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NYSE American: URG • TSX: URE June 2022
This presentation contains “forward-looking statements,” within the meaning of applicable securities laws, regarding events or conditions that may occur in the future. Such statements
include without limitation the Company’s maintaining controlled-level production operations and the ability to ramp up as planned, including maintaining experienced operational staff;
the continued technical and economic viability of Lost Creek; whether current projections of supply and demand will be recognized and sustained; whether the new physical uranium
funds and other inventory purchasers will be market-changing; ability to timely and cost-efficiently ramp up in response to changing market conditions, including time to develop and
permit projects for operations; timing to complete new uranium sales agreements; ability to further expand resources at the Lost Creek Property; the further exploration, development
and permitting of Company projects, including in the Great Divide Basin and Shirley Basin; the technical and economic viability of Shirley Basin (including the production and cost
projections contained in the economic analyses of the project); the viability of any of the ongoing R&D efforts described, including the timing and cost to implement and operate one or
more of them, as well as obtaining all necessary permitting for each; completion of (and timing for) remaining regulatory approvals and development decisions at Shirley Basin and
Lost Creek, including LC East; the continuing impact of foreign state-subsidized imports of uranium; the timing and specifics of implementation of the national uranium reserve; timing
and outcome of numerous legislative initiatives in support of nuclear, including the impact for those which may be implemented; the effects of geopolitical events, including the Russian
invasion of Ukraine; the long-term effects on the uranium market of supply and demand projections, including continuing acceptance of nuclear as integral to climate change initiatives;
whether ramp-up may be completed at current projected costs and low levels of dilution; and whether certain prospective catalysts, including the impact of SPUT, will occur and/or the
effect(s) each may have on the market in the longer term. These statements 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. Numerous factors could cause actual events to differ materially
from those in the forward-looking statements. Factors that could cause such differences, without limiting the generality of the following, include: risks inherent in exploration activities;
volatility and sensitivity to market prices for uranium; volatility and sensitivity to capital market fluctuations; the impact of competition in the uranium sector; the ability to raise funds
through private or public equity financings; imprecision in resource and reserve estimates; environmental and safety risks including increased regulatory burdens; unexpected
geological or hydrological conditions; a possible deterioration in support for nuclear energy; changes in government regulations and policies, including trade laws and policies; demand
for nuclear power; weather and other natural phenomena; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; and other
exploration, development, operating, financial market and regulatory risks. Although Ur-Energy Inc. believes the assumptions inherent in the forward-looking statements are
reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this presentation. Ur-Energy Inc. disclaims any intention or obligation to
update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Cautionary Note Regarding Projections: Similarly, this presentation also may contain projections relating to an extended future period and, accordingly, the estimates and
assumptions underlying the projections are inherently highly uncertain, based on events that have not taken place, and are subject to significant economic, financial, regulatory,
competitive and other uncertainties and contingencies beyond the control of Ur-Energy Inc. Further, given the nature of the Company's business and industry that is subject to
numerous significant risk factors, there can be no assurance that the projections can be or will be realized. It is probable that the actual results and outcomes will differ, possibly
materially, from those projected.
The attention of investors is drawn to the Risk Factors set out in the Company's Annual Report on Form 10-K, filed March 9, 2022, which is filed with the U.S. Securities and Exchange
Commission on EDGAR (http://www.sec.gov/edgar.shtml) and the regulators in Canada on SEDAR (www.sedar.com).
Cautionary Note Concerning Estimates of Mineral Resources: Mineral resources that are not mineral reserves do not have demonstrated economic viability. Our mineral resource
estimates, and the related economic analyses, are preliminary in nature and, in the case of the Lost Creek Report, include inferred mineral resources that are considered too
speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. The estimated mineral recovery used in
our Technical Report Summaries is based on recovery data from wellfield operations to date at Lost Creek in the case of the Lost Creek Report, and Company personnel and industry
experience at similar facilities in the case of the Shirley Basin Report. There can be no assurance that recovery at this level will be achieved.
