April 2013    NYSE MKT: URG • TSX: URE
Disclaimer This presentation contains “forward-looking statements,” within the meaning of applicable securities laws, rega...
Ur-Energy at a Glance                                                            Advanced pre-production project at Lost ...
Ur-Energy’s Market Position        Share Capital & Cash Position                                        NYSE MKT: URG     ...
Analyst Coverage    United States    Roth Capital Partners                            Brian Post (New York, NY)           ...
Experienced Management Team                                     Board of DirectorsExecutive Directors   Wayne W. Heili, P...
Industry Leading Professionals Highly experienced technical and management team 150 years of direct uranium production e...
Nuclear Fuel Demand is Growing                                                                                435 operabl...
Global Supply Picture is Dynamic  HEU agreement to expire this year           Provides 13% of world and 45% of US annual...
The US Uranium Market US demand is not met by US production          US mines produce ~ 4M lbs of uranium/yr1          ...
Sound Marketing Strategy                                                                      Balancing strategic and eco...
Ur-Energy’s US ProjectsNYSE MKT: URG • TSX: URE                           12
In-Situ Recovery (ISR) Uranium Mining                 Environmentally sound production method                 Well under...
The Lost Creek Property Upgrade to the NI 43-101 mineral resource estimate on the Lost Creek Property (as of April 30, 201...
Preliminary Economic AssessmentApril 30, 2012 PEA* updates resources and economics          Extended life of mine to 8 – ...
Under Construction                                                                            Groundbreaking October 2012...
Lost Creek Construction HighlightsLost Creek Processing Plant Under Construction – March 15, 2013   Installed Vessels and ...
Pathfinder Mines Corporation PMC holds Ur-Energy’s next production center                             PATHFINDER          ...
Pathfinder Projects       Brownfield properties, existing infrastructure, permits & licenses            Awaiting WDEQ an...
Pathfinder Assets  Historic US uranium exploration database               Hundreds of project descriptions located in tw...
Lost Soldier – 12.2M M&I lbs U3O8  Can be licensed with NRC as amendment to Lost Creek license                           ...
Screech Lake, Thelon Basin, NWT                                                                              MegaTEM Surve...
Ur-Energy – Right Now!   Growth oriented technical & management team   Cash resources of C$17.9 million (12/31/12)   Ad...
Re-Rating Potential       Stage                               EV/Lb       Producers                           $4.60       ...
Ur-Energy’s Post Fukushima Accomplishments            Completed licensing the Lost Creek Project               Construct...
2013 Objectives & News Flow1.        Advance Lost Creek to production              Complete construction              Ex...
Production Profile                                                                           Ur-Energy’s strategy        ...
Ur-Energy Projected Market Share  US mines produce ~4M lbs of uranium/yr  US utilities consume ~55M lbs of uranium/yr  ...
Ur-Energy–The Right People. The Right Projects. Right Now!                         For more information, please contact:Wa...
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Ur-Energy April 2013 Corporate Presentation

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Ur-Energy April 2013 Corporate Presentation

  1. 1. April 2013 NYSE MKT: URG • TSX: URE
  2. 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 limitation the Company’s timeframe for events leading to and culminating in the commencement of production at Lost Creek (including procurement, construction and commissioning); the timing and outcome of the challenge to the BLM Record of Decision; the ability and timing of the Company to secure project financing including the state bond process; the technical and economic viability of Lost Creek (including the 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 Lost Soldier, the Nebraska properties, Screech Lake and, following a closing, at 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 Companys 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 Companys 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.NYSE MKT: URG • TSX: URE 2
