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NYSE American: URG | TSX: URE Corporate Presentation – December 9, 2025 Corporate Presentation February 2026 Lost Creek ISR Processing Plant
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Disclaimer Cautionary Note Regarding Forward-Looking Statements: This presentation contains “forward-looking statements,” within the meaning of applicable securities laws, regarding events or conditions that may occur in the future. Such statements include without limitation the Company’s ability to continue ramp up at Lost Creek to reach projected rates, costs, etc. including resolution of any ramp up challenges; the continued technical and economic viability of Lost Creek and whether the return to commercial operations is a return to low operational costs and whether our costs will be aligned with our Lost Creek TRS; the scalability of the Lost Creek Property; ability to timely deliver into sales commitments; ability to further expand resources at the Lost Creek Property; the further exploration, development and permitting of Company projects including the Lost Creek Property; the technical and economic viability of Shirley Basin (including the estimated time for construction and buildout); whether global support for nuclear energy development will continue and be sustained and the related effects on the market; the effects of geopolitical events, including the Ukraine war; the long-term effects on the uranium market of supply and demand projections, including continuing acceptance of nuclear; whether we will experience the effects of ongoing tariff and trade disputes; whether various prospective market catalysts including government support and legislation will occur and/or the effect(s) each may have on the market in the longer term including the ban on Russian imports and the impact of Executive Orders; whether there is unrealized value in the company given strong mineral resources and cash position, and near term production at Shirley Basin. These statements are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies. Numerous factors could cause actual events to differ materially from those in the forward-looking statements. Factors that could cause such differences, without limiting the generality of the following, include: risks inherent in exploration activities; volatility and sensitivity to market prices for uranium; volatility and sensitivity to capital market fluctuations; the impact of competition in the uranium sector; the ability to raise funds through private or public equity financings; imprecision in resource and reserve estimates; environmental and safety risks including increased regulatory burdens; unexpected geological or hydrological conditions; a possible deterioration in support for nuclear energy; changes in government regulations and policies, including trade laws and policies; demand for nuclear power; weather and other natural phenomena; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; and other exploration, development, operating, financial market and regulatory risks. Although Ur-Energy Inc. believes the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this presentation. Ur-Energy Inc. disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Cautionary Note Regarding Projections: Similarly, this presentation also may contain projections relating to an extended future period and, accordingly, the estimates and assumptions underlying the projections are inherently highly uncertain, based on events that have not taken place, and are subject to significant economic, financial, regulatory, competitive and other uncertainties and contingencies beyond the control of Ur-Energy Inc. Further, given the nature of the Company's business and industry that is subject to numerous significant risk factors, there can be no assurance that the projections can be or will be realized. It is probable that the actual results and outcomes will differ, possibly materially, from those projected. The attention of investors is drawn to the Risk Factors set out in the Company's Annual Report on Form 10-K, filed April 11, 2025, which is filed with the U.S. Securities and Exchange Commission on EDGAR (http://www.sec.gov/edgar.shtml) and the regulators in Canada on SEDAR+ (www.sedarplus.ca). Cautionary Note Concerning Estimates of Mineral Resources: Mineral resources that are not mineral reserves do not have demonstrated economic viability. Our mineral resource estimates, and the related economic analyses, are preliminary in nature and, in the case of the Lost Creek Report, include inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. The estimated mineral recovery used in our Technical Report Summaries is based on recovery data from wellfield operations to date at Lost Creek in the case of the Lost Creek Report, and Company personnel and industry experience at similar facilities in the case of the Shirley Basin Report. There can be no assurance that recovery at this level will be achieved. 2
