Ur-Energy Announces Decision to Build Out Shirley Basin Mine

LITTLETON, CO / ACCESSWIRE / March 13, 2024 / Ur-Energy Inc. (NYSE American:URG)(TSX:URE) (the "Company" or "Ur-Energy") is pleased to announce the decision to build out our wholly owned, fully permitted and licensed Shirley Basin Project in Carbon County, Wyoming.

This decision was based on our growing uranium sales contract book, a strong uranium market price, and an expectation of growing demand for uranium as nations increasingly move toward clean nuclear power.

John Cash, the Company's CEO and Chairman of the Board, stated, "The decision to build out our Shirley Basin Project is a major milestone for our Company as it will nearly double our annual permitted mine production capacity to 2.2 million pounds while diversifying our supply. The build out will also solidify our position as the dominant producer in the Great Divide Basin and Shirley Basin Districts of Wyoming. We look forward to bringing in situ mining technology back to its birthplace in Shirley Basin where it was pioneered beginning in 1963. The Shirley Basin Uranium District has a long, proud history and we are excited to bring the jobs back while responsibly operating."

The satellite plant will be designed with a flow rate of up to 6,000 gallons per minute and capacity to produce up to 1.0 million pounds of U₃O₈ per year. Ur-Energy's permits and license allow for the construction of the elution, precipitation and drying circuits should it become economically advantageous. No amendments to the existing permits or licenses would be required.

The satellite plant will be a relatively low-cost facility consisting of ion exchange, wastewater and groundwater restoration circuits. The ion exchange resin at Shirley Basin will be loaded with uranium from the mine and shipped to the Company's operating Lost Creek ISR Facility for processing before being recycled back into operations at Shirley Basin. This satellite approach will help minimize initial facility capital costs to approximately $24.4 million and pre-operational wellfield development costs to $16.3 million. Sustaining capital expenditures over the life of the project are estimated to be $9.2 million. Operating expenditures before taxes and royalties are estimated to be $24.40 per pound. The royalty burden is minimal and is estimated to be $0.05 per pound U₃O₈. A detailed economic analysis can be found in the Technical Report Summary "Shirley Basin ISR Uranium Project, Carbon County, Wyoming, USA" as amended, March 11, 2024, that was filed with the Company's 10‑K/A Annual Report for 2023, March 12, 2024.