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NYSE MKT: URG • TSX: URE

June 2013. NYSE MKT: URG • TSX: URE. Disclaimer.

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NYSE MKT: URG • TSX: URE

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  1. June 2013 NYSE MKT: URG • TSX: URE

  2. 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 limitationthe 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 and the RMBAH secured facility; 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 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, 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 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.

  3. Ur-Energy at a Glance • Secured revenue stream through long term sales agreements • Value added construction financing • $27.25 million in 2012-2013 • $17.0 million top-up financing 02-12 • $5.1 million raised 03-13 • $5.0 million bridge loan 05-13 • Advancing application for $34 million Wyoming Industrial Revenue Bond • $20.0 million RMBAH Secured Loan Facility See Disclaimer re Forward-looking Statements and Projections (slide 2) • Advanced pre-production project at Lost Creek, Wyoming • Fully licensed and under construction • First production forecast for third quarter 2013 • Expanding resources through acquisition and exploration • Definitive agreement to acquire Pathfinder Mines Corporation • Continued expansion at the Lost Creek Property

  4. Ur-Energy’s Market Position Share Capital & Cash Position As of 5/14/13 Shares Outstanding 122.37M Stock Options & RSUs 9.06M Warrants .15M Fully Diluted 131.58M Market Cap (6/7/13) C$134.72M Cash (3/31/13) C$7.3M Funds Raised (5/14/13) US$5.0M NYSE MKT: URG Cash per Share (3/31/13) ~C$0.06 Share Price (6/7/13) C$1.11 52 Week Range C$.64 - $1.22 Avg. Daily Volume ~168,000 (3-mo URG & URE 6/7/13) Member of S&P/TSX SmallCap Index TSX: URE Geographical Distribution as of 6/30/12 United States ~46% Canada ~40% Other ~14% See Disclaimer re Forward-looking Statements and Projections (slide 2)

  5. Analyst Coverage See Disclaimer re Forward-looking Statements and Projections (slide 2) 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.

  6. 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

  7. Industry Leading Professionals • Highly experienced technical and management team • 160 years of direct uranium production experience • ISR operations experience – Nebraska, Texas, Wyoming & Kazakhstan

  8. Nuclear Fuel Demand is Growing *Source: UxC Uranium Market Outlook • 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 See Disclaimer re Forward-looking Statements and Projections (slide 2) • 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 lbs. • Under construction and planned • Today there are approximately 66 nuclear plants under construction in 13 countries, 160 planned and 319 proposed

  9. Global Supply Picture is Dynamic *February 2013 Dundee Supply Report See Disclaimer re Forward-looking Statements and Projections (slide 2) • 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 • 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

  10. The US Uranium Market 1U.S. Energy Information Administration See Disclaimer re Forward-looking Statements and Projections (slide 2) • 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

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

  12. Ur-Energy’s US Projects

  13. In-Situ Recovery (ISR) Uranium Mining • Environmentally sound production method • Well understood by Wyoming state regulators • Cost effective, low capital costs

  14. 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% eU3O8and a GT cutoff of 0.3 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. See Disclaimer re Forward-looking Statements and Projections (slide 2) • 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 • Lost Creek Project – 4,254 permit acres Adjoining projects – ~38,000 acres

  15. Preliminary Economic Assessment *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. See Disclaimer re Forward-looking Statements and Projections (slide 2) 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 • Sustaining capital approximately US$23.00/lb • Full 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

  16. Under Construction Deep Disposal Well Interior of Ur-Energy’s Header House See Disclaimer re Forward-looking Statements and Projections (slide 2) • Construction initiated October 2012 • Wyoming based contractor hired • Nine month estimated build-out • Commissioning inspection scheduled • Capital Requirement (PEA April 2012) • Process plant: $18.8M • Initial production area: $4.7M • Disposal well installation: $6.4M • Infrastructure: $1.7M • Staffed for operation • Management personnel • Operations and maintenance personnel • Construction personnel

