<SEC-DOCUMENT>0001104659-25-100892.txt : 20251020
<SEC-HEADER>0001104659-25-100892.hdr.sgml : 20251020
<ACCEPTANCE-DATETIME>20251020172503
ACCESSION NUMBER:		0001104659-25-100892
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20251020
DATE AS OF CHANGE:		20251020

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UR-ENERGY INC
		CENTRAL INDEX KEY:			0001375205
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		STATE OF INCORPORATION:			Z4
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-272992
		FILM NUMBER:		251404762

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 200
		STREET 2:		10758 W. CENTENNIAL ROAD
		CITY:			LITTLETON
		STATE:			CO
		ZIP:			80127
		BUSINESS PHONE:		720-981-4588

	MAIL ADDRESS:	
		STREET 1:		SUITE 200
		STREET 2:		10758 W. CENTENNIAL ROAD
		CITY:			LITTLETON
		STATE:			CO
		ZIP:			80127
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>tm2529058d2_424b5.htm
<DESCRIPTION>424B5
<TEXT>
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<TITLE></TITLE>
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<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>PROSPECTUS SUPPLEMENT</B></FONT></TD>
    <TD STYLE="width: 50%; padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>Filed pursuant to Rule&nbsp;424(b)(5)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>(to Prospectus dated July&nbsp;19, 2023)</B></FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>Registration No.&nbsp;333-272992</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #CC062A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tm2529058d2_424b5-img01.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>19,137,000 Common Shares
Issuable upon Exercise of 38,274,000</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>Warrants to Purchase
Common Shares</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are offering to the holders
of warrants to purchase up to 19,137,000 shares of our common stock, no par value (the &#8220;common shares&#8221;), subject to certain
adjustments set forth in the warrants (the &#8220;warrants&#8221;), the common shares issuable upon exercise of the warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our common shares are listed
on the NYSE American (the &#8220;NYSE American&#8221;) under the symbol &#8220;URG&#8221; and on the Toronto Stock Exchange (the &#8220;TSX&#8221;)
under the symbol &#8220;URE&#8221;. On October 17, 2025, the last reported sale price of our common shares on the NYSE American and the
TSX was $1.61 per share and Cdn$2.24 per share, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have not engaged any financial
advisor in connection with this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Investing in our common
shares involves risks. See &#8220;<I>Risk Factors</I>&#8221; beginning on page S-8 of this prospectus supplement and page 2 of the accompanying
prospectus to read about risks that you should consider before buying our common shares. You should carefully read this prospectus supplement
and the accompanying prospectus, together with the documents we incorporate by reference, before you invest in our common shares.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Neither the Securities
and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus
supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Prospectus Supplement dated October 20, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Table of Contents</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROSPECTUS SUPPLEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%; text-align: left"><A HREF="#ya_001">ABOUT THIS PROSPECTUS SUPPLEMENT</A></TD>
    <TD STYLE="width: 10%; text-align: right"><A HREF="#ya_001">S-1</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#ya_002">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ya_002">S-2</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#ya_003">CAUTIONARY NOTE TO INVESTORS CONCERNING DISCLOSURE OF MINERAL RESOURCES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ya_003">S-5</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#ya_004">CURRENCY AND EXCHANGE RATES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ya_004">S-5</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#ya_005">PROSPECTUS SUPPLEMENT SUMMARY</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ya_005">S-6</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#ya_006">THE OFFERING</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ya_006">S-7</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#ya_007">RISK FACTORS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ya_007">S-8</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#ya_008">DILUTION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ya_008">S-9</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#ya_009">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ya_009">S-10</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#ya_010">DESCRIPTION OF SECURITIES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ya_010">S-11</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#ya_011">CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ya_011">S-11</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#ya_012">CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ya_012">S-11</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#ya_013">LEGAL MATTERS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ya_013">S-12</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#ya_014">EXPERTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ya_014">S-12</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><A HREF="#ya_015">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ya_015">S-12</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left"><A HREF="#ya_016">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</A></TD>
    <TD STYLE="text-align: right"><A HREF="#ya_016">S-13</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: left; width: 90%"><A HREF="#pros_001">ABOUT THIS PROSPECTUS</A></TD>
    <TD STYLE="text-align: right; width: 10%"><A HREF="#pros_001">1</A></TD>
    </TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="#pros_002">RISK FACTORS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#pros_002">2</A></TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="#pros_003">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#pros_003">13</A></TD>
    </TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="#pros_004">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</A></TD>
    <TD STYLE="text-align: right"><A HREF="#pros_004">13</A></TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="#pros_005">CAUTIONARY NOTE TO U.S. INVESTORS CONCERNING DISCLOSURE OF MINERAL RESOURCES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#pros_005">14</A></TD>
    </TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="#pros_006">CURRENCY AND EXCHANGE RATES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#pros_006">14</A></TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="#pros_007">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#pros_007">15</A></TD>
    </TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="#pros_008">OUR BUSINESS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#pros_008">17</A></TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="#pros_009">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#pros_009">18</A></TD>
    </TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="#pros_010">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#pros_010">19</A></TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="#pros_011">DESCRIPTION OF SENIOR AND SUBORDINATED DEBT SECURITIES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#pros_011">21</A></TD>
    </TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="#pros_012">DESCRIPTION OF COMMON SHARES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#pros_012">28</A></TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="#pros_013">DESCRIPTION OF WARRANTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#pros_013">30</A></TD>
    </TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="#pros_014">DESCRIPTION OF UNITS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#pros_014">31</A></TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="#pros_015">DESCRIPTION OF RIGHTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#pros_015">32</A></TD>
    </TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="#pros_016">DENOMINATIONS, REGISTRATION AND TRANSFER</A></TD>
    <TD STYLE="text-align: right"><A HREF="#pros_016">33</A></TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="#pros_017">CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#pros_017">34</A></TD>
    </TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="#pros_018">CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#pros_018">36</A></TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="#pros_019">LEGAL MATTERS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#pros_019">46</A></TD>
    </TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="#pros_020">EXPERTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#pros_020">46</A></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="ya_001"></A>ABOUT THIS PROSPECTUS
SUPPLEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus supplement
relates to a prospectus which is part of a registration statement on Form S-3 (File No. 333-272992) that we have filed with the Securities
and Exchange Commission (the &#8220;SEC&#8221;) utilizing a &#8220;shelf&#8221; registration process. <FONT STYLE="background-color: white">Under
this shelf registration process, we may, from time to time, offer debt securities, common shares, warrants, units and rights.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are responsible for the information contained and incorporated by
reference in this prospectus supplement, the accompanying prospectus and any applicable free writing prospectus we issue. We have not
authorized anyone to give you any other information and we do not take any responsibility for any other information that others may give
you. <FONT STYLE="background-color: white">We are not making an offer of these securities in any jurisdiction where the offer is not permitted.
You should assume that the information appearing in each of this prospectus supplement, the accompanying prospectus, the documents incorporated
by reference into this prospectus supplement and the accompanying prospectus and any related free writing prospectus is accurate as of
the respective dates of those documents.<B>&nbsp;</B></FONT>Our business, financial condition, prospectus and results of operations may
have changed since those respective dates. <FONT STYLE="background-color: white">You should read this prospectus supplement, the accompanying
prospectus, the documents incorporated by reference into this prospectus supplement and the accompanying prospectus and any related free
writing prospectus when making your investment decision.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This document is in two parts. The first part is this prospectus supplement,
which describes the specific terms of this offering and adds to, updates and changes information contained or incorporated by reference
in the accompanying prospectus and the documents incorporated by reference into the accompanying prospectus. The second part is the accompanying
prospectus, which gives more general information, some of which may not apply to this offering. To the extent the information contained
or incorporated by reference in this prospectus supplement differs or varies from the information contained or incorporated by reference
in the accompanying prospectus or any document incorporated by reference herein or therein that is filed with the SEC prior to the date
of this prospectus supplement, the information in this prospectus supplement will supersede such information. In addition, to the extent
that any information in a filing that we make with the SEC adds to, updates or changes information contained or incorporated by reference
in an earlier filing we made with the SEC, the information in such later filing shall be deemed to modify and supersede such information
in the earlier filing. Before investing in our common shares and warrants, you should read both this prospectus supplement and the accompanying
prospectus, as well as the additional information described under &ldquo;<I>Where You Can Find More Information</I>&rdquo; on page S-12
of this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="ya_002"></A>CAUTIONARY NOTE
REGARDING FORWARD-LOOKING STATEMENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus
supplement and accompanying prospectus and the documents incorporated herein and therein may contain &#8220;forward-looking
statements&#8221; within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other applicable
Canadian securities laws, and these forward-looking statements can be identified by the use of words such as &#8220;expect,&#8221;
 &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;believe,&#8221; &#8220;may,&#8221; &#8220;potential,&#8221;
 &#8220;intend,&#8221; &#8220;plan&#8221; and other similar expressions or statements that an action, event or result
 &#8220;may,&#8221; &#8220;could&#8221; or &#8220;should&#8221; be taken, occur or be achieved, or the negative thereof or other
similar statements. These statements are only predictions and involve known and unknown risks, uncertainties and other factors which
may cause our actual results, performance or achievements, or industry results, to be materially different from any future results,
performance, or achievements expressed or implied by these forward-looking statements. Such statements include, but are not limited
to: (i) our ability to maintain operations at Lost Creek in a safe and compliant fashion; (ii) the ability to cost-effectively
complete our return to full-production operations at Lost Creek, in light of ongoing challenges and whether Mine Unit 1 Phase 2
comes online as projected; (iii) our ability to deliver into our sales commitments; (iv) our ability to satisfy our inventory loan
obligations; (v) whether the sales prices in our contracts will be profitable on an all-in production cost basis; (vi) the
continuing technical and economic viability of Lost Creek, including as set forth in our Initial Assessment of the property (the
Lost Creek Report); (vii) the timing and outcome of processing and completion of future permits and authorizations for ongoing
operations; (viii) the ability and timing to complete additional favorable uranium sales agreements, including spot sales as may be
warranted; (ix) the production rates and life of the Lost Creek Project and subsequent development of and production from Adjoining
Projects within the Lost Creek Property, including plans at LC East; (x) the potential of exploration targets throughout the Lost
Creek Property (including the ability to expand resources); (xi) our ability to advance exploration programs in 2025, and the
potential of our other exploration and development projects, including Shirley Basin, the projects in the Great Divide Basin and
Lucky Mc; (xii) the technical and economic viability of Shirley Basin, as otherwise set forth in our Initial Assessment of the
project (the Shirley Basin Report); (xiii) our ability to complete the construction and build out of Shirley Basin on budget and on
times currently projected including whether our Casper construction shop will meet all development needs of Shirley Basin and Lost
Creek; (xiv) conditions in the uranium market including the major influences of climate change objectives, geopolitics, trade
actions and demands of &#8216;big data,&#8217; and how they will affect our operations and business; and (xv) the impacts of the war
in Ukraine, and other global conflicts and geopolitical tensions, including current trade controls and impositions of tariffs, on
the global economy and more specifically on the nuclear fuel industry including U.S. uranium producers. These other factors include,
among others, the following: future estimates for production, development and production operations, capital expenditures, operating
costs, mineral resources, recovery rates, grades and market prices; business strategies and measures to implement such strategies;
competitive strengths; estimates of goals for expansion and growth of the business and operations; plans and references to our
future successes; our history of operating losses and uncertainty of future profitability; status as an exploration stage company;
the lack of mineral reserves; risks associated with obtaining permits and other authorizations in the U.S.; risks associated with
current variable economic conditions; the possible impact of future financings; the hazards associated with mining production;
compliance with environmental laws and regulations; uncertainty regarding the pricing and collection of accounts; the possibility
for adverse results in potential litigation; uncertainties associated with changes in government policy and regulation;
uncertainties associated with a Canada Revenue Agency or U.S. Internal Revenue Service audit of any of our cross border
transactions; adverse changes in general business conditions in any of the countries in which we do business; changes in size and
structure; the effectiveness of management and our strategic relationships; ability to attract and retain key personnel;
uncertainties regarding the need for additional capital; uncertainty regarding the fluctuations of quarterly results; foreign
currency exchange risks; ability to enforce civil liabilities under U.S. securities laws outside the United States; ability to
maintain our listing on the NYSE American and TSX; risks associated with the expected classification as a &#8220;passive foreign
investment company&#8221; under the applicable provisions of the U.S. Internal Revenue Code of 1986, as amended; risks arising from
various geopolitical tensions and events including the war in Ukraine and rising tensions between the U.S. and China; risks
associated with various trade actions, tariffs and related impacts on our industry and the economy; risks associated with our
investments and other risks and uncertainties described under the heading &#8220;Risk Factors&#8221; of our Annual Report on Form
10-K for the fiscal year ended December 31, 2024 (the &#8220;Annual Report&#8221;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Although we believe that our
plans, intentions and expectations reflected in these forward-looking statements are reasonable, we cannot be certain that these plans,
intentions or expectations will be achieved. Actual results, performance or achievements could differ materially from those contemplated,
expressed or implied by the forward-looking statements contained or incorporated by reference in this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Forward-looking statements
are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ
from those expressed or implied by the forward-looking statements, including, without limitation, risks related to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">political, economic and regulatory risks and social unrest, including the war in Ukraine;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">future estimates for production;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">capital expenditures;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">operating costs;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">mineral resources, grade estimates and recovery rates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">market prices;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">business strategies and measures to implement such strategies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">competitive strengths;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">estimates of goals for expansion and growth of the business and operations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">plans and references to our future successes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our history of operating losses and uncertainty of future profitability;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">status as an exploration stage company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the lack of mineral reserves;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks associated with obtaining permits and other authorizations in the U.S.;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks associated with current variable economic conditions, including the rate of inflation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the possible impact of future debt or equity financings;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the hazards associated with mining production operations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">compliance with environmental laws and regulations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">wastewater management;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainty regarding the pricing and collection of accounts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the possibility for adverse results in potential litigation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainties associated with changes in law, government policy and regulation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainties associated with a Canada Revenue Agency or U.S. Internal Revenue Service audit of any of
our cross border transactions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">adverse changes in general business conditions in any of the countries in which we do business;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in size and structure;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the effectiveness of management and our strategic relationships;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">ability to attract and retain key personnel and management;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainties regarding the need for additional capital;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">sufficiency of insurance coverages, bonding surety arrangements, and indemnifications for our inventory;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainty regarding the fluctuations of quarterly results;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">foreign currency exchange risks;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">ability to enforce civil liabilities under U.S. securities laws outside the U.S.;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">ability to maintain our listing on the NYSE American and TSX;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks associated with the expected classification as a &#8220;passive foreign investment company&#8221;
under the applicable provisions of the U.S. Internal Revenue Code of 1986, as amended;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks associated with our investments;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">other factors, many of which are beyond our control; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">other risks and uncertainties described elsewhere in this prospectus supplement, the accompanying prospectus,
our Annual Report and in other filings we make with the SEC.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;This list is not exhaustive
of the factors that may affect our forward-looking statements. Some of the important risks and uncertainties that could affect forward-looking
statements are described further under the section heading &#8220;<I>Risk Factors</I>&#8221; in this prospectus supplement and the accompanying
prospectus. Although we have attempted to identify important factors that could cause actual results to differ materially from those described
in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Should one
or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially
from those anticipated, believed, estimated or expected. We caution readers not to place undue reliance on any such forward-looking statements,
which speak only as of the date made. Except as required by law, we disclaim any obligation subsequently to revise any forward-looking
statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated
events. We qualify all of the forward-looking statements contained or incorporated by reference in this prospectus supplement by the foregoing
cautionary statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="ya_003"></A>CAUTIONARY NOTE
TO INVESTORS CONCERNING DISCLOSURE OF<BR>
MINERAL RESOURCES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise indicated,
all mineral resource estimates included or incorporated by reference in this prospectus supplement and accompanying prospectus and the
documents incorporated herein and therein have been, and will be, prepared in accordance with U.S. securities laws pursuant to Regulation
S-K, Subpart 1300 (&#8220;S-K 1300&#8221;). We also prepare estimates of mineral resources in accord with Canadian National Instrument
43-101 Standards of Disclosure for Mineral Projects (&#8220;NI 43-101&#8221;) and the Canadian Institute of Mining, Metallurgy and Petroleum
Definition Standards for Mineral Resources and Mineral Reserves (&#8220;CIM Definition Standards&#8221;). NI 43-101 is a rule developed
by the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical
information concerning mineral projects. We are required by applicable Canadian Securities Administrators to file in Canada an NI 43&#45;101
compliant report at the same time we file an S-K 1300 technical report summary. The NI 43-101 and S-K 1300 reports (for each of the Lost
Creek Property and Shirley Basin Project) are substantively identical to one another except for internal references to the regulations
under which the report is made, and certain organizational differences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Investors should note that
the term &#8220;mineral resource&#8221; does not equate to the term &#8220;mineral reserve.&#8221; Mineralization may not be classified
as a &#8220;mineral reserve&#8221; unless the determination has been made that the mineralization could be economically and legally produced
or extracted at the time the reserve determination is made. Investors should also understand that &#8220;inferred mineral resources&#8221;
have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be
assumed that all or any part of an &#8220;inferred mineral resource&#8221; will ever be upgraded to a higher category. Under S-K 1300,
estimated &#8220;inferred mineral resources&#8221; may not form the basis of feasibility or pre-feasibility studies. Additionally, as
required under S&#45;K 1300, our report on the Lost Creek Property includes two economic analyses to account for the chance that the inferred
resources are not upgraded as production recovery progresses and we collect additional drilling data; the second economic analysis was
prepared which excluded the inferred resources. The estimated recovery excluding the inferred resources also establishes the potential
viability of the property, as detailed in the S-K 1300 report. Investors are cautioned not to assume that all or any part of an &#8220;inferred
mineral resource&#8221; exists or is economically or legally mineable.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="ya_004"></A>CURRENCY AND EXCHANGE
RATES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise indicated,
all references to &#8220;$&#8221; or &#8220;dollars&#8221; in this prospectus supplement and the accompanying prospectus refer to U.S.
dollars. References to &#8220;Cdn$&#8221; in this prospectus supplement and the accompanying prospectus refer to Canadian dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The rate of exchange on October
17, 2025 as reported by the Bank of Canada for the conversion of Canadian dollars to U.S. dollars, was Cdn$1.00 equals $0.7125 and, for
the conversion of U.S. dollars to Canadian dollars, was $1.00 equals Cdn$1.4035.<FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="border: Black 1pt solid; padding-right: 10pt; padding-left: 10pt">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="ya_005"></A>PROSPECTUS SUPPLEMENT
SUMMARY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>This summary highlights selected information
about Ur-Energy Inc. This summary does not contain all of the information that may be important to you in making an investment decision.
