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Ex. 96.1

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This Report titled “TECHNICAL REPORT ON THE LOST CREEK ISR URANIUM PROPERTY, SWEETWATER COUNTY, WYOMING, USA” dated March 9, 2026 has been prepared under the supervision of, and signed by the following Qualified Persons:

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Prepared under the Supervision of:

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Benjamin J. Schiffer, P.G. and

Ray Moores, P.E.

WWC Engineering

1849 Terra Avenue

Sheridan, WY 82801

USA

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Signed by Qualified Persons (QPs):

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WWC Engineering

Benjamin J. Schiffer, P.G.

Ray Moores, P.E.

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Report Prepared for:

1478 Willer Drive

Casper, Wyoming 82604

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TABLE OF CONTENTS

4.3.1 Property Boundaries‌19

4.5.1 Environmental Liabilities‌20

4.5.2 Existing and Required Permits‌20

4.5.3 Significant Risks that May Affect Access, Title, or Right to Perform Work‌21

5.5.1 Water Supply‌24

6.1.1 Ownership History of Lost Creek Project‌25

6.1.2 Ownership History of Adjoining Projects‌26

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TABLE OF CONTENTS (Continued)

9.1.1 Hydraulic Properties‌45

9.1.2 QP Comment on Results‌47

10.1.1 Lost Creek Project: Drilling History‌49

10.1.2 LC East Project: Drilling History‌49

10.1.3 LC North Project: Drilling History‌49

10.1.4 LC South Project: Drilling History‌50

10.1.5 LC West Project: Drilling History‌50

10.1.6 EN Project: Drilling History‌50

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TABLE OF CONTENTS (Continued)

14.2.1 Cutoff Selection‌58

14.2.2 Resource Classification‌60

14.2.3 Methodology‌61

14.2.4 Mineral Resource Estimate Risk‌65

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TABLE OF CONTENTS (Continued)

20.1.1 Background Radiological Characteristics‌81

20.1.2 Threatened, Endangered, or Candidate Species‌81

20.1.3 Cultural and Historic Resources‌82

20.1.4 Visual and Scenic Resources‌82

20.1.5 Byproduct Disposal‌82

20.2.1 Financial Assurance‌83

20.2.2 Site Monitoring‌83

20.4.1 Well Abandonment / Groundwater Restoration‌84

20.4.2 Demolition and Removal of Infrastructure‌84

20.4.3 Site Grading and Revegetation‌84

25.2.1 Resource and Recovery‌96

25.2.2 Markets and Contracts‌97

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TABLE OF CONTENTS (Continued)

25.2.3 Operations‌97

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LIST OF TABLES

Table 1. Lost Creek Property – Resource Summary‌4

Table 2. Summary of Economics‌5

Table 3. Cash Flow Summary‌7

Table 4. Drill Hole Summary – Historical and Recent‌28

Table 5. Previous Resource Estimates‌30

Table 6. KM Horizon Leach Test Results, 2010‌56

Table 7. Lost Creek Property Resources, by Project‌59

Table 8. Development Summary by Resource Area‌69

Table 9. Annual Operating Costs (OPEX) Summary‌86

Table 10. Annual Operating Costs (OPEX) Details‌88

Table 11. Cash Flow Statement ($US 000s)‌90

Table 12. Cash Flow Detail ($US 000s)‌92

Table 13. Net Present Value Discount Rate Sensitivity and IRR‌93

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LIST OF FIGURES

Figure 1. General Location Map‌2

Figure 2. Site Access, Lost Creek Property‌11

Figure 3a. Lost Creek Project Surface and Mineral Ownership‌12

Figure 3b. LC East Project Surface and Mineral Ownership‌13

Figure 3c. LC North Project Surface and Mineral Ownership‌15

Figure 3d. LC South Project Surface and Mineral Ownership‌15

Figure 3e. LC Wests Project Surface and Mineral Ownership‌16

Figure 3f. EN Project Surface and Mineral Ownership‌17

Figure 4. Geologic Map of the Great Divide Basin‌31

Figure 5. Schematic Geologic Cross Section, Lost Creek Project‌32

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TABLE OF CONTENTS (Continued)

Figure 6. Stratigraphic Chart of Lost Creek Project Specific Geology‌34

Figure 7. Type Log for the Lost Creek Project‌35

Figure 8a. Stratigraphic Cross Section A-A’‌36

Figure 8b. Stratigraphic Cross Section B-B’‌37

Figure 9. Property Resources‌38

Figure 10. Conceptual Uranium Roll Front Deposit‌42

Figure 11. GT Contour Resource Polygon‌64

Figure 12. Resource Areas‌68

Figure 13. Life of Mine Schedule‌71

Figure 14. Process Flow Diagram‌73

Figure 15. Existing Infrastructure‌78

Figure 16. Pre-Tax NPV Sensitivity to Price, OPEX and CAPEX‌94

Figure 17. Post-Tax NPV Sensitivity to Price, OPEX and CAPEX‌94

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LIST OF APPENDICES

Appendix ACertificate of Qualified Persons

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LIST OF ABBREVIATIONS

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This independent Technical Report (Report) for the Lost Creek Property (the Property) has been prepared for Ur-Energy Inc. (URE) and its subsidiaries, Lost Creek ISR, LLC (LC) and NFU Wyoming, LLC 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 1300 of Regulation S-K, 17 C.F.R §229.1300 et seq. (S-K 1300). The effective date of this report is December 31, 2025.

The purpose of this Report is to disclose the results of a Preliminary Economic Assessment (PEA) for the Property. The term PEA in the Report is consistent with an Initial Assessment (IA) with Economics under S-K 1300. The Authors are Qualified Persons (QPs) under NI 43-101 and WWC is an independent third party QP firm under S-K 1300.

