March 2012 PDAC Corporate Presentation

N YSE Am ex : UR G TSX : UR E

Ur-Energy is an Advanced Pre-Production
Junior Mining Company
Focused on development of low-cost
uranium production properties in the
United States.

Corporate Objectives:
• Resource Growth
• Strategic Opportunities

Corporate P resentation
PDAC M arch 2012

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 long term effects on the uranium market of events in Japan in 2011
including supply and demand projection; the Company’s timeframe for events leading to and culminating in the commencement of production at
Lost Creek; the technical and economic viability of the Lost Creek Project (including the projections contained in the preliminary economic
analysis of the Lost Creek Property); receipt of (and related timing of) Record of Decision from the U.S. Bureau of Land Management related to
the Lost Creek Property; the Lost Creek Project will advance to production and the production timeline; production rates, timetables at the Lost
Creek Project; the Company’s procurement and construction plans at the Lost Creek Project; the ability to complete additional favorable
uranium sales agreements; the potential of exploration targets on the LC North and LC South and on the Lost Creek Project area outside the
current Lost Creek resource area; and the further exploration, development and permitting of exploration projects including Lost Soldier, the
exploration properties in Nebraska and at Screech Lake. 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 March 17, 2011, 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, SME Registered Member, a Professional Geologist, and Qualified Person as defined by National Instrument 43-101,
reviewed the technical information contained in this presentation.

2 N YSE Am ex : UR G TSX : UR E

Ur-Energy At A Glance

Advanced Pre-Production Project at Lost Creek, Wyoming
One approval remaining
Construction anticipated to commence this summer

Low-Cost Uranium Production Center that will be Cash-Flow
Positive in Current Market

Expanding Resources through Acquisition and Exploration

Low Technical, Political and Regulatory Risk Strategy

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


Ur-Energy’s Market Position
Share Capital & Cash Position
NYSE Amex: URG
As of 10/24/11
Shares Outstanding 103.7M
Stock Options & RSUs 6.5M
Fully Diluted 110.2M
Market Cap (03/01/12) C$121.3M
Cash (09/30/11) C$28.8M
Financing (2/23/12) C$17.25M
Debt $0

Cash per share (09/30/11) ~C$0.30
Share price (03/01/12) C$1.17
52 Week Range C$.79 - $2.65 TSX: URE
Avg. Daily Volume ~624,000
(3-mo URG & URE 03/01/12)
Member of Russell 3000 & 2000 and S&P/TSX SmallCap Indexes

Geographical Distribution as of 6/30/11

United States ~48%
Canada ~38%
Other ~14%


Analyst Coverage

United States
GVC Capital Mike Shonstrom (Denver, CO) 1 303-321-2392
Rodman & Renshaw Wayne Atwell (New York, NY) 1 212-356-0513

Canada
Dundee Securities David A. Talbot (Toronto, ON) 1 416-350-3082
Haywood Securities Geordie Mark (Vancouver, BC) 1 604-697-6112
Raymond James 1 604-659-8282
RBC Capital Adam Schatzker (Toronto, ON) 1 416-842-7850

Australia
Resource Capital Research Trent Allen (Sydney, NSW) 61 2-9252-9405

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.


The US Uranium Market
The US produces ~ 4M lbs of uranium/yr1
The US consumes 55M lbs of uranium/yr1 contributing 20% of US electricity
October 2011 Nuclear Energy Institute survey shows two-thirds of Americans
support nuclear energy
Ur-Energy is well positioned to capitalize on this opportunity

Chart from U.S . Energy Information Administration
1 – U.S. Energy Information Administration



Post-Fukushima Nuclear Remains Positive*

U.S. NRC issued two Construction and Operation Licenses in Feb 2012
First nuclear power plant licenses in 30+ years

HEU Agreement to expire next year
Provides 13% of world and 45% of US annual supply

96 new reactors are expected to go online worldwide by 2021
Even half of this growth represents a large growth potential

Russia, China and India represent 50% of new builds and have
reaffirmed support for nuclear power
Last week, India announced plans for 20 new reactors by 2032

Saudi Arabia & the United Kingdom have announced plans to build 24
new reactors combined

*According to World Nuclear Association



Growth of Nuclear Will Continue
Historically, growth of nuclear power continued despite major accidents
Growth expected to continue beyond Fukushima at 10 reactors per year
10 years, 10.2
reactors per
year
Number of Reactors

22 years, 4
reactors per
year

8 years, 21.9
reactors per
year

Fukushima
13 years,
11.3reactors Chernobyl
per year
Three Mile Island

Source: W orld Nuclear Association See Disclaimer re Forward-looking Statements and Projections (slide 2)


Global Supply/Demand Imbalance
How will supply be able to expand to the extent necessary to meet growing demand
levels in the post-Fukushima environment of uncertainty and low prices?

