Ur-Energy Provides Production and Construction Updates For 2025 Q1 Including Drying And Packaging 83,066 Pounds And Shipping 106,301 Pounds At Lost Creek Facility

Lost Creek Production

During 2025 Q1, we dried and packaged 83,066 pounds and shipped 106,301 pounds U3O8. At quarter end, our in-process inventory at Lost Creek was approximately 29,700 pounds, our drummed inventory at Lost Creek was 10,772 pounds, and our finished inventory at the conversion facility was 368,540 pounds. Our next shipment of product is scheduled for next week and we currently have 57 drums of product on the ground at Lost Creek.

We are pleased to report that the wellfield flow rate has increased by 44% since the beginning of March 2025 and is now routinely over 2,700 gallons per minute. Additional flow increases are expected throughout the summer as our current fleet of 19 contract drill rigs and Company construction staff bring on additional header houses and enhance flow in existing wells through routine maintenance and improvements. Head grade remains on target and our annualized production rate over the past week averaged over 400,000 pounds and remains on a positive trend. For context, our 2025 delivery commitment to our customers is 440,000 pounds of U3O8 and the repayment of a 250,000-pound U3O8 loan in the form of physical pounds, although repayment of this loan may be deferred upon agreement with the lender. We expect production rates to steadily increase throughout the summer.

The recovery rate in the processing plant has reached design levels as management of the elution circuit has improved, resulting in tail grade on the ion exchange columns commonly being less than three milligrams per liter. The elution and precipitation circuits are now functioning as designed. Both filter presses are operational, and we plan to upgrade the auger in each of the presses in early May, which should further improve throughput. Both rotary vacuum dryers are now operating and performing as designed.

Our safety performance has improved over the past several months with no recordable injury or illness incidents occurring in 2025. Implementation of a behavioral based safety program to proactively address and track potential safety issues has resulted in an improved safety culture and has increased employee participation in Company safety initiatives.

The recent improvements in performance and safety are attributable to several factors of which we believe the most important are growing employee skills and confidence and achieving higher employee retention rates. Our increased number of drill rigs together with mild winter conditions have also contributed to increased output.

Our objectives for Lost Creek for the remainder of 2025 are to continue to safely ramp up the wellfield flow rate and improve plant efficiencies by focusing on training, employee retention, and improved maintenance.

Shirley Basin Construction

Construction at our fully permitted Shirley Basin Project is on target and we continue to estimate mine startup by early 2026. We have hired many of our senior site management and 10 construction staff, who are already directly involved with facility construction. Training of new staff is ongoing, including certain training being conducted at Lost Creek. We have hired several additional professional staff who will join the Shirley Basin team in Q2. Recruiting for operational staff, including remaining managers, will be ongoing through the summer.

To date, the following construction activities have been completed:

Upgraded the existing road to an all-weather surface;

Installed and completed ~125 monitor wells for Mine Unit 1;

Refurbished the existing warehouse, construction bay and maintenance bay. We originally planned to construct new buildings but saved several million dollars by refurbishing existing buildings;

Installed and furnished modular offices for these buildings;

Installed power between the Company substation and the site for the satellite plant enclosure;

Initiated dirt work for the satellite plant foundation;

Installed communications and security systems;

Installed the septic system for the satellite plant enclosure; and

Advanced the construction of the ion exchange vessels, which is well underway in Casper with delivery expected this fall.

Before we initiate production at Shirley Basin, the Wyoming Uranium Recovery Program will perform a pre-operations inspection. To improve the efficiency of the inspection and operational approvals, we have begun to assemble Standard Operating Procedures and permitting documents for agency review.

In 2025, we plan to:

Complete the upgrade the Company-owned electrical substation;

Install the first header house in Mine Unit 1. Two drill rigs were mobilized to the project on April 14 from Lost Creek. We plan to add four more rigs in Q2. Relatively few drill rigs are required for Shirley Basin because dense historic drilling largely diminishes the need for additional exploration or delineation drilling;

Build the relatively small satellite plant enclosure, which will house the ion exchange and wastewater management systems;

Construct additional header houses in our Casper shop;

Install and furnish modular offices for the satellite plant enclosure; and

Install two evaporation ponds.

We are excited to bring Shirley Basin, a prolific historic uranium district and the birthplace of in situ uranium mining in 1963, back into production.

Finally, we want to briefly mention President Trump's recent Executive Order that directed the U.S. Department of Commerce to start a national security probe under Section 232 of the Trade Expansion Act of 1962 into the impact of imports of critical minerals and uranium. The investigation is ordered to be completed within 180 days when a final report with recommendations is submitted to the President. The impact of the investigation and subsequent corrective actions, if any, are unknown at this time but could have a positive impact on Ur-Energy as one of the largest domestic uranium producers in the U.S.