Ur-Energy (URG) Metals & Mining Virtual Investor Conference summary

Production and operations

• Over 11 years of uranium production at Lost Creek, with about 3 million pounds produced through 2024 and significant output expected in 2025.

• Seven offtake agreements in place, with a strong resource base and 13 years of projected production at Lost Creek.

• Lost Creek's operating costs are projected below $17/lb, with all-in site costs around $45/lb as production ramps up.

• Shirley Basin is under construction, licensed for 1 million pounds/year, with production targeted for early 2026.

• Shirley Basin's operating costs are estimated at just over $24/lb, with all-in costs around $50/lb, well below current market prices.

Market and industry trends

• Global nuclear power demand is rising, with 66 reactors under construction and over 300 proposed worldwide.

• Uranium demand is expected to nearly double by 2040, according to the World Nuclear Association.

• Small modular reactors and data center demand are driving new interest in nuclear energy.

• Geopolitical risks are increasing, with Russia and China exerting more control over uranium supply chains.

• U.S. utilities are seeking domestic uranium supply due to global supply chain risks.

Regulatory and legislative environment

• Strong bipartisan U.S. support for nuclear energy, with recent executive orders and $2.7 billion in funding for advanced fuel production.

• Both major U.S. political parties now include nuclear power in their platforms.

• Preference for domestic uranium in new federal programs enhances opportunities for U.S. producers.