UR-ENERGY INC

Interim Condensed Consolidated Balance Sheets (Unaudited)

(expressed in thousands of U.S. dollars)

Interim Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)

(expressed in thousands of U.S. dollars, except share and per share data)

Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)

Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) (Continued)

Interim Condensed Consolidated Statements of Cash Flows (Unaudited)

(expressed in thousands of U.S. dollars)

Ur-Energy Inc. (the “Company”) was incorporated on March 22, 2004, under the laws of the Province of Ontario. The Company continued under the Canada Business Corporations Act on August 8, 2006. The Company is an exploration stage issuer. The Company is engaged in uranium mining and recovery operations, with activities including the acquisition, exploration, development, and production of uranium mineral resources located primarily in Wyoming. The Company commenced uranium production at its Lost Creek Project in Wyoming in 2013.

Due to the nature of the uranium recovery methods used by the Company on the Lost Creek Property, the Company has not determined whether the property contains mineral reserves. The recoverability of amounts recorded for mineral properties is dependent upon the discovery of economic resources, the ability of the Company to obtain the necessary financing to develop the properties and upon attaining future profitable production from the properties or sufficient proceeds from the disposition of the properties.

Basis of presentation

These unaudited interim condensed consolidated financial statements do not conform in all respects to the requirements of U.S. generally accepted accounting principles (“US GAAP”) for annual financial statements. These unaudited interim condensed consolidated financial statements reflect all the normal and recurring adjustments which in the opinion of management are necessary for a fair presentation of the results for the periods presented and contain sufficient disclosures so as to make the interim condensed consolidated financial statement not misleading. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements for the year ended December 31, 2024. We applied the same accounting policies as in the prior year. Certain information and footnote disclosures required by US GAAP have been condensed or omitted in these interim consolidated financial statements.

Segments

We regularly review our operating segments and the approach used by management to evaluate performance and allocate resources. The Company operates as asingle reportable segment. Our determination that we operate as a single segment is consistent with the financial information as presented in the Consolidated Statements of Operations and Comprehensive Loss, which is regularly reviewed by the chief operating decision maker (CODM), considered to be the Chief Executive Officer, President, Chief Operating Officer, Chief Financial Officer, Vice President Finance, and General Counsel, for purposes of evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting for future periods. Our CODM allocates resources and assesses financial performance on a consolidated basis with consideration given to key financial metrics, including gross loss, operating loss, and net loss. All revenues are earned within the U.S., and all of the Company’s long-lived assets are within the U.S. As the Company operates as a single reportable segment, segment assets represent total assets as presented in the Consolidated Balance Sheets. Significant expenses reviewed by the CODM are consistent with the presentation of expenses in the Company’s Consolidated Statements of Operations and Comprehensive Loss, note 17, and note 18, as shown in the following table.

Fair values

Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

The Company follows ASC 820 for measuring the fair value of financial assets and liabilities. Fair value is the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation models involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. The valuation hierarchical levels are based upon the transparency of the inputs to the valuation of the asset or liability as of the measurement date. The three levels are defined below:

Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2 - Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

The Company's financial assets and liabilities as of September 30, 2025 and December 31, 2024 include cash, trade receivables, lease receivables, restricted cash, accounts payable and accrued liabilities, and lease liabilities. The financial assets and liabilities are carried at cost, which approximate fair value due to their short-term maturities. Financial instruments, including cash equivalents, restricted cash equivalents, the inventory derivative obligation, warrant liabilities, and stock option liabilities are adjusted to fair value on a recurring basis.

The Company has certain non-financial assets that are measured at fair value on a non-recurring basis when there is an indicator of impairment, and they are recorded at fair value only when impairment is recognized. These assets include mineral properties and capital assets. The Company did not record impairment to any non-financial assets in the nine months ended September 30, 2025, and does not have any non-financial liabilities measured and recorded at fair value on a non-recurring basis.

