Ur-Energy (URG) risk factors, FY2025 10-K

Other

1. 01Risk Factors Related to the Uranium Markets and Nuclear Fuel Cycle Industries
2. 02We have entered into term sales contracts for a portion of our Lost Creek and Shirley Basin production; however, we may be unable to enter into additional term sales contracts in the future on suitable terms and conditions25% rewritten
3. 03The uranium market, including the price of U3O8, is volatile and has limited customers22% rewritten
4. 04The uranium industry is highly competitive, and nuclear energy competes with other energy sources28% rewritten
5. 05Lack of acceptance of, or outright opposition to, nuclear energy could impede our business
6. 06Our business is subject to extensive environmental and other regulations that may make exploring, mining or related activities increasingly expensive, and may change at any time27% rewritten
7. 07Operational and related challenges may continue as we return to steady-state operations at Lost Creek and complete the build out and commissioning of production operations at Shirley Basin. Delays may affect our timely delivery into contractual commitments44% rewritten
8. 08Our mining operations involve significant hazards and risks and the possibility of uninsured losses
9. 09Our mineral resource estimates may not be reliable and are inherently more uncertain than estimates of proven and probable reserves. There is risk and increased uncertainty to commencing and conducting production without established mineral reserves
10. 10We are depleting our mineral resources and must develop additional resources to sustain ongoing operations45% rewritten
11. 11Our property title and rights may be uncertain and could be challenged
12. 12Our mining operations are subject to numerous environmental laws, regulations and licensing and permitting requirements that can delay production and adversely affect operating and development costs
13. 13Possible amendments to the General Mining Law could make it more difficult or impossible for us to execute our business plan
14. 14We depend on services of our management and key personnel, contractors and service providers, and the timely availability of such individuals and providers cannot be assured41% rewritten
15. 15Our results of exploration and ultimate production are highly uncertain63% rewritten
16. 16processing facilities at a site. It is impossible to ensure that our current exploration and development programs will result in profitable commercial operationsNew
17. 17Our proprietary data, technology and intellectual property may be compromised or lost, which could result in a decreased competitive advantage and/or loss to the value of such assets
18. 18Climate change and climate change legislation or regulations could impact our operations
19. 19The uranium mining industry is capital intensive, and we may be unable to raise necessary funding36% rewritten
20. 20Production, operating and capital cost estimates may be inaccurate24% rewritten
21. 21Our indebtedness could limit the cash flow available for our operations and expose us to risks that could adversely affect our business, financial condition and results of operationsNew
22. 22We may incur substantially more debt or take other actions, which would intensify the risks associated with our indebtednessNew
23. 23The conversion feature of the Convertible Notes, if triggered, may adversely affect our financial conditionNew

Risks Related to our Common Shares

1. 24We have never paid dividends and do not currently expect to do so in the near future. Therefore, if our share price does not appreciate, our investors may not realize gains and could potentially lose on their investment in our shares
2. 25The trading price of our common shares may continue to experience substantial volatility
3. 26Conversion of the Convertible Notes may dilute the ownership interest of our shareholders or may otherwise depress the price of our common sharesNew
4. 27The capped call transactions may affect the market price of our common sharesNew
5. 28We are subject to counterparty risk with respect to the capped call transactions, and the capped call transactions may not operate as plannedNew
6. 29Provisions in the indenture governing the Convertible Notes could delay or prevent an otherwise beneficial takeover of usNew
7. 30Failure to meet the listing maintenance criteria of the NYSE American or the TSX may result in the delisting of our common shares, which could result in lower trading volumes and liquidity, lower prices of our common shares and make it more difficult for us to raise capital
8. 31Investors may experience future dilution as a result of additional equity offerings
9. 32We will use commercially reasonable efforts to make available to U.S. shareholders, upon their written request for each year in which the Company may be a PFIC, a PFIC annual information statement with respect to the Company and with respect to each such subsidiary that we determine may be a PFIC
10. 33Our insurance coverage, bonding surety arrangements and indemnifications for our inventory could be insufficient or change in adverse ways in the future
11. 34We are dependent on information technology systems, which are subject to certain risks, including cybersecurity risks and data leakage risks associated with implementation and integration
12. 35We are subject to risks associated with litigation, governmental or regulatory investigations or challenges, and other legal proceedings
13. 36We may develop conflicts of interest with other mining or natural resource companies with which one of our directors may be affiliated. Our directors may allocate their time to other businesses thereby causing conflicts of interest in their determination as to how much time to devote to our affairs
14. 37Acquisitions and integration may disrupt our business, and we may not obtain full anticipated value of certain acquisitions due to the condition of the markets
15. 38Inflation and supply chain challenges are likely to continue for the foreseeable future71% rewritten
16. 39Global conflicts and geopolitics continue to have implications to the global economy and energy supplies; as a result, the impact to the nuclear fuel market remains uncertain32% rewritten
17. 40Changing global and regional political and economic conditions could adversely impact our business