UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED March 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD OF _________ TO _________. Commission File Number: 001-33905 UR-ENERGY INC. (Exact name of registrant as specified in its charter) State or other jurisdiction of inco ...

Part I [Items 1 and 2. Business and Properties](index=7&type=section&id=Items%201%20and%202.%20Business%20and%20Properties) Ur-Energy is a US-based uranium mining company focused on ISR operations at its Lost Creek and Shirley Basin projects, currently ramping up production to fulfill new sales agreements [Overview and Corporate Structure](index=7&type=section&id=Overview%20and%20Corporate%20Structure) Ur-Energy, a Canadian corporation operating through US subsidiaries, specializes in ISR uranium mining at its Lost Creek and Shirley Basin projects, with production ramping up to meet new sales commitments - The company engages in uranium mining, recovery, and processing, with its first ISR mine, the Lost Creek Project, commencing operations in **2013**[26](index=26&type=chunk) - In December 2022, the company decided to ramp up production to fulfill new sales commitments of **600,000 pounds of U3O8 annually**, starting in **2024**[27](index=27&type=chunk)[34](index=34&type=chunk) - Despite commencing production in 2013, the company is classified as an "exploration stage issuer" due to the absence of established proven or probable mineral reserves[28](index=28&type=chunk) - The Lost Creek processing facility has a licensed capacity of up to **2.2 million pounds of U3O8 per year**, with approximately **1.2 million pounds** from its own wellfields, providing excess capacity for future projects[42](index=42&type=chunk) [Our Mineral Properties](index=10&type=section&id=Our%20Mineral%20Properties) Ur-Energy's primary mineral properties, Lost Creek and Shirley Basin in Wyoming, hold significant Measured, Indicated, and Inferred uranium resources Mineral Resources Summary (as of 12/31/2021) | Project | Category | Avg Grade (% eU3O8) | Short Tons (X 1000) | Pounds (X 1000) | | :--- | :--- | :--- | :--- | :--- | | **Lost Creek Property** | Measured | 0.048 | 7,115 | 6,887 | | | Indicated | 0.046 | 5,523 | 5,027 | | | **M&I Total** | | **12,638** | **11,914** | | | Inferred | 0.044 | 7,512 | 6,607 | | **Shirley Basin Project** | Measured | 0.275 | 1,367 | 7,521 | | | Indicated | 0.118 | 549 | 1,295 | | | **M&I Total** | | **1,916** | **8,816** | | | Inferred | - | - | - | - The Lost Creek Property comprises the operational Lost Creek Project and five adjoining projects, encompassing approximately **35,400 acres**[45](index=45&type=chunk)[66](index=66&type=chunk) - The Shirley Basin Project is fully permitted for construction and operation, with plans to install the first monitor well ring in **H1 2023**[36](index=36&type=chunk)[102](index=102&type=chunk) [Competition, Mineral Prices, and Regulations](index=23&type=section&id=Competition%2C%20Mineral%20Prices%2C%20and%20Regulations) The uranium industry is highly competitive with volatile prices, and the company's operations are subject to extensive and costly environmental and mining regulations Uranium Year-End Prices (US$/lb U3O8) | Price Type | 2020 | 2021 | 2022 | | :--- | :--- | :--- | :--- | | Spot Price | $30.20 | $42.05 | $47.68 | | Long-Term Price | $35.00 | $42.75 | $52.00 | - Competition includes larger, more established, and state-owned companies, posing challenges in securing sales agreements and property acquisitions[125](index=125&type=chunk) - Operations are subject to extensive laws and regulations from multiple authorities, imposing substantial costs and potential liabilities[130](index=130&type=chunk)[131](index=131&type=chunk)[135](index=135&type=chunk) [Human Resources and Corporate Information](index=26&type=section&id=Human%20Resources%20and%20Corporate%20Information) As of December 31, 2022, Ur-Energy employed 40 staff across its US corporate and operational offices, with ongoing hiring to support the Lost Creek production ramp-up - As of December 31, 2022, Lost Creek ISR, LLC employed **26 full-time staff** at the Lost Creek Project, and Ur-Energy USA had **14 employees** (10 full-time, 4 part-time)[145](index=145&type=chunk) - Hiring has been ongoing since **Q4 2021** to