Shirley Basin

Shirley Basin ISR Mine, Wyoming

Shirley Basin is Ur-Energy’s second operating ISR uranium mine and is currently ramping up towards full production rates. Of note, the Company advanced the project from concept to production in just two and a half years.

At this time, Shirley Basin is being operated as a satellite or spoke mine of Ur-Energy’s Lost Creek hub. Uranium is loaded onto resin and shipped from Shirley to Lost Creek for processing, drying, and drumming. The project is also permitted for development and operation as a future processing hub.

An Initial Assessment Technical Report Summary has been filed for Shirley (the “Shirley Basin Report,” March 11, 2024). Based upon data from historical and confirmation drilling at the site, the Shirley Basin Report estimates the project’s mineral resource at 9.1 million pounds U3O8 in the Measured and Indicated categories. Due to the very high level of density in drilling at the project, all resources within the three proposed mine units are classified as Measured or Indicated. There are no resources in the Inferred category.

The tailings facility at the Shirley Basin site is one of the few remaining facilities in the United States licensed to receive and dispose of byproduct waste material from other in situ uranium mines. Ur-Energy assumed the operation of the byproduct disposal site and continues to accept deliveries under several contracts.

Cautionary Note Concerning Disclosure of Mineral Resources:

The Technical Report Summary for the Shirley Basin Project (the S-K-1300 Report) on our website was prepared in accordance with U.S. securities laws pursuant to Regulation S-K, Subpart 1300 (S-K 1300). The Amended Preliminary Economic Assessment for the Shirley Basin Project (the NI 43-101 Report) was prepared in accordance with Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects (NI 43-101) and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators which establishes standards for public disclosure an issuer makes of scientific and technical information concerning mineral projects. The S-K 1300 Report and the NI 43-101 Report are substantially the same except for internal references to the regulations under which the reports were made, and certain organizational differences. The S-K 1300 Report and the NI 43-101 Report are preliminary in nature. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimated mineral recovery used in these reports is based on Company personnel and industry experience at similar facilities. There can be no assurance that recovery at the estimated level indicated in the reports will be achieved.