August 2012 Ur-Energy Corporate Presentation

NYSE MKT: URG TSX: URE

Ur-Energy is an Advanced Pre-Production Junior Mining Companyg p y

Focused on development of low-cost uranium production properties in the

United States

Corporate Objectives:Lost Creek DevelopmentResource GrowthStrategic Opportunities

Corporate PresentationAugust 2012

DisclaimerThis presentation contains “forward-looking statements,” within the meaning of applicable securities laws, regarding events or conditions thatp g , g pp , g gmay occur in the future. Such statements include without limitation the long term effects on the uranium market of events in Japan in 2011including supply and demand projections; the Company’s timeframe for events leading to and culminating in the commencement of production atLost Creek (including procurement, construction); the technical and economic viability of the Lost Creek Project (including the projectionscontained in the preliminary analysis of economics of the Lost Creek Project); receipt of (and related timing of) Record of Decision from the U.S.Bureau of Land Management related to Lost Creek; timing and completion of closing of the Pathfinder transaction; the ability to completeadditional favorable uranium sales agreements and ability to reduce exposure to volatile market; the potential of exploration targets throughoutthe Lost Creek Property; and the further exploration, development and permitting of exploration projects including Lost Soldier, the Nebraskaproperty, Screech Lake and, following a closing, at PMC projects; and whether a re-rating of the Company will occur as production nears. Thesep p y, , g g, p j ; g p y pstatements are based on current expectations that, while considered reasonable by management at this time, inherently involve a number ofsignificant business, economic and competitive risks, uncertainties and contingencies. Numerous factors could cause actual events to differmaterially from those in the forward-looking statements. Factors that could cause such differences, without limiting the generality of the following,include: risks inherent in exploration activities; volatility and sensitivity to market prices for uranium; volatility and sensitivity to capital marketfluctuations; the impact of exploration competition; the ability to raise funds through private or public equity financings; imprecision in resourceand reserve estimates; environmental and safety risks including increased regulatory burdens; unexpected geological or hydrological conditions;a possible deterioration in political support for nuclear energy; changes in government regulations and policies, including trade laws and policies;demand for nuclear power; weather and other natural phenomena; delays in obtaining or failures to obtain required governmental, environmentalp ; p ; y g q g ,or other project approvals; and other exploration, development, operating, financial market and regulatory risks. Although Ur-Energy Inc.believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on thesestatements, which only apply as of the date of this presentation. Ur-Energy Inc. disclaims any intention or obligation to update or revise anyforward-looking statement, whether as a result of new information, future events or otherwise.

Cautionary Note Regarding Projections: Similarly, this presentation also may contain projections relating to an extended future period and,accordingly, the estimates and assumptions underlying the projections are inherently highly uncertain, based on events that have not takenplace, and are subject to significant economic, financial, regulatory, competitive and other uncertainties and contingencies beyond the control ofplace, and are subject to significant economic, financial, regulatory, competitive and other uncertainties and contingencies beyond the control ofUr-Energy Inc. Further, given the nature of the Company's business and industry that is subject to a number of significant risk factors, there canbe no assurance that the projections can be or will be realized. It is probable that the actual results and outcomes will differ, possibly materially,from those projected.

The attention of investors is drawn to the Risk Factors set out in the Company's Annual Information Form and Annual Report on Form 40-F,dated March 2, 2012, which are filed, respectively, with the regulatory authorities in Canada on SEDAR and with the U.S. Securities andExchange Commission on EDGAR. (www.sedar.com and http://www.sec.gov/edgar.shtml)

Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated or Inferred Resources: the information presented usesthe terms "measured", "indicated" and "inferred" mineral resources. United States investors are advised that while such terms are recognizedand required by Canadian regulations, the United States Securities and Exchange Commission does not recognize these terms. United Statesinvestors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into mineralreserves. United States investors are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economicallyor legally minable.


John Cooper, Ur-Energy Project Geologist, P.Geo. and SME Registered Member, and Qualified Person as defined by NationalInstrument 43-101, and Catherine Bull, Ur-Energy Project Engineer, Wyoming P.E., and Qualified Person as defined by the NI 43-101,reviewed and approved the technical information contained in this presentation.