support construction, development, and the production ramp-up at Lost Creek[146](index=146&type=chunk) [Item 1A. Risk Factors](index=27&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant market, operational, regulatory, financial, and share-related risks, including price volatility, competition, and the need for additional capital - Market risks include volatile uranium prices, competition from state-owned enterprises, and reliance on a limited number of customers for sales contracts[155](index=155&type=chunk)[157](index=157&type=chunk)[158](index=158&type=chunk) - Operational risks arise from commencing production without established mineral reserves, increasing economic and technical uncertainty, and the inherent hazards of mining[167](index=167&type=chunk)[166](index=166&type=chunk) - Regulatory risks include extensive and evolving environmental laws that can delay projects and increase costs[164](index=164&type=chunk)[174](index=174&type=chunk)[177](index=177&type=chunk) - Financial risks include the need to raise additional capital, restrictive covenants in its State Bond Loan, and potential default if unable to service debt[187](index=187&type=chunk)[188](index=188&type=chunk)[189](index=189&type=chunk) - The company may be classified as a Passive Foreign Investment Company (PFIC), potentially resulting in adverse U.S. federal income tax consequences for U.S. shareholders[198](index=198&type=chunk) [Item 1B. Unresolved Staff Comments](index=47&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments - None [Item 3. Legal Proceedings](index=47&type=section&id=Item%203.%20Legal%20Proceedings) The company reports no legal proceedings - None [Item 4. Mine Safety Disclosure](index=47&type=section&id=Item%204.%20Mine%20Safety%20Disclosure) The company's Lost Creek operations are not subject to Federal Mine Safety and Health Administration (MSHA) regulation - The company's operations are not subject to regulation by the Federal Mine Safety and Health Administration (MSHA)[219](index=219&type=chunk) Part II [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=48&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Ur-Energy's common shares trade on the NYSE American and TSX, with **264.7 million** shares outstanding as of March 1, 2023, and no dividends paid or planned - Common shares are listed on the NYSE American (URG) and Toronto Stock Exchange (URE)[220](index=220&type=chunk) - As of March 1, 2023, **264,726,804 common shares** were issued and outstanding[220](index=220&type=chunk) - The company has not paid dividends and has no current plans to do so[222](index=222&type=chunk) [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=49&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2022, Ur-Energy secured new sales contracts, prompting a production ramp-up at Lost Creek, resulting in a **$17.1 million** net loss, with liquidity significantly boosted by a **$46.1 million** equity offering in early 2023 [2022 Developments](index=50&type=section&id=2022%20Developments) Key 2022 developments included securing multi-year sales agreements for **600,000 lbs U3O8** annually, initiating a production ramp-up at Lost Creek, and completing a **$46.1 million** equity financing post-year-end - Secured new multi-year sales agreements for annual delivery of **600,000 pounds of U3O8** beginning in **2024**, plus a **2023** delivery of **180,000 pounds**[235](index=235&type=chunk)[241](index=241&type=chunk)[242](index=242&type=chunk) - Awarded a contract to sell **100,000 pounds of U3O8** to the DOE National Nuclear Security Administration at **$64.47 per pound**, delivered in **January 2023**[243](index=243&type=chunk) - Continued construction and development in Mine Unit 2 at Lost Creek, installing wells for the fourth and fifth header houses to facilitate the production ramp-up[237](index=237&type=chunk) - Subsequent to year-end, closed an underwritten public offering in **February 2023**, raising gross proceeds of approximately **$46.1 million**[254](index=254&type=chunk) [Results of Operations](index=54&type=section&id=Results%20of%20Operations) In 2022, Ur-Energy reported a net loss of **$17.1 million**, an improvement from **$22.9 million** in 2021, primarily due to a **$1.8 million** gain on warrant