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Here are 1-2 brief analogies to describe Ur-Energy (URG):

• Newmont (a major gold miner), but specialized in producing uranium for nuclear energy.
• Like a pure-play, US-focused Cameco (the largest publicly traded uranium producer).

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• Uranium: A radioactive metallic element, mined and processed into uranium concentrate (U3O8), primarily used as fuel in nuclear power plants.

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Major Customers of Ur-Energy (URG)

Ur-Energy (URG) primarily sells uranium concentrate (U₃O₈, also known as "yellowcake") to other companies. Its major customers are nuclear power utilities that operate nuclear reactors and require a consistent supply of uranium for fuel production.

Due to the confidential nature of long-term supply agreements in the uranium industry, Ur-Energy typically does not publicly disclose the specific names of its major utility customers. The company generally refers to its customers as "major nuclear utilities" or "tier-one utilities" in its public filings and investor communications.

Therefore, while the exact customer names and their symbols are not publicly available information from Ur-Energy, their customer base consists of large, established utility companies operating nuclear power plants globally.

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John W. Cash, Chairman of the Board and Chief Executive Officer

Mr. Cash was appointed Chairman of the Board of Directors of Ur-Energy in 2022, after having been named Chief Executive Officer and President of the Company in March 2022. He will resign as CEO on December 12, 2025, and will continue to serve as Chairman and a strategic advisor. Mr. Cash joined Ur-Energy in 2007 and has nearly 30 years of diverse experience in the uranium industry, encompassing exploration, environmental, health and safety (EHS), regulatory and legislative affairs, and uranium recovery operations. He previously worked for established uranium mining companies including BHP, Rio Algom Mining Corp., and Crow Butte Resources, a subsidiary of Cameco. At Crow Butte, he managed all aspects of wellfield production and plant processing. Mr. Cash also served as president of the Uranium Producers of America.

Matthew D. Gili, President (Incoming Chief Executive Officer on December 13, 2025)

Mr. Gili was appointed President of Ur-Energy effective June 30, 2025, and will succeed John Cash as Chief Executive Officer and join the Board of Directors on December 13, 2025. He is a Professional Engineer with extensive C-suite experience, having served as a Chief Executive Officer, Chief Operating Officer, Chief Technical Officer, and Executive General Manager. His background includes executive roles with publicly traded mining companies, such as President and Chief Operating Officer of i-80 Gold Corporation (2021-2025) and Chief Executive Officer with Nevada Copper Corporation (2018-2020). Mr. Gili's technical experience also includes being Executive General Manager of the Cortez District, a top mining operation for Barrick Gold, and experience with Rio Tinto.

Roger L. Smith, Chief Financial Officer and Chief Administrative Officer

Mr. Smith joined Ur-Energy in May 2007 and has 35 years of experience in mining and manufacturing, including finance, accounting, IT, ERP and systems implementations, mergers, acquisitions, audit, tax, and public and private reporting in international environments. He served as Ur-Energy's Chief Financial Officer and Vice President Finance, IT and Administration until May 2011, when he also assumed the title and responsibilities of Chief Administrative Officer. Prior to joining Ur-Energy, Mr. Smith served as Vice President, Finance for Luzenac America, Inc., a subsidiary of Rio Tinto.

Steven M. Hatten, Chief Operating Officer

Mr. Hatten was named Ur-Energy Chief Operating Officer in October 2022. He previously served as Vice President Operations for the Company since 2011, and prior to that, was Ur-Energy's Engineering Manager from 2007 to 2010 and Director of Engineering and Operations from 2010 to 2011. He possesses over 30 years of experience in uranium production, with a strong background in in situ recovery (ISR) uranium design and operations. His prior experience includes working as a Project Engineer for Power Resources, Inc., Manager, Wellfield Operations for Rio Algom Mining Corp., and Operations Manager at Cameco's Smith Ranch – Highland Facility.

Penne A. Goplerud, General Counsel & Corporate Secretary

Ms. Goplerud was named General Counsel and Corporate Secretary of Ur-Energy in 2011, having initially joined the Company as Associate General Counsel in 2007. She has nearly 30 years of diverse legal experience in general corporate matters, natural resources transactions, and complex litigation. In her private practice, she represented clients in complex litigation, arbitration, and mediation involving mining, oil and gas, commercial and corporate disputes, securities, and environmental law. She also counseled business clients and represented them in the negotiation of business transactions.

