20110207 ure corporate presentation (february 2011)

Ur-Energy is a dynamic junior mining companyfocusing on exploration and development ofuranium properties in the United States and inCanada.

Corporate Objectives:•Be a Low Cost Uranium Producer•Evaluate Strategic Opportunities•Build Shareholder Value•Create Value From Historic Databases

NYSE Amex: URG TSX: URE

Corporate PresentationFebruary 3, 2011This presentation and related information does notconstitute an offer to sell or a solicitation of anoffer to buy the Common Shares of Ur-Energy.

NYSE Amex: URG TSX: URENYSE Amex: URG TSX: URE

DisclaimerThis presentation contains “forward-looking statements,” within the meaning of applicable securities laws, regarding events or conditions that mayoccur in the future. Such statements include without limitation the Company’s timeframe for events leading to and culminating in thecommencement of production at Lost Creek including sufficiency of cash to fund capital requirements, receipt of (and related timing of) the NRCSource Material License, WDEQ Permit to Mine, BLM Plan of Operations, and all other necessary permits related to Lost Creek, and procurementand construction plans; specifics of drilling for Lost Creek; production rates and sustainability, timetables and methods at Lost Creek; permittingand licensing for Lost Soldier; and timing and relative results of exploration programs, including without limitation those at LC North and LC South,Hauber Project, the Bootheel Project and in Nebraska. With regard to discussion of the potential of exploration targets, it should be noted thatpotential quantity and grade ranges are conceptual in nature; there has been insufficient exploration yet to define a mineral resource at the twonew exploration targets. Further, it is uncertain if additional exploration will result in the exploration targets being delineated as a mineralresource.

These statements are based on current expectations that, while considered reasonable by management at this time, inherently involve a numberof significant business, economic and competitive risks, uncertainties and contingencies. Numerous factors could cause actual events to differmaterially 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 marketfluctuations; the impact of exploration competition; the ability to raise funds through private or public equity financings; imprecision in resourceand reserve estimates; environmental and safety risks including increased regulatory burdens; unexpected geological or hydrological conditions; apossible deterioration in political support for nuclear energy; changes in government regulations and policies, including trade laws and policies;demand for nuclear power; delay in obtaining or failure to obtain necessary permits and approvals from government authorities; weather andother 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 theforward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of thispresentation. Ur-Energy Inc. disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of newinformation, 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 beno 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 Report on Form 20-F (Annual Information Form) for thefiscal year ended December 31, 2009 filed with the regulatory authorities in Canada on SEDAR on March 11, 2010 and with the U.S. Securities andExchange Commission on EDGAR on March 12, 2010.

Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated or Inferred Resources: the information presenteduses the terms "measured", "indicated" and "inferred" mineral resources. United States investors are advised that while such terms arerecognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize these terms. UnitedStates investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into mineralreserves. United States investors are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically orlegally minable.

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Ur-Energy At A GlanceShare Capital & Cash Position

As of 11/23/10Shares Outstanding 101.6MStock Options 6.1MFully Diluted 107.7M

Market Cap (02/02/11) $310.4M

Cash (09/30/10) C$34.7M+Cash from expiring Stock Options (12/1/10) C$3.0MDebt $0

Cash per share as of 09/30/10 ~C$0.32 Share price as of 02/02/11 C$3.2052 Week Range C$.76 - C$3.35Avg. Daily Volume ~2,212,000(3-mo URE & URG)

Geographical Distribution as of 6/30/10

United States ~40.5% Canada ~32.8%Other ~26.6%

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TSX: URENYSE Amex: URG


Analyst Coverage

United StatesGVC Capital Mike Shonstrom (Denver, CO) 1 303-321-2392Rodman & Renshaw Alka Singh (New York) 1 212-430-1760

CanadaCanaccord Adams (Vancouver, BC) 1 604-699-0829 Dundee Securities David A. Talbot (Toronto, ON) 1 416-350-3082Haywood Securities Geordie Mark (Vancouver, BC) 1 604-697-6112 Macquarie Capital Duncan McKeen (Montreal, QC) 1 514-925-2856 Raymond James Bart Jaworski (Vancouver, BC) 1 604-659-8282RBC Capital Adam Schatzker (Toronto, ON) 1 416-842-7850

AustraliaResource Capital Research* Trent Allen (Sydney, NSW) 61 2-9252-9405

*paid research

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.

