Ur-Energy Receives Approval of License Amendment for Lost Creek Expansion
News Release
10758 W. Centennial Rd. Suite 200
Littleton, CO 80127
Phone: 720.981.4588
Fax: 720.981.5643
www.ur-energy.com
Ur-Energy Receives Approval of License Amendment for Lost Creek Expansion
Littleton, Colorado (ACCESSWIRE – March 29, 2021) – Ur-Energy Inc. (NYSE American: URG) (TSX: URE) (the
“Company” or “Ur-Energy”) is pleased to announce that the Wyoming Uranium Recovery Program (“URP”)
has approved the LC East and KM amendments to the Lost Creek license allowing expansion of mining
activities within the existing Lost Creek Project and in the adjacent LC East project.
This license approval grants the Company access to six planned mine units in addition to the already licensed
three mine units at Lost Creek. The approval also increases the license limit for annual plant production to
2.2 million pounds U 3O8 which includes wellfield production of up to 1.2 million pounds U 3O8 and toll
processing up to one million pounds U3O8.
In addition to the URP, the Bureau of Land Management (“BLM”) and the Wyoming Department of
Environmental Quality – Land Quality Division (“LQD”) have regulatory oversight of Lost Creek and the
amendment. The BLM completed an Environmental Impact Statement for the amendment in December 2018
and subsequently granted its approval. LQD continues its technical review of the application to similarly
amend the Lost Creek permit to mine , and w e anticipate their process will be complete in 2021 H2. Upon
LQD approval of the amendment, all major permits will be in hand and construction and production can
commence in the expanded areas pursuant to Company operational plans.
We stand ready to expand wellfield production within the already fully permitted areas of Lost Creek to an
annualized run rate of approximately one million pounds when conditions warrant . Our long-tenured
operational and professional staff have significant levels of experience and adaptability which will allow for
an easier transition back to full operations. Lost Creek operations can increase to full production rates in as
little as six months following a “go” decision, simply by developing additional header houses within the fully
permitted Mine Unit 2 (“MU2”). Development expenses during th e six-month ramp up period in MU2 are
estimated to be approximately $14 million and are almost entirely related to further well installation and
header house construction costs. We are prepared to ramp up and to deliver our Lost Creek production
inventory to the national uranium reserve being established by the U.S. Department of Energy pursuant to
funding and directive of Congress. (See Ur-Energy News Release, December 22, 2020.)
Additionally, we anticipate receipt of all remaining major permitting authorizations for our Shirley Basin mine
in the near -term. With those final authorization s in hand, we will be able to construct and operate at our
Shirley Basin site, where we estimate up to nine years production based upon the mineral resources reported
in the Shirley Basin Preliminary Economic Assessment.
In February 2021, we raised gross proceeds of $15.2 million through an underwritten public offering. Our
cash position as of February 24, 2021 was $18.6 million. In addition to our strong cash position, we have
nearly 285,000 pounds of finished, ready- to-sell inventory, worth nearly $9.0 million at current spot prices.
The financing allows us to preserve our existing inventory for higher prices. The financing provides us
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adequate funds to maintain and enhance operational readiness, for possible future acqui sitions, and for
general working capital purposes.
About Ur-Energy
Ur-Energy is a uranium mining company operating the Lost Cree k in-situ recovery uranium facility in south-
central Wyoming. We have produced, packaged and shipped approximately 2.6 million pounds from Lost
Creek since the commencement of operations. Applications are under review by WDEQ -LQD to incorporate
our LC East project area into the Lost Creek permits and by various agencies to construct and operate at our
Shirley Basin Project. 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.
Shares of Ur-Energy trade on the NYSE American under the symbol “URG” and on the Toronto Stock Exchange
under the symbol “URE.” Ur -Energy’s corporate office is in Littleton, Colorado; its registered office is in
Ottawa, Ontario. Ur-Energy’s website is www.ur-energy.com.
FOR FURTHER INFORMATION, PLEASE CONTACT
Jeffrey Klenda, Chair & CEO
866-981-4588
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., receipt and the related timing of the LQD approval of the
amendment to the Lost Creek permit to mine, and other remaining authorizations for the expansion of Lost Creek
operations; the timing to determine future operational plans, and the ability to readily and cost-effectively ramp-
up production operations at currently projected costs when market and other conditions warrant; the timing and
program details for establishment of the new national uranium reserve and the Company’s role in the program ;
receipt and the related timing of approvals of major authorizations at the Company’s Shirley Basin Project;
anticipated life of mine at Shirley Basin Project and whether the Company’s recent financing provides adequate
funds to maintain operational readiness and support possible acquisitions) 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; fluctuations
in commodity prices; failure to establish estimated resources; the grade and recovery of mineral resources which
are 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; changes to
regulatory and legal requirements; inflation; changes in exchange rates; 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
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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.