Shirley Basin Feasibility Study: $83M NPV, 69% IRR
Ur-Energy Inc.'s Shirley Basin in Wyoming, USA has a Feasibility Study outlining an after-tax NPV of $83M and an after-tax IRR of 69%. The mine plan runs 9 years at about 1.4 Mlbs U3O8 per year.
Ur-Energy Inc.'s Shirley Basin has reported Feasibility Study results for the uranium (u3o8) project in Wyoming, USA. The study headlines an after-tax net present value of $83M at a 8% discount rate. It reflects Ur-Energy Inc.'s (URE.TO) latest disclosed economics for the asset.
Economics. The after-tax NPV is $83M using a 8% discount rate. After-tax IRR is 69%. All-in sustaining costs are pegged at 50 USD/lb.
Production and mine plan. The project envisions an isr (in-situ recovery) operation. Life of mine is 9 years. Average annual production is approximately 1.4 Mlbs U3O8. Average head grade is 0.22% U3O8.
Resources and ownership. The company holds a 100% interest in the project.
These figures are extracted from Ur-Energy Inc.'s technical disclosures and reflect the most recent Feasibility Study on file. Compare this project against other developers and producers in our project economics database, and always verify the numbers against the original technical report before making any investment decision.
Reserves & Resources
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Measured & Indicated | — | 0.22% | 9.1M lbs. U3O8 |
Our Analysis
The 69% after-tax IRR places this project in the top quartile of the uranium peers we track, well above the practical financing hurdle of 15-20% for a single-asset developer. The 8% discount rate used to derive the $83M NPV is at the low end of the reporting range, which flatters the NPV; a higher rate would compress it significantly. The NPV-to-market-cap ratio of roughly 0.2x suggests the market is not pricing in the full project value, but this gap cuts both ways—it could signal skepticism around financing or execution risk, not just undervaluation.
Capital intensity is manageable relative to NPV, but the 9-year mine life is short, limiting the margin for operational setbacks. Wyoming is a mining-friendly jurisdiction, reducing political risk, but the single-asset nature and uranium’s price volatility remain key watch-items. The most important risk is funding: with NPV well below market cap, the company may need to rely on equity dilution or debt with tight covenants to advance development.
Our take, benchmarked against the project economics in the Mining Stocks database. Figures are estimates drawn from company technical reports — not investment advice; always verify against the source filing.