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Experienced Management TeamBoard of Directors

Executive DirectorsW. William Boberg*, President, Chief Executive Officer (Professional Geologist)Jeffrey T. Klenda*, Board Chairman, Executive Director (Mining Finance)

Independent DirectorsJames M. Franklin*, Chair-Technical Committee (Professional Geologist)Paul Macdonell*, Chair-Compensation, Corp. Governance & Nominating Committees

(Senior Federal Mediator)Thomas H. Parker, Chair-Audit Committee (Professional Engineer)

OfficersHarold A. Backer, Executive VP Geology & Exploration (Geologist)Wayne W. Heili, VP Mining & Engineering (Metallurgical Engineer)Paul W. Pitman, VP Canadian Exploration (Professional Geologist)Roger L. Smith, Chief Financial Officer, VP Finance, IT & Administration (CPA & MBA)Paul G. Goss, Corporate Secretary & General Counsel (JD & MBA)

* Founding Directors

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Our People Define Us481 Years total resource industry experience

300 Years of Uranium Industry Experience

Highly experienced technical professional employees

(4 Engineers, 17 Geologists and 3 Landmen)

120 Years of direct extensive uranium production experience

ISR operating experience – Nebraska, Texas & Wyoming

22 Management, Professionals and Support StaffContractors and consultants have extensive uranium exploration, development and production experience

As of: 01/18/11

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US Infrastructure Isolated from Resources

Sweetwater Mill (1 million pounds)Rio Tinto / Conventional (Standby)

Christensen / Irigaray (650,000 pounds)Uranium One / ISR (Standby)

White Mesa Mill (8 million pounds) Denison / Conventional (Producing)

Shootaring Canyon Mill (1 million pounds)Uranium One / Conventional (Standby) Cañon City Mill (1 million pounds)

Cotter Corp. / Conventional (Standby)

Smith Ranch / Highland (5.5 million pounds)CAMECO / ISR (Producing)

Crow Butte (1 million pounds)CAMECO / ISR (Producing)

Kingsville Dome (1 million pounds)URI / ISR (Standby)

Alta Mesa (1 million pounds)Mesteña / ISR (Producing)

Rosita(1 million pounds)URI / ISR (Standby)

Hobson (1 million pounds)Uranium Energy / ISR (Producing)

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US Produces Only 7% of Uranium ConsumedUS uranium concentrate production totaled 3,749,550 pounds U3O8 in 2009. This amount is 17% lower than the 4,533,578 pounds produced in 2007

The US produces only 7% of the uranium it consumes!

In 2009, the 10-year forward cumulative unfilled uranium requirement of US utilities was 260,982,000 lbs

There will be a premium paid for domestically produced uranium

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Future Demand to Outpace SupplyContinuing challenges in Kazakhstan

China expected to install at least 75 GWe of nuclear capacity by 2020 (McKinsey&Company)

HEU Program expires at the end of 2013 and will not be renewedRosatom head Sergei Kiriyenko has reportedly told US utilities there will be no HEU-2 deal

Costs of new global uranium supply expected to rise sharply with positive impact on prices

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


In-Situ Recovery (ISR) Uranium Mining

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

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ISR – Low Impact Mining

CAMECO Smith Ranch ISR MinePowder River Basin, Wyoming

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Wyoming Projects

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Lost Creek Site

Kennecott / Rio Tinto Sweetwater Mill – 3 miles south(NRC Licensed Facility on Standby)

• 201 federal mining claims and 1 state lease• 5% Royalty on State Lease – No Federal • Approx. 5% local severance taxes

• Processing plant – Up to 2M lbs per year• Plant build-out costs projected at <US$30M• No Community Opposition

NYSE Amex: URG TSX: URE


2010 & 2011 AchievementsAcquired Exploration Properties in Nebraska

Draft NRC License Received

Added C$3M From Exercise of Expiring Employee Stock Options (C$1.25)

State Engineer Holding Permit Received

BlackRock Financing Completed, C$5M @ C$1

WDEQ Final Class I UIC Permit (water disposal well) Received –Only WY Company to have secured permit

Hauber Project Manager/Member Bayswater Issues NI 43-101

WDEQ-Air Quality Permit Received

NRC Pre-License Exemption for Limited Construction Granted

WY Game & Fish Dept. Approved Wildlife Management PlanMeets all the protection measures for the Greater Sage Grouse Species

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Lost Creek – 9.8M Indicated lbs of U3O8

540 drill holes defined 1970’s discovery

1,097 drill holes drilled by Ur-Energy since 2005

2 Mine Units now fully delineated

Mine Unit #3 planned for delineation in 2011

NI 43-101 Compliant ResourceIndicated – 8.5 million tons @ 0.058% (9.8 million lbs U3O8) Avg 425 ft deep,19.5 ft @ 0.058% U3O8Inferred – 0.7 million tons @0.076% (1.1 million lbs U3O8)

