Ur-Energy October 12, 2012 Webcast 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 Webcast October 12, 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 startup); the technical and economic viability of the Lost Creek Property (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 bonds 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 results of the current exploration program; the ability to convert the historic estimates of Pathfinder into NI 43-101 compliant resources; 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 approval on October 5, 2012 Construction to commence this month 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)


2012 Growth Objectives 1. Advance Lost Creek toward Production

Complete regulatory licensing Initiate construction

2. Resource Expansion Increase minable resources that will be accessible to the Lost Creek processing plant

3. Growth in Production Profile Development of plans for second production site Acquisition and exploration with focus on production potential

4. Marketing Strategy Develop relationships and sales agreements with US utilities

5. Corporate Finance Strategy Methods, timing, pricing Minimize dilution

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Ur-Energy’s Achievements

1. Completed Licensing the Lost Creek Project Ready for construction

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 US Projects

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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)



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.



Shovel Ready

Plant Engineering Completed Groundbreaking in October 2012 Nine month estimated build-out

Purchased Key Plant Equipment Ion Exchange & Elution Columns Process Tanks and Equipment Header Houses

Pre-Production Capital 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

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Ur-Energy’s Ion Exchange Columns

Interior of Ur-Energy’s Prototype Header House



Lost Creek Path to Production

Received Record of Decision from BLM on October 5, 2012 Final authorization 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 (for injection into mine units)

Construction: 6-9 months for build out and commissioning Starting in October 2012

First Production Anticipated early in the second half of 2013 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 completed, 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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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 – Right Now! Growth Oriented Technical & Management Team

Strong Balance Sheet C$35.7 Million (06/30/12)

Advanced Pre-Production Project at Lost Creek Low cost uranium production center Project construction planned to begin this month

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 $4.29

URG $1.88

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URG Upside vs. Producers 2X (+$2.41/Lb)

Source: Dundee (Oct 10, 2012)

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



Ur-Energy’s News Flow

Construction at Lost Creek Project

Project Finance Wyoming Industrial Revenue Bond Issuance

Expanding Resources Closing of Pathfinder Mines Acquisition Exploration Results

Uranium Production!

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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 20

Ur-Energy October 12, 2012 Webcast Presentation

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