December 2012 Ur-Energy Corporate Presentaion

N YSE Am ex : 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:
• Low Cost U.S. Uranium Production
• Resource Growth
• Strategic Opportunities

Corporate P resentation
Decem ber 2011

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 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, and all other necessary permits related to the Lost
Creek Project; the Lost Creek Project will advance to production and the production timeline; production rates, timetables and methods of recovery 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 Screech Lake. With regard to discussion of the potential of exploration targets, at LC North, LC South and on the Lost
Creek Project outside the current resource area, it should be noted that there has been insufficient exploration yet to define a mineral resource at these
exploration targets. Further, it is uncertain if additional exploration will result in the exploration targets being delineated as a mineral resource. 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.

2 N YSE Am ex : UR G TSX : UR E

Ur-Energy At A Glance
Advanced Pre-Production Project at Lost Creek, Wyoming
4-Years invested in the regulatory process
One approval remaining

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

Expanding Resources through Exploration and Acquisition

Low Technical, Political and Regulatory Risk Strategy

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


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

Market Cap (12/14/11) C$96.4M

Cash (09/30/11) C$28.8M
Debt $0
Cash per share (09/30/11) ~C$0.30
Share price (12/14/11) C$0.92 TSX: URE
52 Week Range C$.75 - $3.35
Avg. Daily Volume ~560,000
(3-mo URG & URE 12/14/11)

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%


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 Bart Jaworski (Vancouver, BC) 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.


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
In 2010, the 10-year forward cumulative unfilled uranium requirement of US
utilities was 274M lbs2
Ur-Energy is well positioned to capitalize on this opportunity

Chart from U.S . Energy Information Administration
1 – Northwest Mining Association
2 – U.S. Energy Information Administration


Post-Fukushima Nuclear Remains Positive*

HEU Agreement to expire 2013
Provides 13% of world and 45% of US annual supply

63 reactors remain under construction

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

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

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

*According to World Nuclear Association



Growth of Nuclear Will Continue
Historically, growth of nuclear power continued despite major accidents
Growth expected to continue beyond Fukushima at 10 reactors per year
10 years, 10.2
reactors per
year
Number of Reactors

22 years, 4
reactors per
year

8 years, 21.9
reactors per
year

Fukushima
13 years,
11.3reactors Chernobyl
per year
Three Mile Island

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


Supply/Demand Imbalance Grows
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
HEU Program expires in 2013 with no extension being considered

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


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, Geology & Exploration (Geologist & Geophysicist)
Penne A. Goplerud, Corporate Secretary & General Counsel (JD)

* Founding Directors


Industry Leading Team
Highly Experienced Technical and Management
Professionals

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


ISR – Low Impact Mining

CAMECO Smith Ranch ISR Mine
Powder River Basin, Wyoming


In-Situ Recovery (ISR) Uranium Mining

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


Ur-Energy’s Wyoming Projects


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 – 29,540 acres
Historic Drilling on Adjoining Projects
Multiple roll fronts defined by
725 drill holes
50-60 mineralized holes on LC
Property with grades similar to
Lost Creek resource
Additional drilling of 2000-3000 holes
recommended at a cost of US$15M -
20M (~US$7,500/hole)
These exploration targets are conceptual in nature. There has been insufficient
exploration to define a mineral resource outside the current Lost Creek
See Disclaimer re Forward-looking Statements and Projections resource. It is uncertain if further exploration will result in the new target areas
(slide 2) outside the Lost Creek resource being delineated as a mineral resource.


Lost Creek

Rio Tinto Sweetwater Mill – 3 miles south
(NRC Licensed Conventional Uranium Mill on Standby)

JK

NYSE Amex: URG TSX: URE

Lost Creek Project – Moving Towards Production
Discovered in the1970s
563 drill holes Leach Efficiency - 80%
Industry Avg. - ~70%
Ur- Energy: 2005-2010 (Recovery Rate)
1,096 drill holes Pump Test Results - >30-50gpm
728,757 ft (222,125 meters) Industry Avg. - 15gpm
(Good Porosity = Cost Savings)
2011 Drilling program
Discovery of ore grade
mineralization within M & N
horizons

NI 43-101 Resource from Prelim inary Assessm ent Lost
Creek Property Sw eetw ater County W yom ing – TR EC &
Behre Dolbear (M arch 16, 2011) (posted on SEDAR )

Measured – 2.54 Mt @ 0.052% (2.7 Mlbs eU3O8)
Indicated – 2.2 Mt @ 0.060% (2.6 Mlbs eU3O8)
Inferred – 0.77 Mt @0.051% (0.8 Mlbs eU3O8)
* Based on grade cutoff of 0.02 percent eU3O8 and a grade x
thickness cutoff of 0.3 GT.
See Disclaimers (slide 2)


Lost Creek Preliminary Assessment
2011 PA* Confirms Robust Economics
Estimates Operating Costs less than US$20 / lb
Lowest Quartile of all Uranium Producers

Production Rate: 1M lbs U3O8 per year
Estimates Total P roduction Cost at US$42.65/ lb
Includes capital recovery

Project Internal Rate of Return (I RR ) at 91%
Pre-Production Capital Costs of Only US$35M Rem aining
Lowest Quartile of all developing uranium production facilities
Includes 1M lb/yr plant, 2 disposal wells, initial wellfield and 10% contingency
Total project Capital Cost of US$59M

Cautionary Statement: This PA 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.
* N I 43-101 P relim inary Assessm ent Lost Creek P roperty Sw eetw ater
See Disclaimer re Forward-looking Statements and Projections (slide 2) County W yom ing – TR EC & Behre Dolbear (M arch 16, 2011)
(posted on SEDAR )


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 Ur-Energy’s Ion Exchange Columns

Ion Exchange Columns
Elution Columns
Filter Presses

Design/Build of Header House
Building

Interior of Ur-Energy’s Prototype Header House


Lost Creek Infrastructure Advantage
Lost Creek Processing Plant
Model = Cost Savings
Expandable Resource Base
No need for Satellite facilities

Hub & Spoke (multi-Satellite)
Model Not Preferred
Permitting Intensive
Capital Intensive
Higher Operating Costs
Requires Large Resource Base
Additional Transportation Cost

Common Development Requirements
Production Permits
On-site Recovery Plant
Wastewater Disposal Capacity

See Disclaimer (slide 2)


Lost Creek Path to Production
Site Permitting Started in 2006
Granted Licenses and Permits
Wyoming DEQ Permit to Mine
US NRC License
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 to be complete early summer 2012

Construction
6 – 9 month build-out

First Production
Planned for second quarter 2013


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

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

NI 43-101 Compliant Resource
Measured & Indicated (M & I) – 9.4 Mt @ 0.065% (12.2 Mlbs U3O8)
Inferred – 1.6 Mt @0.055% (1.8 Mlbs U3O8)
(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 Target

MegaTEM Survey

Screech
Lake

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

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

Uranium Friendly Mining Jurisdictions

Experienced Technical & Managerial Team

Strong Balance Sheet
C$28.8Million (09/30/11)



Future Growth Opportunities
Exploration Properties in Western Nebraska
Resource Expansion through ongoing exploration 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

Monetizing Historic Databases



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
Initial Production Rate of 1M lbs/year

Signed Initial Long Term Uranium Sales Agreement
De-Risking Company Exposure to Volatile Marketplace

Re-Rating Likely as Ur-Energy nears Production



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

27 NYSE Amex:: URG
N YSE Am ex UR G TSX::URE
TSX UR E

December 2012 Ur-Energy Corporate Presentaion

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December 2012 Ur-Energy Corporate Presentaion