Ur Energy : Corporate Presentation April 2025

Published: 2025-04-25 13:37:11 ET URE.TO

 Lost Creek ISR Uranium Facility (>11 years)

• Produced ~3.0 Mlbs U3O8 through 2024

• Largest U.S. producer 2024H1 per recent EIA data

• Seven off-takes sales agreements for 5.84M pounds U3O8 +/- flex

• 12.68Mlbs. Measured and Ind. Resource at 0.048% grade and 6.12Mlbs. and Inf. Resource at 0.043% grade

• Historically achieved low operating costs. Estimated operating cost of $16.73 per pound

• 13-year remaining mine life with numerous unexplored roll fronts

• 1.2M pound per year mine capacity and 2.2M pound per year plant capacity

 Shirley Basin ISR Facility - permitted and construction started

• Licensed annual mine capacity of 1.0M lbs.; much infrastructure already in place

• 8.8Mlbs. Measured and Indicated Resource at 0.23% grade

• Proven in situ producer and perhaps first commercial in situ uranium mine in the world

• Estimated operating cost of $24.40 per pound

• Construction projected to be completed in late 2025

Sources: Technical Report Summary, Lost Creek ISR Uranium Property Sweetwater, Wyoming, USA and Technical Report Summary, Shirley Basin ISR Uranium Project, Carbon County, Wyoming, USA, as amended, both prepared by WWC Engineering - March 2024. See Disclaimer re: Forward-looking Statements and Projections (slide 2).

 US

• ~20% of nation's electricity

• >50% carbon-free electricity

 Worldwide

• ~10% electricity

• ~1/3 carbon-free electricity

 440 operable reactors; 65 in construction

 ~90 reactors ordered, 343 proposed

 WNA projects global demand of 171M lbs. in 2023 increasing to 338M lbs. by 2040

 SMRs being developed/constructed in 11 countries, operating in 3

 NEI poll of its members revealed there could be up to 300 SMRs in the U.S. by 2050

 TerraPower and PacifiCorp, owned in part by Bill Gates and Warren Buffet, respectively, plan to build their first SMR in Wyoming

 Demand from data centers is growing rapidly with a strong preference for nuclear power

*Sources: Nuclear Energy Institute; World Nuclear Association, UxC Consulting, IAEA, Bloomberg.

 Russia's attack on Ukraine - likely long-term impact

 Russia supplies about 20% of US demand; globally, 43% enrichment and 38% conversion capacity

 Kazakhstan provides ~46% of primary global supply; Russian influence and sulfuric acid shortage could impact supply. Kazakh legislation to repatriate uranium mines is pending

 Russian and Chinese ownership/purchasing of Kazakh uranium is growing quickly

 Primary production from Africa is largely owned by China

 Russia has growing influence over uranium production in Namibia

 Coup and continued unrest in Niger puts 4% of global supply at risk

Source: World Nuclear Association.

Recent Legislation

• US Uranium Reserve, $75M, DOE issued contracts in December 2022 including the purchase of 100k pounds from Ur-Energy at $64.47/pound

• Civil Nuclear Credit Program, $6B to extend life of reactors

• Inflation Reduction Act includes several significant measures supporting nuclear energy - sustaining existing 93 reactors in US for years to come

Growing Government Support

• H.R. 1042 passed by House and Senate unanimously and signed into law by President Biden to ban the import of Russian Low Enriched Uranium, with limited exceptions

• Strong support from Senators Manchin (D) and Barrasso (R) and Congressman Latta (R)

• Consolidated Budget allocated $2.7B to carry out the Nuclear Fuel Security Act which is designed to enhance the domestic fuel cycle; especially enrichment; DOE has awarded bids to four enrichers for HALEU production; Utilization of domestic uranium is preferred

~35,000 acres Six project areas

• 11 Years Production: ~90% recovery of under pattern resources through 2023

• Royalty burden averages <1% throughout the six-projects

• Resources can all be pipelined into the existing Lost Creek plant

• Opportunity to grow the resource through exploration (lateral and at depth in the KM, L, M and N Horizons)

Source: Technical Report Summary, Lost Creek ISR Uranium Property Sweetwater, Wyoming, USA prepared by Western Water Consultants, Inc. d/b/a WWC Engineering - March 2024.

Uranium Production, Costs and Revenues

Unit

2014

2015

2016

2017

2018

2019

Captured

lbs

596K

784K

538K

265K

302K

48K

Drummed

lbs

548K

727K

561K

254K

286K

51K

Pounds Sold

lbs

518K

925K

562K

780K

480K

665K

Sold From Produced Purchased

lbs

518K --

725K 200K

562K --

261K 519K

10K 470K

214K 451K

Avg Sales Price

$/lb

$51.22

$45.20

$39.49

$49.09

$48.86

$48.50

Avg Cash Cost*

$/lb

$19.73

$16.27

$17.15

$24.41

$25.37

$23.93

Revenues

$

$26.5Million

$41.8Million

$22.2Million

$38.3Million

$23.5Million

$32.3Million

Real pounds - Real production - Real costs

*Per Pound Sold, excludes severance and ad valorem taxes and non-cash costs.

**Excluding NRV adjustments.

 Ongoing Drilling and Construction Program

• 21 drill rigs operating

• Disposal well 5 in operation

 Efficiencies and Expertise to Ramp-up

• Advanced purchasing of materials

• Retained experienced key staff

• Hiring is complete

Lost Creek MU2 Header House

Disclaimer

Ur-Energy Inc. published this content on April 25, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 25, 2025 at 17:36 UTC.