Ur-Energy October 2013 Corporate Presentation

October 2013

NYSE MKT: URG • TSX: URE

DisclaimerThis presentation contains “forward-looking statements,” within the meaning of applicable securities laws, regarding events or conditions that may occur in the future. Suchstatements include without limitation the Company’s timeframe for events leading to and culminating in the completion of commissioning and ramp up of production at Lost Creek;the ability and timing of the Company to close on project financing including the state bond process; the technical and economic viability of Lost Creek (including the productionand cost projections contained in the preliminary analysis of economics of the Lost Creek Property); timing and completion of closing of the Pathfinder (PMC) transaction; theability to complete 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 following a closing at PMC projects andProperty (including the ability to expand resources); the further exploration, development and permitting of exploration projects including, following a closing, at PMC projects andproduction projections for 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-ratingof the Company will occur with production. These statements are based on current expectations that, while considered reasonable by management at this time, inherently involvea number of significant business, economic and competitive risks, uncertainties and contingencies. Numerous factors could cause actual events to differ materially from those inthe forward-looking statements. Factors that could cause such differences, without limiting the generality of the following, include: risks inherent in exploration activities; volatilityand 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 orpublic equity financings; imprecision in resource and reserve estimates; environmental and safety risks including increased regulatory burdens; unexpected geological orhydrological conditions; a possible deterioration in political support for nuclear energy; changes in government regulations and policies, including trade laws and policies; demandfor nuclear power; weather and other natural phenomena; delays in obtaining or failures to obtain required governmental environmental or other project approvals; and otherfor nuclear power; weather and other natural phenomena; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; and otherexploration, development, operating, financial market and regulatory risks. Although Ur-Energy Inc. believes that the assumptions inherent in the forward-looking statements arereasonable, 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 toupdate 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 andassumptions 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 anumber 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, possiblyg , p j p , p ymaterially, 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 February 27, 2013 which arefiled, 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)

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 Securitiesand 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 resourceswill 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 economicallyor legally minable.

John Cooper, Ur-Energy Project Geologist, P.Geo., SME Registered Member and Qualified Person as defined by National Instrument 43-101, and Catherine Bull,Ur-Energy Project Engineer, Wyoming P.E., SME Registered Member and Qualified Person as defined by National Instrument 43-101, reviewed and approved thetechnical information contained in this presentation.

NYSE MKT: URG • TSX: URE 2

Ur-Energy at a GlanceLost Creek is the newest uranium production facility in the world!

Production ramp up exceeding expectationsp p g p

Expanding resources through acquisition and exploration

Definitive agreement to acquire Pathfinder Mines C tiCorporation

Secured revenue stream through long term sales agreements

Value added Lost Creek financing$57 million in 2012 2013$57 million in 2012-2013

$17 million equity financing 02-12$5 million raised 03-13$20 million secured loan 06-13$15 million secured loan 08 13$15 million secured loan 08-13

Advancing application for $34 million Wyoming Industrial Revenue Bond

Listed on the Russell 3000 Index


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

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Ur-Energy’s Market PositionShare Capital & Cash Position

As of 9/1/13Shares Outstanding 122.47MS k O i & RSU 8 97M

NYSE MKT: URG

Stock Options & RSUs 8.97MWarrants 7.57MFully Diluted 139.01M

Market Cap (9/27/13) C$134.71M

Cash (6/30/13) C$12 4MCash (6/30/13) C$12.4MFunds Raised (8/27/13) US$15.0M

Cash per Share (6/30/13) ~C$0.10 Share Price (9/26/13) C$1.1352 Week Range C$ 70 - $1 41 TSX: URE52 Week Range C$.70 $1.41Avg. Daily Volume +766,000(3-mo URG & URE 9/27/13)

Member of S&P/TSX SmallCap Index

TSX: URE

Geographical Distribution as of 6/30/13

United States ~53% Canada ~23%Other ~24%



Analyst Coverage

Canada

Dundee Securities David A Talbot (Toronto ON) 1 416 350 3082Dundee 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

United States

Cantor Fitzgerald Rob Chang (Toronto, ON) 1.416.849.5008

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

Roth Capital Partners

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 atany 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 orpredictions of Ur-Energy Inc. or its management. Ur-Energy Inc. does not by its reference above or in any other manner imply its endorsementof or concurrence with such information, conclusions or recommendations.



