Ur-Energy talks work at Lost Soldier, North Hadsell

Executive Summary

• Ur-Energy provided an operational update on its Lost Soldier and North Hadsell projects in the Great Divide Basin, Wyoming, highlighting early success in exploration and hydrogeologic studies.
• At the North Hadsell project, initial drilling results from a 50-hole program show significant uranium mineralization, with 11 intercepts greater than 0.20 Grade Thickness (GT) across five holes, indicating a scalable stacked roll-front system.
• At the Lost Soldier project, the company is advancing hydrogeologic risk reduction through 18 aquifer test wells and working toward a new mineral resource estimate to support potential In-Situ Recovery (ISR) development.

Key Details

• North Hadsell Drilling Results:
  • 16 wide-spaced framework holes completed (approx. 1,000 feet deep each) for a total footage of 16,765 feet.
  • 5 holes intersected significant uranium mineralization.
  • 11 individual intercepts recorded with Grade Thickness (GT) greater than 0.20 GT (where GT = grade % eU3O8 × thickness feet).
  • Preliminary interpretation suggests up to eight individual roll fronts within a depth range of 300 to 800 feet below surface, ideal for ISR mining.
  • Two compelling holes are located approximately 1.5 miles apart, indicating potential scale and resource continuity.
  • Drilling program continues until completion or March 15 (seasonal sage grouse restrictions); resumption expected in summer.
• Lost Soldier Project Updates:
  • 18 aquifer test wells installed to reduce hydrogeologic risk and optimize permitting/development assumptions.
  • Aquifer testing expected to begin in Q1 2026.
  • Technical report underway to define a mineral resource estimate using detailed roll-front mapping to assess ISR potential.
  • Report expected to be completed later in the year.
• Project Context & Infrastructure:
  • Both projects are located near the producing Lost Creek ISR mine, allowing for leverage of existing infrastructure and operating expertise.
  • Lost Soldier is a 17-mile drive from Lost Creek; controls 1,960 mineral acres with 105 unpatented mining claims.
  • North Hadsell is 10 miles north of Lost Creek; controls 3,970 mineral acres with 203 unpatented mining claims.
  • Ur-Energy has produced over three million pounds of U3O8 from Lost Creek since operations commenced.

Notable Quotes

• "The early success at North Hadsell, combined with our decision to advance technical studies and hydrogeologic work at Lost Soldier, underscores the momentum we are building across our Wyoming growth portfolio. As this work progresses, we see meaningful potential for capital-efficient resource expansion, strengthening Ur-Energy's long-term development pipeline." — Matthew Gili, CEO and President