More damage done to uranium supply than uranium demand
Deliveries from the HEU Agreement end next year

Source: UxC Uranium M arket Outlook See Disclaimer re Forward-looking Statements and Projections (slide 2)


Experienced Management Team
Board of Directors

Ex ecutive Directors
Wayne W. Heili, President & Chief Executive Officer (Metallurgical Engineer)
Jeffrey T. Klenda*, Board Chairman, Executive Director (Mining Finance)

Non-Ex ecutive 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 (Petroleum Engineer)
John W. Cash, VP Regulatory Affairs, Exploration & Geology (Geologist & Geophysicist)
Penne A. Goplerud, Corporate Secretary & General Counsel (JD)

* Founding Directors


Industry Leading Team
Highly Experienced Technical and Management
Professionals

98 Years of Direct Uranium Production Experience
ISR operations experience – Nebraska, Texas & Wyoming


ISR – Low Impact Mining

CAMECO Smith Ranch ISR Mine
Powder River Basin, Wyoming


In-Situ Recovery (ISR) Uranium Mining

Environmentally sound production method
Well understood by Wyoming state regulators
Cost effective, low capital costs


Ur-Energy’s Wyoming Projects


The Lost Creek Property
NI 43-101 Resource from Prelim inary Econom ic
Assessm ent of the Lost Creek Property, Sw eetw ater
County, W yom ing (February 29, 2012) (posted on SEDAR These exploration targets are conceptual in nature. There has been
and EDGAR ) insufficient exploration to define a mineral resource outside the
current Lost Creek resource. It is uncertain if further exploration
will result in the new target areas outside the Lost Creek resource
Measured – 2.9 Mlbs eU3O8 (in 2.69 Mt @ 0.055%) being delineated as a mineral resource.
Indicated – 2.8 Mlbs eU3O8 (in 2.4 Mt @ 0.058% )
Inferred – 2.0 Mlbs eU3O8 (in 2.06 Mt @0.052% )
* Based on grade cutoff of 0.02 percent eU3O8 and a grade x
thickness cutoff of 0.3 GT.

Exploration targets within the Lost
Creek Project and adjoining projects
provide potential of additional
resources U3O8
Lost Creek Project – 4,254 acres
Adjoining Projects – 39,300 acres

Many of these exploration targets remain conceptual in nature. There has been
See Disclaimer re Forward-looking Statements and Projections insufficient exploration to define mineral resource estimates at all such
exploration targets. It is uncertain if further exploration will result in the
(slide 2)
additional target areas being delineated as further mineral resource.


Lost Creek

Adjacent to Rio Tinto Sweetwater Mine/Complex
(NRC Licensed Conventional Uranium Mill on Standby)

JK

NYSE Amex: URG TSX: URE

Preliminary Economic Assessment
2012 PEA* Upgrades Resources, Confirms Economics
Mineral Resource Increase from 2011 PA
11% Increase in Measured and Indicated Resources
159% Increase in Inferred Resources (includes first resource
estimate at each of LC North and LC South)

Estimates Operating Costs less than US$20/ lb
Lowest Quartile of all Uranium Producers

Estimates Total P roduction Cost at US$42.65/ lb
Includes capital recovery

Project Internal Rate of Return (I RR ) at 91%
Pre-Production Capital Costs of Only US$35M Rem aining
Lowest Quartile of all developing uranium production facilities
Total project Capital Cost of US$59M
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 PA 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.
* N I 43-101 P relim inary Econom ic Assessm ent of the Lost Creek
See Disclaimer re Forward-looking Statements and Projections (slide 2) P roperty, Sw eetw ater County W yom ing – (February 29, 2012)
(posted on SEDAR and EDGAR )


US$24M in CapEx Completed
Mine Units 1 & 2 Delineated
MU #1 Monitor Well Ring Completed