  3. 3. Ur-Energy at a Glance  Advanced pre-production project at Lost Creek, Wyoming  Completed licensing activities in October 2012  Initiated site construction in October 2012  First production forecast for second half 2013  Expanding resources through acquisition and exploration  Definitive agreement to acquire Pathfinder Mines Corporation  Continued expansion at the Lost Creek Property Secured revenue stream through long term sales agreements  Exclusive marketing agreement with NuCore $17 million top-up financing in February 2012 Advancing application for $34 million Wyoming Industrial Revenue BondSee Disclaimer re Forward-looking Statements and Projections (slide 2)NYSE MKT: URG • TSX: URE 3
  4. 4. Ur-Energy’s Market Position Share Capital & Cash Position NYSE MKT: URG As of 2/27/13 Shares Outstanding 121.37M Stock Options & RSUs 8.50M Warrants .15M Fully Diluted 130.02M Market Cap (03/22/13) C$111.66M Cash (12/31/12) C$17.9M Cash per Share (12/31/12) ~C$0.148 Share Price (03/22/13) C$0.91 52 Week Range C$.64 - $1.29 TSX: URE Avg. Daily Volume ~251,000 (3-mo URG & URE 03/22/13) Member of S&P/TSX SmallCap Index Geographical Distribution as of 6/30/12 United States ~46% Canada ~40% Other ~14%See Disclaimer re Forward-looking Statements and Projections (slide 2)NYSE MKT: URG • TSX: URE 4
  5. 5. Analyst Coverage United States Roth Capital Partners Brian Post (New York, NY) 1.949.720.7178 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 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.See Disclaimer re Forward-looking Statements and Projections (slide 2)NYSE MKT: URG • TSX: URE 5
  6. 6. Experienced Management Team 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 NYSE MKT: URG • TSX: URE 6
  7. 7. Industry Leading Professionals Highly experienced technical and management team 150 years of direct uranium production experience  ISR operations experience – Nebraska, Texas, Wyoming & KazakhstanNYSE MKT: URG • TSX: URE 7
  8. 8. Nuclear Fuel Demand is Growing  435 operable reactors world wide with 374 GWe capacity  US NRC approved four new reactor licenses in 2012  First nuclear power plant licenses in 30+ years  Seven new reactor construction starts in 2012  Russia - 1, China - 4, UAE - 1, *Source: UxC Uranium Market Outlook South Korea - 1 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 2012See Disclaimer re Forward-looking Statements and Projections (slide 2)NYSE MKT: URG • TSX: URE 8
  9. 9. Global Supply Picture is Dynamic  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  New production will only come from a limited number of low cost, scalable projectsSee Disclaimer re Forward-looking Statements and Projections (slide 2)NYSE MKT: URG • TSX: URE 9
  10. 10. The US Uranium Market 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 opportunity1U.S. Energy Information AdministrationSee Disclaimer re Forward-looking Statements and Projections (slide 2)NYSE MKT: URG • TSX: URE 10
  11. 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 negotiationsSee Disclaimer re Forward-looking Statements and Projections (slide 2)NYSE MKT: URG • TSX: URE 11
  12. 12. Ur-Energy’s US ProjectsNYSE MKT: URG • TSX: URE 12
  13. 13. In-Situ Recovery (ISR) Uranium Mining  Environmentally sound production method  Well understood by Wyoming state regulators  Cost effective, low capital costsNYSE MKT: URG • TSX: URE 13
  14. 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% eU3O8 and a GT cutoff of 0.3  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 Many of these exploration targets remain conceptual in nature.  Lost Creek Project – 4,254 permit acres There has been insufficient exploration to define mineral resource estimates at all such exploration targets. It is uncertain if further Adjoining projects – ~38,000 acres exploration will result in the additional target areas being delineated as further mineral resource.See Disclaimer re Forward-looking Statements and Projections (slide 2)NYSE MKT: URG • TSX: URE 14
  15. 15. Preliminary Economic AssessmentApril 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  Project internal rate of return (IRR) at 87%  Capital requirement of only US $31.6M  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 theeconomic considerations applied to them that would enable them to be categorized as mineral reserves. The estimated mineral recovery used in this PEA is based onboth 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 levelwill be achieved.See Disclaimer re Forward-looking Statements and Projections (slide 2)NYSE MKT: URG • TSX: URE 15
  16. 16. Under Construction  Groundbreaking October 2012  Wyoming based contractor hired  Nine month estimated build-out  Construction initiated  Processing plant  First mine unit  Auxiliary facilities Deep Disposal Well  Capital Requirement of $31.6M  Process plant: $18.8M  Initial production area: $4.7M  Disposal well installation: $6.4M  Infrastructure: $1.7M  Staffed for construction  Management personnel  Field support crew Interior of Ur-Energy’s Prototype Header HouseSee Disclaimer re Forward-looking Statements and Projections (slide 2)NYSE MKT: URG • TSX: URE 16
