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1. Think of it like a smaller Newmont or Barrick Gold, but focused exclusively on mining uranium.

2. Similar to a junior gold mining company, but specialized in exploring and extracting uranium.

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• Uranium: Ur-Energy's primary product is uranium, which it extracts through the exploration, development, and operation of its mineral properties, primarily the Lost Creek project in Wyoming.

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Ur-Energy (URG) sells primarily to other companies, specifically electric utilities that operate nuclear power plants. These utilities purchase uranium concentrate to fuel their reactors.

Due to the confidential nature of long-term sales agreements in the uranium industry, Ur-Energy does not typically disclose the names of its specific customers. The company generally refers to its buyers as "major U.S. utilities" in its public filings and press releases, indicating that its sales are primarily to domestic power generators.

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Matthew D. Gili, Chief Executive Officer

Mr. Gili joined Ur-Energy as President in June 2025 and was appointed Chief Executive Officer and joined the Board of Directors in December 2025. He is a seasoned mining executive with over two decades of senior leadership and operational experience across several publicly traded mining companies. Prior to Ur-Energy, he served as President and Chief Operating Officer of i-80 Gold Corporation and was formerly the Chief Executive Officer of Nevada Copper Corporation. Mr. Gili also held senior leadership roles at Barrick, including Executive General Manager of the Cortez District and Chief Technical Officer, and at Rio Tinto, where he was Managing Director of the Palabora Mining Company and Chief Operating Officer of Oyu Tolgoi.

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

Mr. Smith has 35 years of experience in mining and manufacturing, encompassing finance, accounting, IT, ERP and systems implementations, mergers, acquisitions, audit, tax, and public and private reporting in international environments. He joined Ur-Energy in May 2007. Previously, Mr. Smith served as Vice President, Finance for Luzenac America, Inc., a subsidiary of Rio Tinto PLC, and as Director of Financial Planning and Analysis for Rio Tinto Minerals, a division of Rio Tinto PLC, from September 2000 to May 2007. He has also held finance and accounting positions with companies such as Vista Gold Corporation, Westmont Gold Inc., and Homestake Mining Corporation.

Steven M. Hatten, Chief Operating Officer

Mr. Hatten was appointed Chief Operating Officer in October 2022, having served as Vice President Operations for Ur-Energy since 2011. He was also the company's Engineering Manager from 2007 to 2010 and Director of Engineering and Operations from 2010 to 2011. With over 30 years of experience in uranium production, he possesses a strong background in in situ recovery uranium design and operations. His prior roles include Project Engineer for Power Resources, Inc., Manager, Wellfield Operations for Rio Algom Mining Corp., and Operations Manager at Cameco's Smith Ranch – Highland Facility.

Alex Ritchie, General Counsel and Corporate Secretary

Mr. Ritchie joined Ur-Energy in January 2026 as General Counsel and Corporate Secretary. He brings more than 25 years of diverse legal, executive, and business experience. From 1999 to 2009, he was in private practice, including nine years at a prominent Denver law firm, where he represented mining and energy clients. He also served as senior corporate counsel for the U.S. subsidiary of an international oil and gas company from 2009 to 2012. From 2017 until joining Ur-Energy, he was the Executive Director of The Foundation for Natural Resources and Energy Law.

Jade Walle, Vice President, Finance

Mr. Walle joined Ur-Energy as Vice President, Finance in September 2025. He is a Certified Public Accountant with nearly 30 years of experience. Most recently, he was an audit partner with PricewaterhouseCoopers LLP (PwC) from 2011 to 2024, after starting his career there in 1996. During his tenure at PwC, he served clients in numerous industries, including publicly traded energy and mining companies, with assignments in Tulsa, London, Houston, and Denver. He also worked in PwC's Global Capital Markets Group in London, assisting non-U.S. companies with U.S. capital market transactions and SEC reporting.

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1. Financial Health and Profitability Challenges

   Ur-Energy faces significant financial risks, including ongoing net losses and the potential need for future capital if margins do not improve. The company has experienced substantial operational losses, with reported net losses, negative operating and net margins, and an Altman Z-Score indicating potential financial distress. High current cash costs also contribute to these profitability challenges. Additionally, the company has derivative obligations that are sensitive to uranium price fluctuations.