The following table sets forth the estimated fair value hierarchies of the Company’s financial instrument assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024:

The Company’s cash and cash equivalents consist of the following:

The Company’s trade receivables consist of the following:

The Company’s inventory consists of the following:

Using lower of cost or net realizable value (“NRV”) calculations, the Company reduced the inventory valuation by $2,696 and $2,061 for the nine months ended September 30, 2025 and 2024, respectively. In the nine months ended September 30, 2025, $596 of the NRV adjustment related to produced inventory and $2,100 related to non-produced inventory. In the nine months ended September 30, 2024, all NRV adjustment related to produced inventory. The Company didnot have any non-produced inventory during the nine months ended September 30, 2024. As described in note 21, the Company purchased 100,000 pounds uranium oxide (“U 3 O 8”) for $8.2 million in October 2025.

The Company’s lease receivables consist of the following:

The leases are direct financing leases of drilling equipment. The lease terms arethree tofive years with a residual payment at the end of the term. The lease terms include provisions for prepayment after a certain period dependent on the executed contract. For the nine months ended September 30, 2025, lease payments received totaled $0.5 million. Lease revenue was less than $0.1 million for the same period.

Lease receivable maturities including residual values are as follows:

The Company’s restricted cash and cash equivalents consists of the following:

The Company’s restricted cash equivalents consists of money market and short-term government bond investment accounts.

The bonding requirements for reclamation obligations on various properties have been reviewed and approved by the Wyoming Department of Environmental Quality (“WDEQ”), the Wyoming Uranium Recovery Program (“URP”), and the U.S. Bureau of Land Management (“BLM”) as applicable. The restricted accounts are pledged as collateral against performance surety bonds, which secure the estimated costs of reclamation related to the properties. Reclamation related surety bonds totaled $42.8 million and $42.1 million as of September 30, 2025, and December 31, 2024, respectively.

The Company’s mineral properties consist of the following:

Lost Creek Property

The Company acquired certain Wyoming properties in 2005 when Ur-Energy USA Inc. purchased 100% of NFU Wyoming, LLC. Assets acquired in this transaction include the Lost Creek Project, other Wyoming properties, and development databases. NFU Wyoming, LLC was acquired for aggregate consideration of $20 million plus interest. Since 2005, the Company has increased its holdings adjacent to the initial Lost Creek acquisition through staking additional claims and making additional property purchases and leases.

There is a royalty on each of the State of Wyoming sections under lease at the Lost Creek, LC West and EN Projects, as required by law. We are not recovering U 3 O 8 within the State section under lease at Lost Creek and therefore are not subject to royalty payments currently. Other royalties exist on certain mining claims at the LC South, LC East and EN Projects. There are no royalties on the mining claims in the Lost Creek, LC North, or LC West Projects.

Shirley Basin Project

The Company acquired additional Wyoming properties in 2013 when Ur-Energy USA Inc. purchased 100% of Pathfinder Mines Corporation (“Pathfinder”). Assets acquired in this transaction include the Shirley Basin Project, other Wyoming properties, and development databases. Pathfinder was acquired for aggregate consideration of $6.7 million, the assumption of $5.7 million in estimated asset reclamation obligations, and other consideration.

Other U.S. Properties

Other U.S. properties include the acquisition costs of several prospective mineralized properties, which the Company continues to maintain through claim payments, lease payments, insurance, and other holding costs in anticipation of future exploration efforts.

The Company’s capital assets consist of the following:

Accounts payable and accrued liabilities consist of the following:

On November 20, 2024, we executed an agreement to borrow up to 250,000 pounds of U 3 O 8 from a counterparty. The agreement is forone year and calls for interest payments of 5.25% per annum on the value of any uranium borrowed. In addition, there is a requirement to pay 1.5% per annum interest on any pounds not borrowed. The uranium loan value and interest expense calculations are based on the current average spot price. At the end of each month, the loan is subject to mark-to-market adjustments to reflect the current loan valuation. In addition, the Company is required to post a minimum deposit of $15 per pound on any pounds borrowed. If the average uranium price increases above certain thresholds, an additional $5 per pound will be deposited with the counterparty. Conversely, if the average uranium price declines below the thresholds, the Company can request a deposit refund of $5 per pound, subject to the minimum $15 per pound deposit. The uranium loan was originally due November 30, 2025. As described in note 21, the due date was extended byone year to November 30, 2026.