Technical Report on the Lost Creek Project, Wyoming, C. Stewart Wallis, Roscoe Postle Associates Inc., June 15, 2006 (posted on SEDAR)

Leach Efficiency - 80%Industry Avg. - ~70%(Recovery Rate)

Pump Test Results - >30-50gpmIndustry Avg. - 15gpm(Good Porosity = Cost Savings)

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See Disclaimer (slide 2)


Lost Creek Preliminary AssessmentStudy indicates favorable economics

Greatest sensitivity – uranium pricing & recovery efficiencyEconomic at uranium prices above $40 per pound U3O8

Summary Highlights for minimum Life of Mine (LOM)Model based on 6 mine units totaling 8.1 million pounds U3O8

Total Production – 6.5 million pounds U3O8 (80% recovery efficiency)Model very conservative

Does not include all NI 43-101 resources or prospect of resource expansionBase Case includes 20% contingency to both operating and capitalOperating Cash Costs (base case including all restoration) = $23.36/pound $35 - $38/pound all-in costs, including capital recoveryCapital Costs (through production of first M ine Unit)

Projected Cost of 2 Million Pound per Year ISR Plant = $30 million (current estimate is ~$26 million)Projected Costs of drilling, environmental, engineering, etc = $32.5 millionCapital Cost Requirements already spent down by ~$24 million

Technical Report by Lyntek Inc., April 2008 – Posted on SEDARItalicized items are Ur-Energy estimates as of April 2010

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US$24M in CapEx CompletedMine Units 1 & 2 Delineated

MU #1 Monitor Well Ring Completed

Plant Engineering Completed

Drilled and Tested Class I UIC Well

Ordered Key Plant Equipment10 Ion Exchange Columns2 Ion Exchange polishing columns2 Restoration columns2 Elution columns2 Filter presses

Acquired Operational Support Equipment for Current Work & Mine Unit Operations

Major Rolling EquipmentRequired Operational EquipmentTraining & Developing Operational Staff

Acquired Initial Mine Unit Header HousePrototype Completed for Operations

Selected General Contractor – Fagen, Inc.

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Ur-Energy’s Ion Exchange Columns

Interior of Ur-Energy’s prototype Header House


Lost Creek On-Site Processing Plant Corp. Decision: Spoke & Hub Model NotViable Option

Central Processing Plant located adjacent to Lost Creek depositProduction Life: Seven yearsCapital Cost: $26M-$30MOperating Cost: $23/lb of U3O8; $35 - $38/lb all-in cost

Adjacent properties have potential for additional resources: 20.7 to 24.1 million tons with an average grade of 0.028% U3O8 (not an NI 43-101 compliant resource)

Cost SavingsNo satellite facilitiesNo additional transportation costs

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Satellite Facility RequirementsPermitting, engineering, bonding, deep disposal well, etc.Nearly full requirements as an On-Site plant (~75%-80% of full plant)Imagine repeating this process for each facility for few additional pounds


Exploration Targets on Adjacent PropertiesPotential of Additional Resources U3O8 to be added to Lost Creek Project Area and Adjacent Lands

Multiple roll fronts in four stratigraphichorizons defined by ~500+ drill holes

~50-60 historic holes mineralized with grades similar to Lost Creek resource

Potential for additional resources: 20.7 to 24.1 million tons with an average grade of 0.028% U3O8 (not an NI 43-101 compliant resource)

2010 exploration drill program (159 holes 101,270 ft (30,867 m)) defined numerous individual uranium roll front systems

Additional drilling of 2000-3000 holes at a cost of $15 M - $22.5M (~$7,500/hole)

Assumptions based on knowledge as of September 1, 2009.

These potential quantity and grade ranges are conceptual in nature. Therehas been insufficient exploration to define a mineral resource outside thecurrent Lost Creek resource. It is uncertain if further exploration will resultin the new target areas outside the Lost Creek resource being delineated asa mineral resource.

