Ur-Energy is developing its flagship Lost Creek uranium project in Wyoming. It recently received final permits and began construction in October 2012, with first production expected in mid-2013. The project has low projected operating costs and significant resources that could support production for 8-10 years. Ur-Energy also continues exploring and acquiring additional uranium properties in the region.

1. N YSE M KT: 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:
•Lost Creek Development
•Resource Growth
•Strategic Opportunities
Corporate Presentation
Novem ber 2012

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 technical and economic viability of
Lost Creek (including the projections contained in the preliminary analysis of economics of the Lost Creek Property); ability and timing of the
Company to secure project financing including the state bond process; 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; 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 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 2, 2012, 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. and SME Registered Member, and Qualified Person as defined by National
Instrument 43-101, and Catherine Bull, Ur-Energy Project Engineer, Wyoming P.E., and Qualified Person as defined by the NI 43-101,
reviewed and approved the technical information contained in this presentation.
2 N YSE M KT: UR G TSX : UR E

3. Ur-Energy At A Glance
Re-Rating is Likely as URG Nears Production
Advanced Pre-Production Project at Lost Creek, Wyoming
Received Final Regulatory Permit on October 5, 2012
Construction began in October 2012
First production forecast for mid-2013
Expanding Resources Through Acquisition and Exploration
Definitive agreement to acquire Pathfinder Mines Corporation
Continued expansion of the Lost Creek Property
Secure Future Revenue Stream Through Sales Agreements
Maintaining a Strong Balance Sheet
See Disclaimer re Forward-looking Statements and Projections (slide 2)
3 N YSE M KT: UR G TSX : UR E

4. Ur-Energy’s Achievements
1. Completed Licensing the Lost Creek Project
Construction began October 2012
2. Addition of Strategic Lost Creek Property Positions
45% Expansion of Measured and Indicated Resources
42% Increase in Inferred Resources
3. Agreement to Acquire Pathfinder Mines
4. Long Term Sales Agreements with Three US Utilities
Exclusive marketing agreement with NuCore
5. Maintaining Strong Balance Sheet
$17 million top-up financing in February 2012
Advancing application for $34 million Bond Finance with
Wyoming Business Council
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5. 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 (11/05/12) C$102.97M
Cash (09/30/12) C$29.2M
Cash per share (09/30/12) ~C$0.241
Share price (11/05/12) C$0.85
52 Week Range C$.64 - $1.49
Avg. Daily Volume ~420,000 TSX: URE
(3-mo URG & URE 11/05/12)
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)
5 N YSE M KT: UR G TSX : UR E

6. 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 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.
6 N YSE M KT: UR G TSX : UR E

7. 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 (Mining Engineer)
John W. Cash, VP Regulatory Affairs, Exploration & Geology (Geologist & Geophysicist)
Penne A. Goplerud, Corporate Secretary & General Counsel (JD)
* Founding Directors
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8. Industry Leading Professionals
Highly Experienced Technical and Management Team
144 Years of Direct Uranium Production Experience
ISR operations experience – Nebraska, Texas & Wyoming
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9. Nuclear Fuel Demand is Growing
US NRC approved four new construction & operation licenses this
year (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
63 new reactors under construction
Russia, China and India represent 50% of new builds and have
reaffirmed support for nuclear power
Saudi Arabia & the United Kingdom combined have announced
plans to build 24 new reactors
See Disclaimer re Forward-looking Statements and Projections (slide 2)
9 N YSE M KT: UR G TSX : UR E

10. Global Supply Picture is Dynamic
Today’s capital markets present a significant obstacle
to development of new large scale mining centers
Current prices do not incentivize new supply
development or sustain high cost conventional
producers
Large scale production growth is being curtailed for
the foreseeable future
Olympic Dam expansion delayed
Kintyre shelved
No new growth for Paladin under $85/pound
New production likely to come only from a limited
number of low cost, scalable projects
See Disclaimer re Forward-looking Statements and Projections (slide 2)
10 N YSE M KT: UR G TSX : UR E

11. The US Uranium Market
US Demand is not met by US Production
The US mines produce ~ 4M lbs of uranium / yr 1
The US utilities consume 55M lbs of uranium / yr 1
Ur-Energy is well positioned to capitalize on this opportunity
See Disclaimer re Forward-looking Statements and Projections (slide 2) 1 – U.S. Energy Information Administration
11 N YSE M KT: UR G TSX : UR E

12. 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 negotiations
See Disclaimer re Forward-looking Statements and Projections (slide 2)
12 N YSE M KT: UR G TSX : UR E

13. Ur-Energy’s US Projects
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14. ISR – Low Impact Mining
CAMECO Smith Ranch ISR Mine
Powder River Basin, Wyoming
14 N YSE M KT: UR G TSX : UR E

15. Lost Creek ISR Project
Ur-Energy’s Flagship Property
Shovel Ready Uranium ISR Mine
Fully Licensed for Production
Growing Resources
Low Projected Operating Costs
Low Pre-Production Capital Cost
See Disclaimer re Forward-looking Statements and Projections (slide 2)
15 N YSE M KT: UR G TSX : UR E

16. 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 new
claims and upgraded resources
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
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.
See Disclaimer re Forward-looking Statements and Projections (slide 2)
16 N YSE M KT: UR G TSX : UR E

