Home Corporate Projects Technical Reports Uranium Investor Info News Contact Us Careers Project Links Lost Creek Shirley Basin Other U.S. Projects Uranium Price Spot Price Ux Consulting: $36.75 TradeTech: $36.50 Long Term Price Ux Consulting: $44.00 TradeTech: $45.00 Shirley Basin Shirley Basin Mine Site - Shirley Basin, Wyoming As a part of the Pathfinder acquisition of December 2013, we now own the Shirley Basin mine site in the Shirley Basin Mining District of Wyoming, from which Pathfinder and its predecessors historically produced more than twenty-eight million pounds of uranium, primarily from the 1960s through the 1990s. The Shirley Basin project is located in Carbon County, Wyoming, approximately 40 miles south of Casper, Wyoming. Conventional mine operations were suspended by Pathfinder in the 1990s due to low uranium pricing. Property holdings of patented lands, unpatented mining claims and millsite claims, and private leases total over 3,500 acres at Shirley Basin. We also acquired all historical geologic, engineering and operational data related to the mine site. Facility reclamation was substantially completed prior to our acquisition. We assumed the remaining reclamation responsibilities including financial surety for reclamation at Shirley Basin. Following a limited confirmation drilling program conducted by the Company, an independent NI 43-101 Technical Report, with a mineral resource estimate for Shirley Basin, was issued August 28, 2014. This report discloses an initial uranium resource estimate for the Project of 8,816,000 pounds U3O8 of Measured and Indicated Resources, averaging 0.23% eU3O8. The uranium resource estimate is based upon approximately 3,200 historical delineation drill holes (1.2 million feet of drilling) completed by Pathfinder before 1992. The results of our confirmation drilling program are also included in the Technical Report. On January 27, 2015, the Company completed a Preliminary Economic Assessment on Shirley Basin Project which analyzes the planned development of a commercial satellite uranium in situ recovery (ISR) operation. The Company has begun the process of amending our license and permit for ISR operations. It is estimated that a total of 6.3 million pounds of U3O8 will be produced from the Project. NI-43-101 Preliminary Economic Assessment Shirley Basin Uranium Project Carbon County, Wyoming, USA Pathfinder’s historic drilling was focused on two resource areas that fall within the boundaries of the existing mining permit. These resource areas are identified as the FAB Trend and Area 5. As a result of the close‐spaced drilling in these two areas (a 100‐ft grid of drill holes), more than 83% of the resources fall under the Measured Resource classification. Also because of the high drilling density at the site, there are no reported Inferred Resources. The average depth to the top of resources is 312 feet below the ground surface. Shirley Basin Project - Resource Summary July 2014 RESOURCE AREA MEASURED INDICATED AVG GRADE % eU3O8 SHORT TONS (X 1000) POUNDS (X 1000) AVG GRADE % eU3O8 SHORT TONS (X 1000) POUNDS (X 1000) FAB TREND 0.280 1,172 6,574 0.119 456 1,081 AREA 5 0.243 195 947 0.115 93 214 TOTAL 0.275 1,367 7,521 0.118 549 1,295 MEASURED & INDICATED 0.230 1,915 8,816 1. Sum of Measured and Indicated tons and pounds may not add to the reported total due to rounding. 2. Based on grade cutoff of 0.02 percent eU3O8 and a grade x thickness cutoff of 0.25 GT. 3. Measured and Indicated Mineral Resources as defined in Section 1.2 of NI 43-101 (the CIM Definition Standards (CIM Council, 2014)). 4. All reported resources occur below the historic static water table. There is a 5% production royalty at Shirley Basin under certain limited market conditions: (i) if the reported spot price exceeds $55 prior to June 30, 2016, the 5% gross royalty is capped at $6,625,000; (ii) if the reported spot price exceeds $45, but does not exceed $55 prior to June 30, 2016, the royalty cap is reduced to $3,700,000; (iii) if the reported spot price does not exceed $45 prior to June 30, 2016 the royalty is terminated. The amount of production royalty, if triggered, may be purchased back at any time at our election. The tailings facility at the Shirley Basin site is one of the few remaining facilities in the United States that is licensed by the NRC to receive and dispose of byproduct waste material from other in situ uranium mines. We assumed the operation of the byproduct disposal site following the closing of the Pathfinder acquisition in December 2013 and have been accepting deliveries under several contracts. Cautionary Note to U.S. Investors: The terms “mineral resource,” “measured mineral resource,” and “indicated mineral resource,” as used on this webpage are Canadian mining terms that are defined in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). These Canadian terms are not defined terms under United States Securities and Exchange Commission (“SEC”) Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC by U.S. registered companies. The SEC permits U.S. companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. Accordingly, note that information contained on this webpage describing the Company’s “mineral resources” is not directly comparable to information made public by U.S. companies subject to reporting requirements under U.S. securities laws. U.S. investors are urged to consider closely the disclosure in our Annual Report on Form 10-K which may be secured from us, or online at http://www.sec.gov/edgar.shtml. John Cooper, Ur-Energy Project Geologist, P.Geo., SME Registered Member and Qualified Person as defined by National Instrument 43-101, reviewed and approved the technical information contained on this webpage. 20150629 Copyright © 2015, Ur-Energy. All rights reserved.