Ur-Energy Inc.

Ur-Energy Inc. is a junior uranium producer headquartered in Littleton, United States, operating primarily in USA. The company's portfolio consists of 2 projects, comprising 1 operating mine and 1 development project, in addition to several early-stage exploration prospects. Key assets include Lost Creek and Shirley Basin. The organization's business model is centered on in-situ recovery (ISR) mining, a technique selected for its cost-effectiveness and minimal surface disturbance with certain types of mineralization. A key differentiator is the company's fully integrated processing facility, which encompasses all circuits for capture, concentration, drying, and final product packaging. This contrasts with some industry peers that operate only as capture plants and rely on third-party agreements for final processing. The plant was designed with significant excess capacity, a feature intended to facilitate routine and non-routine maintenance without disrupting production schedules. This built-in capacity also provides the strategic flexibility to process materials from other mineral projects or to engage in toll-milling contracts for other regional producers. A notable operational characteristic is the advanced water management approach. The enterprise implemented a Class V water treatment system that became operational in 2017, significantly reducing wastewater generation during production by treating and reinjecting clean water. Further enhancements are underway with the design of a new filtration and wastewater treatment facility aimed at reducing wastewater generation by an additional 70 percent, underscoring a commitment to water conservation and operational efficiency.

Strategic direction centers on a dual-pronged growth plan involving the ramp-up of its initial operating facility to commercial levels while concurrently advancing the construction and development of a second, fully-permitted flagship property. A key element of this expansion is leveraging existing infrastructure; the new site will be developed as a satellite plant, with loaded resin transported to the existing central processing facility for final drying and packaging, optimizing capital expenditure and operational logistics. The commercial strategy relies on securing a portfolio of multi-year sales agreements with global nuclear fuel purchasers, which provide revenue predictability. These contracts feature a mix of escalated fixed-price and market-related pricing components, often with floor and ceiling provisions to mitigate price volatility. A renewed focus on exploration is planned to identify additional mineral resources, aiming to replenish and expand the asset base to support long-term production. The organization's capital allocation approach is demonstrated by its decision to prepay its outstanding state bond loan, strengthening its financial position. Future development and exploration activities are supported by a disciplined approach to capital management, including the use of equity financing to fund growth initiatives.

Executive leadership was recently strengthened with the appointment of a Vice President of Regulatory Affairs, a certified health physicist with a master's degree in the field and direct experience as a former manager of a state-level regulatory program. This appointment brings deep expertise in licensing, compliance, and environmental health and safety. In 2024, the Board of Directors was refreshed with the appointment of 2 new members, concurrent with the retirement of 2 long-serving directors. One new appointee is a chartered professional accountant with a 16-year tenure as a partner at PricewaterhouseCoopers LLP, offering extensive experience in acquisitions, capital markets, and financial oversight within the mining industry. The other new director brings over 25 years of experience in the commercial and government nuclear sector, including senior executive roles at Centrus Energy Corporation and expertise in nuclear nonproliferation and fuel cycle strategy. Board governance includes direct oversight of risk management, with the Audit Committee and the HSE & Technical Committee tasked with specific responsibilities related to cybersecurity risks. Management provides at least quarterly reports to the board on information technology matters, including security assessments and mitigation measures.

The organization's environmental stewardship is demonstrated through its operational methods and specific technological initiatives. The use of in-situ recovery (ISR) inherently reduces surface disturbance compared to conventional mining techniques. A core focus is on water conservation, highlighted by the implementation of a Class V water treatment system which significantly reduces wastewater by treating and reinjecting clean water into shallow formations. The entity is advancing this commitment with detailed design and engineering for a new filtration and wastewater treatment facility, setting a goal to further reduce wastewater generation by at least an additional 70 percent. The company actively manages its operational footprint through a licensed byproduct material disposal site, ensuring waste is handled in compliance with federal and state regulations. Proactive wildlife management is another key aspect of its sustainability practices. The enterprise works closely with state and federal agencies to mitigate impacts on protected species, operating under an approved adaptive management plan that includes specific calendar restrictions on drilling and construction activities to avoid disturbing local fauna during sensitive periods. This plan is designed to allow year-round production and operational activities within pre-approved areas while protecting the surrounding ecosystem.

The corporate structure is headed by a parent company, Ur-Energy Inc., which operates through its direct, wholly-owned subsidiary, Ur-Energy USA Inc. This primary U.S. subsidiary holds 3 distinct wholly-owned operational and land-holding entities. These include Lost Creek ISR, LLC, which manages the company's primary operating facility; NFU Wyoming, LLC, which serves as the land holding and exploration entity; and Pathfinder Mines Corporation. The current structure was largely formed through key historical acquisitions. The acquisition of Pathfinder Mines Corporation in 2013 brought a portfolio of properties and extensive historical geologic and engineering data under the company's control. Prior to that, the 2005 purchase of NFU Wyoming, LLC established the initial foundation for the company's primary operational base and land holdings. The organization's growth and operational activities are conducted through this framework of wholly-owned subsidiaries, with no joint ventures or strategic partnerships mentioned in the provided documentation.