Ure corporate presentation 20131104 (final)

NYSE MKT: URG • TSX: URE

November 2013


This presentation contains “forward-looking statements,” within the meaning of applicable securities laws, regarding events or conditions that may occur in the future. Suchstatements include without limitation the Company’s timeframe for events leading to and culminating in the completion of commissioning and ramp up of production at Lost Creek;the ability and timing of the Company to close on additional project financing as needed; the technical and economic viability of Lost Creek (including the production and costprojections contained in the preliminary analysis of economics of the Lost Creek Property); timing and completion of closing of the Pathfinder (PMC) transaction; the ability tocomplete 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 andproduction 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-ratingof the Company will occur with production. These statements are based on current expectations that, while considered reasonable by management at this time, inherently involvea number of significant business, economic and competitive risks, uncertainties and contingencies. Numerous factors could cause actual events to differ materially from those inthe forward-looking statements. Factors that could cause such differences, without limiting the generality of the following, include: risks inherent in exploration activities; volatilityand 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 orpublic equity financings; imprecision in resource and reserve estimates; environmental and safety risks including increased regulatory burdens; unexpected geological orhydrological conditions; a possible deterioration in political support for nuclear energy; changes in government regulations and policies, including trade laws and policies; demandfor nuclear power; weather and other natural phenomena; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; and otherexploration, development, operating, financial market and regulatory risks. Although Ur-Energy Inc. believes that the assumptions inherent in the forward-looking statements arereasonable, 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 toupdate 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 andassumptions 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 anumber 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, possiblymaterially, 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 arefiled, respectively, with the regulatory authorities in Canada on SEDAR and with the U.S. Securities and Exchange Commission on EDGAR. (www.sedar.com andhttp://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 Securitiesand 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 resourceswill 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 economicallyor 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 thetechnical information contained in this presentation.

Disclaimer

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Lost Creek is the newest uranium production facility in the world! Production ramp up exceeding expectations Drummed and packaged first yellowcake October 15, 2013

Expanding resources through acquisition and exploration Definitive agreement to acquire Pathfinder Mines

Corporation

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

Closed US$34 million Wyoming Industrial Development Revenue Bond Fixed interest rate of 5.75% per annum; interest only payments 2014 Principal payable in 28 quarterly installments commencing January 2015 Closing, fees and expenses total approximately 2.3% of loan amount Retirement of the Company’s debt with RMBAH

Listed on the Russell 3000 Index


Share Capital & Cash Position

As of 10/31/13Shares Outstanding 122.47MStock Options & RSUs 9.00MWarrants 6.02MFully Diluted 137.49M

Market Cap (11/01/13) C$140.84M

Cash (9/30/13) C$6.2M

Cash per Share (9/30/13) ~C$0.05 Share Price (11/01/13) C$1.1552 Week Range C$.70 - $1.41Avg. Daily Volume +441,500(3-mo URG & URE 11/01/13)

Member of S&P/TSX SmallCap Index

Geographical Distribution as of 6/30/13

United States ~53% Canada ~23%Other ~24%

Ur-Energy’s Market Position

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TSX: URE

NYSE MKT: URG


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 atany 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 orpredictions of Ur-Energy Inc. or its management. Ur-Energy Inc. does not by its reference above or in any other manner imply its endorsementof or concurrence with such information, conclusions or recommendations.

United States

Roth Capital Partners Joseph Reagor (Newport Beach, CA) 1.949.720.7106

H.C. Wainwright Jeff Wright (New York, NY) 1.212.365.0545

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

Cantor Fitzgerald Rob Chang (Toronto, ON) 1.416.849.5008


Board of DirectorsExecutive 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

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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Renewed prospect of restarting Japan’s reactor fleet (projected first half of 2014)

Saudi Arabia announced plans for 16 new reactors

*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 Cigar Lake, Olympic Dam, Trekkopje, Matoush,

Langer Heinrich stage 4, Imouraren (?) and others

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

Global Supply Picture is Dynamic

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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

Six long term contracts secured with four 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

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 method Well understood by Wyoming state regulators Cost 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 acresAdjoining 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 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.

Preliminary Economic Assessment

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Yellowcake October 15, 2013

Fully staffed and in operations Management personnel Technical team Construction personnel Operations personnel Maintenance personnel

Interior of Ur-Energy’s Header House

Lost Creek Processing Plant

Lost Creek: In Operations August 2013

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


Lost Creek Production

Twin Yellowcake Dryers

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Mine Unit 1

Ion Exchange Vessels for Uranium Recovery

Operational ramp up success

Commissioned first three header houses in Mine Unit 1 and all production circuits in processing plant

Achieved target production rate within first two months of operation

Daily recovery exceeding 2,200 pounds Annualized rate of 800,000 pounds Planned 4Q13 product deliveries


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 fourth quarter of 2013

Pathfinder Mines Corporation

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PATHFINDER



Shirley Basin Historic estimate of resources: >10 million lbs U3O8* High grade roll front deposit: average 0.21% U3O8; Shallow, ISR amenable mineralization Uranium resources can be converted to NI 43-101 compliant Resources located on patented mining claims and state leases

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

Historic US uranium exploration database Hundreds of project descriptions located in twenty-three states 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

*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 and 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 2006Measured & 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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Proven record of developing projects through to production Low-cost uranium production center at Lost Creek Production rates exceeding technical expectations

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

Closed US$34 million Wyoming Industrial Development Revenue Bond

Continued re-rating likely as Ur-Energy ramps up 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.


Ur-Energy’s strategy Production potential resources only 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 share


1. Advance Lost Creek to nameplate production Completed construction Commenced production 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 Closing of US$34 million Wyoming Industrial Revenue Bond Retirement of Company’s debt with RMBAH

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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Ure corporate presentation 20131104 (final)

Investor Relations