1. N YSE Am ex : UR G TSX : UR E
Ur-Energy is a dynamic junior mining company
focusing on exploration and development of
uranium properties in the United States and in
Canada.
Corporate Objectives:
•Be a Low Cost Uranium Producer
•Evaluate Strategic Opportunities
•Build Shareholder Value
•Create Value From Historic Databases
Corporate P resentation
February 3, 2011
This presentation and related information does not
constitute an offer to sell or a solicitation of an
offer to buy the Common Shares of Ur-Energy.
Confidential

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 sufficiency of cash to fund capital requirements, receipt of (and related timing of) the NRC
Source Material License, WDEQ Permit to Mine, BLM Plan of Operations, and all other necessary permits related to Lost Creek, and procurement
and construction plans; specifics of drilling for Lost Creek; production rates and sustainability, timetables and methods at Lost Creek; permitting
and licensing for Lost Soldier; and timing and relative results of exploration programs, including without limitation those at LC North and LC South,
Hauber Project, the Bootheel Project and in Nebraska. With regard to discussion of the potential of exploration targets, it should be noted that
potential quantity and grade ranges are conceptual in nature; there has been insufficient exploration yet to define a mineral resource at the two
new exploration targets. Further, it is uncertain if additional exploration will result in the exploration targets being delineated as a mineral
resource.
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; delay in obtaining or failure to obtain necessary permits and approvals from government authorities; 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 Report on Form 20-F (Annual Information Form) for the
fiscal year ended December 31, 2009 filed with the regulatory authorities in Canada on SEDAR on March 11, 2010 and with the U.S. Securities and
Exchange Commission on EDGAR on March 12, 2010.
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.
Confidential 2 N YSE Am ex : UR G TSX : UR E

3. Ur-Energy At A Glance
Share Capital & Cash Position Cash per share as of 09/30/10 ~C$0.32
As of 11/23/10 Share price as of 02/02/11 C$3.20
Shares Outstanding 101.6M 52 Week Range C$.76 - C$3.35
Stock Options 6.1M Avg. Daily Volume ~2,212,000
Fully Diluted 107.7M (3-mo URE & URG)
Geographical Distribution as of 6/30/10
Market Cap (02/02/11) $310.4M
United States ~40.5%
Cash (09/30/10) C$34.7M Canada ~32.8%
+Cash from expiring Stock Options (12/1/10) C$3.0M Other ~26.6%
Debt $0
NYSE Amex: URG TSX: URE
Confidential 3 N YSE Am ex : UR G TSX : UR E

4. Analyst Coverage
United States
GVC Capital Mike Shonstrom (Denver, CO) 1 303-321-2392
Rodman & Renshaw Alka Singh (New York) 1 212-430-1760
Canada
Canaccord Adams (Vancouver, BC) 1 604-699-0829
Dundee Securities David A. Talbot (Toronto, ON) 1 416-350-3082
Haywood Securities Geordie Mark (Vancouver, BC) 1 604-697-6112
Macquarie Capital Duncan McKeen (Montreal, QC) 1 514-925-2856
Raymond James Bart Jaworski (Vancouver, BC) 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
*paid research
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.
Confidential 4 N YSE Am ex : UR G TSX : UR E

5. Experienced Management Team
Board of Directors
Ex ecutive Directors
W. William Boberg*, President, Chief Executive Officer (Professional Geologist)
Jeffrey T. Klenda*, Board Chairman, Executive Director (Mining Finance)
I ndependent Directors
James M. Franklin*, Chair-Technical Committee (Professional Geologist)
Paul Macdonell*, Chair-Compensation, Corp. Governance & Nominating Committees
(Senior Federal Mediator)
Thomas H. Parker, Chair-Audit Committee (Professional Engineer)
Officers
Harold A. Backer, Executive VP Geology & Exploration (Geologist)
Wayne W. Heili, VP Mining & Engineering (Metallurgical Engineer)
Paul W. Pitman, VP Canadian Exploration (Professional Geologist)
Roger L. Smith, Chief Financial Officer, VP Finance, IT & Administration (CPA & MBA)
Paul G. Goss, Corporate Secretary & General Counsel (JD & MBA)
* Founding Directors
Confidential 5 N YSE Am ex : UR G TSX : UR E

6. Our People Define Us
481 Years total resource industry experience
300 Years of Uranium Industry Experience
Highly experienced technical professional
employees
(4 Engineers, 17 Geologists and 3 Landmen)
120 Years of direct extensive uranium
production experience
ISR operating experience – Nebraska, Texas & Wyoming
22 Management, Professionals and Support
Staff
Contractors and consultants have extensive
uranium exploration, development and
production experience
As of: 01/18/11
Confidential 6 N YSE Am ex : UR G TSX : UR E

