Ur-Energy July 2013 Corporate Presentation

July 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 construction,
commissioning and start up); 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 production and cost projections contained in the preliminary analysis of economics of the Lost Creek Property); timing and completion of closing of the
Pathfinder (PMC) 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 includingtargets throughout the Lost Creek Property (including the ability to expand resources); the further exploration, development and permitting of exploration projects 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 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 requiredregulations 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 ap g y gy , g p y y j
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
Fully licensed and under construction
First production forecast for third quarter 2013First production forecast for third quarter 2013
Expanding resources through acquisition and
exploration
Definitive agreement to acquire Pathfinder Minesg q
Corporation
Continued expansion at the Lost Creek Property
Secured revenue stream through long term sales agreements
V l dd d i fi iValue added construction financing
$42 million in 2012-2013
$17 million equity financing 02-12
$5 million raised 03-13
$20 illi d l 06 13$20 million secured loan 06-13
Advancing application for $34 million Wyoming Industrial Revenue Bond
List on the Russell 3000 Index
See Disclaimer re Forward-looking Statements and Projections (slide 2)
3

Ur-Energy’s Market Position
Share Capital & Cash Position
As of 5/14/13
Shares Outstanding 122.37M
S k O i & RSU 9 06M
NYSE MKT: URG
Stock Options & RSUs 9.06M
Warrants 4.47M
Fully Diluted 135.90M
Market Cap (7/5/13) C$161.42M
Cash (3/31/13) C$7 3MCash (3/31/13) C$7.3M
Funds Raised (6/24/13) US$20.0M
Cash per Share (3/31/13) ~C$0.06
Share Price (7/5/13) C$1.32
52 Week Range C$ 64 - $1 37 TSX: URE52 Week Range C$.64 $1.37
Avg. Daily Volume ~343,000
(3-mo URG & URE 7/5/13)
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
R th C it l P t B i P t (N t B h CA) 1 949 720 7178Roth Capital Partners Brian Post (Newport Beach, CA) 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
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
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
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)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)
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
160 years of direct uranium production experiencey p p
ISR operations experience – Nebraska, Texas, Wyoming & Kazakhstan
7

Nuclear Fuel Demand is Growing
435 operable reactors world wide
with 374 GWe capacity
Actual production demand
In 2012 world nuclear industry
consumption was ~180 million lbs. and
production was only ~152 million lbsproduction was only 152 million lbs.
Under construction and planned
Today 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
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
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
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/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
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
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
Cost effective, low capital costs

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%)
* 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 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.
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 direct operating costs at US $16.12/lb
Lowest quartile of all uranium producers
Cost including sustaining development, approximately US$23.00/lb
Full 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.
15

Under Construction
Construction
I iti t d O t b 2012Initiated October 2012
Fully funded
Wyoming based contractor
Estimated completion this month
Fully Staffed for Operation
Management personnel
Deep Disposal Well
Technical team
Construction personnel
Operations personnel
Maintenance personnelMaintenance personnel
Interior of Ur-Energy’s Header House
16

Lost Creek Construction Highlights
Lost Creek Processing Plant Installed Vessels for Uranium Recovery
Mi U it 1
Mine Unit 1
17
Processing Plant Interior

Pathfinder Mines Corporation
Definitive purchase agreement
PMC holds Ur-Energy’s next production center
PATHFINDERPATHFINDER p g
with AREVA signed in July 2012
Three major assets
1 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 third quarter 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 Basiny
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 mineralizationShallow, 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 compliantUranium 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 statesHundreds 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 evaluationsTechnical and economic evaluations
ISR by-product disposal facility
Fully licensed for operation
Multiple contracts in placeMultiple 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%)
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)
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!
Fully licensed pre-production project at Lost Creek
Low-cost uranium production center
Production commencing in third quarter 2013Production commencing in third quarter 2013
Growth oriented technical & management team
Agreement to acquire Pathfinder MinesAgreement to acquire Pathfinder Mines
Approx.15M lbs of estimated historic resources*
Multiple long-term uranium sales agreements
Reducing Company exposure to volatile marketplaceReducing Company exposure to volatile marketplace
US$25 million raised for ongoing Lost Creek Construction
Sale of contracted future product deliveries March-13
Secured loan June-13Secured loan June 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.
23

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. Producers
nears production,
re-rating is likely
2X (+$2.40/Lb)
24

Ur-Energy’s Production Strategy
Ur-Energy’s strategy
Production potential resourcesProduction potential resources
Economically recoverable resources
Not simply “Pounds in the Ground”
US i dUS mines produce
~4M lbs of uranium/yr
US utilities consumeUr-Energy
~55M lbs of uranium/yr
US estimated 2014 production
~5M lbs/yr
1.00
2.00
nLbs/year
Ur Energy
Estimated Production
Shirley Basin
~5M lbs/yr
URG estimated 2014 ~1M lbs/yr
20% of US market share
0.00
2013 2014 2015 2016 2017
Millio
Year
Lost Creek
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
US$20.0 million RMBAH Secured Loan Facility
4. Growth in production profile
Identify project priorities
Act on priorities
26

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 OfficeUr 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:By E mail:
wayne.heili@ur-energy.com
jeff.klenda@ur-energy.com
rich.boberg@ur-energy.com
27

Ur-Energy July 2013 Corporate Presentation

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