17. Lost Creek
Adjacent to Rio Tinto Sweetwater Mine Complex
(NRC licensed conventional uranium mill)
Lost Creek Plant Capacity
1M lbs expandable to 2M lbs
JK
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18. 2012 Property Acquisition
Asset Exchange with Uranium One
Added ~5,250 acres
No Cash Cost
Additional ~250 new mining claims staked
Resource gain (as of April 30, 2012 PEA)
Measured: 1.26 Mlbs eU3O8 (in 1.16 Mt @ 0.054%)
Indicated: 1.33 Mlbs eU3O8 (in 1.55 Mt @ 0.043%)
Inferred: 0.85 Mlbs eU3O8 (in 0.93 Mt @ 0.048%)
* Based on grade cutoff of 0.02% eU3O8 and a GT cutoff of 0.3
Ur-Energy possesses ~1,100 holes of
historic drill data on new lands
Currently conducting 200 hole exploration
program at LC East
See Disclaimer re Forward-looking Statements and Projections (slide 2)
18 N YSE M KT: UR G TSX : UR E

19. Preliminary Economic Assessment
April 30, 2012 PEA* Updates Resources and Economics
Mineral Resource Increase from February 2012 PEA
45% I ncrease in Measured and Indicated Resources
42% I ncrease in Inferred Resources
Estimates Operating Costs at US$16.12/ lb
Lowest quartile of all uranium producers
Project Internal Rate of Return (I RR ) at 87%
Pre-Production Capital Costs of Only US$31.6M Rem aining
Lowest quartile of all developing uranium production facilities
Extended Life of Mine to 8-10 years
* P relim inary Econom ic Assessm ent of the Lost Creek P roperty, Sw eetw ater County,
W yom ing P repared 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 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.
See Disclaimer re Forward-looking Statements and Projections (slide 2)
19 N YSE M KT: UR G TSX : UR E

20. Under Construction
Groundbreaking Oct. 2012
Wyoming based contractor hired
Nine month estimated build-out
Construction Initiated
Processing Plant
First Mine Unit
Auxiliary Facilities
Concrete piers being poured at Lost Creek
Pre-Production Capital of $31.6M
Processing 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 House
See Disclaimer re Forward-looking Statements and Projections (slide 2)
20 N YSE M KT: UR G TSX : UR E

21. Lost Creek Path to Production
Received Record of Decision from BLM on October 5, 2012
Final permit required for construction and operations
Licenses and Permits Previously Received
US NRC License
Wyoming DEQ Permit to Mine – Includes Approval of First Mine Unit
WDEQ Class I UIC Permit (water disposal wells)
EPA Aquifer Exemption
Construction: 6-9 months for build out and commissioning
First Production
Anticipated in second quarter of next year
Ramp-up to 1 million pound per year production rate in 2014
See Disclaimer re Forward-looking Statements and Projections (slide 2)
21 N YSE M KT: UR G TSX : UR E

22. 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 m illion , 10% down payment, balance due
on closing, no other monetary obligations prior to closing
Transaction expected to close in first half of 2013
See Disclaimer re Forward-looking Statements and Projections (slide 2)
22 N YSE M KT: UR G TSX : UR E

23. 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 m illion lbs U 3 O 8 *
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 m illion lbs U 3 O 8 *
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 to classify the estimates as such.
See Disclaimer re Forward-looking Statements and Projections (slide 2)
23 N YSE M KT: UR G TSX : UR E

24. 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 US
See Disclaimer re Forward-looking Statements and Projections (slide 2)
24 N YSE M KT: UR G TSX : UR E

25. 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)
25 N YSE M KT: UR G TSX : UR E

26. 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
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27. 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 Agreements
Reducing Company exposure to volatile marketplace
Re-rating Likely as Ur-Energy Nears Production
See Disclaimer re Forward-looking Statements and Projections (slide 2)
27 N YSE M KT: UR G TSX : UR E

28. Re-Rating Potential
Stage EV/Lb
URG Upside vs. Producers Producers $4.01
 2.6X (+$2.51/Lb) URG $1.50
Source: Dundee (Nov 7, 2012)
As Ur-Energy
Nears Production,
Re-rating is Likely
See Disclaimer re Forward-looking Statements and Projections (slide 2)
28 N YSE M KT: UR G TSX : UR E

29. 2013 Growth Objectives
1. Advance Lost Creek
Initiate production
Permit area growth
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
Identify project priorities
Act on priorities
4. Corporate Finance – Positive Cash Position
Methods, timing, pricing
Forecasting additional needs
See Disclaimer re Forward-looking Statements and Projections (slide 2)
29 N YSE M KT: UR G TSX : UR E

30. Ur-Energy’s News Flow
Construction Updates at Lost Creek Project
Started in October 2012
Project Finance
Wyoming Industrial Revenue Bond Issuance
Expanding Resources
Closing of Pathfinder Mines Acquisition
Exploration Results
Uranium Production!
See Disclaimer re Forward-looking Statements and Projections (slide 2)
30 N YSE M KT: UR G TSX : UR E

31. 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
31 NYSE M KT: URG
N YSE MKT: UR G TSX:: URE
TSX UR E