Ur-Energy Files Updated S-K 1300 Reports for the Lost Creek ISR Uranium Property and the Shirley Basin ISR Uranium Project

Ur-Energy Inc. (NYSE American:URG)(TSX:URE) (the "Company" or "Ur-Energy") is pleased to announce that it has filed updated S-K 1300 Technical Report Summaries for its Lost Creek Property and Shirley Basin Project. The reports are filed as exhibits to the Company's Annual Report on Form 10-K, filed March 6, 2024, with the U.S. Securities and Exchange Commission on EDGAR at www.sec.govedgar.shtml. Both reports were prepared by Qualified Person, Western Water Consultants, Inc., dba WWC Engineering ("WWC

Steve Hatten, Ur-Energy COO, "We are very pleased to provide updated Technical Report Summaries related to our producing Lost Creek Property and our Shirley Basin Project. WWC's review of the geologic and economic data supports the continuing potential viability of both projects. While economic conditions have changed in the last two years, both continue to provide excellent potential returns. The Lost Creek Report supports our decision in 2022 to bring the project back into production. Moreover, we have already begun shipping uranium from the newest Lost Creek production areas. The Shirley Basin Report reinforces our belief that Shirley Basin will likely be our second operating project. To that end, we have continued with detailed engineering and production designs while waiting for that production opportunity. With these two properties, Ur-Energy will be ready to supply fuel for clean energy solutions to America's power needs."

Initial Assessment of Lost Creek ISR Uranium Property, Sweetwater County, Wyoming, USA

We have filed an updated Initial Assessment Technical Report Summary on our Lost Creek Property, Sweetwater County, Wyoming, USA (the "Lost Creek Report," March 4, 2024), which was prepared by WWC. The resources identified and evaluated have been included in the Lost Creek production plan and continue to support the potential viability of the Property.

The mineral resource estimate for the Property is 12.682 million pounds eU₃O₈ in the Measured and Indicated categories, and 6.119 million pounds eU₃O₈ in the Inferred category. The mineral resource has been reduced to account for production at Lost Creek of 2.838 million pounds U₃O₈ at year-end 2023.

1. Sum of Measured and Indicated tons and pounds may not add to the reported total due to rounding.
2. % eU₃O₈ is a measure of gamma intensity from a decay product of uranium and is not a direct measurement of uranium. Numerous comparisons of eU₃O₈ and chemical assays of Lost Creek rock samples, as well as PFN logging,indicate that eU₃O₈ is a reasonable indicator of the chemical concentration of uranium.
3. Table shows resources based on grade cutoff of 0.02 % eU₃O₈ and a grade x thickness cutoff of 0.20 GT.
4. Measured, Indicated, and Inferred Mineral Resources as defined in 17 CFR § 229.1300.
5. Resources are reported through December 31, 2023.
6. All reported resources occur below the static water table.
7. 2.838 million lbs. of U₃O₈ have been produced from the HJ Horizon in the Lost Creek Project as of December 31, 2023.
8. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
9. The point of reference for resources is in situ at the Property.

The economic analyses within the Lost Creek Report continue to support the potential viability of the Property. Total future life of mine (LoM) production is modeled to be 11.7 million pounds from 2024 to 2036 with LoM operating costs estimated to be $16.73 per pound. All in, the estimated total costs per pound, including royalties and extraction taxes, is estimated at $39.72 per pound before income tax of $10.30 per pound. Pricing used in the analysis ranged from $55.00 to $87.20 per pound.

Excluding sunk costs which occurred prior to December 31, 2023, the Property is estimated to generate LoM net cash flow of $424.4 million before income taxes, and $303.6 million after income taxes. Payback of the initial capital investments, including $18.2 million in sunk costs which occurred prior to the beginning of the analysis, is estimated during the third quarter of 2026. The Property has a calculated before tax internal rate of return (IRR) of 81.8 percent and a before tax net present value (NPV) of $225.5 million applying an eight percent discount rate. When income taxes are included in the calculation, the after-tax IRR is 77.1 percent and the after tax NPV is $165.6 million.

Because inferred resources are mineral resources that are considered too speculative geologically to have modifying factors applied to them that would enable them to be categorized as mineral reserves, under relevant U.S. standards, there is no certainty that this economic assessment, which includes inferred resources, will be realized. To account for the chance that the inferred resources are not upgraded as the Company collects additional drilling data while mining progresses at Lost Creek, a second economic analysis was prepared which excludes inferred resources, as required by S-K 1300.

The estimated LoM production excluding the inferred resources is modeled to be 8.8 million pounds from 2024 to early 2033. All in, the estimated total costs per pound, including royalties and extraction taxes, is estimated at $42.30 per pound before income tax of $7.54 per pound. Excluding inferred resources, the Property is estimated to generate net cash flow over its life of $271.7 million before income taxes, and $204.6 million after income taxes. Excluding inferred resources, the Property has a calculated before tax IRR of 80.8 percent and a before tax NPV of $162.2 million applying an eight percent discount rate. When income taxes are included in the calculation, the after-tax IRR is 76.8 percent and the after tax NPV is $125.5 million.

Initial Assessment of Shirley Basin ISR Uranium Project, Carbon County, Wyoming, USA

We have filed an updated Initial Assessment Technical Report Summary on Shirley Basin ISR Uranium Project, Carbon County Wyoming, USA (the "Shirley Basin Report," March 4, 2024), which was prepared by WWC. The report reaffirms the mineral resources as well as the economic analysis on the Shirley Basin Project from a prior report prepared under S-K 1300.

