EXHIBIT 96.1

This S-K 1300 Initial Assessment Mineral Resource Report of the “LOST CREEK ISR URANIUM PROPERTY, SWEETWATER COUNTY, WYOMING, USA” dated March 4, 2024 has been prepared under the supervision of, and signed by the following Qualified Persons:

Prepared under the Supervision of:

WWC Engineering

1849 Terra Avenue

Sheridan, WY 82801

USA

Report Prepared for:

10758 W. Centennial Road

Suite 200

Littleton, CO 80127

TABLE OF CONTENTS

1.0	EXECUTIVE SUMMARY					1
2.0	INTRODUCTION					9
	2.1	Registrant				9
	2.2	Terms of Reference				9
	2.3	Information Sources and References				9
	2.4	Inspection of the Property by Each Qualified Person				10
		2.4.1	QP Qualifications			10
	2.5	Previous Technical Report Summaries				10
3.0	PROPERTY DESCRIPTION AND LOCATION					11
	3.1	Location and Size				11
	3.2	Mining Claims, Mineral Leases and Surface Use Agreements				16
	3.3	Title to Property				20
		3.3.1	Property Boundaries			20
	3.4	Royalties, Taxes and Fees				20
	3.5	Significant Encumbrances or Risks to Perform Work on the Property				21
		3.5.1	Environmental Liabilities			21
		3.5.2	Existing and Required Permits			21
		3.5.3	Significant Risks that May affect Access, Title, or Right to Perform Work			22
4.0	ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY					23
	4.1	Physiography				23
	4.2	Means of Access				23
	4.3	Proximity to Population Centers				23
	4.4	Climate and Operating Season				24
	4.5	Property Infrastructure				24
		4.5.1	Water Supply			25
5.0	HISTORY					26
	5.1	Ownership History				26
		5.1.1	Ownership History of Lost Creek Project			26
		5.1.2	Ownership History of Adjoining Projects			27
			5.1.2.1	LC East		27
			5.1.2.2	LC North		27
			5.1.2.3	LC South		28
			5.1.2.4	LC West		28
			5.1.2.5	EN		28

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TABLE OF CONTENTS (Continued)

	5.2	Exploration History				28
	5.3	Previous Mineral Resource Estimates and Their Reliability				30
	5.4	Production History				30
6.0	GEOLOGICAL SETTING AND MINERALIZATION					32
	6.1	Regional Geology				32
	6.2	Project Geology				32
	6.3	Stratigraphy				37
	6.4	Mineralization of the Lost Creek Property				41
	6.5	DEPOSIT TYPE				43
7.0	EXPLORATION					46
	7.1	Drilling				46
		7.1.1	Historic Drilling			46
			7.1.1.1	Lost Creek Project: Drilling History		46
			7.1.1.2	LC East Project: Drilling History		47
			7.1.1.3	LC North Project: Drilling History		47
			7.1.1.4	LC South Project: Drilling History		48
			7.1.1.5	LC West Project: Drilling History		48
			7.1.1.6	EN Project: Drilling History		48
		7.1.2	Drilling By URE			48
	7.2	Hydrogeology				49
		7.2.1	Hydraulic Properties			50
		7.2.2	QP Comment on Results			52
	7.3	Geotechnical Data, Testing, and Analysis				52
	7.4	Disequilibrium				52
8.0	SAMPLE COLLECTION, PREPARATION, ANALYSIS AND SECURITY					54
	8.1	Down-hole Geophysical Logging				54
	8.2	Coring				55
	8.3	Drill Cuttings				55
	8.4	Analyses and Security				55
	8.5	Quality Control Summary				56
	8.6	Opinion on Adequacy				56

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TABLE OF CONTENTS (Continued)

9.0	DATA VERIFICATION					57
10.0	MINERAL PROCESSING AND METALLURGICAL TESTING					58
11.0	MINERAL RESOURCE ESTIMATES					59
	11.1	Assumptions				59
	11.2	Mineral Resource Estimates				59
		11.2.1	Cutoff Selection			59
		11.2.2	Resource Classification			60
		11.2.3	Methodology			61
			11.2.3.1	Fundamentals		61
			11.2.3.2	Mineral Intercepts		62
			11.2.3.3	GT Contouring and Resource Estimation		62
	11.2.4	Summary of Resources				64
	11.2.5	Resource Estimation Auditing				66
	11.2.6	Mineral Resource Estimate Risk				67
12.0	MINERAL RESERVE ESTIMATES					68
13.0	MINING METHODS					68
	13.1	Mineral Deposit Amenability				68
	13.2	Mine Development				68
	13.3	Piping				73
	13.4	Header Houses				73
	13.5	Wellfield Reagents, Electricity				73
	13.6	Mining Fleet Equipment and Machinery				73
	13.7	Mining Personnel				73
14.0	PROCESSING AND RECOVERY METHODS					74
	14.1	Plant Processing				74
	14.2	Energy, Water and Process Materials				76
	14.3	Liquid Disposal				77
	14.4	Solid Waste Disposal				77
	14.5	Plant Personnel				77

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TABLE OF CONTENTS (Continued)

15.0	PROJECT INFRASTRUCTURE					78
	15.1	Roads				78
	15.2	Laboratory Equipment				78
	15.3	Electricity				78
	15.4	Water				80
	15.5	Holding Ponds				80
16.0	MARKET STUDIES AND CONTRACTS					81
17.0	ENVIRONMENTAL STUDIES, PERMITTING, SOCIAL OR COMMUNITY IMPACT					82
	17.1	Environmental Studies				82
		17.1.1	Background Radiological Characteristics			82
		17.1.2	Threatened, Endangered, or Candidate Species			83
		17.1.3	Cultural and Historic Resources			84
		17.1.4	Visual and Scenic Resources			84
		17.1.5	Byproduct Disposal			84
	17.2	Permitting Requirements, Permit Status, Financial Assurance				84
		17.2.1	Financial Assurance			84
		17.2.3	Site Monitoring			85
	17.3	Community Affairs				85
	17.4	Project Closure				86
		17.4.1	Well Abandonment / Groundwater Restoration			86
		17.4.2	Demolition and Removal of Infrastructure			86
		17.4.3	Site Grading and Revegetation			86
	17.5	Adequacy of Current Plans				86
18.0	CAPITAL AND OPERATING COSTS					87
	18.1	Capital Cost Estimation (CAPEX)				87
	18.2	Operating Cost Estimation (OPEX)				87
	18.3	Adequacy of Cost Estimates				90
	18.4	Wellfield Development Costs				90
19.0	ECONOMIC ANALYSIS					91
	19.1	Assumptions				91
	19.2	Cash Flow Forecast and Production Schedule				92
	19.3	Taxation				95
	19.4	Sensitivity Analysis				95

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TABLE OF CONTENTS (Continued)

20.0	ADJACENT PROPERTIES					97
21.0	OTHER RELEVANT DATA AND INFORMATION					97
22.0	INTERPRETATION AND CONCLUSIONS					98
	22.1	Conclusions				98
	22.2	Risk Assessment				98
		22.2.1	Resource and Recovery			98
		22.2.2	Markets and Contracts			99
		22.2.3	Operations			100
23.0	RECOMMENDATIONS					101
	23.1	Continued Wellfield Development				101
	23.2	Continued Permitting				101
24.0	REFERENCES					102
25.0	RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT					105
26.0	DATE AND SIGNATURE PAGES					105

LIST OF TABLES

Table 1.	Lost Creek Property – Resource Summary		4
Table 2.	Summary of Economics		5
Table 3.	Cash Flow Summary		7
Table 4.	Drill Hole Summary – Historical and Recent		29
Table 5.	Previous Resource Estimates		31
Table 6.	KM Horizon - Leach Test Results, 2010		58
Table 7.	Lost Creek Property Resources, by Project		65
Table 8.	Development Summary by Resource Area		71
Table 9.	Annual Operating Costs (OPEX) Summary		88
Table 10.	Annual Operating Costs (OPEX) Details		89
Table 11.	Cash Flow Statement ($US 000s)		93
Table 12.	Cash Flow Detail ($US 000s)		94
Table 13.	Net Present Value Discount Rate Sensitivity and IRR		95

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TABLE OF CONTENTS (Continued)

LIST OF FIGURES

Figure 1.	General Location Map		2
Figure 2.	Site Access, Lost Creek Property		12
Figure 3a.	Lost Creek Project Surface and Mineral Ownership		13
Figure 3b.	LC East Project Surface and Mineral Ownership		14
Figure 3c.	LC North Project Surface and Mineral Ownership		15
Figure 3d.	LC South Project Surface and Mineral Ownership		17
Figure 3e.	LC West Project Surface and Mineral Ownership		18
Figure 3f.	EN Project Surface and Mineral Ownership		19
Figure 4.	Geologic Map of the Great Divide Basin		33
Figure 5.	Schematic Geologic Cross Section, Lost Creek Project		34
Figure 6.	Stratigraphic Chart of Lost Creek Project Specific Geology		35
Figure 7.	Type Log for the Lost Creek Project		36
Figure 8a.	Stratigraphic Cross Section A-A’		39
Figure 8b.	Stratigraphic Cross Section B-B’		40
Figure 9.	Resource Map for the Lost Creek Property		42
Figure 10.	Conceptual Uranium Roll Front Deposit		45
Figure 11.	GT Contour Resource Polygon		64
Figure 12.	Resource Areas – Lost Creek Property		70
Figure 13.	Life of Mine Schedule		72
Figure 14.	Process Flow Diagram		75
Figure 15.	Lost Creek Property Existing Infrastructure		79
Figure 16.	Pre-tax NPV Sensitivity to Price, OPEX and CAPEX		96
Figure 17.	Post-Tax NPV Sensitivity to Price, OPEX and CAPEX		96