  17. 17. Lost Creek Construction HighlightsLost Creek Processing Plant Under Construction – March 15, 2013 Installed Vessels and Tanks for Uranium Recovery Processing Plant Interior Construction Drilling Activities at Mine Unit 1NYSE MKT: URG • TSX: URE 17
  18. 18. Pathfinder Mines Corporation PMC holds Ur-Energy’s next production center PATHFINDER  Definitive purchase agreement with AREVA signed in July 2012  Three major assets 1. Projects: Shirley Basin & Lucky Mc 2. PMC’s extensive uranium exploration database 3. Licensed ISR by-product disposal facility  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 2013See Disclaimer re Forward-looking Statements and Projections (slide 2)NYSE MKT: URG • TSX: URE 18
  19. 19. Pathfinder Projects  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 toclassify the estimates as such.See Disclaimer re Forward-looking Statements and Projections (slide 2)NYSE MKT: URG • TSX: URE 19
  20. 20. Pathfinder Assets  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 USSee Disclaimer re Forward-looking Statements and Projections (slide 2)NYSE MKT: URG • TSX: URE 20
  21. 21. Lost Soldier – 12.2M M&I lbs U3O8  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%)  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)See Disclaimer re Forward-looking Statements and Projections (slide 2)NYSE MKT: URG • TSX: URE 21
  22. 22. Screech Lake, Thelon Basin, NWT MegaTEM Survey Screech Lake 0 4 Kilometers Completed audio-magnetotelluric geophysical survey, and soil gas hydrocarbon and enzyme leach soil geochemistry analyses to better define drill targetsSee Disclaimer re Forward-looking Statements and Projections (slide 2)NYSE MKT: URG • TSX: URE 22
  23. 23. Ur-Energy – Right Now!  Growth oriented technical & management team  Cash resources of C$17.9 million (12/31/12)  Advanced pre-production project at Lost Creek  Low-cost uranium production center  Project construction began in October 2012  Signed multiple long-term uranium sales agreements  Reducing company exposure to volatile marketplace  Re-rating likely as Ur-Energy nears productionSee Disclaimer re Forward-looking Statements and Projections (slide 2)NYSE MKT: URG • TSX: URE 23
  24. 24. Re-Rating Potential Stage EV/Lb Producers $4.60 URG $1.30 Source: Dundee (Feb 22, 2013) URG Upside vs. Producers As Ur-Energy  3X (+$3.30/Lb) nears production, re-rating is likelySee Disclaimer re Forward-looking Statements and Projections (slide 2)NYSE MKT: URG • TSX: URE 24
  25. 25. Ur-Energy’s Post Fukushima Accomplishments  Completed licensing the Lost Creek Project  Construction began October 2012  Addition of strategic Lost Creek property positions  45% expansion of Measured and Indicated resources  42% increase in Inferred resources  C$17.25 million project financing completed in 2012  Agreement to acquire Pathfinder Mines  Approx.15M lbs of estimated historic resources* *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) NYSE MKT: URG • TSX: URE 25
  26. 26. 2013 Objectives & News Flow1. Advance Lost Creek to production  Complete construction  Expand NI 43-101 compliant resources2. Pathfinder Mines  Close transaction  Transition to operating and regulatory activities  Bring resources to NI 43-101 compliance3. Corporate finance – positive cash position  Anticipated issuance of Wyoming Industrial Revenue Bond  Forecasting additional needs4. Growth in production profile  Identify project priorities  Act on prioritiesSee Disclaimer re Forward-looking Statements and Projections (slide 2)NYSE MKT: URG • TSX: URE 26
  27. 27. Production Profile  Ur-Energy’s strategy  Production potential resources  Economically recoverable resources  Not simply “Pounds in the Ground” See Disclaimer re Forward-looking Statements and Projections (slide 2) NYSE MKT: URG • TSX: URE 27
  28. 28. Ur-Energy Projected Market Share  US mines produce ~4M lbs of uranium/yr  US utilities consume ~55M lbs of uranium/yr  US estimated 2014 production = ~5M lbs/yr  URG est. 2014 ~1M lbs/yr = 20% of US market shareSee Disclaimer re Forward-looking Statements and Projections (slide 2)NYSE MKT: URG • TSX: URE 28
  29. 29. Ur-Energy–The Right People. The Right Projects. Right Now! For more information, please contact:Wayne Heili, President, Chief Executive Officer & DirectorJeff Klenda, Board Chairman & DirectorRich Boberg, Director of Investor and Public RelationsBy Mail:Ur-Energy Corporate Office10758 W. Centennial Rd., Suite 200Littleton, CO 80127 USABy Phone:Office 720.981.4588Toll-Free 866.981.4588Fax 720.981.5643By E-mail:wayne.heili@ur-energy.comjeff.klenda@ur-energy.comrich.boberg@ur-energy.comNYSE MKT: URG • TSX: URE 29
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