7. US Infrastructure Isolated from Resources
Christensen / Irigaray (650,000 pounds)
Uranium One / ISR (Standby)
Sweetwater Mill (1 million pounds)
Rio Tinto / Conventional (Standby) Smith Ranch / Highland (5.5 million pounds)
CAMECO / ISR (Producing)
Crow Butte (1 million pounds)
CAMECO / ISR (Producing)
Shootaring Canyon Mill (1 million pounds)
Uranium One / Conventional (Standby) Cañon City Mill (1 million pounds)
Cotter Corp. / Conventional (Standby)
White Mesa Mill (8 million pounds)
Denison / Conventional (Producing)
Hobson (1 million pounds)
Uranium Energy / ISR (Producing)
Rosita(1 million pounds)
URI / ISR (Standby)
Alta Mesa (1 million pounds) Kingsville Dome (1 million pounds)
Mesteña / ISR (Producing) URI / ISR (Standby)
Confidential 7 N YSE Am ex : UR G TSX : UR E

8. US Produces Only 7% of Uranium Consumed
US uranium concentrate production totaled 3,749,550 pounds U3O8 in
2009. This amount is 17% lower than the 4,533,578 pounds produced
in 2007
The US produces only 7% of the uranium it consumes!
In 2009, the 10-year forward cumulative unfilled uranium requirement
of US utilities was 260,982,000 lbs
There will be a premium paid for domestically produced uranium
Confidential 8 N YSE Am ex : UR G TSX : UR E

9. Future Demand to Outpace Supply
Continuing challenges in Kazakhstan
China expected to install at least 75 GWe of nuclear capacity by 2020 (McKinsey&Company)
HEU Program expires at the end of 2013 and will not be renewed
Rosatom head Sergei Kiriyenko has reportedly told US utilities there will be no HEU-2 deal
Costs of new global uranium supply expected to rise sharply with positive impact on prices
See Disclaimer re Forward-looking Statements and Projections (slide 2)
Confidential 9 N YSE Am ex : UR G TSX : UR E

10. In-Situ Recovery (ISR) Uranium Mining
Environmentally sound production method
Well understood by Wyoming state regulators
Cost effective, low capital costs
See Disclaimer re Forward-looking Statements and Projections (slide 2)
Confidential 10 N YSE Am ex : UR G TSX : UR E

11. ISR – Low Impact Mining
CAMECO Smith Ranch ISR Mine
Powder River Basin, Wyoming
Confidential 11 N YSE Am ex : UR G TSX : UR E

12. Wyoming Projects
Confidential 12 N YSE Am ex : UR G TSX : UR E

13. Lost Creek Site
Kennecott / Rio Tinto Sweetwater Mill – 3 miles south
(NRC Licensed Facility on Standby)
• 201 federal mining claims and 1 state lease • Processing plant – Up to 2M lbs per year
• 5% Royalty on State Lease – No Federal • Plant build-out costs projected at <US$30M
• Approx. 5% local severance taxes • No Community Opposition
Confidential NYSE Amex: URG TSX: URE

14. 2010 & 2011 Achievements
Acquired Exploration Properties in Nebraska
Draft NRC License Received
Added C$3M From Exercise of Expiring Employee Stock Options
(C$1.25)
State Engineer Holding Permit Received
BlackRock Financing Completed, C$5M @ C$1
WDEQ Final Class I UIC Permit (water disposal well) Received –
Only WY Company to have secured permit
Hauber Project Manager/Member Bayswater Issues NI 43-101
WDEQ-Air Quality Permit Received
NRC Pre-License Exemption for Limited Construction Granted
WY Game & Fish Dept. Approved Wildlife Management Plan
Meets all the protection measures for the Greater Sage Grouse
Species
Confidential 14 N YSE Am ex : UR G TSX : UR E

15. Lost Creek – 9.8M Indicated lbs of U3O8
540 drill holes defined 1970’s
discovery
1,097 drill holes drilled by Ur-
Energy since 2005
2 Mine Units now fully delineated
Mine Unit #3 planned for
delineation in 2011
NI 43-101 Compliant Resource Leach Efficiency - 80%
Indicated – 8.5 million tons @ 0.058% (9.8 million lbs U3O8) Industry Avg. - ~70%
Avg 425 ft deep,19.5 ft @ 0.058% U3O8 (Recovery Rate)
Inferred – 0.7 million tons @0.076% (1.1 million lbs U3O8)
Pump Test Results - >30-50gpm
Technical Report on the Lost Creek P roject, W yom ing, C. Stew art W allis,
Roscoe P ostle Associates I nc., June 15, 2006
Industry Avg. - 15gpm
(posted on SEDAR) (Good Porosity = Cost Savings)
See Disclaimer (slide 2)
Confidential 15 N YSE Am ex : UR G TSX : UR E

