LITTLETON, CO / ACCESS Newswire / April 28, 2025 / Ur-Energy Inc. (NYSE American:URG)(TSX:URE) (the "Company" or "Ur-Energy") is pleased to announce the Wyoming Department of Environmental Quality, Land Quality Division ("LQD") has granted approval of the LC East HJ and KM amendments to the Lost Creek Permit to Mine. This permitting action grants final State approval for Ur-Energy to construct and operate up to six additional mine units within the HJ and KM geologic horizons at our LC East Project and in the HJ horizon at Lost Creek.
The approvals allow for expansion of recovery activities into areas which have been estimated to contain uranium mineral resources as follows: 1.378 million pounds U3O8 Measured Mineral Resource; 1.635 million pounds U3O8 Indicated Mineral Resource and 2.220 million pounds U3O8 Inferred Mineral Resources. See Lost Creek ISR Uranium Property, Sweetwater County, Wyoming, USA Technical Report Summary (March 4, 2024) prepared by Qualified Person, Western Water Consultants, Inc., d/b/a WWC Engineering ("WWC").
The Bureau of Land Management previously approved the associated amendments to the Plan of Operations and the Wyoming Uranium Recovery Program previously approved the necessary amendments to the Lost Creek Source and Byproduct Material License. Now that the LQD has formally issued approval of the amendments, we await only final concurrence and approval of the related aquifer exemption from the U.S. Environmental Protection Agency.
Ur-Energy's CEO and Chairman of the Board, John Cash, stated, "Approval of these amendments is the culmination of many years of extensive environmental baseline data collection, technical analyses, public comments and regulatory review. I want to thank Ryan Schierman, our Vice President Regulatory Affairs, for his diligent work on this project. Although it is several years before we plan to begin operations in the newly approved mine units, it is gratifying that the State has finalized its approvals."
In addition to the approval of the LC East HJ and KM amendments, there have been significant additional developments at the federal level that may have positive impacts on our operations.
On April 15, 2025, President Trump issued an Executive Order which launched a Section 232 of the Trade Expansion Act of 1962, as amended, investigation into the national security risks posed by U.S. reliance on imported processed critical minerals and their derivative products, including uranium. The Department of Commerce has 180 days to complete the investigation and provide their findings to President Trump. Upon receipt of the investigation findings and recommendations, President Trump will then have 90 days to determine what, if any, remedies to implement. The previous Section 232 investigation for uranium (2018-2019) resulted in the establishment of the uranium reserve and the purchase of domestic uranium.
On April 23, 2025, the Department of Interior implemented "Emergency Permitting Procedures to Strengthen Domestic Energy Supply." The permitting procedures include uranium projects and, according to the Department of Interior announcement, the measures are designed to expedite the review and, if appropriate, approval of energy projects.
These recent directives from the Trump Administration continue the strong support for energy and mineral development which began on the first day of President Trump's administration with the Executive Order titled "Unleashing American Energy" which, among other actions, made it U.S. policy to encourage energy exploration and production on federal lands and requires a review to ensure all regulatory requirements related to energy are grounded in clearly applicable law.
While the ultimate impact of these orders and policies won't be known for some time, they clearly illustrate the administration's interest in supporting domestic energy and mining projects and often explicitly list uranium as a mineral of interest. For many decades the U.S. was a leader in the nuclear industry, including domestic recovery of uranium, but in recent years that leadership role has been eroded in part due to overly burdensome regulations, that while well intentioned resulted in extensive delays and additional costs. Based on the actions listed above and actions taken during the previous administration, such as the Inflation Reduction Act, we believe the U.S. is on its way to regaining its leadership position in uranium production and in the greater nuclear industries.
Pursuant to Canadian National Instrument 43-101 Qualified Persons at WWC have reviewed and approved the technical disclosure contained in this news release.
About Ur-Energy Ur-Energy is a uranium mining company operating the Lost Creek in situ recovery uranium facility in south-central Wyoming. We have produced and packaged approximately 2.9 million pounds U3O8 from Lost Creek since the commencement of operations. Ur-Energy has all major permits and authorizations to begin construction at Shirley Basin, the Company's second in situ recovery uranium facility in Wyoming and is advancing Shirley Basin construction and development following the March 2024 ‘go' decision for the mine. We await the remaining regulatory authorization for the expansion of Lost Creek. Ur‑Energy is engaged in uranium mining, recovery and processing activities, including the acquisition, exploration, development, and operation of uranium mineral properties in the United States. The primary trading market for Ur‑Energy's common shares is on the NYSE American under the symbol "URG." Ur‑Energy's common shares also trade on the Toronto Stock Exchange under the symbol "URE." Ur-Energy's corporate office is in Littleton, Colorado and its registered office is in Ottawa, Ontario.
Cautionary Note Regarding Forward-Looking Information
This release may contain "forward-looking statements" within the meaning of applicable securities laws regarding events or conditions that may occur in the future (e.g., whether and when the EPA will approve the aquifer exemption for the additional recovery areas included in the LQD permit amendments; how long it will be before we are producing from the newly approved mine units at Lost Creek and LC East; the technical and economic viability, including mineral resource estimates, and production results for Lost Creek and LC East, including as set forth in the Technical Report Summary for the project; and how recent actions in support of energy and mining by the Trump administration may affect our industry and our business and when) and are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "estimates," "intends," "anticipates," "does not anticipate," or "believes," or variations of the foregoing, or statements that certain actions, events or results "may," "could," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from any forward-looking statements include, but are not limited to, capital and other costs varying significantly from estimates; failure to establish estimated resources and reserves; the grade and recovery of ore which is mined varying from estimates; production rates, methods and amounts varying from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; inflation; changes in exchange rates; fluctuations in commodity prices; delays in development and other factors described in the public filings made by the Company at www.sedarplus.ca and www.sec.gov. Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are based on the beliefs, expectations and opinions of management as of the date hereof and Ur-Energy disclaims any intent or obligation to update them or revise them to reflect any change in circumstances or in management's beliefs, expectations or opinions that occur in the future.