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LIST OF ABBREVIATIONS

AEC	U.S. Atomic Energy Commission
ALARA	As Low As Reasonably Achievable
AQD	Air Quality Department
bgs	Below ground surface
BLM	U.S. Bureau of Land Management
CAPEX	Capital Expenditure
COC	Chain of Custody
DDCT	Density Disturbance Calculation Tool
DDW(s)	Deep Disposal Well(s)
DEF	Disequilibrium Factor
DOE	U.S. Department of Energy
eU3O8	equivalent eU3O8 as measured by a calibrated gamma instrument
EMC	Energy Metals Corporation
EMT	East Mineral Trend, located within the LC East Project
EPA	U.S. Environmental Protection Agency
ESA	Endangered Species Act
ft.	Feet
FTE	Full Time Equivalent
GDB	Great Divide Basin
GIS	Geographic Information System
gpm	Gallons Per Minute
GT	Grade x Thickness product (% ft.) of a uranium intercept (expressed without units)
HDPE	High density polyethylene pipe
HH(s)	Header house(s)
HPU	High Plains Uranium, Inc.
ICP	Inductively Coupled Plasma
ISL	In Situ Leach
ISR	In Situ Recovery
IRR	Internal Rate of Return
IX	Ion Exchange
K	Thousand
kWh	Kilowatt-hours
LC	Lost Creek ISR, LLC, operating company for Lost Creek Project; wholly-owned subsidiary of Ur-Energy Inc.
lbs.	Pounds
LoM	Life of Mine
M	Million
MMT	Main Mineral Trend, located within Lost Creek Project
MOU	Memorandum of Understanding
MU1	Mine Unit 1, Lost Creek Project
MU2	Mine Unit 2, Lost Creek Project
NI 43-101	Canadian National Instrument 43-101 (Standards of Disclosure for Mineral Projects)
NPV	Net Present Value
NRC	U.S. Nuclear Regulatory Commission
OPEX	Operating Expenditure
PEA	Preliminary Economic Assessment (per NI 43-101)

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LIST OF ABBREVIATIONS (Continued)

PFN	Prompt Fission Neutron, logging technology
PNC	Power Nuclear Corporation
PVC	Polyvinyl chloride pipe
QP	Qualified Person or QP Firm
R	Range
RA	Resource Area
SBS	Sage Brush Shale
S-K 1300	Regulation S-K Subpart 1300, “Modernization of Property Disclosures for Mining Registrants”
SME	Society for Mining, Metallurgy & Exploration
SR	State Route
T	Township
T&E	Threatened and Endangered Species
U	Uranium in its natural isotopic ratios
U1	Uranium One Americas, Inc.
UIC	Underground Injection Control (pursuant to U.S. EPA regulations)
URE	Ur-Energy Inc.
URP	Uranium Recovery Program
U.S.	United States
USFWS	U.S. Fish and Wildlife Service
U3O8	A standard chemical formula commonly used to express the natural form of uranium mineralization. U represents uranium and O represents oxygen.
235U	Uranium isotope with an atomic mass of 235
WDEQ	Wyoming Department of Environmental Quality WY Wyoming
WGFD	Wyoming Game and Fish Division

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1.0 EXECUTIVE SUMMARY

This S-K 1300 Technical Report Summary (Report) for the Lost Creek Property (the Property) has been prepared for Ur-Energy Inc. (URE) and its subsidiaries, Lost Creek ISR, LLC (LC) and NFU Wyoming, LLC under the supervision of Western Water Consultants, Inc., d/b/a WWC Engineering (WWC), pursuant to Regulation S-K Subpart 1300, “Modernization of Property Disclosures for Mining Registrants” (S-K 1300). Its objective is to evaluate the technical and economic viability of the Property using the most current scientific, engineering and technical information. This Report covers resource calculations from drilling activities and production operations information through December 31, 2023.

The Lost Creek PROPERTY represents the composite of six individual contiguous PROJECTS:

	·	Lost Creek Project,
	·	LC East Project,
	·	LC West Project,
	·	LC North Project,
	·	LC South Project, and
	·	EN Project

The licensed and operating Lost Creek Project is considered the core project while the others are collectively referred to as the Adjoining Projects. The Adjoining Projects were acquired by URE as exploration targets to provide resources supplemental to those recognized at the Lost Creek Project. Most were initially viewed as stand-alone projects but expanded over time such that collectively they now represent a contiguous land position and mineral property along with the Lost Creek Project. The Lost Creek Property is in the northeast corner of Sweetwater County, approximately 90 miles southwest of Casper, Wyoming. Current total acreage is approximately 35,400 acres of federal mineral claims and state of Wyoming mineral leases (Figure 1).

The Property is situated in the northeastern part of the Great Divide Basin (GDB), which is underlain by up to 25,000 ft. of Paleozoic to Quaternary sedimentary units. Rock outcrops in the GDB are dominated by the Battle Spring Formation of Eocene age, which also hosts the uranium mineralization considered in this Report. The dominant lithology in the Battle Spring Formation is coarse arkosic sandstone, interbedded with intermittent mudstone, claystone and siltstone. Deposition occurred as alluvial-fluvial fan deposits within a south-southwest flowing paleo-drainage.

Exploration in the Lost Creek region started in the mid-1960s. Several companies explored portions of the current Property during this early period and continued to advance the uranium discoveries until 1983 when market conditions declined. New Frontiers Uranium, LLC acquired the Lost Creek Project in 2000 and held it until 2005 when Ur-Energy USA Inc. purchased 100 percent ownership of the property through the purchase of a wholly owned company, NFU Wyoming, LLC.

Uranium mineralization occurs as roll front type deposits formed where uranium precipitated from oxidizing groundwater when it contacted reduced host rock. The majority of known, potentially recoverable uranium throughout the Property occurs within two major mineralized trends. The Main Mineral Trend (MMT) lies within the Lost Creek Project and the East Mineral Trend (EMT) occurs in the LC East Project. The main mineralized stratigraphic intervals are identified by URE as the HJ and KM Horizons of the Battle Spring Formation.

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Additional uranium has been identified in the overlying FG and DE Horizons and in the underlying Deep Horizons.

Construction of the Lost Creek plant and installation of Mine Unit 1 (MU1) was initiated in October 2012. Production operations in MU1 within the HJ Horizon began on August 2, 2013, and, through December 31, 2023, 2.838 million pounds of U₃O₈ have been produced from the originally planned 13 header houses (HHs) in MU1 and the first five planned HHs in Mine Unit 2 (MU2). For this Report, to accurately reflect existing resources, all resources produced through December 31, 2023 have been subtracted from total Measured resources from the HJ Horizon in MU1 and MU2. All the wells to support the originally planned 13 HHs for MU1 have been completed, and surface installations installed, as have the first five HHs in MU2. All monitor ring wells have been installed and pump tested in MU2. The Lost Creek Project has returned to commercial operations, following a ramp-up decision in December 2022.

The existing plant, wellfields, and disposal wells are all fully permitted with the appropriate authorities.  Additionally, URE has received approval from the U.S. Bureau of Land Management (BLM) and Wyoming Department of Environmental Quality (WDEQ) Uranium Recovery Program (URP) for production in the HJ and KM Horizons within the LC East Project and to authorize production from additional HJ mine units within the EMT in the Lost Creek Project. Upon approval of an amendment of the Permit to Mine, URE will be able to pursue production in the KM and HJ Horizons at the LC East Project and additional HJ Units at the Lost Creek Project. The amendment is anticipated to be approved in 2024 H1.

The mineral resource estimate for the Property is 12.682 million pounds in the Measured and Indicated categories, and 6.119 million pounds eU₃O₈ in the Inferred category. Lost Creek has produced 2.838 million pounds U₃O₈ as of December 31, 2023. The mineral resource reported here has been reduced to account for production to date. The resource estimate is summarized in Table 1.

The QP firm (QP), is of the opinion that the classification of the resources as stated meets the established professional standards and guidelines for reporting mineral resources for the purposes of S-K 1300. The mineral resource estimates in this Report, based on historical and URE drilling, were reviewed and accepted by the QP.

The majority of resources within the Property have been geographically allocated to 12 designated Resource Areas (RAs) which represent the accumulation of resources within a given horizon in a given area. Economic analyses in this Report are performed solely on these designated areas, due to the vertical and lateral continuity of the resources. RAs represent precursors to potential mine units (wellfields).

To date, RAs 1 and 2 have been converted to MU1 and MU2, respectively. Currently, approximately 78 percent of the total Property resources, as presented in Table 1, are contained within RAs.

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Table 1. Lost Creek Property – Resource Summary

	Measured			Indicated			Inferred
Project	Avg Grade % eU3O8	Short Tons (X 1000)	Pounds (X 1000)	Avg Grade % eU3O8	Short Tons (X 1000)	Pounds (X 1000)	Avg Grade % eU3O8	Short Tons (X 1000)	Pounds (X 1000)
LOST CREEK	0.049	10,032	9,819	0.046	2,699	2,503	0.045	2,834	2,527
Production through 12/31/2023	0.049	-2,896	-2,838
LC EAST	0.052	1,401	1,465	0.042	1,883	1,568	0.042	2,954	2,481
LC NORTH	—	—	—	—	—	—	0.045	644	581
LC SOUTH	—	—	—	0.037	221	165	0.039	637	496
LC WEST	—	—	—	—	—	—	0.109	16	34
EN	—	—	—	—	—	—	—	—	—
GRAND TOTAL	0.049	8,537	8,446	0.044	4,803	4,236	0.043	7,085	6,119
			MEASURED + INDICATED =		13,340	12,682

1.	Sum of Measured and Indicated tons and pounds may not add to the reported total due to rounding.
2.	% eU3O8 is a measure of gamma intensity from a decay product of uranium and is not a direct measurement of uranium. Numerous comparisons of eU3O8 and chemical assays of Lost Creek rock samples, as well as PFN logging, indicate that eU3O8 is a reasonable indicator of the chemical concentration of uranium.
3.	Table shows resources based on grade cutoff of 0.02 % eU3O8 and a grade x thickness cutoff of 0.20 GT.
4.	Measured, Indicated, and Inferred Mineral Resources as defined in 17 CFR § 229.1300.
5.	Resources are reported through December 31, 2023.
6.	All reported resources occur below the static water table.
7.	2.838 million lbs. of U3O8 have been produced from the HJ Horizon in the Lost Creek Project as of December 31, 2023.
8.	Mineral resources that are not mineral reserves do not have demonstrated economic viability.
9.	The point of reference for resources is in situ at the Property.

