Ms. Valerie Kimball reports

UR-ENERGY PROVIDES OPERATIONAL AND CONSTRUCTION UPDATES FOR Q2 2025

Ur-Energy Inc. has provided an update on Q2 2025 operational and construction progress at its Lost Creek and Shirley basin in situ uranium projects in Wyoming.

Lost Creek production and sales

At Ur-Energy's flagship Lost Creek project, production operations continue to progress with a full operations team on site. Most recently, the construction and start-up of header house 2-15 were completed, demonstrating the team's growing efficiency and skill. With training and experience building, Ur-Energy's production growth trajectory remains positive:

• During the second quarter of 2025, Ur-Energy dried and packaged 112,033 pounds of U3O8 (triuranium octoxide), representing a 35-per-cent increase over the first quarter of 2025.
• Ur-Energy shipped 105,316 pounds of powdered uranium concentrate, also known as yellowcake, to the conversion facility.
• At quarter-end, Ur-Energy's finished inventory at the conversion facility was 315,607 pounds U3O8, and the in-process and drummed inventory at Lost Creek totalled approximately 55,000 pounds U3O8.
• In Q2 2025, Ur-Energy sold 165,000 pounds U3O8 at an average price of $63.20 per pound for revenue of $10.4-million.

With the addition of two header houses in Mine Unit 2 during the second quarter and a continued focus on maintenance, Ur-Energy is pleased to report that the well field flow rate increased by approximately 27 per cent during the quarter. Flow rates were routinely over 3,400 gallons per minute by the end of June. The head grade increased during April and held steady at over 70 milligrams per litre U3O8 during May and June. Together, these production factors yielded 203,449 pounds captured in the first half of 2025, with 74,479 pounds attributable to Q1 and 128,970 to Q2. Ur-Energy expects production to increase steadily throughout the summer as additional header houses come on line and plant capture rates improve.

During Q2, the processing plant operations team focused on maintenance activities to provide better product capture rates and streamline drying of yellowcake. These included the planned upgrade of the filter press augers, allowing both dryers to be operational, upgrading reverse osmosis systems with new membranes for better waste water treatment, inspecting and maintaining ion-exchange columns and filters, and upgrading the plant control systems.

Shirley basin construction

Ur-Energy is excited to restart uranium production in the prolific and historic Shirley basin, the birthplace of in situ uranium mining in the early 1960s. To that end, Ur-Energy is busy on multiple fronts at the site, such as refurbishing facilities from the initial mining program and installing the components necessary for in situ recovery with modern technology.

Construction at Ur-Energy's fully permitted Shirley basin project continues on schedule. Thanks to the Shirley basin's proximity to Casper, Ur-Energy has been able to readily draw on the robust work force there. Ur-Energy increased its on-site management, construction and development staff at the Shirley basin project by 17 during the quarter. Hiring of operational staff has begun and is projected to be complete, on a phased schedule, in early Q4.

Key advantages at the Shirley basin project include the utilization and refurbishment of the existing infrastructure, including roads, power lines and site facilities, all of which have been upgraded to meet the project requirements. In addition, relatively few drill rigs are required due to dense historic drilling, which reduces the need for additional exploration or delineation drilling.

Following construction, Ur-Energy will undergo a preoperation inspection with the State of Wyoming, which is expected to take several weeks. Ur-Energy is targeting early 2026 for initial uranium production.

Shirley basin Q2 2025 construction and other activities

In addition to work completed in Q1 2025 as discussed in Ur-Energy's April 17, 2025, press release, Q2 construction activities included:

• The compacted earthen pad for Ur-Energy's satellite processing building and ordering of the major components is complete, including the metal building, ion-exchange columns, ion-exchange resin and water treatment systems;
• Work has begun to upgrade the electrical substation and other site-wide utilities;
• Installation of production and injection wells in Mine Unit 1 continues, with initial drilling, casing and completion in the first three header houses of the unit;
• Monitor wells for Mine Unit 1 have been installed, and sampling is under way;
• Installation of the modular main office complex, totalling approximately 10,000 square feet, is substantially complete;
• Installation of two evaporation ponds is approximately 75 per cent complete.

Additionally, construction of the foundation for the processing building will commence in July, 2025.

Great Divide basin exploration program

In addition to the approximately 35,000 acres comprising the six projects of the Lost Creek property, Ur-Energy controls approximately 7,000 acres at the company's other uranium projects in the Great Divide basin. Ur-Energy has identified three targets for exploration drilling within the basin, with the goal of further expanding the company's resource base and discovering new uranium roll fronts. Ur-Energy's planned exploration program will focus on Lost Soldier, North Hadsell and LC South. Ur-Energy expects to mobilize one drill rig for exploration activities during the third quarter.

About Ur-Energy Inc.

Ur-Energy is a uranium mining company operating the Lost Creek in situ recovery uranium facility in southern-central Wyoming. Ur-Energy has produced and packaged approximately three million pounds U3O8 from Lost Creek since the commencement of operations. Ur-Energy has begun development and construction activities at Shirley basin, the company's second in situ recovery uranium facility in Wyoming. 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 exchange 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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