march 2012 pdac corporate 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: • Resource Growth • Strategic Opportunities

NYSE Amex: URG TSX: URE

Corporate Presentation PDAC March 2012

NYSE Amex: URG TSX: URE NYSE Amex: 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 long term effects on the uranium market of events in Japan in 2011 including supply and demand projection; the Company’s timeframe for events leading to and culminating in the commencement of production at Lost Creek; the technical and economic viability of the Lost Creek Project (including the projections contained in the preliminary economic analysis of the Lost Creek Property); receipt of (and related timing of) Record of Decision from the U.S. Bureau of Land Management related to the Lost Creek Property; the Lost Creek Project will advance to production and the production timeline; production rates, timetables at the Lost Creek Project; the Company’s procurement and construction plans at the Lost Creek Project; the ability to complete additional favorable uranium sales agreements; the potential of exploration targets on the LC North and LC South and on the Lost Creek Project area outside the current Lost Creek resource area; and the further exploration, development and permitting of exploration projects including Lost Soldier, the exploration properties in Nebraska and at Screech Lake. 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 17, 2011, 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, SME Registered Member, a Professional Geologist, and Qualified Person as defined by National Instrument 43-101, reviewed the technical information contained in this presentation.

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Ur-Energy At A Glance

Advanced Pre-Production Project at Lost Creek, Wyoming One approval remaining Construction anticipated to commence this summer

Low-Cost Uranium Production Center that will be Cash-Flow Positive in Current Market

Expanding Resources through Acquisition and Exploration

Low Technical, Political and Regulatory Risk Strategy

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


Ur-Energy’s Market Position Share Capital & Cash Position As of 10/24/11 Shares Outstanding 103.7M Stock Options & RSUs 6.5M Fully Diluted 110.2M

Market Cap (03/01/12) C$121.3M

Cash (09/30/11) C$28.8M Financing (2/23/12) C$17.25M Debt $0

Cash per share (09/30/11) ~C$0.30 Share price (03/01/12) C$1.17 52 Week Range C$.79 - $2.65 Avg. Daily Volume ~624,000 (3-mo URG & URE 03/01/12) Member of Russell 3000 & 2000 and S&P/TSX SmallCap Indexes

Geographical Distribution as of 6/30/11

United States ~48% Canada ~38% Other ~14%

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NYSE Amex: URG

TSX: URE


Analyst Coverage United States GVC Capital Mike Shonstrom (Denver, CO) 1 303-321-2392 Rodman & Renshaw Wayne Atwell (New York, NY) 1 212-356-0513

Canada Dundee Securities David A. Talbot (Toronto, ON) 1 416-350-3082 Haywood Securities Geordie Mark (Vancouver, BC) 1 604-697-6112 Raymond James 1 604-659-8282 RBC Capital Adam Schatzker (Toronto, ON) 1 416-842-7850

Australia Resource Capital Research Trent Allen (Sydney, NSW) 61 2-9252-9405

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.'s 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.

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The US Uranium Market The US produces ~ 4M lbs of uranium/yr1

The US consumes 55M lbs of uranium/yr1 contributing 20% of US electricity

October 2011 Nuclear Energy Institute survey shows two-thirds of Americans support nuclear energy

Ur-Energy is well positioned to capitalize on this opportunity

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Chart from U.S . Energy Information Administration 1 – U.S. Energy Information Administration


Post-Fukushima Nuclear Remains Positive*

U.S. NRC issued two Construction and Operation Licenses in Feb 2012 First nuclear power plant licenses in 30+ years

HEU Agreement to expire next year Provides 13% of world and 45% of US annual supply

96 new reactors are expected to go online worldwide by 2021 Even half of this growth represents a large growth potential

Russia, China and India represent 50% of new builds and have reaffirmed support for nuclear power

Last week, India announced plans for 20 new reactors by 2032

Saudi Arabia & the United Kingdom have announced plans to build 24 new reactors combined

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*According to World Nuclear Association



Growth of Nuclear Will Continue

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Num

ber

of R

eact

ors

Three Mile Island

Chernobyl

Fukushima 13 years, 11.3reactors per year

10 years, 10.2 reactors per year

8 years, 21.9 reactors per year

22 years, 4 reactors per year

Source: World Nuclear Association See Disclaimer re Forward-looking Statements and Projections (slide 2)

Historically, growth of nuclear power continued despite major accidents

Growth expected to continue beyond Fukushima at 10 reactors per year


Global Supply/Demand Imbalance

How will supply be able to expand to the extent necessary to meet growing demand levels in the post-Fukushima environment of uncertainty and low prices?

More damage done to uranium supply than uranium demand

Deliveries from the HEU Agreement end next year

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See Disclaimer re Forward-looking Statements and Projections (slide 2) Source: UxC Uranium Market Outlook


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 (Petroleum Engineer) John W. Cash, VP Regulatory Affairs, Exploration & Geology (Geologist & Geophysicist) Penne A. Goplerud, Corporate Secretary & General Counsel (JD)

* Founding Directors

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Industry Leading Team Highly Experienced Technical and Management Professionals

98 Years of Direct Uranium Production Experience ISR operations experience – Nebraska, Texas & Wyoming

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ISR – Low Impact Mining

CAMECO Smith Ranch ISR Mine Powder River Basin, Wyoming

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In-Situ Recovery (ISR) Uranium Mining

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

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Ur-Energy’s Wyoming Projects

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The Lost Creek Property

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

Lost Creek Project – 4,254 acres Adjoining Projects – 39,300 acres

These exploration targets are conceptual in nature. There has been insufficient exploration to define a mineral resource outside the current Lost Creek resource. It is uncertain if further exploration will result in the new target areas outside the Lost Creek resource being delineated as a mineral resource.

