Operational & Construction Progress At The Lost Creek – Shirley Basin Projects

LITTLETON, CO – Ur-Energy Inc. reported the operational and construction progress at its Lost Creek and Shirley Basin in situ uranium projects in Wyoming. At the flagship Lost Creek Project, production operations continue to progress with a full operations team on site. Most recently, the construction and startup of header house 2-15 was completed, demonstrating the team’s growing efficiency and skill. With training and experience building, the production growth trajectory remains positive.

During the second quarter of 2025, the Company dried and packaged 112,033 pounds of U3O8, representing a 35% increase over the first quarter 2025. Ur-Energy shipped 105,316 pounds of powdered uranium concentrate, also known as “yellowcake,” to the conversion facility. At quarter end, finished inventory at the conversion facility was 315,607 pounds U3O8, and the in-process and drummed inventory at Lost Creek totaled approximately 55,000 pounds U3O8. In Q2 2025 the Company sold 165,000 pounds U3O8 at an average price of $63.20 per pound for revenue of $10.4 million.

With the addition of two header houses in Mine Unit 2 during the second quarter and a continued focus on maintenance, the wellfield flow rate increased by ~27% during the quarter. Flow rates were routinely over 3,400 gallons per minute by the end of June. The head grade increased during April and held steady at over 70 mg/l U3O8 during May and June. Together, these production factors yielded 203,449 pounds captured in H1 2025, with 74,479 pounds attributable to Q1 and 128,970 to Q2. It is expected that production will increase steadily throughout the summer as additional header houses come online and plant capture rates improve.

During Q2, the processing plant operations team focused on maintenance activities to provide better product capture rates and streamline drying of yellowcake. These included the planned upgrade of the filter press augers, allowing both dryers to be operational, upgrading reverse osmosis systems with new membranes for better wastewater treatment, inspecting and maintaining ion exchange columns and filters, and upgrading the plant control systems.

Ur-Energy is excited to restart uranium production in the prolific and historic Shirley Basin, the birthplace of in situ uranium mining in the early 1960s. To that end, we are busy on multiple fronts at the site, such as refurbishing facilities from the initial mining program and installing the components necessary for in situ recovery with modern technology.

Construction at the fully permitted Shirley Basin Project continues on schedule. Thanks to Shirley Basin’s proximity to Casper, we’ve been able to readily draw on the robust workforce there. Increase in onsite management, construction and development staff at Shirley Basin by 17 during the quarter. Hiring of operational staff has begun and is projected to be complete, on a phased schedule, in early Q4.

Key advantages at Shirley Basin include the utilization and refurbishment of the existing infrastructure, including roads, power lines, and site facilities, all of which have been upgraded to meet the project requirements. In addition, relatively few drill rigs are required due to dense historic drilling, which reduces the need for additional exploration or delineation drilling.

Following construction, it will undergo a pre-operation inspection with the State of Wyoming, which is expected to take several weeks. Targeting early 2026 for initial uranium production.

In addition to the ~35,000 acres comprising the six projects of Lost Creek Property, Ur-Energy controls ~7,000 acres at the other uranium projects in the Great Divide Basin. It identified three targets for exploration drilling within the Basin, with the goal of further expanding resource base and discovering new uranium roll fronts. The planned exploration program will focus on Lost Soldier, North Hadsell and LC South. The Company expects to mobilize one drill rig for exploration activities during the third quarter.