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Ur-Energy - U.S. Uranium Producer & Developer 3 Ur-Energy is a Wyoming based proven In Situ Recovery uranium producer with two licensed production sites and multiple uranium exploration sites ▪ Established ISR production at Lost Creek with a 12+ year track record and scalable licensed capacity of up to 2.2M pounds annually ▪ Bringing on second ISR mine at Shirley Basin in early 2026 - the 5th ISR mine in the U.S. ▪ Total contracted uranium sales of 1.3M pounds in 2026 ▪ Solid development pipeline for potential uranium resource expansion ▪ Completed $120M convertible financing in December 2025 ▪ Utilizes 100% ISR mining, lower capital intensity than traditional mining – no open pits, underground costs or large equipment fleets
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4 Ur-Energy - Uranium Producer & Developer Made in America Lost Creek ISR Facility, Wyoming ▪ Operating producer with >3.0M lbs. U3O8 produced since 2013 ▪ 13-year remaining mine life with numerous unexplored roll fronts – potential expansion opportunity ▪ 1.2M lbs. annual mine capacity and 2.2M lbs. annual plant capacity – will process loaded resin from Shirley Basin into yellowcake ▪ District scale land position – 5 contiguous exploration properties to support long term growth U.S. SUPPLY CHAIN U.S. WORKFORCE U.S. PRODUCTION SUPPORTING THE MOVE TO AMERICA’S ENERGY SECURITY Shirley Basin ISR Facility, Wyoming ▪ Fully permitted, construction well advanced – Start up on track for early 2026 ▪ Licensed annual mine capacity of 1.0M lbs; doubling Ur-Energy’s production capacity ▪ Low-capex; leveraging existing infrastructure and processing of loaded resin at Lost Creek plant ▪ Historic ISR district; birthplace of ISR uranium mining
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Uranium: Primary fuel used in nuclear power Key reasons uranium is essential: High Energy Density: A small amount of uranium yields far more energy than fossil fuels Sustained Power Generation: Nuclear fuel allows reactors to operate continuously for long periods, providing reliable baseload electricity Fuel for Current Reactors: Modern commercial reactors are designed specifically to use uranium, typically enriched in the isotope U-235, as their fuel source Uranium is the basic fuel for nuclear energy because its fission releases heat used to generate electricity in nuclear power stations
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Green Nuclear Fuel Demand Is Growing Global and U.S. Nuclear Demand ▪ Nuclear provides ~20% of U.S. electricity and >50% of U.S. carbon-free power ▪ Globally, nuclear supplies ~10% of electricity and ~20% of carbon-free generation ▪ 438 reactors operating worldwide; 71 under construction(1) ▪ Nearly 120 new reactors ordered and ~314 proposed(1) ▪ SMRs in development or construction in 15 countries(2) ; 3 currently operating. NEI survey indicates the U.S. could see up to 300 SMRs by 2050(3) ▪ Tech companies and data centers increasingly identify nuclear as a preferred source for 24/7 clean power ▪ TerraPower and PacifiCorp are advancing their first Wyoming SMR, backed by Bill Gates and Warren Buffett 6 Widening Uranium Supply / Demand Gap Primary uranium production well below global reactor needs, widening the supply deficit WNA projects demand rising from a base of ~210M lbs in 2026 to uppercase demand of ~354M lbs by 2040 Secondary supplies and restarts offer limited relief and cannot meet projected reactor growth Utilities increasingly returning to long-term contracting, tightening the market further (1) as of December 2025; (2) as of July 2025; (3) as of July 2022 Sources: Nuclear Energy Institute; World Nuclear Association, UxC LLC, IAEA, Bloomberg
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Lost Creek ISR Mine 7 Lost Creek ISR Facility, Wyoming ▪ Optimizing throughput and production ▪ Four header houses deployed in 2025, to support additional injection and production wells ▪ 12.68M lbs. Measured and Indicated Resource at 0.048% grade and 6.12M lbs., Inferred Resource at 0.043% grade ▪ Historically low operating costs. Q3 operating costs of $43 per pound and trending lower ▪ 13-year remaining mine life with numerous unexplored roll fronts ▪ 1.2M lbs. per year mine capacity and 2.2M lbs. per year plant capacity ▪ Q3 2025: Dried and packaged 93,523 lbs. U₃O₈ ▪ Q3 2025: Shipped 70,190 pounds of yellowcake to the conversion facility, and an additional 69,604 pounds after quarter-end, through 11/3/2025 Drum of yellowcake at Lost Creek
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Lost Creek Property Mineral Resource Scalability ▪ Lost Creek in production since 2013, ~90% resource recovery ▪ 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) ~35,000 Acres in Six Project Areas