The Lost Creek PROPERTY represents the composite of six individual contiguous PROJECTS:

The licensed and operating Lost Creek Project is considered the core project while the others are collectively referred to as the Adjoining Projects. The Adjoining Projects were acquired as exploration targets to provide resources supplemental to those recognized at the Lost Creek Project. Most were initially viewed as stand-alone projects but expanded over time such that collectively they now represent a contiguous land position and mineral property along with the Lost Creek Project. The Lost Creek Property is in the northeast corner of Sweetwater County, approximately 90 miles southwest of Casper, Wyoming. Current total acreage is approximately 35,400 acres of federal mineral claims and State of Wyoming mineral leases (Figure 1).

The Property is situated in the northeastern part of the Great Divide Basin (GDB), which is underlain by up to 25,000 ft. of Paleozoic to Quaternary sedimentary units. Rock outcrops in the GDB are dominated by the Battle Spring Formation of Eocene age, which also hosts the uranium mineralization considered in this Report. The dominant lithology in the Battle Spring Formation is coarse arkosic sandstone, interbedded with intermittent mudstone, claystone and siltstone. Deposition occurred as alluvial-fluvial fan deposits within a south-southwest flowing paleo-drainage.

Exploration in the Lost Creek region started in the mid-1960s. Several companies explored portions of the current Property during this early period and continued to advance the uranium discoveries until 1983 when market conditions declined. New Frontiers Uranium, LLC acquired the Lost Creek Project in 2000 and held it until 2005 when Ur-Energy USA Inc. purchased 100 percent ownership of the property through the purchase of a wholly owned company, NFU Wyoming, LLC. NFU Wyoming, LLC subsequently transferred all the Projects except the EN Project to LC.

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Figure 1.General Location Map

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Uranium mineralization occurs as roll front type deposits formed where uranium precipitated from oxidizing groundwater when it contacted reduced host rock. The majority of known, potentially recoverable uranium throughout the Property occurs within two major mineralized trends. The Main Mineral Trend (MMT) lies within the Lost Creek Project and the East Mineral Trend (EMT) occurs in the LC East Project. The main mineralized stratigraphic intervals are identified by URE as the HJ and KM Horizons of the Battle Spring Formation.

Additional uranium has been identified in the overlying FG and DE Horizons and in the underlying L, M, and N Horizons (referred to as the Deep Horizons).

Construction of the Lost Creek plant and installation of Mine Unit 1 (MU1) was initiated in October 2012. Production operations in MU1 within the HJ Horizon began on August 2, 2013, and, through December 31, 2025, 3.475 million pounds of U₃O₈ have been produced from MU1 and Mine Unit 2 (MU2). For this Report, to accurately reflect existing resources, all resources produced through December 31, 2025 have been subtracted from total Measured resources from the HJ Horizon in MU1 and MU2. All the wells to support the originally planned 13 HHs for MU1 and 15 HHs in MU2 have been completed, and surface infrastructure has been installed. Additionally, wells to support the first four HHs in MU1 Phase 2, have been completed. It is anticipated with the construction and development work completed through December 31, 2025, the first three header houses in MU1 Phase 2 will be brought online in 2026 Q1.

The existing plant, wellfields, and disposal wells are all fully permitted with the appropriate authorities.  Additionally, URE has received approval from the U.S. Bureau of Land Management (BLM) and Wyoming Department of Environmental Quality (WDEQ) Uranium Recovery Program (URP) for production in the HJ and KM Horizons within the LC East Project and to authorize production from additional HJ mine units within the EMT in the Lost Creek Project.

The mineral resource estimate for the Property is 11.868 million pounds in the Measured and Indicated categories, and 10.357 million pounds eU₃O₈ in the Inferred category. Lost Creek has produced 3.475 million pounds U₃O₈ as of December 31, 2025. The mineral resource reported here has been reduced to account for production to date. The resource estimate is summarized in Table 1.

The QPs are of the opinion that the classification of the resources as stated meets the established professional standards and guidelines for reporting mineral resources. The mineral resource estimates in this Report, based on historical and URE drilling, were reviewed and accepted by the QPs.

The majority of resources within the Property have been geographically allocated to 12 designated Resource Areas (RAs) which represent the accumulation of resources within a given horizon in a given area. Economic analyses in this Report are performed solely on these designated areas, due to the vertical and lateral continuity of the resources. RAs represent precursors to potential mine units (wellfields).

To date, RAs 1, 2 and 5 have been converted to MU1, MU2 and MU5, respectively. Approximately 87 percent of the total Property resources, as presented in Table 1, are contained within RAs.

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Cautionary statement: This 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 is 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 this Report is based on recovery data from wellfield operations to date, as well as URE personnel and industry experience at similar facilities. There can be no assurance that recovery at this level will be achieved.

The QPs have assumed that URE’s operations at the Property will be conducted in conformance with applicable laws, regulations and requirements of federal, state and local agencies. It is also assumed that organization and management controls have been and will continue to be established to ensure compliance with applicable regulations and to implement URE’s policy for providing a safe working environment including the philosophy of maintaining radiation exposures As Low As Reasonably Achievable (ALARA).

The resources identified and evaluated have been added to the Lost Creek production plan and continue to support the possible economics of the Property. Using the estimated capital expenses (CAPEX), operating expenses (OPEX) and closure costs presented herein, a cash flow statement has been developed. The statement assumes no escalation, and no debt, interest or

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capital repayments. It also does not include depreciation. This information is summarized in the following Table 2.