NYSE American: URG • TSX: URE 2
Lost Creek ISR Uranium Facility (8+ years)
• Produced ~2.7Mlbs U3O8 through 2021
• Controlled production at market-appropriate levels
• Resumed drilling, construction program fall 2021
• 11.9Mlbs. Measured and Indicated Resource at 0.046% and 6.6Mlbs. Inferred Resource at 0.044%
• Return to operations will be a return to low operation cost of ~$16.34/lb. (LoM)
• Rec’d Amendment to Lost Creek License: LC East & KM Expansion (final permit expected 2022)
Shirley Basin ISR Facility – licensed, permitted and construction ready
• Effectively doubles licensed production capacity of Company
• Proven in situ producer and perhaps first commercial in situ mine in the world
• Roads, shops, electric supply, waste disposal facility already in place
Flexibility and value realized through higher-priced term contracts
• 2013-2020 delivered to customers: 2.4Mlbs Lost Creek production + 1.8Mlbs purchased product
• Substantial drummed inventory (~284,000 lbs.) – spot market pricing strengthening
*Technical Report Summary, Lost Creek ISR Uranium Property Sweetwater, Wyoming, USA
prepared by Western Water Consultants, Inc. d/b/a WWC Engineering - 3.7.2022
See Disclaimer re Forward-looking Statements and Projections (slide 2)
NYSE American: URG • TSX: URE 3
US
• ~20% of nation’s electricity
• >50% carbon-free electricity
Worldwide
• 10% electricity
• ~1/3 carbon-free electricity
440 operable reactors; 55 in construction
~100 reactors on order and 300
proposed
WNA projects global demand +4.2%
Source: UxC Market Outlook Q4 2021
annually through 2040 in reference case
and +7.9% annually in upper case
Hydrogen production
Crypto miners & EV market understand utility/economics of nuclear
SMRs being developed/constructed in 11 countries, operating in 3
*Sources: Nuclear Energy Institute; World Nuclear Association, UxC Consulting, IAEA, Bloomberg
See Disclaimer re Forward-looking Statements and Projections (slide 2)
NYSE American: URG • TSX: URE 4
• China – goal to construct 150 reactors in 15 years
• UK – sets new 2035 deadline for carbon-free objectives. PM
Johnson pushes for “Big Bet” on nuclear
• South Korea – election of strongly pro-nuclear president Yoon
Suk-yeol who proposes expansion of nuclear power instead of
phase out
• France – Macron advocates life extensions for all French
reactors and proposes 6-14 new builds
• Philippines, Belgium, Japan, Finland, India, Turkey, UAE, etc.
See Disclaimer re Forward-looking Statements and Projections (slide 2)
NYSE American: URG • TSX: URE 5
Recently Passed Legislation
• US Uranium Reserve, $75M, Secretary Granholm announced in late April that
DOE will go out for RFPs this June
• Civil Nuclear Credit Program, $6B to extend life of reactors
Numerous state legislative initiatives preserve and promote nuclear energy
Pending Legislation
• Russia Uranium Ban, Senate and House versions, Bipartisan
• No Russia Act of 2022, ban Russian imports and support domestic fuel cycle
• International Nuclear Energy Act, sponsored by Senator Manchin, Bipartisan,
halt Russian imports in 2025
NYSE American: URG • TSX: URE 6
• Financial Players – moving the market
• Hedge funds: MMCAP, Anchorage, Light Sky & Tribeca
• ETFs: NorthShore, Global X >$1B 2021
• Long list of Uranium Producers and Developers as
Purchasers: Cameco, Kazatomprom, Denison, etc., etc.
