Mr. John Cash reports

UR-ENERGY INC. ANNOUNCES PRICING OF PUBLIC OFFERING OF COMMON SHARES

Ur-Energy Inc. has priced its underwritten public offering of 57.15 million common shares, at a public offering price of $1.05 per common share. Ur-Energy has also granted the underwriters a 30-day option to purchase up to 8,572,500 additional common shares on the same terms. The gross proceeds to Ur-Energy from this offering are expected to be approximately $60-million, before deducting the underwriting discounts and commissions and other estimated offering expenses payable by Ur-Energy, and assuming no exercise of the underwriters' option to purchase additional common shares. The offering is expected to close on or about July 29, 2024, subject to satisfaction of customary closing conditions. All of the common shares in the offering are to be sold by Ur-Energy.

Cantor is acting as the sole bookrunning manager for the offering.

A.G.P./Alliance Global Partners LLC; H.C. Wainwright & Co.; Roth Capital Partners; and Ventum Financial Corp. are acting as co-managers for the offering.

Ur-Energy anticipates using the net proceeds from the offering to supplement working capital for the continued ramp-up at Lost Creek to support development at Shirley Basin, for possible future acquisitions or other strategic transactions, and for working capital and general corporate purposes, although its management will have broad discretion in the application of the net proceeds of the offering. Ur-Energy frequently evaluates acquisition opportunities to expand its portfolio of uranium projects.

The common shares described above are being offered by Ur-Energy pursuant to a shelf registration statement on Form S-3 previously filed with and declared effective by the Securities and Exchange Commission (SEC) on July 19, 2023. A preliminary prospectus supplement and the accompanying prospectus relating to the common shares being offered have been filed with the SEC on July 25, 2024, and are available on the SEC's website. A final prospectus supplement will be filed with the SEC and will be available on the SEC's website.

About Ur-Energy Inc.

Ur-Energy is a uranium mining company operating the Lost Creek in situ recovery uranium facility in south-central Wyoming. Ur-Energy has produced and packaged approximately 2.7 million pounds U3O8 (triuranium octoxide) from Lost Creek since the commencement of operations.

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