Based upon data from the historical and confirmation drilling at the site, the Shirley Basin Report confirms the project's mineral resource estimate of 8.8 million pounds eU₃O₈ in the Measured and Indicated categories. Due to the very high level of density in drilling at the project, all resources within the three proposed mine units are classified as Measured or Indicated. There are no resources in the Inferred category.

1. Sum of Measured and Indicated tons and pounds may not add to the reported total due to rounding.
2. Based on grade cutoff of 0.020 % eU₃O₈ and a grade x thickness (GT) cutoff of 0.25 GT.
3. Measured and Indicated mineral resources as defined in S-K 1300.
4. All reported resources occur below the historical, pre-mining static water table.
5. Average grades are calculated as weighted averages.
6. The point of reference for mineral resources is in-situ at the Project.
7. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Total LoM production is modeled to be 6.0 million pounds over approximately nine years. LoM operating costs estimated to be $24.40 per pound. All in, the estimated total costs per pound, including royalties, and extraction and income taxes, is estimated at $54.89 per pound.

Using the estimated capital expenditures, operating expenditures and closure costs presented in the Shirley Basin Report and projected variable long-term price ranging from $82.46 to $86.21 per pound, a cash flow statement was generated in which the project is estimated to generate LoM net cash flow of $175.3 million before income taxes and $119.0 million after tax. Payback is estimated during the third quarter of 2027. The project has a calculated before tax IRR of 83.7 percent and NPV of $120.4 million applying an eight percent discount rate. When income taxes are included in the calculation, the after-tax IRR is 69 percent and the after tax NPV is $83.2 million applying an eight percent discount rate.

NOTE: We are required by applicable Canadian Securities Administrators to file in Canada a National Instrument 43‑101 ("NI 43-101") compliant report at the same time we file an S-K 1300 technical report summary. The NI 43‑101 reports can be found on SEDAR at www.sedarplus.ca. The NI 43-101 and S-K 1300 reports (for each of the Lost Creek Property and Shirley Basin Project) are substantively identical to one another except for internal references to the regulations under which the report is made, and certain organizational differences.

Qualified Persons at WWC have reviewed and approved the technical disclosure contained in this news release.

The Initial Assessment Technical Report Summaries for each of the Lost Creek Property and Shirley Basin may also be accessed on the Company's website at www.ur-energy.com.

Cautionary statement: The Technical Report Summaries reported are preliminary in nature and, in the case of the Lost Creek Report, includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimated mineral recovery used in these reports is based on recovery data from wellfield operations to date at Lost Creek in the case of the Lost Creek Report, and Company personnel and industry experience at similar facilities in the case of the Shirley Basin Report. There can be no assurance that recovery at this level will be achieved.

FOR FURTHER INFORMATION, PLEASE CONTACT
John W. Cash, Chief Executive Officer
720-981-4588, ext. 303
John.Cash@Ur-Energy.com

About Ur-Energy

Ur-Energy is a uranium mining company operating the Lost Creek in-situ recovery uranium facility in south-central Wyoming. We have produced, packaged, and shipped approximately 2.8 million pounds U₃O₈ from Lost Creek since the commencement of operations. Ur-Energy now has all major permits and authorizations to begin construction at Shirley Basin, the Company's second in situ recovery uranium facility in Wyoming and is in the process of obtaining remaining amendments to Lost Creek authorizations for expansion of Lost Creek. Ur‑Energy is engaged in uranium mining, recovery and processing activities, including the acquisition, exploration, development, and operation of uranium mineral properties in the United States. The primary trading market for Ur‑Energy's common shares is on the NYSE American under the symbol "URG." Ur‑Energy's common shares also trade on the Toronto Stock Exchange under the symbol "URE." Ur-Energy's corporate office is located in Littleton, Colorado and its registered office is located in Ottawa, Ontario.

Cautionary Note Regarding Forward-Looking Information

This release may contain "forward-looking statements" within the meaning of applicable securities laws regarding events or conditions that may occur in the future (e.g., the technical and economic viability, including mineral resource estimates, life of mine, costs and production results for Lost Creek, including as set forth in the TRS Initial Assessment for the project, and whether the report supports the decision to return to commercial production at Lost Creek; the technical and economic viability, including mineral resource estimates, life of mine, costs and production results for Shirley Basin, including as set forth in the TRS Initial Assessment for the project, including whether Shirley Basin will be our second operating project) and are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic, technical and competitive risks, uncertainties and contingencies. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "estimates," "intends," "anticipates," "does not anticipate," or "believes," or variations of the foregoing, or statements that certain actions, events or results "may," "could," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from any forward-looking statements include, but are not limited to, capital and other costs varying significantly from estimates; fluctuations in commodity prices; failure to establish estimated resources; the grade and recovery of mineral resources which are mined varying from estimates; production rates, methods and amounts varying from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; changes in regulatory and legislative requirements; inflation; changes in exchange rates; delays in development and other factors described in the public filings made by the Company at www.sedarplus.ca and www.sec.gov. Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are based on the beliefs, expectations and opinions of management as of the date hereof and Ur-Energy disclaims any intent or obligation to update them or revise them to reflect any change in circumstances or in management's beliefs, expectations or opinions that occur in the future.

SOURCE: Ur-Energy Inc.