Ur-Energy (URG) H.C. Wainwright 27th Annual Global Investment Conference summary

Operational highlights

• Lost Creek has produced 3 million lb since 2013, with over 12 million lb measured and indicated resources and 13 years of mine life remaining.

• 2025 YTD production at Lost Creek is just over 200,000 lb U3O8; full production capacity is 1.2 million lb per year.

• Shirley Basin project is well advanced, targeting production startup in early 2026, with 8.8 million lb measured and indicated resources and 1 million lb annual capacity.

• Exploration focus in 2025 is on Lost Soldier, North Hadsell, and Lost Creek South, with hydrology data collection underway to assess ISR mining applicability.

• Centralized plant capacity is 2.2 million lb per year, with all current and future production routed through this facility.

Financial and contract strategy

• Q2 operating costs were $42.83/lb, with 2025 average contract price at $61.56/lb and projected 2025 sales of 440,000 lb.

• Contracts signed in 2022–2023 were largely fixed price in the high $40s to low $50s, with escalators; current contracts are hybrid, blending fixed and market-related pricing with floors and ceilings.

• Spot and term uranium prices have risen, with current spot in the high $70s and new fixed contracts in the low $70s plus escalators.

• 45% of production through 2023 is already contracted, with evolving contract terms to reflect market conditions.

• July cash balance was $49.1 million, supporting ramp-up and staffing at both Lost Creek and Shirley Basin.

Industry and market context

• U.S. nuclear power supplies 20% of domestic electricity; globally, 440 reactors operate with 66 under construction, indicating rising demand.

• Geopolitical risks impact supply: Russia provides 20% of enriched uranium, Kazakhstan 46% of global U3O8.

• U.S. government support includes $2.7 billion for the Nuclear Fuel Security Act and four executive orders to boost domestic nuclear fuel supply.

• Growing support for U.S. uranium production may lead to a future premium for domestic supply.

• In-situ recovery (ISR) mining is used, recycling 99.3% of water and minimizing environmental impact.