S. made. And that was likely the nice bump we saw in share price with Ur-Energy and a number of our peers was a result of that. And so they've been contemplating that in the past, and we were very happy to see that, that decision had been made. But we see that U.S. government support for a number of enrichers. We're seeing that with R&D. We have let the investor community know that we have a number of national labs, 5 to 6 national labs that are routinely doing work at Lost Creek to advance new technology and love to talk to people about that in the future. If you have questions on that, I won't take the time now to go through all of the programs they're working on, but it's a number of them. And so they will be out there soon actually to install UV [indiscernible] system that can do direct measurement of uranium, and that's pretty exciting. That's a technology that up to this point has never existed and that's going to be truly beneficial to Ur-Energy in the broader industry. VNRC is also looking at significant revisions to a number of their regulations as a result of executive Board of $14,300. I would encourage you if you're interested in that, look at the NRC web page. They have a wonderful description of all of those regulations that are being revised. They affect NPA. They have an effect in situ rulemaking, administrative hearings. I've had the ability to listen in on some of those public hearings, and it's very obvious that this administration and the NRC is very serious about improving the efficiency of their regulatory oversight of the nuclear industry. And that's going to effect not just insecure miners. It will affect the converters enrichers and certainly the utilities. So we're moving in the right direction there. When it comes to the supply gap, we continue at Ur-Energy to entertain RFPs. We respond as appropriate, but there's big demand out there. A number of utilities have kind of given us the green light of any time you want to talk about it, don't wait for an RFP, the door is open, come and talk to us. That's a bit unusual. I've not seen that much in my career and so we do have an open door to those utilities. Only about 8% of the 2024 uranium deliveries were U.S. origin, and those utilities are really wanting to get more secure supply. They don't want to rely on Kazakhstan as much. They really like U.S. supply. So we're happy to be there. And we always like to say we're there at the right time with the right projects. And we'll talk more about our Lost Creek and Truly Basin projects here. But we are a well-known established producer here in the U.S. Lost Creek, we've been producing that now for over 12 years. So we've established a very good track record of production there. We've now commenced operations at our Shirley Basin project very recently. That's our second ISR mine, and it brings ISR back to its birthplace. Back in the very early 1960s in situ mining was invented at the Shirley Basin project through a pilot project that recovered about 1.5 million pounds using that technology. So it's just kind of apropos that we're bringing in situ back to Shirley Basin. So as far as contracts go, we've got 1.3 million pounds in contracted uranium sales for 2026. That's a big year for us, and we're continuing to produce into that from our facilities. As far as our license capacity and our ability to produce, when you take a look at our milk capacity, we've got 4.2 million pounds licensed mill capacity. And we've got well fields ramping up at Lost Creek and Shirley Basin to fill that mill capacity. That total includes the license capacity at Shirley Basin -- please recall, although we didn't build out the back end of the mill, it is fully permitted, and we can build that out at 2 million pounds a year without any additional regulatory approval. And so that's there as the company grows, and we can advance that fairly rapidly. We've also got a great pipeline of projects for resource expansion. We'll take a couple of slides to talk about that. That's one of our priorities for 2026 is to expand our resources. And so we've got a better pipeline and increasing pipeline to feed those mills with. We like ISR. We're well known as an ISR miner. We have not dipped our toe into the conventional world. Do we like ISR because of the low capital cost, the low operating cost and the minimal environmental impact. And so we're not afraid of conventional. If the right projects come up, we'll certainly dive into that. Certainly, with Matt now at the range with CEO, he's got a tremendous amount of experience with conventional mining. So we're certainly not afraid of it. But right now, our preference is for ISR for those reasons that we've listed. So taking a closer look at Lost Creek, we've got our updated tech report that's available online, I would encourage everybody to take a look at that. But we've got a tremendous number of roll fronts at Lost Creek. Any of you who have sat through one of my presentations in the past know that I really focused on that. And we've got a map up coming that will show those roll fronts. It doesn't mean that those are necessarily mineralized or that they're economic but you've got to have roll fronts before you can have uranium out there. And we've got roll fronts like crazy and historic drilling and more modern drilling has illustrated that. But right now, our measured and indicated resources at 11.9 million pounds at a grade of 0.048%. Our inferred resources at 10.4 million pounds at 0.047. That gives us a remaining life of 13 years of production, and we look forward to expanding that going forward. The annual capacity from the mine site is at 1.2 million pounds per year, that's pursuant to our license that we have with the State of Wyoming. And the plant itself is licensed and constructed out to 2.2 million pounds per year. The tech report has got the full economic analysis in there on all-in cost as we get ramped up, averaging $55 a pound and NPV of $244 million and a net cash flow of $442 million. So this is the map that I just love to talk about. And I like it again because it shows those roll fronts. And you can see the historic drilling. Those are the small little black dots look like little ants out there. You can see a lot of our property, those roll fronts are defined by very, very few drill holes and what that means is we have a lot of room for additional infill drilling and opportunity to locate more resource and bring it into resource categories and include those in the tech reports. That will obviously require drilling and we don't know for sure what we'll find until we go out and drill, but we do know that the role funds are there. And we've got a very large land position out in the -- great Divide Basin of over 35,000 acres. A lot of that is Bureau of Land Management, mineral claims and a little bit of that is state land. So over...

