PRESS RELEASE

from Ur-Energy Inc. (NASDAQ:URG)

Ur-Energy Releases 2024 Q3 Results

LITTLETON, CO / ACCESSWIRE / November 6, 2024 / 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 September 30, 2024, with the U.S. Securities and Exchange Commission at www.sec.gov/edgar.shtml and with Canadian securities authorities at www.sedarplus.ca.

Ur-Energy CEO, John Cash said: "The uranium market fundamentals remain strong, and, despite some volatility, we expect to see continued price support based on a slow response by suppliers to growing demand. We estimate this imbalance will take many years to correct and could be exacerbated by geopolitical events.

"Production at Lost Creek continued to increase quarter over quarter. While ramp-up has progressed at a slower rate than anticipated, we continue to work through the remaining challenges to facilitate steady state operations with increased production. Development and construction programs at Shirley Basin continue to advance and we expect to increase our company wide production capacity to 2.2M pounds per year in early 2026 when we anticipate bringing Shirley Basin online."

Lost Creek Operations

During 2024 Q3 we captured 75,075 pounds, dried and packaged 71,804 pounds and shipped 67,488 pounds U3O8. Although not at previously anticipated rates, these figures represent increases in production numbers compared with the captured and dried figures of earlier quarters.

At quarter end, our in-process inventory was approximately 90,140 pounds, our drummed inventory at Lost Creek was 26,580 pounds, and our finished inventory at the conversion facility was 40,713 pounds U3O8. In addition to the two shipments made to the conversion facility during 2024 Q3, we made two shipments following the end of the quarter, which totaled 46,592 pounds U3O8.

As we continue to work through the challenges of ramp-up at Lost Creek, we now anticipate 2024 production will be in a range between 240,000 and 280,000 pounds U3O8 captured on IX resin.

We expect to satisfy our remaining 2024 contractual commitments to our customers with Lost Creek production and other available sources.

Sales of U3O8 and Sales Agreements

We sold 100,000 pounds U3O8 in 2024 Q3 at an average price of $61.65 per pound for proceeds of $6.2 million.

We continue to anticipate that we will deliver and sell 570,000 pounds U3O8 in 2024. Including the revenue received during the quarter, we expect to realize revenues of $33.1 million from our 2024 U3O8 sales.

We anticipate we will deliver 740,000 pounds U3O8 into three of our term sales agreements in 2025.

Financial Results

As of September 30, 2024, we had cash resources of $129.4 million, which was an increase of $61.2 million from the $68.2 million balance on December 31, 2023. During the nine months ended September 30, 2024, we spent $32.5 million on operating activities, used $5.7 million on investing activities, and generated $99.3 million from financing activities.

U3O8 Sales by Product, U3O8 Product Cost, and U3O8 Product Profit 1

The following table provides information on our U3O8 sales, product costs, and product profit.

Unit

2023 Q4

2024 Q1

2024 Q2

2024 Q3

2024 YTD

U3O8 Pounds Sold

Produced

lb

90,000

-

75,000

100,000

175,000

Purchased

lb

-

-

-

-

-

lb

90,000

-

75,000

100,000

175,000

U3O8 Sales

Produced

$ 000

5,441

-

4,624

6,165

10,789

Purchased

$ 000

-

-

-

-

-

$ 000

5,441

-

4,624

6,165

10,789

U3O8 Price per Pounds Sold

Produced

$/lb

60.44

-

61.65

61.65

61.65

Purchased

$/lb

-

-

-

-

-

$/lb

60.44

-

61.65

61.65

61.65

U3O8 Product Cost

Ad valorem and severance taxes

$ 000

53

-

42

81

123

Cash costs

$ 000

1,674

-

2,336

3,798

6,134

Non-cash costs

$ 000

797

-

749

1,012

1,761

Produced

$ 000

2,524

-

3,127

4,891

8,018

Purchased

$ 000

-

-

$ 000

2,524

-

3,127

4,891

8,018

U3O8 Cost per Pound Sold

Ad valorem and severance taxes

$/lb

0.59

-

0.56

0.81

0.70

Cash costs

$/lb

18.60

-

31.15

37.98

35.05

Non-cash costs

$/lb

8.85

-

9.98

10.12

10.07

Produced

$/lb

28.04

-

41.69

48.91

45.82

Purchased

$/lb

-

-

-

-

-

$/lb

28.04

-

41.69

48.91

45.82

U3O8 Product Profit

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