This document provides an overview of Ur-Energy, an advanced pre-production junior mining company focused on developing low-cost uranium production properties in the United States. Key points include that Ur-Energy owns the Lost Creek property in Wyoming, which has NI 43-101 defined resources and is their primary development project. Lost Creek requires one remaining regulatory approval but has completed significant permitting and technical work positioning it for construction to begin this summer and production in 2013. Ur-Energy has also expanded their land holdings and resources through recent acquisitions and exploration.

1. 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:
•Lost Creek Development
•Resource Growth
•Strategic Opportunities
Corporate Presentation
May 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 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 analysis of
economics of the Lost Creek Project); receipt of (and related timing of) Record of Decision from the U.S. Bureau of Land Management related to
Lost Creek; whether the Lost Creek Project will advance to production and the production timelines; the Company’s procurement and
construction plans at the Lost Creek Project; 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; and the further exploration, development and
permitting of exploration projects including Lost Soldier and the properties in Nebraska and at Screech Lake; 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 Am ex : UR G TSX : UR E

3. Ur-Energy At A Glance
Re-Rating is Likely in 2012 as URG Nears Production
Advanced Pre-Production Project at Lost Creek, Wyoming
One regulatory 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
Secure Future Revenue Stream Through Sales Agreements
Strong Balance Sheet
See Disclaimer re Forward-looking Statements and Projections (slide 2)
3 N YSE Am ex : UR G TSX : UR E

4. Ur-Energy’s Market Position
Share Capital & Cash Position
NYSE Amex: URG
As of 04/26/12
Shares Outstanding 121.1M
Stock Options & RSUs 8.3M
Fully Diluted 129.4M
Market Cap (05/07/12) C$127.1M
Cash (03/31/12) C$36.5M
Debt $0
Cash per share (03/31/12) ~C$0.30
Share price (05/07/12) C$1.05
52 Week Range C$.79 - $1.77
Avg. Daily Volume ~440,000 TSX: URE
(3-mo URG & URE 05/07/12)
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%
See Disclaimer re Forward-looking Statements and Projections (slide 2)
4 N YSE Am ex : UR G TSX : UR E

5. Analyst Coverage
United States
GVC Capital Mike Shonstrom (Denver, CO) 1 303-321-2392
Rodman & Renshaw (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
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.
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6. 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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7. Industry Leading Team
Highly Experienced Technical and Management
Professionals
98 Years of Direct Uranium Production Experience
ISR operations experience – Nebraska, Texas & Wyoming
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8. Nuclear Markets Remain Positive
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)
8 N YSE Am ex : UR G TSX : UR E

9. 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)
9 N YSE Am ex : UR G TSX : UR E

10. The US Uranium Market
The US mines produce ~ 4M lbs of uranium/yr1
The US utilities consume 55M lbs of uranium/yr1
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
See Disclaimer re Forward-looking Statements and Projections (slide 2)
10 N YSE Am ex : UR G TSX : UR E

11. 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
See Disclaimer re Forward-looking Statements and Projections (slide 2)
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12. Ur-Energy’s US Projects
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13. In-Situ Recovery (ISR) Uranium Mining
Environmentally sound production method
Well understood by Wyoming state regulators
Cost effective, low capital costs
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14. ISR – Low Impact Mining
CAMECO Smith Ranch ISR Mine
Powder River Basin, Wyoming
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15. 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 acres
Adjoining Projects – 39,249 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)
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16. Lost Creek
Adjacent to Rio Tinto Sweetwater Mine Complex
(NRC licensed conventional uranium mill)
JK
NYSE Amex: URG TSX: URE

17. 2012 Property Acquisition
Asset Exchange
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
Properties directly adjacent to Lost Creek
Project boundaries
See Disclaimer re Forward-looking Statements and Projections (slide 2)
17 N YSE Am ex : UR G TSX : UR E

18. 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
* 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)
18 N YSE Am ex : UR G TSX : UR E

19. US$27M 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 & Elution Columns
Filter Presses
Process Tanks
Reverse Osmosis
Design/Build of Header House
Building
Interior of Ur-Energy’s Prototype Header House
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20. Lost Creek Path to Production
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
Draft EIS Published April 27, 2012
US Bureau of Land Management Plan of Operations
Record of Decision anticipated summer 2012
Construction: 6-9 month build-out
First Production
Planned for second quarter next year
Ramp-up to 1 million pound per year production rate
See Disclaimer re Forward-looking Statements and Projections (slide 2)
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21. Re-Rating Potential
Stage EV/Lb
URG Upside vs. Producers Producers $5.26
 4X (+$4.03/Lb) URG $1.23
Source: Dundee (April 26, 2012)
As Ur-Energy
Nears Production,
Re-rating is Likely
See Disclaimer re Forward-looking Statements and Projections (slide 2)
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22. 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 Production Profile
Development of currently held properties
Acquisitions of new properties
Strategic alliances
Exploration Properties in Western Nebraska
Monetizing Historic Databases
See Disclaimer re Forward-looking Statements and Projections (slide 2)
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23. 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)
23 N YSE Am ex : UR G TSX : UR E

24. 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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25. Ur-Energy – Right Now!
Experienced Technical & Management Team
Strong Balance Sheet
C$36.5 Million (03/31/11)
Advanced Pre-Production Project at Lost Creek
Low-cost uranium production center
Plant construction planned to begin summer 2012
Technical, political and regulatory certainty
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)
25 N YSE Am ex : UR G TSX : UR E

26. Ur-Energy’s News Flow
Just Released - Lost Creek Property PEA Update
Includes new resources with updated economics
Final Regulatory Approval
BLM decision expected summer 2012
Construction at Lost Creek Project
Summer 2012
Expanding Resources
Acquisition
Exploration
See Disclaimer re Forward-looking Statements and Projections (slide 2)
26 N YSE Am ex : UR G TSX : UR E

27. 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
27 NYSE Amex:: URG
N YSE Am ex UR G TSX::URE
TSX UR E