The Lost Creek Report supersedes the S-K 1300 Initial Assessment Technical Report Summary for the Lost Creek Property, dated March 4, 2024, with an effective date of December 31, 2023 (the "Prior Report"), that was filed as an exhibit to the Company's Annual Report on Form 10-K filed on March 4, 2024, which was the last Initial Assessment Technical Report Summary that was prepared for the Lost Creek Property. Except as otherwise indicated, references below to prior estimates of mineral resources or related economic analyses for the Lost Creek Property are to the Prior Report.

Lost Creek Report Highlights*

• The economic analyses included in the Lost Creek Report continue to support Lost Creek's potential viability.

* See Notes to Lost Creek Report Highlights after the excerpted tables below.

Chief Operating Officer, Steve Hatten commented: "Drilling at Lost Creek continues to deliver exceptional results, with drilling to date expanding our estimated resources and extending the estimated mine life, as reflected in the updated Lost Creek Report. With only a relatively small portion of the Property drilled to date, the potential scale and long-term growth prospects of Lost Creek remain compelling. We are making progress at Lost Creek across the operation, anticipating maintenance requirements and improving plant performance, while working through remaining start-up considerations."

Tables

The following tables have been excerpted from the Lost Creek Report and are subject to the qualifications, assumptions, and other information contained in the Lost Creek Report and should be read in connection therewith.

Table 1. Lost Creek Property - Resource Summary

1. Sum of Measured and Indicated tons and pounds may not add to the reported total due to rounding.

2. % eU₃O₈ is a measure of gamma intensity from a decay product of uranium and is not a direct measurement of uranium. Numerous comparisons of eU₃O₈ and chemical assays of Lost Creek rock samples, as well as PFN logging, indicate that eU₃O₈ is a reasonable indicator of the chemical concentration of uranium.

3. Table shows resources based on grade cutoff of 0.02 % eU₃O₈ and a grade x thickness cutoff of 0.20 GT.

4. Measured, Indicated, and Inferred Mineral Resources as defined in S-K 1300 and as used in NI 43-101.

5. Resources are reported through November 1, 2025.

6. All reported resources occur below the static water table.

7. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

8. The point of reference for resources is in situ at the Property.

Table 2. Lost Creek Property - Summary of Economics

1. Initial capital costs of $46.5 million were incurred and expended prior to the starting date of this economic analysis. Because there are no additional cash expenditures required for initial capital, they are therefore excluded from the cash flow and NPV calculations.

2. As of December 31, 2025, Lost Creek had $17 million of undepreciated, initial and sustaining capital assets that will be charged against operations over time. By including the undepreciated, initial capital assets, an IRR can be calculated. Without these costs, an IRR cannot be calculated.

Table 3. Lost Creek Property - Cash Flow Summary

1. Production is based on an 80% recovery of the total of Measured, Indicated and Inferred resources in the 12 RAs of the MMT and EMT. Resources outside of the existing or planned wellfields were excluded from the economic analysis, and this analysis assumes approximately 57.1% of the total resources will be recovered.

2. Where known, uranium price is based on pricing for expected sales under existing and negotiated sales contracts. Pricing assumptions are then supplemented by calculating a simple average of (a) Cantor Fitzgerald Canada Corporation, September 30, 2025; (b) B Riley Securities, July 22, 2025; (c) UxC, LLC Q4 2025 Composite Midpoint Price Scenario Projection; and (d) UxC, LLC Q4 2025 Mid Long Term Price Scenario (See also Section 19 of the Lost Creek Report).

3. Wellfield development includes wellfield drilling and wellfield construction costs.

4. Working capital changes are primarily related to annual cash flow timing differences in accounts receivable and accounts payable and totals to zero.

5. Pounds sold exceed pounds produced due to existing inventories.

Notes to Lost Creek Report Highlights Above

¹ For estimated mineral resources as of December 31, 2024, see the "Lost Creek Property Resource Summary (December 31, 2024)" in the Company's Annual Report on Form 10-K filed on April 11, 2025.
² Because Inferred resources are considered speculative, to account for the chance that the inferred resources are not upgraded as the Company collects additional drilling data while mining progresses at Lost Creek, a second economic analysis was prepared in each of the Lost Creek Report and the Prior Report that excludes Inferred resources as required by S-K 1300. Under these analyses, net cash flow after income taxes increased from $204.6 million as of December 31, 2023, to $208.0 million as of December 31, 2025. Calculations of net cash flow exclude initial capital costs incurred prior to the date of determination.
³ Excluding Inferred resources, NPV after income taxes applying an eight percent discount rate increased from $125.5 million as of December 31, 2023 per the Prior Report, to $141.8 million as of December 31, 2025 per the Lost Creek Report. NPV calculations exclude initial capital costs incurred prior to the date of determination.

NOTE: The independent Lost Creek Report has been prepared for the Company under the supervision of WWC in accordance with Canadian National Instrument 43-101, "Standards of Disclosure for Mineral Projects" (NI 43-101) and the Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 1300 of Regulation S-K, 17 C.F.R. §229.1300 et seq.,(S-K 1300). The effective date of the report is December 31, 2025. The Lost Creek Report can be found on SEDAR+ at www.sedarplus.ca and may also be accessed on the Company's website at www.ur-energy.com.

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

Cautionary Statement

The Lost Creek Report is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There are increased risk and uncertainty to commencing and conducting production without established mineral reserves that may result in economic and technical failure which may adversely impact future profitability. The estimated mineral recovery used in the Lost Creek Report is based on recovery data from wellfield operations to date at Lost Creek, as well as Company personnel and industry experience at similar facilities. There can be no assurance that recovery at the level indicated in the Lost Creek Report will be achieved.

About Ur-Energy

Ur-Energy is a uranium mining company operating the Lost Creek in situ recovery uranium facility in south-central Wyoming. We have produced nearly 3.5 million pounds of U₃O₈ from Lost Creek since the commencement of operations. Development and construction activities at the Shirley Basin Project, the Company's second in situ recovery uranium facility in Wyoming, are well advanced. 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 headquarters is in Casper, Wyoming and its registered office is in Ottawa, Ontario.

Contact Information

Valerie Kimball
IR Director
valerie.kimball@ur-energy.com
720-460-8534

Cautionary Note Regarding Forward-Looking Information

This release may contain "forward-looking statements" within the meaning of applicable securities laws regarding events or conditions that may occur in the future (e.g., the technical and economic viability, including mineral resource estimates, life of mine, costs and production results for the Lost Creek Property, including as set forth in the Lost Creek Report, whether the report supports the continued ramp up, wellfield development, and production at Lost Creek, and whether drilling will continue to expand estimated resources, extend the mine life, and support potential scale and long-term growth) and are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "estimates," "intends," "anticipates," "does not anticipate," or "believes," or variations of the foregoing, or statements that certain actions, events or results "may," "could," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, are considered forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from any forward-looking statements include, but are not limited to, capital and other costs varying significantly from estimates; failure to establish estimated resources and reserves; the grade and recovery of uranium which may vary from estimates; production rates, methods and amounts varying from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; inflation; changes in exchange rates; fluctuations in commodity prices; delays in development and other factors described in the public filings made by the Company at www.sedarplus.ca and www.sec.gov. Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are based on the beliefs, expectations and opinions of management as of the date hereof and Ur-Energy disclaims any intent or obligation to update them or revise them to reflect any change in circumstances or in management's beliefs, expectations or opinions that occur in the future.

