Ur-Energy April 2013 Corporate Presentation

April 2013
NYSE MKT: URG • TSX: URE

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 commissioning); the timing and outcome of the challenge to the BLM Record of Decision; the ability and timing of the Company to secure
project financing including the state bond process; the technical and economic viability of Lost Creek (including the projections contained in the preliminary analysis of
economics of the Lost Creek Property); 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 February 27, 2013
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., 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 the technical information contained in this presentation.

2

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 second half 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
 $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 2)

3

Ur-Energy’s Market Position
Share Capital & Cash Position NYSE MKT: URG
As of 2/27/13
Shares Outstanding 121.37M
Stock Options & RSUs 8.50M
Warrants .15M
Fully Diluted 130.02M

Market Cap (03/22/13) C$111.66M

Cash (12/31/12) C$17.9M

Cash per Share (12/31/12) ~C$0.148
Share Price (03/22/13) C$0.91
52 Week Range C$.64 - $1.29 TSX: URE
Avg. Daily Volume ~251,000
(3-mo URG & URE 03/22/13)

Member of S&P/TSX SmallCap Index

Geographical Distribution as of 6/30/12

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


4

Analyst Coverage

United States

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

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

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.


5

Experienced Management Team
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

6

Industry Leading Professionals
 Highly experienced technical and management team
 150 years of direct uranium production experience
 ISR operations experience – Nebraska, Texas, Wyoming & Kazakhstan

7

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
 Russia - 1, China - 4, UAE - 1,
*Source: UxC Uranium Market Outlook 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

8

Global Supply Picture is Dynamic

 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


9

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

 Ur-Energy is well positioned to capitalize on this opportunity

1U.S. Energy Information Administration

10

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
 Four term contracts secured with
North American utilities
 Exclusive representation by NuCore Energy, LLC in off-take
purchase agreement negotiations

11

Ur-Energy’s US Projects

12

In-Situ Recovery (ISR) Uranium Mining

 Environmentally sound production method
 Well understood by Wyoming state regulators
 Cost effective, low capital costs

13

The Lost Creek Property
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

 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

Many of these exploration targets remain conceptual in nature.
 Lost Creek Project – 4,254 permit acres
There has been insufficient exploration to define mineral resource
estimates at all such exploration targets. It is uncertain if further Adjoining projects – ~38,000 acres
exploration will result in the additional target areas being
delineated as further mineral resource.


14

Preliminary Economic Assessment
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.


15

Under Construction
 Groundbreaking October 2012
 Wyoming based contractor hired
 Nine month estimated build-out
 Construction initiated
 Processing plant
 First mine unit
 Auxiliary facilities
Deep Disposal Well
 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


16

Lost Creek Construction Highlights

Lost Creek Processing Plant Under Construction – March 15, 2013 Installed Vessels and Tanks for Uranium Recovery

Processing Plant Interior Construction Drilling Activities at Mine Unit 1

17

Pathfinder Mines Corporation
PMC holds Ur-Energy’s next production center
PATHFINDER  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

 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

18

Pathfinder Projects
 Brownfield properties, existing infrastructure, permits & licenses
 Awaiting WDEQ and NRC license transfers

 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.


19

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


20

Lost Soldier – 12.2M M&I lbs U3O8
 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%)

 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)


21

Screech Lake, Thelon Basin, NWT
MegaTEM Survey

Screech
Lake

0 4
Kilometers
 Completed audio-magnetotelluric geophysical survey, and soil gas
hydrocarbon and enzyme leach soil geochemistry analyses to better
define drill targets

22

Ur-Energy – Right Now!

 Growth oriented technical & management team
 Cash resources of C$17.9 million (12/31/12)
 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


23

Re-Rating Potential

Stage EV/Lb
Producers $4.60
URG $1.30
Source: Dundee (Feb 22, 2013)

URG Upside vs. Producers As Ur-Energy
 3X (+$3.30/Lb) nears production,
re-rating is likely


24

Ur-Energy’s Post Fukushima Accomplishments

 Completed licensing the Lost Creek Project
 Construction began October 2012
 Addition of strategic Lost Creek property positions
 45% expansion of Measured and Indicated resources
 42% increase in Inferred resources
 C$17.25 million project financing completed in 2012
 Agreement to acquire Pathfinder Mines
 Approx.15M lbs of estimated historic resources*

*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.


25

2013 Objectives & News Flow
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. Corporate finance – positive cash position
 Anticipated issuance of Wyoming Industrial Revenue Bond
 Forecasting additional needs

4. Growth in production profile
 Identify project priorities
 Act on priorities


26

Production Profile

 Ur-Energy’s strategy
 Production potential resources
 Economically recoverable resources
 Not simply “Pounds in the Ground”


27

Ur-Energy Projected Market Share

 US mines produce ~4M lbs of uranium/yr
 US utilities consume ~55M lbs of uranium/yr
 US estimated 2014 production = ~5M lbs/yr
 URG est. 2014 ~1M lbs/yr = 20% of US market share


28

Ur-Energy–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 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:
wayne.heili@ur-energy.com
jeff.klenda@ur-energy.com
rich.boberg@ur-energy.com

29

Ur-Energy April 2013 Corporate Presentation

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