Ur-Energy Inc. announced that it has filed updated S-K 1300 Technical Report Summaries for its Lost Creek Property and Shirley Basin Project. The reports are filed as exhibits to the Company's Annual Report on Form 10-K, filed March 6, 2024, with the U.S. Securities and Exchange Commission on EDGAR at the company. Both reports were prepared by Qualified Person, Western Water Consultants Inc., d/b/a WWC Engineering.

The Shirley Basin Report reinforces the company's belief that Shirley Basin will likely be second operating project. To that end, the company have continued with detailed engineering and production designs while waiting for that production opportunity. The company has filed an updated Initial Assessment Technical Report Summary on Shirley Basin ISR Uranium Project, Carbon County Wyoming, USA (the "Shirley Basin Report," March 4, 2024), which was prepared by WWC.

The report reaffirms the mineral resources as well as the economic analysis on the Shirley Basin Project from a prior report prepared under S-K 1300. Based upon data from the historical and confirmation drilling at the site, the Shirley Basin Report confirms the project's mineral resource estimate of 8.8 million pounds eU3O8 in the Measured and Indicated categories. Due to the very high level of density in drilling at the project, all resources within the three proposed mine units are classified as Measured or Indicated.

All in, the estimated total costs per pound, including royalties, and extraction and income taxes, is estimated at $54.89 per pound. Using the estimated capital expenditures, operating expenditures and closure costs presented in the Shirley Basin Report and projected variable long-term price ranging from $82.46 to $86.21 per pound, a cash flow statement was generated in which the project is estimated to generate LoM net cash flow of $175.3 million before income taxes and $119.0 million after tax. Payment is estimated during the third quarter of 2027.

The Technical Report Summaries reported are preliminary in nature and, in the case of the Lost Creek Report, includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimated mineral recovery used in these reports is based on recovery data from wellfield operations to date at Lost Creek in the case of the LostC Report, and Company personnel and industry experience at similar facilities in the case of the Shirley Basin Report.

There can be no assurance that recovery at this level will be achieved.