  17. Lost Creek Construction Highlights Lost Creek Processing Plant Under Construction Installed Vessels and Tanks for Uranium Recovery Drilling Activities at Mine Unit 1 Processing Plant Interior Construction

  18. Pathfinder Mines Corporation PMC holds Ur-Energy’s next production center PATHFINDER • 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 See Disclaimer re Forward-looking Statements and Projections (slide 2) • Definitive purchase agreement with AREVA signed in July 2012 • Three major assets • Projects: Shirley Basin & Lucky Mc • PMC’s extensive uranium exploration database • Licensed ISR by-product disposal facility

  19. Pathfinder Projects *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. See Disclaimer re Forward-looking Statements and Projections (slide 2) • 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 lbsU3O8* • 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 lbsU3O8* • Uranium resources can be converted to NI 43-101 compliant • Strategic opportunities with nearby developers

  20. Pathfinder Assets See Disclaimer re Forward-looking Statements and Projections (slide 2) • 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

  21. Lost Soldier – 12.2M M&I lbs U3O8 • Can be licensed with NRC as amendment to Lost Creek license NI 43-101resource | July 2006 Measured & Indicated: 12.2 Mlbs eU3O8 (in 9.4 Mt @ 0.065%) Inferred:1.8 Mlbs eU3O8 (in1.6 Mt @ 0.055%) (Technical Report on the Lost Soldier Project, Wyoming, C. Stewart Wallis, Roscoe Postle Associates Inc., July 10, 2006 - Posted on SEDAR) See Disclaimer re Forward-looking Statements and Projections (slide 2) 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

  22. Screech Lake, Thelon Basin, NWT MegaTEM Survey Screech Lake 0 4 Kilometers See Disclaimer re Forward-looking Statements and Projections (slide 2) Completed audio-magnetotelluric geophysical survey, and soil gas hydrocarbon and enzyme leach soil geochemistry analyses to better define drill targets

  23. Ur-Energy – Right Now! *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. See Disclaimer re Forward-looking Statements and Projections (slide 2) • Fully licensed pre-production project at Lost Creek • Low-cost uranium production center • Production commencing in third quarter 2013 • Growth oriented technical & management team • Agreement to acquire Pathfinder Mines • Approx.15M lbs of estimated historic resources* • Multiple long-term uranium sales agreements • Reducing Company exposure to volatile marketplace • US$10.1 million raised for ongoing Lost Creek Construction • Sale of contracted future product deliveries 3-25-13 • Bridge loan 5-13-13 • Re-rating likely as Ur-Energy nears production

  24. Re-Rating Potential Source: Dundee (May 2, 2013) • AsUr-Energy • nears production, • re-rating is likely • URG Upside vs. Producers •  2X (+$2.40/Lb) See Disclaimer re Forward-looking Statements and Projections (slide 2)

  25. Ur-Energy’s Production Strategy • US mines produce ~4M lbs of uranium/yr • US utilities consume ~55M lbs of uranium/yr • US estimated 2014 production ~5M lbs/yr • URG estimated 2014 ~1M lbs/yr 20% of US market share See Disclaimer re Forward-looking Statements and Projections (slide 2) • Ur-Energy’s strategy • Production potential resources • Economically recoverable resources • Not simply “Pounds in the Ground”

  26. 2013 Objectives & News Flow See Disclaimer re Forward-looking Statements and Projections (slide 2) • Advance Lost Creek to production • Complete construction • Expand NI 43-101 compliant resources • Pathfinder Mines • Close transaction • Transition to operating and regulatory activities • Bring resources to NI 43-101 compliance • Corporate finance – positive cash position • Anticipated issuance of Wyoming Industrial Revenue Bond • US$20.0 million RMBAH Secured Loan Facility • Growth in production profile • Identify project priorities • Act on priorities

  27. 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

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