Experienced Management Team

Board of DirectorsExecutive Directors

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

Non-Executive DirectorsW William Boberg * Former President & CEO (Professional Geologist)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)Thomas H. Parker, Chair-Audit Committee (Professional Engineer)

OfficersRoger 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


Industry Leading ProfessionalsHighly experienced technical and management team

160 years of direct uranium production experiencey p pISR operations experience – Nebraska, Texas, Wyoming & Kazakhstan


Nuclear Fuel Demand is Growing435 operable reactors world wide with 374 GWe capacity

Actual production demandIn 2012 world nuclear industry consumption was ~180 million lbs. and

d ti l 152 illi lbproduction was only ~152 million lbs.

Under construction and plannedToday there are approximately 66 nuclear plants under construction innuclear plants under construction in 13 countries, 160 planned and 319 proposed

Renewed prospect of restarting Japans reactor fleet with election of new

*Source: UxC Uranium Market Outlook

Renewed prospect of restarting Japans reactor fleet with election of new pro-nuclear government late in 2012

Saudi Arabia announced plans for 16 new reactors



Global Supply Picture is DynamicHEU 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

C rrent rani m market price does not incenti i e ne s pplCurrent 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

Cigar Lake, Olympic Dam, Trekkopje, Matoush, Langer Heinrich stage 4, Imouraren (?) and others

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



The US Uranium MarketUS demand is not met by US production

US mines produce ~ 4M lbs of uranium/yr1

US utilities consume ~55M lbs of uranium/yr1US utilities consume ~55M lbs of uranium/yr1

Ur-Energy is well positioned to capitalize on this opportunity

1 U.S. Energy Information Administration


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Sound Marketing Strategy

Six long term contracts secured with four United States nuclear utilitiesfour United States nuclear utilities

Contracts span 2013-2019 timeframe

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

Securing pricing that supports production plans for Lost Creek

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



Ur-Energy’s US Projects


In-Situ Recovery (ISR) Uranium Mining

Environmentally sound production methodWell understood by Wyoming state regulatorsCost effective low capital costs


Cost effective, low capital costs

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%)

* B d d t ff f 0 02% U O d GT t ff f 0 3

Updated technical report includes land added in 2012 and upgraded resources

* Based on grade cutoff of 0.02% eU3O8 and a GT cutoff of 0.3

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 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.



Preliminary Economic AssessmentApril 30, 2012 PEA* updates resources and economics

Extended life of mine to 8 – 10 years

Mineral resource increase from February 2012 PEA45% Increase in measured and indicated resources42% Increase in inferred resources

Estimates direct operating costs at US $16.12/lbLowest quartile of all uranium producersCost including sustaining development, approximately US$23.00/lbFull project capital cost recovery US$36.52/lb

Project internal rate of return (IRR) at 87%

Capital requirement in 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.



Lost Creek: In OperationsOperations commenced August 2013

Fully staffed for operationFully staffed for operationManagement personnelTechnical teamConstruction personnelO ti lOperations personnelMaintenance personnel

Lost Creek Processing Plant

Interior of Ur-Energy’s Header House Mine Unit 1



Lost Creek ProductionOperational ramp up success

Achieved target production rate withinAchieved target production rate within first two months of operation

