Ur-Energy (URG) Emerging Growth Conference 83 summary

Industry developments and market trends

• Sprott Physical Uranium Trust announced a $200 million raise to buy uranium, boosting spot prices and equities by nearly 8%.

• World Bank lifted its ban on funding nuclear projects, and Japan plans significant nuclear industry growth.

• Spain is reconsidering its nuclear ban, and a U.S. executive order aims to quadruple domestic nuclear generation.

• Global nuclear expansion is strong, with China set to double capacity by 2040 and over 300 new reactors proposed worldwide.

• Geopolitical shifts, including bans on Russian uranium imports and supply issues in Kazakhstan and Africa, are driving up prices and Western demand.

Operations and production updates

• Lost Creek mine has produced about 3 million lbs of uranium through 2024 and is ramping up production.

• Seven long-term agreements with U.S. and European utilities cover 5.8 million lbs over the next few years, with some contracts linked to spot prices.

• Lost Creek has a 12.8 million lb resource (0.048% grade) and 6 million lb inferred resource (0.043% grade).

• Operating costs at Lost Creek are estimated at $17/lb, with all-in costs at $45/lb; project life is about 13 years.

• Mill capacity is 2.2 million lbs/year, with mine capacity at 1.2 million lbs/year, allowing for processing from other projects.

Shirley Basin project progress

• Shirley Basin is fully permitted, under construction as a satellite facility, and will ship unprocessed uranium to Lost Creek.

• Resource is 8.8 million lbs (0.23% grade), all measured and indicated; no further exploration drilling needed.

• Four drill rigs are active, construction is on schedule and budget, with production targeted for January next year.

• Projected operating costs are just over $24/lb.