Ur-Energy January 2013 Corporate Presentation

NYSE MKT: URG • TSX: URE

Corporate Presentation January 2013

Ur-Energy is an advanced pre-production junior miningUr Energy is an advanced pre production junior mining company focused on development of low-cost uranium

production properties in the United States. Corporate ObjectivesCorporate Objectives Lost Creek Development Resource Growth

Strategic Opportunities


Strategic Opportunities

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DisclaimerThis 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 (includingprocurement, construction and commissioning); the timing and outcome of the challenge to the BLM Record of Decision, including petitioner’s motion for preliminaryinjunction, 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 tocomplete additional favorable uranium sales agreements and ability to reduce exposure to volatile market; the potential of exploration targets throughout the Lost Creekcomplete additional favorable uranium sales agreements and ability to reduce exposure to volatile market; the potential of exploration targets throughout the Lost CreekProperty (including the ability to expand resources); the further exploration, development and permitting of exploration projects including Lost Soldier, the Nebraskaproperties, 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 demandprojections; and whether a re-rating of the Company will occur as production nears. These statements are based on current expectations that, while consideredreasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies. Numerousfactors could cause actual events to differ materially from those in the forward-looking statements. Factors that could cause such differences, without limiting thegenerality 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 resource and reserve estimates;environmental and safety risks including increased regulatory burdens; unexpected geological or hydrological conditions; a possible deterioration in political support forenvironmental and safety risks including increased regulatory burdens; unexpected geological or hydrological conditions; a possible deterioration in political support fornuclear 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 marketand regulatory risks. Although Ur-Energy Inc. believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not beplaced 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 estimatesand assumptions underlying the projections are inherently highly uncertain, based on events that have not taken place, and are subject to significant economic, financial,p y g p j y g y p j gregulatory, competitive and other uncertainties and contingencies beyond the control of Ur-Energy Inc. Further, given the nature of the Company's business and industrythat 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 andoutcomes 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, whichare filed, respectively, with the regulatory authorities in Canada on SEDAR and with the U.S. Securities and Exchange Commission on EDGAR. (www.sedar.com andhttp://www.sec.gov/edgar.shtml)

Ca tionar Note to U S In estors Concerning Estimates of Meas red Indicated or Inferred Reso rces the information presented ses the terms "meas red"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 UnitedStates Securities and Exchange Commission does not recognize these terms. United States investors are cautioned not to assume that all or any part of measured orindicated 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 inferredmineral 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 CatherineBull, Ur-Energy Project Engineer, Wyoming P.E., and Qualified Person as defined by the NI 43-101, reviewed and approved the technical information containedin this presentation


in this presentation.

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Ur-Energy at a Glance 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 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 sheetMaintaining 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)

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Ur-Energy’s Market PositionShare Capital & Cash Position

As of 09/30/12Shares Outstanding 121.1M

NYSE MKT: URG

gStock Options & RSUs 7.3MFully 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$0.8852 Week Range C$.64 - $1.49Avg Daily Volume ~136 000 TSX: UREAvg. Daily Volume ~136,000(3-mo URG & URE 01/14/13)

Member of S&P/TSX SmallCap Index

TSX: URE

Geographical Distribution as of 6/30/12

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



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Analyst Coverage

United States

Roth Capital Partners Michael Legg (New York, NY) 1.646.358.1917

CanadaCanada

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 tochange at any time without notice. Please note that any opinions, estimates, forecasts, conclusions or recommendations regardingUr-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 othermanner imply its endorsement of or concurrence with such information, conclusions or recommendations.