SOURCE: Ur-Energy Inc.

Year-End 2025 Highlights

Lost Creek Ramp-up Continues

• The 2025 average price per produced pound of U₃O₈ sold was $63.20 and the average cash cost per produced pound sold was $42.89.

Shirley Basin - Significant Progress Towards Commissioning

• Pending approvals from the Wyoming Department of Environmental Quality ("WDEQ"), Header House 1-1 is ready to be brought online to commence initial injection in and recovery from the wellfield. Development of additional header houses is ongoing, positioning the project for production operations and phased production growth.

Workforce Expansion to Support Production Growth

The total number of our full-time employees grew to 157 at year-end 2025, up from 101 in 2024, representing a 55% year-over-year increase as the Company added talented team members to support Shirley Basin and our other projects. This growth strengthened our excellent operations, technical, and corporate teams, positioning the Company for commissioning activities, production growth, and additional exploration in 2026.

Financial Strength

• In February 2026, 24,684,999 warrants were exercised for 12,342,499 whole common shares of the Company at an exercise price of $1.50 per share for proceeds of $18.5 million. The proceeds will be received in March. Including warrants that were exercised in January 2026, proceeds from warrants exercised in 2026 total $28.7 million. All but an insignificant number of warrants were exercised before the warrants expired in February.

Growing Uranium Resource Base

• Our combined estimated mineral resources for Lost Creek and Shirley Basin are 21.0 million pounds in the Measured and Indicated categories, and 10.4 million pounds in the Inferred category at December 31, 2025. The estimated mine life at Lost Creek through final wellfield production (but excluding additional restoration) has been extended by nearly three years, with the potential for additional cash flow and long-term growth. See our separate press release on the Lost Creek Report issued today.

Exploration Programs Continue to Advance

• Potential Growth Near Lost Creek: Drilling is expected to shift from our North Hadsell Project to our LC South Project in summer 2026 with a planned 120-hole program, reinforcing long-term growth optionality in the Great Divide Basin.

Ur-Energy President and CEO Matt Gili commented: "2025 reflected strong execution across our operating and development portfolio. At Lost Creek, we delivered meaningful year-over-year improvements in production, throughput, and operating performance while continuing to expand our resources and extend mine life. At the same time, we advanced Shirley Basin toward commissioning, with significant construction complete, drilling well advanced, and a talented team in place. With two ISR platforms, a growing resource base at Lost Creek, and a robust exploration pipeline in the Great Divide Basin, we are well positioned to drive production growth and long-term value in 2026 and beyond."

Year-end 2025 Conference Call and Webcast: 3:00 PM Eastern, 1:00 PM Mountain on March 11, 2026

Audience Webcast URL: https://www.webcaster5.com/Webcast/Page/2307/53689

U₃O₈ Product Sales, Costs, and Profit (Loss)¹

The following table provides information on our U₃O₈ product profit and loss.

¹ This table includes measures specific to U₃O₈ product sales, product costs, product profits, pounds sold, price per pound sold, cost per pound sold, and profit (loss) per pound sold that do not have standardized meanings within US GAAP or a defined basis of calculation. These measures are used by management to assess business performance and determine production and pricing strategies. They may also be used by certain investors to evaluate performance.

U₃O₈ Production and Ending Inventory

The following table provides information on our production of U₃O₈ pounds.

The following table provides information on our ending inventory of U₃O₈ pounds.

Year Ended December 31, 2025, Compared to Year Ended December 31, 2024

The following table summarizes the results of our operations for the years ended December 31, 2025, and 2024:

(expressed in thousands of U.S. dollars, except per share and non-GAAP per pound data)

Lost Creek ISR Project - Great Divide Basin, Wyoming

Focus on Operational Execution

During 2025, Ur-Energy advanced wellfield development and brought four additional header houses online at Lost Creek. The Company drummed 410,440 pounds of U₃O₈ in 2025, up from 249,209 pounds in 2024,and shipped 420,144 pounds, reflecting improved throughput and operating execution.

The Company continues to make progress proactively identifying and addressing operational challenges while advancing detailed engineering solutions to improve flow and plant performance.

In 2026, operational priorities remain focused on continued ramp-up, plant optimization, and sustained production rate increases. Several new header houses are expected to be brought online in MU1 Phase 2 during the first half of the year, with the first commissioned in February. Planned investments, including commencement of construction of a wastewater treatment facility, are expected to facilitate increased overall plant throughput over time.

Lost Creek is fully staffed, with ongoing emphasis on retention and training to support continued operational improvement and efficiency. With 15 active drill rigs, drilling and wellfield development remain on schedule, positioning the operation to continue increasing production.

Drilling at Lost Creek continues to demonstrate consistent success in expanding estimated mineral resources and extending mine life. As detailed in the Lost Creek Report, the mineral resource estimates for the Property reflect 11.9 million pounds in the Measured and Indicated categories, and 10.4 million pounds in the Inferred category. The estimated mine life through final wellfield production (but excluding additional restoration) has been extended by nearly three years, with the potential for additional cash flow and long-term growth. Historically, each phase of drilling has supported the addition of estimated mineral resources. Notably, only a relatively small portion of the Lost Creek Property has been drilled to date, underscoring the scale and growth potential of the asset base and supporting a potential longer-term production outlook.

Shirley Basin ISR Project, Shirley Basin, Wyoming

Significant Progress Towards Commissioning

During 2025, we made significant progress on wellfield development and initiated construction of the plant facility at Shirley Basin. Construction of the plant building is well advanced, with all ion exchange columns installed and key tanks set. Remaining interior construction, commissioning of production circuits, and construction of phase two infrastructure are expected to progress through 2026, followed by the ramp-up of operations.

Pending approvals from the WDEQ, Header House 1-1 is ready to be brought online to commence injection in and recovery from the wellfield. Development of additional header houses in Mine Unit 1 is ongoing, positioning the project for production operations and phased production growth as commissioning progresses.

The wellfield data package for Mine Unit 1 is currently under review by the WDEQ, which also began its pre-operational inspection in late February 2026. Additional site visits are expected as the inspection process continues. Following completion of the inspection and regulatory review, we expect approval to begin recovery from the wellfield and collection of uranium onto resin in the plant.

