Ur-Energy Inc. provided an update on First Quarter operations and activities related to ramp up at its Lost Creek In-Situ Recovery Project and ongoing construction at its Casper, Wyoming Operations Headquarters. The Company announced in December 2022 that have secured sufficient long-term sales commitments to warrant ramp up of operations at Lost Creek to levels sufficient to deliver into those contracts. With sales commitments currently totaling 3.2 million pounds UO through 2028 (600,000 pounds UO per year beginning in 2024, +/- a small flex) the company would like to detail recent and ongoing activities that will enable to meet production targets.

Significantly, recruitment of personnel has progressed to the point where all necessary operations staff are onboard to support required regulatory, safety, drilling, construction, wellfield, and plant activities. delineation drilling program saw 120 delineation holes completed within MU2 to facilitate final wellfield design for the next four header houses. This program was successful in providing better definition of resources and increased the confidence level of resources from the Indicated and Inferred categories to the Measured category with virtually no loss of resource, nor reduction in grade.

This is further assurance that current geologic evaluation and resource estimation methodologies are appropriate and accurate for the deposit, which is key for efficient production planning and design as move forward with ramp up. The primary target for the delineation drilling was the roll front system within the HJ Horizon which is the current production zone for MU2. In addition to the results within the HJ horizon, mineralization was routinely intersected in the underlying KM horizon.

The Company is well financed with $79.0 million in cash as of March 1, 2023. The company have sufficient conversion facility inventory on hand to meet 2023 delivery commitments and anticipate selling a total of 280,000 pounds UO at an average price of $61.89 for proceeds of $17.3 million in 2023.