For a more complete understanding of Ur-Energy you should read carefully this entire prospectus supplement and the accompanying prospectus,
including the &#8220;Risk Factors&#8221; section and the other documents we refer to and incorporate by reference. Unless otherwise indicated,
 &#8220;common shares&#8221; means our common shares, no par value, offered by this prospectus supplement. As used in this prospectus supplement,
unless otherwise indicated or the context otherwise requires, the terms &#8220;Company&#8221;, &#8220;we&#8221;, &#8220;us&#8221; and
 &#8220;our&#8221; are used to refer to Ur-Energy&nbsp;Inc. inclusive of our subsidiaries.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our Company </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Incorporated on March 22, 2004, Ur-Energy is an
exploration stage issuer, as that term is defined by the SEC. We are engaged in uranium recovery and processing activities, including
the acquisition, exploration, development, and operation of uranium mineral properties in the U.S. We are operating our first in situ
recovery uranium facility at our Lost Creek Project in Wyoming. Ur-Energy is a corporation continued under the Canada Business Corporations
Act on August 8, 2006. Our common shares are listed on the TSX under the symbol &#8220;URE&#8221; and on the NYSE American under the symbol
 &#8220;URG.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ur-Energy has one wholly owned subsidiary, Ur-Energy
USA Inc., incorporated under the laws of the State of Colorado. Ur-Energy USA Inc. has three wholly owned subsidiaries: NFU Wyoming, LLC,
a limited liability company formed under the laws of the State of Wyoming which acts as our land holding and exploration entity; Lost
Creek ISR, LLC, a limited liability company formed under the laws of the State of Wyoming to operate our Lost Creek Project and hold our
Lost Creek properties and assets; and Pathfinder Mines Corporation, incorporated under the laws of the State of Delaware, which holds,
among other assets, the Shirley Basin Project in Wyoming.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We utilize in situ recovery (&#8220;ISR&#8221;)
of the uranium at our flagship project, Lost Creek, and will do so at other projects where possible. The ISR technique is employed in
uranium extraction because it allows for an effective recovery of roll front uranium mineralization at a lower cost. At Lost Creek, we
extract and process uranium oxide (&#8220;U<SUB>3</SUB>O<SUB>8</SUB>&#8221;) for shipping to a third-party conversion facility to be weighed,
assayed and stored until sold. After sale, when further processed, the uranium we have produced fuels carbon-free, emissions-free nuclear
power, which is a cost-effective, safe, and reliable form of electrical power. Nuclear power provides an estimated 50% of the carbon-free
electricity in the U.S.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Lost Creek wellfield is permitted and licensed for annual recovery
of up to 1.2 million pounds U<SUB>3</SUB>O<SUB>8</SUB>. The processing facility at Lost Creek, which includes all circuits for the production,
drying and packaging of U<SUB>3</SUB>O<SUB>8</SUB> for delivery into sales transactions, is designed and approved under current licensing
to process up to 2.2 million pounds of U<SUB>3</SUB>O<SUB>8</SUB> annually, which provides additional capacity of up to one million pounds
U<SUB>3</SUB>O<SUB>8</SUB> to process material from other sources. The Lost Creek processing facility will be utilized to process captured
U<SUB>3</SUB>O<SUB>8</SUB> from our Shirley Basin Project for which we are currently building a satellite plant. The Shirley Basin permit
and license allow for the construction of a full processing facility, as may be dictated by market conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are an &#8220;exploration stage issuer,&#8221;
as that term is defined under S-K 1300, because we have not established proven or probable mineral reserves through the completion of
a pre-feasibility or feasibility study for any of our uranium projects. As a result, and even though we commenced recovery of uranium
at our Lost Creek Project in 2013, we remain classified as an exploration stage issuer and will continue to remain an exploration stage
issuer until such time as proven or probable mineral reserves have been established.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our corporate office is located at 10758 W. Centennial
Road, Suite 200, Littleton, CO 80127 and our telephone number is (720) 981-4588. Our website address is www.ur-energy.com. The information
on our website is not part of this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="ya_006"></A>THE OFFERING</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The following summary contains basic
information about our common shares and the offering and is not intended to be complete. It does not contain all the information
that may be important to you. For a more detailed description of our common shares, see &#8220;Description of Our Capital Shares&#8221; in the accompanying base prospectus.</I>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-size: 10pt"><B>Securities offered by us</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 68%; text-align: justify"><FONT STYLE="font-size: 10pt">Up to 19,137,000 common shares issuable upon exercise of
    the warrants, subject to adjustment upon the split or combination of our common shares and certain similar events.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Common shares to be outstanding immediately after this offering&nbsp;<SUP>(1)</SUP></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">395,350,376 common shares.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Use of Proceeds</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">We expect to use the net proceeds from this offering of the common shares issuable upon exercise
    of the warrants to supplement working capital for the continued ramp-up of production at Lost Creek, to support construction and
    development at Shirley Basin, capital for our exploration program, and for working capital and general corporate purposes, although
    our management will have broad discretion in the application of the net proceeds of this offering. See &ldquo;<I>Use of Proceeds</I>&rdquo;
    on page S-10.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Dividend Policy</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We have not paid dividends on our common shares and do not intend to pay dividends in the foreseeable future.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Risk Factors</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">An investment in our securities involves risks. See &#8220;<I>Risk Factors</I>&#8221; on page S-8 of this prospectus supplement, page 2 of the accompanying prospectus and in the documents incorporated by reference herein for a description of certain of the risks you should consider before investing in our securities.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>NYSE American and TSX Symbols</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The common shares are listed under the symbols &#8220;URG&#8221; on the NYSE American and &#8220;URE&#8221; on the TSX. The warrants will not be listed or traded on any national securities exchange or other trading market.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: -0.05pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 95%; text-align: justify"><FONT STYLE="font-size: 10pt">The number of common shares that will be outstanding after the offering
is based on 376,213,376 common shares outstanding as of October 17, 2025. This number excludes:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: center"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 95%; text-align: justify"><FONT STYLE="font-size: 10pt">the common shares reserved for issuance under our equity compensation
plans, of which 757,324 restricted share units have been granted, each of which may result in one common share being issued in the future
based on the satisfaction of certain vesting criteria established pursuant to the respective awards;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the outstanding options to purchase 7,349,989 common shares; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">19,137,000 common shares issuable upon the exercise of the warrants
issued in this offering.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

</DIV>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="ya_007"></A>RISK FACTORS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>An investment in our securities
involves a high degree of risk. You should carefully consider the risks described herein and those described under &#8220;Risk Factors&#8221;
in Part&nbsp;I, Item&nbsp;1A of our Annual Report, as well as the other information included or incorporated by reference in this prospectus
supplement, before making an investment decision. Our business, results of operations, cash flows and financial condition could be materially
adversely affected by any of these risks. The market or trading price of our securities could decline due to any of these risks. In addition,
please read &#8220;Cautionary Note Regarding Forward-Looking Statements&#8221; on page S-2 of this prospectus supplement, where we describe
additional uncertainties associated with our business and the forward-looking statements included or incorporated by reference in this
prospectus supplement. Please note that additional risks not presently known to us or that we currently deem immaterial may also impair
our business and operations.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Additional Risks Relating to this Offering</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our management will have broad discretion
as to the use of the net proceeds from this offering, and we may not use these proceeds effectively.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We currently intend to allocate the net proceeds
we will receive from the offering as described under the heading &#8220;<I>Use of Proceeds</I>&#8221; below. However, management will
have discretion in the actual application of the net proceeds, and we may elect to allocate proceeds differently from that described in
 &#8220;<I>Use of Proceeds</I>&#8221; if we believe it would be in our best interests to do so. Accordingly, you will be relying on the
judgment of our management with regard to the use of these net proceeds, and you will not have the opportunity, as part of your investment
decision, to assess whether the proceeds are being used appropriately. Our failure to apply these funds effectively could have an adverse
effect on our business and cause the price of our common shares to decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Resales of our common shares in the public
market may cause the trading price of the shares to fall.</I></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Resales of a substantial number of our
common shares could depress the trading price of our common shares. This offering of new common shares could
result in resales of our common shares by our current shareholders concerned about the potential dilution of their holdings. If our
shareholders sell substantial amounts of our common shares in the public market, the trading price of our common shares could
fall.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If you purchase shares in this offering by exercising your warrants,
you will suffer immediate dilution of your investment.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The exercise price of the warrants is higher
than the net tangible book value per share of our common shares. Therefore, if you purchase shares in this offering by exercising
your warrants, you will pay an effective price per common share you acquire that exceeds net tangible book value per share. Assuming
you exercise warrants to purchase a common share in this offering, you will experience immediate dilution of approximately $1.16 per
share. The dilution figure provided above represents the difference between our net tangible book value per share as of June 30,
2025, after giving effect the exercise price of the warrants. Furthermore, if any of our outstanding options or warrants are
exercised at prices below the offering price, or if we grant additional options or other awards under our equity incentive plans or
issue additional warrants, you may experience further dilution of your investment. See the section entitled
 &ldquo;<I>Dilution</I>&rdquo; below for a more detailed illustration of the dilution you would incur if you participate in this
offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="ya_008"></A>DILUTION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The net tangible book value of our common shares as of June 30, 2025
was approximately $102,093,000, or $0.28 per share. Net tangible book value per share is determined by dividing our total tangible assets,
less total liabilities, by the number of common shares outstanding as of June 30, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">After reflecting the
assumed issuance in this offering of 19,137,000 common shares issuable upon the exercise of the warrants, which would result in
aggregate proceeds of approximately $28,705,500, the adjusted net tangible book value of our common shares as of June 30, 2025 would
have been approximately $130,798,500, or $0.34 per share. The change represents an immediate increase in net tangible book value per
common share of $0.06 per share to existing shareholders and an immediate&nbsp;dilution&nbsp;of $1.16 per share to
investors purchasing the common shares in this offering. The following table illustrates this per share&nbsp;dilution:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 0in"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Warrant exercise price per share</P></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD STYLE="padding: 0.25pt; text-align: right"><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">$</TD>
    <TD STYLE="padding: 0.25pt; text-align: right"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">1.50</P></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 9.25pt">Net tangible book value per share as of June 30, 2025</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">$</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">0.28</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 9.25pt"><FONT STYLE="font-size: 10pt">Increase per share attributable to this offering</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt; text-align: right"><FONT STYLE="font-size: 10pt">0.06</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">Adjusted net tangible book value per share as of June 30, 2025</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt; text-align: right"><FONT STYLE="font-size: 10pt">0.34&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0.25pt 0.25pt 2.5pt"><FONT STYLE="font-size: 10pt">Dilution per share attributable to this offering</FONT></TD>
    <TD STYLE="padding: 0.25pt 0.25pt 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 2.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 2.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding: 0.25pt 0.25pt 2.5pt; text-align: right">1.16&nbsp;</TD>
    <TD STYLE="padding: 0.25pt 0.25pt 2.5pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;The foregoing
calculations are based on 364,819,260 common shares outstanding as of June 30, 2025 and excludes (i) 8,088,463 common shares is<FONT STYLE="background-color: white">suable
upon the exercise of outstanding stock options having a weighted average exercise price of $1.09 per share; (ii) </FONT>757,324 <FONT STYLE="background-color: white">common
shares issuable upon of redemption of outstanding restricted share units having a weighted-average grant date fair value of $1.35
per unit; and (iii) </FONT>19,520,500 <FONT STYLE="background-color: white">common shares issuable upon the exercise of </FONT>39,041,000 <FONT STYLE="background-color: white">outstanding
warrants having a per share exercise price of $1.50 per full share.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="background-color: white">T</FONT>o
the extent that options, warrants or restricted share units are exercised, new options are issued under our equity incentive plans, or
we issue additional common shares in the future, there may be further dilution to the purchasers participating in this offering. Moreover,
we may choose to raise additional capital because of market conditions or strategic considerations, even if we believe that we have sufficient
funds for our current or future operating plans. If we raise additional capital through the sale of equity or convertible debt securities,
the issuance of these securities could result in further dilution to our shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="ya_009"></A>USE OF PROCEEDS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will not receive any proceeds
in connection with this offering from the sale of the common shares issuable upon exercise of the warrants, unless and until such warrants
are exercised for cash. If all of the warrants were to be exercised in cash at the exercise price of $1.50 per common share, we would
receive aggregate gross proceeds of approximately $28,705,500. We cannot predict when or if these warrants will be exercised.
It is possible that these warrants may expire and may never be exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We intend to use the net proceeds
of this offering to supplement working capital for the continued ramp-up of production at Lost Creek, to support construction and development
at Shirley Basin, capital for our exploration program, and for working capital and general corporate purposes, although our management
will have broad discretion in the application of the net proceeds of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="ya_010"></A>DESCRIPTION OF
SECURITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">See &#8220;<I>Description
of Common Shares</I>&#8221; beginning on page 28 of the accompanying prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="ya_011"></A>CERTAIN CANADIAN
FEDERAL INCOME TAX CONSIDERATIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">See &#8220;<I>Certain Canadian
Federal Income Tax Considerations</I>&#8221; beginning on page 34 of the accompanying prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="ya_012"></A>CERTAIN U.S. FEDERAL
INCOME TAX CONSIDERATIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">See &#8220;<I>Certain U.S.
Federal Income Tax Considerations</I>&#8221; beginning on page 36 of the accompanying prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="ya_013"></A>LEGAL MATTERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The validity of the issuance
of the securities offered hereby and certain legal matters in connection with the offering will be passed on by Fasken Martineau DuMoulin
LLP, Ottawa, Ontario.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="ya_014"></A>EXPERTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">Our consolidated
financial statements as of December 31, 2024 and 2023 are incorporated in this prospectus supplement by reference to our Annual Report.
The consolidated financial statements of the Company as of December 31, 2024 have been so incorporated in reliance on the report of BDO
USA, P.C., an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.
The consolidated financial statements of the Company as of December 31, 2023 have been so incorporated in reliance on the report of PricewaterhouseCoopers
LLP, Chartered Professional Accountants, of Vancouver, British Columbia, Canada, an independent registered public accounting firm, given
on the authority of said firm as experts in auditing and accounting.&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">The mineral
resource estimate and related information of our Lost Creek Property incorporated by reference herein are based upon analyses performed
or overseen by Western Water Consultants, Inc., d/b/a WWC Engineering. Such estimates and related information have been incorporated by
reference herein in reliance upon the authority of such firm as experts in such matters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">The mineral
resource estimate and related information of our Shirley Basin Project incorporated by reference herein are based upon analyses performed
by Western Water Consultants, Inc., d/b/a WWC Engineering. Such estimates and related information have been incorporated by reference
herein in reliance upon the authority of such firm as experts in such matters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="ya_015"></A>WHERE YOU CAN FIND
MORE INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to the informational
requirements of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and the rules and regulations thereunder, and in
accordance therewith, we file periodic reports and proxy statements with the Securities and Exchange Commission, referred to in this prospectus
supplement as the SEC. Our SEC filings are available to the public from the SEC&#8217;s website at www.sec.gov and our website at www.ur-energy.com.
Information on our website is not incorporated by reference in this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have filed with the SEC
a registration statement (of which this prospectus supplement and the accompanying prospectus are a part) on Form S-3 under the Securities
Act with respect to our securities. This prospectus supplement and the accompanying prospectus do not contain all of the information set
forth in the registration statement, including the exhibits and schedules thereto, certain parts of which are omitted as permitted by
the rules and regulations of the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also maintain an Internet
website at <U>www.ur-energy.com</U>, which provides additional information about our company and through which you can also access our
SEC filings. Our website and the information contained in and connected to it are not a part of or incorporated by reference into this
prospectus supplement or the accompanying prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="ya_016"></A>INCORPORATION OF
CERTAIN DOCUMENTS BY REFERENCE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SEC allows us to &#8220;incorporate
by reference&#8221; the documents we file with the SEC, which means that we can disclose important information to you by referring you
to those documents. The information incorporated by reference is considered to be part of this prospectus supplement, and information
in documents that we file later with the SEC will automatically update and supersede information in this prospectus supplement and the
accompanying prospectus. We incorporate by reference the documents listed below and any future filings we will make with the SEC under
Sections&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange Act, other than any portions of the respective filings that were furnished, rather
than filed, pursuant to Item&nbsp;2.02 or Item&nbsp;7.01 of our Current Reports on Form&nbsp;8-K (including exhibits related thereto)
or other applicable SEC rules, until the offering of our securities under this registration statement is completed or withdrawn:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1375205/000155837025004728/urg-20241231x10k.htm" STYLE="-sec-extract: exhibit">Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2024, filed on April 11, 2025</A>;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 38.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the information specifically incorporated by reference into our Annual Report on&nbsp;Form 10-K&nbsp;for
the year ended December&nbsp;31, 2024 from our&nbsp;<A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1375205/000155837025005555/urg-20250605xdef14a.htm" STYLE="-sec-extract: exhibit">Definitive Proxy Statement on&nbsp;Schedule 14A&nbsp;filed on April 25, 2025</A>;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our Quarterly Reports on Form&nbsp;10-Q for the quarters ended <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1375205/000155837025007006/urg-20250331x10q.htm" STYLE="-sec-extract: exhibit">March&nbsp;31, 2025</A> and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1375205/000155837025010170/urg-20250630x10q.htm" STYLE="-sec-extract: exhibit">June&nbsp;30, 2025</A>,
filed on May 8, 2025 and August 5, 2025, respectively;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our Current Reports on Form&nbsp;8-K filed on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1375205/000165495425001354/urg_8k.htm" STYLE="-sec-extract: exhibit">February 11, 2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1375205/000155837025004845/urg-20250411x8k.htm" STYLE="-sec-extract: exhibit">April 15, 2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1375205/000155837025004973/urg-20250417x8k.htm" STYLE="-sec-extract: exhibit">April 17, 2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1375205/000155837025007421/urg-20250508x8k.htm" STYLE="-sec-extract: exhibit">May 12, 2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1375205/000155837025008489/urg-20250605x8k.htm" STYLE="-sec-extract: exhibit">June 6, 2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1375205/000155837025009008/urg-20250630x8k.htm" STYLE="-sec-extract: exhibit">June 30, 2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1375205/000155837025009245/urg-20250715x8k.htm" STYLE="-sec-extract: exhibit">July 15, 2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1375205/000155837025010318/urg-20250805x8k.htm" STYLE="-sec-extract: exhibit">August 5, 2025</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1375205/000110465925092559/urg-20250923x8k.htm" STYLE="-sec-extract: exhibit">September 23, 2025</A> and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1375205/000110465925099352/urg-20251010x8k.htm" STYLE="-sec-extract: exhibit">October 14, 2025</A> (excluding all information furnished
in such report under Item 2.02 or 7.01);&nbsp;and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">all documents, or portions thereof, filed by us subsequent to the
date of this prospectus supplement, under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act prior to the termination of the offering
made hereby.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any statement in a document
incorporated by reference in this prospectus supplement will be deemed to be modified or superseded to the extent a statement contained
in this prospectus supplement or any other subsequently filed document that is incorporated by reference in this prospectus supplement
modifies or supersedes such statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You may obtain, free of charge,
a copy of any of these documents (other than exhibits to these documents unless the exhibits specifically are incorporated by reference
into these documents or referred to in this prospectus supplement) by writing or calling us at the following address and telephone number:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Ur-Energy&nbsp;Inc.<BR>
10758 W. Centennial Road, Suite&nbsp;200<BR>
Littleton, Colorado 80127</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Attention: General Counsel<BR>
(720)&nbsp;981-4588</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Filed pursuant to Rule 424(b)(3)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration No. 333-272992</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>PROSPECTUS</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tm2529058d2_424b5-img03.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$175,000,000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Units</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Senior Debt Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Subordinated Debt Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ur-Energy Inc. (the &#8220;Company,&#8221;
 &#8220;we,&#8221; &#8220;us,&#8221; or &#8220;our&#8221;) may offer and sell from time to time, in one or more offerings, in amounts,
at prices and on terms determined at the time of any such offering, of our common shares, no par value (&#8220;Common Shares&#8221;),
warrants to purchase Common Shares (the &#8220;Warrants&#8221;), our senior and subordinated debt securities, rights to purchase common
shares and/or senior or subordinated debt securities, units consisting of two or more of these classes of securities or any combination
thereof up to an aggregate initial offering price of $175,000,000 (all of the foregoing, collectively, the &#8220;Securities&#8221;).
The prices at which we may sell the Securities will be determined by the prevailing market price for such Securities. We will bear all
expenses of registration incurred in connection with this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will provide specific terms
of any offering of Securities in one or more supplements to this prospectus. The Securities may be offered separately or together in any
combination and as separate series. You should read this prospectus and any supplement carefully before you invest. The prospectus supplement
may also add, update or change information contained in this prospectus. You should read this prospectus and the applicable prospectus
supplement carefully before you make your investment decision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may sell securities directly
to you, through agents we select, or through underwriters or dealers we select. If we use agents, underwriters or dealers to sell the
Securities, we will name them and describe their compensation in a prospectus supplement. The net proceeds we expect to receive from an
offering of Securities will be described in the prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our registration of the Securities
covered by this prospectus does not mean that we will offer or sell any of the Securities. We may sell the Securities covered by this
prospectus in a number of different ways and at varying prices. We provide more information about how we may sell the Securities in the
section entitled &#8220;<I>Plan of Distribution</I>&#8221; beginning on page 19.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Common Shares are traded
on the Toronto Stock Exchange (&#8220;TSX&#8221;) under the symbol &#8220;URE&#8221; and on the NYSE American LLC (&#8220;NYSE American&#8221;)
under the symbol &#8220;URG.&#8221; On June 27, 2023, the last reported sale price of the Common Shares on the NYSE American was $1.02
per Common Share and on the TSX was Cdn$1.34 per Common Share. Unless otherwise specified in the applicable prospectus supplement, the
Securities other than the Common Shares will not be listed on any securities exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>There is currently no market
through which the Securities, other than the Common Shares, may be sold and you may not be able to resell such Securities purchased under
this prospectus and any applicable prospectus supplement. This may affect the pricing of such Securities in the secondary market, the
transparency and availability of trading prices, the liquidity of the securities, and the extent of issuer regulation.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>INVESTING IN OUR SECURITIES
INVOLVES A HIGH DEGREE OF RISK. YOU SHOULD CAREFULLY READ THE &#8220;<I>RISK FACTORS</I>&#8221; SECTION BEGINNING ON PAGE 2 OF THIS PROSPECTUS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Neither the U.S. Securities
and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus
is truthful or complete. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus is July 19, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: left; width: 90%"><A HREF="#pros_001">ABOUT THIS PROSPECTUS</A></TD>
    <TD STYLE="text-align: right; width: 10%"><A HREF="#pros_001">1</A></TD>
    </TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="#pros_002">RISK FACTORS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#pros_002">2</A></TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="#pros_003">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#pros_003">13</A></TD>
    </TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="#pros_004">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</A></TD>
    <TD STYLE="text-align: right"><A HREF="#pros_004">13</A></TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="#pros_005">CAUTIONARY NOTE TO U.S. INVESTORS CONCERNING DISCLOSURE OF MINERAL RESOURCES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#pros_005">14</A></TD>
    </TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="#pros_006">CURRENCY AND EXCHANGE RATES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#pros_006">14</A></TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="#pros_007">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#pros_007">15</A></TD>
    </TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="#pros_008">OUR BUSINESS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#pros_008">17</A></TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="#pros_009">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#pros_009">18</A></TD>
    </TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="#pros_010">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="text-align: right"><A HREF="#pros_010">19</A></TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="#pros_011">DESCRIPTION OF SENIOR AND SUBORDINATED DEBT SECURITIES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#pros_011">21</A></TD>
    </TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="#pros_012">DESCRIPTION OF COMMON SHARES</A></TD>
    <TD STYLE="text-align: right"><A HREF="#pros_012">28</A></TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="#pros_013">DESCRIPTION OF WARRANTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#pros_013">30</A></TD>
    </TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="#pros_014">DESCRIPTION OF UNITS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#pros_014">31</A></TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="#pros_015">DESCRIPTION OF RIGHTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#pros_015">32</A></TD>
    </TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="#pros_016">DENOMINATIONS, REGISTRATION AND TRANSFER</A></TD>
    <TD STYLE="text-align: right"><A HREF="#pros_016">33</A></TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="#pros_017">CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#pros_017">34</A></TD>
    </TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="#pros_018">CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#pros_018">36</A></TD>
    </TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="#pros_019">LEGAL MATTERS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#pros_019">46</A></TD>
    </TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; text-align: left"><A HREF="#pros_020">EXPERTS</A></TD>
    <TD STYLE="text-align: right"><A HREF="#pros_020">46</A></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In this prospectus and in
any prospectus supplement, unless the context otherwise requires, references to &#8220;Ur&#45;Energy,&#8221; the &#8220;Company,&#8221;
 &#8220;we,&#8221; &#8220;us&#8221; and &#8220;our&#8221; refer to Ur-Energy Inc., either alone or together with our subsidiaries as the
context requires. When we refer to &#8220;shares&#8221; throughout this prospectus, we include all rights attaching to our Common Shares
under any shareholder rights plan then in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="pros_001"></A>ABOUT THIS PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt">This prospectus is part
of a registration statement that we filed with the Securities and Exchange Commission, which we refer to as the &#8220;SEC&#8221; or the
 &#8220;Commission,&#8221; using a &#8220;shelf&#8221; registration process. Under the shelf registration, we may sell any combination
of the securities described in this prospectus in one or more offerings. This prospectus provides you with a general description of the
securities that we may offer. Each time that we sell securities, we will provide a prospectus supplement that will contain specific information
about the terms of that offering. The prospectus supplement also may add, update or change information contained in this prospectus. You
should read both this prospectus and any prospectus supplement together with additional information incorporated by reference in this
prospectus before making an investment in our securities. See &#8220;<I>Where You Can Find More Information,</I>&#8221; below, for more
information. We may use this prospectus to sell securities only if it is accompanied by a prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You should not assume that
the information in this prospectus, any accompanying prospectus supplement or any document incorporated by reference is accurate as of
any date other than the date of such document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="pros_002"></A>RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>The following sets forth
certain risks and uncertainties that could have a material adverse effect on our business, financial condition and/or results of operations
and the trading price of our Common Shares, which may decline, and investors may lose all or part of their investment. Additional risks
and uncertainties that we do not presently know or that we currently deem immaterial also may impair our business operations. We cannot
assure you that we will successfully address these risks. In addition, other unknown risks may exist that may affect our business.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>An investment in the Securities
offered in this prospectus involves a high degree of risk. For a discussion of other factors you should carefully consider before deciding
to purchase these securities, please consider the risk factors described in the documents we incorporate by reference, including those
in our Annual Report on Form 10-K for the year ended December 31, 2022 and our Quarterly Report on Form 10-Q for the period ended March
31, 2023, as well as those that may be included in the applicable prospectus supplement and other information incorporated by reference
in the applicable prospectus supplement. Also, please read our &#8220;Cautionary Statement Regarding Forward-Looking Statements.&#8221;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risk Factors Related to the Uranium Markets
and Nuclear Fuel Cycle Industries</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Largely unrestricted imports from state-owned
enterprises challenge the U.S. uranium industry.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While spot market pricing has been affected positively
by various developments since 2020, term contracting by domestic and Western purchasers remains at prices which do not incentivize a return
to full production by many uranium recovery facilities. Overall, the global uranium market continues to be characterized by production
levels and sales priced in and for countries such as Russia, Kazakhstan and Uzbekistan which continue to adversely affect the U.S. uranium
production industry. China continues to expand its role in the global uranium mining markets and in the rest of the nuclear fuel cycle.