Cautionary statement: This Report is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is increased risk and uncertainty to commencing and conducting production without established mineral reserves that may result in economic and technical failure which may adversely impact future profitability. The estimated mineral recovery used in this Report is based on recovery data from wellfield operations to date, as well as Ur-Energy personnel and industry experience at similar facilities. There can be no assurance that recovery at this level will be achieved.

The QP has assumed that URE’s operations at the Property will be conducted in conformance with applicable laws, regulations and requirements of federal, state and local agencies. It is also assumed that organization and management controls have been and will continue to be established to ensure compliance with applicable regulations and to implement URE’s policy for providing a safe working environment including the philosophy of maintaining radiation exposures As Low As Reasonably Achievable (ALARA).

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The resources identified and evaluated have been added to the Lost Creek production plan and continue to support the possible economics of the Property. Using the estimated capital expenses (CAPEX), operating expenses (OPEX) and closure costs presented herein, a cash flow statement has been developed. The statement assumes no escalation, and no debt, interest or capital repayments. It also does not include depreciation. It should be noted that Lost Creek ISR, LLC is the recipient of a State of Wyoming Taxable Industrial Development Revenue Bond, as amended from time to time. Debt interest and repayment of this bond is not included in the economic analysis. This information is summarized in the following Table 2.

Table 2. Summary of Economics

Economic Parameter		Units		Pre-income Tax				Post-income Tax
Initial CAPEX 1		US$ 000s		$	-			$	-
Sustaining CAPEX		US$ 000s		$	25,965			$	25,965
LoM OPEX		$ / Lb		$	16.73			$	16.73
Income Taxes		$ / Lb		$	-			$	10.30
Total Cost per Pound		$ / Lb		$	39.72			$	50.02
Production		Lb 000s			11,664				11,664
Net Cash Flow		US$ 000s		$	424,434			$	303,586
NPV 8%		US$ 000s		$	225,526			$	165,573
IRR (adjusted for Undepreciated Initial Capital) 2		%			81.8	%			77.1	%

1.	Initial capital costs of $46.5 million were incurred and expended prior to the starting date of this economic analysis. Because there are no additional cash expenditures required for initial capital, they are therefore excluded from the cash flow and NPV calculations.
2.	As of December 31, 2023, Lost Creek had $26 million of undepreciated, initial and sustaining capital assets that will be charged against operations over time. By including the undepreciated, initial capital assets, an IRR can be calculated. Without these costs, an IRR cannot be calculated.

The economic analyses presented herein provide the results of the analyses for pre-income tax and post-income tax, which includes U.S. federal and Illinois state income taxes. There is no State of Wyoming income tax, and all sales are assumed to take place in Illinois where the conversion facility is located. The only difference between the two scenarios is the value of the estimated income taxes. All other sales, property, use, severance and conservations taxes as well as royalties are included in both scenarios. Both economic analyses presented herein assume no escalation and no debt, interest or capital repayments. Ur-Energy USA Inc. files consolidated federal tax returns in the United States and had approximately $110.7 million in tax loss carry forwards as of December 31, 2023. URE does not anticipate paying any significant federal income taxes until the existing, and any future, tax loss carry forwards are utilized. In addition, reclamation costs can be deducted in the early years of the Property, thus also pushing out the tax liability.

Where known, uranium price is based on pricing for expected sales under existing and negotiated sales contracts. Pricing assumptions are then supplemented by calculating a simple average of (a) the annual average of the projections of Cantor Fitzgerald Canada Corporation, September 26, 2023; Roth MKM, October 10, 2023; PI Financial Corp. October 6, 2023 and (b) UxC, LLC Q4 2023 Market Outlook (Mid Price Scenario Projection from 2023 to 2040) (UxC, LLC Q4 2023), as further discussed in Chapters 16 and 24. UxC is a leading independent nuclear industry market research and analysis company that publishes comprehensive market outlook reports for uranium which include future price projections.

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The revenue for the cash flow estimate was developed using the GT contour mineral resource estimate for the MMT and EMT, and further assumed that, based on an 80 percent recovery factor, approximately 11.7 million pounds of U₃O₈ will be recovered from the MMT and EMT at the Property.

Remaining CAPEX costs are for sustaining capital requirements at the mine site and for the installation of a wastewater treatment building to optimize wastewater reduction. The remaining sustaining capital is for the replacement of equipment that will be used in future operations of the plant and the wellfields. In addition, costs are included in the wellfield development portion of this analysis for the installation of one additional Underground Injection Control (UIC) Class I deep disposal well (DDW) which is currently being installed. The sustaining capital estimate is based on the actual previous purchases of the same equipment and/or vendor prices, thus the predicted level of accuracy of the sustaining capital estimate is +/- 10 percent.

URE purchased and paid for the processing plant and much of the first mine unit prior to the commencement of operations in 2013. In addition, prior to this economic analysis additional wellfield and plant upgrades have been completed. Those initial capital costs totaled approximately $46.5 million and are not included in this economic analysis because they were previously incurred.

OPEX cost estimates were developed by evaluating each process unit operation and associated operating services (power, water, air, waste disposal), infrastructure (offices, shops), salary plus burden, and environmental control (heat, air conditioning, monitoring). The OPEX estimate is based on URE’s current operating costs, budgets, development plan, deliverables, process flow sheets, process design, materials balance and project manpower schedule. The annual OPEX is provided in Chapter 18.

Construction of the plant and MU1 began in October 2012. Plant construction was completed in the third quarter of 2013. Wellfield drilling and construction activities have been completed to various levels with the majority of the work occurring in the MU1 and the areas of the first five HHs in MU2, two of which came online in 2023.

Subsequent to initial capital purchases, all other installation costs have been expensed. These include additional construction in MU1, installation of the monitor well ring in MU2 and drilling and construction of a DDW. The Net Present Value (NPV) calculations assume that cash flows occur in the middle of the accounting periods. The NPV is calculated from the discounted cash flow model and is based on the CAPEX, OPEX and closure cost estimates, a variable future uranium price and the anticipated production schedule. Payback of the initial capital investments, including $18.2 million in sunk costs which occurred prior to the beginning of this analysis, is estimated during the third quarter of 2026. A summary of the current project economics is presented below in Table 3 and is discussed in more detail in Chapter 19.

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Approximately 26.7 percent of the resources in the economic analysis were inferred resources. Inferred resources are resources that are considered too speculative geologically to have modifying factors applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that this economic assessment will be realized. To account for the chance that the inferred resources are not upgraded as mining progresses and URE collects additional drilling data, a second economic analysis was prepared which excluded the inferred resources. The estimated recovery excluding the inferred resources was 8.8 million pounds. Without the inferred resources the Property is estimated to generate net cash flow over its life, before income tax, of $271.7 million and $204.6 million after income tax. Without the inferred resources the calculated before tax IRR is 80.8 percent and a before tax NPV of $162.2 million applying an eight percent discount rate. When income taxes are included in the calculation without inferred resources, the after-tax IRR is 76.8 percent and the after tax NPV is $125.5 million applying an eight percent discount rate. Without the inferred resources LoM total costs are estimated at approximately $42.30 per pound of U₃O₈ produced including royalties and local taxes. Income taxes are estimated to be $7.54 per pound.

Table 3. Cash Flow Summary

Cash Flow Line Items		Units		Total				US$ per Pound
Pounds produced		Lbs			11,663,878
Pounds sold		Lbs			11,729,946
Sales		US$ 000s		$	891,072			$	75.97
Royalties		US$ 000s		$	(637	)		$	(0.05	)
Net sales		US$ 000s		$	890,435			$	75.92
Wyoming severance tax		US$ 000s		$	(22,318	)		$	(1.90	)
Sweetwater ad valorem tax		US$ 000s		$	(29,997	)		$	(2.56	)
Operating costs (see Table 9)		US$ 000s		$	(196,431	)		$	(16.73	)
Wellfield development		US$ 000s		$	(190,558	)		$	(16.25	)
Exploration cost		US$ 000s		$	-			$	-
Sweetwater County property tax		US$ 000s		$	(732	)		$	(0.06	)
Working capital changes		US$ 000s		$	-			$	-
Project cash flow		US$ 000s		$	450,399			$	38.42
Initial capital		US$ 000s		$	-			$	-
Sustaining capital		US$ 000s		$	(25,965	)		$	(2.21	)
Net cash flow before tax		US$ 000s		$	424,434			$	36.21
Federal income tax		US$ 000s		$	(84,267	)		$	(7.18	)
State income tax		US$ 000s		$	(36,581	)		$	(3.12	)
Net cash flow after tax		US$ 000s		$	303,586			$	25.91

1.	Production is based on an 80% recovery of the total of Measured, Indicated and Inferred resources in the 12 RAs of the MMT and EMT.
2.	Where known, uranium price is based on pricing for expected sales under existing and negotiated sales contracts. Pricing assumptions are then supplemented by calculating a simple average of (a) the annual average of the projections of Cantor Fitzgerald Canada Corporation, September 26, 2023; Roth MKM, October 10, 2023; PI Financial Corp. October 6, 2023 and (b) UxC, LLC Q4 2023. See also Chapter 16.
3.	Wellfield development includes wellfield drilling and wellfield construction costs.
4.	Working capital changes are primarily related to annual cash flow timing differences in accounts receivable and accounts payable and totals to zero.
5.	Pounds sold exceeds pounds produced due to existing inventories.

