Ur-Energy Successfully Completes Phase 1 Field Tests of Patented Well Installation Technology

LITTLETON, CO / ACCESSWIRE / November 29, 2022 / Ur-Energy Inc. (NYSE American:URG)(TSX:URE) (the "Company" or "Ur-Energy") is pleased to announce the successful results of Phase 1 field testing on its patented injection well casing and installation technology.

On April 21, 2022, the Company announced a research and development project to field test its patented injection well casing and installation method at its operating Lost Creek Uranium ISR Facility in south-central Wyoming. Following that announcement, the Company received approval of a Non-Significant Permit Amendment from the Wyoming Department of Environmental Quality - Land Quality Division ("LQD") and began field testing. We have now completed Phase 1 testing of the technology.

Field tests in Lost Creek's Mine Unit 2 demonstrated the mechanical integrity of injection wells installed using our new technology, with a 75% reduction in drill rig time compared to conventional methods and an 85% reduction in casing cost. The cost savings from reduced drill rig time will be partially offset by increased in-house labor. Based upon testing to date, the overall cost reduction to install an injection well is estimated to be between $2.50 and $3.50 per pound of U₃O₈ produced. This represents as much as a 49% savings on the installation of an injection well. Injection wells generally represent approximately 65% of wells in wellfields designed with traditional "five-spot" recovery patterns.

Beyond improving the economics of injection well installation, our new installation technique is anticipated to result in numerous environmental benefits, including:

• Reduction of heavy vehicle traffic since drill rig time on injection wells is reduced from approximately 3.5 to 0.5 days per well as demonstrated during initial field tests;
• Up to 85% fewer air emissions during installation of injection wells;
• Less noise due to shortened drill rig and water truck time;
• A further reduction in already low well failure rates due to fewer points of potential failure, because the casing material is "tougher" in many respects than conventional PVC well casing, and the completion method requires less exposure to the drill string and bit compared to conventional methods; and
• Initial Mechanical Integrity Tests ("MITs") can be performed during installation without the need to re-enter the well.

Steve Hatten, Ur-Energy's Chief Operating Officer, stated, "I want to congratulate our Lost Creek development team for their creative thinking and hard work that brought the Phase 1 testing of our new well installation technology to a successful conclusion. We believe the development of the technology is the most significant technological advancement in the in-situ uranium recovery industry since the introduction of down-flow ion exchange columns. We are excited to proceed to Phase 2 testing and at operational levels to fully model how we can reduce operating costs while enhancing the speed and efficiency of uranium recovery and groundwater restoration."