liability revaluation and increased operating costs from Lost Creek development Consolidated Results of Operations (in thousands) | | Year Ended Dec 31, 2022 | Year Ended Dec 31, 2021 | Change | | :--- | :--- | :--- | :--- | | Sales | $19 | $16 | $3 | | Gross loss | $(6,842) | $(6,984) | $142 | | Loss from operations | $(19,794) | $(16,757) | $(3,037) | | Net loss | $(17,140) | $(22,938) | $5,798 | | Loss per common share | $(0.08) | $(0.12) | $0.04 | U3O8 Production and Inventory | Metric | Unit | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | :--- | | Pounds captured | lb | 325 | 251 | 10,789 | | Ending Inventory | lb | 325,147 | 284,859 | 284,661 | | Ending Inventory Value | $000 | $9,903 | $7,923 | $7,814 | | Avg. Cost/lb (Total) | $/lb | $30.46 | $27.81 | $27.45 | - Operating costs increased by **$3.2 million** in **2022**, primarily due to a **$2.8 million** increase in development expenses for drilling and supplies at Lost Creek's Mine Unit 2[272](index=272&type=chunk)[273](index=273&type=chunk)[274](index=274&type=chunk) - The company recognized a **$1.8 million** gain on warrant liability revaluation in **2022**, compared to a **$6.0 million** loss in **2021**, significantly impacting the net loss comparison[277](index=277&type=chunk) [Liquidity and Capital Resources](index=58&type=section&id=Liquidity%20and%20Capital%20Resources) Cash resources decreased to **$33.0 million** by December 31, 2022, primarily due to operating activities, but were significantly boosted to **$79.0 million** by March 1, 2023, following a **$46.1 million** equity offering - Cash resources were **$33.0 million** at December 31, 2022, down from **$46.2 million** at the end of **2021**[281](index=281&type=chunk) - Financing activities in **2022** provided **$5.9 million**, including **$3.7 million** from the At Market facility and **$2.9 million** from warrant exercises[283](index=283&type=chunk) - The outstanding balance on the Wyoming State Bond Loan was **$11.1 million** as of December 31, 2022, with principal repayments resuming in **October 2022**[284](index=284&type=chunk)[285](index=285&type=chunk) - As of March 1, 2023, the company's unrestricted cash position was **$79.0 million**, bolstered by a **February 2023** equity financing[294](index=294&type=chunk)[301](index=301&type=chunk) [Item 7A. Quantitative and Qualitative Disclosures about Market Risk](index=63&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company is exposed to significant commodity price risk due to volatile uranium prices, while interest rate and currency risks are considered low - The company is subject to commodity price risk from fluctuations in uranium spot and long-term prices, influenced by factors beyond its control[313](index=313&type=chunk) - Interest rate risk from cash and debt is not considered material, with a hypothetical **10%** change in rates having a negligible effect[311](index=311&type=chunk) - Currency risk is considered low, as the company maintains a small balance of approximately **$2.0 million Canadian dollars** for local expenses[312](index=312&type=chunk) [Item 9A. Controls and Procedures](index=66&type=section&id=Item%209A.%20Controls%20and%20Procedures) As of December 31, 2022, management concluded that the company's disclosure controls and internal control over financial reporting were effective - Management concluded that the company's disclosure controls and procedures were effective as of **December 31, 2022**[335](index=335&type=chunk) - Based on the COSO framework, management concluded that the company maintained effective internal control over financial reporting as of **December 31, 2022**[338](index=338&type=chunk) Part III [Items 10-14](index=68&type=section&id=Items%2010-14) Information for Items 10 through 14 is incorporated by reference from the company's definitive proxy statement for the **2023** Annual Meeting of Shareholders - Information for Items 10, 11, 12, 13, and 14 is incorporated by reference from the registrant's definitive proxy statement for the **2023** Annual Meeting of Shareholders[6](index=6&type=chunk)[344](index=344&type=chunk)[346](index=346&type=chunk) Part IV [Item 15. Exhibits and Financial Statement Schedules](index=69&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all