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The QP finds the Property is potentially viable based upon the assumptions contained herein. There is no certainty that the mineral recovery or the economic analyses presented in this Report will be realized. In order to realize the full potential benefits described in this Report, the following activities, as discussed in Chapter 23 (Recommendations), are suggested:

	·	Continue development and drilling in future mine units to maintain the production pipeline and ensure uninterrupted production.
	·	Complete the permit amendment process for the required permits and approvals for additional HJ production at Lost Creek and production from the HJ and KM Horizons at LC East.
	·	URE should continue permitting efforts for the KM Horizon at Lost Creek and should also consider initiating the permitting process for the FG Horizon at the Property.
	·	Renew exploration activities to test resource expansion potential across additional geographical areas of the Property and for all horizons, including the deeper horizons.
	·	Continue with delineation and development drilling and related regulatory actions necessary to add additional horizons at Lost Creek and LC East and advance the Adjoining Projects to prepare for development of future wellfields to recover uranium at the Property.
	·	URE should complete its pre-construction design, engineering work, and installation of wastewater management processes and procedures with the goal of concentrating and minimizing RO brine production and maximizing permeate output.
	·	URE has a history of innovative research and development (R&D) projects that lower costs, improve operations, and minimize impacts of ISR operations. URE should continue evaluating opportunities to decrease costs and increase efficiencies, including related to its well installation technology.

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2.0 INTRODUCTION

2.1 Registrant

WWC has been retained by URE to prepare this Report for the Property, which includes the Lost Creek Project and the Adjoining Projects located in northeastern Sweetwater County in south-central Wyoming, USA. This Report has been prepared in accordance with the guidelines set forth under S-K 1300 for the submission of technical reports on mineral properties. This Report also presents a validation of the estimate of Measured, Indicated and Inferred Mineral Resources as defined in S-K 1300 (17 CFR §229.1300). Estimates of Mineral Reserves were not prepared. Property economics and related analyses were also updated from earlier such analyses.

URE was incorporated on March 22, 2004 and is engaged in the identification, acquisition, evaluation, exploration, development and operation of uranium properties in the United States. URE is incorporated in Canada with principal executive offices located at 10758 West Centennial Road, Suite 200, Littleton, CO 80127. URE’s uranium mineral property portfolio includes properties in the Great Divide Basin, the Shirley Basin, and the Gas Hills mining districts of Wyoming.

2.2 Terms of Reference

This Report was prepared to disclose the updated results of mineral resource estimations for the Property prompted by development activities through December 31, 2023. Property economics and related analyses were also updated from earlier such analyses.

2.3 Information Sources and References

The information and data presented in this Report were gathered from various sources listed in Chapters 24 and 25. Technical information was provided to WWC by URE and includes data from other professional consultants and follows generally accepted uranium ISR practices. Mineral resource estimates are based on exploration, delineation and production drilling, and associated data, provided by URE and reviewed by WWC.

The wellfield design was provided by URE with associated numbers and locations of wells and HHs. It includes the as-built design in MU1 and MU2 as well as anticipated wellfield layout for future development. The cost estimates presented here are based on wellfield layouts, process flow diagrams, tank and process equipment and buildings currently installed at the Property, personnel and capital equipment requirements provided by URE.

Units of measurement, unless otherwise indicated, are feet (ft.), miles, acres, pounds avoirdupois (lbs.), and short tons (2,000 lbs.). Uranium is expressed as pounds U₃O₈, the standard market unit. All references to dollars ($) are in U.S. dollars. Grades reported for historical resources and the mineral resources reported and used herein are percent eU₃O₈ (equivalent U₃O₈ by calibrated gamma geophysical logging unit). ISR refers to in situ recovery, sometimes also termed ISL or in situ leach. A complete list of abbreviations is provided on pages vii-viii.

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2.4 QP Inspection of the Property

WWC professionals have most recently visited the site on January 23, 2024. The purpose of the site visit was to observe the geography and geology of the Project site, verify work done at the site by URE, observe the potential locations of Project components; confirmation drilling and other site activities and renewed production operations; and to confirm existing site infrastructure including installed wellfields, plant facilities and equipment.

2.4.1 QP Qualifications

Completion of this Report was under the direction and supervision of WWC. WWC is a third-party QP as defined by Regulation S-K 1300. Additionally, WWC has approved the technical disclosure contained in this Report.

2.5 Previous Technical Report Summaries

A previous Amended Technical Report Summary current as of December 31, 2021 and dated September 19, 2022 was completed for the Property. Additionally reports meeting Canadian National Instrument 43-101 (NI 43-101) standards were previously prepared by and for URE and are referenced in this report.

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3.0 PROPERTY DESCRIPTION AND LOCATION

3.1 Location and Size

The Property is located in the northeastern corner of Sweetwater County in south-central Wyoming. As shown on Figure 1, the Property is in an unpopulated area located approximately 15 miles southwest of Bairoil, Wyoming, about 38 miles northwest of Rawlins, Wyoming and about 90 miles southwest of Casper, Wyoming. It is centered at approximately 42 degrees, 8.06 minutes North latitude and 107 degrees, 51.7 minutes West longitude. All references herein to Township and Range occur within the 6th Prime Meridian.

The Lost Creek plant is constructed and operating. Production well installation for the originally designed 13 HHs in MU1 is complete and production operations have occurred in all 13 HHs. Additionally, the first five HHs of MU2 have been constructed and are operational. Additional HHs will be developed in both mine units and additional recovery areas, as production requirements warrant. Five DDWs are permitted for the Lost Creek Project, of which four have been drilled to date. Two remain operational after one DDW was plugged and abandoned, and the fourth, drilled in 2023, is being completed at the date of this report. Shallow UIC Class V wells for water recycling were permitted, drilled and have been in operation since 2017. Associated access roads have been constructed. URE has also installed numerous monitoring and other wells in support of its permit and license applications and to further mine planning. Various other infrastructure, including wells, water tanks, ponds, a meteorological station, and other equipment, has been placed on the Property by URE in support of its mining, development, exploration, and permit/license activities.

The Property currently comprises six individual Projects named the Lost Creek, LC East, LC North, LC South, LC West, and EN Projects (Figure 2) located over approximately 35,400 acres. The Lost Creek Project is considered the core project, with current production occurring in MU1 and MU2. The other five Projects, collectively referred to as the Adjoining Projects, are extension and exploration properties targeted as possible sources of additional feed to the Lost Creek Project production facilities. All Projects within the Property consist mostly or entirely of federal unpatented lode mining claims. Three of the Projects also have state mineral leases. URE does not hold any private (fee) mineral leases within the Property. Land holdings within the six Projects of the Property are summarized below. With the exception of the Lost Creek Project, acreage estimates are rounded to the nearest 10s.

Lost Creek Project: is in Sections 13, 24 and 25 of T25N, R93W, and Sections 16 through 20 and 29 through 31 of T25N, R92W (Figure 3a). The Project is approximately 4,194 acres in size, including 3,554 acres in 201 federal unpatented lode mining claims and 640 acres in one state of Wyoming mineral lease.

Adjoining Company Projects:

LC East Project: is a block of 324 federal mineral claims (Figure 3b) which are adjoining to the east and northeast of the Lost Creek Project, within Sections 1 through 3, 10 through 15, 20 through 23, 27 through 29 of T25N, R92W. The LC East Project encompasses approximately 5,750 acres.

LC North Project: is adjoining to the north and west of the Lost Creek Project in Sections 4 through 10, 17, and 18 of T25N, R92W, Sections 1, 11 through 15, 22, 23, 26, and 27 of T25N, R93W and Sections 33 through 34 of T26N, R92W (Figure 3c). The LC North Project includes 338 federal unpatented lode mining claims totaling approximately 6,260 acres.

LC South Project: is an adjoining project to the south and east of the Lost Creek Project in Sections 22 through 35 of T25N, R92W, Sections 3 through 6, and 8 through 11, 14, and 15 of T24N, R92W, and Section 1 of T24N, R93W (Figure 3d). The LC South Project encompasses 546 federal unpatented lode mining claims totaling approximately 10,200 acres.

LC West Project: consists of a block of mining claims plus one state lease in two parcels (Figure 3e). Most of LC West adjoins the Lost Creek, LC North and LC South Projects within Sections 16, 21, 22, 25 through 28, 33 through 36 of T25N, R93W, and Sections 2 through 5 of T24N, R93W. One of the state mineral lease parcels lies as a disconnected parcel approximately a mile north from the LC West mining claims. LC West Project encompasses a total of approximately 3,840 acres, including 2,800 acres in 142 federal unpatented lode mining claims and 1,040 acres in the state of Wyoming mineral lease.

EN Project: is the adjoining project to the east of the LC South Project in Sections 31 through 34 of T25N, R91W, Sections 5 through 7 of T24N, R91W, Sections 35 and 36 of T25N, R92W, and Sections 1 through 3 and 10 through 12 of T24N, R92W (Figure 3f). The current EN Project encompasses approximately 5,160 acres, including approximately 4,520 acres in 234 federal unpatented lode mining claims and 640 acres in the state of Wyoming mineral lease.

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3.2 Mining Claims, Mineral Leases and Surface Use Agreements

Collectively the Property currently consists of a total of 1,785 federal unpatented lode mining claims and three state of Wyoming leases for uranium and associated minerals. The land status of each project is illustrated in Figures 3a-f and described below.

The surface of all the mining claims is controlled by the BLM, with URE possessing the right to use as much of the surface as is necessary for exploration and mining of the claims, subject to compliance with all federal, state and local laws and regulations. Surface use on BLM lands is administered under federal regulations.