• Game changer: Sprott Physical Uranium Trust
>55Mlbs. U3O8 in inventory and growing
• Most recent entrant: Kazakh Physical Uranium Fund
*Sources: Nuclear Energy Institute; World Nuclear Association,
UxC Consulting, IAEA, Sprott.com
See Disclaimer re Forward-looking Statements and Projections (slide 2)
NYSE American: URG • TSX: URE 7
Russia’s attack on Ukraine - likely long-term impact
Russia supplies about 20% of US demand; globally, 43%
enrichment and 38% conversion capacity
Kazakhstan provides ~46% of primary global supply. Russian
influence and internal strife could impact supply
Uzbekistan production also heavily influenced by Russia
Primary production from Africa is largely owned by China
Canada’s McArthur River Mine to be placed into limited
production along with existing production from Cigar Lake; but
it’s not enough
Source: World Nuclear Association
See Disclaimer re Forward-looking Statements and Projections (slide 2)
NYSE American: URG • TSX: URE 8• Recent annual import levels commonly ~50Mlbs
• 2020-21 US mined production negligible – too low to be reported
• 2018-19 US mined production – already lowest in US history
Effectively, No American Uranium Production
Source: US EIA Information 2021 - 2022
See Disclaimer re Forward-looking Statements and Projections (slide 2)
NYSE American: URG • TSX: URE 9• 11.9Mlbs U3O8 in Measured plus
Indicated Categories at 0.046% grade
• 6.6Mlbs U3O8 in Inferred Category at
0.044% grade
• 8 Years Production: ~90% recovery of
under pattern resources
• Resources can all be pipelined into
~35,000 acres the existing Lost Creek plant
Six project areas
Based on grade cutoff of 0.02% eU3O8 and GT cutoff of 0.2
Measured resources reduced by production since inception of operations (2.7Mlbs)
*Technical Report Summary, Lost Creek ISR Uranium Property Sweetwater, Wyoming, USA
prepared by Western Water Consultants, Inc. d/b/a WWC Engineering - 3.7.2022
See Disclaimer re Forward-looking Statements and Projections (slide 2)
NYSE American: URG • TSX: URE 10Uranium Production, Costs and Revenues
Unit 2014 2015 2016 2017 2018 2019
Captured lbs 596K 784K 538K 265K 302K 48K
Drummed lbs 548K 727K 561K 254K 286K 51K
Pounds Sold lbs 518K 925K 562K 780K 480K 665K
Sold From
Produced lbs 518K 725K 562K 261K 10K 214K
Purchased -- 200K -- 519K 470K 451K
Avg Sales
$/lb $51.22 $45.20 $39.49 $49.09 $48.86 $48.50
Price
Avg Cash
$/lb $19.73 $16.27 $17.15 $24.41 $25.37 $23.93
Cost*
Revenues $ $26.5Million $41.8Million $22.2Million $38.3Million $23.5Million $32.3Million
Real pounds – Real production – Real costs
*Per Pound Sold, excludes severance and ad valorem taxes and non-cash costs
**Excluding NRV adjustments
See Disclaimer re Forward-looking Statements and Projections (slide 2)
NYSE American: URG • TSX: URE 11 8.8 million pound, shallow, drilled-out, high grade deposit
Uranium production costs estimated at $15.86/lb
Primarily on patented mining claims – we own ground (nominal holding costs)
All major authorizations to construct and operate received – effectively
doubles licensed production capacity of Company
Mineral Resource Estimate Summary December 31, 2021
MEASURED INDICATED
RESOURCE SHORT
AVG GRADE SHORT TONS POUNDS AVG GRADE POUNDS
AREA TONS
% eU3O8 (X 1000) (X 1000) % eU3O8 (X 1000)
(X 1000)
FAB
0.280 1,172 6,574 0.119 456 1,081
TREND
AREA 5 0.243 195 947 0.115 93 214
TOTAL 0.275 1,367 7,521 0.118 549 1,295
MEASURED & INDICATED 0.230 1,915 8,816
1. Measured and Indicated mineral resources as defined in S-K 1300. Sum of M & I tons and pounds may not add to the reported total due to rounding.
2. Based on grade cutoff of 0.020 % eU3O8 and a grade x thickness (GT) cutoff of 0.25 GT. Average grades are calculated as weighted averages.