exhibits filed with the **10-K** report, including corporate documents, agreements, certifications, and technical reports, with consolidated financial statements referenced from page F-1 - The Consolidated Financial Statements are filed as part of the Form **10-K** and begin on page **F-1**[352](index=352&type=chunk) - Filed exhibits include technical reports for the Lost Creek and Shirley Basin properties, financing agreements, employment agreements, and required CEO/CFO certifications[353](index=353&type=chunk)[354](index=354&type=chunk) Consolidated Financial Statements [Report of Independent Registered Public Accounting Firm](index=72&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) PricewaterhouseCoopers LLP issued an unqualified opinion on the consolidated financial statements, identifying the assessment of impairment indicators for long-lived assets as a critical audit matter - The auditor, PricewaterhouseCoopers LLP, issued an unqualified opinion, stating the financial statements are fairly presented in conformity with **US GAAP**[363](index=363&type=chunk) - A critical audit matter was identified regarding the assessment of impairment indicators for long-lived assets, involving significant management judgment and a high degree of auditor subjectivity[367](index=367&type=chunk)[369](index=369&type=chunk) [Financial Statements](index=74&type=section&id=Financial%20Statements) The consolidated financial statements show a decrease in total assets to **$107.9 million** and total liabilities to **$45.4 million** in 2022, with a net loss of **$17.1 million** Consolidated Balance Sheet Summary (in thousands) | | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | **Total Current Assets** | $43,944 | $48,623 | | **Total Non-Current Assets** | $63,951 | $72,216 | | **Total Assets** | **$107,895** | **$120,839** | | **Total Current Liabilities** | $6,603 | $6,224 | | **Total Non-Current Liabilities** | $38,793 | $45,229 | | **Total Shareholders' Equity** | $62,499 | $69,386 | | **Total Liabilities & Equity** | **$107,895** | **$120,839** | Consolidated Statement of Operations Summary (in thousands) | | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | Sales | $19 | $16 | $8,316 | | Gross loss | $(6,842) | $(6,984) | $(4,652) | | Net loss | $(17,140) | $(22,938) | $(14,785) | | Loss per share (Basic & Diluted) | $(0.08) | $(0.12) | $(0.09) | [Notes to Consolidated Financial Statements](index=77&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, confirming the company's exploration stage status, with key financial figures including **$35.7 million** in mineral properties, **$11.1 million** State Bond Loan, and a **$46.1 million** equity financing post-year-end - The company remains an exploration stage issuer, having not established proven or probable reserves for its projects, including the producing Lost Creek Property[379](index=379&type=chunk)[381](index=381&type=chunk) - As of **December 31, 2022**, mineral properties were valued at **$35.7 million** and capital assets at **$20.1 million**, with no impairment indicators identified[372](index=372&type=chunk)[416](index=416&type=chunk)[417](index=417&type=chunk) - The outstanding balance of the State Bond Loan was **$11.1 million** as of **December 31, 2022**, with scheduled payments through **October 2024**[429](index=429&type=chunk)[430](index=430&type=chunk) - Asset Retirement Obligations (ARO) for future reclamation were estimated at **$30.7 million**[433](index=433&type=chunk) - Subsequent to year-end, the company raised gross proceeds of approximately **$46.1 million** from an underwritten public offering in **February 2023** and received **$6.4 million** from a uranium sale to the DOE in **January 2023**[487](index=487&type=chunk)[488](index=488&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED June 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD OF _________ TO _________. Commission File Number: 001-33905 UR-ENERGY INC (Exact name of registrant as specified in its charter) Canada Not Applicable (I.R.S. Employe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD OF _________ TO _________. Commission File Number: 001-33905 UR-ENERGY INC. (Exact name of registrant as specified in its charter) State or other jurisdiction of inco ...

