September 2012 Corporate Presentation

N YSE M KT: UR G TSX : UR E

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

Corporate Presentation
Septem ber 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 long term effects on the uranium market of events in Japan in 2011
including supply and demand projections; the Company’s timeframe for events leading to and culminating in the commencement of production at
Lost Creek (including procurement, construction); the technical and economic viability of the Lost Creek Project (including the projections
contained in the preliminary analysis of economics of the Lost Creek Project); receipt of (and related timing of) Record of Decision from the U.S.
Bureau of Land Management related to Lost Creek; 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; and the further exploration, development and permitting of exploration projects including Lost Soldier, the Nebraska
property, Screech Lake and, following a closing, at PMC projects; 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.

2 N YSE M KT: UR G TSX : UR E

Ur-Energy At A Glance
Re-Rating is Likely as URG Nears Production
Advanced Pre-Production Project at Lost Creek, Wyoming
Final EIS received from BLM on August 17, 2012
Record of Decision (ROD) expected to be signed after 30 day NOA
Construction anticipated to commence September/October
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
Strong Balance Sheet
See Disclaimer re Forward-looking Statements and Projections (slide 2)


Ur-Energy’s Market Position
Share Capital & Cash Position
NYSE MKT: URG
As of 07/26/12
Shares Outstanding 121.1M
Stock Options & RSUs 8.0M
Fully Diluted 129.1M
Market Cap (09/06/12) C$115.03M
Cash (06/30/12) C$35.7M
Debt $0

Cash per share (06/30/12) ~C$0.295
Share price (09/06/12) C$0.96
52 Week Range C$.64 - $1.49
Avg. Daily Volume ~660,000 TSX: URE
(3-mo URG & URE 09/06/12)

Member of S&P/TSX SmallCap Index

Geographical Distribution as of 6/30/12

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


Analyst Coverage

United States
Roth Capital Partners Michael Legg (New York, NY) 1 646 358 1917

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.


Experienced Management Team
Board of Directors

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

Non-Ex ecutive 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


Industry Leading Professionals
Highly Experienced Technical and Management Team
113 Years of Direct Uranium Production Experience
ISR operations experience – Nebraska, Texas & Wyoming


Nuclear Fuel Demand is Growing

US NRC approved four new construction & operation licenses this
year (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

63 new reactors under construction

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

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



Global Supply Picture is Dynamic
Today’s capital markets present a significant obstacle
to development of new large scale mining centers

Current prices do not incentivize new supply
development or sustain high cost conventional
producers

Large scale production growth is being curtailed for
the foreseeable future
Olympic Dam expansion delayed
Kintyre shelved
No new growth for Paladin under $85/pound

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


The US Uranium Market
US Demand is not met by US Production
The US mines produce ~ 4M lbs of uranium / yr 1
The US utilities consume 55M lbs of uranium / yr 1
Ur-Energy is well positioned to capitalize on this opportunity

See Disclaimer re Forward-looking Statements and Projections (slide 2) 1 – U.S. Energy Information Administration


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


Ur-Energy’s US Projects


ISR – Low Impact Mining

CAMECO Smith Ranch ISR Mine
Powder River Basin, Wyoming


Lost Creek ISR Project

Ur-Energy’s Flagship Property
Growing Resources
Shovel Ready Uranium ISR Mine
Licensed for Production*
Low Projected Operating Costs
Low Pre-Production Capital Cost
* Anticipating Final BLM approval in September, 2012



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 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

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.


Lost Creek

Adjacent to Rio Tinto Sweetwater Mine Complex
(NRC licensed conventional uranium mill)

JK

16 NYSE MKT: URG TSX: URE

2012 Property Acquisition

Asset Exchange
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
Properties directly adjacent to Lost Creek
Project boundaries



Preliminary Economic Assessment
April 30, 2012 PEA* Updates Resources and Economics
Mineral Resource Increase from February 2012 PEA
45% I ncrease in Measured and Indicated Resources
42% I ncrease in Inferred Resources

Estimates Operating Costs at US$16.12/ lb
Lowest quartile of all uranium producers

Project Internal Rate of Return (I RR ) at 87%
Pre-Production Capital Costs of Only US$31.6M Rem aining
Lowest quartile of all developing uranium production facilities

Extended Life of Mine to 8-10 years
* P relim inary Econom ic Assessm ent of the Lost Creek P roperty, Sw eetw ater County,
W yom ing P repared 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.


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 Ur-Energy’s Ion Exchange Columns

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


Moving to Production
 Final EIS received from BLM on August 17, 2012
30 day Notice of Availability (NOA) period ends Sept. 17, 2012
Record of Decision (ROD) expected to be signed shortly after

 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

Construction: 9 month build-out
First Production
Planned for second quarter next year
Ramp-up to 1 million pound per year production rate



Pathfinder Mines Corporation
PMC holds Ur-Energy’s Next Production Center
Definitive Purchase Agreement with
Cogema Resources signed in July,
2012 PATHFINDER
Includes Shirley Basin & Lucky Mc
projects located in historic uranium
production centers

Over 71 million pounds U3O8
produced by PMC

PMC’s extensive exploration
database included

Purchase Price: US$13.25 million

Transaction expected to close in first quarter of 2013


Shirley Basin Property Snapshot
Located in the Historic Shirley Basin Mining District
Historic estimate of resources: >10 million lbs U3O8*
High grade roll front deposit: average 0.21% U3O8
Based on historic reports and drilling results*
Uranium resources can be converted to NI 43-101 compliant
Shallow, ISR amenable mineralization
Main mineral trend located on patented mining claims
Low holding costs and free of royalty interests
Brownfield property with existing infrastructure, permits and
licenses
Licensed ISR by-product disposal facility
*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.



Lucky Mc Property Snapshot
Located in the Gas Hills Uranium District
2nd largest historical producing district in the US
Historic estimate of resources: 4.7 million lbs U3O8*
Based on historic reports and drilling results*
Uranium resources can be converted to NI 43-101 compliant
Low holding costs
Resources on patented mining claims and state leases
Existing infrastructure and mining permits
Strategic opportunities with nearby developers
Cameco and Strathmore
*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 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)



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

Screech
Lake

See Disclaimer re Forward-looking Statements and Projections (slide 2) 0 4
Kilometers

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 by October 2012

Signed Multiple Long-Term Uranium Sales Agreements
Reducing Company exposure to volatile marketplace

Re-rating Likely as Ur-Energy Nears Production



Re-Rating Potential
Stage EV/Lb

URG Upside vs. Producers Producers $4.41
 3X (+$3.02/Lb) URG $1.39
Source: Dundee (Aug 23, 2012)

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



Company Growth Objectives
Advance Lost Creek to Production
Nameplate production of 1 Million Lbs in 2014

Resource Expansion Through Ongoing Exploration Efforts
Increase minable resources that will be accessible to the Lost
Creek processing plant
Exploration properties in Wyoming and Western Nebraska

Growth in Production Profile
Development of second production site at Shirley Basin
Proven acquisition strategy with focus on production potential

Monetizing Historic Exploration Databases
Data is a valuable commodity for Explorers and Developers



Ur-Energy’s News Flow
Final Regulatory Approval
Record of Decision (ROD) expected to be
signed September 2012

Construction at Lost Creek Project
Expected start September/October 2012

Expanding Resources
Acquisition
Exploration



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: wayne.heili@ur-energyusa.com
jeff.klenda@ur-energyusa.com
rich.boberg@ur-energyusa.com

30 NYSE M KT: URG
N YSE MKT: UR G TSX:: URE
TSX UR E

September 2012 Corporate Presentation

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