Drilling activity continues at a strong pace. Through February 2026, the Company has pilot drilled 469 injection and production wells in Mine Unit 1, currently supported by eight active drill rigs. With delineation drilling completed historically, activity is focused on efficient development and construction to support near-term production.

Shirley Basin has a licensed wellfield capacity of one million pounds of U₃O₈ per year. Total annual production from wellfield recovery and toll processing is permitted at up to two million pounds U₃O₈ equivalent. Shirley Basin is designed as a satellite operation, with loaded resin to be transported to Lost Creek for processing. We expect to be able to commence transporting loaded resin to Lost Creek for processing, drying, and drumming in summer 2026, subject to the receipt of additional regulatory approvals.

Staffing at Shirley Basin is substantially complete, with a focus on training and operational readiness. Leveraging Ur-Energy's operating experience at Lost Creek, the Company expects a disciplined ramp-up as Shirley Basin transitions into production, providing a second U.S. ISR production platform and meaningful growth in overall uranium output.

Expanded Exploration Programs to Advance the Development Pipeline

Lost Soldier Project

In 2025, the Company renewed exploration in Wyoming's Great Divide Basin, advancing the Lost Soldier Project with the installation of aquifer test wells to support ISR evaluation. Aquifer testing is scheduled to begin in March 2026, followed by baseline environmental studies to support potential permitting. Located approximately 17 miles from the Lost Creek plant, Lost Soldier offers possible satellite development optionality by leveraging existing infrastructure. Work is also underway on a technical report for the project.

North Hadsell and LC South Exploration

Drilling at the North Hadsell Project in the Great Divide Basin continues to deliver encouraging early results from the ongoing 50-hole program. Through February 2026, we have drilled 32 wide-spaced holes at North Hadsell totaling 32,965 feet, including seven holes intersecting significant uranium mineralization with 13 intercepts exceeding 0.20 GT. These grades and thicknesses closely resemble the mineralization at Lost Creek, where the Company applies a 0.20 GT cut-off in evaluating economic mineral resources.

Results also suggest the presence of multiple stacked roll-front horizons comparable to those at the Company's producing Lost Creek ISR mine, supporting ISR recovery potential. Two of the most compelling holes, located approximately 1.5 miles apart at similar depths, indicate meaningful potential scale to the mineralized system and reinforce North Hadsell's potential as a future development opportunity.

Drilling is expected to transition from North Hadsell to the LC South Project in summer 2026, where a larger 120-hole program is planned, reinforcing the Company's longer-term growth pipeline near Lost Creek.

NOTE: The independent Technical Report for the Lost Creek Property has been prepared for the Company under the supervision of Western Water Consultants, Inc., d/b/a WWC Engineering ("WWC"), in accordance with Canadian National Instrument 43-101, "Standards of Disclosure for Mineral Projects" (NI 43-101) and the Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K (S-K 1300). The effective date of the report is December 31, 2025.

The Lost Creek Report is an exhibit to the Company's Annual Report on Form 10-K (see above). It can also be found on SEDAR+ at www.sedarplus.ca and may also be accessed on the Company's website at www.ur-energy.com.

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

About Ur-Energy

Ur-Energy is a uranium mining company operating the Lost Creek in situ recovery uranium facility in south-central Wyoming. We have produced nearly 3.5 million pounds of U₃O₈ from Lost Creek since the commencement of operations. Development and construction activities at the Shirley Basin Project, the Company's second in situ recovery uranium facility in Wyoming, are well advanced. 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 headquarters is in Casper, Wyoming and its registered office is in Ottawa, Ontario.

Contact Information

Valerie Kimball
IR Director
valerie.kimball@ur-energy.com
720-460-8534

Cautionary Note Regarding Forward-Looking Information

This release may contain "forward-looking statements" within the meaning of applicable securities laws regarding events or conditions that may occur in the future (e.g., our ability at Lost Creek to timely construct a wastewater treatment facility, further increase flow rates, fully optimize operations, further increase production, profit per pound sold or profit margin, develop estimated mineral resources, extend the mine life, or realize additional cash flow; whether for Shirley Basin we will receive pending or outstanding regulatory approvals, commence initial injection in and recovery from the wellfield, complete construction and commissioning, commence full production operations, or ramp-up and grow production; our ability at Lost Soldier to complete aquifer testing, baseline environmental studies, or a new technical report; whether for any of our exploration programs, including North Hadsell, the drilling programs will continue, further work will support preliminary interpretations, the resource potential will be adequate for ISR mining, or the projects will be scalable or allow us to leverage existing infrastructure or operating expertise; and whether we will be able to timely and adequately train and retain our new employees), and are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "estimates," "intends," "anticipates," "does not anticipate," or "believes," or variations of the foregoing, or statements that certain actions, events or results "may," "could," "might," "will be taken," "occur," "be achieved," "position us," "suggest," "indicate" or "have the potential to." All statements, other than statements of historical fact, are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from any forward-looking statements include, but are not limited to, capital and other costs varying significantly from estimates; failure to establish estimated resources and reserves; the grade and recovery of ore which is mined varying from estimates; production rates, methods and amounts varying from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; inflation; changes in exchange rates; fluctuations in commodity prices; delays in development and other factors described in the public filings made by the Company at www.sedarplus.ca and www.sec.gov. Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are based on the beliefs, expectations and opinions of management as of the date hereof and Ur-Energy disclaims any intent or obligation to update them or revise them to reflect any change in circumstances or in management's beliefs, expectations or opinions that occur in the future.

SOURCE: Ur-Energy Inc.

North Hadsell Drilling Returns Significant Intercepts

CASPER, WY / ACCESS Newswire / January 28, 2026 / Ur-Energy Inc. (NYSE American:URG)(TSX:URE) (the "Company" or "Ur-Energy"), a U.S. producer of uranium, is pleased to provide an update on work at its Lost Soldier and North Hadsell Projects, located in the Great Divide Basin, Wyoming.

Ur-Energy is off to a strong start in 2026 at both the Lost Soldier and North Hadsell Projects, delivering encouraging results in our work programs that demonstrate the upside potential of these assets. The objectives of our drilling were straightforward and value-driven: first, to gather critical hydrogeologic data at Lost Soldier to reduce risk and support efficient planning and permitting, and second, to identify new uranium roll-front targets at North Hadsell.

Both projects are located near our producing Lost Creek uranium mine, providing increased potential to leverage existing infrastructure, reduce future development capital requirements, and expand our uranium mineral resource base in Wyoming's prolific Great Divide Basin.

Highlights

Lost Soldier Project

• Strategic Proximity to Operations: Lost Soldier is a 17-mile drive from the Company's producing Lost Creek ISR mine and processing facility, which may enable capital-efficient development by leveraging established infrastructure and operating expertise.

North Hadsell Project

• Project Scale: Two of the most compelling holes exhibit this stacked roll-front mineralization at similar depth horizons and are located approximately 1.5 miles apart, indicating the potential scale of the mineralized system.

