Ur-Energy January 2013 Corporate Presentation

NYSE MKT: URG • TSX: URE

Corporate Presentation January 2013


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

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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 timing and outcome of the challenge to the BLM Record of Decision, including petitioner’s motion for preliminary

injunction, 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 (including the ability to expand resources); 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.

Disclaimer

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Advanced pre-production project at Lost Creek, Wyoming

Completed licensing activities in October 2012

Initiated site construction in October 2012

First production forecast for mid 2013

Expanding resources through acquisition and exploration

Definitive agreement to acquire Pathfinder Mines Corporation

Continued expansion at the Lost Creek Property

Secured revenue stream through long term sales agreements Exclusive marketing agreement with NuCore

Maintaining a strong balance sheet $17 million top-up financing in February 2012

Advancing application for $34 million Wyoming Industrial Revenue Bond

See Disclaimer re Forward-looking Statements and Projections (slide 3)

Ur-Energy at a Glance

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Share Capital & Cash Position

As of 09/30/12

Shares Outstanding 121.1M

Stock Options & RSUs 7.3M

Fully Diluted 128.4M

Market Cap (01/14/13) C$109.02M

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

Cash per Share (09/30/12) ~C$0.241

Share Price (01/14/13) C$0.88

52 Week Range C$.64 - $1.49

Avg. Daily Volume ~136,000

(3-mo URG & URE 01/14/13)

Member of S&P/TSX SmallCap Index

Geographical Distribution as of 6/30/12

United States ~46%

Canada ~40%

Other ~14%

Ur-Energy’s Market Position

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NYSE MKT: URG

TSX: URE


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.

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

Analyst Coverage

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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

Experienced Management Team

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Highly experienced technical and management team

150 years of direct uranium production experience ISR operations experience – Nebraska, Texas, Wyoming & Kazakhstan

Industry Leading Professionals

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435 operable reactors world wide with 374 GWe capacity

US NRC approved four new reactor licenses in 2012

First nuclear power plant licenses in 30+ years

Seven new reactor construction starts in 2012

Russia - 1, China - 4, UAE - 1, South Korea - 1

Saudi Arabia & the United Kingdom combined have announced

plans to build 24 new reactors

Renewed prospect of restarting Japans reactor fleet with election

of new pro-nuclear government late in 2012


Nuclear Fuel Demand is Growing

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HEU agreement to expire this year

Provides 13% of world and 45% of US annual supply

Today’s capital markets present a significant obstacle to

development of new large scale mining centers

Current uranium market price does not incentivize new supply

development or sustain high cost conventional producers

Large scale production growth is being curtailed for the foreseeable

future

New production will only come from a limited number of low cost,

scalable projects


Global Supply Picture is Dynamic

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US demand is not met by US production US mines produce ~ 4M lbs of uranium/yr1

US utilities consume ~55M lbs of uranium/yr1

Ur-Energy is well positioned to capitalize on this opportunity


1 U.S. Energy Information Administration

The US Uranium Market

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

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

Four term contracts secured with North American utilities

Sound Marketing Strategy

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Ur-Energy’s US Projects

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Ur-Energy’s flagship property

8 to 10 year projected mine life

Low projected operating costs

Fully licensed for production

BLM approval subject of judicial review

Under construction

First production anticipated in mid-2013

Growing resources


Lost Creek ISR Project

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Updated technical report includes land added in 2012 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


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.

Upgrade to the NI 43-101 mineral resource estimate on the

Lost Creek property (as of April 30, 2012 PEA)

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

The Lost Creek Property

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April 30, 2012 PEA* updates resources and economics

Extended life of mine to 8 – 10 years

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%

Capital requirement of only US $31.6M Lowest quartile of all developing uranium production facilities


*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 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.

Preliminary Economic Assessment

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Groundbreaking October 2012 Wyoming based contractor hired

Nine month estimated build-out

Construction initiated Processing plant

First mine unit

Auxiliary facilities

Capital Requirement of $31.6M Process plant: $18.8M

Initial production area: $4.7M

Disposal well installation: $6.4M

Infrastructure: $1.7M

Staffed for construction Management personnel

Field support crew

Interior of Ur-Energy’s Prototype Header House

Deep Disposal Well

Under Construction

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Lost Creek Construction Highlights

Construction activities at the plant site

Drilling activities at mine unit 1

Pipeline – plant to mine unit 1

Pouring the plant foundation

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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

Pathfinder Mines Corporation

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PATHFINDER


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


*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 Projects

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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


Pathfinder Assets

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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)

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%)

Inferred: 1.8 Mlbs eU3O8

(in1.6 Mt @ 0.055%)

Lost Soldier – 12.2M M&I lbs U3O8

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MegaTEM Survey

0 4 Kilometers

Completed audio-magnetotelluric geophysical survey, and soil gas hydrocarbon and enzyme leach soil geochemistry analyses to better define drill targets

Screech Lake, Thelon Basin, NWT

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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


Ur-Energy – Right Now!

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Stage EV/Lb

Producers $4.31

URG $1.63


As Ur-Energy

nears production,

re-rating is likely

URG Upside vs. Producers

3X (+$2.49/Lb)

Source: Dundee (Jan 13, 2013)

Re-Rating Potential

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1. Advance Lost Creek to Production

Complete construction

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

Anticipated issuance of Wyoming Industrial Revenue Bond

Forecasting additional needs


2013 Objectives & News Flow

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For more information, please contact:

Wayne Heili, President, Chief Executive Officer & Director

Jeff Klenda, Board Chairman & Director

Rich Boberg, Director of Investor and Public Relations

By Mail:

Ur-Energy Corporate Office

10758 W. Centennial Rd., Suite 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]

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

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Ur-Energy January 2013 Corporate Presentation

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