Lost Creek Production Rates To Steadily Increase Throughout The Summer

LITTLETON, CO - Ur-Energy Inc. reported that during 2025 Q1, the Company dried and packaged 83,066 pounds and shipped 106,301 pounds U3O8. At quarter end, the in-process inventory at Lost Creek was approximately 29,700 pounds, the drummed inventory at Lost Creek was 10,772 pounds, and the finished inventory at the conversion facility was 368,540 pounds. The next shipment of product is scheduled, and currently have 57 drums of product on the ground at Lost Creek.

Ur-Energy reported that the wellfield flow rate has increased by 44% since the beginning of March 2025 and is now routinely over 2,700 gallons per minute. Additional flow increases are expected throughout the summer as the current fleet of 19 contract drill rigs and Company construction staff bring on additional header houses and enhance flow in existing wells through routine maintenance and improvements. Head grade remains on target and the annualized production rate over the past week averaged over 400,000 pounds and remains on a positive trend. The Company expects production rates to steadily increase throughout the summer.

The recovery rate in the processing plant has reached design levels as management of the elution circuit has improved, resulting in tail grade on the ion exchange columns commonly being less than three milligrams per liter. The elution and precipitation circuits are now functioning as designed. Both filter presses are operational, and plans are to upgrade the auger in each of the presses early May, which should further improve throughput. Both rotary vacuum dryers are now operating and performing as designed.

The safety performance has improved over the past several months with no recordable injury or illness incidents occurring in 2025. Implementation of a behavioral based safety program to proactively address and track potential safety issues has resulted in an improved safety culture and has increased employee participation in Company safety initiatives.

The recent improvements in performance and safety are attributable to several factors of which we believe the most important are growing employee skills and confidence and achieving higher employee retention rates. The increased number of drill rigs together with mild winter conditions have also contributed to increased output.

The objectives for Lost Creek for the remainder of 2025 are to continue to safely ramp up the wellfield flow rate and improve plant efficiencies by focusing on training, employee retention, and improved maintenance.

Construction at the fully permitted Shirley Basin Project is on target and  continues to estimate mine startup by early 2026. The Company hired many of the senior site management and 10 construction staff, who are already directly involved with facility construction. Training of new staff is ongoing, including certain training being conducted at Lost Creek. Also have hired several additional professional staff who will join the Shirley Basin team in Q2. Recruiting for operational staff, including remaining managers, will be ongoing through the summer.

Ur-Energy is excited to bring Shirley Basin, a prolific historic uranium district and the birthplace of in situ uranium mining in 1963, back into production.