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Ur-Energy At A GlanceR R ti i Lik l i 2012 URG N P d tiRe-Rating is Likely in 2012 as URG Nears Production

Advanced Pre-Production Project at Lost Creek, Wyomingl lOne regulatory approval remaining

Construction anticipated to commence this summerFirst production forecast for mid-2013

Expanding resources Through Acquisition and ExplorationDefinitive agreement to acquire Pathfinder Mines CorporationContinued expansion of the Lost Creek Property

Secure Future Revenue Stream Through Sales Agreements

Strong Balance Sheet

NYSE MKT: URG TSX: URE3

See Disclaimer re Forward-looking Statements and Projections (slide 2)

Ur-Energy’s Market PositionShare Capital & Cash Position NYSE MKT URGShare Capital & Cash Position

As of 07/26/12Shares Outstanding 121.1MStock Options & RSUs 8.0MF ll Dil t d 129 1M

NYSE MKT: URG

Fully Diluted 129.1M

Market Cap (08/08/12) C$112.78M

Cash (06/30/12) C$35.7MDebt $0Debt $0

Cash per share (06/30/12) ~C$0.295 Share price (08/08/12) C$0.9352 Week Range C$.74 - $1.63 TSX URE52 Week Range C$.74 $1.63Avg. Daily Volume ~626,000(3-mo URG & URE 08/08/12)

Member of S&P/TSX SmallCap Index

TSX: URE

Geographical Distribution as of 6/30/12

United States ~46% Canada ~40%Other 14%


Other ~14%

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Analyst Coverage

United StatesRoth Capital Partners Michael Legg (New York, NY) 1 646 358 1917

CanadaDundee Securities David A. Talbot (Toronto, ON) 1 416-350-3082

Haywood Securities Colin Healey (Vancouver, BC) 1 604-697-7400

Raymond James David Sadowski (Vancouver, BC) 1 604-659-8255

RBC Capital Adam Schatzker (Toronto, ON) 1 416-842-7850

Ur-Energy Inc. is followed by the analysts listed above. This list, including the firms and individual analysts at these firms, is subjectto change at any time without notice. Please note that any opinions, estimates, forecasts, conclusions or recommendationsregarding Ur-Energy Inc. performance made by these analysts are theirs alone and do not represent opinions, estimates, forecasts,conclusions, recommendations or predictions of Ur-Energy Inc. or its management. Ur-Energy Inc. does not by its reference aboveor in any other manner imply its endorsement of or concurrence with such information, conclusions or recommendations.


Experienced Management TeamBoard of Directors

Executive DirectorsWayne W. Heili, President & Chief Executive Officer (Metallurgical Engineer)y , ( g g )Jeffrey T. Klenda*, Board Chairman, Executive Director (Mining Finance)

Non-Executive DirectorsW. William Boberg*, Former President & CEO (Professional Geologist)James M. Franklin*, Chair-Technical Committee (Professional Geologist)Paul Macdonell*, Chair-Compensation and Corp. Governance & Nominating Committees

(Senior Federal Mediator)Thomas H. Parker, Chair-Audit Committee (Professional Engineer)

OfficersRoger L. Smith, Chief Financial Officer & Chief Administrative Officer(CPA & MBA)Steven M. Hatten, VP Operations (Mining Engineer)John W. Cash, VP Regulatory Affairs, Exploration & Geology (Geologist & Geophysicist)John W. Cash, VP Regulatory Affairs, Exploration & Geology (Geologist & Geophysicist)Penne A. Goplerud, Corporate Secretary & General Counsel (JD)

* Founding Directors


Industry Leading TeamHighly Experienced Technical and ManagementHighly Experienced Technical and Management Professionals113 Years of Direct Uranium Production Experience

ISR operations experience – Nebraska, Texas & Wyoming


Nuclear Markets Remain PositiveJ t ti ft t th ith t lJapan restarting after two months without nuclear power