Plant Engineering Completed

Drilled and Tested Class I UIC
Well

Ordered Key Plant Equipment Ur-Energy’s Ion Exchange Columns

Ion Exchange Columns
Elution Columns
Filter Presses

Design/Build of Header House
Building

Interior of Ur-Energy’s Prototype Header House


Lost Creek Path to Production
Site Permitting Started in 2006
Licenses and Permits Received
US NRC License
Wyoming DEQ Permit to Mine – Includes Approval of First Mine Unit
WDEQ Class I UIC Permit (water disposal well)
EPA Aquifer Exemption

One Remaining Regulatory Approval Needed
US Bureau of Land Management Plan of Operations
Environmental review process underway
Record of Decision anticipated early summer 2012

Construction
6 – 9 month build-out

First Production
Planned for second quarter next year


February 2012 Property Acquisition

Expansion of the resource base for
processing facility at Lost Creek
Asset Exchange: No Cash Cost.
Ur-Energy possesses ~1,000 holes of
historic drill data
Properties directly adjacent with Lost
Creek Project boundaries
Two WY state mineral leases
175 federal mining claims
Approx 5,250 acres

Expect updated PEA incorporating new acquisition



Lost Soldier – 12.2M M&I lbs U3O8
Can be licensed with NRC as
amendment to Lost Creek
license
M & I resource average
17.2 ft @ 0.065% U3O8
Average 240 feet deep
Leach efficiency 49% - 84%

Over 3700 drill holes define deposit
17 monitor/pump test wells installed

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

NI 43-101 Compliant Resource
Measured & Indicated (M & I) – 12.2 Mlbs U3O8 (in 9.4 Mt @ 0.065% )
Inferred – 1.8 Mlbs U3O8 (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)



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

MegaTEM Survey

Screech
Lake

See Disclaimer re Forward-looking Statements and Projections (slide 2) 0 4
Kilometers

Sound Marketing Strategy
Balancing strategic and
economic benefits of the
spot/term ratio
De-risking by securing future
revenue stream in an uncertain
market
Securing pricing that supports
development plans for the Lost
Creek Project
Targeting contracts with North American utilities
Exclusive representation by NuCore Energy, LLC in off-take
purchase agreement negotiations


Ur-Energy’s Strong Position
Advanced Development at Lost Creek
Permitting Process Nearing Completion

Low Cost Production Will Equal Strong Cash Flow
~US$20/lb direct operating cost
Uranium Term Market is above $60/lb

Sound Uranium Marketing Strategy with Multiple Long-
Term Sales Agreements in Place
Experienced Technical & Managerial Team
Strong Balance Sheet
C$28.8 Million (9/30/12)
C$17.25 Million Financing Completed in 2012


Future Growth Opportunities
Resource Expansion through ongoing exploration and
acquisition efforts
Increase Minable Resources that will be Accessible to the Lost
Creek Processing Plant

Growth in the Production Profile
Development of Currently Held Properties
Acquisitions of New Properties
Strategic Alliances

Exploration Properties in Western Nebraska

Monetizing Historic Databases



Re-Rating Potential
Stage EV/Lb

URG Upside vs. Producers Producers $4.60
 3X (+$3.13/Lb) Developer
URG $1.47
Source: Dundee (February 29, 2012)

As Ur-Energy
Nears Production,
Re-rating is Likely



Ur-Energy – Right Now!
Technical, Political and Regulatory Certainty

Advanced Pre-Production Project at Lost Creek
Low-Cost Uranium Production Center that will be Cash-Flow
Positive in Today’s Market
Plant Construction Planned to Begin Summer 2012
Ramping up to Production Rate of 1M lbs/year

Signed Multiple Long Term Uranium Sales Agreements
De-Risking Company Exposure to Volatile Marketplace

Re-Rating Likely as Ur-Energy Nears Production



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 Public Relations

 By Mail: Ur-Energy Corporate Office
10758 W. Centennial Rd., Ste. 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-energyusa.com
jeff.klenda@ur-energyusa.com
rich.boberg@ur-energyusa.com

28 NYSE Amex:: URG
N YSE Am ex UR G TSX::URE
TSX UR E

March 2012 PDAC Corporate Presentation

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March 2012 PDAC Corporate Presentation