Item 1.02 Termination of a Material Definitive Agreement.

On May 10, 2021, Ur-Energy Inc. (the "Company"), was notified by its lender, BOKF, NA dba Bank of Oklahoma ("BOKF"), that the U.S. Small Business Administration ("SBA") Paycheck Protection Program ("PPP") loan for the Company's wholly-owned subsidiary Lost Creek ISR, LLC, in the amount of $526,700, had satisfied all requirements of the PPP and related regulations to be forgiven and the loan was forgiven in its entirety by the SBA.

The PPP was administered by the SBA. The SBA was given the authority under the PPP to forgive loans if program requirements were met for a required, covered, period and the loan proceeds were used for payroll, rent and utilities. The Company applied for debt forgiveness in December 2020.

Application has also been made for the forgiveness of the PPP loan for the Company's wholly-owned subsidiary Ur-Energy USA Inc., in the amount of $366,600. That application has been reviewed by BOKF and is currently being reviewed by the SBA. Although there can be no certainty pending SBA's review, the Company anticipates that loan also will meet the requirements for forgiveness.

Additional information about the Company's PPP loans can be found in the Current Report on Form 8-K filed by Ur-Energy Inc. with the United States Securities and Exchange Commission on April 20, 2020.

The foregoing description of the forgiveness of the SBA PPP Loan for Lost Creek ISR, LLC does not purport to be complete; the Company plans to file any related documents as exhibits to its Interim Report on Form 10-Q for the quarter ended June 30, 2021.

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