2. Uranium Price Volatility

   As a uranium mining company, Ur-Energy's revenue and profitability are directly and significantly impacted by the volatile price of uranium. The market for uranium has experienced substantial price movements over short periods. A downturn in spot market prices below a certain threshold could lead to negative gross margins for the company.

3. Operational and Regulatory Execution Risks

   Ur-Energy faces risks associated with the execution of its mining operations and compliance with a complex regulatory environment. These include challenges in ramping up production effectively, particularly at its Lost Creek project, and the successful commissioning and operation of new projects like Shirley Basin. The company must continually explore and develop additional mineral resources as current ones are depleted, a process that inherently carries uncertainty. Furthermore, uranium mining is subject to numerous federal and state environmental laws and regulations, which can increase costs, delay or prevent operations, and are subject to policy changes and potential litigation. Delays in obtaining regulatory approvals for new projects or expansions are a notable concern.

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Global Uranium Market

U.S. Uranium Market (Consumption)

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Drivers of Future Revenue Growth for Ur-Energy (URG)

1. Commencement of Production at Shirley Basin: Ur-Energy's second in-situ recovery (ISR) facility, the Shirley Basin Project, is expected to commence production in early 2026, with first production projected for the first quarter of 2026. This new facility is anticipated to add up to 1.0 million pounds of U3O8 per year to the company's production capacity, nearly doubling its annual permitted mine production capacity to 2.2 million pounds U3O8. The strategic development of Shirley Basin is also expected to significantly lower operational costs compared to Lost Creek, thereby enhancing future margins.
2. Increased Production Volumes and Operational Optimization at Lost Creek: The company is focused on the continued ramp-up of operations and optimization at its flagship Lost Creek project. In 2025, Ur-Energy saw a 65% increase in pounds drummed and a 40% increase in pounds captured compared to 2024. Furthermore, an updated technical report extended Lost Creek's estimated mine life to mid-2039, surpassing the original 2036 projection, and increased its estimated net cash flow to over $442 million, up 45% from the previous forecast. Efforts in 2026 are concentrated on plant optimization and improving flow rates.
3. Favorable Uranium Market Conditions and Demand Growth: Ur-Energy is well-positioned to capitalize on positive uranium market fundamentals, including strong uranium prices and an anticipated increase in demand for secure U.S. uranium supply. The decision to develop Shirley Basin was underpinned by growing uranium sales contracts and the expectation of increasing uranium demand. The United States consumes approximately 50 million pounds of U3O8 annually but produces only 2-3 million pounds domestically, highlighting a significant supply-demand gap that favors existing domestic producers like Ur-Energy.
4. Growth in Sales Contracts and Volume Pipeline: The company has already contracted for sales of 1.3 million pounds in 2026, which it plans to fulfill using existing inventory from Lost Creek and new production from Shirley Basin. Ur-Energy is targeting significant sales growth, projecting 800,000–1.2 million pounds of uranium sales over the next two years, leveraging rising uranium prices and expanded U.S. support for domestic production. This expanding volume pipeline, supported by increased production capacity and strategic inventory management, is a key driver for future revenue.

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Share Issuance

• In the first six months of 2024, Ur-Energy received $37.2 million from the exercise of warrants and stock options, as well as proceeds from at-the-market (ATM) sales.
• During 2024, the company generated a total of $99.9 million from financing activities.
• In 2023, Ur-Energy generated $46.1 million from financing activities.
• In February 2026, 24,684,999 warrants were exercised, generating $18.5 million in proceeds, with total proceeds from warrants exercised in 2026 amounting to $28.7 million.

Inbound Investments

• In December 2025, Ur-Energy closed a private placement offering of $120 million aggregate principal amount of its 4.75% Convertible Senior Notes due 2031.

Capital Expenditures

• Ur-Energy reported capital expenditures of $9.0 million in 2025, which primarily supported the development of the Shirley Basin project and expansion at Lost Creek.
• In 2024, $9.0 million was used for investing activities. Significant development costs at Lost Creek in the second quarter of 2024 included approximately $4 million for the completion of a deep disposal well and $16 million for wellfield development.
• In 2023, the company used $2.0 million for investing activities. Aggressive capital spending is expected to continue to bring the Shirley Basin mine online.