Ur-Energy CEO and President, Matthew Gili, commented: "The early success at North Hadsell, combined with our decision to advance technical studies and hydrogeologic work at Lost Soldier, underscores the momentum we are building across our Wyoming growth portfolio. As this work progresses, we see meaningful potential for capital-efficient resource expansion, strengthening Ur-Energy's long-term development pipeline."

Figure 1. Great Divide Basin Exploration Map

Lost Soldier Project

Located approximately 17 miles (27 kilometers) to the northeast of Lost Creek, Lost Soldier has approximately 4,000 historic drill holes defining 14 mineralized sandstone horizons within the lower Battle Spring Formation. We control 105 unpatented mining claims at the property, totaling approximately 1,960 mineral acres.

Recent drilling at Lost Soldier focused on installing 18 aquifer test wells to enhance our understanding of the local hydrogeology. While the geology of the project area is well understood, this additional hydrogeologic characterization will assist our technical teams in optimizing planning, permitting, and potential development activities. Aquifer testing is anticipated to begin in Q1 2026.

Work is also underway to complete a new technical report with the goal of establishing a mineral resource estimate based on detailed roll-front mapping. The new report will combine results from recent work and historical data to produce a mineral resource estimate to facilitate assessment and planning for potential ISR development. The technical report on Lost Soldier is expected to be completed later this year.

North Hadsell Project

The North Hadsell Project is located approximately three miles west of Lost Soldier and 10 miles north of Lost Creek and includes 203 unpatented mining claims covering about 3,970 mineral acres. The Project is underlain by the same uranium-bearing geologic formation as Lost Soldier and Lost Creek. While some historical drilling is known in the area, the related data are largely unavailable.

We commenced a 50-hole drill program in Q4 2025 and have completed 16 wide-spaced framework holes, each approximately 1,000 feet deep, for a total footage of 16,765 feet. Five of these initial drill holes have returned significant mineralization, indicating the presence of a stacked roll-front system containing 11 individual intercepts greater than 0.20 GT (Grade (%eU₃O₈) times Thickness (ft)). These grades and thicknesses closely resemble the mineralization at Lost Creek, where the Company applies a 0.20 GT cut-off in evaluating economic mineral resources. Preliminary interpretation suggests the potential for up to eight individual roll fronts within a depth range of approximately 300 to 800 feet below surface, ideal for ISR mining, with indications of additional mineralized horizons at depth. Notably, the two most encouraging drill holes to date are located more than 1.5 miles apart with mineralization in similar horizons, suggesting the Project's scalability and resource potential.

Drilling will continue until the 50-hole program is completed or until March 15, when seasonal sage grouse restrictions begin. Any remaining work should resume in the summer.

Table 1. North Hadsell Uranium Project Drill Results

Qualified Person

Disclosures of a scientific or technical nature included in this news release, including the sampling, analytical and technical data underlying the information, have been reviewed, verified and approved by John Cooper who is a Registered Member of SME, a Certified Professional Geologist with AIPG, a Wyoming PG, and is a Qualified Person as defined by Regulation S-K, Subpart 1300 as adopted by the U.S. Securities and Exchange Commission and by Canadian National Instrument 43-101. Mr. Cooper is employed as a Senior Geologist with Ur-Energy.

About Ur-Energy

Ur-Energy is a uranium mining company operating the Lost Creek in situ recovery uranium facility in south-central Wyoming. We have produced and packaged over 3 million pounds of U₃O₈ from Lost Creek since the commencement of operations. Development and construction activities at the Shirley Basin Project, the Company's second in situ recovery uranium facility in Wyoming, are well advanced. 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 headquarters is in Casper, Wyoming and its registered office is in Ottawa, Ontario.

Contact Information
Valerie Kimball
IR Director
Valerie.kimball@ur-energy.com
720-460-8534

Cautionary Note Regarding Forward-Looking Information

This release may contain "forward-looking statements" within the meaning of applicable securities laws regarding events or conditions that may occur in the future (e.g., whether for Lost Soldier we will be able to more accurately assess the potential for in situ recovery, adequately reduce project risk, optimize permitting, development assumptions, wellfield design, and project decisions, complete aquifer testing, or complete a new technical report; whether for North Hadsell the drilling program will continue, further exploration and analysis will support preliminary interpretations of drilling results, the resource potential will be adequate for ISR mining, or the project will be scalable; or whether either project will be able to leverage existing infrastructure and operating expertise, reduce future development capital requirements, expand our uranium resource base, or have any prospective upside) and are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "estimates," "intends," "anticipates," "does not anticipate," or "believes," or variations of the foregoing, or statements that certain actions, events or results "may," "could," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from any forward-looking statements include, but are not limited to, capital and other costs varying significantly from estimates; failure to establish estimated resources and reserves; the grade and recovery of ore which is mined varying from estimates; production rates, methods and amounts varying from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; inflation; changes in exchange rates; fluctuations in commodity prices; delays in development and other factors described in the public filings made by the Company at www.sedarplus.ca and www.sec.gov. Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are based on the beliefs, expectations and opinions of management as of the date hereof and Ur-Energy disclaims any intent or obligation to update them or revise them to reflect any change in circumstances or in management's beliefs, expectations or opinions that occur in the future.

SOURCE: Ur-Energy Inc.

Cantor Fitzgerald & Co. acted as sole book-running manager and capped call coordinator for the offering. B. Riley Securities, Inc. and H.C. Wainwright & Co., LLC acted as co-managers for the offering.

Ur-Energy's CEO, Matt Gili, commented, "We are very pleased with the market's enthusiastic reception to this offering, which was oversubscribed and attracted participation from several well-known institutional investors who are new to Ur-Energy. The strong demand validates the market's confidence in our team, strategy and outlook. The notes, with an attractive annual coupon of 4.75% and a conversion price of $1.73, representing a 27.5% premium to the December 10, 2025 share price on the NYSE American, provide flexible capital to support the continued optimization of operations at Lost Creek and the start-up of our second in-situ recovery ("ISR") mine, Shirley Basin-the fifth producing ISR mine in the United States. The capped call transactions will further mitigate dilution until our share price has potentially doubled from the reference price of $1.36 per share, allowing us to fund growth while protecting shareholder value."

Strategic Capital Raise

• The proceeds from this strategic capital raise are expected to strengthen our balance sheet and enhance our ability to complete the critical ramp-up of production at our Lost Creek mine and finalize construction activities at Shirley Basin.

• Flexible, Non-Covenant Structure: The offering is structured without restrictive covenants as seen in conventional debt, offering the Company enhanced operational and financial flexibility versus typical secured debt instruments.

• Conversion Optionality: While convertible into common shares, no par value, of Ur-Energy (the "common shares") under certain conditions, the notes will initially accrue interest like debt and are not immediately dilutive, and conversion features are structured at a premium, aligning interests with long-term shareholder value.

