Corporate Presentation - May 2026

NYSE American: URG | TSX:URE

Corporate Presentation - May 4, 2026

Lost Creek ISR Processing Plant

• Established ISR production at Lost Creek with a 12+ year track record and scalable annual licensed capacity of up to 2.2M pounds

• Operations at Shirley Basin, our Second ISR Uranium Mine, commenced in April 2026

• Contracted uranium sales of 1.3M pounds

  in 2026

• Total licensed annual wellfield production and toll processing capacity of 4.2 million pounds

• Development pipeline for potential uranium resource expansion

• Utilizes ISR mining, lower capital intensity than traditional mining - no open pits or underground costs

Ur-Energy's Wyoming Uranium Assets

Combined estimated mineral resources for Lost Creek and Shirley Basin are 21.0M lbs. Measured and Indicated and

10.4M lbs. Inferred

WYOMING ISR FACILITY

Measured C Indicated Resource*

11.GM lbs @ 0.048% grade

Inferred Resource*

10.4M lbs @ 0.047% grade

Mine Life*

13 years remaining

Capacity (Mine/Plant)

1.2M lbs per year / 2.2M lbs per year

Economics**

All in Cost ~$55/lb

NPV (8%) $244.1M

IRR 65.7%

Net Cash Flow $442.2M

* Lost Creek Technical Report Summary dated March G, 2026, effective December 31, 2025

**Post tax, Inferred included

~35,000 Acres in Six Contiguous Project Areas

• Lost Creek Project in production since 2013, nearly 3.5 million pounds produced

  
  
  

• Royalty burden averages <1% throughout the six-projects

• Adjacent mineralization can be pipelined into the existing Lost Creek plant

• Opportunity to grow the resource through exploration (lateral and at depth)

• LC South 120-hole exploration drill

program planned for summer 2026

WYOMING ISR FACILITY

Measured C Indicated Resource*

G.1M lbs @ 0.22% grade

Mine Life*

G years

Capacity (Mine/Plant)

2.0M lbs per year

Estimated Operating Cost**

~50/lb (All-in)

Economics**

NPV (8%) $83M IRR 6G%

Net Cash Flow $11GM

*Shirley Basin Technical Report Summary dated March 11, 2024, effective December

31, 2023, as amended

**post tax

In Situ Mining (also called in-situ recovery or in-situ leaching) is considered the least disruptive mining method because it extracts minerals without digging open pits or creating large waste piles. The ore stays underground, and the minerals are dissolved and pumped to the surface, which reduces land disturbance and environmental impact.

• World Nuclear Association

  Sales Agreements for 5.75M lbs U3O8 +/- flex

  Year	Base Contracted Deliveries (lbs U3O8)
  2026	1,300,000
  2027	1,150,000
  2028	1,400,000
  2029	900,000
  2030	800,000
  2031	-
  2032	100,000
  2033	100,000
  TOTAL	5,750,000

  • Eight agreements, featuring a mix of escalated fixed pricing and market-related pricing with floors and ceilings

  • Uncontracted production capacity through 2033 provides room for additional agreements

  • With full optional and flex volumes, contracts cover ~45% of licensed and constructed capacity through 2033

  • Market-linked pricing components provide

    upside exposure:

    • 23% of base commitments tied to market-based pricing.

    • With full flex/optional volumes, ~30% of capacity is market-priced once Shirley Basin is online in 2026

  • Contract structures secure substantial revenues while allowing downside protection and upside exposure

Lost Soldier, Great Divide Basin, WY

• Technical and hydrogeologic studies underway to support a future mineral resource estimate

• 18 aquifer test wells installed, with

  testing expected to begin in Q1 2026

• Located ~17 miles from the Lost Creek ISR facility, offering potential capital-efficient development

  North Hadsell, Great Divide Basin, WY

• 32 wide spaced exploration drill holes (33,000 ft) completed; 7 holes intersected uranium mineralization with 13 intercepts >0.20 GT

• Multiple mineralized horizons with grades and thicknesses comparable to Lost Creek

• Potential Scale: Two stand-out drill holes

  ~1.5 miles apart suggest a meaningful mineralized system

  Header House En Route to Lost Creek
  
  

