Ur-Energy Releases 2024 Year End Results

LITTLETON, CO / ACCESS Newswire / April 11, 2025 / Ur-Energy Inc. (NYSE American:URG)(TSX:URE) ("Ur-Energy" or the "Company") has filed the Company's Annual Report on Form 10-K, Consolidated Financial Statements, and Management's Discussion & Analysis, all for the year ended December 31, 2024, with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov/edgar.shtml and with Canadian securities authorities on SEDAR+ at www.sedarplus.ca. These filings also may be accessed on the Company's website at www.ur-energy.com. Shareholders of the Company may receive a hard copy of the consolidated financial statements, free of charge, upon request to the Company.

Ur-Energy CEO, John Cash said: "The year 2024 and early 2025 have been marked by volatility in geopolitics and the uranium market as wars, threats of wars and trade issues have contributed to global uncertainty. As intended, the long-term contracts we signed beginning in 2022 largely insulate our revenue from these uncertainties while providing us with visibility to higher spot prices through hybrid contracts and uncommitted production. During the remainder of 2025, our primary objectives will be to continue to safely ramp up production at Lost Creek and finalize the buildout of our Shirley Basin mine so our constructed annual mine/mill capacity will increase to 2.2M pounds U₃O₈. Construction at Shirley Basin remains on schedule and we have made significant progress in hiring our senior site management. Efficiencies at Lost Creek continue to improve as our staff gain experience and maintenance and operations improve.

"To date, we have seen no impact from tariffs on our deliveries of product to our customers and we don't foresee any impact since most, if not all, of our deliveries remain within the U.S. and uranium has largely been excluded from tariffs. Similarly, we have seen little to no impact to date from tariffs on purchases of materials for construction at Shirley Basin, although we are closely monitoring the situation and making adjustments to vendors and purchase timing when necessary."

Lost Creek Operations

Ramp up continued at Lost Creek in 2024 with six header houses coming online. Most recently, Header House (HH) 2-12 came online in late January 2025 and HH 2-13 was brought online in late March 2025. The average production solution head grade in Q4 2024 was 66.2 mg/L. We captured approximately 81,771 pounds U₃O₈ in Q4 2024, and a total of 265,746 pounds U₃O₈ in 2024. We drummed 74,006 pounds U₃O₈ in Q4 2024 and a total of 249,209 pounds U₃O₈ in 2024. Pounds captured increased from 103,487 pounds in 2023 to 265,746 pounds in 2024.

Financial Results

As of December 31, 2024, we had cash resources of $76.1 million as compared to $59.7 million on December 31, 2023. During 2024, we generated $99.9 million from financing activities, used $71.9 million for operating activities and $9.0 million for investing activities, and increased restricted cash by $2.5 million.

U₃O₈ Product Profit and Loss, and Production, and Ending Inventory¹

The following two tables provide information on our U₃O₈ product profit and loss, and production, and ending inventory.