Mr. Matthew Gili reports

UR-ENERGY ADVANCES GROWTH PORTFOLIO IN THE GREAT DIVIDE BASIN

Ur-Energy Inc. has provided an update on work at its Lost Soldier and North Hadsell projects, located in the Great Divide basin in Wyoming.

Ur-Energy is off to a strong start in 2026 at both the Lost Soldier and North Hadsell projects, delivering encouraging results in the company's work programs that demonstrate the upside potential of these assets. The objectives of Ur-Energy's drilling were straightforward and value driven: first, to gather critical hydrogeologic data at Lost Soldier to reduce risk and support efficient planning and permitting, and, second, to identify new uranium roll-front targets at North Hadsell.

Both projects are located near Ur-Energy's producing Lost Creek uranium mine, providing increased potential to leverage existing infrastructure, reduce future development capital requirements and expand the company's uranium mineral resource base in Wyoming's prolific Great Divide basin.

Highlights:

• Lost Soldier project:
  • Technical report: Efforts are under way to define a mineral resource estimate using detailed roll-front mapping, which will allow the company to more accurately assess the potential for in situ recovery (ISR), a lower-cost method than traditional mining, and provide more information for future project planning.
  • Hydrogeologic risk reduction: Eighteen aquifer test wells have been installed to advance Ur-Energy's understanding of local hydrogeology, an essential step in reducing project risk and better optimizing permitting, development assumptions, well-field design and future development decisions. Testing is expected to begin in Q1 2026.
  • Strategic proximity to operations: Lost Soldier is a 17-mile drive from the company's producing Lost Creek ISR mine and processing facility, which may enable capital-efficient development by leveraging established infrastructure and operating expertise.
• North Hadsell project:
  • Early exploration success: Initial results from the continuing 50-hole drill program are encouraging, with 16 deep, wide-spaced holes completed, including five holes that intersected significant uranium mineralization, with 11 intercepts greater than 0.20 grade thickness (GT).
  • Multiple stacked roll-front horizons: Exploration at North Hadsell has confirmed the presence of multiple stacked roll-front horizons with grades and thicknesses similar to the company's producing Lost Creek ISR mine, supporting confidence in recovery potential.
  • Project scale: Two of the most compelling holes exhibit this stacked roll-front mineralization at similar depth horizons and are located approximately 1.5 miles apart, indicating the potential scale of the mineralized system.

Ur-Energy chief executive officer and president Matthew Gili commented: "The early success at North Hadsell, combined with our decision to advance technical studies and hydrogeologic work at Lost Soldier, underscores the momentum we are building across our Wyoming growth portfolio. As this work progresses, we see meaningful potential for capital-efficient resource expansion, strengthening Ur-Energy's long-term development pipeline."

Lost Soldier project

Located approximately 17 miles (27 kilometres) to the northeast of Lost Creek, Lost Soldier has approximately 4,000 historic drill holes defining 14 mineralized sandstone horizons within the lower Battle Spring formation. Ur-Energy controls 105 unpatented mining claims at the property, totalling approximately 1,960 mineral acres.

Recent drilling at Lost Soldier focused on installing 18 aquifer test wells to enhance Ur-Energy's understanding of the local hydrogeology. While the geology of the project area is well understood, this additional hydrogeologic characterization will assist Ur-Energy's technical teams in optimizing planning, permitting and potential development activities. Aquifer testing is anticipated to begin in Q1 2026.

Work is also under way to complete a new technical report with the goal of establishing a mineral resource estimate based on detailed roll-front mapping. The new report will combine results from recent work and historical data to produce a mineral resource estimate to facilitate assessment and planning for potential ISR development. The technical report on Lost Soldier is expected to be completed later this year.

North Hadsell project

The North Hadsell project is located approximately three miles west of Lost Soldier and 10 miles north of Lost Creek and includes 203 unpatented mining claims covering about 3,970 mineral acres. The project is underlain by the same uranium-bearing geologic formation as Lost Soldier and Lost Creek. While some historical drilling is known in the area, the related data are largely unavailable.

Ur-Energy commenced a 50-hole drill program in Q4 2025 and have completed 16 wide-spaced framework holes, each approximately 1,000 feet deep, for a total footage of 16,765 feet. Five of these initial drill holes have returned significant mineralization, indicating the presence of a stacked roll-front system containing 11 individual intercepts greater than 0.20 GT (grade ( per cent eU3O8 (equivalent triuranium octoxide)) multiplied by thickness (feet)). These grades and thicknesses closely resemble the mineralization at Lost Creek, where the company applies a cut-off of 0.20 GT in evaluating economic mineral resources. Preliminary interpretation suggests the potential for up to eight individual roll fronts within a depth range of approximately 300 to 800 feet below surface, ideal for ISR mining, with indications of additional mineralized horizons at depth. Notably, the two most encouraging drill holes to date are located more than 1.5 miles apart with mineralization in similar horizons, suggesting the project's scalability and resource potential.

Drilling will continue until the 50-hole program is completed or until March 15, when seasonal sage grouse restrictions begin. Any remaining work should resume in the summer.

Qualified person

Disclosures of a scientific or technical nature included in this news release, including the sampling, analytical and technical data underlying the information, have been reviewed, verified and approved by John Cooper, who is a registered member of SME (Society for Mining, Metallurgy and Exploration), a certified professional geologist with AIPG (American Institute of Professional Geologists) and a Wyoming PG and is a qualified person as defined by Regulation S-K, Subpart 1300, as adopted by the U.S. Securities and Exchange Commission and by National Instrument 43-101. Mr. Cooper is employed as a senior geologist with Ur-Energy.

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 over three million pounds of U3O8 from Lost Creek since the commencement of operations. Development and construction activities at the Shirley Basin project, the company's second in situ recovery uranium facility in Wyoming, are well advanced. Ur-Energy is engaged in uranium 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 headquarters is in Casper, Wyo., and its registered office is in Ottawa, Ont.

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