Ohi Units 3 and 4 reactors resumed operation in July

US NRC approved four new construction & operation licenses thisUS NRC approved four new construction & operation licenses this year (2012)

First nuclear power plant licenses in 30+ years

HEU Agreement to expire next yearProvides 13% of world and 45% of US annual supply

63 t d t ti63 new reactors under construction

Russia, China and India represent 50% of new builds and have reaffirmed support for nuclear powerreaffirmed support for nuclear power

Saudi Arabia & the United Kingdom combined have announced plans to build 24 new reactors



Growth of Nuclear Will ContinueHistorically, growth of nuclear power continued despite major accidents

10 years, 10.2 t

Historically, growth of nuclear power continued despite major accidents

Growth expected to continue beyond Fukushima at 10 reactors per year

eact

ors

reactors per year

22 years, 4 reactors per year

ber

of R

e

8 years, 21.9 reactors per year

Num

Chernobyl

Fukushima13 years, 11.3reactors

yea

Three Mile Islandper year


Source: World Nuclear Association See Disclaimer re Forward-looking Statements and Projections (slide 2)

The US Uranium MarketThe US mines produce ~ 4M lbs of uranium/yr1p /y

The US utilities consume 55M lbs of uranium/yr1

October 2011 Nuclear Energy Institute survey shows two-thirds of Americans support nuclear energysupport nuclear energy

Ur-Energy is well positioned to capitalize on this opportunity


See Disclaimer re Forward-looking Statements and Projections (slide 2) 1 – U.S. Energy Information Administration

Sound Marketing StrategyB l i t t i dBalancing strategic and economic benefits of the spot/term price ratiop p

De-risking by securing future revenue stream in an uncertain market

Securing pricing that supports development plans for the Lost Creek Project

F t t t d ith N th A i tilitiFour term contracts secured with North American utilities

Exclusive representation by NuCore Energy, LLC in off-take purchase agreement negotiations


purchase agreement negotiations See Disclaimer re Forward-looking Statements and Projections (slide 2)

Ur-Energy’s US Projects


In-Situ Recovery (ISR) Uranium Mining

Environmentally sound production methodWell understood by Wyoming state regulators


Well understood by Wyoming state regulatorsCost effective, low capital costs

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ISR – Low Impact Mining

CAMECO Smith Ranch ISR MinePowder River Basin, Wyoming


Powder River Basin, Wyoming

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The Lost Creek Property

Measured: 4.20 Mlbs eU3O8 (in 3.85 Mt @ 0.055%)

Upgrade to the NI 43-101 Mineral Resource Estimate on the Lost Creek Property (as of April 30, 2012 PEA)

Updated technical report includes new

Indicated: 4.15 Mlbs eU3O8 (in 3.96 Mt @ 0.053%)Inferred: 2.87 Mlbs eU3O8 (in 2.99 Mt @ 0.049%)

* Based on grade cutoff of 0.02% eU3O8 and a GT cutoff of 0.3

Updated technical report includes new claims and upgraded resources

Exploration targets within the Lost Creek Project and adjoining projectsCreek Project and adjoining projects provide potential of additional resources U3O8

Lost Creek Project – 4 254 permit acresLost Creek Project 4,254 permit acresAdjoining Projects – ~39,000 acres

Many of these exploration targets remain conceptual in nature. There has been


y p g pinsufficient exploration to define mineral resource estimates at all suchexploration targets. It is uncertain if further exploration will result in theadditional target areas being delineated as further mineral resource.