Additionally, the extent of foreign inventories in some instances is uncertain. If U.S. imports from government-subsidized production
sites continue unchecked, without other relief, there could be a significant continuing negative impact to the uranium market which could
adversely impact the Company&#8217;s future profitability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although the U.S. Department of Energy (&#8220;DOE&#8221;)
established the national uranium reserve program, it appears that DOE&#8217;s 2022 purchase awards completed a one-time purchase program.
Although initially envisioned to be a multi-year program, there remains great uncertainty whether DOE will continue with additional contract
awards and/or whether there will be appropriations to sustain the program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We have entered into term sales contracts
for a portion of our Lost Creek production but may be unable to enter into additional term sales contracts in the future on suitable terms
and conditions.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While we have secured term sales contracts
beginning in 2024 and continuing through 2028 at levels of sales which incentivized our decision to ramp up and return to commercial
production operations, there is no certainty that we will be able enter additional term sales agreements at suitable pricing and
other terms to support longer-term production at Lost Creek and/or the construction of Shirley Basin. The failure to complete
additional term sales contracts on suitable terms may further delay decisions to maximize production at Lost Creek and to construct
and begin operations at our Shirley Basin Project and could otherwise adversely impact our operations and resulting cash flows and
income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The uranium market is volatile and has limited
customers. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The price of uranium is volatile, has experienced
and may continue to experience significant price movements over short periods of time. Spot pricing has reached lows at or below $20 per
pound U<FONT STYLE="font-size: 10pt"><SUB>3</SUB></FONT>O<FONT STYLE="font-size: 10pt"><SUB>8</SUB></FONT> in recent years. While pricing
has improved, spot pricing continues to demonstrate volatility: at December 31, 2020, the price of U<FONT STYLE="font-size: 10pt"><SUB>3</SUB></FONT>O<FONT STYLE="font-size: 10pt"><SUB>8
</SUB></FONT>was $30.20 per pound; at December 31, 2022, the price was $47.68 per pound U<FONT STYLE="font-size: 10pt"><SUB>3</SUB></FONT>O<FONT STYLE="font-size: 10pt"><SUB>8</SUB></FONT>;
and at May 31, 2023 the price was $54.55 per pound U<FONT STYLE="font-size: 10pt"><SUB>3</SUB></FONT>O<FONT STYLE="font-size: 10pt"><SUB>8</SUB></FONT>.
Factors beyond our control affect the market, including demand for nuclear power; changes in public acceptance of nuclear energy; political
and economic conditions in uranium mining, producing and consuming countries; costs and availability of financing of nuclear plants; changes
in governmental regulations; global or regional consumption patterns; speculative activities and increased production due to new extraction
developments and improved production methods; the future viability and acceptance of small modular reactors or micro-reactors and the
related fuel requirements for this new technology; reprocessing of spent fuel and the re-enrichment of depleted uranium tails or waste;
and global economics, including currency exchange rates, interest rates and expectations of inflation. Any future accidents, or threats
of or incidents of war, civil unrest or terrorism, at nuclear facilities are likely to also impact the conditions of uranium mining and
the use and acceptance of nuclear energy. The effect of these factors on the price of uranium, and therefore on the economic viability
of our properties, cannot accurately be predicted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The uranium industry is highly competitive
and nuclear energy competes with other energy sources.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The national and international uranium industry
is small and highly competitive. Our activities are directed toward the exploration for, evaluation, acquisition and development of uranium
deposits into production operations. There is no certainty that any expenditures we make will result in discoveries of commercial quantities
of uranium production. There is aggressive competition within the uranium mining industry for the discovery, acquisition and development
of properties considered to have commercial potential. We compete with other companies for the opportunity to participate in promising
projects, many of which competing entities have greater financial resources than we have and/or are state-sponsored entities. Similarly,
we market our product to a limited number of purchasers in competition with supplies from a very limited number of competitors, most of
whom currently are state-sponsored operations producing at lower, subsidized costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Nuclear energy competes with other sources of
energy, including natural gas, oil, coal, hydroelectricity and renewable energy sources. These other energy sources are to some extent
interchangeable with nuclear energy, and their relative availability and cost may result in lower demand for uranium concentrate and uranium
conversion services. Technical advances in and government support and subsidies for renewable energy sources could make these forms of
energy more viable and have a greater impact on nuclear fuel demands. Further, the growth of the uranium and nuclear power industry beyond
its current level will depend upon continued and increased acceptance of nuclear technology as a means of generating electricity. Because
of unique political, geopolitical, technological and environmental factors that affect the nuclear industry, the industry is subject to
public opinion risks which could have an adverse impact on the demand for nuclear power, whether through increased regulation or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Requirements for our products and services may
be affected by technological changes in nuclear reactors, enrichment, and used uranium fuel reprocessing. These technological changes
could reduce, or increase, the demand for uranium. The cost competitiveness of our operations may be impacted through development of new
uranium recovery and processing technologies. As a result, our competitors may adopt technological advancements that provide them an advantage
over our operational and production costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Lack of acceptance of or outright opposition
to nuclear energy could impede our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our future business prospects are tied to the
electrical utility industry in the U.S. and worldwide. Continuing fundamental changes in the utility industry, particularly in the U.S.
and Europe, are expected to affect the market for nuclear and other fuels for years to come and may result in a wide range of outcomes
including the expansion or the premature shutdown of nuclear reactors. Maintaining the demand for uranium at current levels and future
growth in demand will depend upon the continued acceptance of nuclear technology as a means of generating electricity. Unique political
and public perception factors impact the nuclear fuel cycle industries, including uranium miners. Some government entities and non-governmental
organizations continue to aggressively oppose certain mining activities including specifically uranium recovery. These actions may affect
our operations even if the opposition is directed at entities or projects unrelated to our Company. Lack of continued public acceptance
of nuclear technology would adversely affect the demand for nuclear power and potentially increase the regulation of the nuclear power
industry. Following the events of March 2011 in Fukushima Japan, worldwide reaction called into question the public&#8217;s confidence
in nuclear energy and technology, the impacts of which continue in many countries more than a decade later. Additionally, media coverage
about uranium production and nuclear energy may be inaccurate or non-objective and further negatively impact public perception of our
industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our business is subject to extensive environmental
and other regulations that may make exploring, mining or related activities increasingly expensive, and may change at any time.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The mining industry is subject to extensive environmental
and other laws and regulations, which may change at any time. Environmental legislation and regulation continue to evolve in ways which
may require stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments
of proposed projects, increased reclamation obligations and attendant costs (and costs of bonding), and a heightened degree of responsibility
for companies and their officers, directors and employees. Various regulatory actions related to the protection of the greater sage grouse,
for example, are ongoing. Recurring consideration of additional EPA rulemakings, CERCLA revisions and other changes and further restrictions,
including within the regulations promulgated pursuant to the General Mining Act of 1872, as amended (the &#8220;General Mining Law&#8221;),
could have significant impact on our projects. Moreover, compliance with environmental quality requirements, reclamation laws and other
restrictions imposed by federal, state and local authorities may require significant capital outlays and consume additional staff and
management time, materially affect the economics of a given property, cause material changes or delays in intended activities, and potentially
expose us to litigation and other legal or administrative proceedings. We cannot accurately predict or estimate the impact of any such
future laws or regulations, or future interpretations of existing laws and regulations, on our operations. Historic exploration activities
have occurred on many of our properties, and mining and energy production activities have occurred on or near certain of our properties.
If such historic activities have resulted in releases or threatened releases of regulated substances to the environment, or historic activities
require remediation, potential liability may exist under federal or state remediation statutes for which we may be inadequately bonded
or insured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risk Factors Related to our Mining Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our mining operations involve significant
hazards, a high degree of risk and the possibility of uninsured losses.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mining operations generally involve a high
degree of risk. We continue operations at our first and, currently, only, uranium in situ recovery (&#8220;ISR&#8221;) facility at
Lost Creek, where production activities commenced in 2013. Our operations at Lost Creek, which is a remote site in south-central
Wyoming, and at other projects as they continue in development, will be subject to all the hazards and risks normally encountered at
remote sites in Wyoming, including safety in commuting and severe weather which can affect such commutes and may slow operations,
particularly during adverse winter weather and road conditions. Additionally, these operations are subject to perceived risks, as
well as all the hazards and risks, normally encountered in the production of uranium by in situ methods of recovery, such as water
management and treatment, including wastewater disposal capacity (deep wells, Class V wells, ponds or other methods; each of which
requires regulatory authorizations and varying levels of expense to install and operate), unusual and unexpected geological
formations, unanticipated metallurgical difficulties, equipment malfunctions and availability of parts, interruptions of electrical
power and communications, other conditions involved in the drilling and removal of material through pressurized injection and
production wells, radiation safety, transportation and industrial accidents, and natural disaster (<I>e.g.,</I> fire, tornado), any
of which could result in damage to, or destruction of, production facilities, damage to life or property, environmental damage and
possible legal liability. We may also not be insured against all interruptions to our operations. Losses from these or other events
may cause us to incur significant costs which could materially adversely affect our financial condition and our ability to fund
activities on our properties. A significant loss could force us to reduce or suspend our operations and development. Adverse effects
on operations and/or further development of our projects could also adversely affect our business, financial condition, results of
operations and cash flow.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our mineral resource estimates may not be
reliable and are inherently more uncertain than estimates of proven and probable reserves; there is risk and increased uncertainty to
commencing and conducting production without established mineral reserves</I>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our properties do not contain mineral reserves
as defined under Subpart 1300 of Regulation S-K (&#8220;S&#45;K 1300&#8221;) or Canadian National Instrument 43-101 (&#8220;NI 43-101&#8221;).
See <I>&#8220;Cautionary Note Concerning Disclosure of Mineral Resources&#8221; </I>below. Until mineral reserves or mineral resources
are mined and processed, the quantity of mineral resources and grades must be considered as estimates only. We have established the existence
of uranium resources for certain uranium projects, including at the Lost Creek Property. We have not established proven or probable reserves,
as defined under S-K 1300 or NI 43-101, through the completion of a feasibility study, for any of our uranium projects, including the
Lost Creek Property. Furthermore, we currently have no plans to establish proven or probable reserves for any of our uranium projects
for which we plan to utilize ISR methods, such as the Lost Creek Property or the Shirley Basin Project. As a result, and despite the fact
that we have produced U<FONT STYLE="font-size: 10pt"><SUB>3</SUB></FONT>O<FONT STYLE="font-size: 10pt"><SUB>8 </SUB></FONT>at the Lost
Creek Project since 2013, there is an increased uncertainty and risk that may result in economic and technical failure which may adversely
impact our future profitability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are numerous uncertainties inherent in estimating
quantities of mineral resources, including many factors beyond our control, and no assurance can be given that the recovery of mineral
resources, or even estimated mineral reserves, will be realized. In general, estimates of mineral resources are based upon several factors
and assumptions made as of the date on which the estimates were determined, including (i) geological and engineering estimates that have
inherent uncertainties and the assumed effects of regulation by governmental agencies; (ii) the judgment of the geologists, engineers
and other professionals preparing the estimate; (iii) estimates of future uranium prices and operating costs; (iv) the quality and quantity
of available data and the interpretation of that data; and (v) the accuracy of various mandated economic assumptions, all of which may
vary considerably from actual results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All estimates are, to some degree, uncertain;
with in situ recovery, this is due in part to limited sampling information collected prior to mining. For these reasons, estimates of
the recoverable mineral resources prepared by different professionals or by the same professionals at different times, may vary substantially.
As such, there is significant uncertainty in any mineral resource estimate and actual deposits encountered and the economic viability
of a deposit may differ materially from our estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We are depleting our mineral resources and
must develop additional resources to sustain ongoing operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have been in production operations since 2013
and are depleting the estimated mineral resource at Lost Creek, which remains our only uranium recovery operation. As a result, we must
be able to continue to conduct exploration and develop additional mineral resources. While there remain large areas of our Lost Creek
Project which require additional exploration, we will need to continue to explore all project areas of the Lost Creek Property and our
other mineral properties in Wyoming, or acquire additional, known mineral resource properties to replenish our mineral resources and sustain
continued operations. We estimate life of mine when we prepare our mineral resource estimates, but such estimates may not be correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our property title and rights may be uncertain
and could be challenged.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although we have obtained title opinions
with respect to certain of our properties, there is no guarantee that title to any of our properties will not be challenged or
impugned. Third parties may have valid claims underlying portions of our interests. Our mineral properties in the U.S. consist of
leases covering state lands, unpatented mining claims and mill site claims, and patented mining claims and lands. Many of our mining
properties in the U.S. are unpatented mining claims to which we have only possessory title. Because title to unpatented mining
claims is subject to inherent uncertainties, it is difficult to determine conclusively ownership of such claims. These uncertainties
relate to such things as sufficiency of mineral discovery, proper posting and marking of boundaries and possible conflicts with
other claims not determinable from descriptions of record. The present status of our unpatented mining claims located on public
lands allows us the exclusive right to mine and remove valuable minerals. We are allowed to use the surface of the mining claims for
purposes leading to and related to mining and processing the mineral-bearing ores. However, legal ownership of the land remains with
the U.S. We remain at risk that the mining claims may be forfeited either to the U.S. or to rival private claimants due to failure
to comply with statutory requirements. Certain of the changes which have been proposed in recent years to amend or replace the
General Mining Law, could also have an impact on the rights we currently have in our patented and unpatented mining and mill site
claims. Similarly, we believe that we have necessary rights to surface use and access in areas for which we have mineral rights
other than pursuant to a federal unpatented mining claim. Those rights may also be challenged, resulting in delay or additional cost
to assert and confirm our rights. We have taken or will take appropriate curative measures to ensure proper title to our mineral
properties and rights in surface use or access, where necessary and where possible. Additionally, our state leases have fixed terms
and, while renewals have historically been granted upon timely application, there is no certainty there will not be changes to
rights granted and/or the state lands procedures, either of which could negatively affect our mineral projects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our mining operations are subject to numerous
environmental laws, regulations and permitting requirements and bonding requirements that can delay production and adversely affect operating
and development costs.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our business is subject to extensive federal,
state and local laws governing all stages of exploration, development and operations at our mineral properties, taxes, labor standards
and occupational health, mine and radiation safety, toxic substances, endangered species protections, and other matters. Exploration,
development, and production operations are also subject to various federal, state and local laws and regulations relating to the protection
of the environment. These laws impose high standards on the mining industry, particularly with respect to uranium recovery, to monitor
the discharge of wastewater and report the results of such monitoring to regulatory authorities, to reduce or eliminate certain effects
on or into land, water or air, to progressively restore mine properties, to manage hazardous wastes and materials and to reduce the risk
of worker accidents. A violation of these laws may result in the imposition of substantial fines and other penalties and potentially expose
us to operational restrictions, suspension, administrative proceedings or litigation. Many of these laws and regulations have tended to
become more stringent over time, which appears will continue to be the trend in coming years. Any change in such laws could have a material
adverse effect on our financial condition, cash flow or results of operations. There can be no assurance that we will be able to meet
all the regulatory requirements in a timely manner or without significant expense or that the regulatory requirements will not change
to delay or prohibit us from proceeding with certain exploration, development or operations. Further, there is no assurance that we will
not face new challenges by third parties to regulatory decisions when made, which may cause additional delay and substantial expense,
or may cause a project to be permanently halted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our operations require licenses and permits from
various governmental authorities. We believe we hold all necessary licenses and permits to carry on the activities which we are currently
conducting or propose to conduct under applicable laws and regulations. Such licenses and permits are subject to changes in regulations
and changes in various operating circumstances. There can be no guarantee that we will be able to obtain all necessary licenses and permits
that may be required to maintain our exploration and mining activities (or amendments to expand or alter existing operations), including
constructing mines, milling or processing facilities and commencing or continuing exploration or mining activities or operations at any
of our properties. In addition, if we proceed to production on any other property or new geologic horizon, we must obtain and comply with
permits and licenses which will contain specific operating conditions. There can be no assurance that we will be able to obtain such permits
and licenses or that we will be able to comply with any and all such conditions. The ability to timely obtain all required authorizations
may become more of an issue with regulatory agencies facing staffing challenges similar to those our industry is encountering, as experienced
staff retire or leave government, including those with highly specialized knowledge specific to uranium recovery and radiation safety.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Possible amendments to the General Mining
Law could make it more difficult or impossible for us to execute our business plan.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Members of the U.S. Congress have repeatedly introduced
bills which would materially amend or replace the provisions of the General Mining Law. Such bills have proposed, among other things,
to (i) significantly alter the laws and regulations relating to uranium mineral development and recovery from patented or unpatented mining
claims; (ii) impose a federal royalty on production from unpatented mining claims and/or impose other taxes or additional fees on the
use or occupancy of federal lands; (iii) impose time limits on the effectiveness of plans of operation that may not coincide with mine
life; (iv) convert in part or in whole the existing land holdings program, requiring unpatented mining claims to be taken to lease in
a new program under certain circumstances and imposing other circumstances in which the unpatented mining claim would have to be abandoned;
(v) limit the mineral property holdings of any single person or company under various stages from prospecting through operations; (vi)
impose more stringent environmental compliance and reclamation requirements on activities on unpatented mining claims; (vii) allow states,
localities and Native American tribes to petition for the withdrawal of identified tracts of federal land from the operation of the U.S.
mining laws; (viii) eliminate or greatly limit the right to a mineral patent; and (ix) allow for administrative determinations that mining
would not be allowed in situations where undue degradation of the federal lands in question could not be prevented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If enacted, such legislation could, among other
effects, change the cost of holding unpatented mining claims or leases or the duration for which the claims or leases could be held without
development, and could significantly impact our ability to develop locatable mineral resources on our patented and unpatented mining claims.
Although it is impossible to predict what any legislated royalties might be, implementation could adversely affect the potential for development
of mineral properties, as well as the economics of existing operating mines. Passage of such legislation could adversely affect our financial
performance, including that proposals imposing a royalty or otherwise impacting holding and operational costs of mining claims, if passed,
could render mineral projects or existing mines uneconomic. Although certain of the proposed amendments have included provisions to &#8216;grandfather&#8217;
permitted projects, there is no assurance that any new legislation will necessarily contain such provisions or that such legislation will
not otherwise have a significant financial impact on our operations and business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, there continue to be proposals for
withdrawal of federal lands for the purposes of mineral location and development. No proposal to date directly affects the areas of Wyoming
and Nevada in which we have land holdings; however, such actions could have an adverse effect on our financial performance if they are
broadened in scope to directly affect the areas in which we have properties. The reasons for withdrawals have also been broadened in certain
legislative proposals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We depend on services of our management,
and key personnel, contractors and service providers, and the timely availability of such individuals and providers cannot be assured
during ramp-up or into the future.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Successful implementation of our business
plan and operations is dependent upon our management team and experienced staff, some of whom are approaching retirement age. From
time to time, we may need to recruit additional qualified employees, contractors and service providers to supplement existing
management and personnel. Currently, we are in the process of hiring employees as we ramp-up Lost Creek operations and we will need
to hire additional staff as we develop and construct the Shirley Basin Project. Timely availability of staffing and retention of
contractors cannot be assured in our industry, many aspects of which are highly specialized. This is particularly true in the
current labor markets in which we recruit our employees and contractors, including where we compete with higher paying energy jobs,
and because of the remote locations for which employees and contractors are needed. As well, the skilled professionals with
expertise in geologic, engineering and process aspects of uranium in situ recovery, radiation safety and other facets of our
business are currently in high demand, as there are relatively few professionals with both expertise and experience. The sustained
downturn of the uranium production industry in the past several years makes these challenges even more pronounced. Even with return
to higher levels of production operations, we will be dependent on the continued service of a relatively small number of key
persons, including key contractors, the loss of any one or several of whom could have an adverse effect on our business and
operations. We do not hold key man insurance in respect of any of our executive officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The SEC&#8217;s adoption of S-K 1300 has
resulted in changes to our technical reports and will continue to result in increased compliance costs and uncertainty of interpretation.
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">S-K 1300 requires us to disclose specific information
related to our material mining operations, including concerning our reported mineral resources at Lost Creek and Shirley Basin. We have
conformed our technical reports to comply with both S-K 1300 and NI 43-101, which has resulted in revisions to certain aspects of our
prior reports and adds to our compliance costs. Disclosures under S-K 1300 continue to be subject to largely unknown interpretations.
