Mr. John Cash reports

UR-ENERGY ANNOUNCES DECISION TO BUILD OUT SHIRLEY BASIN MINE

Ur-Energy Inc. has decided to build out its wholly owned, fully permitted and licensed Shirley basin project in Carbon county, Wyoming.

This decision was based on the company's growing uranium sales contract book, a strong uranium market price and an expectation of growing demand for uranium as nations increasingly move toward clean nuclear power.

John Cash, the company's chief executive officer and chairman of the board, stated: "The decision to build out our Shirley basin project is a major milestone for our company as it will nearly double our annual permitted mine production capacity to 2.2 million pounds while diversifying our supply. The buildout will also solidify our position as the dominant producer in the Great Divide basin and Shirley basin Districts of Wyoming. We look forward to bringing in situ mining technology back to its birthplace in Shirley basin where it was pioneered beginning in 1963. The Shirley basin uranium district has a long, proud history and we are excited to bring the jobs back while responsibly operating."

The satellite plant will be designed with a flow rate of up to 6,000 gallons per minute and capacity to produce up to one million pounds of U3O8 (triuranium octoxide) per year. Ur-Energy's permits and licence allow for the construction of the elution, precipitation and drying circuits should it become economically advantageous. No amendments to the existing permits or licences would be required.

The satellite plant will be a relatively low-cost facility consisting of ion exchange, waste water and groundwater restoration circuits. The ion exchange resin at Shirley basin will be loaded with uranium from the mine and shipped to the company's operating Lost Creek in situ recovery facility for processing before being recycled back into operations at Shirley basin. This satellite approach will help minimize initial facility capital costs to approximately $24.4-million and preoperational well field development costs to $16.3-million. Sustaining capital expenditures over the life of the project are estimated to be $9.2-million. Operating expenditures before taxes and royalties are estimated to be $24.40 per pound. The royalty burden is minimal and is estimated to be five cents per pound U3O8. A detailed economic analysis can be found in the technical report summary "Shirley Basin ISR Uranium Project, Carbon County, Wyoming, USA," as amended, March 11, 2024, that was filed with the company's Form 10-K/A annual report for 2023, March 12, 2024.

The estimated time to finalize designs, order materials, and construct the satellite plant and initial well field is approximately 24 months. Work has already been initiated on long-lead items and, as a result, the ion exchange vessels have been designed and ordered as the company's board approved their purchase.

The mineral resource at Shirley basin is spread across three planned mine units, including two mine units within the FAB trend and one within Area 5, with resources defined as noted herein.

The company acquired Pathfinder Mines Corp., which holds the Shirley basin project, from Areva NC Inc., now Orano, in 2013. The Shirley basin project was previously mined using underground, in situ and open-pit methods. Over 28 million pounds of uranium was recovered from the project and an estimated 51 million pounds was recovered from the Shirley basin district.

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

Cautionary statement: The Shirley basin technical report summary is preliminary in nature. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimated mineral recovery used in the report is based on company personnel and industry experience at similar facilities, including the company's Lost Creek ISR facility. There can be no assurance that recovery at this level will be achieved.

About Ur-Energy Inc.

Ur-Energy is a uranium mining company operating the Lost Creek in situ recovery uranium facility in south-central Wyoming. It has produced, packaged and shipped approximately 2.8 million pounds U3O8 from Lost Creek since the commencement of operations. Ur-Energy 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 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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