June 2012 Ur-Energy Corporate Presentation

Ur-Energy is an Advanced Pre-Production Junior Mining Company

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

United States

Corporate Objectives: •Lost Creek Development •Resource Growth •Strategic Opportunities

NYSE MKT: URG TSX: URE

Corporate Presentation June 2012


Disclaimer This presentation contains “forward-looking statements,” within the meaning of applicable securities laws, regarding events or conditions that may occur in the future. Such statements include without limitation the long term effects on the uranium market of events in Japan in 2011 including supply and demand projections; the Company’s timeframe for events leading to and culminating in the commencement of production at Lost Creek; the technical and economic viability of the Lost Creek Project (including the projections contained 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; whether the Lost Creek Project will advance to production and the production timelines; the Company’s procurement and construction plans at the Lost Creek Project; the ability to complete additional favorable uranium sales agreements and ability to reduce exposure to volatile market; the potential of exploration targets throughout the Lost Creek Property; and the further exploration, development and permitting of exploration projects including Lost Soldier and the properties in Nebraska and at Screech Lake; and whether a re-rating of the Company will occur as production nears. These statements are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies. Numerous factors could cause actual events to differ materially 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 market fluctuations; the impact of exploration competition; the ability to raise funds through private or public equity financings; imprecision in resource and 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, environmental 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 these statements, which only apply as of the date of this presentation. Ur-Energy Inc. disclaims any intention or obligation to update or revise any forward-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 taken place, and are subject to significant economic, financial, regulatory, competitive and other uncertainties and contingencies beyond the control of Ur-Energy Inc. Further, given the nature of the Company's business and industry that is subject to a number of significant risk factors, there can be 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 and Exchange 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 uses the terms "measured", "indicated" and "inferred" mineral resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize these terms. United States investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. United States investors are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally minable. John Cooper, Ur-Energy Project Geologist, P.Geo. and SME Registered Member, and Qualified Person as defined by National Instrument 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 Glance Re-Rating is Likely in 2012 as URG Nears Production

Advanced Pre-Production Project at Lost Creek, Wyoming One regulatory approval remaining Construction anticipated to commence this summer Low-cost uranium production center that will be cash-flow positive in current market

Expanding Resources Through Acquisition and Exploration

Low Technical, Political and Regulatory Risk Strategy

Secure Future Revenue Stream Through Sales Agreements

Strong Balance Sheet

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


Ur-Energy’s Market Position Share Capital & Cash Position As of 04/26/12 Shares Outstanding 121.1M Stock Options & RSUs 8.3M Fully Diluted 129.4M

Market Cap (06/06/12) C$109.6M

Cash (03/31/12) C$36.5M Debt $0

Cash per share (03/31/12) ~C$0.30 Share price (06/06/12) C$0.90 52 Week Range C$.79 - $1.71 Avg. Daily Volume ~450,000 (3-mo URG & URE 06/06/12) Member of Russell 3000 & 2000 and S&P/TSX SmallCap Indexes

Geographical Distribution as of 6/30/11

United States ~48% Canada ~38% Other ~14%

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NYSE MKT: URG

TSX: URE


Analyst Coverage United States GVC Capital Mike Shonstrom (Denver, CO) 1 303-321-2392 Rodman & Renshaw (New York, NY) 1 212-356-0513

Canada Dundee Securities David A. Talbot (Toronto, ON) 1 416-350-3082 Haywood Securities Geordie Mark (Vancouver, BC) 1 604-697-6112 Raymond James 1 604-659-8282 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 subject to change at any time without notice. Please note that any opinions, estimates, forecasts, conclusions or recommendations regarding 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 above or in any other manner imply its endorsement of or concurrence with such information, conclusions or recommendations.

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Experienced Management Team Board of Directors

Executive Directors

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

Non-Executive Directors

W. 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)

Officers Roger 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) Penne A. Goplerud, Corporate Secretary & General Counsel (JD)

* Founding Directors

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Industry Leading Team Highly Experienced Technical and Management Professionals

106Years of Direct Uranium Production Experience ISR operations experience – Nebraska, Texas & Wyoming

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Nuclear Markets Remain Positive

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

First nuclear power plant licenses in 30+ years

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

63 new reactors under construction

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

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

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Growth of Nuclear Will Continue

