UR-ENERGY INC

Previous wording

As of the date of this Quarterly Report on Form 10-Q, there have been no material changes in our risk factors from those disclosed in Item 1A of our Annual Report, except the risk factor entitled*“Operational and related challenges may continue as we return to steady-state operations at Lost Creek and complete the build out and commissioning of production operations at Shirley Basin. Delays may affect our timely delivery into contractual commitments.”* is replaced in its entirety with the following to reflect the expected commencement of full operations at Shirley Basin and other risks associated with our mining operations:

Current wording

As of the date of this Quarterly Report on Form 10-Q, there have been no material changes in our risk factors from those disclosed in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 and our Quarterly Report on Form 10-Q for the three months ended June 30, 2026, except that the risk factor entitled*“Operational and related challenges may continue as we return to steady-state operations at Lost Creek and complete the build out and commissioning of production operations at Shirley Basin. Delays may affect our timely delivery into contractual commitments.”* is replaced in its entirety with the following to reflect the commencement of full operations at Shirley Basin and other risks associated with our mining operations:

Previous wording

Challenges have continued in our production operations at Lost Creek as we work to achieve sustained higher production rates. The extended time the site was maintained on reduced production operations, the required operational refinements and maintenance as operations were restored, and other commissioning issues have caused delays in achieving higher production rates. For example, fine particles from the host formation have inhibited our ability to increase flow rates into the plant, and we installed a sand filtration system while we complete a planned wastewater treatment facility. These and other operational challenges may continue at Lost Creek. The planned construction of the wastewater treatment facility at Lost Creek may also encounter challenges and delays.

Current wording

Challenges have continued in our production operations at Lost Creek as we work to achieve sustained higher production rates. The extended time the site was maintained on reduced production operations, the required operational refinements and maintenance as operations were restored, and other commissioning issues have caused delays in achieving higher production rates. For example, fine particles from the host formation have inhibited our ability to increase flow rates into the plant. We installed a sand filtration system to address the fine particles but have encountered wastewater capacity constraints that have limited our ability to fully utilize the system until we complete a planned wastewater treatment facility. These and other operational challenges at Lost Creek may continue. The construction of the planned wastewater treatment facility at Lost Creek may also encounter challenges and delays.

Previous wording

In April 2026, we commenced initial operations at Shirley Basin, and in late June 2026, received final regulatory authorization for full operations at Shirley Basin. Shirley Basin is designed as a satellite facility, with U₃O₈ captured on resin transported to Lost Creek for processing, drying, and drumming. In connection with the commencement and ramp up of operations at Shirley Basin, including shipments of U 3 O 8 to Lost Creek, we may encounter operational, logistical, and commissioning challenges, including those associated with the satellite processing model. Initial production costs at Shirley Basin are expected to be higher than at Lost Creek until production rates increase. Certain plant construction activities at Shirley Basin are expected to continue concurrently with operations through 2026, which may create additional challenges. The planned installation of wastewater treatment equipment at Shirley Basin in 2027 may also encounter challenges and delays.

Current wording

In April 2026, we commenced initial operations at Shirley Basin, and in August 2026, commenced shipments of U₃O₈ to Lost Creek. Shirley Basin is designed as a satellite facility, with U₃O₈ captured on resin transported to Lost Creek for processing, drying, and drumming. We have encountered operational, logistical, and commissioning challenges, including those associated with the satellite processing model, in connection with the commencement and ramp up of operations at Shirley Basin. These and other operational challenges at Shirley Basin may continue. Initial production costs at Shirley Basin are expected to be higher than at Lost Creek until production rates increase. Certain plant construction activities at Shirley Basin are expected to continue concurrently with operations through 2026 and into 2027, which may create additional challenges. The planned installation of wastewater treatment equipment at Shirley Basin in 2028 or later may also encounter challenges and delays.

Previous wording

Continuing challenges in operations at Lost Creek, operational challenges at Shirley Basin, or challenges relating to ongoing or planned construction at Lost Creek or Shirley Basin, could affect our ability to achieve our production plans and therefore affect timely delivery of contractual commitments to our customers, thereby negatively affecting our business, financial condition, results of operations, and cash flows.”

Current wording

Continuing challenges in operations at Lost Creek and Shirley, and challenges relating to ongoing or planned construction at Lost Creek and Shirley Basin, have and could continue to affect our ability to achieve our production plans and make expected deliveries to our customers, and could affect our ability to meet our contractual commitments or repay our inventory loans, or otherwise negatively affect our business, financial condition, results of operations, and cash flows.”