Part I [Business and Properties](index=7&type=section&id=Items%201%20and%202.%20BUSINESS%20AND%20PROPERTIES) Ur-Energy is a US-based uranium mining company operating the Lost Creek in-situ recovery (ISR) facility in Wyoming since 2013, with limited production in 2021 due to low uranium prices - The company is engaged in uranium mining, recovery, and processing, primarily through its Lost Creek Project in Wyoming, which began operations in 2013[28](index=28&type=chunk) - Due to persistent low uranium prices, production operations were limited in 2021, with only **251 pounds of U3O8** captured, and no sales of U3O8 were made in 2021[28](index=28&type=chunk) - The company is classified as an "exploration stage issuer" under S-K 1300 because it has not established proven or probable mineral reserves through a pre-feasibility or feasibility study[29](index=29&type=chunk) - The Lost Creek processing facility has a licensed capacity of up to **2.2 million pounds U3O8 per year**, with about **1.2 million pounds per year** allocated for its own wellfields, and excess capacity for maintenance flexibility and potential toll processing[43](index=43&type=chunk)[44](index=44&type=chunk) [Our Mineral Properties](index=10&type=section&id=Our%20Mineral%20Properties) Ur-Energy's primary mineral assets are the Lost Creek Property and the Shirley Basin Project in Wyoming, both advanced with Lost Creek in operation and Shirley Basin fully permitted Mineral Resources Summary (as of Dec 31, 2021) | Project | Measured & Indicated (lbs U3O8) | Inferred (lbs U3O8) | Assumed Pricing (per lb) | | :--- | :--- | :--- | :--- | | **Lost Creek Property** | 11,914,000 | 6,607,000 | $50.80 to $66.04 | | **Shirley Basin Project** | 8,816,000 | - | $61.68 to $66.04 | - The Lost Creek Property consists of the core Lost Creek Project and five adjoining projects (LC East, LC West, LC North, LC South, EN), covering approximately **35,400 acres** in Wyoming's Great Divide Basin[46](index=46&type=chunk)[66](index=66&type=chunk) - The Shirley Basin Project, a historic mine site, is fully permitted for ISR mining, with plans to utilize a satellite plant and process loaded resin at the Lost Creek facility[91](index=91&type=chunk)[99](index=99&type=chunk)[44](index=44&type=chunk) - As of December 31, 2021, **2.735 million pounds of U3O8** have been produced from the Lost Creek Project, which has been subtracted from the Measured Resources[55](index=55&type=chunk)[58](index=58&type=chunk) [Competition and Mineral Prices](index=21&type=section&id=Competition%20and%20Mineral%20Prices) The uranium industry is highly competitive, with prices negotiated privately and showing a significant increase in 2021 Uranium Price Trends (U3O8 per pound) | Date | Spot Price (US$) | Long-Term Price (US$) | | :--- | :--- | :--- | | End of 2020 | $30.20 | $35.00 | | End of 2021 | $42.05 | $42.75 | - Competition includes larger companies and state-owned enterprises with greater financial resources, making it difficult to secure favorable off-take agreements[127](index=127&type=chunk) [Government Regulations](index=22&type=section&id=Government%20Regulations) The company's operations are subject to extensive and costly federal, state, and local environmental, health, and safety regulations - Operations are subject to comprehensive regulation by multiple authorities, including the WDEQ, BLM, and EPA, which can cause delays and require significant capital outlays[131](index=131&type=chunk)[133](index=133&type=chunk) - The National Environmental Protection Act (NEPA) process can take months or years to complete, with regulations revised in 2020 and currently undergoing further phased amendments[134](index=134&type=chunk) [Our Employees](index=24&type=section&id=Our%20Employees) As of December 31, 2021, Ur-Energy employed 21 full-time and 2 part-time staff, with reduced staffing due to controlled production levels and a focus on cross-training - At year-end 2021, the company had **21 full-time employees** across its Colorado and Wyoming locations, reflecting reductions in force due to controlled production levels[144](index=144&type=chunk)[145](index=145&type=chunk) - Extensive cross-training at the Lost Creek site has been completed to facilitate safer operations and prepare for a smoother transition to full production[146](index=146&type=chunk) [Risk Factors](index=25&type=section&id=Item%201A.