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Num

ber

of R

eact

ors

Three Mile Island

Chernobyl

Fukushima 13 years, 11.3reactors per year

10 years, 10.2 reactors per year

8 years, 21.9 reactors per year

22 years, 4 reactors per year

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

Historically, growth of nuclear power continued despite major accidents

Growth expected to continue beyond Fukushima at 10 reactors per year


The US Uranium Market The US mines produce ~ 4M lbs of uranium/yr1

The US utilities consume 55M lbs of uranium/yr1

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

Ur-Energy is well positioned to capitalize on this opportunity

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Chart from U.S . Energy Information Administration 1 – U.S. Energy Information Administration


Sound Marketing Strategy

Balancing strategic and economic benefits of the spot/term price ratio

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

Securing pricing that supports development plans for the Lost Creek Project

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Four term contracts secured with North American utilities

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



Ur-Energy’s US Projects

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In-Situ Recovery (ISR) Uranium Mining

Environmentally sound production method Well understood by Wyoming state regulators Cost effective, low capital costs

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ISR – Low Impact Mining

CAMECO Smith Ranch ISR Mine Powder River Basin, Wyoming

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The Lost Creek Property

Updated technical report includes new claims and upgraded resources

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

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

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Many of these exploration targets remain conceptual in nature. There has been insufficient exploration to define mineral resource estimates at all such exploration targets. It is uncertain if further exploration will result in the additional target areas being delineated as further mineral resource.

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

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


Lost Creek

NYSE Amex: URG TSX: URE JK

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


2012 Property Acquisition

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Asset Exchange Added ~5,250 acres No Cash Cost

Additional ~250 new mining claims staked

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%) * 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 PEA 45% Increase in Measured and Indicated Resources 42% Increase in Inferred Resources

Estimates Operating Costs at US$16.12/ lb

Lowest 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

Extended 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)

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Cautionary Statement: This PEA is preliminary in nature, and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. 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 Delineated

MU #1 Monitor Well Ring Completed

Plant Engineering Completed

Drilled and Tested Class I UIC Well

Ordered Key Plant Equipment Ion Exchange & Elution Columns Filter Presses Process Tanks Reverse Osmosis

Design/Build of Header House Building

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Ur-Energy’s Ion Exchange Columns

Interior of Ur-Energy’s Prototype Header House


Lost Creek Path to Production Licenses and Permits Received

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

One Remaining Regulatory Approval Needed US Bureau of Land Management Plan of Operations Draft EIS Published April 27, 2012 Record of Decision anticipated summer 2012

Construction: 6-9 month build-out

First Production Planned for second quarter next year Ramp-up to 1 million pound per year production rate

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Future Growth Opportunities

Resource Expansion Through Ongoing Exploration and Acquisition Efforts

Increase minable resources that will be accessible to the Lost Creek processing plant

Growth in Production Profile Development of currently held properties Acquisitions of new properties Strategic alliances

Exploration Properties in Western Nebraska

Monetizing Historic Databases

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Lost Soldier – 12.2M M&I lbs U3O8

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

NI 43-101 Resource | July 2006

Measured & Indicated: 12.2 Mlbs eU3O8 (in 9.4 Mt @ 0.065%) Inferred: 1.8 Mlbs eU3O8 (in1.6 Mt @ 0.055%)

(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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Can be Licensed with NRC as Amendment to Lost Creek License


Screech Lake, Thelon Basin, NWT Completed Audio-Magnetotelluric Geophysical Survey, and Soil Gas Hydrocarbon and Enzyme Leach Soil Geochemistry Analyses to Better Define Drill Targets

MegaTEM Survey

0 4 Kilometers

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Screech Lake



Ur-Energy – Right Now! Experienced Technical & Management Team

Strong Balance Sheet C$36.5 Million (03/31/11)

Advanced Pre-Production Project at Lost Creek Low-cost uranium production center Plant construction planned to begin summer 2012 Technical, political and regulatory certainty

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

Re-rating Likely as Ur-Energy Nears Production

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Re-Rating Potential Stage EV/Lb

Producers $5.26

URG $1.23

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URG Upside vs. Producers 4X (+$4.03/Lb)

Source: Dundee (April 26, 2012)

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



Ur-Energy’s News Flow

Final Regulatory Approval BLM decision expected summer 2012

Construction at Lost Creek Project Summer 2012

Expanding Resources Acquisition Exploration

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

For more information, please contact:

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

By Mail: Ur-Energy Corporate Office 10758 W. Centennial Rd., Ste. 200 Littleton, CO 80127 USA

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

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

NYSE Amex: URG TSX: URE 27

June 2012 Ur-Energy Corporate Presentation

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