  Header House being trucked from Ur-Energy's Casper construction facility to the Lost Creek ISR Mine. Header Houses distribute injection solution and collect uranium-bearing production fluids for a section of the wellfield - one header house for every 30 producing wells - allowing recovery of uranium

  Ur-Energy NYSE:URG / TSX:URE
  Share Price (5/1/26)	US$1.7G/C$2.42
  52 Week High/Low	US$2.35/$0.67
  	C$3.30/$0.G4
  Average Daily Volume (3 month)	~8M Shares
  	(US+CAN)
  Market Cap (5/1/26)	US~$711M
  Capital Structure
  Shares Outstanding (3/4/26)	3G7.3M
  Convertible Notes* 12/31/25	$120M
  (4.75% Int., $1.73 Conversion, Matures 1/15/31)
  Stock Options s RSUs (12/31/25)	10.0M
  Cash (3/4/26)	$115.3M
  Research Analyst Coverage
  Alliance Global Partners H.C. Wainwright	SCP Resource Finance
  B. Riley Securities Maxim Group	Texas Capital
  Canaccord Genuity Northland Capital	Ventum Financial
  Cantor Fitzgerald ROTH Capital

  Ur-Energy's Corporate Structure

  Top Institutions and Funds
  Name	Reporting Date	% S/O
  Alps Advisors Inc.	Dec-31-2025	11%
  Sprott Funds Trust-sprott Uranium Miners ETF	Dec-31-2025	8%
  Mirae Asset Global ETFs Holdings Ltd.	Dec-31-2025	6%
  VanEck Uranium and Nuclear ETF	Feb-28-2026	6%
  Global X Funds-global X Uranium ETF	Feb-28-2026	6%
  Van Eck Associates Corporation	Dec-31-2025	5%
  Vanguard Group Inc	Dec-31-2025	4%
  State Street SPDR SCP Metals C Mining ETF	Feb-28-2026	4%
  Manufacturers Life Insurance Co.	Dec-31-2025	4%
  Azarias Capital Management, LP	Mar-31-2026	3%
  Segra Capital Management, LLC	Dec-31-2025	3%
  Sprott Junior Uranium Miners ETF	Dec-31-2025	3%
  Vanguard Total Stock Market Index Fund	Dec-31-2025	3%
  CenterBook Partners LP	Dec-31-2025	3%

  Source: Vickers Stock Research

  *$120M convertible senior notes financing in December 2025. Conversion at $1.73/share and a capped call that can lift the effective conversion price up to $2.72/share (100% premium to the pre-financing share price)

  The research analysts contained in this presentation are independent third parties. Their views, estimates, and forecasts are their own and do not represent those of the Company. The Company does not endorse or

  adopt any analyst reports or conclusions.

  
  
  

  11

  Growth Story in Strengthening Uranium Market

  Positioned for Long-Term Growth

  • Two operating ISR facilities, supporting operational flexibility and diversification

  • 1.3M lbs U₃O₈ contracted for 2026; long-term agreements totaling ~5.75M lbs (+ flex)

  • 4.2M lbs annual licensed production and processing capacity across both facilities

  • Shirley Basin ramp-up underway, transport uranium-loaded resin to Lost Creek in summer 2026

  • Scalable Wyoming asset base with significant resource expansion potential

  • Numerous market catalysts supporting higher uranium pricing (potential supply shortages, geopolitics, climate concerns, government purchasing, and big data)

    Execution Driving Value Creation

  • Proven ISR producer with over a decade of production at Lost Creek

  • Advanced Shirley Basin ISR Project into operations in ~2 years

    
    
    
    
    

  • Shared processing infrastructure at Lost Creek drives operating efficiencies and lowers development capital

For more information, please contact:

Corporate Headquarters

1478 Willer Drive

Casper, WY 82604

Tel: 307-265-2373

Colorado Office

10758 W Centennial Road Suite 200

Littleton, CO 80127

Investor Relations Valerie Kimball, IR Director Direct 720-460-8534

Valerie.Kimball@Ur-Energy.com

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