On December 1, 2024, the Company exercised the option to borrow 250,000 pounds, which were subsequently sold into a uranium sales agreement, and posted the minimum $15 per pound deposit. The Company can return borrowed uranium at any time with 120 days notice without penalty and with the right to reborrow the uranium before the termination of the loan. Upon return of borrowed uranium, the counterparty will refund the respective posted deposit to the Company. The loan value was initially recorded at $77.13 per pound and was subsequently adjusted to $72.63 per pound on December 31, 2024. For the three and nine months ended September 30, 2025, the loan value was adjusted to $82.63 resulting in mark-to-market losses of $1.0 million and $2.5 million, respectively.

The following table summarizes the Company’s inventory derivative obligations.

The Company’s financing lease liabilities consist of the following:

The Company has lease arrangements for certain vehicles and mobile equipment. These leases typically have original terms not exceeding four years and contain residual value purchase options, which are reasonably certain of being exercised. As of September 30, 2025, the Company had $3.8 million of leased vehicles and mobile equipment included in capital assets-rolling stock (net). For the nine months ended September 30, 2025, lease principal payments totaled $0.4 million and lease interest payments totaled $0.2 million for a combined lease payment total of less than

$0.6 million. The weighted average interest rate of the leases is 15.2%, and the weighted average remaining life was 2.4 years as of September 30, 2025.

Lease liabilities maturities including residuals as of September 30, 2025 are as follows:

In February 2023, the Company issued 39,100,000 warrants to purchase 19,550,000 common shares at $1.50 per whole common share for a term ofthree years.

Because the warrants are priced in U.S. dollars and the functional currency of Ur-Energy Inc., the parent company entity, is Canadian dollars, a derivative financial liability was created. Using Level 2 inputs of the fair value hierarchy under US GAAP, the liability created is measured and recorded at fair value, and adjusted monthly, using the Black-Scholes model as there is no active market for the warrants. Any gain or loss from the mark-to-market adjustment of the liability is reflected in net income (loss) for the period.

Activity with respect to the warrant liabilities is presented in the following table:

The fair value of the warrant liabilities on September 30, 2025, was determined using the Black-Scholes model with the following assumptions:

Asset retirement obligations (“ARO”) relate to the Lost Creek mine and Shirley Basin project and are equal to the current estimated reclamation cost escalated at inflation rates ranging from 0.74% to 5.20% and then discounted at credit-adjusted, risk-free rates ranging from 0.33% to 9.61%. Current estimated reclamation costs include costs of closure, reclamation, demolition and stabilization of the wellfields, processing plants, infrastructure, aquifer restoration, waste dumps, and ongoing post-closure environmental monitoring and maintenance costs. The schedule of payments required to settle the future reclamation extends through 2040.

The present value of the estimated future closure estimate is presented in the following table:

The restricted cash and cash equivalents discussed in note 7 relate to the surety bonds provided to the governmental agencies for these and other reclamation obligations.

Common shares

The Company’s share capital consists of an unlimited amount of Class A preferred shares authorized, without par value, of which no shares are issued and outstanding; and an unlimited amount of common shares authorized, without par value, of which 375,852,609 shares and 364,101,038 shares were issued and outstanding as of September 30, 2025, and December 31, 2024, respectively.

The basic and diluted losses per common share for the three and nine months ended September 30 were $0.07 and $0.16 per share in 2025, and $0.02 and $0.11 per share in 2024, respectively. The diluted loss per common share is equal to the basic loss per common share due to the anti-dilutive effect of all convertible securities in periods of loss. The shares excluded from the computation of diluted loss per share due to their anti-dilutive effect were 27,605,080, and 27,116,198 as of September 30, 2025 and 2024, respectively.

During the nine months ended September 30, 2025, the Company sold 9,980,095 common shares through its At Market facility for $15.2 million. After share issue costs of $0.4 million, net proceeds to the Company were $14.8 million.

Stock options

In 2005, the Company’s Board of Directors approved the adoption of the Company’s stock option plan (the “Option Plan”). The Option Plan was most recently approved by the shareholders on June 2, 2023. Eligible participants under the Option Plan include directors, officers, employees, and consultants of the Company. Under the terms of the Option Plan, grants of options will vest over athree-year period: one-third on the first anniversary, one-third on the second anniversary, andone-third on the third anniversary of the grant. The Company uses the straight-line method when recognizing stock option compensation. The term of the options isfive years.

