Mr. John Cash reports

UR-ENERGY PROVIDES Q1 UPDATE ON OPERATIONS AND ACTIVITIES SUPPORTING RAMP UP AT LOST CREEK

Ur-Energy Inc. has provided an update on Q1 operations and activities related to ramp-up at its Lost Creek in situ recovery project and continuing construction at its Casper, Wyo., operations headquarters.

The company announced in December, 2022, that it has secured sufficient long-term sales commitments to warrant ramp-up of operations at Lost Creek to levels sufficient to deliver into those contracts. With sales commitments currently totalling 3.2 million pounds U3O8 (triuranium octoxide) through 2028 (600,000 pounds U3O8 per year beginning in 2024, plus or minus a small flex), the company would like to detail recent and continuing activities that will enable it to meet its production targets.

Significantly, recruitment of personnel has progressed to the point where all necessary operations staff are on board to support required regulatory, safety, drilling, construction, well field and plant activities. New hires have been safety trained and are at various stages of training with respect to their operating positions. The company is pleased to share that its employees are again being recruited from many Wyoming communities, including Casper, Rawlins, Riverton, Lander and additional smaller nearby towns. The total number of employees assigned to Lost Creek is approaching 50, with several more management and support staff based in Casper and in Littleton, Colo. Additional interviews and hiring continue for the remaining open positions.

While the Wyoming winter of 2022-2023 has been particularly harsh, the company has been able to advance many of its objectives, making it possible to begin ramping up production in Q2 2023. The company's earlier drilling and well installation activities mean that Header House (HH) 2-4 is ready for final surface construction. In addition, the geology and drilling departments have completed, and are evaluating, delineation in HHs 2-5 through 2-9. Well installation has also progressed substantially into HH 2-5 to make it ready for construction when HH 2-4 is complete. Despite continuing supply chain challenges, the team has prepurchased and stored material for upcoming drilling.

Surface construction has also advanced significantly, including installation of the pipeline and powerline to HH 2-4. Trenching, pipe and wire placement to all individual wells are complete, and the HH 2-4 building is set on its foundation. Work now focuses on making final electrical, piping and instrument terminations with the goal of bringing the house into production in Q2 2023. Again, staff has been pro-active in ordering long-lead-time materials required for the construction team to meet the upcoming timelines required for sales deliveries.

The company's delineation drilling program saw 120 delineation holes completed within MU2 to facilitate final well field design for the next four header houses. This program was successful in providing better definition of resources, and increased the confidence level of resources from the indicated and inferred categories to the measured category with virtually no loss of resource, nor reduction in grade. This is further assurance that the company's current geologic evaluation and resource estimation methodologies are appropriate and accurate for the deposit, which is key for efficient production planning and design as the company moves forward with ramp-up.

The primary target for the delineation drilling was the roll front system within the HJ horizon, which is the current production zone for MU2. In addition to the results within the HJ horizon, mineralization was routinely intersected in the underlying KM horizon. The KM resource in this discrete area has been characterized as Resource Area 12 (RA12) in the Lost Creek property technical report summary ("Lost Creek ISR Uranium Property, Sweetwater County, Wyoming, USA," Sept. 19, 2022). RA12 is one of 12 resource areas for which a mineral resource has been calculated at Lost Creek. The KM resource in RA12 remains underdefined with much of the mineralization open ended, highlighting potential resource growth with additional drilling which is scheduled to continue in this area during Q2 and Q3.

Additionally, along the northern edge of the drilled area, a deeper portion of the mineralized redox trend was encountered which was unexpected and lower in the section than currently identified roll front horizons. The best mineralized intercept recorded at this level was 17.5 feet of 0.05 per cent U3O8 equivalent (0.88 gram per tonne) at a depth of 686.5 feet. This is an indication that the regional trough of oxidation that controls the mineralized system deepens and extends to the north where there currently is no drill data within approximately 3,000 feet. This newly identified portion of the trend is testament, again, to the resource growth potential, both locally in MU2 and RA12, and throughout the Lost Creek property.

Preparations at Lost Creek have not been limited to drilling and construction. Operations staff continue to perform maintenance on plant equipment to ensure readiness for budgeted production levels. These efforts have progressed steadily because of the qualifications of existing staff, and the addition of new operating and management staff who are extremely qualified to move Lost Creek back to commercial production. Work includes inspection of operating equipment, vessels and tanks with maintenance occurring as required. Staff continue to cross-train in all plant operating practices in preparation for regular production.

The company is also pleased to report on the progress of its centralized construction and laboratory facility. Ground was broken last year on the 6,000-square-foot building adjacent to the company's Casper office building that will house separate areas for prefabrication of header houses and piping, and a centralized chemistry laboratory to serve current and future Wyoming operations. The construction facility will allow the company to efficiently fabricate header houses and transport them to the production site for timely installation. Because the facility is in Casper, significant savings will be realized from reduced travel and transportation of individual components. The laboratory will utilize the same concept to perform all the necessary measurements required at an in situ uranium facility without lab staff commuting daily. Instead, site employees will transport materials to the lab. The facility is expected to be ready to support Lost Creek operations in May, 2023, and will serve Shirley basin and other company production sites in the future.

Steve Hatten, the company's chief operating officer, stated: "I am so proud to be associated with the hard-working and capable employees at our company. They are working tirelessly to be able to move to renewed, elevated production that will supply our nuclear fuel customers for years to come. I am also excited that America has begun to realize the real 'green' value of nuclear energy as well as supporting its importance in energy security. We look forward to continuing to be a proven frontline provider in the nuclear energy supply chain."

The company is well financed with $79.0-million in cash as of March 1, 2023. The company has sufficient conversion facility inventory on hand to meet its 2023 delivery commitments and anticipates selling a total of 280,000 pounds U3O8 at an average price of $61.89 for proceeds of $17.3-million in 2023.

Beyond the company's flagship Lost Creek project, its second planned production site, Shirley basin, has received all permits and licences required to construct and operate the one-million-pound-per-year well field and two-million-pound-per-year processing plant. A decision to build out the Shirley basin project will be predicated on additional long-term sales contracts. The company expects operating costs at Shirley basin to be lower than those seen to date at Lost Creek due to shallow depth of the mineral, historical completion of extensive drilling and significant existing infrastructure. For now, the company's planned installation of the monitor well ring for the first mine unit at Shirley basin has been temporarily deferred due to the Wyoming winter and higher priorities at Lost Creek.

John K. Cooper, Ur-Energy senior geologist, SME registered member, CPG, a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release. Mr. Cooper has verified the sampling, analytical and test data underlying the information contained in the disclosure set forth here.

About Ur-Energy Inc.

Ur-Energy is a uranium mining company operating the Lost Creek in situ recovery uranium facility in south-central Wyoming. The company has produced and packaged approximately 2.7 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 in Littleton, Colo., and its registered office is in Ottawa, Ont.

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