NYSE MKT: URG • TSX: URE 6

Experienced Management TeamBoard of Directors

Executive DirectorsExecutive 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)(Se o ede a ed ato ) Thomas H. Parker, Chair-Audit Committee (Professional Engineer)

Officers Roger L. Smith, Chief Financial Officer & Chief Administrative Officer (CPA & MBA)

St M H tt VP O ti (Mi i E i ) 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


Industry Leading Professionals Highly experienced technical and management team

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


Nuclear Fuel Demand is Growing

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 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 2012of new pro-nuclear government late in 2012



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Global Supply Picture is Dynamic

HEU agreement to expire this year Provides 13% of world and 45% of US annual supplyProvides 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 New production will only come 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

US mines produce ~ 4M lbs of uranium/yr1

US utilities consume 55M 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


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

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Sound Marketing Strategy

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

Exclusive representation by NuCore Energy LLC in off take

Four term contracts secured with North American utilities

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



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Ur-Energy’s US Projects


Lost Creek ISR Project

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

U d t ti Under construction First production anticipated in mid-2013

Growing resourcesGrowing resources



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The Lost Creek PropertyUpgrade 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

Updated technical report includes land added in 2012 and upgraded resources

Exploration targets within the Lost Creek

g 3 8

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

Lost Creek Project – 4,254 permit acresAdjoining projects – ~38 000 acresAdjoining 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.



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Preliminary Economic Assessment

April 30, 2012 PEA* updates resources and economics

E t d d lif f i t 8 10 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 resources42% 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% 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.



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Under Construction Groundbreaking October 2012 Wyoming based contractor hired Nine month estimated build-outNine month estimated build out

Construction initiated Processing plant First mine unitFirst mine unit Auxiliary facilities

Capital Requirement of $31.6M Process plant: $18 8M

Deep Disposal Well

Process plant: $18.8M Initial production area: $4.7M Disposal well installation: $6.4M Infrastructure: $1.7M

Staffed for construction Management personnel Field support crewInterior of Ur-Energy’s Prototype Header House



Lost Creek Construction Highlights

Construction activities at the plant site

Pi li l t t i it 1Pipeline – plant to mine unit 1

P i th l t f d ti


Drilling activities at mine unit 1Pouring the plant foundation

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Pathfinder Mines Corporation

Definitive purchase agreement

PMC holds Ur-Energy’s next production centerPATHFINDERPATHFINDER p g

with AREVA signed in July 2012

Three major assets1 Projects: Shirley Basin &1. Projects: Shirley Basin &

Lucky Mc2. PMC’s extensive uranium

exploration databasep3. Licensed ISR by-product

disposal facility

Purchase price: US $13.25 million, 10% down payment, balancePurchase 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 Projects Brownfield properties, existing infrastructure, permits & licenses

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

Shirley Basin Historic estimate of resources: >10 million lbs U3O8*s o c es a e o esou ces 0 o bs 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 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.



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Pathfinder Assets

Historic US uranium exploration databaseH d d f j t d i ti l t d i t t th t t 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

T h i l d i l ti Technical and economic evaluations

ISR by-product disposal facility Fully licensed for operationFully licensed for operation Multiple contracts in-place Cash generating – money saving Scarce asset – 1 of 4 commercial facilities in the USScarce asset 1 of 4 commercial facilities in the US



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Lost Soldier – 12.2M M&I lbs U3O8

Can be licensed with NRC as amendment to Lost Creek license

NI 43-101 resource | July 2006Measured & Indicated: 12.2 Mlbs eU3O8 (in 9.4 Mt @ 0.065%)Inferred: 1.8 Mlbs eU3O8

M&I resource average GT of 1.1 (17 2 ft @ 0 065% U O )

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

(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, NWTMegaTEM Survey

0 4KilometersKilometers

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



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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 $4.31

URG $1.63

Source: Dundee (Jan 13, 2013)

As Ur-Energy nears production

URG Upside vs. Producers 3X (+$2 49/Lb) nears production,

re-rating is likely 3X (+$2.49/Lb)



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2013 Objectives & News Flow1. Advance Lost Creek to Production Complete construction Expand NI 43-101 compliant resources

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

3 Growth in production profile3. 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



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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 & DirectorJeff Klenda, Board Chairman & DirectorRich Boberg, Director of Investor and Public Relations

By Mail:U E C t OffiUr-Energy Corporate Office10758 W. Centennial Rd., Suite 200Littleton, CO 80127 USA

By Phone:By Phone:Office 720.981.4588Toll-Free 866.981.4588Fax 720.981.5643

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


rich.boberg@ur energy.com

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Ur-Energy January 2013 Corporate Presentation

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