We are unable to predict the nature of any future enforcement, interpretation, or application of S-K 1300 by the SEC. Any additional revisions
to, or interpretations of, S-K 1300 could also result in additional time and possibly unforeseen compliance costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our results of exploration and ultimate
production are highly uncertain.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The exploration for, and development of, mineral
deposits involve significant risks which a combination of careful evaluation, experience and knowledge may not eliminate. Few properties
which are explored are ultimately developed into producing mines and, for those which are developed, there may be longer timelines, delays
and greater than estimated costs to advance to production. Major expenses may be required to establish mineral resources or reserves,
to develop metallurgical processes and to construct mining and processing facilities at a site. It is impossible to ensure that our current
exploration and development projects will result in profitable commercial operations; this is true for our Excel gold project as well
as our uranium properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Whether a mineral deposit will be commercially
viable depends on many factors, including the attributes of the deposit, such as size, grade and proximity to infrastructure, as well
as uranium and gold prices, which are highly cyclical. Government regulations, including regulations relating to prices, taxes, royalties,
land tenure, land use, importing and exporting of uranium and environmental protection also are factors in determining commercial viability
of a mineral project. The exact effect of these factors cannot be accurately predicted, but the combination of these factors may result
in us not receiving an adequate return on invested capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our proprietary data, technology and intellectual
property may be compromised or lost, which could result in decreased competitive advantage and/or loss to the value of such assets.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With the ever-increasing reliance on technology
throughout our operations, including developments of proprietary technology and intellectual property by the Company and/or its consultants,
risks of theft, appropriation or other loss of such technology and assets and/or our proprietary data pose a risk to our competitive advantage
and business and financial results. We take what we believe to be reasonable steps to protect these proprietary technologies and intellectual
property, including contractually and by efforts to obtain patents or trade rights where possible, but there can be no assurance that
all such measures will be sufficient or successful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Climate change and climate change legislation
or regulations could impact our operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although we play an important role in addressing
climate change with our production of uranium to fuel carbon-free nuclear power, we, too, may be subject to risks associated with climate
change which could harm our results of operations and increase our costs and expenses. The occurrence of severe adverse weather conditions
may have a potentially serious impact on our operations. Adverse weather may result in physical damage to our operations, instability
of our infrastructure and equipment, or alter the supply of electricity to our Lost Creek Property. Impacts of such events may affect
worker productivity at our projects. Should any impacts of climate change be material in nature or occur for lengthy periods of time,
our financial condition or results of operations would be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As an ISR uranium producer, we maintain a
comparatively light environmental footprint. Nonetheless, certain environmental impacts are inevitable from all mineral exploration
and development. U.S., Canadian, and other international legislative and regulatory action intended to ensure the protection of the
environment are continually changing and evolving in a manner expected to result in stricter standards and enforcement, larger fines
and liability, and potentially increased capital expenditures and operating costs. Transitioning our business to meet regulatory,
societal and investor expectations may cause us to incur lower economic returns than originally estimated for new projects and
development plans of existing operations. While we continue to monitor and assess all new policies, legislation and regulations
regarding such matters, we currently believe that the impact of any such legislation on our business is unlikely to be material. We
cannot, however, assure that our efforts to mitigate the impact of such laws or regulations will be successful and/or without
significant attendant costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Factors Related to our Financial Circumstances</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The uranium mining industry is capital intensive,
and we may be unable to raise necessary additional funding.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additional funds will be required for working
capital and exploration and development activities at our properties including Lost Creek and the adjoining projects at the Lost Creek
Property, as well as the development of our Shirley Basin Project. Potential sources of future funds available to us, in addition to the
proceeds from sales of current inventory and future production, include the sale of additional equity capital, proceeds from the exercise
of outstanding convertible equity instruments, borrowing of funds or other debt structure, project financing, or the sale of our interests
in assets. Continued volatility in the equity markets, particularly the commodities and energy markets, as well as current interest rates,
may increase the costs attendant to either equity or debt financing. There is no assurance that such funding will be available to us to
renew full production operations or to fund continued development or future exploration. Further, even if such financing is successfully
completed, there can be no assurance that it will be obtained on terms favorable to us or will provide us with sufficient funds to meet
our objectives, which may adversely affect our business and financial position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Restrictive covenants in the agreements
governing our indebtedness may restrict our ability to pursue our business strategies.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our State Bond Loan, under which we owed approximately
$9.8 million in principal at March 31, 2023, includes restrictive covenants that, among other things, limit our ability to sell the assets
securing our indebtedness (which include our Lost Creek Project and related assets).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we are unable to service our debt, we
could lose the assets securing our indebtedness.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our ability to make scheduled payments and satisfy
other covenants in the State Bond Loan depends on our financial condition and operating performance, which are subject to prevailing economic,
competitive, legislative and regulatory conditions beyond our control. We may be unable to generate a level of cash flow from operating
activities sufficient to permit us to pay the principal, interest and other fees on our indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we cannot make scheduled payments on our debt,
we will be in default which, if not addressed or waived, could require accelerated repayment of our indebtedness and enforcement by the
lender against the assets securing our indebtedness. The secured collateral for the State Bond Loan includes the Lost Creek Project and
assets related to it and other projects of the Lost Creek Property. These are key assets on which our business is substantially dependent
and, as such, the enforcement against any one or all these assets would have a material adverse effect on our operations and financial
condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Production, capital and operating cost estimates
may be inaccurate.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We prepare estimates of annual and future production,
the attendant production and operational costs and required working capital for such levels of production, but there is no assurance that
we will achieve those estimates. These types of estimates are inherently uncertain and may change materially over time. Operational cost
estimates are affected by changes in production levels and may be affected by current inflation and cost-of-goods due to supply chain
issues as well as the possible need to utilize a greater level of contractor services if required staffing is unavailable or cannot timely
be hired and trained. Availability and consistent pricing of materials necessary in the installation of wells, surface production equipment,
associated infrastructure, chemicals for processing and, expendable materials related to operations, can be variable depending on economic
conditions locally and worldwide and may force changes in operations and timing of resource production. Under current supply chain circumstances,
this is particularly true. In addition, we rely on certain contractors related to the installation of wells and technical services associated
with that installation. Their availability or cost of service can change depending on other local market conditions and may therefore
affect the installation and production rates of mining.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Related to our Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We have never paid dividends and do not
currently expect to do so in the near future. Therefore, if our share price does not appreciate, our investors may not gain and could
potentially lose on their investment in our shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have not paid dividends on our Common Shares
since incorporation and do not anticipate doing so in the foreseeable future. We currently intend to retain all available funds and any
future earnings to fund the growth of our business. Payments of any dividends will be at the discretion of our Board of Directors (&#8220;Board&#8221;)
after considering many factors, including our financial condition and current and anticipated cash needs. As a result, capital appreciation,
if any, of our shares will be an investor&#8217;s sole source of gain for the foreseeable future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Failure to meet the listing maintenance
criteria of the NYSE American may result in the delisting of our Common Shares, which could result in lower trading volumes and liquidity,
lower prices of our Common Shares and make it more difficult for us to raise capital.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Common Shares are listed on the NYSE American
and we are subject to its continued listing requirements, including maintaining certain share prices and a minimum level of shareholder
equity. The market price of our Common Shares has been and may continue to be subject to significant fluctuation. If we are unable to
comply with the NYSE American continued listing requirements, including its trading price requirements, our Common Shares may be suspended
from trading on and/or delisted from the NYSE American. Although we have not been notified of any delisting proceedings, there is no assurance
that we will not receive such notice in the future or that we will be able to then comply with NYSE American listing standards. The delisting
of our Common Shares from the NYSE American may materially impair our shareholders&#8217; ability to buy and sell our Common Shares and
could have an adverse effect on the market price of, and the efficiency of the trading market for, our Common Shares. In addition, the
delisting of our Common Shares could significantly impair our ability to raise capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Further, if our Common Shares were delisted from
the NYSE American, they might be subject to the so-called &#8220;penny stock&#8221; rules. The SEC has adopted regulations that define
a &#8220;penny stock&#8221; to be any equity security that has a market price per share of less than $5.00, subject to certain exceptions,
such as any securities listed on a national securities exchange. For any transaction involving a &#8220;penny stock,&#8221; unless exempt
pursuant to SEC regulations, the rules impose additional sales practice requirements on broker-dealers, subject to certain exceptions.
If our Common Shares were determined to be a &#8220;penny stock,&#8221; a broker-dealer may find it more difficult to trade our Common
Shares and an investor may find it more difficult to acquire or dispose of our Common Shares on the secondary market. These factors could
also significantly negatively affect the market price of our Common Shares and our ability to raise capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The trading price of our Common Shares may
experience substantial volatility. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The market price of our Common Shares has experienced
and may continue to experience substantial volatility that is unrelated to the Company&#8217;s financial condition or operations. The
trading price of our Common Shares may also be significantly affected by short-term changes in the price of uranium. The market price
of the Company&#8217;s securities is affected by many other variables which may be unrelated to our success and are, therefore, not within
our control. These include other developments that affect the market for all resource sector-related securities, the breadth of the public
market for the Common Shares and the attractiveness of alternative investments; market reaction to the estimated fair value of our portfolio;
rumors or dissemination of false information; changes in coverage or earnings estimates by analysts; our ability to meet analysts&#8217;
or market expectations; and sales of Common Shares by existing shareholders. The effect of these and other factors on the market price
of the Common Shares is expected to make the price of the Common Shares volatile in the future, which may result in losses to investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>You may experience future dilution as a
result of additional equity offerings.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To raise additional capital, we may in the future
offer additional Common Shares or other securities convertible into or exchangeable for our Common Shares at prices that may not be the
same as the price per share as the shares an investor has previously purchased, and investors purchasing shares or other securities in
the future could have rights superior to existing shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may be a passive foreign investment company
and there may be adverse U.S. federal income tax consequences to U.S. shareholders under the passive foreign investment company rules.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investors in our Common Shares that are U.S. taxpayers
(referred to as a U.S. shareholder) should be aware that we may be a &#8220;passive foreign investment company&#8221; (a &#8220;PFIC&#8221;)
for the period ended December 31, 2022, and may be a PFIC in subsequent years. If we are a PFIC for any year during a U.S. shareholder&#8217;s
holding period, then such U.S. shareholders generally will be subject to a special, highly adverse tax regime with respect to so-called
 &#8220;excess distributions&#8221; received on our Common Shares. Gain realized upon a disposition of our Common Shares (including upon
certain dispositions that would otherwise be tax-free) also will be treated as an excess distribution. Excess distributions are punitively
taxed and are subject to additional interest charges. Additional special adverse rules also apply to U.S. shareholders who own our Common
Shares if we are a PFIC and have a non-U.S. subsidiary that is also a PFIC (a &#8220;lower-tier PFIC&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A U.S. shareholder may make a timely &#8220;qualified
electing fund&#8221; election (&#8220;QEF Election&#8221;) or a &#8220;mark-to-market&#8221; election with respect to our Common Shares
to mitigate the adverse tax rules that apply to PFICs, but these elections may accelerate the recognition of taxable income and may result
in the recognition of ordinary income. To be timely, a QEF Election generally must be made for the first year in the U.S. shareholder&#8217;s
holding period in which Ur-Energy is a PFIC. A U.S. shareholder may make a QEF Election only if the U.S. shareholder receives certain
information (known as a &#8220;PFIC annual information statement&#8221;) from us annually. A U.S. shareholder may make a QEF Election
with respect to a lower-tier PFIC only if it receives a PFIC annual information statement with respect to the lower tier PFIC. The mark-to-market
election is available only if our Common Shares are considered regularly traded on a qualifying exchange, which we cannot assure will
be the case for years in which it may be a PFIC. The mark-to-market election is not available for a lower-tier PFIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will use commercially reasonable efforts to
make available to U.S. shareholders, upon their written request for each year in which the Company may be a PFIC, a PFIC annual information
statement with respect to the Company and with respect to each such subsidiary that we determine may be a PFIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Special adverse rules that impact certain estate
planning goals could apply to our Common Shares if we are a PFIC. Each U.S. shareholder should consult its own tax advisor regarding the
U.S. federal, state and local consequences of the PFIC rules, and regarding the QEF and mark-to-market elections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>General Risk Factors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Certain of the impacts to the economy and
supply chain resulting from the COVID pandemic and resulting global recovery are likely to continue for much of 2023, and other impacts
to the health of our staff remain uncertain. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The COVID pandemic has had a significant negative
impact generally on the global economy and commodity and equity markets, and the outlook remains uncertain with variants of the virus
evolving and continuing to affect many parts of the world. While many of the direct impacts to our business arising from our employees,
regulators and suppliers being unable to conduct routine operations due to illness or exposure to COVID have decreased, direct and indirect
effects of the pandemic may continue to be experienced. The ongoing impacts to supply chain and available labor and contractors may continue
to pose risk to our operations, particularly as we ramp up production operations at Lost Creek and if a decision is made to construct
and operate Shirley Basin.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a highly regulated industry and while the
regulators are available to address operational impacts from illness, governmental restrictions and other effects, it remains uncertain
whether all impacts can be timely addressed with our operations and with the regulators. We are and will remain fully engaged with our
employees in our efforts to protect their health and safety.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the extent the COVID pandemic may
adversely affect our business and financial results, it may also have the effect of heightening many of the other risks described
throughout this section, such as timely and economically available labor and supplies, and those relating to our ability to access
additional capital, which could negatively affect our business. It continues to be difficult to estimate the continuing or future
effects of the pandemic on our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our insurance coverage, bonding surety arrangements
and indemnifications for our inventory could be insufficient or change in adverse ways in the future.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We currently carry insurance coverage for general
liability, property and casualty, directors&#8217; and officers&#8217; liability and other matters. We intend to carry insurance to protect
against certain risks in amounts we consider adequate. Certain insurances may be cost prohibitive to maintain, and even if we carried
all such insurances, the nature of the risks we face in our exploration and uranium production operations is such that liabilities could
exceed policy limits in any insurance policy or could be excluded from coverage under an insurance policy. The potential costs that could
be associated with any liabilities not covered by insurance or which exceed insurance coverage, or compliance with applicable laws and
regulations, may cause substantial delays or interruption of operations and require significant capital outlays, adversely affecting our
business and financial position. We cannot assure that even our current coverages will continue to be available at acceptable cost or
that coverage limits will remain at current levels, any of which could result in adverse effects upon our business and financial condition.
We may be required to obtain additional types of insurance or increase existing coverage amounts due to changes in regulation of the mining
and nuclear fuel cycle industries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, we utilize a bonding surety program
for our regulatory, reclamation and restoration obligations at Lost Creek and Shirley Basin. Availability of and terms for such surety
arrangements may change in the future, resulting in adverse effects to our financial condition. Also, we have contractual arrangements
with the licensed uranium conversion facility for weighing and storage of our product inventory. Possible loss of or damage to our inventory
may not be fully covered by our agreements, indemnification obligations or insurance. And, with relation to the conversion facility, the
storage arrangements may not be extended indefinitely, creating greater costs or other impact to our product inventory. Any loss or damage
of the uranium may not be fully covered or absolved by contractual arrangements with the conversion facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We are subject to risks associated with
litigation, governmental or regulatory investigations or challenges, and other legal proceedings.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Defense and settlement costs of legal claims can
be substantial, even with respect to claims that have no merit. From time to time, we may be involved in disputes with other parties which
may result in litigation, arbitration, or other proceedings. Additionally, it is possible that the Company may become involved directly
or indirectly in legal proceedings, in the form of governmental or regulatory investigations, administrative proceedings or litigation,
arising from challenges to regulatory actions. Such investigations, administrative proceedings and litigation related to regulatory matters
may delay or halt exploration or development of our projects. The results of litigation or any other proceedings cannot be predicted with
certainty. If we are unable to resolve any such disputes favorably, it could have a material adverse effect on our financial position,
results of operations or our property development.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We are dependent on information technology
systems, which are subject to certain risks, including cybersecurity risks and data leakage risk associated with implementation and integration.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We depend upon information technology
systems in a variety of ways throughout our operations. While we have not experienced any material incident, any significant
breakdown of those systems, whether through virus, cyber-attack, security breach, theft, or other destruction, invasion or
interruption, or unauthorized access to our systems, by employees, others with authorized access to our systems or unauthorized
persons, could negatively impact our business and operations. These threats are increasing in number and severity and broadening in
type of risk, including most recently with the Russian declaration of war against Ukraine and cyber attacks ongoing in that context,
which may broaden. To the extent that such invasion, cyber-attack or similar security breach results in disruption to our
operations, loss or disclosure of, or damage to, our data and particularly our confidential or proprietary information, our
reputation, business, results of operations and financial condition could be materially adversely affected. We have implemented
various measures to manage our risks related to information technology systems and network disruptions. However, given the
unpredictability of the timing, nature and scope of information technology disruptions, we potentially could be subject to
production downtimes, operational delays, the compromising of confidential or otherwise protected information, destruction or
corruption of data, security breaches, other manipulation or improper use of our systems and networks or financial losses from
remedial actions, any of which could have a material adverse effect on our cash flows, competitive position, financial condition or
results of operations. Our systems, internal controls and insurance for protecting against such cybersecurity risks may be
insufficient and it is increasingly difficult to fully mitigate against these threats as they are ever changing. Additionally, we
assess possible threats to our third-party providers when they may be provided confidential and proprietary information to complete
work in our behalf. While we seek assurances from those parties that they will maintain such confidential and proprietary
information in confidence, including by virtue of having systems and processes in place to protect such data, those service
providers may also be subject to data compromise. Any compromise of our confidential data or that of our customers, suppliers,
employees or others with whom we do business, whether in our possession or that of our service providers, could substantially
disrupt our operations, harm our customers, suppliers, employees and others with whom we do business, damage our reputation, violate
applicable law, subject us to potentially significant cost and liabilities which could be material. Although to date we have
experienced no such attack resulting in material losses, we may suffer such losses at any time in the future. We may be required to
expend significant additional resources to continue to modify and enhance our protective measures or to investigate, restore or
remediate any information technology security vulnerabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may also be adversely affected by system or
network disruptions if new or upgraded information technology systems are defective, not installed properly or not properly integrated
into our operations. If we are unable to successfully implement system upgrades or modifications, we may have to rely on manual reporting
processes and controls over financial reporting that have not been planned, designed or tested. Various measures have been implemented
to manage our risks related to the system upgrades and modifications, but system upgrades and modification failures could have a material
adverse effect on our business, financial condition and results of operations and could, if not successfully implemented, adversely impact
the effectiveness of our internal controls over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may develop conflicts of interest with
other mining or natural resource companies with which one of our directors may be affiliated. Our directors may allocate their time to
other businesses thereby causing conflicts of interest in their determination as to how much time to devote to our affairs.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain of our directors are also directors of
other companies that are engaged in similar mining or natural resources businesses, namely the acquisition, exploration, and development
of mineral properties. Such other associations may give rise to conflicts of interest from time to time. One of the possible consequences
will be that corporate opportunities presented to a director may be offered to another company with which the director is associated and
may not be made available to us. Conflicts of interest may also include decisions on how much time to devote to the business of our company.
Our code of conduct provides guidance on conflicts of interest and our directors are required to act in good faith, to make certain disclosures
and to abstain from voting on decisions in which they may have a conflict of interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Acquisitions and integration may disrupt
our business, and we may not obtain full anticipated value of certain acquisitions due to the condition of the markets. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From time to time, we examine opportunities
to acquire additional mining assets and businesses. Any acquisition that we may choose to complete may be of significant size, may
change the scale of our business and operations, and/or may expose us to new geographic, political, operating, financial and
geological risks. Any acquisition would be accompanied by risks, including a significant change in commodity prices after we commit
to complete a transaction and establish the purchase price or share exchange ratio; a material mineral deposit may prove to be below
expectations; difficulty integrating and assimilating the operations and personnel of an acquired company, realizing anticipated
synergies and maximizing the financial and strategic position of the combined enterprise, and maintaining uniform standards,
policies and controls across the organization; the integration of the acquired business or assets may disrupt our ongoing business
and relationships with employees, customers, suppliers and contractors; and the acquired business or assets may have unknown
liabilities which may be significant. There can be no assurance that we would be able to conclude any acquisition successfully, or
that we would be successful in overcoming these risks or other problems encountered in connection with such an acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The war in Ukraine continues to have implications
to the global economy, energy supplies, and the impact to the uranium and nuclear fuel market remains uncertain but may prove to negatively
impact our operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The short and long-term implications of Russia&#8217;s
invasion of Ukraine remain difficult to predict. The war may result in impacts to the nuclear fuel industries and uranium producers, through
the imposition of additional sanctions and counter sanctions. The war is likely to continue to have an adverse effect on energy and economic
markets generally. Because of the vast reliance by the U.S. and other nations on uranium exported from Russia and Russian-controlled or
influenced sources including Kazakhstan and Uzbekistan, an even greater impact related to global supply and pricing of uranium may result.
