Ur-Energy Releases 2023 Q2 Results and Announces Second Quarter Earnings Webcast / Teleconference To Be Held August 15, 2023

LITTLETON, CO / ACCESSWIRE / August 7, 2023 / Ur-Energy Inc. (NYSE American:URG)(TSX:URE) (the "Company" or "Ur-Energy") has filed the Company's Form 10-Q for the quarter ended June 30, 2023, with the U.S. Securities and Exchange Commission at www.sec.gov/edgar.shtml and with Canadian securities authorities at www.sedar.com.

Ur-Energy CEO, John Cash said, "This was an exciting quarter with our Lost Creek Project moving back into commercial production. Despite significant challenges in recruitment of personnel and contractors, and the worst Wyoming winter on record, we are proud to say we began producing U₃O₈ again to build inventory for delivery into our three sales contracts. Congratulations and a genuine thank you to each of our team members whose Wyoming cowboy-up spirit of perseverance has made the ongoing ramp-up possible.

"Demand for nuclear energy continues to expand as nations seek to lower carbon emissions and foster security through energy independence. While the demand for nuclear fuel grows, risk in the supply chain is escalating as evidenced by the war in Ukraine, transportation issues for Kazakh uranium and Russian LEU exports, the recent coup in Niger, and a lack of any significant new mine production in the near-term.

"Our strategy to take advantage of the improving market is simple: continue growing our long-term sales book as the market continues to improve, ramp-up production at Lost Creek and, ultimately, at Shirley Basin. We will also continue to consider acquisition opportunities to increase our production portfolio but will remain disciplined by only seeking to acquire, or organically develop, quality, producible, projects.

Financial Results

As of June 30, 2023, we had cash resources consisting of cash and cash equivalents of $68.0 million, an increase of $35.0 million from the December 31, 2022 balance of $33.0 million. During the six months ended June 30, 2023, we used $5.1 million for operating activities, used $1.2 million for investing activities, and generated $41.3 million from financing activities, which included net proceeds of $44.0 million from share issuances less $2.7 million Wyoming bond loan principal payment.

In the first six months of 2023, we sold 100,000 pounds to the U.S. DOE uranium reserve program at an average price of $64.47. We now have three multi-year sales agreements, having recently added a third agreement to our contract book which calls for deliveries of 100,000 pounds U₃O₈ annually 2025 - 2027. Collectively, our agreements call for deliveries beginning in 2023 and continuing through 2028, with the possibility of deliveries continuing under one agreement into 2029. Including the already completed 100,000-pound sale, we expect to sell 280,000 pounds U₃O₈ in 2023 for $17.3 million. With the addition of our third multi-year sales agreement, our current anticipated revenues 2023 - 2028 will be approximately $220 million.

Reconciliation of Non-GAAP measures with US GAAP financial statement presentation

The following tables include measures such as U₃O₈ sales, U₃O₈ cost of sales, U₃O₈ gross profit, U₃O₈ pounds sold, U₃O₈ price per pound sold, U₃O₈ cost per pound sold, and U₃O₈ gross profit per pound sold. These measures do not have standardized meanings within US GAAP or a defined basis of calculation. These measures are used by management to assess business performance and determine production and pricing strategies. They may also be used by certain investors to evaluate performance. These measures exclude disposal fees and lower of cost or NRV adjustments.

U₃O₈ Sales, Cost of Sales, and Gross Profit

The following table provides information on our U₃O₈ sales, cost of sales, and gross profit.

U₃O₈ Production and Ending Inventory

The following table provides information on our production and ending inventory of U₃O₈ pounds.