ur-energy may 2013 corporate presentation

May 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 commencement of production at Lost Creek (including construction,commissioning and start up); the ability and timing of the Company to close on project financing including the state bond process and the RMBAH secured facility; the technicaland economic viability of Lost Creek (including the production and cost projections contained in the preliminary analysis of economics of the Lost Creek Property); timing andcompletion of closing of the Pathfinder transaction; the ability to complete additional favorable uranium sales agreements and ability to reduce exposure to volatile market; thepotential of exploration targets throughout the Lost Creek Property (including the ability to expand resources); the further exploration development and permitting of explorationpotential of exploration targets throughout the Lost Creek Property (including the ability to expand resources); the further exploration, development and permitting of explorationprojects including, following a closing, at PMC projects and production projections for PMC projects; the long term effects on the uranium market of events in Japan in 2011including 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, whileconsidered 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 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 for nuclearenergy; changes in government regulations and policies including trade laws and policies; demand for nuclear power; weather and other natural phenomena; delays in obtainingenergy; changes in government regulations and policies, including trade laws and policies; demand for nuclear power; weather and other natural phenomena; delays in obtainingor 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 ofnew 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 ap g y gy , g p y y jnumber 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, possiblymaterially, 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 GlanceAdvanced pre-production project at Lost Creek, Wyoming

Fully licensed and under constructionFirst production forecast for third quarter 2013First production forecast for third quarter 2013

Expanding resources through acquisition and exploration

Definitive agreement to acquire Pathfinder Mines g qCorporationContinued expansion at the Lost Creek Property

Secured revenue stream through long term sales agreements

V l dd d i fi iValue added construction financing$27.25 million in 2012-2013

$17.0 million top-up financing 02-12$5.1 million raised 03-13$5 0 illi b id l 05 13$5.0 million bridge loan 05-13

Advancing application for $34 million Wyoming Industrial Revenue Bond

$20.0 million RMBAH Secured Loan Facility


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

3

Ur-Energy’s Market PositionShare Capital & Cash Position

As of 5/14/13Shares Outstanding 122.37MS k O i & RSU 9 06M

NYSE MKT: URG

Stock Options & RSUs 9.06MWarrants .15MFully Diluted 131.58M

Market Cap (5/15/13) C$108.02M

Cash (3/31/13) C$7 3MCash (3/31/13) C$7.3MFunds Raised (5/14/13) US$5.0M

Cash per Share (3/31/13) ~C$0.06 Share Price (5/15/13) C$0.9052 Week Range C$ 64 - $1 21 TSX: URE52 Week Range C$.64 $1.21Avg. Daily Volume ~141,700(3-mo URG & URE 5/15/13)

Member of S&P/TSX SmallCap Index

TSX: URE

Geographical Distribution as of 6/30/12

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



Analyst Coverage

United States

Roth Capital Partners Brian Post (New York, NY) 1.949.720.7178

CanadaCanada

Dundee Securities David A. Talbot (Toronto, ON) 1.416.350.3082

Haywood Securities Colin Healey (Vancouver, BC) 1.604.697.7400

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

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 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 production was only ~152 million lbsproduction 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

Saudi Arabia & the United Kingdom combined have announced plans to

*Source: UxC Uranium Market Outlook

build 24 new reactors

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



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

Six largest conventional projects between 2013-2020 cancelled or shelved = 60 million lbs. supply lost*

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

*February 2013 Dundee Supply Report



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


gy

10


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 marketmarket

Securing pricing that supports development plans for the Lost Creek project

Four term contracts secured with North American utilities

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

North American utilities



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 operating costs at US $16.12/lbLowest quartile of all uranium producersSustaining capital approximately US$23.00/lbFull 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.



Under ConstructionConstruction initiated October 2012

Wyoming based contractor hiredNine month estimated build outNine month estimated build-outCommissioning inspection scheduled

Capital Requirement (PEA April 2012)Process plant: $18 8MProcess plant: $18.8MInitial production area: $4.7MDisposal well installation: $6.4MInfrastructure: $1.7M

Deep Disposal Well

Staffed for operationManagement personnelOperations and maintenance personnelConstruction personnel

Interior of Ur-Energy’s Header House



Lost Creek Construction Highlights

Lost Creek Processing Plant Under Construction Installed Vessels and Tanks for Uranium Recovery

D illi A ti iti t Mi U it 1


Drilling Activities at Mine Unit 1

17

Processing Plant Interior Construction

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 first half of 2013



Pathfinder ProjectsBrownfield properties, existing infrastructure, permits & licenses

Awaiting WDEQ and NRC license transfers

Low holding costsResources located on patented mining claims and state leases

Shirley Basin yHistoric estimate of resources: >10 million lbs U3O8*High grade roll front deposit: average 0.21% U3O8Uranium resources can be converted to NI 43-101 compliantShallow ISR amenable mineralizationShallow, ISR amenable mineralization

Lucky Mc – Gas HillsHistoric estimate of resources: 4.7 million lbs U3O8*Uranium resources can be converted to NI 43 101 compliantUranium resources can be converted to NI 43-101 compliantStrategic 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 Assets

Historic US uranium exploration databaseHundreds of project descriptions located in twenty three statesHundreds of project descriptions located in twenty-three statesExploration reports dating back as far back as the 1960sMore than 15,000 drill logsTechnical and economic evaluationsTechnical and economic evaluations

ISR by-product disposal facilityFully licensed for operationMultiple contracts in placeMultiple contracts in-placeCash generating – money savingScarce asset – 1 of 4 commercial facilities in the US



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)



Screech Lake, Thelon Basin, NWTMegaTEM Survey

ScreechLake

0 4Kilometers

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



Ur-Energy – Right Now!Fully licensed pre-production project at Lost Creek

Low-cost uranium production centerProduction commencing in third quarter 2013Production commencing in third quarter 2013

Growth oriented technical & management team

Agreement to acquire Pathfinder MinesAgreement to acquire Pathfinder MinesApprox.15M lbs of estimated historic resources*

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

US$10.1 million raised for ongoing Lost Creek ConstructionSale of contracted future product deliveries 3-25-13Bridge loan 5-13-13Bridge loan 5 13 13

Re-rating likely as Ur-Energy nears production*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 $4.10

URG $1.72

Source: Dundee (May 2, 2013)

As Ur-Energy d ti

URG Upside vs. Producersnears production, re-rating is likely

2X (+$2.40/Lb)



Ur-Energy’s Production StrategyUr-Energy’s strategy

Production potential resourcesEconomically recoverable resources Not simply “Pounds in the Ground”

US mines produce ~4M lbs of uranium/yr

US utilities consumeUr-Energy US utilities consume ~55M lbs of uranium/yr

US estimated 2014 production 1.00

2.00

Lbs/

year

Ur Energy Estimated Production

Shirley Basin

~5M lbs/yrURG estimated 2014 ~1M lbs/yr 20% of US market share

0.002013 2014 2015 2016 2017M

illio

n

Year

Lost Creek



2013 Objectives & News Flow1. Advance Lost Creek to production

Complete constructionExpand NI 43-101 compliant resources

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

3. Corporate finance – positive cash positionAnticipated issuance of Wyoming Industrial Revenue BondUS$20.0 million RMBAH Secured Loan Facility

4. 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 may 2013 corporate presentation

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