While in the shorter-term such a reordering of global supply may result in higher uranium prices, the long-term impact on the global demand
for uranium remains uncertain and may be negative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the extent the war in Ukraine may adversely
affect our business as discussed, it may also have the effect of heightening many of the other risks described in this section, such as
those relating to cybersecurity, supply chain, inflationary and other volatility in prices of goods and materials, and the condition of
the markets including as related to our ability to access additional capital, any of which could negatively affect our business. Because
of the highly uncertain and dynamic nature of the war and related geopolitics, it remains difficult to estimate the impact of the Ukraine
war on our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>China</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In light of continuing and increased tension in
the relations between the U.S. and China, it is difficult to assess and predict the impact that further developments may have, including
sanctions, further supply disruption and increased prices of materials, and cybersecurity threats. While we do not currently purchase
goods and materials directly from China for our Lost Creek operations and ramp up, our suppliers of electronics and instrumentation components
may purchase necessary materials from China, and/or our suppliers and we may be indirectly affected if the market for Chinese products
is further disrupted by sanctions, countersanctions or other events. Additionally, if a decision is made to construct and develop Shirley
Basin, the direct or indirect exposure to these market uncertainties may be greater or more direct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="pros_003"></A>WHERE YOU CAN FIND MORE INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to the informational
requirements of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), and the rules and regulations thereunder
and, in accordance therewith, we file periodic reports and proxy statements with the SEC. All reports, proxy statements and the other
information that we file with the SEC are available to the public from the SEC&#8217;s website at <U>www.sec.gov</U> and our website at
<U>www.ur-energy.com</U>. Information contained on our website is not part of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="pros_004"></A>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SEC allows us to &#8220;incorporate
by reference&#8221; information into this prospectus and any accompanying prospectus supplement, which means that we can disclose important
information to you by referring you to other documents filed separately with the SEC. The information incorporated by reference is considered
part of this prospectus, and information filed with the SEC subsequent to this prospectus and prior to the termination of the particular
offering referred to in such prospectus supplement will automatically be deemed to update and supersede this information. We incorporate
by reference into this prospectus and any accompanying prospectus supplement the documents listed below (excluding any portions of such
documents that have been &#8220;furnished&#8221; but not &#8220;filed&#8221; for purposes of the Exchange Act):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) Our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1375205/000165495423002437/urg_10k.htm" STYLE="-sec-extract: exhibit">Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the SEC on March 6, 2023</A>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) Our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1375205/000165495423005510/urg_10q.htm" STYLE="-sec-extract: exhibit">Quarterly Report on Form 10-Q for the quarterly period ending March 31, 2023, filed with the SEC on May 1, 2023</A>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) Our Current Reports on
Form 8-K as filed with the SEC on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1375205/000165495423001921/urg_8k.htm" STYLE="-sec-extract: exhibit">February 21, 2023</A>; <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1375205/000165495423004559/urg_8k.htm" STYLE="-sec-extract: exhibit">April 10, 2023</A>; and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1375205/000165495423007646/urg_8k.htm" STYLE="-sec-extract: exhibit">June 5, 2023</A>, to the extent &#8220;filed&#8221; and not &#8220;furnished&#8221;
pursuant to Section 13(a) of the Exchange Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e) The description of Common
Shares contained in our registration statement on Form 40-F filed on January 7, 2008, and as amended on July 7, 2008, including any amendment
or report filed for purposes of updating such description; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f) All other documents filed
by us with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, after the date of this prospectus but before the end
of the offering of the Common Shares made by this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also incorporate by reference
all documents we subsequently file with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after the initial filing
of the registration statement of which this prospectus is a part (including prior to the effectiveness of the registration statement)
and prior to the termination of the offering. Any statement in a document incorporated by reference in this prospectus will be deemed
to be modified or superseded to the extent a statement contained in this prospectus or any other subsequently filed document that is incorporated
by reference in this prospectus modifies or supersedes such statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless specifically stated
to the contrary, none of the information that we disclose under Items 2.02 or 7.01 or corresponding information furnished under Item 9.01
or included as an exhibit of any Current Report on Form 8-K that we may from time to time furnish to the SEC will be incorporated by reference
into, or otherwise included in, this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will provide without charge
upon written or oral request, a copy of any or all of the documents which are incorporated by reference into this prospectus. Requests
should be directed to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Ur-Energy Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Attention: Corporate Secretary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">10758 W. Centennial Road, Suite 200</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Littleton, CO 80127</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(720) 981-4588</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as provided above,
no other information, including information on our website, is incorporated by reference in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="pros_005"></A>CAUTIONARY NOTE TO U.S. INVESTORS CONCERNING
DISCLOSURE OF MINERAL RESOURCES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise indicated,
all mineral resource estimates included or incorporated by reference in this prospectus and any prospectus supplement and all the documents
incorporated herein and therein have been prepared in accordance with U.S. securities laws pursuant to S-K 1300. Prior to these estimates
made at December 31, 2021, we prepared our estimates of mineral resources in accord with NI 43-101 and the Canadian Institute of Mining,
Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves (&#8220;CIM Definition Standards&#8221;). NI
43-101 is a rule developed by the Canadian Securities Administrators which establishes standards for public disclosure an issuer makes
of scientific and technical information concerning mineral projects. We are required by applicable Canadian Securities Administrators
to file in Canada an NI 43&#45;101 compliant report at the same time we file an S-K 1300 technical report summary. Our NI 43-101 and S-K
1300 reports (for each of the Lost Creek Property and Shirley Basin Project) are substantively identical to one another except for internal
references to the regulations under which the report is made, and certain organizational differences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Investors should note that
the term &#8220;mineral resource&#8221; does not equate to the term &#8220;mineral reserve.&#8221; Mineralization may not be classified
as a &#8220;mineral reserve&#8221; unless the determination has been made that the mineralization could be economically and legally produced
or extracted at the time the reserve determination is made. Investors should also understand that &#8220;inferred mineral resources&#8221;
have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be
assumed that all or any part of an &#8220;inferred mineral resource&#8221; will ever be upgraded to a higher category. Under S-K 1300,
estimated &#8220;inferred mineral resources&#8221; may not form the basis of feasibility or pre-feasibility studies. Additionally, as
required under S&#45;K 1300, our report on the Lost Creek Property includes two economic analyses to account for the chance that the inferred
resources are not upgraded as production recovery progresses and the Company collects additional drilling data; the second economic analysis
was prepared which excluded the inferred resources. The estimated recovery excluding the inferred resources also establishes the potential
viability of the property, as detailed in the S-K 1300 report. Investors are cautioned not to assume that all or any part of an &#8220;inferred
mineral resource&#8221; exists or is economically or legally mineable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="pros_006"></A>CURRENCY AND EXCHANGE RATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise indicated,
all references to &#8220;$&#8221; or &#8220;dollars&#8221; in this prospectus and any prospectus supplement refer to U.S. dollars. References
to &#8220;Cdn$&#8221; in this prospectus and any prospectus supplement refer to Canadian dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The rate of exchange on June
27, 2023, as reported by the Bank of Canada for the conversion of Canadian dollars to U.S. dollars, was Cdn$1.00 equals $0.7590 and, for
the conversion of U.S. dollars to Canadian dollars, was $1.00 equals Cdn$1.3175.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="pros_007"></A>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt">This prospectus and
the documents incorporated by reference herein may contain forward-looking statements within the meaning of Section 27A of the
Securities Act and Section 21E of the Exchange Act, and forward-looking information and forward-looking statements within the
meaning of applicable Canadian securities laws, with respect to our financial condition, results of operations, business prospects,
plans, objectives, goals, strategies, future events, capital expenditures, and exploration and development efforts. These
forward-looking statements can be identified by the use of words such as &#8220;expect,&#8221; &#8220;anticipate,&#8221;
 &#8220;estimate,&#8221; &#8220;believe,&#8221; &#8220;may,&#8221; &#8220;potential,&#8221; &#8220;intends,&#8221;
 &#8220;plans&#8221; and other similar expressions or statements that an action, event or result &#8220;may,&#8221;
 &#8220;could&#8221; or &#8220;should&#8221; be taken, occur or be achieved, or the negative thereof or other similar statements,
however the absence of such words does not mean that a statement is not forward-looking. These statements are only predictions and
involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or
industry results, to be materially different from any future results, performance, or achievements expressed or implied by these
forward-looking statements. Such statements include, but are not limited to: (i) the ability to maintain operations at Lost Creek in
a safe and compliant fashion as we return to commercial production operations; (ii) the ability to readily and cost-effectively
ramp-up production operations, in the face of labor shortages, delays caused by weather, inflationary costs and supply chain issues
without affecting our production plan; (iii) the timing to determine additional development and construction priorities at Lost
Creek and Shirley Basin; (iv) the continuing technical and economic viability of Lost Creek, including as set forth in our Initial
Assessment of the property (the Lost Creek Report); (v) the timing and outcome of the remaining permitting approval of the
amendments to the Lost Creek permit; (vi) the ability and timing to complete additional favorable uranium sales agreements including
spot sales when warranted; (vii) the production rates and life of the Lost Creek Project and subsequent development of and
production from adjoining projects within the Lost Creek Property, including plans at LC East; (viii) the potential of exploration
targets throughout the Lost Creek Property (including the ability to expand resources); (ix) the potential of our other exploration
and development projects, including Shirley Basin, the projects in the Great Divide Basin and Lucky Mc and the Excel project; (x)
the technical and economic viability of Shirley Basin, including our current expectation that the Lost Creek processing facility
will be utilized for processing, drying and packaging uranium for Shirley Basin, and as otherwise set forth in our Initial
Assessment of the project (the Shirley Basin Report); (xi) whether our new centralized services facility will provide operational,
financial and environmental benefits as currently foreseen; (xii) our ability to obtain remaining routine authorizations for
potential construction and production at Shirley Basin; (xiii) the viability of our ongoing research and development efforts,
including the timing and cost to implement and operate one or more of them; (xiv) effects of current and near-term market conditions
in the uranium market including supply and demand projections and sustainability of rising spot and term pricing; (xv) whether the
national uranium reserve program will be continued and whether further budget appropriations and other federal support for the
nuclear industry will proceed in any meaningful way; (xvi) the impacts of the war in Ukraine on the global economy and more
specifically on the nuclear fuel industry including U.S. uranium producers; and (xvii) continuing effects of the pandemic including
on supply chain disruption, labor and inflationary costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Although we believe that our
plans, intentions and expectations reflected in these forward-looking statements are reasonable, we cannot be certain that these plans,
intentions or expectations will be achieved. Actual results, performance or achievements could differ materially from those contemplated,
expressed or implied by the forward-looking statements contained or incorporated by reference in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Forward-looking statements
are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ
from those expressed or implied by the forward-looking statements, including, without limitation, risks related to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">overall impact of the COVID-19 pandemic on our business and operations;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">political, economic and regulatory risks and social unrest, including the war in Ukraine;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">challenges presented by current inventories and largely unrestricted imports of uranium products into the U.S.;</TD></TR>

<TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">future estimates for production;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">capital expenditures;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">operating costs;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">mineral resources, grade estimates and recovery rates;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">market prices;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">business strategies and measures to implement such strategies;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">competitive strengths;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">estimates of goals for expansion and growth of the business and operations;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">plans and references to our future successes;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">our history of operating losses and uncertainty of future profitability;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">status as an exploration stage company;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">the lack of mineral reserves;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">risks associated with obtaining permits and other authorizations in the U.S.;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">risks associated with current variable economic conditions, including the rate of inflation;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">our ability to service our debt and maintain compliance with all restrictive covenants related to the debt facility and security documents;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">the possible impact of future debt or equity financings;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">the hazards associated with mining production operations;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">compliance with environmental laws and regulations;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">wastewater management;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">uncertainty regarding the pricing and collection of accounts;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">the possibility for adverse results in potential litigation;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">uncertainties associated with changes in law, government policy and regulation;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">uncertainties associated with a Canada Revenue Agency or U.S. Internal Revenue Service audit of any of our cross border transactions;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">adverse changes in general business conditions in any of the countries in which we do business;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">changes in size and structure;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">the effectiveness of management and our strategic relationships;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">ability to attract and retain key personnel and management;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">uncertainties regarding the need for additional capital;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">sufficiency of insurance coverages, bonding surety arrangements, and indemnifications for our inventory;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">uncertainty regarding the fluctuations of quarterly results;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">foreign currency exchange risks;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">ability to enforce civil liabilities under U.S. securities laws outside the U.S.;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">ability to maintain our listing on the NYSE American and TSX;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">risks associated with the expected classification as a &#8220;passive foreign investment company&#8221; under the applicable provisions of the U.S. Internal Revenue Code of 1986, as amended;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">risks associated with our investments;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">other factors, many of which are beyond our control; and</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">other risks and uncertainties described elsewhere in this prospectus supplement, the accompanying prospectus, our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and in other filings we make with the SEC.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This list is not
exhaustive of the factors that may affect our forward-looking statements. Some of the important risks and uncertainties that could
affect forward-looking statements are described further under the section headings &#8220;<I>Our Business</I>&#8221; and
 &#8220;<I>Risk Factors</I>&#8221; in this prospectus and any additional risks or uncertainties described in any prospectus
supplements. Although we have attempted to identify important factors that could cause actual results to differ materially from
those described in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or
intended. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual
results may vary materially from those anticipated, believed, estimated or expected. We caution readers not to place undue reliance
on any such forward-looking statements, which speak only as of the date made. Except as required by law, we disclaim any obligation
subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to
reflect the occurrence of anticipated or unanticipated events. <B>We qualify all of the forward-looking statements contained or
incorporated by reference in this prospectus by the foregoing cautionary statements.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="pros_008"></A>OUR BUSINESS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Incorporated on March 22,
2004, Ur-Energy is an exploration stage issuer, as that term is defined by the SEC. We are engaged in uranium mining, recovery and processing
activities, including the acquisition, exploration, development and operation of uranium mineral properties in the U.S. Through our Wyoming
operating subsidiary, Lost Creek ISR, LLC, we began operating our first in situ recovery uranium mine at our Lost Creek project in 2013.
Ur-Energy is a corporation continued under the Canada Business Corporations Act<I>&nbsp;</I>(&#8220;CBCA&#8221;) on August 8, 2006. Our
Common Shares are listed on the TSX under the symbol &#8220;URE&#8221; and on the NYSE American under the symbol &#8220;URG.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt">Ur-Energy has one direct
wholly-owned subsidiary: Ur-Energy USA Inc., incorporated under the laws of the State of Colorado. It has offices in Colorado and Wyoming
and has employees in both states, in addition to having one employee based in Arizona.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ur-Energy USA has three wholly-owned
subsidiaries: NFU Wyoming, LLC, a limited liability company formed under the laws of the State of Wyoming to facilitate acquisition of
certain property and assets and, currently, to act as our land holding and exploration entity; Lost Creek ISR, LLC, a limited liability
company formed under the laws of the State of Wyoming to hold and operate our Lost Creek project and certain other of our Lost Creek properties
and assets; and Pathfinder Mines Corporation, incorporated under the laws of the State of Delaware, which holds, among other assets, the
Shirley Basin and Lucky Mc properties in Wyoming. Lost Creek ISR, LLC employs personnel at the Lost Creek Project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We utilize in situ recovery
of the uranium at Lost Creek and will do so at other projects where possible, including at Shirley Basin. The ISR technique is employed
in uranium extraction because it allows for an effective recovery of roll front uranium mineralization at a lower cost. At Lost Creek,
we extract and process uranium oxide (&#8220;U<FONT STYLE="font-size: 10pt"><SUB>3</SUB></FONT>O<FONT STYLE="font-size: 10pt"><SUB>8</SUB></FONT>&#8221;)
for shipping to a third-party conversion facility for further processing, storage and sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Lost Creek processing
facility, which includes all circuits for the production, drying and packaging of U<FONT STYLE="font-size: 10pt"><SUB>3</SUB></FONT>O<FONT STYLE="font-size: 10pt"><SUB>8</SUB></FONT>
for delivery into sales transactions, is designed and anticipated under current licensing to process up to 1.2 million pounds of U<FONT STYLE="font-size: 10pt"><SUB>3</SUB></FONT>O<FONT STYLE="font-size: 10pt"><SUB>8</SUB></FONT>
annually from the Lost Creek mine. The processing facility has the physical design capacity and is licensed to process 2.2 million pounds
of U<FONT STYLE="font-size: 10pt"><SUB>3</SUB></FONT>O<FONT STYLE="font-size: 10pt"><SUB>8</SUB></FONT> annually, which provides additional
capacity of up to one million pounds U<FONT STYLE="font-size: 10pt"><SUB>3</SUB></FONT>O<FONT STYLE="font-size: 10pt"><SUB>8</SUB></FONT>,
to process material from other sources. We expect that the Lost Creek processing facility may be utilized to process captured U<FONT STYLE="font-size: 10pt"><SUB>3</SUB></FONT>O<FONT STYLE="font-size: 10pt"><SUB>8</SUB></FONT>
from our Shirley Basin Project. However, the Shirley Basin permit and license allow for the construction of a full processing facility,
providing greater construction and operating flexibility as may be dictated by market conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In this prospectus and in
any prospectus supplement, unless the context otherwise requires, references to &#8220;Ur&#45;Energy,&#8221; the &#8220;Company,&#8221;
 &#8220;we,&#8221; &#8220;us&#8221; and &#8220;our&#8221; refer to Ur-Energy Inc., either alone or together with our subsidiaries as the
context requires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our corporate office is located
at 10758 W. Centennial Road, Suite 200, Littleton, CO 80127 and our telephone number is (720) 981-4588. Our website address is www.ur-energy.com.
The information on our website is not part of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="pros_009"></A>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise specified
in a prospectus supplement, the net proceeds from the sale of the Securities will be used for general corporate purposes and working capital.
Each prospectus supplement will contain specific information concerning the use of proceeds from that sale of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will bear all of the expenses
of the offering of the Securities, and such expenses will be paid out of our general funds, unless otherwise stated in the applicable
prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="pros_010"></A>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are registering the Securities with an aggregate
offering price not to exceed $175,000,000, to be sold by the Company under a &#8220;shelf&#8221; registration process. If we offer any
of the Securities under this prospectus we will amend or supplement this prospectus by means of an accompanying prospectus supplement
setting forth the specific terms and conditions and other information about that offering as is required or necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may offer and sell all
or a portion of the Securities covered by this prospectus from time to time, in one or more or any combination of the following transactions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">block trades in which the broker-dealer will attempt to sell the shares as agent, but may position and resell a portion of the block as principal to facilitate the transaction;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">purchases by a broker-dealer as principal and resale by the broker-dealer for its account;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">an exchange distribution in accordance with the rules of the applicable exchange;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">privately negotiated transactions;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">short sales affected after the date the registration statement of which this prospectus is a part is declared effective by the SEC;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">broker-dealers may agree to sell a specified number of such shares at a stipulated price per share;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">sales &#8220;at the market&#8221; to or through a market maker or into an existing trading market, on an exchange or otherwise;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">a combination of any such methods of sale; and</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">any other method permitted by applicable law.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may sell the Securities
at prices then prevailing or related to the then current market price or at negotiated prices. The offering price of the Securities from
time to time will be determined by us, and, at the time of the determination, may be higher or lower than the market price of our Common
Shares on the TSX, NYSE American, or any other exchange or market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the sale
of the Securities or interests therein, we may enter into hedging transactions with broker-dealers or other financial institutions, which
may in turn engage in short sales of the Securities in the course of hedging the positions they assume. We may also sell the Securities
short and deliver these Securities to close out their short positions, or loan or pledge the Securities to broker-dealers that in turn
may sell these Securities. We may also enter into option or other transactions with broker-dealers or other financial institutions or
the creation of one or more derivative securities which require the delivery to such broker-dealer or other financial institution of shares
offered by this prospectus, which shares such broker-dealer or other financial institution may resell pursuant to this prospectus (as
supplemented or amended to reflect such transaction).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with an underwritten
offering, underwriters or agents may receive compensation in the form of discounts, concessions or commissions from us or from purchasers
of the offered shares for whom they may act as agents. In addition, underwriters may sell the shares to or through dealers, and those
dealers may receive compensation in the form of discounts, concessions or commissions from the underwriters and/or commissions from the
purchasers for whom they may act as agents. Any underwriters, broker-dealers or agents that participate in the sale of the Common Shares
or interests therein may be &#8220;underwriters&#8221; within the meaning of Section 2(11) of the Securities Act. Any discounts, commissions,
concessions or profit they earn on any resale of the shares may be underwriting discounts and commissions under the Securities Act. We
will bear all of the expenses of the offering of Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may agree to indemnify
an underwriter, broker-dealer or agent against certain liabilities related to the selling of the Securities, including liabilities arising
under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except for the Amended and
Restated At Market Issuance Sales Agreement entered into in connection with Ur-Energy&#8217;s ATM program, we have not entered into any
agreements, understandings or arrangements with any underwriters or broker-dealers regarding the sale of the Securities. Upon entering
into any material arrangement with an underwriter or broker-dealer for the sale of the Securities through a block trade, special offering,
exchange distribution, secondary distribution or a purchase by an underwriter or broker-dealer, we will file a prospectus supplement,
if required, pursuant to Rule 424(b) under the Securities Act, disclosing certain material information, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">the name of the applicable seller;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">the Securities being offered;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">the terms of the offering;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">the names of the participating underwriters, broker-dealers or agents;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">any discounts, commissions or other compensation paid to underwriters or broker-dealers and any discounts, commissions or concessions allowed or reallowed or paid by any underwriters to dealers;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">the purchase price of the Securities and the proceeds to be received from the sale; and</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">other material terms of the offering.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to the applicable
provisions of the Exchange Act and the rules and regulations under the Exchange Act, including Regulation M. This regulation may limit
the timing of purchases and sales of any of the Securities offered in this prospectus. The anti-manipulation rules under the Exchange
Act may apply to sales of Securities in the market and to our activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent required, this
prospectus may be amended and/or supplemented from time to time to describe a specific plan of distribution. Instead of selling the Securities
under this prospectus, we may sell the Common Shares in compliance with the provisions of Rule 144 under the Securities Act, if available,
or pursuant to other available exemptions from the registration requirements of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With respect to the sale of
any Securities under this prospectus, the maximum commission or discount to be received by any member of the Financial Industry Regulatory
Authority, Inc. or any independent broker or dealer will not be greater than eight percent (8%).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="pros_011"></A>DESCRIPTION OF SENIOR AND SUBORDINATED DEBT
SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following description,
together with the additional information we include in any applicable prospectus supplements, summarizes the material terms and provisions
of the debt securities that we may offer under this prospectus. While the terms we have summarized below will apply generally to any future
debt securities we may offer, we will describe the particular terms of any debt securities that we may offer in more detail in the applicable
prospectus supplement. Because the terms of a specific series of debt securities may vary from the general information that we have provided
below, you should rely on information in the applicable prospectus supplement that varies from any information below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt">We may issue senior notes
under a senior indenture to be entered into among us and a trustee to be named in the senior indenture. We may issue subordinated notes
under a subordinated indenture to be entered into among us and a trustee to be named in the subordinated indenture. We have filed forms
of these documents as exhibits to the registration statement which includes this prospectus. We use the term &#8220;indentures&#8221;
to refer to both the senior indenture and the subordinated indenture. Unless otherwise specified in the applicable prospectus supplement,
the indentures will be qualified under the Trust Indenture Act of 1939 (the &#8220;Trust Indenture Act&#8221;). We use the term &#8220;trustee&#8221;
to refer to either the senior trustee or the subordinated trustee, as applicable. We urge you to read the indenture applicable to your
investment, because the indenture, and not this section, defines your rights as a holder of debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following summaries of
material provisions of senior notes, subordinated notes and the indentures are subject to, and qualified in their entirety by reference
to, the provisions of the indenture applicable to a particular series of debt securities. Except as we may otherwise indicate, the terms
of the senior indenture and the subordinated indenture are identical in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The senior debt securities
will have the same ranking as all of our other unsecured and unsubordinated debt. The subordinated debt securities will be unsecured and
will be subordinated and junior to all senior indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The debt securities may be
issued in one or more separate series of senior debt securities and/or subordinated debt securities. The prospectus supplement relating
to the particular series of debt securities being offered will specify the particular amounts, prices and terms of those debt securities.
These terms may include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">the title of the debt securities;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">any limit upon the aggregate principal amount of the debt securities;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">the date or dates, or the method of determining the dates, on which the debt securities will mature;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">the interest rate or rates of the debt securities, or the method of determining those rates, the interest payment dates and, for registered debt securities, the regular record dates;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">if a debt security is issued with original issue discount, the yield to maturity;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">the places where payments may be made on the debt securities;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">any mandatory or optional redemption provisions applicable to the debt securities;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">any sinking fund or analogous provisions applicable to the debt securities;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">whether and on what terms we will pay additional amounts to holders of the debt securities that are not U.S. persons in respect of any tax, assessment or governmental charge withheld or deducted and, if so, whether and on what terms we will have the option to redeem the debt securities rather than pay the additional amounts;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">whether the notes will be senior or subordinated;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">any terms for the attachment to the debt securities of warrants, options or other rights to purchase or sell our securities;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">the portion of the principal amount of the debt security payable upon the acceleration of maturity if other than the entire principal amount of the debt securities;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">any deletions of, or changes or additions to, the events of default or covenants applicable to the debt securities;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">if other than U.S. dollars, the currency or currencies in which payments of principal, premium and/or interest on the debt securities will be payable and whether the holder may elect payment to be made in a different currency;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">the method of determining the amount of any payments on the debt securities which are linked to an index;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">whether the debt securities will be issued in fully registered form without coupons or in bearer form, with or without coupons, or any combination of these, and whether they will be issued in the form of one or more global securities in temporary or definitive form;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">whether the debt securities will be convertible into or exchangeable for Common Shares or other debt securities and the conversion price or exchange ratio, the conversion or exchange period and any other conversion or exchange provisions;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">any terms relating to the delivery of the debt securities if they are to be issued upon the exercise of warrants; and</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">any other specific terms of the debt securities.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise specified
in the applicable prospectus supplement, (1) the debt securities will be registered debt securities, and (2) debt securities denominated
in U.S. dollars will be issued, in the case of registered debt securities, in denominations of $1,000 or an integral multiple of $1,000.
Debt securities may bear legends required by applicable United States and Canadian federal tax law and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any of the debt securities
are sold for any foreign currency or currency unit or if any payments on the debt securities are payable in any foreign currency or currency
unit, the prospectus supplement will contain any restrictions, elections, tax consequences, specific terms and other information with
respect to the debt securities and the foreign currency or currency unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Some of the debt securities
may be issued as original issue discount debt securities. Original issue discount securities bear no interest during all or a part of
the time that these debt securities are outstanding or bear interest at below-market rates and will be sold at a discount below their
stated principal amount at maturity. The prospectus supplement will also contain special tax, accounting or other information relating
to original issue discount securities or relating to other kinds of debt securities that may be offered, including debt securities linked
to an index or payable in currencies other than U.S. dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Exchange, Registration and Transfer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Debt securities may be transferred
or exchanged at the corporate trust office of the security registrar or at any other office or agency maintained by us or on our behalf
for these purposes, without the payment of any service charge, except for any tax or governmental charges. The senior trustee initially
will be the designated security registrar in the U.S. or Canada for the senior debt securities. The subordinated trustee initially will
be the designated security registrar in the U.S. or Canada for the subordinated debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In the event of any redemption in part of any
class or series of debt securities, we will not be required to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">issue, register the transfer of, or exchange, debt securities of any series between the opening of business 15 days before any selection of debt securities of that series to be redeemed and the close of business on the day of mailing of the relevant notice of redemption; or</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">register the transfer of, or exchange, any registered debt security selected for redemption, in whole or in part, except the unredeemed portion of any registered debt security being redeemed in part.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Payment and Paying Agent</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will pay principal, interest
and any premium on fully registered securities in the designated currency or currency unit at the office of a designated paying agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Global Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A global security represents
one or any other number of individual debt securities. Generally, all debt securities represented by the same global securities will have
the same terms. Each debt security issued in book-entry form will be represented by a global security that we deposit with and register
in the name of a financial institution or its nominee that we select. The financial institution that we select for this purpose is called
the depositary. Unless we specify otherwise in the applicable prospectus supplement, The Depository Trust Company, New York, New York,
known as DTC, will be the depositary for all debt securities that are issued in book-entry form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A global security may
not be transferred to or registered in the name of anyone other than the depositary or its nominee, unless special termination
situations arise. As a result of these arrangements, the depositary, or its nominee, will be the sole registered holder of all debt
securities represented by a global security, and investors will be permitted to own only beneficial interests in a global security.