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Shirley Basin ISR Mine – Q1 Start Up Shirley Basin ISR Facility, Wyoming ▪ Restarting uranium production in the historic Shirley Basin district - over 50 million pounds produced throughout the district. The first ISR mine location in the world* dating back to the 1960s ▪ 8.8M lbs. Measured and Indicated Resource at 0.23% grade. Estimated nine year mine life ▪ Licensed annual mine capacity of 1.0M lbs. Loaded resin to be transported to Lost Creek for processing, avoiding cost of full processing facilities ▪ Estimated operating cost of $24.40 per pound and all in cost of ~$50, at full production ▪ Fully permitted and construction nearly complete, refurbishing and upgrading existing site infrastructure - Processing plant construction well advanced ▪ 10,000 sq. ft. modular operations office completed ▪ Production start-up on target for early 2026 Shirley Basin Ion Exchange Columns * World Nuclear Association
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Shirley Basin Construction Advancing 10 Shirley Basin Processing Plant Construction, January 15, 2026
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Lost Creek In Situ Uranium Recovery Wellfield 11 In Situ Mining (also called in- situ recovery or in-situ leaching) is considered the least disruptive mining method because it extracts minerals without digging open pits or creating large waste piles. The ore stays underground, and the minerals are dissolved and pumped to the surface, which reduces land disturbance and environmental impact. – World Nuclear Association
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Year Base Contracted Deliveries (lbs U3O8) 2026 1,295,000 2027 1,150,000 2028 1,400,000 2029 900,000 2030 800,000 2031 - 2032 100,000 2033 100,000 TOTAL 5,745,000 12 ▪ Eight fixed-price contracts set at escalated levels well above current spot and term prices ▪ Uncontracted production capacity through 2033 provides room for additional agreements ▪ With full optional and flex volumes, contracts cover ~45% of licensed and constructed capacity through 2033. ▪ Market-linked pricing components provide upside exposure: - 23% of base commitments tied to market-based pricing. - With full flex/optional volumes, ~30% of capacity is market-priced once Shirley Basin is online in early 2026. ▪ Contract structures secure substantial revenues while allowing downside protection and upside exposure Sales Agreements for 5.7M lbs U3O8 +/- flex
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Potential Project Development Pipeline 13 Lost Soldier, Great Divide Basin, WY ▪ Technical and hydrogeologic studies underway to support a future mineral resource estimate ▪ 18 aquifer test wells installed, with testing expected to begin in Q1 2026 ▪ Located ~10 miles from the Lost Creek ISR facility, offering potential capital- efficient development North Hadsell, Great Divide Basin, WY ▪ Exploration Success: Early results return intercepts >0.20 GT ▪ Stacked Roll-Fronts: Multiple stacked horizons confirmed with grades and thickness comparable to Lost Creek ▪ Project Scale: Stacked mineralization encountered ~1.5 miles apart, indicating potential scale
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Header House En Route to Lost Creek 14 Header House being trucked from Ur-Energy’s Casper manufacturing facility to the Lost Creek ISR Mine. Header Houses distribute injection solution and collect uranium-bearing production fluids for a section of the wellfield - one header house for every 30 producing wells, allowing recovery of uranium
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NYSE American: URG | TSX: URE Ur-Energy.com 15 Ur-Energy’s Corporate Structure Ur-Energy NYSE:URG / TSX:URE Share Price (2/9/26) US$1.68/C$2.28 52 Week High/Low US$2.35/$0.55 C$3.30/$0.78 Average Daily Volume (3 month) ~11.5M Shares (US+CAN) Market Cap US~$631M Capital Structure Shares Outstanding (9/30/25) 375.8M Stock Options & RSUs (9/30/25) 8.3M Warrants (9/30/25) (38.5M to purchase 19.2M shares at US$1.50, exp. 2/21/26) 19.2M Cash* (10/30/25) $120M convertible financing completed Dec. 2025 $35.4M Research Analyst Coverage Alliance Global Partners Northland Capital Markets B. Riley Securities ROTH Capital Partners Cantor Fitzgerald SCP Resource Finance H.C. Wainwright Texas Capital Securities Maxim Group Ventum Financial As of March 31, 2025 As of 09/30//2025 *Completed $120M convertible financing in December 2025. Conversion at $1.73/share and a capped call that can lift effective conversion price up to $2.72/share (100% premium to the pre -financing share price) The research analysts contained in this presentation are independent third parties. Their views, estimates, and forecasts are their own and do not represent those of the Company. The Company does not endorse or adopt any analyst reports or conclusions.