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Lost Creek Regulatory AchievementsSweetwater County: Development Plan

Approved by County Commissioners, December 2009

Wyoming DEQ – Air Quality Division: Operational PermitFinal Permit Issued, January 2010

Wyoming DEQ – Water Quality Division: Class I UIC Permit (water disposal well) Final Permit Issued, May 2010

Wyoming State Engineer: Holding Ponds PermitFinal Permit Issued, June 2010

Nuclear Regulatory CommissionSource Material License – Draft Issued January 2011Supplemental Environmental Impact Statement (SEIS): Nearing Completion

Draft SEIS : Issued December 2009Public Comment Period Ended March 3, 2010

Safety Evaluation Report (SER): Nearing CompletionLimited Construction Prior to License Issuance: Exemption Granted April 2010

Wyoming DEQ – Land Quality Division: Permit to MineIncludes Application for First Mine Unit PermitAddresses Sage Grouse ImpactsNearing Completion

U.S. Bureau of Land ManagementPlan of Operations: Environmental Review Process Underway

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Lost Soldier – 12.2M M&I lbs U3O8M & I resource average17.2 ft @0.065% U3O8

Average 240 feet deep2 primary zones

Leach efficiency 49% - 84%

Can be licensed as amendment to Lost Creek license

Approximately 4000 drill holes define deposit17 monitor/pump test wells installed

NI 43-101 Compliant ResourceMeasured & Indicated (M & I) – 9.4 million tons @ 0.065% (12.2 million lbs U3O8)Inferred – 1.6 million tons @0.055% (1.8 million lbs U3O8)

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

(Technical Report on the Lost Soldier Project, Wyoming, C. Stewart Wallis, Roscoe Postle Associates Inc., July 10, 2006 - Posted on SEDAR)

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Screech Lake, Thelon Basin, NWTCompleted Audio-Magnetotelluric Geophysical Survey, and Soil Gas Hydrocarbon and Enzyme Leach Soil Geochemistry Analyses to Better Define Drill Target

Seeking Social License with First Nations

MegaTEM Survey

0 4Kilometers

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Screech Lake



Ur-Energy Advantage over PeersUr-Energy Uranium Energy

Corp (1)Uranerz

Current Share Price(As of 02/02/11)

$3.23 $6.00 $5.36

Market Cap(As of 02/02/11)

$316.3M $413.6 M $340.4 M

Working Capital C$34.7 M(As of 09/30/10)

C$35.0 M(As of Jan 2011)

C$36 M(As of Jan 2011)

Enterprise Value (Market Cap – Cash)

$281.6 M $378.6 M $304.4M

NI 43-101 lbs U3O8(M&I and Inferred)

24.9 M lbs 10.4 M lbs 13.7 M lbs

Value/lb $11.30/lb $36.40/lb $22.21/lb

Information obtained from public sources believed to be reliable. Ur-Energy cannot guarantee accuracy and is not responsible for errors or omissions

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(1) Owns licensed Hobson plant and started production at La Palangana 4Q2010


Today’s RealityToday’s Price Breakout Appears SustainableBroad Based Support, Even Hedge Funds are Re-entering the MarketChina and Asian Countries Actively Acquiring Future Supplies, Constraining Available Supply

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ISR Junior Business Model Needs Re-Evaluation (satellite vs. on-site processing plant)Economically Recoverable Pounds Most ImportantMarket Rewarding Companies With Production Profile


Ur-Energy’s Strong PositionTechnical Team – Best Among North American Juniors

Near-Term, Low-Cost Production (~$23.00/lb)

Mining Jurisdiction - Uranium Friendly

Economical On-Site Processing Plant

Cash Resources, C$34.7 Million (as of 9/30/10 + C$3 Million added from exercise of expiring options)

Permitting Process Nearing Completion

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Building Shareholder Value

Ongoing Exploration – Increase Minable Resources that will be Accessible to the Lost Creek On-Site Processing Plant

Acquisition of Additional Exploration Properties

Monetizing Historic Databases

Seeking Acquisitions and Strategic Alliances that will Positively Impact Production Profile Bottom Line

Re-Rating Likely as Ur-Energy Nears Production

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2011 Is Our Year!

Anticipated Issuance of NRC Source Material License

Enter into Offtake Agreement for Future Uranium Delivery with US Utilities

Issuance of WDEQ Permit to Mine

Wellfield Injection Wells UIC Permit: Aquifer Exemption is Part of WDEQ Mine Permit

BLM Plan of Operations Approval

Targeted Construction Start-up (Beginning of 6 – 9 Month Build-Out)

Re-Rating

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

For more information, please contact:

Bill Boberg, President, Chief Executive Officer & DirectorJeff Klenda, Board Chairman & DirectorRich Boberg, Director, Public Relations

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

By Phone: Office (720) 981-4588Toll-Free (866) 981-4588Fax (720) 981-5643

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

NYSE Amex: URG TSX: URE28

20110207 ure corporate presentation (february 2011)

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