Ure corporate presentation 20131126 (final)

November 2013
NYSE MKT: URG • TSX: URE

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 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 cost
projections contained in the preliminary analysis of economics of the Lost Creek Property); timing and completion of closing of the Pathfinder (PMC) 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 with production. 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.


2

Ur-Energy at a Glance


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



Increase in Lost Creek mineral resource announced in
11/18/13 News Release
Definitive agreement to acquire Pathfinder Mines
Corporation



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

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


3

Ur-Energy’s Market Position
NYSE MKT: URG

Share Capital & Cash Position
As of 10/31/13
Shares Outstanding
Stock Options & RSUs
Warrants
Fully Diluted

122.47M
9.00M
6.02M
137.49M

Market Cap (11/25/13)

C$154.84M

Cash (9/30/13)

C$6.2M

Cash per Share (9/30/13)
~C$0.05
Share Price (11/25/13)
C$1.26
52 Week Range
C$.70 - $1.41
Avg. Daily Volume
~428,000
(3-mo URG & URE 11/25/13)

TSX: URE

Member of S&P/TSX SmallCap Index
Geographical Distribution as of 6/30/13
United States
Canada
Other

~53%
~23%
~24%



4

Analyst Coverage
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

Roth Capital Partners

Joseph Reagor (Newport Beach, CA)

1.949.720.7106

H.C. Wainwright

Jeff Wright (New York, NY)

1.212.365.0545

United States

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.



5

Experienced Management Team
Board of Directors
Executive 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


6

Industry Leading Professionals
 Highly experienced technical and management team
 160 years of direct uranium production experience


ISR operations experience – Nebraska, Texas, Wyoming & Kazakhstan


7

Nuclear Fuel Demand is Growing


435 operable reactors world wide
with 374 GWe capacity



Actual production demand




Under construction and planned


*Source: UxC Uranium Market Outlook

In 2012 world nuclear industry
consumption was ~180 million lbs. and
production was only ~152 million lbs.
Today there are approximately 66
nuclear plants under construction in
13 countries, 160 planned and 319
proposed



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



Saudi Arabia announced plans for 16 new reactors



8

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


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


9

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 opportunity

1

U.S. Energy Information Administration



10

Sound Marketing Strategy
 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
 Exclusive representation by NuCore Energy, LLC in off-take
purchase agreement negotiations


11

Ur-Energy’s US Projects


12

In-Situ Recovery (ISR) Uranium Mining





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


13

The Lost Creek Property
Upgrade to the NI 43-101 mineral resource estimate on the
Lost Creek Property (as of November 18, 2013 News Release)
Measured: 4.85 Mlbs eU3O8 (in 4.29 Mt @ 0.057%)
Indicated: 3.80 Mlbs eU3O8 (in 4.04 Mt @ 0.048%)
Inferred: 4.74 Mlbs eU3O8 (in 4.72 Mt @ 0.051%)
* Based on grade cutoff of 0.02% eU3O8 and a GT cutoff of 0.3




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.

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



14

Preliminary Economic Assessment
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). Updated PEA to be filed on or before January 2, 2014.
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.


15

Lost Creek: In Operations August 2013
Yellowcake October 15, 2013


Fully staffed and in operations






Lost Creek Processing Plant

Management personnel
Technical team
Construction personnel
Operations personnel
Maintenance personnel

Interior of Ur-Energy’s Header House
Yellowcake Dryer



16

Lost Creek Production
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

Ion Exchange Vessels for Uranium Recovery

Twin Yellowcake Dryers
Mine Unit 1


17

Pathfinder Mines Corporation
PMC holds Ur-Energy’s next production center


Definitive purchase agreement
with AREVA signed in July 2012



PATHFINDER

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 fourth quarter of 2013



18

Pathfinder Projects and Assets


Shirley Basin







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





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

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.


19

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)


20

Ur-Energy – Right Now!
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 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.


21

Ur-Energy’s Production Strategy
 Ur-Energy’s strategy




Production potential resources only
Economically recoverable resources
Not simply “Pounds in the Ground”

 US mines produce
~4M lbs of uranium/yr
 US utilities consume
~55M lbs of uranium/yr
 US estimated 2014 production
~5M lbs/yr




22

URG estimated 2014 ~1M lbs/yr
20% of US market share

2013 Objectives & News Flow
1. Advance Lost Creek to nameplate production
 Completed construction
 Commenced production
 Expanded 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



23

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 Investor and Public Relations
By Mail:
Ur-Energy Corporate Office
10758 W. Centennial Rd., Suite 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-energy.com
jeff.klenda@ur-energy.com
rich.boberg@ur-energy.com


24

Ure corporate presentation 20131126 (final)

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