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The economic analyses presented herein provide the results of the analyses for pre-income tax and post-income tax, which includes U.S. federal and Illinois state income taxes. There is no State of Wyoming income tax, and all sales are assumed to take place in Illinois where the conversion facility is located. The only difference between the two scenarios is the value of the estimated income taxes. All other sales, property, use, severance and conservation taxes as well as royalties are included in both scenarios. Both economic analyses presented herein assume no escalation and no debt, interest or capital repayments. Ur-Energy USA Inc. files consolidated federal tax returns in the U.S. and had approximately $218.5 million in federal tax loss carry forwards as of December 31, 2025. URE does not anticipate paying any significant federal income taxes until the existing, and any future, tax loss carry forwards are utilized. In addition, reclamation costs can be deducted in the early years of the Property, thus also pushing out the tax liability.

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 Market Outlook (UxC, LLC Q4 2025) (Composite Mid Price Scenario Projection from 2026 to 2045); and (d) UxC, LLC Q4 2025 (Mid Long Term Price Scenario Projection from 2026 to 2045) as further discussed in Sections 19 (Market Studies) and 27 (References). UxC is a leading independent nuclear industry market research and analysis company that publishes comprehensive market outlook reports for uranium which include future price projections.

The revenue for the cash flow estimate was developed using the GT contour mineral resource estimate for the MMT and EMT, and further assumed that, based on an 80 percent recovery

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factor of resources within the planned or installed wellfields, approximately 12.7 million pounds of U₃O₈ will be recovered from the MMT and EMT at the Property.

Remaining CAPEX costs are for sustaining capital requirements at the mine site and for the installation of a wastewater treatment facility to filter incoming production solutions and optimize wastewater reduction. The remaining sustaining capital is for the replacement of equipment that will be used in future operations of the plant and the wellfields. The sustaining capital estimate is based on the actual previous purchases of the same equipment and/or vendor prices, thus the predicted level of accuracy of the sustaining capital estimate is +/- 10 percent.

URE purchased and paid for the processing plant and much of the first mine unit prior to the commencement of operations in 2013. In addition, prior to this economic analysis additional wellfield and plant upgrades have been completed. Those initial capital costs totaled approximately $46.5 million and are not included in this economic analysis because they were previously incurred.

OPEX cost estimates were developed by evaluating each process unit operation and associated operating services (power, water, air, waste disposal), infrastructure (offices, shops), salary plus burden, and environmental control (heat, air conditioning, monitoring). The OPEX estimate is based on URE’s current operating costs, budgets, development plan, deliverables, process flow sheets, process design, materials balance and project manpower schedule, the annual OPEX is provided in Section 21 (Capital and Operating Costs).

Construction of the plant and MU1 began in October 2012. Plant construction was completed in the third quarter of 2013. Wellfield drilling and construction activities have been completed to various levels with the majority of the work occurring in MU1 and MU2, including MU1 Phase 2. Additionally, in 2025, drilling and construction activities progressed in MU 5 and RAs 4, 7, and 8.

Subsequent to initial capital purchases, all other installation costs have been expensed. These include construction in MU2, additional construction in MU1, installation of the monitor well ring in MU5 and drilling and construction of a DDW. The Net Present Value (NPV) calculations assume that cash flows occur in the middle of the accounting periods. The NPV is calculated from the discounted cash flow model and is based on the CAPEX, OPEX and closure cost estimates, a variable future uranium price and the anticipated production schedule. Payback of the initial capital investments, including $16.7 million in sunk costs which occurred prior to the beginning of this analysis, is estimated during the first quarter of 2028. A summary of the current project economics is presented below in Table 3 and is discussed in more detail in Section 22 (Economic Analysis).

Approximately 34.6 percent of the resources in the economic analysis are inferred resources. Inferred resources are resources that are considered too speculative geologically to have modifying factors applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that this economic assessment will be realized. To account for the chance that the inferred resources are not upgraded as mining progresses and URE collects additional drilling data, a second economic analysis was prepared which excluded the

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inferred resources. The estimated recovery excluding the inferred resources was 6.8 million pounds. Without the inferred resources the Property is estimated to generate net cash flow over its life, before income tax, of $219.9 million and $208.0 million after income tax. Without the inferred resources, the calculated before-tax IRR is 61.3 percent and the before-tax NPV is $148.7 million applying an eight percent discount rate. When income taxes are included in the calculation without inferred resources, the after-tax IRR is 60.7 percent and the after-tax NPV is $141.8 million applying an eight percent discount rate. Without the inferred resources, LoM total costs are estimated to be approximately $51.74 per pound of U₃O₈ produced including royalties and local taxes. Income taxes are estimated to be $1.70 per pound.

The QPs find the Property is potentially viable based on the assumptions contained herein. There is no certainty that the mineral recovery or the economic analyses presented in this

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Report will be realized. In order to realize the full potential benefits described in this Report, the following activities, as discussed in Section 26 (Recommendations), are suggested:

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WWC has been retained by URE to prepare this Report for the Property, which includes the Lost Creek Project and the Adjoining Projects located in northeastern Sweetwater County in south-central Wyoming, USA. This Report has been prepared in accordance with NI 43-101 and S-K 1300 Standards. This Report also presents a validation of the estimate of Measured, Indicated and Inferred Mineral Resources as defined in NI 43-101 and S-K 1300. Estimates of Mineral Reserves were not prepared. Property economics and related analyses were also updated from earlier such analyses.

URE was incorporated on March 22, 2004 and is engaged in the identification, acquisition, evaluation, exploration, development and operation of uranium properties in the U.S. URE is incorporated in Canada with its corporate headquarters located at 1478 Willer Drive, Casper, Wyoming 82604. URE’s uranium mineral property portfolio includes properties in the Great Divide Basin, the Shirley Basin, and the Gas Hills mining districts of Wyoming.