16. Lost Creek Preliminary Assessment
Study indicates favorable economics
Greatest sensitivity – uranium pricing & recovery efficiency
Economic at uranium prices above $40 per pound U3O8
Summary Highlights for m inim um Life of Mine (LOM)
Model based on 6 mine units totaling 8.1 million pounds U3O8
Total Production – 6.5 million pounds U3O8 (80% recovery efficiency)
Model very conservative
Does not include all NI 43-101 resources or prospect of resource
expansion
Base Case includes 20% contingency to both operating and capital
Operating Cash Costs (base case including all restoration) =
$23.36/pound $35 - $38/pound all-in costs, including capital
recovery
Capital Costs (through production of first M ine Unit)
Projected Cost of 2 Million Pound per Year ISR Plant = $30 million
(current estim ate is ~$26 m illion)
Projected Costs of drilling, environmental, engineering, etc = $32.5 million
Capital Cost Requirements already spent down by ~$24 million
Technical R eport by Lyntek Inc., April 2008 – P osted on SEDAR
See Disclaimer (slide 2) Italicized item s are Ur-Energy estim ates as of April 2010
Confidential 16 N YSE Am ex : UR G TSX : UR E

17. 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
10 Ion Exchange Columns
2 Ion Exchange polishing columns
2 Restoration columns
2 Elution columns
2 Filter presses Ur-Energy’s Ion Exchange Columns
Acquired Operational Support Equipment for
Current Work & Mine Unit Operations
Major Rolling Equipment
Required Operational Equipment
Training & Developing Operational Staff
Acquired Initial Mine Unit Header House
Prototype Completed for Operations
Selected General Contractor – Fagen, Inc.
Interior of Ur-Energy’s prototype Header House
Confidential 17 N YSE Am ex : UR G TSX : UR E

18. Lost Creek On-Site Processing Plant
Corp. Decision: Spoke & Hub Model Not
Viable Option
Central Processing Plant located adjacent to
Lost Creek deposit
Production Life: Seven years
Capital Cost: $26M-$30M
Operating Cost: $23/lb of U3O8;
$35 - $38/lb all-in cost
Adjacent properties have potential for additional
resources: 20.7 to 24.1 million tons with an
average grade of 0.028% U3O8 (not an NI 43-
101 compliant resource)
Cost Savings
No satellite facilities
No additional transportation costs
Satellite Facility Requirements
Permitting, engineering, bonding, deep disposal w ell , etc.
Nearly full requirements as an On-Site plant (~75%-80% of full plant)
Imagine repeating this process for each facility for few additional
pounds
See Disclaimer (slide 2)
Confidential 18 N YSE Am ex : UR G TSX : UR E

19. Exploration Targets on Adjacent Properties
Potential of Additional Resources
U3O8 to be added to Lost Creek
Project Area and Adjacent Lands
Multiple roll fronts in four stratigraphic
horizons defined by ~500+ drill holes
~50-60 historic holes mineralized with
grades similar to Lost Creek resource
Potential for additional resources: 20.7
to 24.1 million tons with an average
grade of 0.028% U3O8 (not an NI 43-101
compliant resource)
2010 exploration drill program (159
holes 101,270 ft (30,867 m)) defined
numerous individual uranium roll front
Assumptions based on knowledge as of September 1, 2009. systems
These potential quantity and grade ranges are conceptual in nature. There
has been insufficient exploration to define a mineral resource outside the Additional drilling of 2000-3000
holes at a cost of $15 M - $22.5M
current Lost Creek resource. It is uncertain if further exploration will result
in the new target areas outside the Lost Creek resource being delineated as
a mineral resource.
See Disclaimer re Forward-looking Statements and Projections (slide 2) (~$7,500/hole)
Confidential 19 N YSE Am ex : UR G TSX : UR E

20. Lost Creek Regulatory Achievements
Sweetwater County: Development Plan
Approved by County Com m issioners, Decem ber 2009
Wyoming DEQ – Air Quality Division: Operational Permit
Final P erm it I ssued, January 2010
Wyoming DEQ – Water Quality Division: Class I UIC Permit (water disposal well)
Final P erm it I ssued, M ay 2010
Wyoming State Engineer: Holding Ponds Permit
Final P erm it I ssued, June 2010
Nuclear Regulatory Commission
Source Material License – Draft Issued January 2011
Supplemental Environmental Impact Statement (SEIS): Nearing Completion
Draft SEIS : Issued December 2009
Public Comment Period Ended March 3, 2010
Safety Evaluation Report (SER): Nearing Completion
Limited Construction Prior to License Issuance: Exemption Granted April 2010
Wyoming DEQ – Land Quality Division: Permit to Mine
Includes Application for First Mine Unit Permit
Addresses Sage Grouse Impacts
Nearing Completion
U.S. Bureau of Land Management
Plan of Operations: Environmental Review Process Underway
See Disclaimer re Forward-looking Statements and Projections (slide 2)
Confidential 20 N YSE Am ex : UR G TSX : UR E