The Lost Creek and other projects currently held by LC are subject to a mortgage securing a bond loan with Sweetwater County, Wyoming, through the State of Wyoming Taxable Industrial Development Revenue Bond program, and the related State bond which was issued for this loan in October 2013. The mortgage, as amended, is recorded in Sweetwater County, Wyoming (October 23, 2013, Rec. 1630230 Bk. 1202, pg. 5867; December 28, 2015, Rec. 1646033 Bk. 1212, pg. 4611); October 1, 2019, Rec. 1669974, Bk. 1228, pg. 5759; and October 7, 2020, Rec. 1677345, Bk. 1235, Pg. 976).

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Similarly, access to state-controlled land is largely inherent within the state of Wyoming mineral leases. The state lease within the Lost Creek Project requires a nominal surface impact fee to be paid as may the other state mineral leases from time to time. Various Temporary Use Permits are in place at the Property, including one which allows for the use and maintenance of an improved road on the leased state section within the Lost Creek Project.

3.3 Title to Property

URE, through its wholly owned subsidiaries Lost Creek ISR, LLC and NFU Wyoming, LLC controls the federal unpatented lode mining claims and state of Wyoming mineral leases which comprise the Property. Currently, NFU Wyoming, LLC controls the mining claims and state lease at the EN Project. Lost Creek ISR, LLC controls the lands at the other five projects within the Property, including Lost Creek Project. Title to the mining claims is subject to rights of pedis possessio against all third-party claimants as long as the claims are maintained. The mining claims do not have an expiration date. Affidavits have been timely filed with the BLM and recorded with the Sweetwater County Recorder attesting to the payment of annual maintenance fees to the BLM as established by law. The state leases have a ten-year term, subject to renewal for successive ten-year terms. From time to time, formal mineral title reports are prepared for URE by mineral title attorneys.

3.3.1 Property Boundaries

A professional legal survey of the permit area boundary of the Lost Creek Project was completed in advance of the submission of applications for permits and licenses on the Project. Similarly, a professional legal survey was conducted for the permit area for the LC East Project permit amendments. Legal surveys of individual mining claims are not required, and otherwise have not been completed. The area covered by the state leases is based on the legal subdivision descriptions as set forth by the U.S. Cadastral Survey and has not been verified by legal surveys.

3.4 Royalties, Taxes and Fees

URE is required to pay various state and local taxes related to production and the ownership of property. These taxes are in the form of severance, ad valorem, gross products, personal, and real property taxes. There is no state income tax in Wyoming. Royalties based on sales of uranium will be paid to the state under the state mineral leases at the Property. The state mineral leases carry the standard five percent royalty required by law. There are no royalties owed on the mining claims held at the Lost Creek Project. Various royalties exist on portions of the Adjoining Projects, including on a portion of LC East Project. Those royalties, as they pertain to currently anticipated production, have been included in the analysis but are relatively insignificant, affecting only three future HHs at a rate of one percent of production sales. Additionally, maintenance fees will be paid to the BLM, and payments made to the state for the state mineral leases. While current annual maintenance fees to the BLM are $165/claim, it is anticipated that this fee will be adjusted in the normal course pursuant to regulations. There is also a nominal recording fee paid to Sweetwater County (i.e., <$200, annually). Annual payments of the three state mineral leases in the Property are currently $3.00/acre (Lost Creek lease, $1,920; EN lease, $1,920; LC West lease, $3,120).

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The Property economic analysis includes tax estimates for state severance taxes, county ad valorem taxes and property taxes, all of which are directly attributable to the Property. The economic analyses presented herein also provide the results of the analyses for pre-income tax and post-income tax, which includes U.S. federal and Illinois state income taxes. There is no State of Wyoming income tax, and all sales are assumed to take place in Illinois where the conversion facility is located. The only difference between the two scenarios is the value of the estimated income taxes. All other sales, property, use, severance and conservations taxes as well as royalties are included in both scenarios. Both economic analyses presented herein assume no escalation and no debt, interest or capital repayments. Ur-Energy USA Inc. files consolidated federal tax returns in the United States and had approximately $110.7 million in tax loss carry forwards as of December 31, 2023. URE does not anticipate paying any significant federal income taxes until the existing, and any future, tax loss carry forwards are utilized. In addition, reclamation costs can be deducted in the early years of the project, thus also pushing out the tax liability.

3.5 Significant Encumbrances or Risks to Perform Work on the Property

3.5.1 Environmental Liabilities

There were no pre-existing mineral processing facilities or related tailings ponds or waste deposits within the Property prior to the initiation of the construction of Lost Creek’s ISR facilities and wellfields. Surface disturbance included in the economic analysis is associated with drilling, well installation, wellfield construction, plant construction and installation of the DDWs. Likewise, subsurface disturbance is associated with the injection and production operations in MU1 and MU2. Other than the foregoing, there are no known environmental liabilities on the Property. The current cost estimate to reclaim work completed and planned through October 2024 at Lost Creek is $29.8 million.

3.5.2 Existing and Required Permits

All permits and authorizations required to operate the Lost Creek Mine, as currently operating, are in place and include the following:

	·	The BLM issued a Record of Decision on the Lost Creek Plan of Operations in October 2012.
	·	The BLM issued a Record of Decision on the LC East and KM Amendment in March 2019.
	·	Application has been made to the BLM for a right-of-way for use of portions of an existing regional road.
	·	The U.S. Nuclear Regulatory Commission (NRC) issued a Source and Byproduct Material License SUA-1598 in August 2011. The NRC subsequently performed pre-operational inspections and granted permission to begin mining on August 2, 2013, and permission to operate the yellowcake dryer on October 3, 2013.
	·	The URP issued Source and Byproduct Material License WYSUA-1598 Amendment No. 8 in August 2021.
	·	In addition to the URP license for LC East, WDEQ has issued several permits including:

	o	Permit 788, which includes an aquifer exemption for the three Lost Creek HJ mine units and approval to begin injection in MU1, was granted in October 2011. A hydrologic package must be submitted for review and approval for each subsequent Mine Unit. Approval of the MU2 hydrologic package was granted in 2017.
	o	Permit 788 was granted after consultation with the Wyoming Game and Fish Department (WGFD) and the U.S. Fish and Wildlife Service (USFWS). Special consideration was given to greater sage grouse protection.
	o	Air Quality Permit CGT-13201 was issued in May 2012. In March 2021, the WDEQ-Air Quality Division (AQD) issued a determination that a further permit for LC East was not required.

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	o	Storm Water Discharge General Permit authorization WYR103695 was approved in June 2011 (renewed in November 2023) and includes the Lost Creek and LC East Projects.
	o	Class I UIC Permit 09-586, granting permission to install up to five DDWs, was granted in May 2010. An aquifer exemption for LC DW #4 was subsequently granted in December 2013. The U.S. Environmental Protection Agency (EPA) granted an aquifer exemption for LC DW#3 in October 2014. Additional aquifer exemptions may be required if other deep wells are drilled and encounter water quality less than 10,000 mg/l total dissolved solids. An aquifer exemption was not required for LC DW #1 since the water contains greater than 10,000 mg/l total dissolved solids.
	o	Class V UIC Permit 15-081, granting permission to operate two injection wells was issued in June 2016.

	·	The two holding ponds at the facility were approved by EPA Permit 8P-AR in December 2011 and by State Engineer Permit 13595R in May 2010.
	·	Sweetwater County rezoned the land per Resolution 08-03-ZO-07 in March 2008. The county later approved the Development Plan in December 2009. Septic Permit 11‑082 was issued in April 2011. The county has also signed a Road Maintenance Agreement allowing the company to remove snow from local county roads as needed.
	·	Sweetwater County rezoned the land for LC East per Resolution 21-05-ZO-01 in May 2021. No further approval is required with respect to a development plan.
	·	Numerous well installation permits have been applied for and received through the State Engineer’s Office. Additional permits will be sought as needed.
	·	Exploration activities on the Adjoining Projects are carried out under Drill Notices issued by the WDEQ and Notices of Operations issued by the BLM. These permits are obtained and managed as necessary to continue exploration work.

The following permits will be required before beginning recovery at LC East and within the additional HJ Horizon Mine Units at Lost Creek.

	·	Approval from WDEQ LQD for the major modification to Permit 788 to allow mining in the KM and HJ Horizons at LC East. The approval will include an aquifer exemption for both horizons.
	·	Approval from WDEQ-LQD for the major modification to Permit 788 to allow mining in additional HJ Mine Units at Lost Creek. The approval will include an aquifer exemption for additional HJ Horizons.
	·	Block permits for UIC Class III wells will be submitted to the State Engineer’s Office closer to the time of production operations.

3.5.3 Significant Risks that May affect Access, Title, or Right to Perform Work

The Lost Creek plant has been constructed and is operating. Production well installation in MU1 is complete for all 13 originally designed HHs and the first five planned HHs in MU2. HHs 1-1 through 1-13 and HHs 2-1 through 2-3 were operational prior to the reduction in operations, and HH 2-4 and 2-5 were brought online in May and October 2023 with the return to commercial production operations in 2023. The plant is currently operating at increasing levels as it is recommissioned and wellfield operations ramp up. Three DDWs were drilled at the Property at the time of the prior Lost Creek TRS, of which one was plugged and abandoned; the other two deep wells remain operational. A fourth DDW was drilled in 2023; its construction and completion will advance in 2024 and it is expected to be operational in 2024. Two UIC Class V wells were installed and are operational.  The radium treatment portion of the Class V system is currently undergoing maintenance and will be put back into service soon. The plant and associated access roads have been constructed. URE has also installed numerous monitoring and other wells in support of its permit and license applications and to further its mine planning. Various other infrastructure, including wells, water tanks, a meteorological station, and other equipment, has been placed on the Property by URE in support of its mining, development, exploration, and permit/license activities.

The QP is aware of no significant factors that contribute to operational risks for the Property.

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4.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY

4.1 Physiography

The Property is located near the northeastern part of the Great Divide Basin (GDB) and occurs at an elevation of approximately 7,000 ft. above mean sea level. The GDB is an oval-shaped structural depression encompassing some 3,500 square miles in south-central Wyoming. The GDB is bounded on the north by the Wind River Range and Granite Mountains, on the east by the Rawlins Uplift, on the south by the Wamsutter Arch, and on the west by the Rock Springs Uplift.