Lost Creek

Adjacent to Rio Tinto Sweetwater Mine Complex(NRC licensed conventional uranium mill)

NYSE Amex: URG TSX: UREJK

2012 Property Acquisition

Asset ExchangeAdded ~5,250 acresNo Cash Cost

Additional ~250 new mining claims staked

Resource gain (as of April 30 2012 PEA)Resource gain (as of April 30, 2012 PEA)Measured: 1.26 Mlbs eU3O8 (in 1.16 Mt @ 0.054%) Indicated: 1.33 Mlbs eU3O8 (in 1.55 Mt @ 0.043%)Inferred: 0.85 Mlbs eU3O8 (in 0.93 Mt @ 0.048%)

* B d d t ff f 0 02% U O d GT t ff f 0 3* Based on grade cutoff of 0.02% eU3O8 and a GT cutoff of 0.3

Ur-Energy possesses ~1,100 holes of historic drill data on new lands

Properties directly adjacent to Lost Creek Project boundaries



Preliminary Economic Assessment

April 30, 2012 PEA* Updates Resources and Economics

Mineral Resource Increase from February 2012 PEAMineral Resource Increase from February 2012 PEA45% Increase in Measured and Indicated Resources42% Increase in Inferred Resources

Estimates Operating Costs at US$16 12/lbEstimates Operating Costs at US$16.12/lbLowest quartile of all uranium producers

Project Internal Rate of Return (IRR) at 87%

Pre-Production Capital Costs of Only US$31.6M Remaining Lowest quartile of all developing uranium production facilities

E t d d Lif f Mi t 8 10Extended Life of Mine to 8-10 years* Preliminary Economic Assessment of the Lost Creek Property, Sweetwater County, Wyoming Prepared by Ur-Energy Inc. – (April 30, 2012)(posted on SEDAR and EDGAR)

Cautionary Statement: This PEA is preliminary in nature, and includes inferred mineral resources that are considered too speculative geologically to have the economic


y p y , p g g yconsiderations applied to them that would enable them to be categorized as mineral reserves. The estimated mineral recovery used in this PEA is based on both site-specific laboratory recovery data as well as URE personnel and industry experience at similar facilities. There can be no assurance that recovery at this level will be achieved.


US$27M in CapEx Completed

Mine Units 1 & 2 DelineatedMU #1 Monitor Well Ring Completed

Plant Engineering Completed

Drilled and Tested Class I UIC W llWell

Ordered Key Plant EquipmentIon Exchange & Elution Columns

Ur-Energy’s Ion Exchange Columns

gFilter PressesProcess TanksReverse Osmosis

Design/Build of Header House Building


Interior of Ur-Energy’s Prototype Header House

Lost Creek Path to ProductionLicenses and Permits Received

US NRC LicenseWyoming DEQ Permit to Mine – Includes Approval of First Mine UnitWDEQ Class I UIC Permit (water disposal well)WDEQ Class I UIC Permit (water disposal well)EPA Aquifer Exemption

One Remaining Regulatory Approval Neededg g y ppUS Bureau of Land Management Plan of OperationsDraft EIS Published April 27, 2012Record of Decision anticipated summer 2012

Construction: 6-9 month build-out

First ProductionFirst ProductionPlanned for second quarter next yearRamp-up to 1 million pound per year production rate



Pathfinder Mines CorporationPMC h ld U E ’ N t P d ti C t

Definitive Purchase Agreement with Cogema Resources signed

PMC holds Ur-Energy’s Next Production Center

PATHFINDERPATHFINDERin July, 2012

Includes Shirley Basin & Lucky Mc projects located in historic

PATHFINDERPATHFINDER

Mc projects located in historic uranium production centers

Over 71 million pounds U3O8 d d b PMCproduced by PMC

PMC’s extensive exploration database includeddatabase included

Purchase Price: US$13.25 million

Transaction expected to close in first quarter of 2013


Transaction expected to close in first quarter of 2013

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Shirley Basin Property SnapshotLocated in the Historic Shirley Basin Mining District

Historic estimate of remaining resources: >10 million lbsU3O8*3 8

High grade roll front deposit: average 0.21% U3O8Based on historic reports and drilling results*Uranium resources can be converted to NI 43-101 compliant

Shallow, ISR amenable mineralization

Main mineral trend located on patented mining claimsLow holding costs and free of royalty interestsLow holding costs and free of royalty interests

Brownfield property with existing infrastructure, permits and licenses

Licensed ISR by-product disposal facility

*Ur-Energy is not treating the historic reports as current mineral resources or mineral reserves, because a Qualified


Person has not yet conducted sufficient work to classify the estimates as such.