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Growth Story in Strengthening Uranium Market Unlocking Value and Positioned for Growth ▪ Eight long-term uranium sales agreements in place for +/- 6.0M pounds U3O8 with extension option ▪ Steady flow of RFPs from utilities ▪ Near-term, second uranium production site and potential resource expansion through ongoing exploration Ramp-up to commercial production is well underway ▪ Lost Creek professional and ops staff hired to all positions ▪ Pounds of Lost Creek product packaged continues to increase each quarter ▪ Shirley Basin construction progress is on target for early 2026 startup, which is anticipated to double constructed capacity ▪ Numerous market catalysts are moving the uranium price higher (green energy, supply shortage, geopolitics, government purchasing and big data) 16
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Positioned to Power the Nuclear Future For more information, please contact: Corporate Headquarters 1478 Willer Drive Casper, WY 82604 Tel: 307-265-2373 Colorado Office 10758 W Centennial Road Suite 200 Littleton, CO 80127 Investor Relations Valerie Kimball, IR Director Direct 720-460-8534 Valerie.Kimball@Ur-Energy.com 17 Follow us:
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NYSE American: URG | TSX: URE Appendix
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Geopolitical Risks, The Tail That Wags the Dog ▪ Russia’s attack on Ukraine - likely long-term impact ▪ Russia supplies about 20% of US demand; globally, 43% enrichment and 38% conversion capacity ▪ Kazakhstan ~46% of primary global supply; Russian influence, chronic sulfuric acid shortage, mine delays impacting supply ▪ New production taxes in Kazakhstan affecting cost of production ▪ 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 19 Source: World Nuclear Association.
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Increasing Support for Nuclear Energy in U.S. Recent Legislation and Federal Support ▪ Inflation Reduction Act includes several significant measures supporting nuclear energy – sustaining existing U.S. reactors ▪ Pres. Trump - four EOs supporting rapid expansion of U.S. nuclear industry Growing Support ▪ Unanimous support for ban on imports of Russian LEU, with limited exceptions ▪ Democrats and Republicans include nuclear power in official party platforms ▪ Consolidated Budget allocated $2.7B to carry out the Nuclear Fuel Security Act which is designed to enhance the domestic fuel cycle; DOE has awarded bids to four enrichers for HALEU production; utilization of domestic uranium is preferred ▪ Gallup’s 2025 poll indicates 61% of American’s favor nuclear power 20
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Leading the Green Revolution ▪ Recovery of Lost Creek and Shirley Basin resources will offset ~312.4M metric tons CO2 compared to coal power ▪ Equivalent to taking 67.5 million cars off the road for a year ▪ We use the in situ technique of recovery (ISR) with minimal and temporary surface impacts ▪ ISR facilities already recycle ~ 99.3% of water. But that’s not good enough. We developed an industry leading novel concept that further reduced water consumption by 18% ▪ Advancing our GOAL - to recycle 99.8% of water use 21