Most of the Property consists of flat upland areas and gentle south facing slopes that are dissected by southerly-flowing ephemeral washes. There are no perennial streams on the Property. The vegetation on the Property is dominated by sagebrush (Artemisia tridentata) which occurs throughout both upland and lowland environmental settings. Sagebrush is well adapted to the cold winter temperatures and limited precipitation that characterize the Property. Other vegetation identified at the Property includes native cool season perennial grasses, perennial forbs, cushion plants, semi-shrubs, cacti, shrubs and lichens.

4.2 Means of Access

Regional access to the Property relies almost exclusively on existing public roads and highways. The local and regional transportation network relevant to the Property consists of primary, secondary, local and unimproved roads (Figures 1 and 2). Direct access to the Property relies mainly on two crown-and-ditched gravel paved access roads to the processing plant. One enters from the west off Sweetwater County Road 23N (Wamsutter-Crooks Gap Road). The other enters from the east off of BLM Sooner Road. In addition to the designated routes, there are a number of four-wheel-drive “two-track” roads that traverse the area for recreation and grazing access, as well as various other uses, including uranium exploration. On a wider basis, from population centers, the Property area is served by an Interstate Highway (Interstate 80), a U.S. Highway (US 287), Wyoming state routes (SR 220 and 73 to Bairoil), local county roads, and BLM roads.

4.3 Proximity to Population Centers

The Property is in a remote area of south-central Wyoming. The nearest town, Bairoil, with a population of less than 100, is about 17 miles northeast of the Lost Creek plant. The Wyoming towns of Rawlins, Rock Springs and Casper are approximately 36, 82 and 90 miles from the Property, respectively. Figures 1 and 2 show the locations of population centers with respect to the Property.

Sweetwater County, in which the Property is located, was estimated to have a population of 41,345 in 2022. This represents a 2.2 percent decrease in Sweetwater County’s population since the 2020 census (U.S. Census Bureau 2024 Report on Sweetwater County, WY). Sweetwater County has a population density of 4.0 people per square mile. Carbon County, which is south and west of the Property, was estimated to have a population of 14,542 in 2022, which was primarily located in the town of Rawlins. This represents a negligible decrease (0.03 percent) in Carbon County’s population since the 2020 census (U.S. Census Bureau 2024 Report on Carbon County, WY).

Personnel required for management, construction, development, and operation of the Property are drawn from Rawlins, Bairoil, Jeffrey City, Lander, Riverton, Rock Springs and Casper, Wyoming.

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4.4 Climate and Operating Season

The Property is located in the intermountain semi-desert eco-region (Curtis and Grimes, 2004), which has cold winters and short, hot summers (Bailey, 1995). The average annual temperatures range from 40 to 52 degrees Fahrenheit. The average annual precipitation ranges from five to 14 inches (Bailey, 1995). Winter weather may limit the time periods for certain portions of wellfield drilling and construction at the Property, as it did during the winter of 2022-2023, but to date has not significantly affected operation of the ISR facility. ISR operations at the Property are conducted year-round.

The state of Wyoming has developed a Core Area Strategy to help protect the greater sage-grouse species within certain core areas of Wyoming. Exploration areas of the Property are all within the Greater South Pass core area and are thus subject to work activity restrictions from March 1 to July 15 of each year. The timing restriction precludes exploration drilling and other non-operational based activities that may disturb the greater sage-grouse. The timing of drilling activity is not restricted outside this period.

The greater sage-grouse timing restrictions relevant to ISR production activities at the Lost Creek Project are somewhat different because the state of Wyoming has recognized that mines within core areas must be allowed to operate year-round. Therefore, since construction at the Lost Creek Project began, there have been no timing restrictions on drilling, construction, or operational activities within pre-approved disturbed areas as shown in the Permit to Mine. These disturbed areas include the processing plant, holding ponds, roads, power lines, wellfields, and DDWs. Any exploration drilling within the Property but outside the pre-defined disturbed area of the Permit to Mine will continue to be subject to greater sage-grouse timing restrictions.

The Core Area Strategy also places limitations on the amount of disturbance within an area. Planned disturbance is limited and therefore is unlikely to result in limitations on exploration drilling. For the Property, there is a five percent cap on anthropogenic disturbance in the area. Analyses of the planned disturbance on the Property, including those areas which are permitted, or for which permits will be sought, will be conducted to be consistent with the Wyoming regulatory scheme, and will be reviewed on a time-to-time basis by WGFD. The WGFD has also approved the Lost Creek Sage Grouse Protection Plan for the Lost Creek Project.

4.5 Property Infrastructure

The Property currently contains an operational ISR processing plant, wellfields, water disposal infrastructure, and necessary equipment to support ISR operations. The basic infrastructure (power, water, and transportation) necessary to support an ISR mining operation is located within reasonable proximity of the Property. Generally, the proximity of the Property to paved roads is beneficial with respect to transportation of equipment, supplies, personnel and product to and from the Property. Improved gravel surfaced access roads have been constructed to the Property from adjacent county roads. Existing regional overhead electrical service is aligned in a north-to-south direction along the western boundary of the Lost Creek Project. An overhead raptor resistant power line, approximately two miles in length, was constructed in 2012 to bring power from the existing Pacific Power line to the Lost Creek plant. Power drops have been made to the Project and distributed to the plant, offices, wellfields, and other facilities.

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Previous infrastructure near the Property is predominantly related to oil and gas development, past and present uranium exploration and beneficiation, and recreation. There have been several historical conventional uranium mills and mines and one historical ISR project (Bison Basin Project) in the vicinity of the Property (Figure 2). The closest mining facility to the Property is the Sweetwater Mine and Mill, a conventional uranium mine and mill that is not currently operational. The facility lies about three and one-half miles south of the southwestern-most boundary of URE’s Lost Creek Project, with less than one mile separating the respective property boundaries.

Lost Creek operations require disposal into DDWs of limited quantities of fluids that cannot be returned to the production aquifers. Five DDWs are permitted for the Lost Creek Project, of which four have been drilled to date. Two remain operational after one DDW was plugged and abandoned, and the fourth, drilled in 2023, is being completed at the date of this report. The fourth DDW is expected to be operational in 2024. Three additional deep wells are proposed for LC East. Two UIC Class V injection wells have been completed and have been in operation since 2017 as a part of the water recycling systems. Two storage ponds, permitted by state and federal regulators, are located adjacent to the plant and are used to temporarily store the water that will ultimately be disposed of in the DDWs.

The first DDW (LC DW #1) was installed in 2008 and is in the extreme southwest corner of the Lost Creek Project. The second DDW (LC DW #4) was drilled in 2012 immediately south of the plant building. A third DDW (LC DW #3) was drilled and installed in the SW quarter of Section 13, T25N, R92W in 2014. The fourth DDW for Lost Creek is the SE quarter of Section 17, T25N, R92W. An additional permitted option is in the SE quarter of Section 19, T25N, R92W.

Three additional DDWs proposed by the amendments for LC East would be in T25N, R92W in the SW quarter of Section 22, NW quarter of Section 23 and the SE quarter of Section 10. For a further discussion of the wastewater disposal and related infrastructure, see Chapter 14.3 (Liquid Disposal). Ponds, outdoor tank storage, and the Class V disposal wells are located proximate to the plant and office building location (see Figures 2 and 12).

Tailings storage areas, solid waste disposal areas, and heap leach pad(s) will not be a part of the infrastructure for the Property as ISR operations do not require these types of facilities.

4.5.1 Water Supply

Most of the non-potable water for ISR operations is obtained from the mining operation, i.e., from extracted groundwater. Except for a 0.5 percent to 1.5 percent bleed, the groundwater extracted by the production wells will continue to be recycled through the system.

Water for activities within the Property is currently supplied by 12 water wells drilled by URE. Eight of these are located within the Lost Creek Project, one is in the LC North Project, one is in the LC South Project, and one is in the EN Project. All but one of the active wells produces water in excess of 25 gallons per minute. Water usage in the past has been mostly for drilling, casing wells, and abandonment of exploration and delineation holes. Two of the eight wells in the Lost Creek Project are adjacent to the plant site. One of those is being used as a source of fire suppression water and the other as a source of fresh water. Additional wells may be necessary as exploration and production activities extend further from the plant.

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5.0 HISTORY

Uranium was discovered in the GDB in 1936. Exploration activity increased in the early 1950s after the Gas Hills District discoveries, and continued to increase in the 1960s, with the discovery of numerous additional occurrences of uranium. Wolf Land and Exploration (a private corporation which later became publicly traded as Inexco), Climax (Amax) and Conoco Minerals were the earliest operators in the area of what is now the Property and made the initial discoveries of low-grade uranium mineralization in the Battle Spring Formation in 1968.

Conoco entered into a joint venture with Inexco in 1969. Conoco gained sole control of the properties in 1970 and continued to explore their large land position in the region as what they called “Project A”. In doing so, they identified the eastern half of what is now referred to as the MMT in the Lost Creek Project and also what is known as the EMT in the LC East Project. Conoco’s “Project A” also included large portions of what are now the LC North, LC South and EN Projects.

Kerr-McGee, Humble Oil (Exxon), and Valley Development, Inc. were also active early in the region.

5.1 Ownership History

5.1.1 Ownership History of Lost Creek Project

Inexco, Conoco, Climax and Valley Development, Inc. obtained the initial land positions in the Lost Creek Project area in the late 1960s. Conoco took over Inexco’s land position in 1970.

