Right now, starting with Lost Creek, again, we've been in production there for quite some time, over 11 years. We've had considerable uranium production come through that mine and the mill since that time, about 3 million through 2024. We've had quite a lot of production in 2025 that we've disclosed as well. We are recognized as one of the largest producers in the U.S. If you want to take a look at that data, the United States EIA, the Energy Information Administration, collects data from us on a quarterly basis, and they put out reports. If you want to see who's producing in the U.S. and what volumes they're producing, you can look at the EIA data and just do a Google search. It's real easy to find those reports.
We've got seven offtake agreements worth about GBP 5.84 million , plus or minus flex, plus or minus some optionality. We continue to see RFPs coming in from utilities. We're excited about that. The market continues to evolve, even in the summertime, which typically is kind of a slow season for contracting. It's been a little bit different this year. A number of utilities and other nuclear companies are out there in the market looking for p, including Sprott as well. At Lost Creek, we've got a great resource in the ground, nearly GBP 12.7 million of measured and indicated resource, plus an additional GBP 6 million of inferred. We also have tremendous opportunity to expand that through four additional years. Right now, we're projecting about 13 years of production. We have a lot of oxidation reduction roll fronts.
That's the style of mineralization that we have not drilled out on the ends. I would encourage you to look at our tech report. We have a map in there showing roll fronts as well as the drill pattern. You'll quickly come to the conclusion, wow, roll fronts have not been capped on the ends either way. We also have a lot of room vertically to continue exploration at Lost Creek. At Lost Creek, we have the tech report that's out. We are looking at fairly low operating costs. We believe below $17 a pound as we get ramped up. The all-in site cost, we are projecting around $45 a pound as we get ramped up. Those are low costs, but they're consistent with the costs we've experienced historically at that mine.
We believe as we continue to ramp production back up, that we'll be able to get back into those ranges again. The mine at the facility is licensed and constructed to produce GBP 1.2 million per year. The mill that's attached to that is licensed at GBP 2.2 million per year. We intentionally overbuilt the mill so that we could handle additional p from other projects that we put into production, or we can toll process for competitors in the area. That's a good place to transition to Shirley Basin because we plan to build out Shirley Basin as a satellite facility. We're not going to build out the back end of the processing plant. Instead, we'll build just the ion exchange portion.
We'll capture uranium ion exchange resin and then truck it from Shirley Basin over to Lost Creek, process it there, and then return the resin back to Shirley Basin. By doing that, it saves us a lot of capital expenditure. Shirley Basin will also be an ISR facility, just like Lost Creek, which means it's a solution mine. I'll show a picture of that shortly. It is fully permitted, and we are very deep into construction at this point. It's licensed to produce GBP 1 million a year from the mine. We've got a resource in the ground of about GBP 8.8 million of measured and indicated resource with very good grade. One of the really interesting trivia points about Shirley Basin is it is likely the very first In Situ mine for uranium in the world. Back in 1961, the idea was hatched by the engineers there.
By 1963, the technology had been deployed. They produced GBP 1.5 million using that technology, but ultimately decided that they were going to go back to conventional mining. We're excited to bring In Situ back to recover those GBP 8.8 million . The operating cost at Shirley Basin will be a little bit higher than at Lost Creek. We're estimating a little over $24 a pound once we get ramped up to commercial flow rates and production. The all-in cost, we're looking at around $50 a pound. For those of you who are new to the uranium industry, I'm throwing out some numbers here on cost, but let me put that into context for you. Today, the spot market is around $71, $72 a pound. The term market, which is typically where we sell our material today, is about $80 a pound. We're well in the money compared to the market.
Our long-term contracts, we're in the money on those as we get ramped up into commercial production. Construction at Shirley Basin is going quite well. We're estimating production from that facility by early 2026. Stay tuned there. There'll be some news flow for the company. A few times now, I've mentioned that we are a solution mining company or an In Situ mining company. A lot of people are unfamiliar with that because it's not a technology that's used in a lot of places. This is a photograph of our mine at Lost Creek. That is an actual producing mine. The barrels you see there, those are wellhead covers. We recover mineral from them for about 18 to 24 months. When we're done mining, we reclaim all of that. We return it back to free use. It can be used for anything with no radiologic or environmental concerns.
It has a very light environmental footprint. It also is widely recognized as the cheapest mining method globally for uranium. We're very pleased to implement that technology. I'll switch gears just for a little bit, talk about the investing thesis, why invest in the nuclear space, in particular, uranium mining. Right now, there are a lot of tailwinds in the nuclear space. You probably are seeing a lot of newspaper articles, a lot of online stories about how nuclear is growing, not just in the U.S., but globally. One of the primary drivers for that is nuclear power is green. There are no carbon emissions or particulate emissions from the nuclear power plant. It's very clean. It represents already about 20% of our electricity generation in the U.S. and about half of our green energy. Globally, some great numbers there, and they're growing.
It's about 10% of our electricity globally, a lot of reactors in operation, and a lot being constructed. There are 66 reactors in construction as we speak. There are about 90 more reactors that have been ordered, and over 300 new reactors have been proposed. The World Nuclear Association is estimating a dramatic growth in uranium demand. It was about GBP 171 million just a couple of years ago in 2023. They're expecting that to increase to about GBP 338 million by 2040. Tremendous growth, approximately doubling by 2040. That WNA report is getting a little bit out of date. They do a report every two years. We can expect a new report to come out this fall, and we'll update the slide when those numbers come out. We expect those numbers to continue to increase as the world is going nuclear for its green energy properties.
Beyond the conventional reactors, there are a small modular reactors being planned. That'll be linked into big data sites, remote sites. Here in Wyoming, TerraPower, which is a company that's owned in part by Bill Gates and Warren Buffett, is also involved. They are actively building out a small modular reactor not too far from where I'm sitting right now. The demand from big data is immense. They are really preferring nuclear power because it's reliable, baseload, and green. Renewable energy is great, but it really can't be characterized as baseload. It's intermittent, and the data centers can't tolerate that. They are really looking to nuclear power. We need to talk about geopolitics briefly because in the nuclear space, it is the tail that wags the dog.
When Russia invaded Ukraine, that was a game changer for the industry because Russia is one of the primary refiners of uranium, not a miner so much, but a refiner. You can see there on the slide that they are responsible for about 43% of enrichment and about 38% of conversion. Those are necessary processing steps where our material that we produce, it has to go through conversion. It has to go through enrichment to convert it into fuel pellets that can be utilized in a power plant. Russia plays an outsized role. When they became a pariah nation, a lot of countries, a lot of industry began to move away from them and look for alternate supplies. Kazakhstan, immediately south of Russia, a former Soviet satellite state, they are the big miner of uranium. Nearly half of the world's uranium is mined there.
Russia has a lot of influence over those mines and over that nation. There's a lot of risk right now in the supply chain. We're happy to be producing in the U.S. We are not exposed to that risk. We have a lot of utilities that come to us and say, "Hey, we want U.S. supply. We want In Situ supply." It's a great time to be producing here in Wyoming. Russia and Chinese, their influence in purchasing and owning of Kazakh uranium is continuing to grow. We're projecting by the end of this decade that pretty much all Kazakh uranium will not come to the West, but go to the East, to Russia and China. If you look around the rest of the world, in Africa, a lot of those p now are increasingly going to Russia. There's more and more influence there by China as well.
A couple of years ago, there was the coup in Niger. Niger represents about 4% of global supply. You say, "4%, that's not much." The market is already really tight. When you put 4% additional supply at risk, it puts pressure on the market. We've seen that. Turning home to the U.S., there's been a lot of legislation supporting the nuclear industry, the uranium miners, conversion, enrichment, and power generation. Tremendous bipartisan support. We've never seen support like this in my entire career. I've been doing this now for 30 years. Recently, President Trump put out four executive orders looking to expand U.S. production of nuclear power. Those are meaningful executive orders. There are a couple of studies that were mandated that we believe could have a direct impact on us.
Right now, if you take a look at the Republican and the Democrat parties, both of them have included nuclear power as an official part of their party platforms. That was a long time coming, but we have strong bipartisan support. Congress has also passed a couple of bills to enhance HALEU and LEU production. Those are types of nuclear fuel. They have funded that to the tune of $2.7 billion. One of the caveats in that legislation is as they enhance production enrichment of those materials, there is a preference to feed into those using domestic material. We are one of a very small handful of companies producing in the U.S. We look forward to those opportunities to participate in that program. Finally, on that slide, we are seeing increasing public support.
Right now, if you take a look at the most recent Gallup poll, about 61% of people in America support nuclear power. Turning back to Lost Creek and Ur-Energy, I just wanted to show you a map of our assets in the Great Divide Basin. Lost Creek is highlighted in blue. That's where we have production right now. The LC East area, we recently got approval to mine there as well. We're pretty much fully permitted now and operating. Over the last 11 years, we've had outstanding recovery of product, about 90% recovery of under pattern resources. That's setting the standard in the industry. We also have very low royalty burdens, less than 1% across Lost Creek and Shirley Basin. That really helps us out with our economics. I mentioned earlier, we have a lot of opportunity to explore. All of that green area, that's opportunity to explore.
We also have some properties a little bit off of this map. We'll be doing some exploration this summer and hope to have some good news coming out from that. At Lost Creek, we're working now to optimize our throughput and production. We have our full team on site now. We recently completed Header House 215. Things are going quite well there with the build-out. We put out our Q2 numbers just a few days ago. Valerie did a great job on a press release there. In the second quarter, we dried and packaged a little over GBP 112,000 . That was a 35% increase over Q1. We're working hard to keep that momentum going in that upward trajectory so we produce more and more. During the quarter, we shipped a little over GBP 105,000 to the conversion facility.
At Shirley Basin in Q2, we've done a lot of work on construction. We're working on restarting that facility out there. We have successfully refurbished a lot of the existing buildings. The office complex is built out, ready to go. It's been occupied now. We're beginning to work on the satellite plant there. We're targeting production by early 2026. A few pictures of Shirley Basin show some of the completed ion exchange columns. We use those tanks to capture the uranium from the fluids that come from the In Situ mine. There is the plant pad. That picture is several weeks old. Now we are moving toward the foundation installation and moving crews to do that. Here's one of our geologists doing an aquifer test. One of the great things about the project is we have very high injection rates, as evidenced by the testing.
We're excited to see how that's going to impact production. We believe it could have a positive impact and more to come on that. Here's one of the old buildings that's been refurbished and occupied. We have a construction crew now that's got their equipment in there. They're working on drilling and installing wells. A little bit more on the green revolution. I won't focus too much on this slide. I'll let you read ahead. I always like to highlight that top bullet. If you take the energy that will be generated from our pounds from Lost Creek and Shirley Basin and you compare that to the same energy that would be generated by coal-fired power, we will be offsetting over 300 million metric tons. That math is correct, 300 million metric tons of CO2 compared to coal power.
That shows you the power that's involved with uranium and its ability to offset CO2 emissions. We're also taking a number of other steps to reduce our carbon emissions during mining. We're also making great strides in reducing the amount of water we consume. Right now, we're consuming well over 99% of the water that we utilize. We're trying to get up to 99.8% recycled. When we take a look at the corporate structure, we are largely institutionally held, well over 80% institutionally held. The share registry there is really some of the bigger names in the uranium space, companies that are very familiar with the uranium miners.
We believe that really shows the value of Ur-Energy , where some of the most sophisticated names in the space are jumping into our story, companies like Segra , Sachem Cove , Azarias , and ALPS Advisors, and a number of other big names that you can see there in the pie chart. They know us quite well. We routinely meet with them and discuss operations with them. They're happy to be a part of our story. We've had a great run in our share price over the last few weeks. Market cap right now is around $500 million. Our cash position, the last time we reported, was $66 million in cash, no financial debt. We have great analyst coverage. In closing, just a few takeaways: well financed. We've got some great long-term contracts in place that protect the company.
They lock in some great revenue for us for a number of years. We also have a lot of room left in our books so we can contract more if the price continues to move higher. We are seeing a lot of RFPs from the utilities come in. We're working to ramp up commercial production at Lost Creek and building out Shirley Basin. As we look at news flow over the coming months, we're really looking at the uranium price. We expect to see some pressure on that getting into October and November. We're just watching the geopolitics. We're looking for opportunities to bid into the HALEU and the LEU program, in getting Shirley Basin built out and getting it ramped up. With that, we've got a few minutes left for questions.
I would take an opportunity here to point out with Valerie on staff now, her contact information is there. We encourage you to reach out to Valerie if you would like to do one-on-ones or if you have further questions, please. We are very responsive. With that, let's go to the Q&A. Valerie, I might, while I do my transition here, if you want to go ahead and read me one or two of the questions, and then maybe I can jump in with some questions as well.
Sure, absolutely, John. First question, how much uranium do you expect your new mine, Shirley Basin, to produce in its first year in 2026?
Yeah, great question. Appreciate In Situ recovery mining, when you turn a new mine on, there's always a little bit of time needed to tweak the chemistry, adjust the pH, figure out flow rates, how much CO2 you want to add, how much oxygen you want to add. It's a bit of a balancing act for a little while. I would hope that within the first few months, we can begin to enter commercial production and optimize that head grade coming out of the mine. We have not put out any public numbers yet on where we expect production to be. Suffice it to say, it'll take a few months to get us up to commercial levels. Just for some context, the license allows us to go up to GBP 1 million of production per year. I hope that's responsive to the question.
All right, next question. Do you have any plans to expand production into other nearby states like Montana or the Dakotas?
Yeah, another good question. We're always looking for opportunities to grow. Having said that, we really like Wyoming. Wyoming has been producing uranium since the 1950s. They have a very long-tenured staff in the regulatory agencies, a very well-established regulatory regime, and the public is broadly supportive. We really like Wyoming. You put all of that on top of exploration opportunities. We have tremendous opportunities to continue to grow organically within Wyoming. While we look for opportunities in other states, it's hard to beat Wyoming. That doesn't mean we don't look. We've got capital. We'll deploy where we think it is best and where we have the best opportunity to grow the resource organically or through M&A. We also are very disciplined on M&A in the respect that we are a mining company. We are not looking for projects that have low-quality p that are expensive to produce.
We are looking for projects that we can put into operations and put those p, take them out of the ground, put them in the can, and sell them. We're always looking. I spend a lot of my time dedicated to that. We'll continue to do that. We're only looking for the highest of quality projects. With that, Valerie, I've got the list here now in front of me. I've made the transition. I'll take another question here. I've got a question from a fund. Do you have production guidance for 2025? We have not put out production since we're continuing to ramp up production at Lost Creek. We'll continue to put out the quarterly reports. We'd encourage you to be watching for those. We're very transparent in that regard. We always put out very salient information so investors know where we're headed at. Next question is very observant.
It's a question about our head grade. Why is your head grade so much higher than other uranium miners? That question kind of pertains to the press release we put out just a few days ago where we indicated our head grade is running around 70 parts per million. That's a bit unusual in the space in the U.S. Our head grade is exceptional. We believe that that is a result of the mineralogy of the deposit. It's ultra-fine grained. Because it is so fine grained, it dissolves readily. We get a very high percentage recovery rate. We also get very high head grades that go along with that. We also have a very experienced team at the Senior Management level that have really laid out the system and the procedures so we can optimize that grade. I think that contributes as well.
Next question is, can you explain In Situ mining a bit more? How is it different from what other mining companies are doing? Can it be used to recover gold or copper? I've worked my entire industry in the In Situ mining industry recovering uranium. I love it. It's a great technology. It was developed in the U.S. and now it has spread all over the world. Right now, about 55% of world production of uranium is from In Situ mining. The other 45% would be more conventional techniques like open pit mining or underground mining. The beautiful thing about In Situ is it has such a light environmental footprint. We literally have deer and antelope playing in the mine units and sage grouse and lots of wildlife birds within the operations area. There's very little noise, very little surface disturbance. Reclamation is relatively easy.
We just circulate the water through the aquifer that has the uranium that dissolves the uranium. We simply pump it to the surface, process it, and then send the water back out. No tailings, no overburden piles, no open pits. We are able to utilize a dramatically smaller workforce. For example, at Lost Creek right now, we have about 80 or so staff out there. That's our absolute maximum. Over time, as we get ramped up and get to that critical mass, that critical speed, we'll probably actually have fewer employees out there once we reach that. Doesn't take very many drill rigs. Economically, from a capital perspective and from an operations perspective, it is the preferred method for mining. It is generally considered to be cheaper than conventional mining. Hopefully, that helps shed a little bit more light on the In Situ industry and how it works.
We've got one other question here on catalysts for the remainder of the year. A lot going on. I think production is really driving our story right now. Watch for news releases on production from Lost Creek, more news on the ramp-up or build-out at Shirley Basin. I think those are important catalysts for the company. Watch the Department of Energy as they are putting out news and RFPs for enrichment under the LEU and the HALEU program. We hope to have an opportunity to bid into those programs by this fall. We're one, again, of only about two or three companies that are legitimately producing in the U.S., and that could be quite a catalyst for us. Watch the geopolitics. Watch the price of uranium. There is a significant conference coming up here in London, the WNA, World Nuclear Association, in early September.
That is usually the kickoff of the buying season in the nuclear space. After everyone goes to that conference, they take a few weeks to digest it, and usually by October, November, you start to see a lot more RFPs coming in, more pressure on the market. I think that's also a potential catalyst for us going forward. Watch big data. We're seeing a lot of big companies now, Microsoft, Google, and many others that are jumping into the nuclear space, and that could be a significant driver going forward as well. One last question we have up here says, following successful production, when will sales ramp up? For this calendar year, we're looking at sales of GBP 440,000 . That'll give us revenue this calendar year of about $27 million.
Next year, and then a couple of years after that, our production, or I'm sorry, our contract book, we're looking at about GBP 1.2, GBP 1.3 million per year. We've got a great source of revenue under those contracts for the next several years. By around 2029, that contract book begins to tail off. Take a look at our annual report that we just put out. We do have a table in there that gives you a year-by-year breakdown of contracting. We've got a lot of sales contracts here over the next three or four years, but by 2029, it starts to slow down. We're watching the market right now. We'll see how it evolves. We'll see how production continues to come up, and depending on those factors, we'll make a decision on whether or not we want to re-enter the market or not.
I would point out that as a mining company, we typically sell almost exclusively into the term market, not into the spot market. I see we're out of time. I appreciate everyone being on the call. Feel free to reach out for a one-on-one or other meetings in the future. Thank you very much, everyone.