June 2022 - cloudfront.net

NYSE American: URG • TSX: URE

June 2022


This presentation contains “forward-looking statements,” within the meaning of applicable securities laws, regarding events or conditions that may occur in the future. Such statementsinclude without limitation the Company’s maintaining controlled-level production operations and the ability to ramp up as planned, including maintaining experienced operational staff;the continued technical and economic viability of Lost Creek; whether current projections of supply and demand will be recognized and sustained; whether the new physical uraniumfunds and other inventory purchasers will be market-changing; ability to timely and cost-efficiently ramp up in response to changing market conditions, including time to develop andpermit projects for operations; timing to complete new uranium sales agreements; ability to further expand resources at the Lost Creek Property; the further exploration, developmentand permitting of Company projects, including in the Great Divide Basin and Shirley Basin; the technical and economic viability of Shirley Basin (including the production and costprojections contained in the economic analyses of the project); the viability of any of the ongoing R&D efforts described, including the timing and cost to implement and operate one ormore of them, as well as obtaining all necessary permitting for each; completion of (and timing for) remaining regulatory approvals and development decisions at Shirley Basin andLost Creek, including LC East; the continuing impact of foreign state-subsidized imports of uranium; the timing and specifics of implementation of the national uranium reserve; timingand outcome of numerous legislative initiatives in support of nuclear, including the impact for those which may be implemented; the effects of geopolitical events, including the Russianinvasion of Ukraine; the long-term effects on the uranium market of supply and demand projections, including continuing acceptance of nuclear as integral to climate change initiatives;whether ramp-up may be completed at current projected costs and low levels of dilution; and whether certain prospective catalysts, including the impact of SPUT, will occur and/or theeffect(s) each may have on the market in the longer term. 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 materiallyfrom 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 competition in the uranium sector; the ability to raise fundsthrough private or public equity financings; imprecision in resource and reserve estimates; environmental and safety risks including increased regulatory burdens; unexpectedgeological or hydrological conditions; a possible deterioration in support for nuclear energy; changes in government regulations and policies, including trade laws and policies; demandfor nuclear power; weather and other natural phenomena; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; and otherexploration, development, operating, financial market and regulatory risks. Although Ur-Energy Inc. believes the assumptions inherent in the forward-looking statements arereasonable, 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 toupdate 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 andassumptions 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 tonumerous 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, possiblymaterially, from those projected.

The attention of investors is drawn to the Risk Factors set out in the Company's Annual Report on Form 10-K, filed March 9, 2022, which is filed with the U.S. Securities and ExchangeCommission on EDGAR (http://www.sec.gov/edgar.shtml) and the regulators in Canada on SEDAR (www.sedar.com).

Cautionary Note Concerning Estimates of Mineral Resources: Mineral resources that are not mineral reserves do not have demonstrated economic viability. Our mineral resourceestimates, and the related economic analyses, are preliminary in nature and, in the case of the Lost Creek Report, include inferred mineral resources that are considered toospeculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. The estimated mineral recovery used inour Technical Report Summaries is based on recovery data from wellfield operations to date at Lost Creek in the case of the Lost Creek Report, and Company personnel and industryexperience at similar facilities in the case of the Shirley Basin Report. There can be no assurance that recovery at this level will be achieved.

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NYSE American: URG • TSX: URE 3

*Technical Report Summary, Lost Creek ISR Uranium Property Sweetwater, Wyoming, USA prepared by Western Water Consultants, Inc. d/b/a WWC Engineering - 3.7.2022

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

Lost Creek ISR Uranium Facility (8+ years)• Produced ~2.7Mlbs U3O8 through 2021

• Controlled production at market-appropriate levels

• Resumed drilling, construction program fall 2021

• 11.9Mlbs. Measured and Indicated Resource at 0.046% and 6.6Mlbs. Inferred Resource at 0.044%

• Return to operations will be a return to low operation cost of ~$16.34/lb. (LoM)

• Rec’d Amendment to Lost Creek License: LC East & KM Expansion (final permit expected 2022)

Shirley Basin ISR Facility – licensed, permitted and construction ready• Effectively doubles licensed production capacity of Company

• Proven in situ producer and perhaps first commercial in situ mine in the world

• Roads, shops, electric supply, waste disposal facility already in place

Flexibility and value realized through higher-priced term contracts• 2013-2020 delivered to customers: 2.4Mlbs Lost Creek production + 1.8Mlbs purchased product

• Substantial drummed inventory (~284,000 lbs.) – spot market pricing strengthening


US • ~20% of nation’s electricity• >50% carbon-free electricity

Worldwide• 10% electricity• ~1/3 carbon-free electricity

440 operable reactors; 55 in construction ~100 reactors on order and 300

proposed WNA projects global demand +4.2%

annually through 2040 in reference case and +7.9% annually in upper case

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Source: UxC Market Outlook Q4 2021


*Sources: Nuclear Energy Institute; World Nuclear Association, UxC Consulting, IAEA, Bloomberg

Hydrogen production Crypto miners & EV market understand utility/economics of nuclear SMRs being developed/constructed in 11 countries, operating in 3


• China – goal to construct 150 reactors in 15 years

• UK – sets new 2035 deadline for carbon-free objectives. PM Johnson pushes for “Big Bet” on nuclear

• South Korea – election of strongly pro-nuclear president Yoon Suk-yeol who proposes expansion of nuclear power instead of phase out

• France – Macron advocates life extensions for all French reactors and proposes 6-14 new builds

• Philippines, Belgium, Japan, Finland, India, Turkey, UAE, etc.