Sorry, [indiscernible]

Yes, and inferred yes, that's right. At Lost Creek and at LC East exactly. And so when you see outside that licensed area, you don't see the gray areas, you see the dash lines, that's where the roll fronts extend outside of Lost Creek and into our surrounding properties. And those have been defined by drilling. So we know they exist. That's not hypothetical. So we've produced over 3.5 million pounds since going into production in 2013. In April of this year, we had our strongest month on drug pounds that we've had in a very, very long time, did over 57,000 pounds in the drum, and we're working to continue to improve on that. Flow rates are improving. And with the sand filtration that we expect to have online in Q2 of 2026, that should continue to improve. We are making good progress on that, and we're on schedule. So no revision to that schedule whatsoever. We have existing ISR infrastructure that supports scalable district growth. So not only at Lost Creek and the surrounding 35,000 acres there that you see in the map but potentially for our Lost Soldier, North [indiscernible] and other properties in the area, that plant has tremendous capacity to be able to serve those going forward. And again, our -- one of our objectives this year is to really ramp up exploration. That's something we've not focused on for a long time, but we do plan to put about 120 holes into LC South. That's on the south central side there of Lost Creek, but we know from historic drilling and also drilling that we've done that those fronts extend from, I believe it's mine unit 7 and 8 into LC South. Moving over to Shirley Basin, measured and indicated resource of 8.1 million pounds at 0.22% grade. That gives us a 9-year mine life 1.4 million pounds of annual capacity at the mine and 2 million pounds at the plant. Estimated operating cost is going to be about $50 if you average it out. That gives us an NPV of $83 million and a net cash flow of $119 million. I love the picture there that shows the new plant that's being constructed. That's a few weeks old. We're making great progress on getting that wrapped up, and we're far enough along that we are in production. The regulators have given us the green light to be in production. We have not shipped any resin yet from Shirley Basin over to Lost Creek for processing, but we will be doing that as we get through our final inspection by the regulators. So that's coming up soon. I would point out that we don't need any more permits. We have all the permits. They're done. We're essentially down to that pre-ops inspection, getting that signed off before we begin shipping resin. So another shot here from about the same angle, but we do expect to be shipping resin this summer from Shirley Basin over to Lost Creek. It's just over 100 miles road distance between the 2, so not very far. This really expands our capacity as a company. It gives us good diversification by going into a different basin and also to a different project. So we're very pleased to be bringing that on and have 2 operations up and running. And I would just comment a little bit further on ISR and why we like it. We've got a picture here for those of you who are not initiated on what in situ mining is. But in that photograph, that is an actual operating mine and that's the level of disturbance you see. You can tell that it's very minimal. And when we get done mining, we will simply plug those wells, take out the wellheads, do a radiologic survey and do a free release. So that land can be returned to grazing or whatever the federal government wants to use for that land. It doesn't have to be held by the Department of Energy and perpetuity much like a tailings facility would. But in situ is Latin, it means in the place. And so we drill water wells down into the ore body. And in that ore body through the wells, we introduced a solution of water, just plain old groundwater fortified with oxygen and CO2. We may also add a little bit of bicarbonate if the chemistry requires but that dissolves the uranium keeps it in solution and we pump it to the surface and just absolutely minimal disturbance very low capital and operating cost. So taking a look in some detail at our contracts over the next several years. You can see on the chart there on the left, a total of 5.75 million pounds under contracts between 2026 and 2033. The 8 contracts that are outstanding. There's a mix in those contracts in the structure. Some of them are escalating fixed price and some have market-related components with floors and ceilings. We love that structure. We have a lot of uncontracted production capacity through 2033. As I mentioned earlier, we've got the ability to fill that very quickly if and when we want because of that increasing demand and interest in U.S. utilities, in particular, from getting U.S. supply. We may also have some opportunity in the future to sell to the NNSA. So we'll keep tabs on that and watch that very carefully. And we've sold to them in the past, actually through the uranium reserve that was set up by Congress. And is possible that through the uranium reserve, there'll be some additional funding there and additional purchases or there may be direct purchasing through the NNSA for defense needs. But with full optional and flex volumes, contracts represent about 45% of licensed and constructed capacity through 2033, the market-linked pricing components provide upside exposure with about 23% of base commitments tied to market-based pricing with full flex and operation -- I'm sorry, optional volumes, about 30% of the capacity is market priced once Shirley Basin is online in 2026. Contract structure secured substantial revenue while allowing downside protection and upside exposure. That's why we love those collars that we strive to get. Going back to exploration. Great map here showing some of the work