%20RISK%20FACTORS) The company faces significant risks from the volatile uranium market, operational uncertainties, extensive regulations, and financial constraints - Market Risks: The uranium market is volatile and challenged by unrestricted imports from state-owned enterprises, with uncertainty surrounding the establishment of a U.S. national uranium reserve[153](index=153&type=chunk)[154](index=154&type=chunk) - Operational Risks: The company operates without established mineral reserves, increasing economic and technical risk, while mining operations involve significant hazards and property titles for unpatented claims have inherent uncertainties[166](index=166&type=chunk)[165](index=165&type=chunk)[169](index=169&type=chunk) - Financial Risks: The business is capital-intensive, and future funding is not assured, with restrictive covenants in the State Bond Loan (approximately **$12.4 million outstanding**) limiting the ability to sell secured assets, including the Lost Creek Project[183](index=183&type=chunk)[184](index=184&type=chunk) - Regulatory Risks: The business is subject to extensive and evolving environmental laws (e.g., General Mining Law amendments, EPA rulemakings) that can delay production and increase costs[163](index=163&type=chunk)[170](index=170&type=chunk)[172](index=172&type=chunk) - General Risks: The ongoing impacts of the COVID-19 pandemic on supply chains, cybersecurity threats, and the recent Russian invasion of Ukraine pose additional uncertainties to the business and global uranium markets[199](index=199&type=chunk)[205](index=205&type=chunk)[210](index=210&type=chunk) [Unresolved Staff Comments](index=34&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments - None[212](index=212&type=chunk) [Legal Proceedings](index=34&type=section&id=Item%203.%20Legal%20Proceedings) The company reports no legal proceedings - None[213](index=213&type=chunk) [Mine Safety Disclosure](index=34&type=section&id=Item%204.%20Mine%20Safety%20Disclosure) The company's operations at Lost Creek are not subject to regulation by the Federal Mine Safety and Health Administration (MSHA) - The company's operations are not subject to regulation by MSHA under the Mine Act[214](index=214&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=34&type=section&id=Item%205.%20MARKET%20FOR%20registrant%27s%20COMMON%20EQUITY%2C%20RELATED%20STOCKHOLDER%20MATTERS%20and%20issuer%20purcHases%20of%20equity%20securities) Ur-Energy's common shares are listed on the NYSE American and Toronto Stock Exchange, with **217,193,664 shares outstanding** as of March 3, 2022, and no dividends paid or planned - Common Shares are listed on the NYSE American (URG) and the Toronto Stock Exchange (URE)[218](index=218&type=chunk) - As of March 3, 2022, there were **217,193,664 Common Shares** issued and outstanding[218](index=218&type=chunk) - The company has not paid any dividends and has no current intention to declare them in the foreseeable future[220](index=220&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=35&type=section&id=Item%207.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATION) In 2021, Ur-Energy reported a net loss of **$22.9 million** with no U3O8 sales, while significantly improving liquidity to **$46.2 million** in cash through **$54.9 million** in financing activities Financial Performance Summary (2021 vs. 2020) | Metric | 2021 (in thousands USD) | 2020 (in thousands USD) | | :--- | :--- | :--- | | Sales | $16 | $8,316 | | Cost of Sales | ($7,000) | ($12,968) | | Gross Profit (Loss) | ($6,984) | ($4,652) | | Loss from Operations | ($16,757) | ($13,341) | | Net Loss | ($22,938) | ($14,785) | | Loss per Share | ($0.12) | ($0.09) | - The company made no U3O8 sales in 2021, compared to selling **200,000 pounds** in 2020, with the 2021 gross loss of **$7.0 million** driven by a lower of cost or net realizable value (NRV) adjustment to inventory[236](index=236&type=chunk)[268](index=268&type=chunk)[269](index=269&type=chunk) - Cash and cash equivalents increased to **$46.2 million** at year-end 2021 from **$4.3 million** in 2020, primarily due to raising **$54.9 million** from financing activities[280](index=280&type=chunk) - In February 2021, the company closed a public offering for gross proceeds of approximately **$15.2 million**, and also raised **$33.4 million** in gross proceeds through its At Market (ATM) facility during 2021[248](index=248&type=chunk)[296](index=296&type=chunk) - The company's **$0.9 million** in SBA Paycheck Protection Program (PPP) loans and accrued interest were fully forgiven in Q2 2021, resulting in a **$903 thousand** gain on debt forgiveness[250](index=250&type=chunk)[278](index=278&type=chunk) [Results