Texasgulf entered the area in 1976 by acquiring the western half of what is now the Lost Creek Project through a joint venture with Climax. Also in 1976, Texasgulf entered into a joint venture with Valley Development, Inc. and initiated a major exploration program that resulted in the identification of the western half of the MMT. In 1978, Texasgulf joined with Conoco as operator in a joint venture to continue exploring the MMT. Texasgulf acquired a 100 percent interest in Valley Development, Inc. property in 1979 and continued with extensive exploration efforts and, by the early 1980s, had fully identified the MMT. They subsequently dropped the property in 1983 due to the declining uranium market.

The property was subsequently acquired by Cherokee Exploration, Inc., which conducted no field activities. In 1987, Power Nuclear Corporation (also known as PNC Exploration) acquired 100 percent interest in the project from Cherokee Exploration, Inc. PNC Exploration carried out a limited exploration program as well as geologic investigations and an evaluation of previous in situ leach testing by Texasgulf.

In 2000, New Frontiers Uranium, LLC acquired the property and related database from PNC Exploration but conducted no drilling or geologic studies. New Frontiers Uranium, LLC later transferred the Lost Creek Project-area property, along with its other Wyoming properties, to NFU Wyoming, LLC.

In 2005, Ur-Energy USA Inc., a wholly owned subsidiary of URE, purchased 100 percent ownership of NFU Wyoming, LLC. Within the first year of ownership, URE initiated drilling, and preparations for mining permit applications. Toward that goal, it conducted engineering studies, core drilling for metallurgical studies, and delineation drilling to outline and define the uranium resources. In addition, comprehensive baseline studies were initiated, including installation of additional monitor wells for hydrological testing and water-quality sampling and a meteorological station within the Property area. Figure 3a shows the current Lost Creek Project boundary and claims.

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In 2007, NFU Wyoming, LLC transferred the Lost Creek Project to Lost Creek ISR, LLC, a wholly owned subsidiary of Ur-Energy USA Inc. formed for the purpose of owning and developing the Project through the permitting process and into operations as an ISR mine. In 2012 the LC East Project was transferred into Lost Creek ISR, LLC. The LC South, LC West and LC North Projects were transferred to Lost Creek ISR, LLC in 2013. EN Project remains an asset of NFU Wyoming, LLC.

5.1.2 Ownership History of Adjoining Projects

The Adjoining Projects share a history of ownership similar to that of the Lost Creek Project because over the years they were operated by many of the same companies which maintained large property holdings in the vicinity. The Adjoining Projects have been acquired by URE since 2006 through the location of federal unpatented lode mining claims, purchase agreements made with individuals and companies, and through leases with the state of Wyoming. Additions which resulted in the formation of LC East and LC West were made through an asset exchange with Uranium One Americas, Inc. (U1) in 2012 and by staking of additional mining claims in 2011 and 2012, and 2014. The individual Projects originally were stand-alone exploration projects, but expanded over time such that now, along with the Lost Creek Project, they collectively represent a largely contiguous land position known as the Lost Creek Property.

5.1.2.1 LC East

LC East is drawn in part from two large blocks of claims (RD and PN claims) obtained in 2012 from U1, and additional mining claims located in 2011 and 2012, and 2014 by URE.

Similar to the other projects, the earliest historical ownership within what is now the LC East Project was by Wolf Land and Exploration in 1967. In 1969 Conoco entered into a joint venture with Wolf Land and Exploration, with Conoco acting as the operator. The next year Conoco took over the project and continued to explore the area as part of its “Project A”.

In 1978 Texasgulf continued the activity as the operator of “Project A” in a joint venture with Conoco until 1983. PNC Exploration later acquired some of the ground in 1987 and held it until 2000.

With the resurgence of the uranium industry, High Plains Uranium, Inc. (HPU) and Energy Metals Corporation (EMC) both staked claims within the current LC East Project boundaries in 2004. The HPU controlled claims subsequently were transferred to EMC in 2007 when that company acquired HPU. Later that year EMC was acquired by U1. U1 maintained the claims until they were acquired in 2012 by URE. Figure 3b shows the current LC East Project boundary and claims.

5.1.2.2 LC North

Early historical ownership of claims within what is now the LC North Project began in 1967 and continued into the mid-1970s. Activity was dominated by Conoco, at times in a joint venture with Inexco. Climax also held property in the late 1960s but to a much lesser extent. In the mid- to late-1970s Texasgulf continued as the primary operator until 1983 when they discontinued operations in the GDB.

Initial claim staking by URE in the LC North Project commenced in 2007 and various changes to the land position have occurred since. Figure 3c shows the current LC North Project boundary and claims.

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5.1.2.3 LC South

Wolf Land and Exploration was the earliest operator within what is now the LC South Project and was active from 1967 to 1968. Conoco then became the dominant operator through the mid-1970s, exploring the ground as part of their “Project A”. They were replaced by Texasgulf in 1978 when it took over operatorship of the “Project A” joint venture until 1983.

Acquisition by URE of the LC South Project began in 2007 and was expanded thereafter through location of claims and acquisitions of claims from third parties. Figure 3d shows the current LC South Project boundary and claims.

5.1.2.4 LC West

The earliest known operator on this ground was Wolf Land and Exploration who drilled only a few holes in 1967. Conoco controlled most of the ground in the early 1970s within its “Project A” and was later succeeded by Texasgulf in the mid-1970s to early 1980s when they took control of the “Project A” joint venture. Minerals Exploration Corporation also held portions of this ground in the early 1970s as part of their Sweetwater exploration activities. LC West, as currently known, was created from portions of the U1 asset exchange and through location of additional claims. Figure 3e shows the current LC West boundary and claims.

5.1.2.5 EN

The earliest operator in the EN area was Wolf Land and Exploration, which held portions of the current EN ground in the late 1960s. Humble (Exxon) also controlled portions of the land through 1970. Conoco entered into a joint venture with Wolf in 1969 and eventually assumed full control through 1974 as part of their “Project A”. Other operators who held portions of the ground during the 1970s include Teton Exploration, Kerr-McGee, and Climax (Amax). The last historical operator was Texasgulf who held the property in the late 1970s.

URE’s original land position arose through acquisition of claims from a private party in 2006. This was augmented with the staking of additional claims by NFU Wyoming, LLC and claims obtained through another acquisition. Figure 3f shows the current EN Project boundary and claims.

5.2 Exploration History

Significant exploration of the property began in the 1960s and has continued off and on by various operators since then. No significant uranium development work was conducted within the Property by previous operators. A summary of all historical and URE drill holes is presented in Table 4.

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Table 4. Drill Hole Summary – Historical and Recent

	Plug Holes		Wells			Total
	Exploration	Delineation	Monitor/Pump Test Wells	Water Wells	Production Pattern Wells	# Holes	Footage
Lost Creek Project
Historical Drilling	552		11			563	360,388
URE Drilling (Since 2005)	244	1,549	293	9	1,754	3,849	2,177,403
Drill Hole Totals	796	1,549	304	9	1,754	4,412	2,537,791
LC East Project
Historical Drilling	1,063					1,063	472,994
URE Drilling (Since 2011)	22	176	29			227	135,237
Drill Hole Totals	1,085	176	29			1,290	608,231
LC North Project
Historical Drilling	175					175	117,947
URE Drilling (Since 2007)	131			1		132	132,455
Drill Hole Totals	306			1		307	250,402
LC South Project
Historical Drilling	488					488	229,166
URE Drilling (Since 2007)	159			1		160	101,950
Drill Hole Totals	647			1		648	331,116
LC West Project
Historical Drilling	68					68	44,480
URE Drilling (Since 2011)
Drill Hole Totals	68					68	44,480
EN Project
Historical Drilling	67					67	55,857
URE Drilling (Since 2007)	14			1		15	19,960
Drill Hole Totals	81			1		82	75,817
Grand Totals - Lost Creek Property (All Projects)
Historical Drilling	2,413		11			2,424	1,280,832
URE Drilling (Since 2005)	570	1,725	322	12	1,754	4,383	2,567,005
Drill Hole Totals	2,983	1,725	333	12	1,754	6,807	3,847,837

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5.3 Previous Mineral Resource Estimates and Their Reliability

Several historical estimates of uranium mineral resources by previous operators have been made within the current Property. Most focused on what is now referred to as the MMT and EMT. However, because historical project boundaries varied considerably from the current project boundaries, direct comparison of historical estimates to current estimates is not possible.

Table 5 outlines various historical resource estimates covering areas within the Property that were conducted by several organizations since 1978. It also lists mineral resource estimates for the Lost Creek Project/Property completed by URE from 2006 through the 2022 Lost Creek TRS, as amended. The historical resource estimates address diverse geographical areas, various host sand horizons, and utilize different and, in some instances, unknown resource determination methods. URE has not treated these historical estimates (Table 5) as current mineral resources or reserves and they are superseded by the current mineral resource estimate. Most of the earlier resource estimates did not differentiate resources in terms of currently recognized resource categories (Measured, Indicated, and Inferred). Mineral resource estimates in Table 5 are superseded by the resource estimates presented in this Report.

5.4 Production History

Regionally, historical production activities have been from the production of numerous underground and surface mines in the Crooks Gap / Sheep Mountain District approximately 25 miles to the north; at the Sweetwater Mine and Mill approximately three and one-half miles to the south; and limited ISR production in the Bison Basin approximately 27 miles to the northwest (Figure 2). All of these mining activities had ceased by the mid-1980s. Production at the Lost Creek Project commenced on August 2, 2013, and 2.838 million pounds of U₃O₈ have been produced up to December 31, 2023, from the Project. Elsewhere within the Property area, there has been no conventional or ISR production of uranium nor any pilot plant activities.

