Ur-Energy Inc. announces $4.68 Million financing to sustain uranium operations

Ur-Energy Inc. (NYSE American: URG) (TSX: URE) (“Ur-Energy”) announced today that it has entered into a securities purchase agreement with selected investors providing for the purchase and sale, in a registered direct offering of 9,000,000 common shares and accompanying one-half common share warrants to purchase up to 4,500,000 common shares, at a combined public offering price of $0.52 per common share and accompanying one-half common share warrant, with gross proceeds to Ur-Energy of $4.68 million.

The common share warrants will expire two years from the date of issuance and will allow the holders to purchase our common shares at an exercise price of $0.75 per whole common share. Closing of the offering is expected to occur on or about August 4, 2020.

Cantor Fitzgerald & Co. is acting as the sole placement agent in connection with the offering on a “reasonable best efforts” basis.
Ur-Energy anticipates using the net proceeds from the offering to sustain operations, working capital and general corporate purposes. The securities described above are being offered by
Ur-Energy pursuant to a shelf registration statement on Form S-3 previously filed with and declared effective by the Securities and Exchange Commission (the “SEC”) on May 27, 2020. A
prospectus supplement and the accompanying prospectus relating to the securities being offered will be filed with the SEC and made available on the SEC’s website at http://www.sec.gov. Copies
of the prospectus supplement and accompanying prospectus may be obtained from Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Ave., 6th Floor, New York, New York 10022 or by e-mail at [email protected]

This announcement is neither an offer to sell, nor a solicitation of an offer to buy, any of these securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which
such offer, solicitation or sale is unlawful. Offers will be made only by means of the prospectus supplement and accompanying prospectus forming a part of the effective registration statement.

About Ur-Energy:
Ur-Energy is a U.S. uranium mining company with corporate and operations offices in Denver, Colorado, and Casper, Wyoming, respectively. Ur-Energy operates the Lost Creek insitu recovery uranium facility in south-central Wyoming. Ur-Energy has produced, packaged and shipped more than 2.5 million pounds from Lost Creek since the commencement of operations.
Applications are under review by various agencies to incorporate Ur-Energy’s LC East project area into the Lost Creek permits, and the company has begun to submit applications for permits
and licenses to construct and operate its Shirley Basin Project. Ur-Energy is engaged in uranium mining, recovery and processing activities in the United States, including the acquisition,
exploration, development and operation of uranium mineral properties. The primary trading market for Ur-Energy’s common shares is the NYSE American under the trading symbol “URG;”. Ur-Energy’s common shares also trade on the Toronto Stock Exchange under the trading symbol “URE.”

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