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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.

NI 43-101 Resource from Preliminary Economic Assessment of the Lost Creek Property, Sweetwater County, Wyoming (February 29, 2012) (posted on SEDAR and EDGAR) Measured – 2.9 Mlbs eU3O8 (in 2.69 Mt @ 0.055%) Indicated – 2.8 Mlbs eU3O8 (in 2.4 Mt @ 0.058% ) Inferred – 2.0 Mlbs eU3O8 (in 2.06 Mt @0.052% ) * Based on grade cutoff of 0.02 percent eU3O8 and a grade x thickness cutoff of 0.3 GT.

Lost Creek

Adjacent to Rio Tinto Sweetwater Mine/Complex (NRC Licensed Conventional Uranium Mill on Standby)

NYSE Amex: URG TSX: URE JK


Preliminary Economic Assessment 2012 PEA* Upgrades Resources, Confirms Economics

Mineral Resource Increase from 2011 PA

11% Increase in Measured and Indicated Resources 159% Increase in Inferred Resources (includes first resource

estimate at each of LC North and LC South)

Estimates Operating Costs less than US$20/ lb Lowest Quartile of all Uranium Producers

Estimates Total Production Cost at US$42.65/ lb Includes capital recovery

Project Internal Rate of Return (IRR) at 91%

Pre-Production Capital Costs of Only US$35M Remaining Lowest Quartile of all developing uranium production facilities Total project Capital Cost of US$59M

* NI 43-101 Preliminary Economic Assessment of the Lost Creek Property, Sweetwater County Wyoming – (February 29, 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 PA 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.


US$24M in CapEx Completed Mine Units 1 & 2 Delineated

MU #1 Monitor Well Ring Completed

Plant Engineering Completed

Drilled and Tested Class I UIC Well

Ordered Key Plant Equipment Ion Exchange Columns Elution Columns Filter Presses

Design/Build of Header House Building

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Ur-Energy’s Ion Exchange Columns

Interior of Ur-Energy’s Prototype Header House


Lost Creek Path to Production Site Permitting Started in 2006

Licenses and Permits Received US NRC License Wyoming DEQ Permit to Mine – Includes Approval of First Mine Unit WDEQ Class I UIC Permit (water disposal well) EPA Aquifer Exemption

One Remaining Regulatory Approval Needed US Bureau of Land Management Plan of Operations Environmental review process underway Record of Decision anticipated early summer 2012

Construction 6 – 9 month build-out

First Production Planned for second quarter next year

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February 2012 Property Acquisition

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Expect updated PEA incorporating new acquisition

Expansion of the resource base for processing facility at Lost Creek

Asset Exchange: No Cash Cost.

Ur-Energy possesses ~1,000 holes of historic drill data

Properties directly adjacent with Lost Creek Project boundaries

Two WY state mineral leases 175 federal mining claims Approx 5,250 acres



Lost Soldier – 12.2M M&I lbs U3O8

Can be licensed with NRC as amendment to Lost Creek license

M & I resource average 17.2 ft @ 0.065% U3O8

Average 240 feet deep

Leach efficiency 49% - 84%

Over 3700 drill holes define deposit 17 monitor/pump test wells installed

NI 43-101 Compliant Resource Measured & Indicated (M & I) – 12.2 Mlbs U3O8 (in 9.4 Mt @ 0.065% ) Inferred – 1.8 Mlbs U3O8 (in1.6 Mt @0.055% )

(From Figure 16-2, Technical Report on the Lost Soldier Project, Wyoming, C. Stewart Wallis, RPA, July 10, 2006 - posted on SEDAR)

(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, NWT Completed Audio-Magnetotelluric Geophysical Survey, and Soil Gas Hydrocarbon and Enzyme Leach Soil Geochemistry Analyses to Better Define Drill Targets

MegaTEM Survey

0 4 Kilometers

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Screech Lake



Sound Marketing Strategy

Balancing strategic and economic benefits of the spot/term 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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Targeting contracts with North American utilities

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


Ur-Energy’s Strong Position

Advanced Development at Lost Creek Permitting Process Nearing Completion

Low Cost Production Will Equal Strong Cash Flow ~US$20/lb direct operating cost Uranium Term Market is above $60/lb

Sound Uranium Marketing Strategy with Multiple Long- Term Sales Agreements in Place

Experienced Technical & Managerial Team

Strong Balance Sheet C$28.8 Million (9/30/12) C$17.25 Million Financing Completed in 2012

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Future Growth Opportunities

Resource Expansion through ongoing exploration and acquisition efforts

Increase Minable Resources that will be Accessible to the Lost Creek Processing Plant

Growth in the Production Profile Development of Currently Held Properties Acquisitions of New Properties Strategic Alliances

Exploration Properties in Western Nebraska

Monetizing Historic Databases

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Re-Rating Potential Stage EV/Lb

Producers $4.60

Developer URG

$1.47

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URG Upside vs. Producers 3X (+$3.13/Lb)

Source: Dundee (February 29, 2012)

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



Ur-Energy – Right Now!

Technical, Political and Regulatory Certainty

Advanced Pre-Production Project at Lost Creek Low-Cost Uranium Production Center that will be Cash-Flow Positive in Today’s Market Plant Construction Planned to Begin Summer 2012 Ramping up to Production Rate of 1M lbs/year

Signed Multiple Long Term Uranium Sales Agreements De-Risking Company Exposure to Volatile Marketplace

Re-Rating Likely as Ur-Energy Nears Production

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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 & 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 Amex: URG TSX: URE 28

march 2012 pdac corporate presentation

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