• Lower Dilution vs. Equity: Compared to a straight equity offering, this structure allows Ur-Energy to raise meaningful capital with less near-term dilution to existing shareholders, particularly with conversion pricing set at a premium level.

• Proceeds to Drive Growth: Proceeds will support the broader expansion of the Company's exploration program and development pipeline.

Summary of the Offering

• Cash interest coupon of 4.75% per annum, payable semi-annually in arrears on January 15th and July 15th of each year, beginning July 15, 2026.

• Conversion price of approximately $1.73 per common share, which represents a conversion premium of approximately 27.5% to the last reported sale price of the common shares on the NYSE American LLC (the "NYSE American") on December 10, 2025, subject to adjustments in some events but will not be adjusted for any accrued and unpaid interest.

• The potential economic dilution upon conversions of the notes was mitigated through the purchase of cash-settled capped call options with a cap price of $2.72 (representing a premium of 100% over the last reported sale price of the common shares on the NYSE American on December 10, 2025). The purchase price for the capped call options was approximately $16.6 million.

• Conversions of the notes may be settled in common shares, cash or a combination of common shares and cash at Ur-Energy's election. Additionally, Ur-Energy will have the right to redeem the notes in certain circumstances and will be required to offer to repurchase the notes upon the occurrence of certain events.

• The notes will mature on January 15, 2031 unless earlier converted, redeemed or repurchased.

Forward-Looking Statements

This release may contain "forward-looking statements" within the meaning of applicable securities laws regarding events or conditions that may occur in the future (including expectations with respect to the offering and the capped call transactions; expectations that the Company will be able to realize on proceeds from the capped call; the potential impact of the foregoing or related transactions on dilution to the common shares and the market price of the common shares or the trading price of the notes; expectations relating to the Company's project development plans and strategy; and the anticipated use of proceeds from the offering) and are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "estimates," "intends," "anticipates," "does not anticipate," or "believes," or variations of the foregoing, or statements that certain actions, events or results "may," "could," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from any forward-looking statements include market risks, trends and conditions and other factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, and the other public filings made by the Company at www.sedarplus.ca and www.sec.gov. Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are based on the beliefs, expectations and opinions of management as of the date hereof and Ur-Energy disclaims any intent or obligation to update them or revise them to reflect any change in circumstances or in management's beliefs, expectations or opinions that occur in the future.

About Ur-Energy

Ur-Energy is a uranium mining company operating the Lost Creek in situ recovery uranium facility in south-central Wyoming. We have produced and packaged approximately 3 million pounds of 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 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, Colorado and its registered office is in Ottawa, Ontario.

Additional Information

The notes issued in connection with the offering and the common shares issuable upon the conversion of notes will be subject to a statutory hold period in accordance with applicable securities legislation.

The notes and the common shares issuable upon the conversion thereof have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), registered under any state securities laws, or qualified by a prospectus in any province or territory of Canada. The notes and the common shares issuable upon the conversion thereof may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from registration under the Securities Act. The notes were offered only to "qualified institutional buyers" (as defined in Rule 144A under the Securities Act). Offers and sales in Canada were made only pursuant to exemptions from the prospectus requirements of applicable Canadian provincial and territorial securities laws.

This press release is neither an offer to sell nor the solicitation of an offer to buy the notes or any other securities and shall not constitute an offer to sell or solicitation of an offer to buy, or a sale of, the notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

The Toronto Stock Exchange ("TSX") and the NYSE American neither approve nor disapprove the information contained in this press release. In obtaining the approval of the TSX relating to the offering, the Company relied on the exemption set forth in Section 602.1 of the TSX Company Manual available to "Eligible lnterlisted Issuers", since the Company's common shares are also listed on the NYSE American LLC and had less than 25% of the overall trading volume of its listed securities occurring on all Canadian marketplaces in the twelve months immediately preceding the date on which application was made to TSX to approve the offering.

Contact Information

Matthew D. Gili, CEO
Matthew.Gili@Ur-Energy.com

SOURCE: Ur-Energy Inc.

LITTLETON, CO / ACCESS Newswire / December 11, 2025 / Ur-Energy Inc. ("Ur-Energy" or the "Company") (NYSE American:URG)(TSX:URE), today announced the pricing of $100 million aggregate principal amount of 4.75% Convertible Senior Notes due 2031 (the "notes") in a private placement (the "offering") to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act").

In addition, Ur-Energy granted the initial purchasers of the notes an option to purchase, during a 13-day period beginning on, and including, the date on which the notes are first issued, up to an additional $20 million aggregate principal amount of notes. The offering is expected to close on December 15, 2025, subject to the satisfaction of customary closing conditions.

The notes will be general senior unsecured obligations of Ur-Energy and will accrue interest payable semiannually in arrears on January 15th and July 15th of each year, beginning on July 15, 2026, at a rate of 4.75% per year. The Notes will mature on January 15, 2031, unless earlier converted, redeemed or repurchased.

Ur-Energy estimates that the net proceeds from the offering will be approximately $95.5 million (or approximately $114.8 million if the initial purchasers exercise their option to purchase additional notes in full) after deducting the initial purchasers' discounts and commissions and estimated offering expenses payable by Ur-Energy. Ur-Energy expects to use the net proceeds from the offering (i) to pay the approximately $13.9 million cost of the capped call transactions (as described below) (or approximately $16.6 million if the initial purchasers exercise their option to purchase additional notes in full) to be entered into with certain financial institutions (the "option counterparties") and (ii) for project development and general corporate purposes. If the initial purchasers exercise their option to purchase additional notes, Ur-Energy expects to use a portion of the net proceeds from the sale of the additional notes to enter into additional capped call transactions with the option counterparties and the remaining net proceeds for the purposes described above.

The notes will be convertible at the option of the holders in certain circumstances. The notes will be convertible into cash, common shares, no par value, of Ur-Energy ("common shares") or a combination of cash and common shares, at Ur-Energy's election. The initial conversion rate is 576.7013 common shares per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $1.73 per common share, which represents a conversion premium of approximately 27.5% to the last reported sale price of the common shares on the NYSE American on December 10, 2025), and will be subject to adjustments in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date of the notes or if Ur-Energy delivers a notice of redemption, Ur-Energy will, in certain circumstances, increase the conversion rate of the notes for a holder who elects to convert its notes in connection with such a corporate event or convert its notes called (or deemed called) for redemption in connection with such notice of redemption, as the case may be.