3. All reported resources occur below the historical, pre-mining static water table.
4. The point of reference for mineral resources is in-situ at the Project. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Technical Report Summary, Shirley Basin ISR Uranium Project, Carbon County, Wyoming, USA,
prepared by Western Water Consultants, Inc., d/b/a WWC Engineering – 3.7.2022
See Disclaimer re Forward-looking Statements and Projections (slide 2)
NYSE American: URG • TSX: URE 12 Ongoing Drilling and Construction Program
Drilling and constructing next MU2
header house (HH 2-4)
Delineation drilling for next 4 header
houses in MU2
Efficiencies and Expertise to Ramp-up
Advanced purchasing of materials
Retained experienced key staff
Optimizing systems to further lower cost Lost Creek MU2 Header House
Strong Cash Position Facilitates URG
Enhancing Operational Leverage
See Disclaimer re Forward-looking Statements and Projections (slide 2)
NYSE American: URG • TSX: URE 13 Recovery of Lost Creek and Shirley Basin resources will
offset ~312.4M metric tons CO2 compared to coal power
• Equivalent to taking 67.5 million cars off the road for a year
New Casper WY Operations HQ (2022)
We use the in situ technique of recovery (ISR) with minimal
surface impacts - all temporary
ISR facilities already recycle ~ 99.3% of water. But that’s not
good enough. We developed an industry leading novel
concept that further reduced water consumption by 18%
• Advancing our GOAL - to recycle 99.8% of water use
See Disclaimer re Forward-looking Statements and Projections (slide 2)
NYSE American: URG • TSX: URE 14R&D Successes
Ion exchange vessel design
Class V water treatment and disposal
Well abandonment method
Aquifer exemption
Ongoing R&D
Well Casing and Installation
Initiated by shortage of well casing and drilling contractors
Material identified, method engineered, patent applied for
Testing to be initiated once permitting finalized
Reduce drill rig time by ~70% for injection wells
Advanced Water Treatment and Filtration
Goal is an additional 90% reduction in wastewater generation
Minimize need for expensive deep disposal wells
Improve filtration and enhance flow rates
See Disclaimer re Forward-looking Statements and Projections (slide 2)
NYSE American: URG • TSX: URE 15The best predictor of future behavior. . .
*Estimates based upon the most recent public information at 3/16/2022
See Disclaimer re Forward-looking Statements and Projections (slide 2)
NYSE American: URG • TSX: URE 16NYSE American: URG
Share Capital & Cash Position
As of 3/31/2022
Shares Outstanding 218.5M
Stock Options & RSUs 11.0M
Shares Reserved on Warrants 11.9M
Fully Diluted 241.4M
Cash (4/28/22) US$45.8M
Market Cap (5/31/22) US$267.5M
~284,000 lbs U3O8 finished ready-for-
sale product in inventory at converter
Analyst Coverage:
Share Price (5/31/22) US$1.22
52 Week Range US$1.01 - $2.15 United States Canada
Avg. Daily Volume ~3,004,000 Alliance Global Partners Cantor Fitzgerald
(3-mo URG & URE 5/31/22) B. Riley Securities
H.C. Wainwright
Russell Index June 2021 ROTH Capital Partners
URG is followed by the analysts above. Any opinions, estimates, forecasts, conclusions or
recommendations regarding URG performance made by these analysts are theirs alone and do not
represent opinions, estimates, forecasts, conclusions, recommendations or predictions of URG. URG
does imply its endorsement of or concurrence with such information, conclusions or recommendations.
See Disclaimer re Forward-looking Statements and Projections (slide 2)
NYSE American: URG • TSX: URE 17Well-financed through 2022 - solid “runway”
Cash resources $45.8M (as at 4/28/22)
~284,000lbs of ready-to-sell inventory at conversion facility
Low ramp-up costs to attain 2Mlb run rate from
large, scalable resources
Core operational staff retained
LC MU2 construction program - followed by delineation drilling
Better positioned with lower ramp-up costs – and less dilution –
than other operators or build-out stories
Numerous market catalysts (green energy, geopolitics, government
purchasing and financial players)
See Disclaimer re Forward-looking Statements and Projections (slide 2)
NYSE American: URG • TSX: URE 18For more information, please contact:
John Cash, CEO
By Mail:
1478 Willer Drive
Casper, WY 82604
By Phone:
Office 720.981.4588, ext. 303
Toll-Free 866.981.4588
By E-mail:
John.cash@ur-energy.com
Ur-Energy.com
NYSE American: URG • TSX: URE 19You can also read
