Ur Energy : Releases 2015 Q2 Results; Webcast to be Held August 4, 2015 (July 31 2015)

Littleton, Colorado (PR Newswire - July 31, 2015) Ur-Energy Inc. (NYSE MKT:URG, TSX:URE) (the "Company" or "Ur-Energy") has filed the Company's Form 10-Q for the quarter ended June 30, 2015, with the U.S. Securities and Exchange Commission at www.sec.gov/edgar.shtml and with Canadian securities authorities on SEDAR at www.sedar.com.

Lost Creek Uranium Production and Sales

The Lost Creek Project continued to exhibit quarter over quarter increases in pounds captured with 207,268 pounds U3O8 in Q2 and 399,548 pounds YTD. Drummed and shipped pounds exhibited the same trend as pounds captured allowing for the quarter over quarter downward trend of cash and non-cash costs per pound to continue. The Q2 cash cost per produced pound sold was $16.15 and the average total cost per produced pound sold was $28.98 ($32.29 YTD). In addition to Lost Creek production sold into contracts, the Company purchased 200,000 pounds and accelerated a contractual delivery requirement by several months. The Company also made its first spot sale of 70,000 pounds during Q2. In total, 404,000 pounds were sold at an average price of $45.08 during Q2 yielding a gross profit of $10.94 per pound, or 24.3%. More importantly, the Company showed its first quarterly profit with slightly more than one million dollars net profit during the period.

Jeff Klenda, Executive Director and Acting CEO, notes "Our production team continues to deliver outstanding performance by consistently lowering our production costs per pound while routinely increasing production rates. This has all been done while growing our resource base and developing our current and planned production areas. Great job!"

The Lost Creek Project also reached a major milestone during Q2 when it produced, drummed and shipped its millionth pound since the start of production. Ten of the originally-planned 13 header houses in Mine Unit 1 (MU1) are now in operation as surface construction development continues on the remaining 3 houses. All the original planned wells have already been installed and await only surface hookup.

The geology and exploration team completed a mineral resource estimate update for Lost Creek. The report detailed a 2.308 million pound Measured mineral resource addition to MU1 after revising the GT cutoff, providing a 95% increase to the last reported estimate. After taking into consideration the pounds produced to the data cutoff of March 31 2015, the Measured Resource for MU1 increased by 1.329 million pounds to a revised total of 3.757 million pounds, a 55% increase to the last reported MU1 resource in the 2013 Lost Creek PEA. As well, the analysis completed following the first portion of an exploration drilling program conducted immediately south and adjacent to the production area resulted in identification of 121,000 pounds U3O8 in the Measured and Indicated categories of mineral resource and 296,000 pounds Inferred mineral resource (both based upon the lowered GT cutoff). The revised and updated mineral resource estimate became a part of an updated NI 43-101 Technical Report for Lost Creek Property, issued June 17, 2015.

During the six months ended June 30, 2015, 399,548 pounds of U3O8 were captured within the Lost Creek plant. 360,915 of those pounds were packaged in drums and 351,177 pounds of the drummed inventory were shipped to the conversion facility where 350,000 pounds were sold to utility customers.

Inventory, production and sales figures for the Lost Creek Project are presented in the following tables.

The cost of sales includes ad valorem and severance taxes related to the extraction of uranium, all costs of wellfield, plant and site operations including the related depreciation and amortization of capitalized assets, reclamation and mineral property costs, plus product distribution costs. These costs are also used to value inventory and the resulting inventoried cost per pound is compared to the estimated sales prices based on the contracts or spot sales anticipated for the distribution of the product. Any costs in excess of the calculated market value are charged to cost of sales.

Continuing Guidance for 2015

We accelerated the timing of one delivery of 200,000 pounds from September to April 2015. To fulfill the delivery, we purchased 200,000 pounds from a trader at the then current spot price. This generated net cash proceeds of approximately $4.0 million and lowered our production requirements for the year by 200,000 pounds. Nevertheless, our current production plan for 2015 is still to maintain an average production rate of approximately 70,000 pounds per month and produce between 750,000 and 850,000 pounds of U3O8. Excess production will be used to build inventory, which may be utilized to complete discretionary spot sales transactions on an as needed basis if market conditions warrant. The production rate may be adjusted based on continuing operational refinements, and indicators in the market, including uranium spot market pricing and other factors. The Q3 2015 production target for Lost Creek is 210,000 pounds U3O8 dried and drummed.

We ended the quarter with 96,320 pounds of dried and drummed U3O8 in ending inventory. Of those, 66,314 pounds were held at the conversion facility at a total cost per pound of $27.37. The total cost per pound was comprised of ad valorem and severance taxes ($2.30), cash costs ($15.48) and non-cash costs ($9.59), thus demonstrating a continuing trend of lower costs per pound as we gradually increase production towards are targeted rates. We expect this trend to continue so long as our production levels continue to rise and our costs remain consistent.

As at July 30, 2015, our unrestricted cash position was $3.6 million.

Our Form 10-Q may be accessed on the Company's website at www.ur-energy.com.

August 4, 2015 Webcast

The Ur-Energy management team will provide a review of the 2015 second quarter operations and sales, corporate strategy and guidance via a webcast on August 4, 2015. A Q&A session will follow the presentation. Those wishing to participate by phone can do so by calling:

US Number 1-877-226-2859

Canada Number 1-866-605-3851

International Number 1-412-542-4134

Ask to be joined into the Ur-Energy call.

The call is being webcast by PR Newswire. The webcast can be accessed 10 minutes prior to the call. Pre-registration and participation access is available by copying the following URL into your web browser:

https://www.webcaster4.com/Webcast/Page/1186/9654

If you are unable to join the call, a link will be available following the webcast on the Company's website www.ur-energy.com.

About Ur-Energy

Ur-Energy is a uranium mining company operating the Lost Creek in-situ recovery uranium facility in south-central Wyoming. The Lost Creek processing facility has a two million pounds per year nameplate design capacity. Shirley Basin, our newest project, is one of the Pathfinder Mines assets we acquired in 2013. Baseline studies necessary for permitting and licensing of the project are currently being advanced. 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. Shares of Ur-Energy trade on the NYSE MKT under the symbol "URG" and on the Toronto Stock Exchange under the symbol "URE." Ur-Energy's corporate office is located in Littleton, Colorado; its registered office is in Ottawa, Ontario. Ur-Energy's website is www.ur-energy.com.

FOR FURTHER INFORMATION, PLEASE CONTACT

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., results of production and continued efforts to ramp up production at the Lost Creek facility; ability to meet production targets, continue to lower cost per pound, and to timely deliver into existing contractual obligations; ability to deliver into spot sales if the market conditions warrant) 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. 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.sedar.com 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.

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