Activity with respect to stock options outstanding is summarized as follows:

The exercise price of a new grant is set at the closing price for the shares on the Toronto Stock Exchange (TSX) on the trading day immediately preceding the grant date and there isno intrinsic value as of the date of grant.

The total intrinsic value of options exercised was $1.0 million and $1.5 million in the nine months ended September 30, 2025 and 2024, respectively.

We received $0.5 million and $1.2 million from options exercised in the nine months ended September 30, 2025 and 2024, respectively.

Stock-based compensation expense from stock options for the three and nine months ended September 30 was $0.3 million and $0.8 million in 2025, and $0.2 million and $0.6 million in 2024, respectively.

As of September 30, 2025, there was approximately $1.6 million of unamortized stock-based compensation expense related to the Option Plan. The expenses are expected to be recognized over the remaining weighted-average vesting period of 1.9 years under the Option Plan.

As of September 30, 2025, outstanding stock options are as follows (expressed in U.S. dollars):

The aggregate intrinsic value of options outstanding and options exercisable is calculated as the difference between the exercise price of the underlying options and the fair value of the Company’s shares. The aggregate intrinsic value of the options in the preceding table represents the total pre-tax intrinsic value for stock options, with an exercise price less than the Company’s TSX closing stock price of CAD$2.46 (approximately US$1.79) as of the last trading day in the nine months ended September 30, 2025, that would have been received by the option holders had they exercised their options on that date. There were 7,584,756 in-the-money stock options outstanding and 3,999,716 in-the-money stock options exercisable as of September 30, 2025.

The fair value of the options on their respective grant dates was determined using the Black-Scholes model.

Liability-classified stock options

Activity with respect to liability-classified stock options outstanding is summarized as follows:

The fair value of the liability-classified options as at September 30, 2025 was determined using the Black-Scholes model with the following assumptions:

Restricted share units

On June 24, 2010, the Company’s shareholders approved the adoption of the Company’s restricted share unit plan (the “RSU Plan”). Amendments to the RSU Plan were approved by our shareholders on June 3, 2021, and the plan is now known as the Amended and Restated Restricted Share Unit and Equity Incentive Plan (the “RSU&EI Plan”). The RSU&EI Plan was approved most recently by our shareholders on June 5, 2025.

Eligible participants under the RSU&EI Plan include directors and employees of the Company. Outstanding RSUs are redeemable on the second anniversary of the grant. Upon an RSU redemption, the holder of the RSU will receive one common share, for no additional consideration, for each RSU held.

Activity with respect to RSUs outstanding is summarized as follows:

Stock-based compensation expense from RSUs for the three months and nine months ended September 30 was $0.1 million and $0.4 million in 2025 and $0.1 million and $0.4 million in 2024, respectively.

The total fair value of RSUs vested was $0.3 million for the nine months ended September 30, 2025.

As of September 30, 2025, there was approximately $0.4 million of unamortized stock-based compensation expense related to the RSU&EI Plan. The expenses are expected to be recognized over the remaining weighted-average vesting periods of 1.1 years under the RSU&EI Plan.

As of September 30, 2025, outstanding RSUs were as follows (expressed in U.S. dollars):

The fair value of restricted share units on their respective grant dates is determined using the fair value model.

Warrants

In February 2023, the Company issued 39,100,000 warrants to purchase 19,550,000 of our common shares at $1.50 per full share.

Activity with respect to warrants is summarized as follows:

As of September 30, 2025, outstanding warrants were as follows (expressed in U.S. dollars):

The fair value of the warrants on their issue date was determined using the Black-Scholes model.

Fair value calculation assumptions for stock options and restricted share units

The Company estimates expected future volatility based on daily historical trading data of the Company’s common shares. The risk-free interest rates are determined by reference to Canadian Benchmark Bond Yield rates with maturities that approximate the expected life. The Company has never paid dividends and currently has no plans to do so. Forfeitures and expected lives were estimated based on actual historical experience.

