Ur-Energy (URG) investor relations material

Operations and production

• Lost Creek has produced nearly 3 million lbs of U3O8 since 2013, with production ramping up as uranium prices improved and long-term contracts were secured.

• Eight long-term contracts have been signed, covering about 6 million lbs over several years, primarily with major U.S. and European nuclear companies.

• Lost Creek has a measured and indicated resource of 12.7 million lbs and over 6 million lbs inferred, with a 13-year project life and permits for 1.2 million lbs/year mining and 2.2 million lbs/year milling.

• Shirley Basin is under construction as a satellite facility, targeting production in early 2026, with 8.8 million lbs measured and indicated resource and no inferred resources.

• Shirley Basin will use ion exchange resin beads transported to Lost Creek for processing, enabling lower capital costs and leveraging existing infrastructure.

Costs, efficiency, and expansion

• Lost Creek aims for an all-in cost of $45/lb, while Shirley Basin targets $50/lb, with Shirley benefiting from higher grades and flow rates but smaller scale.

• Shirley Basin's high drill density allows immediate production without further exploration or delineation drilling.

• Lost Creek's Q2 head grade was around 70 ppm, nearly double expectations, and Q2 packaged production increased 35% over Q1 to 112,000 lbs.

• Exploration programs are planned for late 2025 and 2026, focusing on Lost Soldier, North Hadsell, and LC South, with both greenfield and brownfield targets.

Financial position and market outlook

• Share price recently hit a 52-week high near $2, with average daily volume of 6–7 million shares and a market cap over $700 million.

• 365 million shares outstanding, $49.1 million cash on hand, no financial debt, and a physical uranium loan of 250,000 lbs to be repaid next year.

• Institutional ownership is about 85%, with major uranium-focused investors.

• Revenue from long-term contracts is increasing, with 440,000 lbs delivered this year and 1.3 million lbs contracted for next year.

• Additional revenue expected from in-the-money warrants and continued utility RFPs, with growing interest from government programs such as LEU, HALU, and the uranium reserve.