Ur-Energy Congratulates Constellation on Its Power Purchase Agreement with Microsoft
News Release
10758 W. Centennial Rd. Suite 200
Littleton, CO 80127
Phone: 720.981.4588
www.ur-energy.com
Ur-Energy Congratulates Constellation on Its Power Purchase Agreement with Microsoft
Littleton, Colorado (ACCESSWIRE – October 23, 2024) Ur-Energy Inc. (NYSE American: URG) (TSX: URE) (the
“Company” or “Ur-Energy”) wishes to congratulate Constellation on their recently announced power purchase
agreement with Microsoft. The deal for 835 megawatts of electricity is the largest ever power purchase agreement
for Constellation and will result in the restart of the Three Mile Island Unit 1 nuclear reactor in Pennsylvania. This
historic project will contribute 835 megawatts of carbon-free electricity to the grid while creating 3,400 jobs and
offsetting approximately 61 million metric tons of CO2 emissions over 20 years. Constellation has named the
project the Crane Clean Energy Center in honor of Chris Crane, a well-respected leader in the nuclear industry and
a past CEO of Constellation’s former parent company.
John Cash, Ur-Energy’s CEO stated, “We wish to congratulate Constellation on their continued growth and
leadership in the U.S. nuclear power industry. We are excited to continue in our role as an established, long-term
supplier of domestic uranium to Constellation. As the demand for nuclear power grows, our objective is to
continue being a reliable supplier to U.S. and global utilities from our Wyoming mines.”
Ur-Energy plays an important role in the nuclear energy sector within the United States. Ur-Energy was the largest
domestic uranium producer in the U.S. in 2024 H1 and is a trusted long-term supplier to leading U.S. utilities such
as Constellation. As the U.S. advances the clean energy transition and continues efforts to decarbonize its grid,
nuclear energy will play an increasingly critical role as a carbon-free source of baseload power. The U.S. has the
largest nuclear power generation capabilities globally (by reactor count and electricity produced from nuclear)
and has also recently taken important steps to rebuild a strong domestic nuclear fuel cycle. Ur-Energy is uniquely
positioned to play an integral role in the first steps of the U.S. nuclear fuel cycle (see diagram below) both today,
as the largest domestic uranium producer from its Lost Creek ISR mine in Sweetwater County, Wyoming in 2024
H1, and tomorrow as it continues construction of its Shirley Basin ISR mine in Carbon County, Wyoming, which is
expected to be completed in late 2025 and will increase Ur-Energy’s licensed production capacity by over 83%.
Conventional / In-situ Recovery
Extraction of Uranium Ore
Processing of Uranium Ore
into Yellowcake Concentrate
Conversion of Yellowcake
Concentrate into UF6Gas
Isotope Separation to Increase
the Concentration of U235
(Enrichment)
Fabrication of Enriched
UF6into Fuel Pellets
Fuel Pellets Used in Nuclear
Reactors to Produce Electricity
Beginning of Cycle:
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The demand for carbon free, baseload electricity from big data centers is growing at a nearly unimaginable rate.
According to the Electric Power Research Institute’s May 28, 2024, White Paper titled Powering Intelligence, data
centers are expected to consume as much as 9.1% of U.S. electricity generation by 2030 versus an estimated 4%
today. The International Energy Agency stated in its Electricity 2024, Analysis and Forecast to 2026 report
Data centres are significant drivers of growth in electricity demand in many regions. After globally
consuming an estimated 460 terawatt-hours (TWh) in 2022, data centres’ total electricity consumption
could reach more than 1 000 TWh in 2026. This demand is roughly equivalent to the electricity consumption
of Japan.
As electricity demand from big data and other industries continues to grow, Ur-Energy expects to see increasing
interest in sourcing power from existing and new conventional nuclear power plants and, within a few years, from
Small Modular Reactors (SMRs). The carbon-free energy provided by nuclear power, combined with around-the-
clock production for as long as two years between refueling outages, makes it a perfect fit for data centers that
must operate without interruption while meeting carbon emission objectives. Currently, 60 conventional reactors
are under construction globally with many utilities seeking power rate increases and life extensions. The
International Energy Agency expects nuclear power output to increase by 2.5 times its current rate by 2050.
As a recognized leader in U.S. uranium production with significant mineral resources, Ur-Energy expects to play a
critical role in fueling the global nuclear industry for many years to come.
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 and packaged approximately 2.7 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 advancing Shirley Basin
construction and development following the March 2024 ‘go’ decision for the mine. We await the remaining
regulatory authorization for the expansion of Lost Creek. Ur-Energy is engaged in uranium mining, recovery and
processing activities, including the acquisition, exploration, development, and operation 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 shares also trade on the Toronto Stock Exchange under
the symbol “URE.” Ur-Energy’s corporate office is in Littleton, Colorado and its registered office is in Ottawa,
Ontario.
FOR FURTHER INFORMATION, PLEASE CONTACT
John W. Cash, Chairman, CEO & President
720-981-4588, 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 global demand for nuclear energy continues to
grow at currently projected rates, including whether electricity demands by big data continue to increase; whether
our mine sites will continue to reliably supply global utility customers for years to come and what role they will
play in fueling nuclear power; whether increased use of nuclear energy will successfully reduce emissions as
projected) 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
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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.sedarplus.ca 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 any change in circumstances or in management’s beliefs,
expectations or opinions that occur in the future.