Lucky Mc Property SnapshotLocated in the Historic Gas Hills Uranium Mining District

Historic estimate of remaining resources: 4.7 million lbs U O *U3O8*

Based on historic reports and drilling results*Uranium resources can be converted to NI 43-101 compliant

Low holding costsResources on patented mining claims and state leases

Complete reclamation in all past mining areasPermitted for open pit mining

St t i t iti ith b d lStrategic opportunities with nearby developers

*Ur-Energy is not treating the historic reports as current mineral resources or mineral reserves, because a Qualified Person has not yet conducted sufficient work to classify the estimates as such.



Future Growth OpportunitiesResource Expansion Through Ongoing Exploration Efforts

Increase minable resources that will be accessible to the Lost Creek processing plantp g pExploration properties in Western Nebraska

Growth in Production ProfileDevelopment of second production site at Shirley BasinProven acquisition strategy with focus on production potential

Monetizing Historic Exploration Databases

Strategic Alliance Opportunitiesg ppFor both exploration and production projects



Lost Soldier – 12.2M M&I lbs U3O8

Can be Licensed with NRC as Amendment to Lost Creek License

NI 43-101 Resource | July 2006

Measured & Indicated: 12.2 Mlbs eU3O8 (in 9.4 Mt @ 0.065%)

M & I Resource average GT of 1 1

Inferred: 1.8 Mlbs eU3O8 (in1.6 Mt @ 0.055%)

M & I Resource average GT of 1.1 (17.2 ft @ 0.065% U3O8)

Shallow: 240 feet deep

Over 3,700 drill holes define deposit


(Technical Report on the Lost Soldier Project, Wyoming, C. Stewart Wallis, Roscoe Postle Associates Inc., July 10, 2006 - Posted on SEDAR)

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Screech Lake, Thelon Basin, NWTC l t d A di M t t ll i G h i l SCompleted Audio-Magnetotelluric Geophysical Survey, and Soil Gas Hydrocarbon and Enzyme Leach Soil Geochemistry Analyses to Better Define Drill Targetsy y g

MegaTEM Survey

ScreechScreech Lake


0 4Kilometers

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Ur-Energy – Right Now!G th O i t d T h i l & M t TGrowth Oriented Technical & Management Team

Strong Balance SheetC$35.7 Million (06/30/11)

Advanced Pre-Production Project at Lost CreekLow-cost uranium production centerPlant construction planned to begin summer 2012

Signed Multiple Long-Term Uranium Sales Agreements Reducing Company exposure to volatile marketplace

Re-rating Likely as Ur-Energy Nears Production



Re-Rating PotentialSt EV/LbStage EV/Lb

Producers $4.61

URG $1 03

URG Upside vs. Producers 3X (+$3 58/Lb) URG $1.03 3X (+$3.58/Lb)

Source: Dundee (July 10, 2012)

As Ur-Energy Nears Production, ,Re-rating is Likely



Ur-Energy’s News Flow

Final Regulatory ApprovalBLM decision expected summer 2012BLM decision expected summer 2012

Construction at Lost Creek ProjectConstruction at Lost Creek ProjectSummer 2012

Expanding ResourcesAcquisitionExploration



Ur-Energy - The Right People. The Right Projects. Right Now.

For more information, please contact:

Wayne Heili, President, Chief Executive Officer & DirectorJeff Klenda Board Chairman & DirectorJeff Klenda, Board Chairman & DirectorRich Boberg, Director of Public Relations

By Mail: Ur Energy Corporate Office By Mail: Ur-Energy Corporate Office10758 W. Centennial Rd., Ste. 200Littleton, CO 80127 USA

By Phone: Office (720) 981-4588 By Phone: Office (720) 981 4588Toll-Free (866) 981-4588Fax (720) 981-5643

By E-mail: [email protected]@[email protected]

NYSE MKT: URG TSX: URENYSE Amex: URG TSX: URE30

August 2012 Ur-Energy Corporate Presentation

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