Ur-Energy Announces Multi-Year Uranium Sales Agreement
News Release
10758 W. Centennial Rd. Suite 200
Littleton, CO 80127
Phone: 720.981.4588
www.ur-energy.com
Ur-Energy Announces Multi-Year Uranium Sales Agreement
Littleton, Colorado (ACCESSWIRE – August 8, 2022) Ur-Energy Inc. (NYSE American:URG) (TSX:URE) (the
“Company” or “Ur-Energy”) is pleased to announce that it has signed a multi-year sales agreement with a
leading U.S. nuclear utility to supply uranium produced from a project owned and operated by the Company’s
U.S. subsidiaries, including Lost Creek.
Completing this supply agreement marks the first step of Ur -Energy’s strategic product marketing plan by
which the Company intends to commit a portion of its future uranium production into term sales agreements
with U.S. based nuclear utilities . This initial agreement calls for the annual delivery of a base amount of
200,000 pounds of uranium concentrates over a six -year period beginning in the second half of 2023. Sales
prices are anticipated to be profitable on a Company-wide, all-in cost basis and are escalated annually from
the initial pricing in 2023.
Ur-Energy believes this agreement reflects the U.S. utilities desire to support domestic uranium production
from a proven producer . Pursuant to the Company ’s request, the sales agreement is conditioned on
Ur-Energy securing additional contractual commitments to support a development decision. Ur-Energy is in
ongoing discussions with other domestic utilities with the objective of layering in sufficient additional term
offtake contracts to incentivize a full ramp up of production at Lost Creek.
In addition to its efforts to secure contracts with utilities, Ur-Energy has recently submitted a bid proposal to
the U.S. Department of Energy (“DOE”) in response to DOE’s solicitation for the purchase of up to one million
pounds of domestically produced uranium to implement the Uranium Reserve Program. Ur-Energy maintains
approximately 324 ,000 pounds of U.S. produced and housed inventory that is ready to s ell to the U.S.
government to help establish the Uranium Reserve or to supplement early deliveries of uranium to utility
customers.
The licensed annual capacity of the operating Lost Creek Mine is 2.2 million pounds U3O8. A total of 2.2 million
pounds can be processed in the plant, of which up to 1.2 million pounds can be produced from the
surrounding wellfields. Since beginning production in 2013, the Lost Creek Mine has produced 2.7 million
pounds of U3O8 and currently continues production at a reduced level . A drilling and wellfield construction
program, initiated at Lost Creek in Q4 2021, is progressing with the objective of expediting production ramp
up and facilitating our ability to deliver into offtake agreements.
About Ur-Energy
Ur-Energy is a uranium mining company operating the Lost Creek in-situ recovery uranium facility in south-central
Wyoming. We have produced, packaged, and shipped approximately 2.6 million pounds U3O8 from Lost Creek
since the commencement of operations. Ur-Energy has all major permits and authorizations to begin construction
at Shirley Basin, the Company’s second in situ recovery uranium facility in Wyoming and is in the process of
obtaining remaining amendments to Lost Creek authorizations for expansion of Lost Creek. Ur-Energy is engaged
in uranium recovery and processing activities, including the acquisition, exploration, development, and operation
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of uranium mineral properties in the United States. The primary trading market for Ur-Energy’s common shares is
on the NYSE American under the symbol “URG.” Ur -Energy’s common sh ares also trade on the Toronto Stock
Exchange under the symbol “URE.” Ur-Energy’s corporate office is located in Littleton, Colorado and its registered
office is located in Ottawa, Ontario.
FOR FURTHER INFORMATION, PLEASE CONTACT
John W. Cash, Chairman, CEO & President
866-981-4588, ext. 303
Cautionary Note Regarding Forward-Looking Information
This release may contain “forward-looking statements” within the meaning of applicable securities laws regarding
events or conditions that may occur in the future ( e.g., whether additional sales agreements will be secured in a
timely fashion to complement this agreement; whether the specified sales prices will be profitable to the
Company; the timing for contract awards under the new national Uranium Reserve and whether our bid proposal
will be accepted; and timing to determine future development and construction priorities, including completion
of our advanced development program at Lost Creek, and the impact the program will have on ramp-up) and are
based on current expectations that, while considered reasonable by management at this time, inherently involve
a number of significant business, economic and competitive risks, uncertainties and contingencies. Generally,
forward-looking statements can be identified by the use of forward-looking terminology such as "plans,"
"expects," "does not expect," "is expected," "is likely," "estimates," "intends," "anticipates," "does not anticipate,"
or "believes," or variations of the foregoing, or statements that certain actions, events or results "may," "could,"
"might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements
of historical fact, are considered to be forward-looking statements. Forward-looking statements involve known
and unknown risks, uncertainties and other factors which may cause the actual results, performance or
achievements of the Company to be materially different from any future results, performance or achievements
express or implied by the forward-looking statements. Factors that could cause actual results to differ materially
from any forward-looking statements include, but are not limited to, capital and other costs varying significantly
from estimates; failure to establish estimated resources and reserves; the grade and recovery of ore which is
mined varying from estimates; production rates, methods and amounts varying from estimates; delays in
obtaining or failures to obtain required governmental, environmental or other project approvals; inflation;
changes in exchange rates; fluctuations in commodity prices; delays in development and other factors described
in the public filings made by the Company at www.sedar.com and www.sec.gov. Readers should not place undue
reliance on forward-looking statements. The forward -looking statements contained herein are based on the
beliefs, expectations and opinions of management as of the date hereof and Ur -Energy disclaims any intent or
obligation to update them or revise them to reflect a ny change in circumstances or in management’s beliefs,
expectations or opinions that occur in the future.