21. Lost Soldier – 12.2M M&I lbs U3O8
M & I resource average
17.2 ft @0.065% U3O8
Average 240 feet deep
2 primary zones
Leach efficiency 49% - 84%
Can be licensed as
amendment to Lost Creek
license
Approximately 4000 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) – 9.4 million tons @ 0.065% (12.2 million lbs U3O8)
Inferred – 1.6 million tons @0.055% (1.8 million lbs U3O8)
(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)
Confidential 21 N YSE Am ex : UR G TSX : UR E

22. Screech Lake, Thelon Basin, NWT
Completed Audio-Magnetotelluric Geophysical Survey,
and Soil Gas Hydrocarbon and Enzyme Leach Soil
Geochemistry Analyses to Better Define Drill Target
Seeking Social License with First Nations
MegaTEM Survey
Screech
Lake
See Disclaimer re Forward-looking Statements and Projections (slide 2) 0 4
Kilometers
Confidential 22 N YSE Am ex : UR G TSX : UR E

23. Ur-Energy Advantage over Peers
Ur-Energy Uranium Energy Uranerz
Corp (1)
Current Share Price $3.23 $6.00 $5.36
(As of 02/02/11)
Market Cap $316.3M $413.6 M $340.4 M
(As of 02/02/11)
Working Capital C$34.7 M C$35.0 M C$36 M
(As of 09/30/10) (As of Jan 2011) (As of Jan 2011)
Enterprise Value $281.6 M $378.6 M $304.4M
(Market Cap – Cash)
NI 43-101 lbs U 3 O 8 24.9 M lbs 10.4 M lbs 13.7 M lbs
(M&I and Inferred)
Value/lb $11.30/lb $36.40/lb $22.21/lb
(1) Owns licensed Hobson plant and started production at La Palangana 4Q2010
Information obtained from public sources believed to be reliable.
Ur-Energy cannot guarantee accuracy and is not responsible for errors or omissions
Confidential 23 N YSE Am ex : UR G TSX : UR E

24. Today’s Reality
Today’s Price Breakout
Appears Sustainable
Broad Based Support, Even
Hedge Funds are Re-entering
the Market
China and Asian Countries
Actively Acquiring Future
Supplies, Constraining
Available Supply
ISR Junior Business Model Needs Re-Evaluation
(satellite vs. on-site processing plant)
Economically Recoverable Pounds Most Important
Market Rewarding Companies With Production
Profile
See Disclaimer re Forward-looking Statements and Projections (slide 2)
Confidential 24 N YSE Am ex : UR G TSX : UR E

25. Ur-Energy’s Strong Position
Technical Team – Best Among North American
Juniors
Near-Term, Low-Cost Production (~$23.00/lb)
Mining Jurisdiction - Uranium Friendly
Economical On-Site Processing Plant
Cash Resources, C$34.7 Million (as of 9/30/10
+ C$3 Million added from exercise of expiring
options)
Permitting Process Nearing Completion
See Disclaimer re Forward-looking Statements and Projections (slide 2)
Confidential 25 N YSE Am ex : UR G TSX : UR E

26. Building Shareholder Value
Ongoing Exploration – Increase Minable
Resources that will be Accessible to the Lost
Creek On-Site Processing Plant
Acquisition of Additional Exploration Properties
Monetizing Historic Databases
Seeking Acquisitions and Strategic Alliances that
will Positively Impact Production Profile Bottom
Line
Re-Rating Likely as Ur-Energy Nears
Production
See Disclaimer re Forward-looking Statements and Projections (slide 2)
Confidential 26 N YSE Am ex : UR G TSX : UR E

27. 2011 Is Our Year!
Anticipated
Issuance of NRC Source Material License
Enter into Offtake Agreement for Future Uranium Delivery
with US Utilities
Issuance of WDEQ Permit to Mine
Wellfield Injection Wells UIC Permit: Aquifer Ex em ption is
P art of W DEQ M ine P erm it
BLM Plan of Operations Approval
Targeted Construction Start-up (Beginning of 6 – 9 Month
Build-Out)
Re-Rating
See Disclaimer re Forward-looking Statements and Projections (slide 2)
Confidential 27 N YSE Am ex : UR G TSX : UR E

28. Ur-Energy - The Right People. The Right Projects. Right Now.
 For more information, please contact:
Bill Boberg, President, Chief Executive Officer & Director
Jeff Klenda, Board Chairman & Director
Rich Boberg, Director, 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: bill.boberg@ur-energyusa.com
jeff.klenda@ur-energyusa.com
rich.boberg@ur-energyusa.com
Confidential 28 NYSE Amex:: URG
N YSE Am ex UR G TSX::URE
TSX UR E