Completion of this Report was under the direction and supervision of Mr. Benjamin J. Schiffer, P.G. and Mr. Ray Moores, P.E. of WWC Engineering. Both individuals are independent QPs as defined by NI 43-101 and WWC Engineering is an independent third-party QP firm under S-K 1300. Additionally, Mr. Schiffer, Mr. Moores, and WWC Engineering have approved the technical disclosure contained in this Report.

This Report was prepared to disclose the updated results of mineral resource estimations for the Property prompted by development activities through December 31, 2025. Property

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economics and related analyses were also updated from earlier such analyses. Reports meeting NI 43-101 and S-K 1300 standards have been previously prepared and are referenced in this Report. The last NI 43-101 and S-K 1300 compliant reports prepared for the Property had effective dates of December 31, 2023 (WWC, 2024a & WWC, 2024b).

The information and data presented in this Report were gathered from various sources listed in Section 27 (References). Technical information was provided to the QPs by URE and includes data from other professional consultants and follows generally accepted uranium ISR practices. Mineral resource estimates are based on exploration, delineation and production drilling, and associated data, provided by URE and reviewed by the QPs.

The wellfield design was provided by URE with associated numbers and locations of wells and HHs. It includes the as-built design in MU1, MU2, and MU1 Phase 2 as well as anticipated wellfield layout for future development. The cost estimates presented here are based on wellfield layouts, process flow diagrams, tank and process equipment and buildings currently installed at the Property, personnel and capital equipment requirements provided by URE.

Units of measurement, unless otherwise indicated, are feet (ft.), miles, acres, pounds avoirdupois (lbs.), and short tons (2,000 lbs.). Uranium is expressed as pounds U₃O₈, the standard market unit. All references to dollars ($) are in U.S. dollars. Grades reported for historical resources and the mineral resources reported and used herein are percent eU₃O₈ (equivalent U₃O₈ by calibrated gamma geophysical logging unit). ISR refers to in-situ recovery, sometimes also termed ISL or in-situ leach. A complete list of abbreviations is provided on pages vii-viii.

The QPs most recently visited the site on December 5, 2025. The purpose of the site visit was to observe the geography and geology of the Project site, verify work done at the site by URE, observe the potential locations of Project components, confirmation drilling and other site activities and renewed production operations, and to confirm existing site infrastructure including installed wellfields, plant facilities and equipment.

For this Report, the QPs have relied on information provided by URE regarding property ownership, title and mineral rights in light of reviews by mineral title specialists retained by URE, regulatory and environmental information, capital expenditures, operating expenditures and estimated commodity sales prices. Additionally, this Report was prepared by the QPs with reliance on reports and information from others as cited throughout this Report and as referenced in Section 19 (Market Studies) and Section 27 (References).

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The Property is located in the northeastern corner of Sweetwater County in south-central Wyoming. As shown on Figure 1, the Property is in an unpopulated area located approximately 17 miles southwest of Bairoil, Wyoming, about 38 miles northwest of Rawlins, Wyoming and about 90 miles southwest of Casper, Wyoming. It is centered at approximately 42 degrees, 8.06 minutes North latitude and 107 degrees, 51.7 minutes West longitude. All references herein to Township and Range occur within the 6th Principal Meridian.

The Lost Creek plant is constructed and operating. Production well installation for the originally designed 13 HHs in MU1 and the 15 HHs in MU2 is complete and production operations have occurred in all 28 HHs. Additional HHs are being developed in MU1 Phase 2 and additional recovery areas, as production requirements warrant. Five DDWs are permitted for the Lost Creek Project, of which four have been drilled to date. Two remain operational after two DDWs were plugged and abandoned, and one additional sited well is permitted to be drilled. Shallow UIC Class V wells for water recycling were permitted, drilled and have been in operation since 2017. Associated access roads have been constructed. URE has also installed numerous monitoring and other wells in support of its permit and license applications and to further mine planning. Various other infrastructure, including wells, water tanks, ponds, a meteorological station, and other equipment, has been placed on the Property by URE in support of its mining, development, exploration, and permit/license activities.

The Property currently comprises six individual Projects named the Lost Creek, LC East, LC North, LC South, LC West, and EN Projects (Figure 2) located over approximately 35,400 acres. The Lost Creek Project is considered the core project, with current production occurring in MU1 and MU2 and LC East is permitted and licensed for future production. The other four Adjoining Projects are extension and exploration properties targeted as possible sources of additional feed to the Lost Creek Project production facilities. All Projects within the Property consist mostly or entirely of federal unpatented lode mining claims. Three of the Projects also have state mineral leases. URE does not hold any private (fee) mineral leases within the Property. Land holdings within the six Projects of the Property are summarized below. With the exception of the Lost Creek Project, acreage estimates are rounded to the nearest 10s.

Lost Creek Project: is in Sections 13, 24 and 25 of T25N, R93W, and Sections 16 through 20 and 29 through 31 of T25N, R92W (Figure 3a). The Project is approximately 4,194 acres in size, including 3,554 acres in 201 federal unpatented lode mining claims and 640 acres in one State of Wyoming mineral lease.

LC East Project: is a block of 324 federal mineral claims (Figure 3b) which are adjoining to the east and northeast of the Lost Creek Project, within Sections 1 through 3, 10 through 15, 20 through 23, 27 through 29 of T25N, R92W. The LC East Project encompasses approximately 5,750 acres.