Daily recovery exceeding 2,200 poundsAnnualized rate of 800,000 pounds

Ion Exchange Vessels for Uranium Recovery

Planned 4Q13 product deliveries

Twin Yellowcake DryersProcessing Plant Interior


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Processing Plant Interior

Pathfinder Mines Corporation

Definitive purchase agreement

PMC holds Ur-Energy’s next production center

PATHFINDERPATHFINDER p gwith AREVA signed in July 2012

Three major assets1 Projects: Shirley Basin &

PATHFINDERPATHFINDER

1. Projects: Shirley Basin & Lucky Mc

2. PMC’s extensive uranium exploration database

3. 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 fourth quarter of 2013



Pathfinder Projects and AssetsShirley Basin

Historic estimate of resources: >10 million lbs U3O8*High grade roll front deposit: average 0.21% U3O8; Shallow, ISR amenable mineralizationUranium resources can be converted to NI 43 101 compliantUranium resources can be converted to NI 43-101 compliantResources located on patented mining claims and state leases

Lucky Mc – Gas HillsHistoric estimate of resources: 4.7 million lbs U3O8*3 8Uranium resources can be converted to NI 43-101 compliantStrategic opportunities with nearby developers

Historic US uranium exploration databaseHundreds of project descriptions located in twenty-three statesMore than 15,000 drill logs; Technical and economic evaluations

ISR by-product disposal facilityFully licensed for operationFully licensed for operationMultiple contracts in-place; Cash generating – money savingScarce asset – 1 of 4 commercial facilities in the US

*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.



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%)I f d 1 8 Mlb U O

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%)

1.1 (17.2 ft @ 0.065% U3O8)

Shallow: 240 feet deep

Over 3 700 drill holes defineOver 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)



Ur-Energy – Right Now!Proven record of developing projects through to production

Low-cost uranium production center at Lost CreekProduction rates exceeding technical expectations

Growth oriented technical & management team

Agreement to acquire Pathfinder MinesA 15M lb f ti t d hi t i *Approx.15M lbs of estimated historic resources*

Multiple long-term uranium sales agreements Reducing Company exposure to volatile marketplace

US$45 million raised for ongoing Lost Creek construction and operationsSale of contracted future product deliveries March-13Secured loan June-13SSecured loan August-13

Re-rating likely as Ur-Energy commissions*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.



Re-Rating Potential

Stage EV/Lb

Producers $4.19

URG $3.03

Source: Dundee (August 28, 2013)

As Ur-Energy d ticommences production

re-rating is ongoing



Ur-Energy’s Production Strategy

Ur-Energy’s strategyProduction potential resources onlyProduction potential resources onlyEconomically recoverable resources Not simply “Pounds in the Ground”

US i dUS mines produce ~4M lbs of uranium/yr

US utilities consume ~55M lbs of uranium/yr

US estimated 2014 production ~5M lbs/yr~5M lbs/yr

URG estimated 2014 ~1M lbs/yr 20% of US market share



2013 Objectives & News Flow1. Advance Lost Creek to nameplate production

Completed constructionExpand NI 43 101 compliant resourcesExpand NI 43-101 compliant resources

2. Pathfinder MinesClose transactionTransition to operating and regulatory activitiesTransition to operating and regulatory activitiesBring resources to NI 43-101 compliance

3. Corporate finance – positive cash positionAnticipated issuance of Wyoming Industrial Revenue BondAnticipated issuance of Wyoming Industrial Revenue BondUS$20.0 million RMBAH Secured Loan Facility (paid down when State Bond closes)US$15.0 million RMBAH Secured Loan Facility (to be repaid when State Bond closes)

4 Growth in production profile4. Growth in production profileIdentify project prioritiesAct on priorities



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:Ur-Energy Corporate OfficeUr Energy Corporate Office10758 W. Centennial Rd., Suite 200Littleton, CO 80127 USA

By Phone:Office 720.981.4588Toll-Free 866.981.4588Fax 720.981.5643

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


Ur-Energy October 2013 Corporate Presentation

Technology

exploration projects

exploration development

production projections

forwardlooking statements

uranium market of events

demand projections

future events

mineral resources