that we've been doing and we plan to continue to focus on. First, at Lost Soldier, that would be the project that's in that light handy yellow on the eastern side of the map. We've held that for a number of years that came to the company with the initial acquisition, including Lost Creek. But right now, we're working on technical and hydro studies, including pump test to better understand the resource that's there. And we have installed 18 wells that was done in 2025, and they were being used for those pump tests. The nice thing about Lost Soldier is it's not very far from Lost Creek. Maybe slightly too far to pipeline fluid, but certainly with an easy trucking distance if we decide to put a satellite in there and move material from there to loss Creek for processing. North Hazell, those are the 2 blue pieces of property kind of north North Central. If you listen to my commentary on this in the past, you know that historically, there's been some drilling there, but we don't have the data for that. We have minimal data there. So we put our geologist on that, and they put in 33 pretty wide space exploration holes and had great success, 13 of those 33 had intercepts of greater than 0.20 GT for lost 3.20 GT is considered ore grade. I can't say that, that's ore grade at North ads. We'll have to determine that in the future. But certainly, those intercepts at Lost Creek would be considered ore grade. Multiple mineralized horizons within those sandstones, it's a fluvial system. So we're very pleased by that. It's a nice stacked system that's very comparable to Lost Creek. And there's some scale there, some of those drill holes that were, again, ore-grade mineralization by loss Greek standards, we're 1.5 miles apart. So that shows that there is considerable potential to grow that resource there. We won't know until we get the drill rigs back out there, but I'm excited about that project and those stacked roll fronts. We do continue a lot of work in our Casper construction office. They're doing a wonderful job now producing header houses that we can load on trucks, as you see in the picture here, and ship those out to either Lost Creek or the Shirley Basin, that's really improved our efficiency by doing that work in town, and they're churning out heterohouses at a very rapid pace now, as the demand has obviously increased significantly for the second line that's come online. So turning to our corporate structure. This is all information that you can get on your favorite app that tracks stock. But our share price, we've been in a great position here lately. And you can see that this is a share price from a couple of days ago. We've had a nice run upward, really enjoying that. And so our share prices had some really nice accretion. We're not at our weekly or a 52-week high, but we're not terribly far off ofit. Volumes, very important. We have outstanding volume within the company. We're very investable. We're easy to get into to hold shares. And our market cap, we've been running $700 million to a little over $800 million in that market cap. Shares outstanding, we're just shy of $400 million outstanding. We do have the convertible notes from the financing that we did in December of last year. I would point out the cash position at the end of April, we had $107 million. So we've got a good strong piggy bank. Our research coverage has been increasing significantly over the last few months and so we've got some great coverage now, and that's growing as interest in the uranium space, but in more particular, in Ur-Energy continues to increase. And we also have some of the most sophisticated investors out there in the uranium space. So we're very pleased to have such a large percentage of institutional holders in our story. So in summary, a few things I just would highlight again Ur-Energy, we're in the right place at the right time. We've got 2 operating ISR facilities that are ramping up right now that's really diversified our risk and has given us production flexibility. That puts us in a great position. We've got 4.2 million pounds of annual license production and processing capacity across the facilities. Shirley Basin is ramping up before too long, we'll be shipping resin from Lost Creek over to Shirley Basin. We're scalable, especially within the great Divide Basin with so many exploration properties there. And with such a great facility built out at Lost Creek, we can scale that going forward and this is all at the right time. We continue to see nuclear growth not only in the U.S. but around the world and we're ready to sign contracts. We've got the capacity to do that production and sign up contracts as we believe they come into the place where they should be to support the company. We're not overly excited to do that. We're being judicious in the timing of those contracts. Matt is doing a great job of talking with utilities and keeping this finger on the pulse to see what their needs are. But the execution driving value. We're in a proven ISR producer. We've proven that at Lost Creek since 2013. We've produced over 3.5 million pounds. We're advancing the second project into operations. We did that in about 2 years. So we've done it. We know how to do it, and we're doing it again. We have shared processing infrastructure at Lost Creek that drives operating efficiency and improves our development capital. And we would encourage you to take a look at our technical reports that go into great detail on how we do that. So again, right place at the right time. It's exciting to be with you or energy. And with that, I'm sure we've got a few questions in the room. So I'll pause there. And operator, with that, we'll go ahead and end the broadcaster. But we thank everyone for participating via the webcast.

Thank you. This concludes today's meeting, and you may disconnect at this time. Thank you for your participation.