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Table 5. Previous Resource Estimates   

Date	Company	Total Resource	Avg. Grade	Cutoffs	Tonnage Factor	Comments	LEVEL OF CONFIDENCE
							Measured	Avg. Grade	Indicated	Avg. Grade	Inferred	Avg. Grade
10/4/1978	Texasgulf (Freeman, Limbach) 1	8,246,876	0.045%	10’-0.025%			—	—	6,468,515	0.047%	1,778,361	0.039%
2/1/1981	DOE 4	6,378,000	0.057%	0.03%		p. 31, in-place resources	Not differentiated
2/1/1981	DOE 4	8,908,571	0.041%	0.02%		p. 31, in-place resources	Not differentiated
2/9/1981	Wyoming Minerals 2,5,4	11,008,893	0.073%	5’-0.05%			Not differentiated
6/5/1981	Texasgulf 4	9,072,333	0.061%	5’-0.03%		Polygon method	Not differentiated
April,1982	Texasgulf (Mouillac & Stewart) 3, 8	5,715,413	0.062%	5’-0.03%	16.0	Polygon method	Not differentiated
3/31/1989	PNC Exploration-Halliwell 5	8,072,334	0.061%	5’-0.05%	16.0	Polygon method	Not differentiated
Jan. 1996	PNC Exploration (F. Groth) 6	7,908,605		0.05%			Not differentiated
5/31/2005	URE (Douglas) 7	9,021,371	0.055%	.03%, GT.30	16.0	Cumulative GT/hole	—	—	8,122,287	0.055%	900,000		0.055%
6/15/2006	URE-NI 43-101 (Roscoe-Postle) 8,9	See totals to right	0.059%	3’-.03%, GT.30	16.0	Cumulative GT/hole (Ind + Inf)	—	—	9,822,356	0.058%	1,111,380		0.076%
10/30/2006	URE (Douglas) 10	6,787,000	0.059%	.03%, GT.30	16.0	Cumulative GT/horizon	Not differentiated
4/2/2008	URE-Amended NI 43-101 (Lyntek) 11	See totals to right	0.054%	.03%, GT.30	16.6	Cumulative GT/hole (Ind + Inf)	—	—	9,200,000	0.053%	700,000		0.066%
3/16/2011	URE -Prelim Assessment12	See totals to right	0.055%	.02%, GT.30	16.6	GT Contour/horizon [HJ, KM only]	2,655,000	0.052%	2,568,000	0.060%	783,000		0.051%
2/29/2012	URE -Prelim Economic Assessment-(Cooper & Bull)13	See totals to right	0.055%	.02%, GT.30	16.6	GT Contour/horizon [All Horizons]	2,942,900	0.055%	2,822,400	0.058%	2,017,800		0.049%
4/30/2012	URE -Prelim Economic Assessment-(Cooper & Bull)14	See totals to right	0.053%	.02%, GT.30	16.6	GT Contour/horizon [All Horizons]	4,198,800	0.055%	4,149,400	0.053%	2,869,100		0.049%
12/30/2013	URE-Prelim Economic Assessment – (Roughstock) 15	See totals to right	0.051%	.02%, GT .30	16.6	GT Contour/horizon [All Horizons]	4,850,000	0.057%	3,805,000	0.048	4,740,000		0.051%
6/17/2015	URE-Technical Report – (Roughstock) 16	See totals to right	0.049%	.02%, GT .30 & .20	16.6	GT Contour/horizon [All Horizons]	6,196,000	0.049%	3,909,000	0.047%	5,037,000		0.049%
2/8/2016	URE Amended Preliminary Economic Assessment 17	See totals to right	0.048%	.02%, GT .20	16.6	GT Contour/horizon [All Horizons]	8,028,000	0.048%	6,223,000	0.044%	7,368,000		0.044%
9/19/2022	URE Lost Creek ISR Uranium Property Amended Technical Report Summary18	See totals to right	See totals to right	.02%, GT .20	16.6	GT Contour/horizon [All Horizons]	6,887,000	0.048%	5,027,000	0.046%	6,607,000		0.044%

1.	Lost Creek- Conoco Reserves; P. Freeman, F. Limbach; October 4, 1978; Texasgulf internal report.
2.	Appendix C, Resource Update as of 2/9/81; Unattached document, Texasgulf.
3.	Geology and Control of the Uranium Mineralization on the “Main Mineral Trend” – Recommendations for the 1982 Program; J. Mouillac and M. Stewart, April 1982; Texasgulf internal report.
4.	Lost Creek and Conoco Uranium Projects, Texasgulf Minerals and Metals, Inc.; January 1984, p. 31.
5.	PNC Exploration (USA), Red Desert Project, D. Halliwell, March 31, 1989, p. 17.
6.	ISL Addressable Reserve Estimate for PNC’s Red Desert Uranium Project, F. Groth; January 29, 1996; Internal report for PNC.
7.	Evaluation of Resources, Lost Creek Uranium Deposit; Richard Douglas, May 31, 2005; Ur-Energy USA, internal report.
8.	Technical Report on the Great Divide Basin Uranium Properties, Wyoming Prepared for Ur-Energy Inc.; Stewart Wallis, P. Geo, Roscoe Postle, June 15, 2005, Revised October 15, 2005.
9.	Technical Report on the Lost Creek Project, Wyoming, NI 43-101 Prepared for Ur-Energy Inc.; Stewart Wallis, P. Geo, Roscoe Postle, June 15, 2006.
10.	Geological Report on the Lost Creek Uranium Deposit; Richard Douglas, October 30, 2006, Ur-Energy Inc., internal report.
11.	Amended NI 43-101 Preliminary Assessment for the Lost Creek Project, April 2, 2008, as amended February 25, 2011: J. Kyle, PE, D. Maxwell, PE, Lyntek, Inc. and Stewart Wallis, P. Geo.
12.	Preliminary Assessment Lost Creek Property Sweetwater County, Wyoming; D. Graves, PE, M. Yovich, PE, TREC, Inc., and R. Maxwell, CPG, Behre Dolbear & Company (USA), Inc.; March 16, 2011
13.	Preliminary Economic Assessment of the Lost Creek Property, Sweetwater County, Wyoming; J. K. Cooper, SME Registered Member & C. L. Bull, PE, Ur-Energy Inc., February 29, 2012
14.	Preliminary Economic Assessment of the Lost Creek Property, Sweetwater County, Wyoming; J. K. Cooper, SME Registered Member & C. L. Bull, PE, Ur-Energy Inc., April 30, 2012
15.	Preliminary Economic Assessment of the Lost Creek Property, Sweetwater County, Wyoming; Douglass H. Graves, P.E. & Steve E. Cutler, C.P.G., December 30, 2013
16.	Technical Report on the Lost Creek Property, Sweetwater County, Wyoming, Douglass H. Graves, P.E. & Steve E. Cutler, C.P.G., June 17, 2015
17.	Amended Preliminary Economic Assessment of the Lost Creek Property, Sweetwater County, Wyoming; Douglass H. Graves, P.E. & James A. Bonner, C.P.G., February 8, 2016
18.	Amended S-K 1300 Technical Report Summary Lost Creek ISR Uranium Property, Sweetwater County, Wyoming, USA . WWC Engineering September 19, 2022.

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6.0 GEOLOGICAL SETTING AND MINERALIZATION

6.1 Regional Geology

The Property is situated in the northeastern part of the GDB, which is underlain by up to 25,000 ft. of Paleozoic to Quaternary sediments (Figures 4 and 5). The GDB together with the Washakie Basin to the south comprise the eastern half of the greater Green River Basin, which occupies much of southwestern Wyoming. The GDB lies within a unique divergence of the Continental Divide and is bounded by structural uplifts or fault displaced Precambrian rocks, resulting in internal drainage and an independent hydrogeologic system.

GDB geology is dominated by the Eocene age Battle Spring Formation. Dominant Battle Spring Formation lithology is coarse arkosic sandstone, interbedded with intermittent mudstone, claystone and siltstone. Deposition occurred as alluvial-fluvial fan deposits within a south-southwest flowing paleo-drainage. The Granite Mountains approximately 30 miles to the north are the assumed sedimentary source, with possible minor contributions from volcanic sources. Maximum thickness of the Battle Spring Formation sediments within the GDB is 6,000 ft.

Approximately six miles west of the Property, the Battle Spring Formation interfingers with the Wasatch and Green River Formations of equivalent age (Eocene) within a belt roughly 15 miles wide, as shown in Figure 4. The Wasatch and Green River together represent low-energy fluvial, lacustrine and paludal depositional environments, which are time-equivalents of the alluvial fan deposits of the Battle Spring Formation.

Deep-seated regional thrust faulting associated with the Wind River thrusting occurred at depth in the central portions of the GDB. The horizontal component of displacement is possibly greater than nine miles. However, displacement does not extend to the surface. In addition, shallow normal faulting is also common throughout the GDB, having a preferential orientation generally east to west. These faults are relatively local and appear to be late-stage events in the structural history of the basin. Throws are generally less than 200 ft. and typically on the order of 25 to 50 ft. as illustrated by the Lost Creek Fault, discussed below. Strata within the GDB generally exhibit gentle dips of one to three degrees to the west and southwest, increasing to as much as 20 degrees in some locations along the basin margin. Gentle folding during late Eocene accompanied late-stage regional thrusting; therefore, broad anticlinal and synclinal folds are present within the Battle Spring Formation. Similar to the shallow normal faulting, the fold axes generally are oriented east-west.

6.2 Project Geology

Uranium deposits in the GDB are found principally in the Battle Spring Formation, which hosts the Property resources. Lithology within the Lost Creek deposit consists of approximately 60 percent to 80 percent poorly consolidated, medium to coarse arkosic sand beds up to 50 ft. thick, and 20 percent to 40 percent interbedded mudstone, siltstone, claystone and fine sandstone, each generally less than 25 ft. thick. This lithological assemblage remains consistent throughout the entire vertical section of interest in the Battle Spring Formation. Figure 7 illustrates a Type Log for the Lost Creek Project and is representative of the entire Property.

Outcrop within the Property is exclusively the Battle Spring Formation. Due to the friable nature of the formation, this occurs largely as sub-crop beneath the soil. The alluvial fan origin of the formation yields a complex stratigraphic regime subdivided throughout the Property into several thick horizons dominated by sands, with intervening named mudstones (Figure 7).

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