Ur-Energy (URG) investor relations material

Market environment and industry trends

• AI-driven data center growth and nuclear reactor restarts are increasing long-term uranium demand.

• U.S. government policies and regulatory reforms are supporting domestic nuclear fuel supply chains and accelerating nuclear deployment.

• Only about 8% of 2024 uranium deliveries were U.S.-origin, highlighting a secure supply gap.

• Long-term uranium demand growth is projected to require significant new mine development.

Asset portfolio and operations

• Operates two ISR uranium facilities in Wyoming: Lost Creek and Shirley Basin, with a combined 4.2M lbs annual licensed production and processing capacity.

• Lost Creek has a measured & indicated resource of 11.9M lbs at 0.048% grade and a 13-year mine life; Shirley Basin has 9.1M lbs at 0.22% grade and a 9-year mine life.

• Over 3.5M lbs produced at Lost Creek since 2013; April 2026 marked the strongest production month since the 2023 restart.

• Shirley Basin began initial operations in April 2026, with first uranium-loaded resin shipments expected in summer 2026, pending regulatory approval.

• In situ recovery (ISR) mining method minimizes environmental impact and supports scalable growth.

Financial performance and contracts

• Eight sales agreements cover 5.75M lbs U3O8 through 2033, with a mix of fixed and market-related pricing.

• Contracts cover about 45% of licensed and constructed capacity through 2033, with market-linked pricing providing upside exposure.

• Lost Creek's all-in cost is ~$55/lb with a post-tax NPV (8%) of $244.1M and IRR of 65.7%; Shirley Basin's all-in cost is ~$50/lb, NPV (8%) $83M, and IRR 69%.

• Net cash flow projections: $442.2M for Lost Creek and $119M for Shirley Basin.