Ur-Energy Reports Q2 2025 and Announces Eighth Uranium Sales Agreement

LITTLETON, CO / ACCESS Newswire / August 5, 2025 / Ur-Energy Inc. (NYSE American:URG)(TSX:URE) (the "Company" or "Ur-Energy") has filed the Company's Form 10-Q for the quarter ended June 30, 2025, with the U.S. Securities and Exchange Commission at www.sec.gov/edgar.shtml and with Canadian securities authorities at www.sedarplus.ca.

Second Quarter 2025 Financial and Operating Results

• During the second quarter of 2025, we dried and packaged 112,033 pounds of U₃O₈, representing a 35% increase over the first quarter of 2025;

• An eighth uranium sales contract was executed, for delivery of 100,000 pounds U₃O₈ per year in 2028, 2029 and 2030. Pricing is at an escalated fixed price, well above current spot and term prices;

• Drummed inventory at the conversion facility as of July 31, 2025 was 351,148 pounds;

• We sold 165,000 pounds of U₃O₈ in 2025 Q2, generating gross profits $1.9 million;

• The cost per produced pound sold decreased from $62.06 in Q4 2024 to $50.89 in Q2 2025;

• On a cash basis, the U₃O₈ profit per produced pound sold was $22.99, representing a cash profit margin of approximately 36% in Q2 2025 as compared to 19% in Q4 2024.

• During the six months ended June 30, 2025, we used $9.3 million for operating activities, $8.9 million for investing activities, and $0.1 million for financing activities.

• As of June 30, 2025, we had cash and cash equivalents of $57.6 million, a decrease of $18.5 million from the $76.1 million balance on December 31, 2024. Cash position as of July 31, 2025, was $49.1 million.

Ur-Energy President, Matthew Gili, commented: "The ramp up at Lost Creek continues, with significant increases in the quantities of U₃O₈ both captured and drummed in the quarter. Importantly, cash costs were $42.83 per pound sold (including ad valorem and severance taxes of $2.62 per pound), well below our average selling price in Q2 of $63.20 per pound. As mine construction at our Shirley Basin Project progresses, and we commence our 2025 exploration program in the Great Divide Basin, this year is laying the foundation for the next phase of growth for Ur-Energy."

Lost Creek Operations

During Q2 2025, we dried and packaged 112,033 pounds and shipped 105,316 pounds U₃O₈ to the conversion facility. At quarter end, our in-process and drummed inventory was approximately 55,000 pounds, and our finished inventory at the conversion facility was 315,607 pounds. Subsequent to quarter end, we shipped an additional 34,964 pounds U₃O_8.

Our total sales in 2025 are projected at 440,000 pounds of U₃O₈ at an average price per pound sold of $61.56 and we expect to realize revenues of $27.1 million. The deliveries are under contracts negotiated in 2022 and 2023, when the long-term price was between $43 and $57 per pound.

Deliveries for 2025 are committed to two customers for a base amount of 400,000 pounds of U₃O₈. Under our agreements, both buyers elected to flex up the annual base delivery quantity by 10%. Deliveries of 165,000 pounds were made in 2025 Q2 and deliveries of 110,000 pounds and 165,000 pounds are expected to be made in 2025 Q3 and Q4, respectively.

Eighth Uranium Sales Agreement, Market Exposure and DOE Opportunities

Ur-Energy now has eight multi-year sales agreements in place with major nuclear and utility companies, including Constellation Energy, a leading producer of reliable, emissions-free energy. The annual delivery base amount ranges from 440,000 to 1,300,000 pounds of U₃O₈ from 2025 through 2033, with potential additional deliveries of 100,000 pounds in 2032 and 2033. The eight agreements total sales of 6.0 million pounds of U₃O₈ with delivery timeline flexibility.

The new sales agreement secures the annual sale and delivery of 100,000 pounds of U₃O₈ per year in 2028, 2029, and 2030. Pricing is set at an escalated fixed price, well above current spot and term prices. Ur-Energy has the sole option to sell up to an additional 100,000 pounds each year at a sales price equal to 99% of the average monthly spot price for the two months preceding the delivery date.

• Pricing for the new contract exceeds the current term market price;

• A significant portion of Ur-Energy's licensed production capacity through 2033 is uncontracted, leaving ample room for additional contracts;

• The demand for uranium is strong as utilities and other fuel buyers continue to issue requests for proposal;

• The U.S. Department of Energy low enriched uranium and high-assay low enriched uranium programs present additional opportunities for uranium sales.

Contract Portfolio Secures Revenue and Retains Market Exposure

Importantly, if our customers elect to acquire their full optional and flex quantities as allowed by the agreements, our contract book would represent approximately 45% of our licensed and constructed plant capacity over the term of the contracts. Additionally, our contract book has elements of market or spot-linked pricing. Our base deliverable commitments for 2026 through 2033 are structured with 23% being tied to market-based pricing. Assuming our customers acquire their full optional and flex quantities, market-based pricing totals 30% of the licensed and constructed plant capacity once construction of the Shirley Basin satellite plant is completed in early 2026.

These contracts lock in substantial revenues while leaving significant room for additional sales to potentially benefit from future market conditions. With floors and ceilings in place, the market-linked components allow us to benefit from rising uranium prices, while the overall contract structure ensures stable cash flow and leaves additional capacity available to capture future market opportunities.

Great Divide Basin (GDB) Exploration Activities

We have identified several targets for H2 2025 exploration within the Great Divide Basin ("GDB"), aimed at expanding our resource base and discovering new uranium roll front deposits. Our planned exploration program will focus on North Hadsell, LC South and Lost Soldier. Exploration drilling will begin at our North Hadsell and LC South Projects. In addition to drilling, we plan to install a series of aquifer test wells at our Lost Soldier Project to support hydrologic evaluation and enable future development planning.

U₃O₈ Sales by Product, U₃O₈ Product Cost, and U₃O₈ Product Profit ¹