Share-based compensation expense related to stock options and restricted share units is recognized net of estimated pre-vesting forfeitures, which results in expensing the awards that are ultimately expected to vest over the expected life.

Revenue is primarily derived from the sale of U 3 O 8 under multi-year agreements or spot sales agreements. The Company also receives disposal fee revenues, which are not related to the sale of U 3 O 8.

Revenues for the three and nine months ended September 30, 2025 and 2024 were as follows:

Cost of sales includes ad valorem and severance taxes related to the extraction of uranium, all costs of wellfield and plant operations including the related depreciation and amortization of capitalized assets, asset retirement costs, and mineral property costs, plus product distribution costs. These costs are also used to value inventory. The resulting inventoried cost per pound is compared to the NRV of the product, which is based on the estimated sales price of the product, net of any necessary costs to finish the product. Any inventory value in excess of the NRV is charged to cost of sales.

Cost of sales consists of the following:

In the nine months ended September 30, 2025, $596 of the NRV adjustment related to produced inventory and $2,100 related to non-produced inventory. There wereno non-produced NRV adjustments in the nine months ended September 30, 2024.

Operating expenses include exploration and evaluation expense, development expense, general and administration (“G&A”) expense, and mineral property write-offs. Exploration and evaluation expenses consist of labor and the associated costs of the exploration and evaluation departments as well as land holding and exploration costs including

drilling and analysis on properties which have not reached the permitting or operations stage. Development expense relates to properties that have reached the permitting or operations stage and include costs associated with exploring, delineating, and permitting a property. Once permitted, development expenses also include the costs associated with the construction and development of the permitted property that are otherwise not eligible to be capitalized. G&A expense relates to the administration, finance, investor relations, land, and legal functions, and consists principally of personnel, facility, and support costs.

Operating costs consist of the following:

Cash and cash equivalents, and restricted cash and cash equivalents per the Statements of Cash Flows consists of the following:

Interest expense paid for the three and nine months ended September 30 was $0.3 and $0.9 million in 2025 and nil and $0.1 million in 2024, respectively.

The proceeds from the exercise of warrants in September 2025 of $0.4 million was not collected from the issuing company until October 2025. The exercise proceeds and the prepaid expenses and other current assets increase have been adjusted by that amount. Accounts payable per the balance sheet included $1.5 million and less than $0.6 million in equipment purchases at September 30, 2025 and 2024, respectively. The asset retirement obligation included a $2.7 million change in estimated reclamation costs in the nine months ended September 30, 2025. Share capital and contributed surplus included $1.4 million and $0.2 million related to the exercise of stock options in the nine months ended September 30, 2025 and 2024, respectively. As these did not affect cash activity at the respective dates, they were adjusted on the Consolidated Statements of Cash Flows.

The Company’s financial instruments consist of cash and cash equivalents, trade receivables, lease receivables, restricted cash and cash equivalents, accounts payable and accrued liabilities, the inventory derivative obligation, and warrant liabilities. The Company is exposed to risks related to changes in interest rates and management of cash and cash equivalents.

Credit risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, and restricted cash and cash equivalents. These assets include Canadian dollar and U.S. dollar denominated certificates of deposit, money market accounts, and demand deposits. These instruments are maintained at financial institutions in Canada and the U.S. Of the amount held on deposit, approximately $0.6 million is covered by the Canada Deposit Insurance Corporation, the Securities Investor Protection Corporation, or the U.S. Federal Deposit Insurance Corporation, leaving approximately $62.8 million at risk on September 30, 2025, should the financial institutions with which these amounts are invested be rendered insolvent. The Company does not consider any of its financial assets to be impaired as of September 30, 2025.

On October 23, 2025, we purchased 100,000 pounds U 3 O 8 for $8.2 million. The inventory will be used to increase our base inventory position for 2026.

On October 21, 2025, we extended the November 2024 inventory loan. The loan facility originally called for return of any amount drawn down by November 30, 2025. That date was extended byone year to November 30, 2026. Additionally, on October 21, 2025, we entered another inventory loan facility by which we may borrow up to an additional 150,000 pounds U 3 O 8 under similar terms and conditions as the extended November 2024 inventory loan. None of the additional 150,000 pounds have been borrowed.