of Operations](index=39&type=section&id=Results%20of%20Operations) In 2021, Ur-Energy reported no U3O8 sales and a **$7.0 million** gross loss due to an inventory write-down, while total operating costs increased to **$9.8 million** from **$8.7 million** in 2020 U3O8 Sales and Gross Profit (2021 vs. 2020) | Metric | 2021 | 2020 | | :--- | :--- | :--- | | U3O8 Pounds Sold | - | 200,000 | | U3O8 Sales | $0 | $8.3M | | U3O8 Cost of Sales | $0 | $5.2M | | U3O8 Gross Profit | $0 | $3.1M | | Gross Profit Margin | 0.0% | 37.8% | - Cost of sales per the financial statements included a **$7.0 million** lower of cost or NRV adjustment in 2021, compared to a **$7.8 million** adjustment in 2020[269](index=269&type=chunk) - Development expenses increased by **$0.8 million** in 2021, primarily due to drilling and supply costs for the development of Mine Unit 2 at Lost Creek[273](index=273&type=chunk) - At year-end 2021, the company held **283,790 pounds of U3O8** in inventory at the conversion facility, comprising **267,049 produced pounds** and **16,741 purchased pounds**[265](index=265&type=chunk) [Liquidity and Capital Resources](index=44&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity significantly strengthened in 2021, with cash and cash equivalents increasing by **$41.9 million** to **$46.2 million**, driven by **$54.9 million** from financing activities Cash Flow Summary (2021) | Activity | Cash Flow (in millions USD) | | :--- | :--- | | Cash from Operating Activities | ($11.7) | | Cash from Investing Activities | ($1.2) | | Cash from Financing Activities | $54.9 | | **Net Increase in Cash** | **$41.9** | - As of December 31, 2021, the outstanding balance on the Wyoming State Bond Loan was **$12.4 million**, with principal payments deferred until October 1, 2022[286](index=286&type=chunk)[287](index=287&type=chunk) - The company has a universal shelf registration to sell up to **$100 million** in securities and an At Market Issuance Sales Agreement to sell up to **$50 million** in common shares[292](index=292&type=chunk)[293](index=293&type=chunk) - As of March 3, 2022, the company's unrestricted cash position was **$44.7 million**, with an additional inventory of nearly **284,000 pounds of U3O8** worth approximately **$14.4 million** at recent spot prices[300](index=300&type=chunk)[301](index=301&type=chunk)[304](index=304&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=48&type=section&id=Item%207A.%20Quantitative%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company is exposed to commodity price risk due to uranium price volatility, interest rate risk on cash and debt, and low currency risk - The company is subject to commodity price risk, as its future sales and profitability are directly impacted by fluctuations in uranium prices[318](index=318&type=chunk) - Interest rate risk exists for cash equivalents and deposits, but the company's main debt facility, the State Bond Loan, has a fixed interest rate of **5.75%**[316](index=316&type=chunk)[286](index=286&type=chunk) - Currency risk is considered low, with a balance of approximately **$2.4 million Canadian dollars** held as of December 31, 2021, to pay Canadian expenses[317](index=317&type=chunk) [Controls and Procedures](index=50&type=section&id=Item%209A.%20Controls%20and%20Procedures) As of December 31, 2021, management concluded that the company's disclosure controls and internal control over financial reporting were effective - Management concluded that the company's disclosure controls and procedures were effective as of the fiscal year ended December 31, 2021[340](index=340&type=chunk) - Based on the COSO framework, management concluded that the company maintained effective internal control over financial reporting as of December 31, 2021[343](index=343&type=chunk) Part III Information required for Part III, covering Directors, Executive Officers, Corporate Governance, Executive Compensation, Security Ownership, Certain Relationships, and Principal Accountant Fees, is incorporated by reference from the company's definitive proxy statement for the 2022 Annual Meeting of Shareholders [Directors, Executive Officers and Corporate Governance](index=51&type=section&id=Item%2010.