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The key risks to Ur-Energy's (URG) business are primarily centered around its financial health, the inherent volatility of the uranium market, and operational challenges in production.

1. Financial Health and Liquidity: Ur-Energy faces significant financial risks, including ongoing losses and substantial operational inefficiencies, evidenced by negative operating, net, and EBITDA margins. The company has experienced significant net losses and has a continuous need for additional capital for working capital, exploration, and development activities. Financial indicators such as a low Piotroski F-Score and an Altman Z-Score in the distress zone suggest poor business operations and potential bankruptcy risk within two years. Furthermore, the company has exhibited cash flow issues, burning through operating cash flow, and has high debt levels and uranium derivative obligations which could become a pressure point if uranium prices decline.
2. Uranium Price Volatility and Market Conditions: As a uranium producer, Ur-Energy is highly susceptible to the volatile uranium market, which is characterized by a limited customer base and significant price movements over short periods. A decline in uranium prices below the company's production costs could lead to negative gross margins and unhedged production, severely impacting profitability. Broader geopolitical and environmental narratives also influence the uranium market, adding another layer of uncertainty.
3. Operational Risks and Production Challenges: Ur-Energy has experienced declines in uranium output, with production levels sometimes falling short of expectations. The company must continually develop additional mineral resources to sustain ongoing operations as existing resources are depleted. Furthermore, mining operations inherently carry hazards, and the company faces risks related to maintaining continuous operations and being adequately insured against potential interruptions. Regulatory challenges, including unexpected changes and increased compliance costs, also pose a significant risk to the company's operational complexities and financial outlook.

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Global Uranium Market

North American/U.S. Uranium Market

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Ur-Energy (URG) is poised for significant future revenue growth over the next 2-3 years, driven by several key factors in the evolving uranium market:

1. Ramp-up and Expansion of Lost Creek Production: The company is actively increasing production at its flagship Lost Creek in-situ recovery (ISR) uranium facility. Recent approvals from the EPA and Wyoming allow for the future expansion of the Lost Creek mine to include up to six additional mine units. This expansion, along with increased wellfield flow rates and the commissioning of new header houses, is expected to boost uranium output. The amended license also increases the annual plant production limit to 2.2 million pounds of U₃O₈, which includes up to 1.2 million pounds from wellfield production and up to 1 million pounds from toll processing.
2. Development and Commissioning of the Shirley Basin Project: Ur-Energy has made a strategic decision to construct and operate its second ISR facility, the fully permitted and licensed Shirley Basin Project. This project is projected to begin production in early 2026 and will significantly contribute to revenue by nearly doubling the company's annual permitted mine production capacity to 2.2 million pounds of U₃O₈ when combined with Lost Creek. Construction is currently on schedule.
3. Favorable Uranium Market Prices: A robust and strengthening uranium market price is a significant tailwind for Ur-Energy. The company's decision to expand was partly based on strong market prices and an expectation of growing demand. Current spot market prices for uranium are around $79 per pound, with long-term prices at approximately $82 per pound, which, when combined with Ur-Energy's production costs (reported cash costs of $42.83 per pound in Q2 2025), suggests healthy profit margins and revenue growth potential.
4. Growing Uranium Sales Contract Book: Ur-Energy is actively securing long-term uranium sales contracts with U.S. nuclear utilities at progressively higher prices. The company's growing contract book, which extends through 2033, provides a stable revenue base. Approximately 50% of its licensed production capacity over the next six years remains uncontracted, offering significant upside exposure to further price appreciation in the uranium market and opportunities to secure additional agreements. An eighth multi-year sales agreement was recently executed.

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Share Issuance

• In July 2024, Ur-Energy closed a public offering of common shares, generating approximately $69 million in aggregate gross proceeds, including the full exercise of the underwriters' option to purchase additional shares.
• The company completed a public equity offering in February 2023, resulting in approximately $46.1 million in gross proceeds from the sale of common shares and accompanying warrants.
• Annual common stock issuances were significant, with $97.6 million in 2024, $53.1 million in 2023, $3.8 million in 2022, and $48.8 million in 2021.

Capital Expenditures

• Ur-Energy's capital expenditures were approximately $17.58 million over the last 12 months as of November 2025.
• Annual capital expenditures were -$9.0 million in 2024, -$2.0 million in 2023, -$709K in 2022, and -$1.2 million in 2021.
• The primary focus of recent capital expenditures has been on advancing construction at the Shirley Basin project, with the satellite plant planned for 2025, and continuing to ramp up production at the Lost Creek facility.