Adjoining Company Projects:

LC North Project: is adjoining to the north and west of the Lost Creek Project in Sections 4 through 10, 17, and 18 of T25N, R92W, Sections 1, 11 through 15, 22, 23, 26, and 27 of T25N,
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Figure 2.Site Access, Lost Creek Property

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Figure 3a.Lost Creek Project Surface and Mineral Ownership

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Figure 3b.LC East Project Surface and Mineral Ownership

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R93W and Sections 33 through 34 of T26N, R92W (Figure 3c). The LC North Project includes 338 federal unpatented lode mining claims totaling approximately 6,260 acres.

LC South Project: is an adjoining project to the south and east of the Lost Creek Project in Sections 22 through 35 of T25N, R92W, Sections 3 through 6, and 8 through 11, 14, and 15 of T24N, R92W, and Section 1 of T24N, R93W (Figure 3d). The LC South Project encompasses 546 federal unpatented lode mining claims totaling approximately 10,200 acres.

LC West Project: consists of a block of mining claims plus one state lease in two parcels (Figure 3e). Most of LC West adjoins the Lost Creek, LC North and LC South Projects within Sections 16, 21, 22, 25 through 28, 33 through 36 of T25N, R93W, and Sections 2 through 5 of T24N, R93W. One of the state mineral lease parcels lies as a disconnected parcel approximately a mile north from the LC West mining claims. LC West Project encompasses a total of approximately 3,840 acres, including 2,800 acres in 142 federal unpatented lode mining claims and 1,040 acres in the State of Wyoming mineral lease.

EN Project: is the adjoining project to the east of the LC South Project in Sections 31 through 34 of T25N, R91W, Sections 5 through 7 of T24N, R91W, Sections 35 and 36 of T25N, R92W, and Sections 1 through 3 and 10 through 12 of T24N, R92W (Figure 3f). The current EN Project encompasses approximately 5,160 acres, including approximately 4,520 acres in 234 federal unpatented lode mining claims and 640 acres in the State of Wyoming mineral lease.

Collectively the Property currently consists of a total of 1,785 federal unpatented lode mining claims and three State of Wyoming leases for uranium and associated minerals. The land status of each project is illustrated in Figures 3a-f and described below.

The surface of all the mining claims is controlled by the BLM, with URE possessing the right to use as much of the surface as is necessary for exploration and mining of the claims, subject to compliance with all federal, state and local laws and regulations. Surface use on BLM lands is administered under federal regulations.

Similarly, access to state-controlled land is largely inherent within the State of Wyoming mineral leases. The state lease within the Lost Creek Project requires a nominal surface impact fee to be paid as may the other state mineral leases from time to time. Various Temporary Use Permits are in place at the Property, including one which allows for the use and maintenance of an improved road on the leased state section within the Lost Creek Project.

URE, through its wholly owned subsidiaries Lost Creek ISR, LLC and NFU Wyoming, LLC controls the federal unpatented lode mining claims and State of Wyoming mineral leases which comprise the Property. Currently, NFU Wyoming, LLC controls the mining claims and state lease at the EN Project. Lost Creek ISR, LLC controls the lands at the other five projects within the Property, including Lost Creek Project. Title to the mining claims is subject to rights of pedis possessio against all third-party claimants as long as the claims are maintained. The mining claims do not have an expiration date. Affidavits have been timely filed with the BLM and recorded with the Sweetwater County Recorder attesting to the payment of annual maintenance fees to the BLM

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Figure 3c.LC North Project Surface and Mineral Ownership

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Figure 3d.LC South Project Surface and Mineral Ownership

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Figure 3e.LC West Project Surface and Mineral Ownership

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Figure 3f.EN Project Surface and Mineral Ownership

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as established by law. The state leases have a ten-year term, subject to renewal for successive ten-year terms. URE has had formal mineral title reports prepared by mineral title attorneys.

A professional legal survey of the permit area boundary of the Lost Creek Project was completed in advance of the submission of applications for permits and licenses on the Project. Similarly, a professional legal survey was conducted for the permit area for the LC East Project permit amendments. Legal surveys of individual mining claims are not required, and otherwise have not been completed. The area covered by the state leases is based on the legal subdivision descriptions as set forth by the U.S. Cadastral Survey and has not been verified by legal surveys.

URE is required to pay various state and local taxes related to production and the ownership of property. These taxes are in the form of severance, ad valorem, gross products, personal, and real property taxes. There is no state income tax in Wyoming. Royalties based on sales of uranium will be paid to the state under the state mineral leases at the Property. The state mineral leases carry the standard five percent royalty required by law. There are no royalties owed on the mining claims held at the Lost Creek Project. Various royalties exist on portions of the Adjoining Projects, including on a portion of LC East Project. Those royalties, as they pertain to currently anticipated production, have been included in the analysis but are relatively insignificant, affecting only three future HHs at a rate of one percent of production sales. Additionally, maintenance fees are paid to the BLM, and payments made to the state for the state mineral leases. While current annual maintenance fees to the BLM are $200/claim, it is anticipated that this fee will be adjusted in the normal course pursuant to regulations. There is also a nominal recording fee paid to Sweetwater County (i.e., <$200, annually). Annual payments of the three state mineral leases in the Property are currently $3.00/acre (Lost Creek lease, $1,920; EN lease, $1,920; LC West lease, $3,120).