Beneficial interests must be held by means of an account with a broker, bank or other financial institution that in turn has an
account either with the depositary or with another institution that has an account with the depositary. Thus, an investor whose
security is represented by a global security will not be the registered holder of the debt security, but an indirect holder of a
beneficial interest in the global security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Definitive Global Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Book-Entry Securities</I>.
Debt securities of a series represented by a definitive global registered debt security and deposited with or on behalf of a depositary
in the U.S. will be represented by a definitive global debt security registered in the name of the depositary or its nominee. Upon the
issuance of a global debt security and the deposit of the global debt security with the depositary, the depositary will credit, on its
book-entry registration and transfer system, the respective principal amounts represented by that global debt security to the accounts
of participating institutions that have accounts with the depositary or its nominee. The accounts to be credited shall be designated by
the underwriters or agents for the sale of book-entry debt securities or by us, if these debt securities are offered and sold directly
by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ownership of book-entry debt
securities will be limited to participants or persons that may hold interests through participants. In addition, ownership of book-entry
debt securities will be evidenced only by, and the transfer of that ownership will be affected only through, records maintained by the
depositary or its nominee for the definitive global debt security or by participants or persons that hold through participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">So long as the depositary
or its nominee is the registered owner of a global debt security, that depositary or nominee, as the case may be, will be considered the
sole owner or holder of the book-entry debt securities represented by that global debt security for all purposes under the indenture.
Payment of principal of, and premium and interest, if any, on, book-entry debt securities will be made to the depositary or its nominee
as the registered owner or the holder of the global debt security representing the book-entry debt securities. Owners of book-entry debt
securities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">will not be entitled to have the debt securities registered in their names;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">will not be entitled to receive physical delivery of the debt securities in definitive form; and</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">will not be considered the owners or holders of the debt securities under the indenture.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The laws of some jurisdictions
require that purchasers of securities take physical delivery of securities in definitive form. These laws impair the ability to purchase
or transfer book-entry debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We expect that the depositary
for book-entry debt securities of a series, upon receipt of any payment of principal of, or premium or interest, if any, on, the related
definitive global debt security, will immediately credit participants&#8217; accounts with payments in amounts proportionate to their
respective beneficial interests in the principal amount of the global debt security as shown on the records of the depositary. We also
expect that payments by participants to owners of beneficial interests in a global debt security held through those participants will
be governed by standing instructions and customary practices, and will be the responsibility of those participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Consolidation, Merger, Sale or Conveyance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may, without the consent
of the holders of the debt securities, merge into, amalgamate or consolidate with any other person, or convey or transfer all or substantially
all of our properties and assets to another person provided that the successor assumes on the same terms and conditions all the obligations
under the debt securities and the indentures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The remaining or acquiring
person will be substituted for us in the indentures with the same effect as if it had been an original party to the indenture. A prospectus
supplement will describe any other limitations on our ability to merge into, amalgamate, consolidate with, or convey or transfer all or
substantially all of our properties and assets to, another person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Satisfaction and Discharge; Defeasance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may be discharged from
our obligations on the debt securities of any class or series that have matured or will mature or be redeemed within one year if we deposit
with the trustee enough cash and/or U.S. or Canadian government obligations to pay all the principal, interest and any premium due to
the stated maturity or redemption date of the debt securities and comply with the other conditions set forth in the applicable indenture,
which will be described in the applicable prospectus supplement. The principal conditions that we must satisfy to discharge our obligations
on any debt securities are (1) pay all other sums payable with respect to the applicable series of debt securities and (2) deliver to
the trustee an officers&#8217; certificate and an opinion of counsel that state that the required conditions have been satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each indenture contains a
provision that permits us to elect to be discharged from all of our obligations with respect to any class or series of debt securities
then outstanding. However, even if we effect a legal defeasance, some of our obligations will continue, including obligations to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">maintain and apply money in the defeasance trust,</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">register the transfer or exchange of the debt securities,</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">replace mutilated, destroyed, lost or stolen debt securities, and</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">maintain a registrar and paying agent in respect of the debt securities.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The indentures specify the
types of U.S. or Canadian government obligations that we may deposit, which will be described in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Events of Default, Notice and Waiver</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as may be set forth
in the applicable prospectus supplement, each indenture defines an event of default with respect to any class or series of debt securities
as one or more of the following events:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">failure to pay interest on any debt security of the class or series for 90 days when due;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">failure to pay the principal or any premium on any debt securities of the class or series when due;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">failure to make any sinking fund payment when due;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">failure to perform any other covenant in the debt securities of the series or in the applicable indenture with respect to debt securities of the series for 90 days after being given notice; and</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">occurrence of an event of bankruptcy, insolvency or reorganization set forth in the indenture.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An event of default for a
particular class or series of debt securities does not necessarily constitute an event of default for any other class or series of debt
securities issued under an indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any event of default as
to a series of debt securities occurs and is continuing, the trustee or the holders of at least 25% in principal amount of the then outstanding
debt securities of that series may declare all the debt securities to be due and payable immediately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The holders of a majority
in aggregate principal amount of the debt securities of that series then outstanding by notice to the trustee may on behalf of the holders
of all of the debt securities of that series waive any existing default or event of default and its consequences under the applicable
indenture except a continuing default or event of default in the payment of interest on, or the principal of, the debt securities of that
series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each indenture requires the
trustee to, within 90 days after the occurrence of a default known to it with respect to any outstanding series of debt securities, give
the holders of that class or series notice of the default if uncured or not waived. However, the trustee may withhold this notice if it
determines in good faith that the withholding of this notice is in the interest of those holders, except that the trustee may not withhold
this notice in the case of a payment default. The term &#8220;default&#8221; for the purpose of this provision means any event that is,
or after notice or lapse of time or both would become, an event of default with respect to debt securities of that series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other than the duty to act
with the required standard of care during an event of default, a trustee is not obligated to exercise any of its rights or powers under
the applicable indenture at the request or direction of any of the holders of debt securities, unless the holders have offered to the
trustee reasonable security and indemnity. Each indenture provides that the holders of a majority in principal amount of outstanding debt
securities of any series may direct the time, method and place of conducting any proceeding for any remedy available to the trustee, or
exercising any trust or other power conferred on the trustee if the direction would not conflict with any rule of law or with the indenture.
However, the trustee may take any other action that it deems proper which is not inconsistent with any direction and may decline to follow
any direction if it in good faith determines that the directed action would involve it in personal liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each indenture includes a
covenant that we will file annually with the trustee a certificate of no default, or specifying any default that exists.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Modification of the Indentures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We and the applicable trustee
may modify an indenture without the consent of the holders for limited purposes, including adding to our covenants or events of default,
establishing forms or terms of debt securities, curing ambiguities and other purposes which do not adversely affect the holders in any
material respect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We and the applicable trustee
may make modifications and amendments to an indenture with the consent of the holders of a majority in principal amount of the outstanding
debt securities of all affected series. However, without the consent of each affected holder, no modification may:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">change the stated maturity of any debt security;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">reduce the principal, premium, if any, or rate of interest on any debt security; or</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">reduce the percentage of holders of outstanding debt securities of any series required to consent to any modification, amendment or waiver under the indenture.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Notices</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notice to holders of registered
debt securities will be given by mail to the addresses of those holders as they appear in the security register.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Replacement of Securities Coupons</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Debt securities or coupons
that have been mutilated will be replaced by us at the expense of the holder upon surrender of the mutilated debt security or coupon to
the security registrar. Debt securities or coupons that become destroyed, stolen, or lost will be replaced by us at the expense of the
holder upon delivery to the security registrar of evidence of its destruction, loss, or theft satisfactory to us and the security registrar.
In the case of a destroyed, lost, or stolen debt security or coupon, the holder of the debt security or coupon may be required to provide
reasonable security or indemnity to the trustee and us before a replacement debt security will be issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Concerning the Trustees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may from time to time maintain
lines of credit, and have other customary banking relationships, with any of the trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Senior Debt Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The senior debt securities
will rank equally with all of our other unsecured and non-subordinated debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Certain Covenants in the Senior Indenture</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The prospectus supplement
relating to a series of senior debt securities will describe any material covenants in respect of that series of senior debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Subordinated Debt Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The subordinated debt securities
will be unsecured. The subordinated debt securities will be subordinate in right of payment to all senior indebtedness. In addition, claims
of creditors generally will have priority with respect to the assets and earnings of our subsidiaries over the claims of our creditors,
including holders of the subordinated debt securities, even though those obligations may not constitute senior indebtedness. The subordinated
debt securities, therefore, will be effectively subordinated to creditors, including trade creditors with regard to the assets of our
subsidiaries. Creditors of our subsidiaries include trade creditors, secured creditors and creditors holding guarantees issued by our
subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise specified
in a prospectus supplement, senior indebtedness shall mean the principal of, premium, if any, and interest on, all indebtedness for money
borrowed by us and any deferrals, renewals, or extensions of any senior indebtedness. Indebtedness for money borrowed by us includes all
indebtedness of another person for money borrowed that we guarantee, other than the subordinated debt securities, whether outstanding
on the date of execution of the subordinated indenture or created, assumed or incurred after the date of the subordinated indenture. However,
senior indebtedness will not include any indebtedness that expressly states to have the same rank as the subordinated debt securities
or to rank junior to the subordinated debt securities. Senior indebtedness will also not include any of our obligations to our subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The senior debt securities
constitute senior indebtedness under the subordinated indenture. A prospectus supplement will describe the relative ranking among different
series of subordinated debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt">Unless otherwise
specified in a prospectus supplement, we may not make any payment on the subordinated debt securities and may not purchase, redeem,
or retire any subordinated debt securities if any senior indebtedness is not paid when due or the maturity of any senior
indebtedness is accelerated as a result of a default, unless the default has been cured or waived and the acceleration has been
rescinded or the senior indebtedness has been paid in full. We may, however, pay the subordinated debt securities without regard to
these limitations if we or the subordinated trustee receive written notice approving the payment from the representatives of the
holders of senior indebtedness with respect to which either of the events set forth above has occurred and is continuing. Unless
otherwise specified in a prospectus supplement, during the continuance of any default with respect to any designated senior
indebtedness under which its maturity may be accelerated immediately without further notice or the expiration of any applicable
grace periods, we may not pay the subordinated debt securities for 90 days after the receipt by the subordinated trustee of written
notice of a default from the representatives of the holders of designated senior indebtedness. If the holders of designated senior
indebtedness or the representatives of those holders have not accelerated the maturity of the designated senior indebtedness at the
end of the 90-day period, we may resume payments on the subordinated debt securities. Only one notice may be given in any
consecutive 360-day period, irrespective of the number of defaults with respect to designated senior indebtedness during that
period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event that we pay or
distribute our assets to creditors upon a total or partial liquidation, dissolution or reorganization of our company or our property,
the holders of senior indebtedness will be entitled to receive payment in full of the senior indebtedness before the holders of subordinated
debt securities are entitled to receive any payment. Until the senior indebtedness is paid in full, any payment or distribution to which
holders of subordinated debt securities would be entitled but for the subordination provisions of the subordinated indenture will be made
to holders of the senior indebtedness as their interests may appear. However, holders of subordinated debt securities will be permitted
to receive distributions of shares and debt securities subordinated to the senior indebtedness. If a distribution is made to holders of
subordinated debt securities that, due to the subordination provisions, should not have been made to them, the holders of subordinated
debt securities are required to hold it in trust for the holders of senior indebtedness, and pay it over to them as their interests may
appear.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If payment of the subordinated
debt securities is accelerated because of an event of default, either we or the subordinated trustee will promptly notify the holders
of senior indebtedness or the representatives of the holders of the acceleration. We may not pay the subordinated debt securities until
five business days after the holders or the representatives of the senior indebtedness receive notice of the acceleration. Afterwards,
we may pay the subordinated debt securities only if the subordination provisions of the subordinated indenture otherwise permit payment
at that time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result of the subordination
provisions contained in the subordinated indenture, in the event of insolvency, our creditors who are holders of senior indebtedness may
recover more, ratably, than the holders of subordinated debt securities. In addition, our creditors who are not holders of senior indebtedness
may recover less, ratably, than holders of senior indebtedness and may recover more, ratably, than the holders of subordinated indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The prospectus supplement
relating to a series of subordinated debt securities will describe any material covenants in respect of any series of subordinated debt
securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Conversion or Exchange</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may issue debt securities
that we may convert or exchange into Common Shares or other securities, property or assets. If so, we will describe the specific terms
on which the debt securities may be converted or exchanged in the applicable prospectus supplement. The conversion or exchange may be
mandatory, at your option, or at our option. The applicable prospectus supplement will describe the manner in which the Common Shares
or other securities, property or assets you would receive would be issued or delivered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="pros_012"></A>DESCRIPTION OF COMMON SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our authorized share capital
consists of an unlimited number of Common Shares without par value. As at June 27, 2023, we had 264,726,804 Common Shares outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Dividend Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of Common Shares are
entitled to receive such dividends as may be declared from time to time by our Board, in its discretion, out of funds legally available
therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Voting Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of Common Shares are
entitled to one vote for each share held of record on all matters to be acted upon by the shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Election of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt">In accordance with the CBCA,
for all uncontested shareholder meetings held after August 2022, each director will be elected at a meeting only if the number of votes
cast for such nominee represents a majority of the total votes cast with respect to that individual. Votes will not be deemed cast if
no authority or discretion is given (for example, a broker non-vote). Under the new CBCA majority vote standards, if an incumbent director
is not elected by a majority of the votes at the meeting, the incumbent director will be permitted to continue in office until the earlier
of (a) the 90<FONT STYLE="font-size: 10pt"><SUP>th</SUP></FONT> day after the meeting, or (b) the day on which his or her successor is
appointed, subject to other provisions of the CBCA and other applicable law. In light of the CBCA majority voting requirements, our Board
resolved to revoke the Company&#8217;s earlier majority voting policy as being unnecessary; the CBCA provisions and related regulations
supersede and replace the earlier policy and the Company will adhere to the new legal standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Liquidation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon liquidation, dissolution
or winding up of the Company, holders of Common Shares are entitled to receive pro rata the assets of the Company, if any, remaining after
payments of all debts and liabilities. All of the Common Shares rank equally as to participation in a distribution of our assets on a
liquidation, dissolution or winding-up of the Company and the entitlement to dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Redemption</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No shares have been issued
subject to call or assessment. There are no pre-emptive or conversion rights and no provisions for redemption or purchase for cancellation,
surrender, or sinking or purchase funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Advance Notice By-Law</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">By-Law No. 2 (Advance Notice)
was approved by our Board on February 25, 2016, and later approved by our shareholders at Ur-Energy&#8217;s annual and special meeting
of shareholders on May 5, 2016. The Advance Notice By-Law requires shareholders to provide the Company with advanced notice of persons
the shareholder intends to nominate for election to the Board. The Advance Notice By-Law fixes a deadline by which director nominations
must be submitted to the Company prior to any annual or special meeting of shareholders and sets forth the information that a shareholder
must include in the notice to the Company for it to be in proper written form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the case of an annual meeting
of shareholders, notice to the Company must be made not less than thirty (30) days prior to the date of the annual meeting; <I>provided</I>,
<I>however</I>, that if the first public announcement of the date of the annual meeting is less than fifty (50) days prior to the meeting,
notice must be made not later than the tenth (10th) day following such public announcement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the case of a special meeting
(which is not also an annual meeting) of shareholders called for the purpose of electing directors, notice to the Company must be made
not later than the close of business on the fifteenth (15th) day following the day on which the first public announcement of the date
of the special meeting was made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Other Provisions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Provisions as to the modification,
amendment or variation of the rights attached to the Common Shares are contained in our Articles of Continuance and Articles of Amendment
(&#8220;Articles&#8221;) and the CBCA. Generally speaking, substantive changes to the share capital require the approval of the shareholders
by special resolution (at least two-thirds of the votes cast).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All outstanding Common Shares
are, and the Common Shares offered by this prospectus or obtainable upon exercise or conversion of other securities offered hereby, if
issued in the manner described in this prospectus and the applicable prospectus supplement, will be, fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You should read the prospectus
supplement relating to any offering of Common Shares, or of securities convertible, exchangeable or exercisable for Common Shares, for
the terms of the offering, including the number of Common Shares offered, any initial offering price and market prices relating to the
Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This section is a summary
and may not describe every aspect of our Common Shares that may be important to you. We urge you to read applicable provisions of the
<I>Canada Business Corporations Act </I>and our Articles of Continuance and Articles of Amendment, because they, and not this description,
define your rights as a holder of our Common Shares. See &#8220;<I>Where You Can Find More Information</I>&#8221; for information on how
to obtain copies of these documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="pros_013"></A>DESCRIPTION OF WARRANTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may issue Warrants for
the purchase of debt securities, Common Shares or other securities. Warrants may be issued independently or together with debt securities,
Common Shares or other securities offered by any prospectus supplement and may be attached to or separate from any such offered Securities.
Series of Warrants may be issued under a separate warrant agreement entered into between us and a bank or trust company, as warrant agent,
as will be set forth in the prospectus supplement relating to the particular issue of Warrants. The warrant agent would act solely as
our agent in connection with the Warrants and would not assume any obligation or relationship of agency or trust for or with any holders
of Warrants or beneficial owners of Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should refer to the provisions of the warrant
agreement that will be filed with the SEC and any other applicable securities commissions or similar regulatory authorities in connection
with the offering of Warrants for the complete terms of the warrant agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to the exercise of any
Warrants, holders of such Warrants will not have any rights of holders of the securities purchasable upon such exercise, including the
right to receive payments of dividends or the right to vote such underlying securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="pros_014"></A>DESCRIPTION OF UNITS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As specified in the applicable
prospectus supplement, we may issue units consisting of one or more debt securities, Common Shares, Warrants or any combination of such
securities. In addition, the prospectus supplement relating to units will describe the terms of any units we issue, including as applicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">the designation and terms of the units and the securities included in the units;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">any provision for the issuance, payment, settlement, transfer or exchange of the units;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">the date, if any, on and after which the units may be transferable separately;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">whether we will apply to have the units traded on a securities exchange or securities quotation system;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">any material Canadian and/or United States federal income tax consequences; and</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">how, for Canadian and/or United States federal income tax purposes, the purchase price paid for the units is to be allocated among the component securities.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="pros_015"></A>DESCRIPTION OF RIGHTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may issue rights to purchase
debt securities or Common Shares. These rights may be issued independently or together with any other security offered hereby and may
or may not be transferable by the shareholder receiving the rights in such offering. In connection with any offering of such rights, we
may enter into a standby arrangement with one or more underwriters or other purchasers pursuant to which the underwriters or other purchasers
may be required to purchase any securities remaining unsubscribed for after such offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each series of rights will be issued under a separate
rights agreement which we will enter into with a bank or trust company, as rights agent, all as set forth in the applicable prospectus
supplement. The rights agent will act solely as our agent in connection with the certificates relating to the rights and will not assume
any obligation or relationship of agency or trust with any holders of rights certificates or beneficial owners of rights. We will file
the rights agreement and the rights certificates relating to each series of rights with the SEC, and incorporate them by reference as
an exhibit to the registration statement of which this prospectus is a part on or before the time we issue a series of rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The applicable prospectus
supplement will describe the specific terms of any offering of rights for which this prospectus is being delivered, including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">the date of determining the shareholders entitled to the rights distribution;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">the number of rights issued or to be issued to each shareholder;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">the exercise price payable for each share of debt securities, Common Shares, or other securities upon the exercise of the rights;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">the number and terms of the shares of debt securities, Common Shares, or other securities which may be purchased per each right;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">the extent to which the rights are transferable;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">the date on which the holder&#8217;s ability to exercise the rights shall commence, and the date on which the rights shall expire;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">the extent to which the rights may include an over-subscription privilege with respect to unsubscribed securities;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">if applicable, the material terms of any standby underwriting or purchase arrangement entered into by us in connection with the offering of such rights; and</TD></TR>
  <TR>
    <TD STYLE="text-align: justify; text-indent: 22.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">any other terms of the rights, including the terms, procedures, conditions and limitations relating to the exchange and exercise of the rights.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The description in the applicable
prospectus supplement of any rights that we may offer will not necessarily be complete and will be qualified in its entirety by reference
to the applicable rights certificate, which will be filed with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="pros_016"></A>DENOMINATIONS, REGISTRATION AND TRANSFER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt">Other than in the case of
book-entry-only Securities, Securities may be presented for registration of transfer (with the form of transfer endorsed thereon duly
executed) in the city specified for such purpose at the office of the registrar or transfer agent designated by us for such purpose with
respect to any issue of Securities referred to in a prospectus supplement. No service charge will be made for any transfer, conversion
or exchange of the Securities but we may require payment of a sum to cover any transfer tax or other governmental charge payable in connection
therewith. Such transfer, conversion or exchange will be affected upon such registrar or transfer agent being satisfied with the documents
of title and the identity of the person making the request. If a prospectus supplement refers to any registrar or transfer agent designated
by us with respect to any issue of Securities, we may at any time rescind the designation of any such registrar or transfer agent and
appoint another in its place or approve any change in the location through which such registrar or transfer agent acts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the case of book-entry-only
Securities, a global certificate or certificates representing the Securities will be held by a designated depositary for its participants.
The Securities must be purchased or transferred through such participants, which includes securities brokers and dealers, banks and trust
companies. The depositary will establish and maintain book-entry accounts for its participants acting on behalf of holders of the Securities.
