Mr. John Cash reports

UR-ENERGY ANNOUNCES DELAY FILING YEAR-END REPORTING DOCUMENTS

Ur-Energy Inc. has delayed the filing of its annual financial statements for the year ended Dec. 31, 2024, and related management's discussion and analysis, and the annual information form and annual report on Form 10-K, and the CEO (chief executive officer) and CFO (chief financial officer) certificates relating to the financial statements (the required filings) beyond the prescribed filing deadlines.

The delay in filing the required filings is due to an accounting issue identified by the company, resulting in the need for the company to classify certain stock options awarded under its amended and restated stock option plan (2005), as amended, as a liability. The non-cash reclassification from equity to liabilities and a possible adjustment to stock compensation expense will impact the company's outstanding options in the latter half of 2024. For clarity, the company does not currently anticipate a restatement of its consolidated financial statements for the year ended Dec. 31, 2023.

Management is undertaking the required work to expeditiously complete this accounting matter and to obtain final consents from its external auditors and proceed to file the required filings for 2024 within the prescribed time frame. The company expects to be in a position to issue and file the required filings by no later than April 14, 2025.

As a result of the required filings not being filed by March 31, 2025, the company has made an application for the imposition of a management cease trade order (MCTO) as contemplated under the Canadian National Policy 12-203 -- Management Cease Trade Orders (NP 12-203); however there is no assurance that it will be granted. An MCTO provides a mechanism restricting the company's CEO and CFO from trading in the company's securities while allowing the common shares to continue trading on the Toronto Stock Exchange and the NYSE American.

The company has confirmed that it intends to satisfy the provisions of the alternative information guidelines described in sections 9 and 10 of NP 12-203 for so long as it remains in default for failure to file the required filings. In the event an MCTO is not granted, or the company fails to file the appropriate default status reports as prescribed by NP 12-203, applicable Canadian securities regulatory authorities may impose an issuer cease trade order.

The company confirms that it is not subject to any insolvency proceeding as of the date hereof.

The company also confirms that there is no other material information concerning the affairs of the company that has not been generally disclosed as of the date herein.

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 produced and shipped approximately 2.8 million pounds U3O8 (triuranium octoxide) 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 advancing Shirley basin construction and development following the March, 2024, "go" decision for the mine. The company awaits the remaining regulatory authorization for the 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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