The economic analyses include tax estimates for state severance taxes, county ad valorem taxes and property taxes, all of which are directly attributable to the Property. The economic analyses presented herein also provide the results of the analyses for pre-income tax and post-income tax, which includes U.S. federal and Illinois state income taxes. There is no State of Wyoming income tax, and all sales are assumed to take place in Illinois where the conversion facility is located. The only difference between the two scenarios is the value of the estimated income taxes. All other sales, property, use, severance and conservations taxes as well as royalties are included in both scenarios. Both economic analyses presented herein assume no escalation and no debt, interest or capital repayments. Ur-Energy USA Inc. files consolidated federal tax returns in the U.S. and had approximately $218.5 million in federal tax loss carry forwards as of December 31, 2025. URE does not anticipate paying any significant federal income taxes until the existing, and any future, tax loss carry forwards are utilized. In addition, reclamation costs can be deducted in the early years of a project, thus also pushing out the tax liability.

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There were no pre-existing mineral processing facilities or related tailings ponds or waste deposits within the Property prior to the initiation of the construction of Lost Creek’s ISR facilities and wellfields. Surface disturbance included in the economic analysis is associated with drilling, well installation, wellfield construction, plant construction and installation of the DDWs. Likewise, subsurface disturbance is associated with the injection and production operations in MU1 and MU2. Other than the foregoing, there are no known environmental liabilities on the Property. The current cost estimate to reclaim work completed and planned through October 2026 at Lost Creek is $40.5 million.

All permits and authorizations required to operate the Lost Creek Mine, as currently operating, are in place and include the following:

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Block permits for UIC Class III wells have been approved for MU1 and MU2 and will be submitted to the State Engineer’s Office closer to the time of production operations in future mine units.

The QP is aware of no significant factors that contribute to operational risks for the Property.

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The Property is located near the northeastern part of the Great Divide Basin (GDB) and occurs at an elevation of approximately 7,000 ft. above mean sea level. The GDB is an oval-shaped structural depression encompassing some 3,500 square miles in south-central Wyoming. The GDB is bounded on the north by the Wind River Range and Granite Mountains, on the east by the Rawlins Uplift, on the south by the Wamsutter Arch, and on the west by the Rock Springs Uplift.

Most of the Property consists of flat upland areas and gentle south facing slopes that are dissected by southerly-flowing ephemeral washes. There are no perennial streams on the Property. The vegetation on the Property is dominated by sagebrush (Artemisia tridentata) which occurs throughout both upland and lowland environmental settings. Sagebrush is well adapted to the cold winter temperatures and limited precipitation that characterize the Property. Other vegetation identified at the Property includes native cool season perennial grasses, perennial forbs, cushion plants, semi-shrubs, cacti, shrubs and lichens.

Regional access to the Property relies almost exclusively on existing public roads and highways. The local and regional transportation network relevant to the Property consists of primary, secondary, local and unimproved roads (Figures 1 and 2). Direct access to the Property relies mainly on two crown-and-ditched gravel paved access roads to the processing plant. One enters from the west off Sweetwater County Road 23N (Wamsutter-Crooks Gap Road). The other enters from the east off of BLM Sooner Road. In addition to the designated routes, there are a number of four-wheel-drive “two-track” roads that traverse the area for recreation and grazing access, as well as various other uses, including uranium exploration. On a wider basis, from population centers, the Property area is served by an Interstate Highway (Interstate 80), a U.S. Highway (US 287), Wyoming state routes (SR 220 and 73 to Bairoil), local county roads, and BLM roads.

The Property is in a remote area of south-central Wyoming. The nearest town, Bairoil, with a population of less than 100, is about 17 miles northeast of the Lost Creek plant. The Wyoming towns of Rawlins, Rock Springs and Casper are approximately 38, 82 and 90 miles from the Property, respectively. Figures 1 and 2 show the locations of population centers with respect to the Property.

Sweetwater County, in which the Property is located, was estimated to have a population of 41,273 in 2024 (U.S. Census Bureau 2026 Report on Sweetwater County, WY). Carbon County, which is south and west of the Property, was estimated to have a population of 14,250 in 2024, (U.S. Census Bureau 2026 Report on Carbon County, WY).

Personnel required for management, construction, development, and operation of the Property are drawn from Rawlins, Bairoil, Jeffrey City, Hanna, Lander, Riverton, Rock Springs and Casper, Wyoming.

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The Property is located in the intermountain semi-desert eco-region (Curtis and Grimes, 2004), which has cold winters and short, hot summers (Bailey, 1995). The average annual temperatures range from 40 to 52 degrees Fahrenheit. The average annual precipitation ranges from five to 14 inches (Bailey, 1995). Winter weather may limit the time periods for certain portions of wellfield drilling and construction at the Property, as it did during the winter of 2022-2023, but to date has not significantly affected operation of the ISR facility. ISR operations at the Property are conducted year-round.

The State of Wyoming has developed a Core Area Strategy to help protect the Greater Sage-Grouse species within certain core areas of Wyoming. Exploration areas of the Property are all within the Greater South Pass core area and are thus subject to work activity restrictions from March 15 to July 1 of each year.

In developing the Core Area Strategy, the State of Wyoming recognized that mines within core area must be allowed to operate year-round so they exempted operational activities from the seasonal restrictions. At Lost Creek, operational activities include drilling, construction, or other operational activities within pre-approved disturbed areas as shown in the Permit to Mine. These disturbed areas include the processing plant, holding ponds, roads, powerlines, wellfields, and DDWs. Any exploration outside of the pre-defined disturbed areas of the Permit to Mine are subject to the seasonal restrictions for protection of Greater Sage-Grouse.

The Core Area Strategy also places limitations on the amount of disturbance within an area. The Core Area Strategy limits anthropogenic surface disturbances to five percent within a 4-mile buffer of affected leks.  Analyses of the planned disturbance on the Property, including those areas which are permitted, or for which permits will be sought, will be conducted to be consistent with the Wyoming strategy for protection of Greater Sage-Grouse. Future planned disturbances are within the limitations of the Core Area Strategy, but additional new activities will have to be evaluated on a case by case basis.

