NYSE MKT: URG • TSX: URE

NYSE MKT: URG • TSX: URE

June 2013


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 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.

Disclaimer

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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

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

Ur-Energy at a Glance

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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


Share Capital & Cash Position

As of 5/14/13Shares Outstanding 122.37MStock Options & RSUs 9.06MWarrants .15MFully Diluted 131.58M

Market Cap (6/7/13) C$134.72M

Cash (3/31/13) C$7.3MFunds Raised (5/14/13) US$5.0M

Cash per Share (3/31/13) ~C$0.06 Share Price (6/7/13) C$1.1152 Week Range C$.64 - $1.22Avg. Daily Volume ~168,000(3-mo URG & URE 6/7/13)

Member of S&P/TSX SmallCap Index

Geographical Distribution as of 6/30/12

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

Ur-Energy’s Market Position

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NYSE MKT: URG

TSX: URE



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.

United States

Roth Capital Partners Brian Post (New York, NY) 1.949.720.7178

Analyst Coverage

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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


Board of DirectorsExecutive DirectorsWayne W. Heili, President & Chief Executive Officer (Metallurgical Engineer)Jeffrey T. Klenda,* Board Chairman, Executive Director (Mining Finance)

Non-Executive DirectorsW. 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)

OfficersRoger 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

Experienced Management Team

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Highly experienced technical and management team

160 years of direct uranium production experience ISR operations experience – Nebraska, Texas, Wyoming & Kazakhstan

Industry Leading Professionals

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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

Nuclear Fuel Demand is Growing

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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

*Source: UxC Uranium Market Outlook



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

Global Supply Picture is Dynamic

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*February 2013 Dundee Supply Report


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

1 U.S. Energy Information Administration

The US Uranium Market

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

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

Sound Marketing Strategy

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Ur-Energy’s US Projects

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In-Situ Recovery (ISR) Uranium Mining

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Environmentally sound production methodWell understood by Wyoming state regulatorsCost effective, low capital costs


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

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.

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

The Lost Creek Property

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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*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.

Preliminary Economic Assessment

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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

Interior of Ur-Energy’s Header House

Deep Disposal Well

Under Construction

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Lost Creek Construction Highlights

Drilling Activities at Mine Unit 1

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Processing Plant Interior Construction

Lost Creek Processing Plant Under Construction Installed Vessels and Tanks for Uranium Recovery


Definitive purchase agreement with AREVA signed in July 2012

Three major assets1. Projects: Shirley Basin &

Lucky Mc2. PMC’s extensive uranium

exploration database3. Licensed ISR by-product

disposal facility

PMC holds Ur-Energy’s next production center

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

Pathfinder Mines Corporation

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PATHFINDER



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 lbs U3O8* 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 lbs U3O8* Uranium 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.

Pathfinder Projects

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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

Pathfinder Assets

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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)

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%)

Lost Soldier – 12.2M M&I lbs U3O8

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MegaTEM Survey

0 4Kilometers

Completed audio-magnetotelluric geophysical survey, and soil gas hydrocarbon and enzyme leach soil geochemistry analyses to better define drill targets

Screech Lake, Thelon Basin, NWT

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ScreechLake



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

Ur-Energy – Right Now!

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*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.


Stage EV/Lb

Producers $4.10

URG $1.72

As Ur-Energy nears production, re-rating is likely

URG Upside vs. Producers 2X (+$2.40/Lb)

Source: Dundee (May 2, 2013)

Re-Rating Potential

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Ur-Energy’s strategy Production potential resources Economically recoverable resources Not simply “Pounds in the Ground”

Ur-Energy’s Production Strategy

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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 share2013 2014 2015 2016 2017

0.000.501.001.502.00

Ur-Energy Estimated Production

Shirley BasinLost Creek

Year

Mill

ion

Lbs/

year


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

2013 Objectives & News Flow

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For more information, please contact:Wayne Heili, President, Chief Executive Officer & DirectorJeff Klenda, Board Chairman & DirectorRich Boberg, Director of Investor and Public Relations

By Mail:Ur-Energy Corporate Office10758 W. Centennial Rd., Suite 200Littleton, CO 80127 USA

By Phone: Office 720.981.4588Toll-Free 866.981.4588Fax 720.981.5643

By E-mail: [email protected]@[email protected]

Ur-Energy–The Right People. The Right Projects. Right Now!

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NYSE MKT: URG • TSX: URE

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