Ur-Energy Inc.

Shirley Basin

Shirley Basin Mine Site
Shirley Basin, Wyoming

As a part of the Pathfinder acquisition, we now own the Shirley Basin and Lucky Mc mine sites in the Shirley Basin and Gas Hills mining districts of Wyoming, respectively, from which Pathfinder and its predecessors historically produced more than seventy-one million pounds of uranium, primarily from the 1960s through the 1990s. The Shirley Basin project is located in Carbon County, Wyoming, approximately 40 miles south of Casper, Wyoming. Conventional mine operations were suspended by Pathfinder in the 1990s due to low uranium pricing.

Acquired Historic Geologic, Engineering and Operational Data Has Allowed for Easier Transition to Mineral Resource Estimates, and Obtaining Permits and Licenses – We Are Construction Ready

Together with property holdings of patented lands, unpatented mining claims, and private leases totaling nearly 3,700 acres (~1,500 hectares) at Shirley Basin, we also acquired all historic geologic, engineering and operational data related to the mine area.

We filed an Initial Assessment Technical Report Summary on Shirley Basin ISR Uranium Project, Carbon County Wyoming (the “Shirley Basin Report,” March 11, 2024). 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, of which approximately 6.4 million pounds are expected to be recovered. 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.

All major permits for the Shirley Basin Project, including the BLM Plan of Operations, Land Quality Division Permit to Mine and associated aquifer exemption, and Uranium Recovery Program License have been received. Additional minor projects are ongoing to ensure the project is construction ready.

The tailings facility at the Shirley Basin site is one of the few remaining facilities in the United States that is licensed to receive and dispose of byproduct waste material from other in situ uranium mines. We assumed the operation of the byproduct disposal site and continue to accept deliveries under several contracts.

Cautionary Statement: The S-K 1300 Technical Report Summaries (and NI 43-101 Preliminary Economic Assessments, which are substantively the same) which are reported and linked on our website, 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.

Cautionary Note Concerning Disclosure of Mineral Resources:

As we are required to do, the mineral resource estimates referred to on our website and included in the “S-K 1300” reports linked on the Technical Reports page on this site, have been prepared in accordance with U.S. securities laws pursuant to Regulation S-K, Subpart 1300 (“S-K 1300”). Prior to these estimates, we prepared our estimates of mineral resources in accord with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves (“CIM Definition Standards”). NI 43-101 is a rule developed by the Canadian Securities Administrators which establishes standards for public disclosure an issuer makes of scientific and technical information concerning mineral projects. We are required by applicable Canadian Securities Administrators to prepare and file in Canada an NI 43‑101 compliant report when we file an S-K 1300 technical report summary. The NI 43-101 and S-K 1300 reports (for each of the Lost Creek Property and Shirley Basin Project) that are linked on the Technical Reports page are substantially the same except for internal references to the regulations under which the report is made, and certain organizational differences.