The Property currently contains an operational ISR processing plant, wellfields, water disposal infrastructure, and necessary equipment to support ISR operations. The basic infrastructure (power, water, and transportation) necessary to support an ISR operation is located within reasonable proximity of the Property. Generally, the proximity of the Property to paved roads is beneficial with respect to transportation of equipment, supplies, personnel and product to and from the Property. Improved gravel surfaced access roads have been constructed to the Property from adjacent county roads. Existing regional overhead electrical service is aligned in a north-to-south direction along the western boundary of the Lost Creek Project. An overhead raptor resistant power line, approximately two miles in length, was constructed in 2012 to bring power from the existing Pacific Power line to the Lost Creek plant. Power drops have been made to the Project and distributed to the plant, offices, wellfields, and other facilities.

Previous infrastructure near the Property is predominantly related to oil and gas development, past and present uranium exploration and beneficiation, and recreation. There have been several historical conventional uranium mills and mines and one historical ISR project (Bison Basin Project) in the vicinity of the Property (Figure 2). The closest mining facility to the Property is the Sweetwater Mine and Mill, a conventional uranium mine and mill that is not

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currently operational. The facility lies about three and one-half miles south of the southwestern-most boundary of URE’s Lost Creek Project, with less than one mile separating the respective property boundaries.

Lost Creek operations require disposal into DDWs of limited quantities of fluids that cannot be returned to the production aquifers. Five DDWs are permitted for the Lost Creek Project, of which four have been drilled to date. Two remain operational after two DDWs were plugged and abandoned. Three additional deep wells are permitted for LC East. Two UIC Class V injection wells have been completed and have been in operation since 2017 as a part of the water recycling systems. Two storage ponds, permitted by state and federal regulators, are located adjacent to the plant and are used to temporarily store the water that will ultimately be disposed of in the DDWs.

The first DDW (LC DW #1) was installed in 2008 and is in the extreme southwest corner of the Lost Creek Project. The second DDW (LC DW #4) was drilled in 2012 immediately south of the plant building. A third DDW (LC DW #3) was drilled and installed in the SW quarter of Section 13, T25N, R92W in 2014. The fourth DDW (LC DW #5) for Lost Creek is the SE quarter of Section 17, T25N, R92W. An additional permitted option is in the SE quarter of Section 19, T25N, R92W. Of these deep wells, LC DW # 1 and LC DW #3 have been abandoned. LC DWs #4 and 5 remain operational.

Three additional DDWs permitted by the amendments for LC East would be in T25N, R92W in the SW quarter of Section 22, NW quarter of Section 23 and the SE quarter of Section 10. For a further discussion of wastewater disposal and related infrastructure, see Section 17.3 (Liquid Disposal). Ponds, outdoor tank storage, and the Class V disposal wells are located proximate to the plant and office building location (see Figures 2 and 12).

Tailings storage areas, solid waste disposal areas, and heap leach pad(s) will not be a part of the infrastructure for the Property as ISR operations do not require these types of facilities.

Most of the non-potable water for ISR operations is obtained from the mining operation, i.e., from extracted groundwater. Except for a 0.5 percent to 1.5 percent bleed, the groundwater extracted by the production wells will continue to be recycled through the system.

Water for activities within the Property is currently supplied by 11 water wells drilled by URE. Eight of these are located within the Lost Creek Project, one is in the LC North Project, one is in the LC South Project, and one is in the EN Project. All but one of the active wells produces water in excess of 25 gallons per minute. Water usage in the past has been mostly for drilling, casing wells, and abandonment of exploration and delineation holes. Two of the eight wells in the Lost Creek Project are adjacent to the plant site. One of those is being used as a source of fire suppression water and the other as a source of fresh water. Additional wells may be necessary as exploration and production activities extend further from the plant.

Uranium was discovered in the GDB in 1936. Exploration activity increased in the early 1950s after the Gas Hills District discoveries, and continued to increase in the 1960s, with the discovery of numerous additional occurrences of uranium. Wolf Land and Exploration (a private

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corporation which later became publicly traded as Inexco), Climax (Amax) and Conoco Minerals were the earliest operators in the area of what is now the Property and made the initial discoveries of low-grade uranium mineralization in the Battle Spring Formation in 1968.

Conoco entered into a joint venture with Inexco in 1969. Conoco gained sole control of the properties in 1970 and continued to explore their large land position in the region as what they called “Project A.” In doing so, they identified the eastern half of what is now referred to as the MMT in the Lost Creek Project and also what is known as the EMT in the LC East Project. Conoco’s “Project A” also included large portions of what are now the LC North, LC South and EN Projects.

Kerr-McGee, Humble Oil (Exxon), and Valley Development, Inc. were also active early in the region.

Inexco, Conoco, Climax and Valley Development, Inc. obtained the initial land positions in the Lost Creek Project area in the late 1960s. Conoco took over Inexco’s land position in 1970.

Texasgulf entered the area in 1976 by acquiring the western half of what is now the Lost Creek Project through a joint venture with Climax. Also in 1976, Texasgulf entered into a joint venture with Valley Development, Inc. and initiated a major exploration program that resulted in the identification of the western half of the MMT. In 1978, Texasgulf joined with Conoco as operator in a joint venture to continue exploring the MMT. Texasgulf acquired a 100 percent interest in Valley Development, Inc. property in 1979 and continued with extensive exploration efforts and, by the early 1980s, had fully identified the MMT. They subsequently dropped the property in 1983 due to the declining uranium market.