Ur-Energy may not redeem the notes prior to January 22, 2029, except upon the occurrence of certain changes to the laws governing withholding taxes as described below. Ur-Energy may redeem for cash all or any portion of the notes (subject to the partial redemption limitation described below), at its option, on or after January 22, 2029, if the last reported sale price of the common shares has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which Ur-Energy provides notice of redemption. Ur-Energy may also redeem for cash all but not part of the notes, at its option, subject to certain conditions, upon the occurrence of certain changes to the laws governing withholding taxes. Redemptions of notes, in either case, shall be at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. If Ur-Energy redeems less than all of the outstanding notes, at least $25 million aggregate principal amount of notes must be outstanding and not subject to redemption as of, and after giving effect to, delivery of the relevant notice of redemption.

If Ur-Energy undergoes a "fundamental change" (as defined in the indenture governing the notes), then Ur-Energy will, subject to certain conditions and except as described in the indenture governing the notes, be required to make an offer to holders to repurchase for cash all or any portion of their notes in principal amounts of $1,000 or an integral multiple thereof. The fundamental change repurchase price will be equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

In connection with the pricing of the notes, Ur-Energy entered into privately negotiated cash-settled capped call transactions with the option counterparties. The capped call transactions will cover, subject to anti-dilution adjustments substantially similar to those applicable to the notes, the number of common shares initially underlying the notes. The capped call transactions are expected generally to compensate (through the payment of cash to Ur-Energy) for the potential economic dilution upon any conversion of notes and/or offset any cash payments Ur-Energy is required to make in excess of the principal amount of converted notes, as the case may be, with such reduction and/or offset subject to a cap.

The cap price of the capped call transactions relating to the notes is initially $2.72, which represents a premium of 100% over the last reported sale price of the common shares on the NYSE American on December 10, 2025, and is subject to certain adjustments under the terms of the capped call transactions.

In connection with establishing their initial hedges of the capped call transactions, Ur-Energy expects that the option counterparties or their respective affiliates will enter into various derivative transactions with respect to the common shares and/or purchase common shares concurrently with or shortly after the pricing of the notes, including with, or from, certain investors in the notes. This activity could increase (or reduce the size of any decrease in) the market price of common shares or the trading price of the notes at that time.

In addition, the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to the common shares and/or purchasing or selling common shares or other securities of Ur-Energy in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so during the 50-trading day period beginning on the 51st scheduled trading day prior to the maturity date of the notes and, to the extent the Company exercises the relevant election under the capped call transactions, following any earlier conversion, redemption or repurchase of the notes). This activity could also cause or avoid an increase or a decrease in the market price of the common shares or the notes, which could affect a holder's ability to convert the notes and, to the extent the activity occurs during any observation period related to a conversion of notes, it could affect the number of common shares, if any, and the value of the consideration that a holder will receive upon conversion of its notes.

The notes and the common shares issuable upon conversion of the notes, if any, have not been registered under the Securities Act, any state securities laws or the securities laws of any other jurisdiction, and unless so registered, may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws. Offers and sales in Canada will be made only pursuant to exemptions from the prospectus requirements of applicable Canadian provincial and territorial securities laws. The notes issued and the common shares issuable upon the conversion of notes, if any, to purchasers in Canada will be subject to a statutory hold period in accordance with applicable Canadian provincial and territorial securities laws. The offering is subject to final acceptance of the Toronto Stock Exchange ("TSX"). In obtaining TSX conditional approval, Ur-Energy intends to rely on the Exemptions for Eligible Interlisted Issuers set forth in Section 602.1 of the TSX Company Manual, which provide that the TSX will not apply its standards to certain transactions involving "Eligible Interlisted Issuers" on a "Recognized Exchange" (each as defined in the TSX Company Manual), such as the NYSE American.

This press release is neither an offer to sell nor a solicitation of an offer to buy any of the securities being offered in the offering nor shall it constitute an offer, solicitation or sale of any securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification thereof under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

This release may contain "forward-looking statements" within the meaning of applicable securities laws regarding events or conditions that may occur in the future (including statements concerning the anticipated completion of the offering and capped call transactions, the potential impact of the foregoing or related transactions on dilution to the common shares and the market price of the common shares or the trading price of the notes, and the anticipated use of proceeds from the offering) and are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "estimates," "intends," "anticipates," "does not anticipate," or "believes," or variations of the foregoing, or statements that certain actions, events or results "may," "could," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from any forward-looking statements include market risks, trends and conditions and other factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, and the other public filings made by the Company at www.sedarplus.ca and www.sec.gov. Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are based on the beliefs, expectations and opinions of management as of the date hereof and Ur-Energy disclaims any intent or obligation to update them or revise them to reflect any change in circumstances or in management's beliefs, expectations or opinions that occur in the future.

About Ur-Energy

Ur-Energy is a uranium mining company operating the Lost Creek in situ recovery uranium facility in south-central Wyoming. We have produced and packaged approximately 3 million pounds of 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 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, Colorado and its registered office is in Ottawa, Ontario.

FOR FURTHER INFORMATION, PLEASE CONTACT

John W. Cash, Chairman and CEO
+1 307-265-2373, ext. 303
John.Cash@Ur-Energy.com

SOURCE: Ur-Energy Inc.

The notes will be general senior unsecured obligations of Ur-Energy and will accrue interest payable semiannually in arrears. The notes will be convertible at the option of holders under certain conditions into cash, common shares, no par value, of Ur-Energy ("common shares") or a combination of cash and common shares, at Ur-Energy's election. The interest rate, initial conversion rate and other terms of the notes will be determined at the time of pricing of the convertible notes offering.

Ur-Energy expects to use the net proceeds from the convertible notes offering, if consummated, (i) to pay the cost of the capped call transactions (as described below) and (ii) for project development and general corporate purposes. If the initial purchasers exercise their option to purchase additional notes, Ur-Energy expects to use a portion of the net proceeds from the sale of the additional notes to enter into additional capped call transactions with the option counterparties (as defined below) and the remaining net proceeds for the purposes described above.

In connection with the pricing of the notes, Ur-Energy expects to enter into privately negotiated cash-settled capped call transactions with one or more of the initial purchasers of the notes or affiliates thereof and/or other financial institutions (the "option counterparties"). The capped call transactions will cover, subject to anti-dilution adjustments substantially similar to those applicable to the notes, the number of common shares initially underlying the notes. The capped call transactions are expected generally to compensate (through the payment of cash to Ur-Energy) for the potential economic dilution upon any conversion of notes and/or offset any cash payments Ur-Energy is required to make in excess of the principal amount of converted notes, as the case may be, with such reduction and/or offset subject to a cap.

In connection with establishing their initial hedges of the capped call transactions, Ur-Energy expects that the option counterparties or their respective affiliates will enter into various derivative transactions with respect to common shares and/or purchase common shares concurrently with or shortly after the pricing of the notes, including with, or from, certain investors in the notes. This activity could increase (or reduce the size of any decrease in) the market price of common shares or the trading price of the notes at that time.