The interests of such holders of Securities will be represented by entries in the records maintained by the participants. Holders of Securities
issued in book-entry-only form will not be entitled to receive a certificate or other instrument evidencing their ownership thereof, except
in limited circumstances. Each holder will receive a customer confirmation of purchase from the participants from which the Securities
are purchased in accordance with the practices and procedures of that participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="pros_017"></A>CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Non-Residents of Canada</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt">The following is a general
summary of the principal Canadian federal income tax considerations generally applicable under <I>Income Tax Act</I> (Canada) (the &#8220;Tax
Act&#8221;) to a holder who acquires Common Shares or Warrants as beneficial owner pursuant to the prospectus and who, at all relevant
times, for the purposes of the Tax Act, holds such Common Shares or Warrants as capital property, deals at arm&#8217;s length with the
Company, is not affiliated with the Company and, for purposes of the Tax Act, is not, and is not deemed to be, a resident of Canada and
has not and will not use or hold or be deemed to use or hold the Common Shares or Warrants in or in the course of carrying on business
in Canada (a &#8220;Non-Resident Holder&#8221;). Special rules, which are not discussed below, may apply to a non-resident of Canada that
is an insurer which carries on business in Canada and elsewhere. Such Non-Residents Holders should consult their own tax advisors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Common Shares and Warrants
will generally be considered capital property to a Non-Resident Holder unless either (i) the Non-Resident Holder holds the Common Shares
or Warrants in the course of carrying on a business of buying and selling securities or (ii) the Non-Resident Holder has acquired the
Common Shares or Warrants in a transaction or transactions considered to be an adventure in the nature of trade.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The term &#8220;US Holder,&#8221;
for the purposes of this section, means a Non-Resident Holder who, for purposes of the <I>Canada-United States Tax Convention</I> (1980)
as amended, (the &#8220;Convention&#8221;), is at all relevant times a resident of the United States and is a &#8220;qualifying person&#8221;
within the meaning of the Convention. In some circumstances, income or gains earned by fiscally transparent entities (including limited
liability companies) will be eligible for benefits under the Convention. US Holders are urged to consult with their own tax advisors to
determine their entitlement to benefits under the Convention based on their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This summary is based on the
current provisions of the Tax Act, the regulations thereunder (the &#8220;Regulations&#8221;), the current provisions of the Convention,
and counsel&#8217;s understanding of the current administrative policies and assessing practices of the Canada Revenue Agency (the &#8220;CRA&#8221;)
publicly available prior to the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This summary also takes into
account all specific proposals to amend the Tax Act and Regulations publicly announced by or on behalf of the Minister of Finance (Canada)
prior to the date hereof (collectively, the &#8220;Proposed Tax Amendments&#8221;). No assurances can be given that the Proposed Tax Amendments
will be enacted or will be enacted as proposed. Other than the Proposed Tax Amendments, this summary does not take into account or anticipate
any changes in law or the administration policies or assessing practice of CRA, whether by judicial, legislative, governmental or administrative
decision or action, nor does it take into account provincial, territorial or foreign income tax legislation or considerations, which may
differ significantly from those discussed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>This summary is of a general
nature only and is not intended to be, nor should it be construed to be, legal or tax advice to any particular holder and no representations
with respect to the income tax consequences to any particular holder are made. This summary is not exhaustive of all Canadian federal
income tax considerations. Accordingly, prospective investors in Common Shares or Warrants should consult their own tax advisors with
respect to their own particular circumstances.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Currency Conversion</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of the Tax Act,
all amounts relating to the acquisition, holding or disposition of the Common Shares and Warrants, including dividends, adjusted cost
base and proceeds of disposition must be converted into Canadian dollars using the rate of exchange quoted by the Bank of Canada on the
date on which the amount first arose or such other rate of exchange as is acceptable to the CRA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Exercise of Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the exercise of a Warrant,
there will be no income tax consequences for a Non-Resident Holder. When a Warrant to purchase Common Shares is exercised, the Non-Resident
Holder&#8217;s cost of the Common Share acquired thereby will be the aggregate of the Non-Resident Holder&#8217;s adjusted cost base of
such Warrant and the exercise price paid for the Common Share. The Non-Resident Holder&#8217;s adjusted cost base of the Common Share
so acquired will be determined by averaging such cost with the adjusted cost base to the Non-Resident Holder of all Common Shares held
by the Non-Resident Holder as capital property immediately prior to such acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Disposition of Common Shares and Warrants </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Generally, a Non-Resident
Holder will not be subject to tax under the Tax Act in respect of any capital gain realized by such Non-Resident Holder on a disposition
of the Common Shares or Warrants (nor will capital losses arising from the disposition be recognized under the Tax Act) unless the Common
Shares or Warrants constitute &#8220;taxable Canadian property&#8221; (as defined in the Tax Act) of the Non-Resident Holder at the time
of disposition and the Non-Resident Holder is not entitled to relief under an applicable income tax treaty or convention. Provided the
shares are listed on a designated stock exchange (which currently includes the TSX and the NYSE MKT, now renamed the NYSE American) at
the time of disposition, the Common Shares and Warrants to purchase Common Shares generally will not constitute taxable Canadian property
of a Non-Resident Holder, unless at any time during the 60-month period immediately preceding the disposition the following two conditions
have been met concurrently: (i) the Non-Resident Holder, persons with whom the Non-Resident Holder did not deal at arm&#8217;s length,
or the Non-Resident Holder together with all such persons, owned or was considered to own 25% or more of the issued shares of any class
or series of shares of the capital stock of the Company; and (ii) more than 50% of the fair market value of the Common Shares was determined
directly or indirectly from one or any combination of real or immovable property situated in Canada, &#8220;Canadian resource properties&#8221;
(as determined in the Tax Act), &#8220;timber resource properties&#8221; (as defined in the Tax Act) or options in respect of, or interests
in, or civil law rights in, such properties, whether or not such property exists.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In July 2017, NYSE MKT, which
is listed by the Department of Finance (Canada) as a &#8220;designated stock exchange,&#8221; was rebranded as NYSE American. The Department
of Finance (Canada) has not yet confirmed that the NYSE American is a &#8220;designated stock exchange&#8221; for purposes of the Tax
Act. While the NYSE American should be considered a &#8220;designated stock exchange,&#8221; this matter is not entirely free from doubt.
Non-Resident Holders should consult their own advisors in this regard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Common Shares or Warrants
are taxable Canadian property to a Non-Resident Holder, any capital gain realized on the disposition or deemed disposition of such Common
Shares and Warrants, may be subject to Canadian federal income tax unless such Non-Resident Holder is entitled to relief pursuant to the
terms of an applicable income tax treaty or convention between Canada and the country of residence of a Non-Resident Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>A Non-Resident Holder whose Common Shares or
Warrants are taxable Canadian property should consult their own advisors.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Dividends on Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Tax Act,
dividends on shares paid or credited to a Non-Resident Holder will be subject to Canadian withholding tax at the rate of 25% of the
gross amount of the dividends. This withholding tax may be reduced pursuant to the terms of an applicable income tax treaty or
convention between Canada and the country of residence of a Non-Resident Holder. Under the Convention, a US Holder will generally be
subject to Canadian withholding tax at a rate of 15% of the amount of such dividends. In addition, under the Convention, dividends
may be exempt from Canadian non-resident withholding tax if paid to certain US Holders that are qualifying religious, scientific,
literary, educational or charitable tax-exempt organizations and qualifying trusts, companies, organizations or arrangements
operated exclusively to administer or provide pension, retirement or employee benefits that are exempt from tax in the U.S. and that
have complied with specific administrative procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="pros_018"></A>CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a general
summary of the anticipated U.S. federal income tax considerations applicable to a U.S. Holder (as defined below) arising from and relating
to (i) the acquisition, ownership and disposition of Common Shares or Warrants which the Company may offer, either separately or in combination
as a unit, from time to time pursuant to terms described in an applicable prospectus supplement, including Common Shares acquired upon
exercise of a Warrant; and (ii) the exercise, disposition, and lapse of Warrants acquired in such an offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This summary is for general
information purposes only and does not purport to be a complete analysis or listing of all potential U.S. federal income tax considerations
that may apply to a U.S. Holder as a result of the acquisition of Common Shares or Warrants pursuant to a prospectus supplement. Additionally,
this summary does not address the U.S. federal tax consequences of acquiring, owning and disposing of the other types of securities (including
debt securities) that the Company has the ability to offer based on this prospectus, and the relevant prospectus supplement will contain
additional or modified disclosure concerning the anticipated U.S. federal income tax consequences relevant to such other securities. Furthermore,
this summary does not take into account the individual facts and circumstances of any particular U.S. Holder that may affect the U.S.
federal income tax considerations applicable to such U.S. Holder at the time of a particular offering of Common Shares or Warrants. Accordingly,
this summary is not intended to be, and should not be construed as, legal or U.S. federal income tax advice with respect to any U.S. Holder.
U.S. Holders should consult their own tax advisors regarding the U.S. federal, U.S. state and local, and foreign tax consequences relating
to the acquisition, ownership and disposition of Common Shares and/or Warrants in connection with any offering pursuant to a prospectus
supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No ruling from the U.S. Internal
Revenue Service (the &#8220;IRS&#8221;) or legal opinion has been requested, or will be obtained, regarding the potential U.S. federal
income tax considerations applicable to U.S. Holders as discussed in this summary. This summary is not binding on the IRS, and the IRS
is not precluded from taking a position that is different from, and contrary to, the positions taken in this summary. In addition, because
the authorities on which this summary is based are subject to various interpretations, the IRS and the U.S. courts could disagree with
one or more of the positions taken in this summary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Scope of this Summary</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Authorities</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This summary is based on the
Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), regulations promulgated by the Department of the Treasury (whether
final, temporary or proposed) (&#8220;Treasury Regulations&#8221;), U.S. court decisions, published rulings and administrative positions
of the IRS, and the Convention, in each case, in effect as of the date of this prospectus. Any of the authorities on which this summary
is based could be changed in a material and adverse manner, possibly with retroactive effect, at any time, including between the date
of this prospectus and the date of any prospectus supplement pursuant to which a U.S. Holder acquires Common Shares and/or Warrants. Additionally,
any such change could be applied on a retroactive basis after a U.S. Holder has acquired Common Shares and/or Warrants and could change
the U.S. federal income tax considerations described in this summary as applied to such U.S. Holder in connection with a purchase of Common
Shares and/or Warrants pursuant to the applicable prospectus supplement. This summary does not discuss the potential effects, whether
adverse or beneficial, of any proposed legislation that, if enacted, could be applied on a retroactive basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>U.S. Holder</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this section,
a &#8220;U.S. Holder&#8221; is a beneficial owner of Common Shares or Warrants acquired pursuant to a prospectus supplement that is (a)
an individual who is a citizen or resident of the United States for U.S. federal income tax purposes; (b) a corporation, or other entity
treated as a corporation for U.S. federal income tax purposes, that is created or organized in or under the laws of the United States
or any state in the United States or the District of Columbia; (c) an estate if the income of such estate is subject to U.S. federal income
tax regardless of the source of such income; or (d) a trust if (i) such trust has validly elected to be treated as a U.S. person for U.S.
federal income tax purposes, or (ii) a U.S. court is able to exercise primary supervision over the administration of such trust and one
or more U.S. persons have the authority to control all substantial decisions of such trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Non-U.S. Holder</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this summary,
a &#8220;Non-U.S. Holder&#8221; is a beneficial owner of Common Shares or Warrants that is neither a U.S. Holder nor a partnership (or
other &#8220;pass-through&#8221; entity). This summary does not address the U.S. federal income tax considerations applicable to Non-U.S.
Holders relating to the acquisition, ownership and disposition of Common Shares or Warrants. Accordingly, Non-U.S. Holders should consult
their own tax advisors regarding the U.S. federal, U.S. state and local, and foreign tax consequences (including the potential application
of and operation of the Convention or any other tax treaties) relating to the acquisition, ownership, and disposition of Common Shares
and Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>U.S. Holders Subject to Special U.S. Federal
Income Tax Rules Not Addressed</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt">This summary does not address
the U.S. federal income tax considerations applicable to U.S. Holders that are subject to special provisions under the Code, including
(a) U.S. Holders that are tax-exempt organizations, qualified retirement plans, individual retirement accounts or other tax-deferred accounts;
(b) U.S. Holders that are financial institutions, underwriters, insurance companies, real estate investment trusts or regulated investment
companies or that are broker-dealers, dealers, or traders in securities or currencies that elect to apply a mark-to-market accounting
method; (c) U.S. Holders that have a &#8220;functional currency&#8221; other than the U.S. dollar; (d) U.S. Holders that own Common Shares
or Warrants as part of a straddle, hedging transaction, conversion transaction, constructive sale or other arrangement involving more
than one position; (e) U.S. Holders that acquired Common Shares or Warrants in connection with the exercise of employee stock options
or otherwise as compensation for services; (f) U.S. Holders that hold Common Shares or Warrants other than as a capital asset (generally
property held for investment purposes) within the meaning of Section 1221 of the Code; or (g) U.S. Holders that own, directly, indirectly
or by attribution, 10% or more, by voting power or value, of the outstanding shares of the Company. The summary below also does not address
the impact of an offering on persons who are U.S. expatriates or former long-term residents of the United States subject to Section 877
or 877A of the Code. U.S. Holders and others that are subject to special provisions under the Code, including U.S. Holders described immediately
above, should consult their own tax advisors regarding the U.S. federal income tax consequences relating to the acquisition, ownership
and disposition of Common Shares and/or Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If an entity that is classified
as a partnership (or other &#8220;pass-through&#8221; entity) for U.S. federal income tax purposes holds Common Shares or Warrants, the
U.S. federal income tax consequences applicable to such partnership (or &#8220;pass-through&#8221; entity) and the partners of such partnership
(or owners of such &#8220;pass-through&#8221; entity) generally will depend on the activities of the partnership (or &#8220;pass-through&#8221;
entity) and the status of such partners (or owners). Partners of entities that are classified as partnerships (and owners of other &#8220;pass-through&#8221;
entities) for U.S. federal income tax purposes should consult their own tax advisors regarding the U.S. federal income tax consequences
relating to the acquisition, ownership and disposition of Common Shares and/or Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Tax Consequences Other than U.S. Federal Income
Tax Consequences Not Addressed</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This summary does not
address the U.S. state and local tax, U.S. estate, gift, and generation-skipping tax, U.S. federal alternative minimum tax, or
foreign tax consequences to U.S. Holders relating to the acquisition, ownership, and disposition of Common Shares and/or Warrants.
Each U.S. Holder should consult its own tax advisor regarding the U.S. state and local tax, U.S. estate, gift, and
generation-skipping tax, U.S. federal alternative minimum tax and foreign tax consequences relating to the acquisition, ownership,
and disposition of Common Shares and/or Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>U.S. Federal Income Tax Consequences of Common
Shares and Warrants Offered as Part of a Unit</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">It is possible that the Company
will offer Common Shares and Warrants in combination to be purchased as a unit. For U.S. federal income tax purposes, the acquisition
by a U.S. Holder of such a unit will be treated as the acquisition of two separate instruments: an instrument consisting of a Common Share
or portion of such a Common Share and an instrument consisting of a Warrant or portion of such a Warrant. The purchase price for the unit
will be allocated between these two instruments in proportion to their relative fair market values at the time the unit is purchased by
the U.S. Holder. This allocation of the purchase price for a unit will establish a U.S. Holder&#8217;s initial tax basis for U.S. federal
income tax purposes in the Common Share and Warrant components that comprise such unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Company issues Common
Shares and Warrants as part of a unit, it will inform the U.S. Holder of the portion of the unit purchase price it intends to allocate
to each instrument in the applicable prospectus supplement. However, the IRS will not be bound by the Company&#8217;s allocation of the
purchase price for units offered, and therefore, the IRS or a U.S. court might not respect the allocation provided by the Company. U.S.
Holders should consult their own tax advisors regarding the allocation of the purchase price for any units purchased. A U.S. Holder&#8217;s
holding period for each instrument acquired in a unit will begin on the day after the date of acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>U.S. Federal Income Tax Consequences of the
Exercise and Disposition of Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Exercise of Warrants</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A U.S. Holder should not recognize
gain or loss on the exercise of a Warrant and related receipt of a Common Share (unless cash is received in lieu of the issuance of a
fractional Common Share). A U.S. Holder&#8217;s initial tax basis in the Common Share received on the exercise of a Warrant should be
equal to the sum of (a) such U.S. Holder&#8217;s tax basis in such Warrant plus (b) the exercise price paid by such U.S. Holder on the
exercise of such Warrant. Subject to the PFIC rules discussed below, a U.S. Holder&#8217;s holding period for the Common Share acquired
on exercise of a Warrant generally should begin on the day after the date on which such U.S. Holder exercised the corresponding Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">It is possible that under
the terms of the applicable prospectus supplement, a U.S. Holder may be permitted to undertake a cashless exercise of a Warrant into Common
Shares. The U.S. federal income tax treatment of a cashless exercise of Warrants into Common Shares is unclear, and the tax consequences
of a cashless exercise could differ from the consequences upon the exercise of a Warrant described in the preceding paragraph. U.S. Holders
should consult their own tax advisors regarding the U.S. federal income tax consequences of a cashless exercise of Warrants, including
whether taxable gain or loss is recognized in connection with such a cashless exercise, if a cashless exercise is permitted under the
applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Disposition of Warrants</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A U.S. Holder will
recognize gain or loss on the sale or other taxable disposition of a Warrant in an amount equal to the difference, if any, between
(a) the amount of cash plus the fair market value of any property received and (b) such U.S. Holder&#8217;s tax basis in the Warrant
sold or otherwise disposed of. As noted below under &#8220;<I>Sale or Other Taxable Disposition of Common Shares</I>,&#8221; such
gain or loss generally will be treated as &#8220;U.S. source&#8221; gain or loss for purposes of U.S. foreign tax credit
calculations. Subject to the PFIC rules discussed below, any such gain or loss generally should be a capital gain or loss (provided
that the Common Shares to be issued on the exercise of such Warrant would have been a capital asset if acquired by the U.S. Holder).
Any such gain or loss will be long-term gain or loss if the Warrant disposed of was held for more than one year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Expiration of Warrants without Exercise</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the lapse or expiration
of a Warrant a U.S. Holder will recognize a loss in an amount equal to such U.S. Holder&#8217;s tax basis in the Warrant. Any such loss
generally will be a capital loss (provided that the Common Shares to be issued on the exercise of such Warrant would have been a capital
asset if acquired by the U.S. Holder) and will be long-term capital loss if the Warrant was held for more than one year. Deductions for
capital losses are subject to limitations under the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Certain Adjustments to the Warrants</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under Section 305 of the Code,
an adjustment to the number of Common Shares that are to be issued on the exercise of Warrants purchased, or an adjustment to the exercise
price of such Warrants, may be treated as a constructive distribution to a U.S. Holder of the Warrants if, and to the extent that, such
adjustment has the effect of increasing such U.S. Holder&#8217;s proportionate interest in the &#8220;earnings and profits&#8221; or assets
of the Company, depending on the circumstances of such adjustment (for example, if such adjustment is to compensate for a distribution
of cash or other property to shareholders of the Company). Any constructive distributions will generally be taxable (see a more detailed
discussion of the rules applicable to distributions made by the Company at &#8220;<I>Distributions on Common Shares</I>&#8221; below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">However, adjustments to the
exercise price of the Warrants made pursuant to a bona fide reasonable adjustment formula that has the effect of preventing the dilution
of the interest of the holders of Warrants will generally not be considered to result in a constructive distribution to a U.S. Holder
of Warrants. U.S. Holders should carefully review the conversion rate adjustment provisions and consult their own tax advisors with respect
to the tax consequences of any such adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>U.S. Federal Income Tax Consequences of the
Acquisition, Ownership and Disposition of Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Distributions on Common Shares</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt">Subject to the PFIC rules
discussed below, a U.S. Holder that receives a distribution, including a constructive distribution, with respect to a Common Share will
be required to include the amount of such distribution in gross income as a dividend (without reduction for any Canadian income tax withheld
from such distribution) to the extent of the current or accumulated &#8220;earnings and profits&#8221; of the Company, as computed for
U.S. federal income tax purposes. To the extent that a distribution exceeds the current and accumulated &#8220;earnings and profits&#8221;
of the Company, such distribution will be treated first as a tax-free return of capital to the extent of a U.S. Holder&#8217;s tax basis
in the Common Shares and thereafter as a gain from the sale or exchange of such Common Shares (see &#8220;<I>Sale or Other Taxable Disposition
of Common Shares</I>&#8221; below). However, the Company might not determine its current and accumulated earnings and profits in accordance
with U.S. federal income tax principles, and U.S. Holders might therefore assume that any distribution by the Company with respect to
its Common Shares will constitute dividend income. Dividends received on Common Shares will not be eligible for the &#8220;dividends received
deduction.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we are not a PFIC in
the taxable year in which we pay a dividend or the immediately preceding taxable year, dividends paid to a non-corporate U.S. Holder
in a taxable year will be taxed to such U.S. Holder at the rates applicable to long-term capital gains as &#8220;qualified dividend
income&#8221; so long as our Common Shares are readily tradable on an established securities exchange within the United States or we
are eligible for benefits under the Convention. We will be eligible for benefits under the Convention if the principal class of our
shares is primarily and regularly traded on one or more recognized stock exchanges. However, dividend income will not be qualified
dividend income (and will be taxed at ordinary income rates) if (i) the U.S. Holder has not held its Common Shares for at least 61
days during the 121-day period beginning 60 days before the ex-dividend date; (ii) our Common Shares are not readily tradable on an
established securities market; (iii) the Company is a PFIC for the taxable year in which the dividend is paid or in the preceding
taxable year; or, (iv) we are not eligible for benefits under the Convention and our stock is not readily tradable on an established
securities exchange within the United States. If the Company is not a PFIC, dividends paid to a U.S. Holder that do not result in
qualified dividend income generally will be taxed at ordinary income tax rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Sale or Other Taxable Disposition of Common
Shares</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the PFIC rules
discussed below, upon the sale or other taxable disposition of Common Shares, a U.S. Holder generally will recognize capital gain or loss
in an amount equal to the difference between (a) the amount of cash plus the fair market value of any property received and (b) its tax
basis in such Common Shares sold or otherwise disposed of. Such gain generally will be treated as &#8220;U.S. source&#8221; for purposes
of applying the U.S. foreign tax credit rules unless the gain is subject to tax in Canada and is re-sourced as &#8220;foreign source&#8221;
under the Convention and such U.S. Holder elects to treat such gain or loss as &#8220;foreign source&#8221; (see a more detailed discussion
at &#8220;<I>Foreign Tax Credit</I>&#8221; below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Foreign Tax Credit</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A U.S. Holder who pays (whether
directly or through withholding) Canadian income tax with respect to dividends paid on Common Shares generally may elect to deduct or
credit such tax. This election is made on a year-by-year basis and applies to all foreign taxes paid (whether directly or through withholding)
by a U.S. Holder during a year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Complex limitations apply
to the foreign tax credit, including the general limitation that the credit cannot exceed the proportionate share of a U.S. Holder&#8217;s
U.S. federal income tax liability that such U.S. Holder&#8217;s &#8220;foreign source&#8221; taxable income bears to such U.S. Holder&#8217;s
worldwide taxable income. In applying this limitation, a U.S. Holder&#8217;s various items of income and deduction must be classified,
under complex rules, as either &#8220;foreign source&#8221; or &#8220;U.S. source.&#8221; In addition, this limitation is calculated separately
with respect to specific categories of income. Dividends paid by the Company generally will constitute &#8220;foreign source&#8221; income
and generally will be categorized as &#8220;passive category income.&#8221; However, and subject to certain exceptions, a portion of the
dividends paid with respect to Common Shares will be treated as U.S. source income for U.S. foreign tax credit purposes, in proportion
to its U.S. source earnings and profits, if United States persons own, directly or indirectly, 50% or more of the voting power or value
of the foreign corporation&#8217;s shares. A portion of any dividends paid with respect to Common Shares may be treated as U.S. source
income under these rules, which may limit the ability of a U.S. Holder to claim a foreign tax credit for any Canadian withholding taxes
paid in respect of such amount. Because the foreign tax credit rules are complex, U.S. Holders should consult their own tax advisors regarding
the foreign tax credit rules, including the source of any dividends paid to U.S. Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt">Subject to certain specific
rules, foreign income and withholding taxes paid with respect to any distribution in respect of stock in a PFIC should qualify for the
foreign tax credit. The rules relating to distributions by a PFIC are complex, and a U.S. Holder should consult with its own tax advisor
with respect to any distribution received from a PFIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Receipt of Foreign Currency</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The amount of any
distribution paid in foreign currency to a U.S. Holder in connection with the ownership of Common Shares, or on the sale, exchange
or other taxable disposition of Common Shares or Warrants, generally will be equal to the U.S. dollar value of such foreign currency
based on the exchange rate applicable on the date of actual or constructive receipt (regardless of whether such foreign currency is
converted into U.S. dollars at that time). If the foreign currency received is not converted into U.S. dollars on the date of
receipt, a U.S. Holder will have a basis in the foreign currency equal to its U.S. dollar value on the date of receipt. A U.S.
