November 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 November 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 Company’s timeframe for events leading to and culminating in the commencement of production at Lost Creek (including procurement, construction and commissioning); the technical and economic viability of Lost Creek (including the projections contained in the preliminary analysis of economics of the Lost Creek Property); ability and timing of the Company to secure project financing including the state bond process; timing and completion of closing of the Pathfinder transaction; 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; the further exploration, development and permitting of exploration projects including Lost Soldier, the Nebraska properties, Screech Lake and, following a closing, at PMC projects; the long term effects on the uranium market of events in Japan in 2011 including supply and demand projections; 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 as URG Nears Production

Advanced Pre-Production Project at Lost Creek, Wyoming Received Final Regulatory Permit on October 5, 2012 Construction began in October 2012 First production forecast for mid-2013

Expanding Resources Through Acquisition and Exploration Definitive agreement to acquire Pathfinder Mines Corporation Continued expansion of the Lost Creek Property

Secure Future Revenue Stream Through Sales Agreements

Maintaining a Strong Balance Sheet

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


Ur-Energy’s Achievements

1. Completed Licensing the Lost Creek Project Construction began October 2012

2. Addition of Strategic Lost Creek Property Positions 45% Expansion of Measured and Indicated Resources 42% Increase in Inferred Resources

3. Agreement to Acquire Pathfinder Mines

4. Long Term Sales Agreements with Three US Utilities Exclusive marketing agreement with NuCore

5. Maintaining Strong Balance Sheet $17 million top-up financing in February 2012 Advancing application for $34 million Bond Finance with Wyoming Business Council

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Ur-Energy’s Market Position Share Capital & Cash Position As of 09/30/12 Shares Outstanding 121.1M Stock Options & RSUs 7.3M Fully Diluted 128.4M

Market Cap (11/05/12) C$102.97M

Cash (09/30/12) C$29.2M

Cash per share (09/30/12) ~C$0.241 Share price (11/05/12) C$0.85 52 Week Range C$.64 - $1.49 Avg. Daily Volume ~420,000 (3-mo URG & URE 11/05/12)

Member of S&P/TSX SmallCap Index

Geographical Distribution as of 6/30/12

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

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NYSE MKT: URG

TSX: URE


Analyst Coverage

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

Canada Dundee 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 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.


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 Professionals Highly Experienced Technical and Management Team

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

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Nuclear Fuel Demand is Growing

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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Global Supply Picture is Dynamic Today’s capital markets present a significant obstacle to development of new large scale mining centers

Current prices do not incentivize new supply development or sustain high cost conventional producers

Large scale production growth is being curtailed for the foreseeable future

Olympic Dam expansion delayed Kintyre shelved No new growth for Paladin under $85/pound

New production likely to come only from a limited number of low cost, scalable projects

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The US Uranium Market US Demand is not met by US Production

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

The US utilities consume 55M lbs of uranium/ yr1

Ur-Energy is well positioned to capitalize on this opportunity

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See Disclaimer re Forward-looking Statements and Projections (slide 2) 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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ISR – Low Impact Mining

CAMECO Smith Ranch ISR Mine Powder River Basin, Wyoming

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Lost Creek ISR Project

Ur-Energy’s Flagship Property

Shovel Ready Uranium ISR Mine

Fully Licensed for Production

Growing Resources

Low Projected Operating Costs

Low Pre-Production Capital Cost

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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 – ~38,000 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 MKT: URG TSX: URE JK

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

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Lost Creek Plant Capacity 1M lbs expandable to 2M lbs


2012 Property Acquisition

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Asset Exchange with Uranium One 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

Currently conducting 200 hole exploration program at LC East



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.



Under Construction

Groundbreaking Oct. 2012 Wyoming based contractor hired Nine month estimated build-out

Construction Initiated Processing Plant First Mine Unit Auxiliary Facilities

Pre-Production Capital of $31.6M Processing Plant: $18.8M Initial Production Area: $4.7M Disposal Well Installation: $6.4M Infrastructure: $1.7M

Staffed for Construction Management Personnel Field Support Crew

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Concrete piers being poured at Lost Creek

Interior of Ur-Energy’s Prototype Header House



Lost Creek Path to Production

Received Record of Decision from BLM on October 5, 2012 Final permit required for construction and operations

Licenses and Permits Previously Received US NRC License Wyoming DEQ Permit to Mine – Includes Approval of First Mine Unit WDEQ Class I UIC Permit (water disposal wells) EPA Aquifer Exemption

Construction: 6-9 months for build out and commissioning

First Production Anticipated in second quarter of next year Ramp-up to 1 million pound per year production rate in 2014

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Pathfinder Mines Corporation

Definitive Purchase Agreement with AREVA signed in July 2012

Three Major Assets 1. Projects: Shirley Basin & Lucky Mc 2. PMC’s extensive uranium

exploration database 3. Licensed ISR by-product disposal

facility

PMC holds Ur-Energy’s Next Production Center

Purchase Price: US$13.25 million, 10% down payment, balance due on closing, no other monetary obligations prior to closing

Transaction expected to close in first half of 2013

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PATHFINDER


Pathfinder Projects

Brownfield properties, existing infrastructure, permits & licenses

Low holding costs Resources located on patented mining claims and state leases

Shirley Basin Historic estimate of resources: >10 million lbs U3O8* High grade roll front deposit: average 0.21% U3O8 Uranium resources can be converted to NI 43-101 compliant Shallow, ISR amenable mineralization

Lucky Mc – Gas Hills Historic estimate of resources: 4.7 million lbs U3O8* Uranium resources can be converted to NI 43-101 compliant Strategic opportunities with nearby developers

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*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.



Pathfinder Assets

Historic US Uranium Exploration Database Hundreds of project descriptions located in twenty-three states Exploration reports dating back as far back as the 1960s More than 15,000 drill logs Technical and economic evaluations

ISR By-Product Disposal Facility Fully licensed for operation Multiple contracts in-place Cash generating – Money Saving Scarce Asset - 1 of 4 commercial facilities in the US

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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! Growth Oriented Technical & Management Team

Strong Balance Sheet C$29.2 Million (09/30/12)

Advanced Pre-Production Project at Lost Creek Low-cost uranium production center Project construction began in October 2012

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 $4.01

URG $1.50

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URG Upside vs. Producers 2.6X (+$2.51/Lb)

Source: Dundee (Nov 7, 2012)

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



2013 Growth Objectives 1. Advance Lost Creek

Initiate production Permit area growth Expand NI 43-101 compliant resources

2. Pathfinder Mines Close transaction Transition to operating and regulatory activities Bring resources to NI 43-101 compliance

3. Growth in Production Profile Identify project priorities Act on priorities

4. Corporate Finance – Positive Cash Position Methods, timing, pricing Forecasting additional needs

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Ur-Energy’s News Flow

Construction Updates at Lost Creek Project Started in October 2012

Project Finance Wyoming Industrial Revenue Bond Issuance

Expanding Resources Closing of Pathfinder Mines Acquisition Exploration Results

Uranium Production!

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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 MKT: URG TSX: URE 31

November 2012 Ur-Energy Corporate Presentation

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