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Ur-Energy Inc
Symbol URE
Shares Issued 169,667,672
Close 2020-11-11 C$ 0.64
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Ur-Energy supports creation of U.S. uranium reserve

2020-11-11 14:04 ET - News Release

Mr. Jeff Klenda reports

U.S. SENATE COMMITTEE ON APPROPRIATIONS ADVANCES BUDGET ALLOCATIONS FOR AMERICAN URANIUM RESERVE PROGRAM

Ur-Energy Inc. welcomes that, on Nov. 10, 2020, the Senate Committee on Appropriations released its 12 fiscal year 2021 financing measures and the fiscal year 2021 subcommittee allocations, including recommendation for the creation and financing of the American Uranium Reserve.

The American Uranium Reserve is among the recommendations of the U.S. Nuclear Fuel Working Group report (April 23, 2020) for the revitalization of domestic uranium mining and the U.S. nuclear fuel cycle. The financing request is the same $150-million for fiscal year 2021 advanced by the President's proposed budget announced in February, 2020.

Creation of the American Uranium Reserve will begin to address the United States' nearly complete dependence on imported uranium fuel products, most of which originate from state-supported enterprises in Russia and Kazakhstan. As set forth in the report, "As included in the President's fiscal year 2021 budget request, during the first year, it is expected that the reserve would directly support the operation of at least two U.S. uranium mines and the reestablishment of active domestic conversion capabilities." The American Uranium Reserve, as envisioned in the Working Group report, will enable the U.S. government to make direct purchases from domestic uranium miners of 17 million to 19 million pounds of U3O8 over 10 years.

Ur-Energy's chairman and chief executive officer Jeff Klenda stated: "We are pleased to see this historic step forward toward the establishment of the American Uranium Reserve and commend what senate committee chairman Richard Shelby noted was generally bipartisan support for the funding measures and allocations approved by his committee. This advances one of the key recommendations in the Working Group's report. As we have waited for the implementation of the report's recommendations, we have maintained operational readiness at our Lost Creek mine with our experienced technical and operational staff and a well-maintained plant. Lost Creek has been operating safely and steadily for more than seven years, and we are prepared to rapidly expand uranium production, to an annualized run rate of one million pounds."

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 more than 2.6 million pounds from Lost Creek since the commencement of operations. Applications are under review by various agencies to incorporate the company's LC East project area into the Lost Creek permits and to operate at its Shirley Basin project. 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. Shares of Ur-Energy trade on the NYSE American under the symbol URG and on the Toronto Stock Exchange under the symbol URE. Ur-Energy's corporate office is in Littleton, Colo.; its registered office is in Ottawa, Ont.

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