Holder that receives foreign currency and converts such foreign currency into U.S. dollars at a conversion rate other than the rate
in effect on the date of receipt may have a foreign currency exchange gain or loss, which generally would be treated as U.S. source
ordinary income or loss for foreign tax credit purposes. U.S. Holders should consult their own U.S. tax advisors regarding the U.S.
federal income tax consequences of receiving, owning and disposing of foreign currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Surtax on Unearned Income</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A surtax at the rate of 3.8%
(the &#8220;unearned income Medicare contribution tax&#8221;) is imposed on the &#8220;net investment income&#8221; of certain U.S. citizens
and resident aliens, and on the undistributed net investment income of certain estates and trusts, in each case in excess of a certain
threshold amount. Net investment income generally includes interest, dividends, royalties, rents, gross income from a trade or business
involving &#8220;passive&#8221; activities, and net gains from the disposition of property (other than property held in a &#8220;non-passive&#8221;
trade or business). Net investment income is reduced by deductions that are properly allocable to such income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Passive Foreign Investment Company Rules</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Company is a PFIC within
the meaning of Section 1297 of the Code at any time during a U.S. Holder&#8217;s holding period, then certain different and potentially
adverse tax consequences would apply to such U.S. Holder&#8217;s acquisition, ownership and disposition of Common Shares and Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>PFIC Status of the Company</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company generally will
be a PFIC if, for a given tax year, (a) 75% or more of the gross income of the Company for such tax year is passive income or (b) 50%
or more of the assets held by the Company either produce passive income or are held for the production of passive income, based on the
fair market value of such assets. &#8220;Gross income&#8221; generally includes all income less the cost of goods sold, and &#8220;passive
income&#8221; includes, for example, dividends, interest, certain rents and royalties, certain gains from the sale of stock and securities,
and certain gains from commodities transactions. Active business gains arising from the sale of commodities generally are excluded from
passive income if substantially all (85% or more) of a foreign corporation&#8217;s commodities are stock in trade or inventory, depreciable
property used in a trade or business, or supplies regularly used or consumed in a trade or business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of the PFIC income
test and asset test described above, if the Company owns, directly or indirectly, 25% or more of the total value of the outstanding shares
of another corporation, the Company will be treated as if it (a) held a proportionate share of the assets of such other corporation and
(b) received directly a proportionate share of the income of such other corporation. In addition, for purposes of the PFIC income test
and asset test described above, &#8220;passive income&#8221; does not include any interest, dividends, rents or royalties that are received
or accrued by the Company from a &#8220;related person&#8221; (as defined in Section 954(d)(3) of the Code), to the extent such items
are properly allocable to the income of such related person that is not passive income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt">Under certain attribution
rules, if the Company is a PFIC, U.S. Holders will be deemed to own their proportionate share of any subsidiary of the Company which is
also a PFIC (a &#8220;lower-tier PFIC&#8221;), and will be subject to U.S. federal income tax on (a) a distribution on the shares of a
lower-tier PFIC and (b) a disposition of shares of a lower-tier PFIC, both as if the U.S. Holder directly held the shares of such lower-tier
PFIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company may (or may
not) be a PFIC for the tax year ended December 31, 2022 and may (or may not) be a PFIC in subsequent years. The determination of
whether the Company (or a subsidiary of the Company) was, or will be, a PFIC for a tax year depends, in part, on the application of
complex U.S. federal income tax rules, which are subject to differing interpretations. In addition, whether the Company (or
subsidiary) will be a PFIC for any tax year depends on the assets and income of the Company (and each such subsidiary) over the
course of each such tax year and, as a result, cannot be predicted with certainty as of the date of this document. Accordingly,
there can be no assurance that the IRS will not challenge any determination made by the Company (or subsidiary) concerning its PFIC
status or that the Company (and any subsidiary) was not, or will not be, a PFIC for any tax year. U.S. Holders should consult their
own tax advisors regarding the PFIC status of the Company and any subsidiary of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Default PFIC Rules under Section 1291 of the
Code</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Company is a PFIC,
the U.S. federal income tax consequences to a U.S. Holder of the acquisition, ownership and disposition of Common Shares and Warrants
will depend on whether such U.S. Holder makes a QEF Election or makes a mark-to-market election under Section 1296 of the Code (a &#8220;Mark-to-Market
Election&#8221;) with respect to Common Shares. A U.S. Holder that does not make either a QEF Election or a Mark-to-Market Election will
be referred to in this summary as a &#8220;Non-Electing U.S. Holder.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A Non-Electing U.S. Holder
will be subject to the rules of Section 1291 of the Code with respect to (a) any gain recognized on the sale or other taxable disposition
of Common Shares or Warrants and (b) any excess distribution paid on the Common Shares. A distribution generally will be an &#8220;excess
distribution&#8221; to the extent that such distribution (together with all other distributions received in the current tax year) exceeds
125% of the average distributions received during the three preceding tax years (or during a U.S. Holder&#8217;s holding period for the
Common Shares, if shorter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Company is a PFIC,
under Section 1291 of the Code any gain recognized on the sale or other taxable disposition of Common Shares or Warrants (including an
indirect disposition of shares of a lower-tier PFIC), and any excess distribution paid on Common Shares (or a distribution by a lower-tier
PFIC to its shareholders that is deemed to be received by a U.S. Holder) must be ratably allocated to each day of a Non-Electing U.S.
Holder&#8217;s holding period for the Common Shares or Warrants, as applicable. The amount of any such gain or excess distribution allocated
to the tax year of disposition or excess distribution and to years before the Company became a PFIC, if any, would be taxed as ordinary
income. The amounts allocated to any other tax year would be subject to U.S. federal income tax at the highest tax rate applicable to
ordinary income in each such year without regard to the U.S. Holder&#8217;s other tax attributes, and an interest charge would be imposed
on the tax liability for each such year, calculated as if such tax liability had been due in each such year. A Non-Electing U.S. Holder
that is not a corporation must treat any such interest paid as &#8220;personal interest,&#8221; which is not deductible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt">If the Company is a PFIC,
under Section 1291 of the Code any gain recognized on the sale or other taxable disposition of Common Shares or Warrants (including an
indirect disposition of shares of a lower-tier PFIC), and any excess distribution paid on Common Shares (or a distribution by a lower-tier
PFIC to its shareholders that is deemed to be received by a U.S. Holder) must be ratably allocated to each day of a Non-Electing U.S.
Holder&#8217;s holding period for the Common Shares or Warrants, as applicable. The amount of any such gain or excess distribution allocated
to the tax year of disposition or excess distribution and to years before the Company became a PFIC, if any, would be taxed as ordinary
income. The amounts allocated to any other tax year would be subject to U.S. federal income tax at the highest tax rate applicable to
ordinary income in each such year without regard to the U.S. Holder&#8217;s other tax attributes, and an interest charge would be imposed
on the tax liability for each such year, calculated as if such tax liability had been due in each such year. A Non-Electing U.S. Holder
that is not a corporation must treat any such interest paid as &#8220;personal interest,&#8221; which is not deductible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under proposed Treasury Regulations,
if a U.S. Holder has an option, warrant or other right to acquire stock of a PFIC (such as Warrants), such option, warrant or right is
considered to be PFIC stock subject to the default rules of Section 1291 of the Code. Under rules described below, if the Company were
a PFIC, the holding period for Common Shares acquired on exercise of Warrants would begin on the day after the date a U.S. Holder acquired
the Warrants. This would adversely affect the availability of the QEF Election and Mark-to-Market Election with respect to such Common
Shares. (See discussion under &#8220;<I>QEF Election</I>&#8221; and &#8220;<I>Market-to-Market Election</I>&#8221; below.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>QEF Election</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt">If the Company is a PFIC
and a U.S. Holder makes a QEF Election for the first tax year in which its holding period of its Common Shares begins, such U.S. Holder
generally will not be subject to the rules of Section 1291 of the Code discussed above with respect to its Common Shares. However, a U.S.
Holder that makes a QEF Election will be subject to U.S. federal income tax on such U.S. Holder&#8217;s pro rata share of (a) the net
capital gain of the Company, which will be taxed as long-term capital gain to such U.S. Holder, and (b) the ordinary earnings of the Company,
which will be taxed as ordinary income to such U.S. Holder. Generally, &#8220;net capital gain&#8221; is the excess of (a) net long-term
capital gain over (b) net short-term capital gain, and &#8220;ordinary earnings&#8221; are the excess of (a) &#8220;earnings and profits&#8221;
over (b) net capital gain. A U.S. Holder that makes a QEF Election will be subject to U.S. federal income tax on such amounts for each
tax year in which the Company is a PFIC, regardless of whether such amounts are actually distributed to such U.S. Holder by the Company.
However, a U.S. Holder that makes a QEF Election may, subject to certain limitations, elect to defer payment of current U.S. federal income
tax on such amounts, subject to an interest charge. If such U.S. Holder is not a corporation, any such interest paid will be treated as
 &#8220;personal interest,&#8221; which is not deductible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A U.S. Holder that makes a
QEF Election generally (a) may receive a tax-free distribution from the Company to the extent that such distribution represents &#8220;earnings
and profits&#8221; of the Company that were previously included in income by the U.S. Holder because of such QEF Election and (b) will
adjust such U.S. Holder&#8217;s tax basis in the Common Shares to reflect the amount included in income or allowed as a tax-free distribution
because of such QEF Election. In addition, a U.S. Holder that makes a QEF Election generally will recognize capital gain or loss on the
sale or other taxable disposition of Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The procedure for making a
QEF Election, and the U.S. federal income tax consequences of making a QEF Election, will depend on whether such QEF Election is timely.
A QEF Election will be treated as timely if it is made for the first year in the U.S. Holder&#8217;s holding period for the Common Shares
in which the Company was a PFIC. A U.S. Holder may make a timely QEF Election by filing the appropriate QEF Election documents at the
time such U.S. Holder files a U.S. federal income tax return for such year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A QEF Election will apply
to the tax year for which such QEF Election is made and to all subsequent tax years, unless such QEF Election is invalidated or terminated
or the IRS consents to revocation of such QEF Election. If a U.S. Holder makes a QEF Election and, in a subsequent tax year, the Company
ceases to be a PFIC, the QEF Election will remain in effect (although it will not be applicable) during those tax years in which the Company
is not a PFIC. Accordingly, if the Company becomes a PFIC in a subsequent tax year, the QEF Election will be effective, and the U.S. Holder
will be subject to the QEF rules described above during a subsequent tax year in which the Company qualifies as a PFIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As discussed above, under
proposed Treasury Regulations, if a U.S. Holder has an option, warrant or other right to acquire stock of a PFIC (such as Warrants), such
option, warrant or right is considered to be PFIC stock subject to the default rules of Section 1291 of the Code on its disposition. However,
a holder of an option, warrant or other right to acquire stock of a PFIC may not make a QEF Election that will apply to the option, warrant
or other right to acquire PFIC stock. In addition, under proposed Treasury Regulations, if a U.S. Holder holds an option, warrant or other
right to acquire stock of a PFIC, the holding period with respect to shares of stock of the PFIC acquired upon exercise of such option,
warrant or other right will include the period that the option, warrant or other right was held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Consequently, if a U.S.
Holder of Common Shares makes a QEF Election, such election generally will not be treated as a timely QEF Election with respect to
Common Shares subsequently acquired on the exercise of Warrants, and the rules of Section 1291 of the Code discussed above will
continue to apply with respect to such U.S. Holder&#8217;s previously owned Common Shares. However, a U.S. Holder of Common Shares
acquired on exercise of Warrants should be eligible to make a timely QEF Election if such U.S. Holder elects in a tax year
throughout which such U.S. Holder owns such Common Shares to recognize gain (which will be taxed under the rules of Section 1291 of
the Code discussed above) as if such Common Shares were sold on the first day of such year at fair market value. In addition, gain
recognized on the sale or other taxable disposition (other than by exercise) of the Warrants by a U.S. Holder will be subject to the
rules of Section 1291 of the Code discussed above. U.S. Holders should consult their own tax advisors regarding the application of
the PFIC rules to Warrants and Common Shares acquired upon exercise of Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company will use commercially
reasonable efforts to make available to U.S. Holders, upon their written request, for each year in which the Company may be a PFIC, all
information and documentation that a U.S. Holder making a QEF Election with respect to the Company, and any lower-tier PFIC in which the
Company owns, directly or indirectly, more than 50% of such lower-tier PFIC&#8217;s total aggregate voting power, is required to obtain
for U.S. federal income tax purposes in the event it is a PFIC. However, U.S. Holders should be aware that the Company provides no assurances
that it will attempt to provide any such information relating to any lower-tier PFIC in which the Company owns, directly or indirectly,
50% or less of such lower-tier PFIC&#8217;s aggregate voting power. Because the Company may own shares in one or more lower-tier PFICs,
and may acquire shares in one or more lower-tier PFICs in the future, they will continue to be subject to the rules discussed above with
respect to the taxation of gains and excess distributions with respect to any lower-tier PFIC for which the U.S. Holders do not obtain
the required information. U.S. Holders should consult their tax advisors regarding the availability of, and procedure for making, a QEF
Election with respect to the Company and any lower-tier PFIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Mark-to-Market Election</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A U.S. Holder may make a Mark-to-Market
Election only if the Common Shares are marketable stock. The Common Shares generally will be &#8220;marketable stock&#8221; if they are
regularly traded on (a) a national securities exchange that is registered with the SEC; (b) the national market system established pursuant
to section 11A of the Securities and Exchange Act of 1934; or (c) a foreign securities exchange that is regulated or supervised by a governmental
authority of the country in which the market is located, provided that (i) such foreign exchange has trading volume, listing, financial
disclosure and other requirements and the laws of the country in which such foreign exchange is located, together with the rules of such
foreign exchange, ensure that such requirements are actually enforced; and (ii) the rules of such foreign exchange ensure active trading
of listed stocks. If such stock is traded on such a qualified exchange or other market, such stock generally will be &#8220;regularly
traded&#8221; for any calendar year during which such stock is traded, other than in de minimis quantities, on at least 15 days during
each calendar quarter. Each U.S. Holder should consult its own tax advisor regarding whether the Common Shares constitute marketable stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A U.S. Holder that makes a
Mark-to-Market Election with respect to its Common Shares generally will not be subject to the rules of Section 1291 of the Code discussed
above. However, if a U.S. Holder does not make a Mark-to-Market Election beginning in the first tax year of such U.S. Holder&#8217;s holding
period for Common Shares or such U.S. Holder has not made a timely QEF Election, the rules of Section 1291 of the Code discussed above
will apply to certain dispositions of, and distributions on, the Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any Mark-to-Market Election
made by a U.S. Holder for Common Shares will also apply to such U.S. Holder&#8217;s Common Shares acquired upon exercise of Warrants.
As a result, if a Market-to-Market Election has been made by a U.S. Holder with respect to Common Shares, any Common Shares received on
exercise of Warrants will automatically be marked-to-market in the year of exercise. If the Company is a PFIC at the time a U.S. Holder
acquires Warrants, a U.S. Holder&#8217;s holding period for shares received on exercise will include the period during which such U.S.
Holder has held the Warrants. In these circumstances, a U.S. Holder will be treated as making a Mark-to-Market Election with respect to
its Common Shares acquired on exercise of the Warrants after the beginning of such U.S. Holder&#8217;s holding period for such Common
Shares, unless the Common Shares are acquired in the same tax year as the year in which the U.S. Holder acquired the corresponding Warrants,
and the tax regime and interest charge of Section 1291 described above generally will apply to the mark-to-market gain realized in the
tax year in which the Common Shares are received. However, the general mark-to-market rules will apply to subsequent tax years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A U.S. Holder that makes a
Mark-to-Market Election will include in ordinary income, for each tax year in which the Company is a PFIC, an amount equal to the excess,
if any, of (a) the fair market value of the Common Shares, as of the close of such tax year over (b) such U.S. Holder&#8217;s tax basis
in such Common Shares. A U.S. Holder that makes a Mark-to-Market Election will be allowed a deduction in an amount equal to the excess,
if any, of (i) such U.S. Holder&#8217;s adjusted tax basis in the Common Shares over (ii) the fair market value of such Common Shares
(but only to the extent of the net amount of previously included income as a result of the Mark-to-Market Election for prior tax years).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">U.S. Holders that make a Mark-to-Market
Election generally also will adjust their tax basis in the Common Shares to reflect the amount included in gross income or allowed as
a deduction because of such Mark-to-Market Election. In addition, upon a sale or other taxable disposition of Common Shares, a U.S. Holder
that makes a Mark-to-Market Election will recognize ordinary income or loss (not to exceed the excess, if any, of (a) the amount included
in ordinary income because of such Mark-to-Market Election for prior tax years over (b) the amount allowed as a deduction because of such
Mark-to-Market Election for prior tax years).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A Mark-to-Market Election
applies to the tax year in which such Mark-to-Market Election is made and to each subsequent tax year, unless the Common Shares cease
to be &#8220;marketable stock&#8221; or the IRS consents to revocation of such election. U.S. Holders should consult their own tax advisors
regarding the availability of, and procedure for making, a Mark-to-Market Election.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Although a U.S. Holder may
be eligible to make a Mark-to-Market Election with respect to Common Shares, no such election may be made with respect to the stock of
any lower-tier PFIC that a U.S. Holder is treated as owning because such stock is not marketable. Hence, the Mark-to-Market Election will
not be effective to eliminate the interest charge described above with respect to deemed dispositions of lower-tier PFIC stock or distributions
from a lower-tier PFIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Other PFIC Rules</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under Section 1291(f) of the
Code, the IRS has issued proposed Treasury Regulations that, if ever finalized in their current form, would be effective retroactively,
and subject to certain exceptions, would cause a U.S. Holder that had not made a timely QEF Election to recognize gain (but not loss)
upon certain transfers of Common Shares that would otherwise be tax-deferred (<I>e.g.</I>, gifts and exchanges pursuant to corporate reorganizations)
in the event the Company is a PFIC during such U.S. Holder&#8217;s holding period for the relevant shares. However, the specific U.S.
federal income tax consequences to a U.S. Holder may vary based on the manner in which Common Shares are transferred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain additional adverse
rules will apply with respect to a U.S. Holder if the Company is a PFIC, regardless of whether such U.S. Holder makes a QEF Election.
For example, under Section 1298(b)(6) of the Code, a U.S. Holder that uses Common Shares or Warrants as security for a loan will, except
as may be provided in Treasury Regulations, be treated as having made a taxable disposition of such Common Shares or Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Company were a PFIC,
a U.S. Holder would be required to attach a completed IRS Form 8621 to its tax return every year in which it recognized gain on a disposition
of the Common Shares or Warrants or received an excess distribution. In addition, subject to certain rules intended to avoid duplicative
filings, U.S. Holders may also be required to file an annual information return on IRS Form 8621 with respect to each PFIC in which the
U.S. Holder holds a direct or indirect interest. U.S. Holders should consult their own tax advisors regarding their filing obligations
with respect to such information returns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, a U.S. Holder
who acquires Common Shares or Warrants from a decedent will not receive a &#8220;step up&#8221; in tax basis of such Common Shares or
Warrants to fair market value unless such decedent had a timely and effective QEF Election in place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Special rules also apply to
foreign tax credits that a U.S. Holder may claim on a distribution from a PFIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt">The PFIC rules are complex,
and U.S. Holders should consult their own tax advisors regarding the PFIC rules and how they may affect the U.S. federal income tax consequences
of the acquisition, ownership, and disposition of Common Shares and Warrants in the event the Company is a PFIC at any time during the
holding period for such Common Shares or Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Information Reporting and Backup Withholding</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain U.S. Holders are required
to report information relating to an interest in Common Shares or Warrants, subject to certain exceptions (including an exception for
Common Shares and Warrants held in accounts maintained by certain financial institutions), by attaching a completed IRS Form 8938, Statement
of Specified Foreign Financial Assets, with their tax return for each year in which they hold an interest in Common Shares or Warrants.
U.S. Holders are urged to consult their own tax advisors regarding information reporting requirements relating to their ownership of the
Common Shares and Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Payments made within the United
States, or by a U.S. payor or U.S. middleman, of dividends on Common Shares, and proceeds arising from certain sales or other taxable
dispositions of Common Shares or Warrants, may be subject to information reporting and backup withholding tax, currently at the rate of
24%, if a U.S. Holder (a) fails to furnish such U.S. Holder&#8217;s correct U.S. social security or other taxpayer identification number
(generally on Form W-9); (b) furnishes an incorrect U.S. taxpayer identification number; (c) is notified by the IRS that such U.S. Holder
has previously failed to properly report items subject to backup withholding tax; or (d) fails under certain circumstances to certify,
under penalty of perjury, that such U.S. Holder has furnished its correct U.S. taxpayer identification number and that the IRS has not
notified such U.S. Holder that it is subject to backup withholding tax. However, U.S. Holders that are corporations generally are excluded
from these information reporting and backup withholding rules. Any amounts withheld under the U.S. backup withholding rules will be allowed
as a credit against a U.S. Holder&#8217;s U.S. federal income tax liability, if any, or will be refunded, if such U.S. Holder timely furnishes
the required information to the IRS. U.S. Holders should consult their own tax advisors regarding the information reporting and backup
withholding tax rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 48; Value: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="pros_019"></A>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The validity of the securities
offered by this prospectus will be passed on by Fasken Martineau DuMoulin LLP, Ottawa, Ontario, as to Canadian legal matters and Davis
Graham &amp; Stubbs LLP, Denver, Colorado, as to U.S. legal matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="pros_020"></A>EXPERTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The consolidated financial
statements of the Company included in the Annual Report on Form 10&#45;K incorporated by reference in this prospectus have been so incorporated
in reliance on the report of PricewaterhouseCoopers LLP, Chartered Professional Accountants, of Vancouver, British Columbia, Canada (&#8220;PwC&#8221;),
an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">PwC are the Company&#8217;s
auditors and have advised that they are independent from the Company within the meaning of the Chartered Professional Accountants of British
Columbia Code of Professional Conduct and within the meaning of the U.S. Securities Act and the applicable rules and regulations thereunder
adopted by the SEC. PricewaterhouseCoopers LLP is registered with the Public Company Accounting Oversight Board (United States).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The estimate of our mineral
resources with respect to the Lost Creek Property incorporated by reference in this prospectus are based upon analyses performed or overseen
by Western Water Consultants, Inc., d/b/a WWC Engineering. Such estimates and related information have been incorporated by reference
herein in reliance upon the authority of such firm as experts in such matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The estimates of our mineral
resources with respect to the Shirley Basin Project incorporated by reference in this prospectus are based upon analyses performed or
overseen by Western Water Consultants, Inc., d/b/a WWC Engineering. Such estimates and related information have been incorporated by reference
herein in reliance upon the authority of such firm as experts in such matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tm2529058d2_424b5-img02.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UR-ENERGY INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B><B>19,137,000</B> Common Shares
Issuable upon Exercise of <B>38,274,000</B> Warrants </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>to Purchase Common Shares</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROSPECTUS SUPPLEMENT</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>October 20, 2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 17; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