%20DIRECTORS%2C%20EXECUTIVE%20OFFICERS%20AND%20CORPORATE%20GOVERNANCE) Information regarding directors, executive officers, and corporate governance is incorporated by reference from the company's 2022 proxy statement, and a Code of Ethics is available on its website - Required information is incorporated by reference from the proxy statement for the 2022 Annual Meeting of Shareholders[349](index=349&type=chunk) - The company has adopted a Code of Ethics, the full text of which is available on its website[350](index=350&type=chunk) [Executive Compensation](index=52&type=section&id=Item%2011.%20EXECUTIVE%20COMPENSATION) Information regarding executive compensation is incorporated by reference from the company's 2022 proxy statement - Required information is incorporated by reference from the proxy statement for the 2022 Annual Meeting of Shareholders[351](index=351&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=52&type=section&id=Item%2012.%20SECURITY%20OWNERSHIP%20OF%20Certain%20BENEFICIAL%20OWNERS%20AND%20MANAGEMENT%20AND%20RELATED%20STOCKHOLDER%20MATTERS) Information regarding security ownership is incorporated by reference from the company's 2022 proxy statement - Required information is incorporated by reference from the proxy statement for the 2022 Annual Meeting of Shareholders[352](index=352&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=52&type=section&id=Item%2013.%20CERTAIN%20RELATIONSHIPS%20AND%20RELATED%20TRANSACTIONS%2C%20AND%20DIRECTOR%20INDEPENDENCE) Information regarding related transactions and director independence is incorporated by reference from the company's 2022 proxy statement - Required information is incorporated by reference from the proxy statement for the 2022 Annual Meeting of Shareholders[353](index=353&type=chunk) [Principal Accountant Fees and Services](index=52&type=section&id=Item%2014.%20PRINCIPAL%20ACCOUNTANT%20FEES%20AND%20SERVICES) Information regarding principal accountant fees and services is incorporated by reference from the company's 2022 proxy statement - Required information is incorporated by reference from the proxy statement for the 2022 Annual Meeting of Shareholders[354](index=354&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=52&type=section&id=ITEM%2015.%20EXHIBITS%20AND%20FINANCIAL%20STATEMENT%20SCHEDULES) This section lists the financial statements, schedules, and exhibits filed as part of the Form 10-K, including technical reports for the Lost Creek and Shirley Basin properties - The Consolidated Financial Statements filed with this report begin on page F-1[356](index=356&type=chunk) - Technical Report Summaries for the Lost Creek ISR Uranium Property and the Shirley Basin ISR Uranium Property are filed as exhibits 96.1 and 96.2, respectively[359](index=359&type=chunk)

Company Overview - Ur-Energy's Lost Creek ISR uranium facility has produced approximately 2.7 million pounds of U3O8 through Q3 2021[9] - The company has substantial inventory and has seen spot market pricing increase[11] - Shirley Basin ISR Facility effectively doubles the company's licensed production capacity[9] Market Dynamics - Nuclear energy accounts for approximately 20% of the United States' electricity and over 50% of its carbon-free electricity[13] - Globally, nuclear energy accounts for 11% of electrical energy and about 1/3 of carbon-free electricity[13] - Global U3O8 demand is projected to increase by 3.1% annually through 2025[13] - The U S government has allocated $75 million for a U S Uranium Reserve in FY2022[9, 50] Production and Resources - Lost Creek has demonstrated approximately 90% recovery of under pattern resources[21] - Shirley Basin has a measured and indicated resource of 8.816 million pounds[30] - The company estimates uranium production costs at Shirley Basin to be $14.54 per pound[29] Financial Position - As of October 27, 2021, Ur-Energy had cash resources of $40.9 million[47, 54] - Ur-Energy has approximately 285,000 pounds of ready-for-sale U3O8 product in inventory at the converter[47, 54] - The company estimates $15.4 million for mine development and CapEx to reach an initial ~1 million pound run rate at Lost Creek[40]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD OF _________ TO _________. Commission File Number: 001-33905 UR-ENERGY INC. (Exact name of registrant as specified in its charter) Canada Not Applicable State or ...

NYSE American: URG • TSX: URE September 2021 Disclaimer 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 projection ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD OF _________ TO _________. Commission File Number: 001-33905 UR-ENERGY INC. (Exact name of registrant as specified in its charter) State or other jurisdiction of incor ...

NYSE American: URG • TSX: URE June 2021 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 ...