In addition, the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to the common shares and/or purchasing or selling common shares or other securities of Ur-Energy in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so during the 50-trading day period beginning on the 51^st scheduled trading day prior to the maturity date of the notes and, to the extent the Company exercises the relevant election under the capped call transactions, following any earlier conversion, redemption or repurchase of the notes). This activity could also cause or avoid an increase or a decrease in the market price of the common shares or the notes, which could affect a holder's ability to convert the notes and, to the extent the activity occurs during any observation period related to a conversion of notes, it could affect the number of common shares, if any, and the value of the consideration that a holder will receive upon conversion of its notes.

The notes and the common shares issuable upon conversion of the notes, if any, have not been registered under the Securities Act, any state securities laws or the securities laws of any other jurisdiction, and unless so registered, may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws. Offers and sales in Canada will be made only pursuant to exemptions from the prospectus requirements of applicable Canadian provincial and territorial securities laws. The notes issued and the common shares issuable upon the conversion of notes, if any, to purchasers in Canada will be subject to a statutory hold period in accordance with applicable Canadian provincial and territorial securities laws. The convertible notes offering is subject to final acceptance of the Toronto Stock Exchange ("TSX"). In obtaining TSX conditional approval, Ur-Energy intends to rely on the Exemptions for Eligible Interlisted Issuers set forth in Section 602.1 of the TSX Company Manual, which provide that the TSX will not apply its standards to certain transactions involving "Eligible Interlisted Issuers" on a "Recognized Exchange" (each as defined in the TSX Company Manual), such as the NYSE American.

This press release is neither an offer to sell nor a solicitation of an offer to buy any of the securities being offered in the offering, nor shall it constitute an offer, solicitation or sale of any securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification thereof under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

This release may contain "forward-looking statements" within the meaning of applicable securities laws regarding events or conditions that may occur in the future (including statements concerning the proposed terms of the notes, the capped call transactions, the completion, timing and size of the proposed offering and capped call transactions, the potential impact of the foregoing or related transactions on dilution to the common shares and the market price of the common shares or the trading price of the notes, the grant to the initial purchasers in the convertible notes offering of the option to purchase additional notes, and the anticipated use of proceeds from the offering) and are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "estimates," "intends," "anticipates," "does not anticipate," or "believes," or variations of the foregoing, or statements that certain actions, events or results "may," "could," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from any forward-looking statements include market risks, trends and conditions and other factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, and the other public filings made by the Company at www.sedarplus.ca and www.sec.gov. Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are based on the beliefs, expectations and opinions of management as of the date hereof and Ur-Energy disclaims any intent or obligation to update them or revise them to reflect any change in circumstances or in management's beliefs, expectations or opinions that occur in the future.

About Ur-Energy

Ur-Energy is a uranium mining company operating the Lost Creek in situ recovery uranium facility in south-central Wyoming. We have produced and packaged approximately 3 million pounds of 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 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, Colorado and its registered office is in Ottawa, Ontario.

Contact Information
John W. Cash, Chairman and CEO
+1 307-265-2373, ext. 303
John.Cash@Ur-Energy.com

SOURCE: Ur-Energy Inc.

Ur-Energy Chairman and CEO, John Cash, commented, "I want to personally thank Penne for her unwavering dedication to Ur-Energy over the past 20 years and her teacher's heart that has always been willing to mentor me and many others. Penne was instrumental in the success of the Company since its earliest days and played an integral leadership role in virtually every corporate milestone. Penne's untiring work ethic and contribution will be missed by all. I wish her the absolute best during retirement and hope she can now find the time to return to the tennis court."

Mr. Alex Ritchie will succeed Ms. Goplerud as General Counsel and Corporate Secretary on January 6, 2026. Ms. Goplerud will continue with Ur-Energy for a short time to ensure a smooth transition.

Ur-Energy President and incoming CEO, Matt Gili, commented, "We are incredibly grateful to Penne for her many contributions to the Company and wish her the very best in retirement. As we continue to grow our business and expand our operations, we are thrilled to have Alex join the team. Although Alex has big shoes to fill, he brings exceptional expertise and leadership that will strengthen our strategic execution going forward while maintaining our strong standards for compliance, governance and risk management."

Mr. Ritchie has more than 25 years of diverse legal, executive and business experience in natural resources law and transactions, environmental law, general corporate and contract matters and accounting. Mr. Ritchie began his legal career in private practice in 1999. From 2000 - 2009, he practiced in the natural resources, commercial law and securities groups of a prominent Denver law firm, where he was elected partner in December 2006. While in private practice, he represented mining and energy company clients on billions of dollars of acquisition, divestiture, joint venture, financing, securities and other transactions. From 2009 - 2012, he served as senior corporate counsel for the U.S. subsidiary of an international oil and gas company, where he worked on environmental compliance and permitting, major projects, commercial contracts, acquisitions and divestitures, and general corporate matters.

Mr. Ritchie has been a thought leader and educator on natural resources law. Since 2017, he has been the Executive Director of The Foundation for Natural Resources and Energy Law (formerly the Rocky Mountain Mineral Law Foundation), where he led the preeminent provider of legal education and scholarship on mining, energy, and other natural resources law. From 2012 - 2017, he was an associate professor at the University of New Mexico School of Law where he taught courses on natural resources, energy, environmental, property, and business law.

Mr. Ritchie has been a frequent speaker and published author on mining, oil and gas, environmental, and business law issues. He has also served numerous boards and advisory councils of natural resources organizations and public charities. Before entering law school, he was a public accountant and worked for three years in the Washington, D.C. office of KPMG. Mr. Ritchie obtained his J.D. from the University of Virginia School of Law and his B.S.B.A in accounting from Georgetown University.

About Ur-Energy
Ur-Energy is a uranium mining company operating the Lost Creek in situ recovery uranium facility in south-central Wyoming. We have produced and packaged approximately 3.0 million pounds of 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 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, Colorado and its registered office is in Ottawa, Ontario.

Contact Information
Valerie Kimball
IR Director
Valerie.kimball@ur-energy.com
720-460-8534

Cautionary Note Regarding Forward-Looking Information
This release may contain "forward-looking statements" within the meaning of applicable securities laws regarding events or conditions that may occur in the future (e.g., the planned retirement of Ur-Energy General Counsel and Corporate Secretary Penne Goplerud and succession by Alex Ritchie) and are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "estimates," "intends," "anticipates," "does not anticipate," or "believes," or variations of the foregoing, or statements that certain actions, events or results "may," "could," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, are considered to be forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from any forward-looking statements include, but are not limited to, capital and other costs varying significantly from estimates; failure to establish estimated resources and reserves; the grade and recovery of uranium which is mined varying from estimates; production rates, methods and amounts varying from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; inflation; changes in exchange rates; fluctuations in commodity prices; delays in development and other factors described in the public filings made by the Company at www.sedarplus.ca and www.sec.gov. Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are based on the beliefs, expectations and opinions of management as of the date hereof and Ur-Energy disclaims any intent or obligation to update them or revise them to reflect any change in circumstances or in management's beliefs, expectations or opinions that occur in the future.

