Ur-Energy Inc. · TSX:URE

Ur-Energy — Investor Presentation (January 2013)

27 slides from Ur-Energy's investor presentation, Jan 17, 2013

1. Slide 1: NYSE MKT: URG • TSX: URE

   NYSE MKT: URG • TSX: URE

2. Slide 2: Corporate Presentation January 2013

   Corporate Presentation January 2013 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  Lost Creek Development  Resource Growth  Strategic Opportunities NYSE MKT: URG • TSX: URE

3. Slide 3: Disclaimer

   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 commencem

4. Slide 4: Ur-Energy at a Glance

   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 mid 2013  Expanding resources through acquisition and exploration  Definitive agreement to a

5. Slide 5: Ur-Energy's Market Position

   Ur-Energy’s Market Position Share Capital & Cash Position NYSE MKT: URG As of 09/30/12 Shares Outstanding 121.1M Stock Options & RSUs 7.3M Fully Diluted 128.4M Market Cap (01/14/13) C$109.02M Cash (09/30/12) C$29.2M Cash per Share (09/30/12) ~C$0.241 Share Price (01/14/13) C$0.88 52 Week Range C$.64

6. Slide 6: Analyst Coverage

   Analyst Coverage United States Roth Capital Partners Michael Legg (New York, NY) 1.646.358.1917 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

7. Slide 7: Experienced Management Team

   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 (Profession

8. Slide 8: Industry Leading Professionals

   Industry Leading Professionals  Highly experienced technical and management team  150 years of direct uranium production experience  ISR operations experience – Nebraska, Texas, Wyoming & Kazakhstan NYSE MKT: URG • TSX: URE 8

9. Slide 9: Nuclear Fuel Demand is Growing

   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, South Korea - 1  Saudi Arab

10. Slide 10: Global Supply Picture is Dynamic

    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 developmen

11. Slide 11: The US Uranium Market

    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 See Disclaimer re Forward-looking Statemen

12. Slide 12: Sound Marketing Strategy

    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 util

13. Slide 13: Ur-Energy's US Projects

    Ur-Energy’s US Projects NYSE MKT: URG • TSX: URE 13

14. Slide 14: Lost Creek ISR Project

    Lost Creek ISR Project  Ur-Energy’s flagship property  8 to 10 year projected mine life  Low projected operating costs  Fully licensed for production  BLM approval subject of judicial review  Under construction  First production anticipated in mid-2013  Growing resources See Disclaimer re Fo

15. Slide 15: The Lost Creek Property

    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

16. Slide 16: Preliminary Economic Assessment

    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 operating costs at US $16

17. Slide 17: Under Construction

    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

18. Slide 18: Lost Creek Construction Highlights

    Lost Creek Construction Highlights Construction activities at the plant site Pipeline – plant to mine unit 1 Pouring the plant foundation Drilling activities at mine unit 1 NYSE MKT: URG • TSX: URE 18

19. Slide 19: Pathfinder Mines Corporation

    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

20. Slide 20: Pathfinder Projects

    Pathfinder Projects  Brownfield properties, existing infrastructure, permits & licenses  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  Ur

21. Slide 21: Pathfinder Assets

    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 lice

22. Slide 22: Lost Soldier – 12.2M M&I lbs U3O8

    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: 2

23. Slide 23: Screech Lake, Thelon Basin, NWT

    Screech Lake, Thelon Basin, NWT MegaTEM Survey 0 4 Kilometers  Completed audio-magnetotelluric geophysical survey, and soil gas hydrocarbon and enzyme leach soil geochemistry analyses to better define drill targets See Disclaimer re Forward-looking Statements and Projections (slide 3) NYSE MKT: URG

24. Slide 24: Ur-Energy – Right Now!

    Ur-Energy – Right Now!  Growth oriented technical & management team  Strong balance sheet  C $29.2 million (09/30/12)  Advanced pre-production project at Lost Creek  Low-cost uranium production center  Project construction began in October 2012  Signed multiple long-term uranium sales agreeme

25. Slide 25: Re-Rating Potential

    Re-Rating Potential Stage EV/Lb Producers $4.31 URG $1.63 Source: Dundee (Jan 13, 2013) URG Upside vs. Producers As Ur-Energy  3X (+$2.49/Lb) nears production, re-rating is likely See Disclaimer re Forward-looking Statements and Projections (slide 3) NYSE MKT: URG • TSX: URE 25

26. Slide 26: 2013 Objectives & News Flow

    2013 Objectives & News Flow 1. Advance Lost Creek to Production  Complete construction  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. Growth in production profile  Ident

27. Slide 27: Ur-Energy – The Right People. The Right Projects. Right Now!

    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. Cente

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