$URE has two uranium operations now. How quickly can it turn licensed capacity into actual pounds?

$URE has two uranium operations now. How quickly can it turn licensed capacity into actual pounds? Ur-Energy (TSX: URE, NYSE American: URG) has officially moved from one operating uranium mine to two. Lost Creek drummed 140,873 pounds of U₃O₈ during Q2 2026, up 47.4% from the previous quarter. Shirley Basin began initial recovery in April, received final approval for full operations in June and shipped its first uranium-loaded resin to Lost Creek in August. The setup is interesting because Shirley Basin does not need its own complete processing plant. It captures uranium on resin and sends it to Lost Creek for final processing, drying and packaging. That avoids duplicating a considerable amount of infrastructure. Together, the two operations have annual licensed production and processing capacity of 4.2 million pounds. The obvious caution is that Ur-Energy is producing nowhere near that amount today. Licensed capacity is the ceiling, not guidance. The company expects one million pounds of base deliveries in 2026. It delivered 270,000 pounds during the first half, meaning most of the year’s volume is weighted toward the second half. Ur-Energy reported a Q2 average sales price of US$66.85 per pound and a cash cost of US$40.20 per pound sold. That cash cost excludes certain noncash expenses, but it shows that produced pounds are generating a margin. The company also had US$95.3 million in unrestricted cash at the end of June, giving it room to continue developing wellfields and ramping Shirley Basin. At a market capitalization of roughly C$715 million, the market is clearly assigning value to future production rather than valuing Ur-Energy only on its current sales. The next few quarters should show whether that is justified. I will be watching pounds captured and drummed at Lost Creek, shipment volumes from Shirley Basin and whether cash costs improve as production grows. What level of annual production would Ur-Energy need to reach before the current valuation starts looking reasonable?