The property was subsequently acquired by Cherokee Exploration, Inc., which conducted no field activities. In 1987, Power Nuclear Corporation (also known as PNC Exploration) acquired 100 percent interest in the project from Cherokee Exploration, Inc. PNC Exploration carried out a limited exploration program as well as geologic investigations and an evaluation of previous in-situ leach testing by Texasgulf.

In 2000, New Frontiers Uranium, LLC acquired the property and related database from PNC Exploration but conducted no drilling or geologic studies. New Frontiers Uranium, LLC later transferred the Lost Creek Project-area property, along with its other Wyoming properties, to NFU Wyoming, LLC.

In 2005, Ur-Energy USA Inc., a wholly owned subsidiary of URE, purchased 100 percent ownership of NFU Wyoming, LLC. Within the first year of ownership, URE initiated drilling, and preparations for mining permit applications. Toward that goal, it conducted engineering studies, core drilling for metallurgical studies, and delineation drilling to outline and define the uranium resources. In addition, comprehensive baseline studies were initiated, including installation of additional monitor wells for hydrological testing and water-quality sampling and a meteorological station within the Property area. Figure 3a shows the current Lost Creek Project boundary and claims.

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In 2007, NFU Wyoming, LLC transferred the Lost Creek Project to Lost Creek ISR, LLC, a wholly owned subsidiary of Ur-Energy USA Inc. formed for the purpose of owning and developing the Project through the permitting process and into operations as an ISR mine.

The Adjoining Projects share a history of ownership similar to that of the Lost Creek Project because over the years they were operated by many of the same companies which maintained large property holdings in the vicinity. The Adjoining Projects have been acquired by URE since 2006 through the location of federal unpatented lode mining claims, purchase agreements made with individuals and companies, and through leases with the State of Wyoming. Additions which resulted in the formation of LC East and LC West were made through an asset exchange with Uranium One Americas, Inc. (U1) in 2012 and by staking additional mining claims in 2011 and 2012, and 2014. In 2012 the LC East Project was transferred into Lost Creek ISR, LLC. The LC South, LC West and LC North Projects were transferred to Lost Creek ISR, LLC in 2013. The EN Project remains an asset of NFU Wyoming, LLC. The individual Projects originally were stand-alone exploration projects, but expanded over time such that now, along with the Lost Creek Project, they collectively represent a largely contiguous land position known as the Lost Creek Property.

The LC East Project is drawn in part from two large blocks of claims (RD and PN claims) obtained in 2012 from U1, and additional mining claims located in 2011, 2012, and 2014 by URE.

Similar to the other projects, the earliest historical ownership within what is now the LC East Project was by Wolf Land and Exploration in 1967. In 1969 Conoco entered into a joint venture with Wolf Land and Exploration, with Conoco acting as the operator. The next year Conoco took over the project and continued to explore the area as part of its “Project A”.

In 1978 Texasgulf continued the activity as the operator of “Project A” in a joint venture with Conoco until 1983. PNC Exploration later acquired some of the ground in 1987 and held it until 2000.

With the resurgence of the uranium industry, High Plains Uranium, Inc. (HPU) and Energy Metals Corporation (EMC) both staked claims within the current LC East Project boundaries in 2004. The HPU controlled claims subsequently were transferred to EMC in 2007 when that company acquired HPU. Later that year EMC was acquired by U1. U1 maintained the claims until they were acquired in 2012 by URE. Figure 3b shows the current LC East Project boundary and claims.

Early historical ownership of claims within what is now the LC North Project began in 1967 and continued into the mid-1970s. Activity was dominated by Conoco, at times in a joint venture with Inexco. Climax also held property in the late 1960s but to a much lesser extent. In the mid- to late-1970s Texasgulf continued as the primary operator until 1983 when they discontinued operations in the GDB.

Initial claim staking by URE in the LC North Project commenced in 2007 and various changes to the land position have occurred since. Figure 3c shows the current LC North Project boundary and claims.

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Wolf Land and Exploration was the earliest operator within what is now the LC South Project and was active from 1967 to 1968. Conoco then became the dominant operator through the mid-1970s, exploring the ground as part of their “Project A”. They were replaced by Texasgulf in 1978 when it took over operatorship of the “Project A” joint venture until 1983.

Acquisition by URE of the LC South Project began in 2007 and was expanded thereafter through location of claims and acquisitions of claims from third parties. Figure 3d shows the current LC South Project boundary and claims.

The earliest known operator in the LC West Project area was Wolf Land and Exploration who drilled only a few holes in 1967. Conoco controlled most of the ground in the early 1970s within its “Project A” and was later succeeded by Texasgulf in the mid-1970s to early 1980s when they took control of the “Project A” joint venture. Minerals Exploration Corporation also held portions of this ground in the early 1970s as part of their Sweetwater exploration activities. LC West, as currently known, was created from portions of the U1 asset exchange and through location of additional claims. Figure 3e shows the current LC West boundary and claims.

The earliest operator in the EN Project area was Wolf Land and Exploration, which held portions of the current EN ground in the late 1960s. Humble (Exxon) also controlled portions of the land through 1970. Conoco entered into a joint venture with Wolf in 1969 and eventually assumed full control through 1974 as part of their “Project A.” Other operators who held portions of the ground during the 1970s include Teton Exploration, Kerr-McGee, and Climax (Amax). The last historical operator was Texasgulf who held the property in the late 1970s.

URE’s original land position arose through acquisition of claims from a private party in 2006. This was augmented with the staking of additional claims by NFU Wyoming, LLC and claims obtained through another acquisition. Figure 3f shows the current EN Project boundary and claims.

Significant exploration of the property began in the 1960s and has continued off and on by various operators since then. No significant uranium development work was conducted within the Property by previous operators. A summary of all historical and URE drill holes is presented in Table 4.

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