Ur-Energy provides Q3 operations update on Lost Creek

Ur-Energy provides the following update on 2023 Q3 production operations and ramp up activities at Lost Creek, efforts to build uranium sales contract book and advances at Shirley Basin. Lost Creek Production Operations and Ramp Up Activities: Ramp-up of operations at Lost Creek continues to progress with two new header houses in production in Mine Unit 2: HH 2-4 and, most recently, HH 2-5. During the quarter, we produced approximately 30,491 pounds U3O8 from HH 2-4. We plan to continue bringing header houses online through the remainder of 2023 and going forward based upon our production plans. Not unexpectedly, the restart at Lost Creek has encountered both familiar and new challenges. New production areas typically come with unique start-up issues to be addressed and the continuation of mining in MU2 is no exception. Among the more significant new challenges, however, has been recruitment and retention of employees and contractors. While we have hired nearly every operations position, the turnover rate has hampered efficient operations. We are seeing steady improvement in production activities as our growing core staff have more time on the job. The Wyoming labor market has similarly affected our contractors. Together with the record-setting winter of 2022-2023, these labor-related issues have resulted in initial work being slowed at Lost Creek. We expect that as we retain a trained, core workforce, these inefficiencies will be overcome. We also anticipate that as the Wyoming unemployment rate stabilizes our contractors will also find long-term employees.The Casper construction facility is fully staffed and operating as planned to allow for the construction of header houses, including electrical and instrumentation work, prior to delivery to Lost Creek. HHs 2-6 and 2-7 are nearing completion, and construction is beginning on HH 2-8. Our laboratory in Casper is also fully staffed. Supply chain disruption continues to be a global and uranium industry issue. While most in industry continue to face procurement challenges, our advanced ordering and recycling of old equipment at Lost Creek have allowed us to largely overcome the issue with minimal delays. We will continue to order equipment and materials well in advance and keep a close eye on lead times for critical items. We believe many of the supply chain issues we are experiencing are also the result of labor issues.