SOURCE: Ur-Energy Inc.

Third Quarter 2025 Financial and Operating Results

• The ramp up at Lost Creek continued with 93,523 pounds of U₃O₈ dried and packaged.

• Ur-Energy sold 110,000 pounds of U₃O₈ during the quarter, at an average price of $57.48 per pound, generating revenue of $6.3 million.

• Uranium sold in Q3 2025 was sourced from previously purchased inventories. Ur-Energy currently has sufficient produced inventory on hand to meet its remaining 2025 sales obligation of 165,000 pounds.

• Q3 2025 cash costs per pound of produced inventory remained consistent with Q2, decreasing slightly from $43.61 in Q2 2025 to $43.00 in Q3 2025.

• Shirley Basin's professional and operational teams are fully staffed, and site construction is well advanced. Wellfield and plant development remain on track for uranium production startup in Q1 2026.

• As of September 30, 2025, we had cash and cash equivalents of $52.0 million, a decrease of approximately $24.1 million from the $76.1 million balance on December 31, 2024. Cash position as of October 30, 2025, was $35.4 million.

Ur-Energy President, Matthew Gili, commented: "The continued ramp-up and plant optimization at Lost Creek, together with the advanced construction status at Shirley Basin, position Ur-Energy to capitalize on the resurgence of both the U.S. and global nuclear power industry, illustrated by the recently announced U.S. government's $80 billion investment to build new nuclear reactors in the United States."

Lost Creek Operations

We dried and packaged 93,523 pounds and shipped 70,190 pounds to the conversion facility in Q3. As of September 30, 2025, we held 278,150 pounds of U₃O₈ at the conversion facility. Subsequent to quarter end, we shipped an additional 69,604 pounds to the conversion facility and purchased 100,000 pounds, after which we will have 447,754 pounds in finished inventory at the conversion facility.

Four header houses have been brought online this year in Lost Creek's second mine unit ("MU2"). Production flow for the third quarter averaged approximately 2,100 gpm from MU2 production areas. The flow was controlled at a lower rate to optimize MU2 production by removing solids incidental to production that had accumulated in the main pipeline. That maintenance, primarily occurring during September and October, is substantially complete and preparations are underway to continue increasing flow rates from MU2 commensurate with production needs. Production grade for the quarter averaged 66 ppm, reflecting the controlled flow rates during maintenance. Year-to-date, the average production grade remains at approximately 58 ppm.

Development continues in MU1 Phase 2, where well installations are substantially complete in four of the ten header houses. Surface construction is advancing, with the first header house for Phase 2 in commissioning. Three header houses have been delivered to Lost Creek, and two more are being prepared at our Casper construction shop.

Successful production operations depend upon strong safety programs and consistently good safety records. Our safety program and culture both continue to improve at Lost Creek and with our staff at Shirley Basin. We are pleased to see continued and sustained safety improvements and will remain focused on safety and compliance throughout our operations.

Our total sales in 2025 are projected at 440,000 pounds of U₃O₈ at an average price per pound sold of $61.77 and we expect to realize revenues of $27.2 million. The sales are a result of contracts negotiated in 2022 and 2023, when the long-term price was between $43 and $57 per pound. Deliveries of 165,000 pounds and 110,000 pounds were made in Q2 and Q3, respectively. A delivery of 165,000 pounds at an average price of $63.20 is expected to be made in Q4 2025 from produced inventory.

Shirley Basin: Fully Staffed and Advancing Toward Uranium Production

Construction activities are ongoing and gaining momentum at our fully permitted Shirley Basin ISR Project. Construction of the foundation for the processing building began in early August and we have poured nearly 900 of the required 1,100 total cubic yards of concrete. The internal foundation of the processing building is substantially complete. 11 ion exchange columns were delivered to Shirley Basin in September, and two have been placed on the internal foundation.

As previously disclosed, Shirley Basin construction milestones include road upgrades, completion of 125 monitor wells and groundwater work, power installation to the site, and setup of communications, security, and septic systems. We also refurbished the warehouse, and construction and maintenance bays, including the installation of modular offices.

The metal building components of the plant facility have been delivered to the project site. The general contractor is preparing for pre-assembly while also continuing to prepare for offsite fabrication and procurement of steel piping, supports, and catwalks.

The 10,000 square-foot Shirley Basin modular office is now fully operational, with all management and professional personnel onsite leading wellfield construction and development. The Shirley Basin team is working closely with our Casper-based professionals to advance all aspects of construction in preparation for production. We have also added contracted project management expertise to enhance coordination and ensure we meet schedule and quality objectives as we progress toward the anticipated Q1 2026 startup and commissioning.

We have hired all operational staff, including our maintenance and wellfield services teams. Training of all staff is progressing, with operations staff expected to receive hands-on experience at Lost Creek along with additional training during satellite plant construction at Shirley Basin.

Photo 1. Shirley Basin Satellite ISR Plant Under Construction - October 28, 2025

One of the two evaporation ponds is constructed, with the second pond nearing completion. Once both are fully constructed, work will commence on the installation of liners and technical components.

Installation of production and injection wells in Shirley Basin Mine Unit 1 is progressing, with drilling and completion of wells for the first header house finished and work on the next two is advancing. All monitor wells have been installed and sampled. The first header house has been fabricated in Casper and fabrication of the second is underway. Onsite construction and main pipeline installation continue, with trenching complete through the seventh header house and piping past the third.

Third Quarter 2025 Great Divide Basin Exploration Activities

During the third quarter, we initiated exploration programs in the Great Divide Basin ("GDB") on our Lost Soldier Project, located less than 10 miles northeast of the Lost Creek ISR Mine. The work at Lost Soldier included the installation of 18 aquifer test wells designed to enhance our understanding of the local hydrogeology. While the geology of the project area is well understood and supported by data from more than 4,000 historical drillholes, this additional hydrogeologic characterization will assist our technical teams in optimizing potential future mine planning, permitting, and development activities.

Due to the proximity of our operating Lost Creek ISR facility, Lost Soldier has the potential to be developed as a satellite operation. If exploration work is successful, we will evaluate the potential to advance Lost Soldier through the FAST-41 permitting process, a federal framework designed to streamline and improve coordination among agencies for large-scale infrastructure and energy projects.

Figure 1. Great Divide Basin Exploration Areas

As the work at Lost Soldier concludes, drill rigs will move to the North Hadsell Project for a 50-hole drill program. Next, we will move to our third exploration program in the GDB at LC South, where we anticipate commencing a 120-drillhole program in Q1 2026. The goal of our GDB exploration programs is to identify additional uranium roll fronts and potentially expand the Company's uranium resource base in Wyoming's prolific Great Divide Basin.

U₃O₈ Product Profit (Loss)

The following table provides information on our U₃O₈ product profit and loss: