diff --git a/crates/jsonschema-referencing/src/list.rs b/crates/jsonschema-referencing/src/list.rs
index 5e428c41..279135f4 100644
--- a/crates/jsonschema-referencing/src/list.rs
+++ b/crates/jsonschema-referencing/src/list.rs
@@ -34,7 +34,7 @@ impl<T> List<T> {
         self.head.is_none()
     }
     #[must_use]
-    pub fn push_front(&self, value: T) -> Self {
+    pub fn push_front(&self, value: Arc<T>) -> Self {
         List {
             head: Some(Arc::new(Node {
                 value,
@@ -52,7 +52,7 @@ impl<T> List<T> {
 
 #[derive(Debug)]
 pub(crate) struct Node<T> {
-    value: T,
+    value: Arc<T>,
     next: Option<Arc<Node<T>>>,
 }
 
@@ -68,7 +68,7 @@ impl<'a, T> Iterator for Iter<'a, T> {
         self.current.map(|current| {
             let value = &current.value;
             self.current = current.next.as_ref();
-            value
+            &**value
         })
     }
 }
diff --git a/crates/jsonschema-referencing/src/registry.rs b/crates/jsonschema-referencing/src/registry.rs
index e5778186..ba6b7bb5 100644
--- a/crates/jsonschema-referencing/src/registry.rs
+++ b/crates/jsonschema-referencing/src/registry.rs
@@ -223,12 +223,12 @@ impl Registry {
     /// Create a new [`Resolver`] for this registry with a known valid base URI.
     #[must_use]
     pub fn resolver(&self, base_uri: Uri<String>) -> Resolver {
-        Resolver::new(self, base_uri)
+        Resolver::new(self, Arc::new(base_uri))
     }
     #[must_use]
     pub fn resolver_from_raw_parts(
         &self,
-        base_uri: Uri<String>,
+        base_uri: Arc<Uri<String>>,
         scopes: List<Uri<String>>,
     ) -> Resolver {
         Resolver::from_parts(self, base_uri, scopes)
diff --git a/crates/jsonschema-referencing/src/resolver.rs b/crates/jsonschema-referencing/src/resolver.rs
index 29c95fb9..8a752754 100644
--- a/crates/jsonschema-referencing/src/resolver.rs
+++ b/crates/jsonschema-referencing/src/resolver.rs
@@ -1,4 +1,5 @@
 use core::fmt;
+use std::sync::Arc;
 
 use fluent_uri::Uri;
 use serde_json::Value;
@@ -11,7 +12,7 @@ use crate::{list::List, uri, Draft, Error, Registry, ResourceRef};
 #[derive(Clone)]
 pub struct Resolver<'r> {
     pub(crate) registry: &'r Registry,
-    base_uri: Uri<String>,
+    base_uri: Arc<Uri<String>>,
     scopes: List<Uri<String>>,
 }
 
@@ -45,7 +46,7 @@ impl<'r> fmt::Debug for Resolver<'r> {
 
 impl<'r> Resolver<'r> {
     /// Create a new `Resolver` with the given registry and base URI.
-    pub(crate) fn new(registry: &'r Registry, base_uri: Uri<String>) -> Self {
+    pub(crate) fn new(registry: &'r Registry, base_uri: Arc<Uri<String>>) -> Self {
         Self {
             registry,
             base_uri,
@@ -54,7 +55,7 @@ impl<'r> Resolver<'r> {
     }
     pub(crate) fn from_parts(
         registry: &'r Registry,
-        base_uri: Uri<String>,
+        base_uri: Arc<Uri<String>>,
         scopes: List<Uri<String>>,
     ) -> Self {
         Self {
@@ -64,8 +65,8 @@ impl<'r> Resolver<'r> {
         }
     }
     #[must_use]
-    pub fn base_uri(&self) -> Uri<&str> {
-        self.base_uri.borrow()
+    pub fn base_uri(&self) -> Arc<Uri<String>> {
+        self.base_uri.clone()
     }
     /// Resolve a reference to the resource it points to.
     ///
@@ -81,7 +82,7 @@ impl<'r> Resolver<'r> {
             } else {
                 (reference, "")
             };
-            let uri = uri::resolve_against(&self.base_uri.borrow(), uri)?;
+            let uri = Arc::new(uri::resolve_against(&self.base_uri.borrow(), uri)?);
             (uri, fragment)
         };
 
@@ -155,7 +156,7 @@ impl<'r> Resolver<'r> {
     /// Returns an error if the resource id cannot be resolved against the base URI of this resolver.
     pub fn in_subresource(&self, subresource: ResourceRef) -> Result<Self, Error> {
         if let Some(id) = subresource.id() {
-            let base_uri = uri::resolve_against(&self.base_uri.borrow(), id)?;
+            let base_uri = Arc::new(uri::resolve_against(&self.base_uri.borrow(), id)?);
             Ok(Resolver {
                 registry: self.registry,
                 base_uri,
@@ -169,7 +170,7 @@ impl<'r> Resolver<'r> {
     pub fn dynamic_scope(&self) -> List<Uri<String>> {
         self.scopes.clone()
     }
-    fn evolve(&self, base_uri: Uri<String>) -> Resolver<'r> {
+    fn evolve(&self, base_uri: Arc<Uri<String>>) -> Resolver<'r> {
         if !self.base_uri.as_str().is_empty()
             && (self.scopes.is_empty() || base_uri != self.base_uri)
         {
diff --git a/crates/jsonschema/src/compiler.rs b/crates/jsonschema/src/compiler.rs
index 59125534..4ccefb88 100644
--- a/crates/jsonschema/src/compiler.rs
+++ b/crates/jsonschema/src/compiler.rs
@@ -26,6 +26,7 @@ use std::{cell::RefCell, rc::Rc, sync::Arc};
 const DEFAULT_SCHEME: &str = "json-schema";
 pub(crate) const DEFAULT_ROOT_URL: &str = "json-schema:///";
 type BaseUri = Uri<String>;
+type ResolverComponents = (Arc<BaseUri>, List<BaseUri>, Resource);
 
 /// Container for information required to build a tree.
 ///
@@ -123,7 +124,7 @@ impl<'a> Context<'a> {
         if base_uri.scheme().as_str() == DEFAULT_SCHEME {
             None
         } else {
-            Some(base_uri.to_owned())
+            Some((*base_uri).clone())
         }
     }
     fn is_known_keyword(&self, keyword: &str) -> bool {
@@ -186,11 +187,11 @@ impl<'a> Context<'a> {
         &self,
         reference: &str,
     ) -> Result<bool, referencing::Error> {
-        let uri = uri::resolve_against(&self.resolver.base_uri(), reference)?;
+        let uri = uri::resolve_against(&self.resolver.base_uri().borrow(), reference)?;
         Ok(self.seen.borrow().contains(&uri))
     }
     pub(crate) fn mark_seen(&self, reference: &str) -> Result<(), referencing::Error> {
-        let uri = uri::resolve_against(&self.resolver.base_uri(), reference)?;
+        let uri = uri::resolve_against(&self.resolver.base_uri().borrow(), reference)?;
         self.seen.borrow_mut().insert(uri);
         Ok(())
     }
@@ -204,7 +205,7 @@ impl<'a> Context<'a> {
         &self,
         reference: &str,
         is_recursive: bool,
-    ) -> Result<Option<(BaseUri, List<BaseUri>, Resource)>, ValidationError<'static>> {
+    ) -> Result<Option<ResolverComponents>, ValidationError<'static>> {
         let resolved = if reference == "#" {
             // Known & simple recursive reference
             // It may also use some additional logic from the `$recursiveAnchor` keyword
@@ -223,7 +224,7 @@ impl<'a> Context<'a> {
         let mut base_uri = resolved.resolver().base_uri().to_owned();
         let scopes = resolved.resolver().dynamic_scope();
         if let Some(id) = resource.id() {
-            base_uri = uri::resolve_against(&base_uri.borrow(), id)?;
+            base_uri = Arc::new(uri::resolve_against(&base_uri.borrow(), id)?);
         };
         Ok(Some((base_uri, scopes, resource)))
     }
diff --git a/crates/jsonschema/src/keywords/ref_.rs b/crates/jsonschema/src/keywords/ref_.rs
index f66c7c0c..9e661a23 100644
--- a/crates/jsonschema/src/keywords/ref_.rs
+++ b/crates/jsonschema/src/keywords/ref_.rs
@@ -62,7 +62,7 @@ pub(crate) struct LazyRefValidator {
     config: Arc<ValidationOptions>,
     registry: Arc<Registry>,
     scopes: List<Uri<String>>,
-    base_uri: Uri<String>,
+    base_uri: Arc<Uri<String>>,
     draft: Draft,
     inner: OnceCell<SchemaNode>,
 }
@@ -73,9 +73,9 @@ impl LazyRefValidator {
         let scopes = ctx.scopes();
         let resolved = ctx.lookup_recursive_reference()?;
         let resource = ctx.draft().create_resource(resolved.contents().clone());
-        let mut base_uri = resolved.resolver().base_uri().to_owned();
+        let mut base_uri = resolved.resolver().base_uri();
         if let Some(id) = resource.id() {
-            base_uri = uri::resolve_against(&base_uri.borrow(), id)?;
+            base_uri = Arc::new(uri::resolve_against(&base_uri.borrow(), id)?);
         };
         Ok(Box::new(LazyRefValidator {
             resource,