Recently Passed Legislation• US Uranium Reserve, $75M, Secretary Granholm announced in late April that

DOE will go out for RFPs this June

• Civil Nuclear Credit Program, $6B to extend life of reactors

Numerous state legislative initiatives preserve and promote nuclear energy

Pending Legislation• Russia Uranium Ban, Senate and House versions, Bipartisan

• No Russia Act of 2022, ban Russian imports and support domestic fuel cycle

• International Nuclear Energy Act, sponsored by Senator Manchin, Bipartisan, halt Russian imports in 2025

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*Sources: Nuclear Energy Institute; World Nuclear Association, UxC Consulting, IAEA, Sprott.com

• Financial Players – moving the market

• Hedge funds: MMCAP, Anchorage, Light Sky & Tribeca

• ETFs: NorthShore, Global X >$1B 2021

• Long list of Uranium Producers and Developers as Purchasers: Cameco, Kazatomprom, Denison, etc., etc.

• Game changer: Sprott Physical Uranium Trust>55Mlbs. U3O8 in inventory and growing

• Most recent entrant: Kazakh Physical Uranium Fund


Russia’s attack on Ukraine - likely long-term impact

Russia supplies about 20% of US demand; globally, 43% enrichment and 38% conversion capacity

Kazakhstan provides ~46% of primary global supply. Russian influence and internal strife could impact supply

Uzbekistan production also heavily influenced by Russia

Primary production from Africa is largely owned by China

Canada’s McArthur River Mine to be placed into limited production along with existing production from Cigar Lake; but it’s not enough

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Source: World Nuclear AssociationSee Disclaimer re Forward-looking Statements and Projections (slide 2)


• Recent annual import levels commonly ~50Mlbs• 2020-21 US mined production negligible – too low to be reported• 2018-19 US mined production – already lowest in US history

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Source: US EIA Information 2021 - 2022

Effectively, No American Uranium Production



Based on grade cutoff of 0.02% eU3O8 and GT cutoff of 0.2Measured resources reduced by production since inception of operations (2.7Mlbs)

*Technical Report Summary, Lost Creek ISR Uranium Property Sweetwater, Wyoming, USA prepared by Western Water Consultants, Inc. d/b/a WWC Engineering - 3.7.2022

• 11.9Mlbs U3O8 in Measured plusIndicated Categories at 0.046% grade

• 6.6Mlbs U3O8 in Inferred Category at0.044% grade

• 8 Years Production: ~90% recovery ofunder pattern resources

• Resources can all be pipelined intothe existing Lost Creek plant~35,000 acres

Six project areas


Unit 2014 2015 2016 2017 2018 2019

Captured lbs 596K 784K 538K 265K 302K 48K

Drummed lbs 548K 727K 561K 254K 286K 51K

Pounds Sold lbs 518K 925K 562K 780K 480K 665K

Sold From Produced Purchased

lbs 518K--

725K200K

562K--

261K519K

10K 470K

214K451K

Avg Sales Price $/lb $51.22 $45.20 $39.49 $49.09 $48.86 $48.50

Avg Cash Cost* $/lb $19.73 $16.27 $17.15 $24.41 $25.37 $23.93

Revenues $ $26.5Million $41.8Million $22.2Million $38.3Million $23.5Million $32.3Million

Uranium Production, Costs and Revenues

*Per Pound Sold, excludes severance and ad valorem taxes and non-cash costs**Excluding NRV adjustments


Real pounds – Real production – Real costs


8.8 million pound, shallow, drilled-out, high grade deposit Uranium production costs estimated at $15.86/lb Primarily on patented mining claims – we own ground (nominal holding costs) All major authorizations to construct and operate received – effectively

doubles licensed production capacity of Company

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1. Measured and Indicated mineral resources as defined in S-K 1300. Sum of M & I tons and pounds may not add to the reported total due to rounding.2. Based on grade cutoff of 0.020 % eU3O8 and a grade x thickness (GT) cutoff of 0.25 GT. Average grades are calculated as weighted averages.3. All reported resources occur below the historical, pre-mining static water table.4. The point of reference for mineral resources is in-situ at the Project. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

RESOURCEAREA

MEASURED INDICATED

AVG GRADE% eU3O8

SHORT TONS(X 1000)

POUNDS(X 1000)

AVG GRADE% eU3O8

SHORT TONS

(X 1000)

POUNDS(X 1000)

FABTREND 0.280 1,172 6,574 0.119 456 1,081

AREA 5 0.243 195 947 0.115 93 214

TOTAL 0.275 1,367 7,521 0.118 549 1,295

MEASURED & INDICATED 0.230 1,915 8,816

Mineral Resource Estimate Summary December 31, 2021

Technical Report Summary, Shirley Basin ISR Uranium Project, Carbon County, Wyoming, USA, prepared by Western Water Consultants, Inc., d/b/a WWC Engineering – 3.7.2022


Ongoing Drilling and Construction Program Drilling and constructing next MU2

header house (HH 2-4) Delineation drilling for next 4 header

houses in MU2 Efficiencies and Expertise to Ramp-up Advanced purchasing of materials Retained experienced key staff Optimizing systems to further lower cost Lost Creek MU2 Header House


Strong Cash Position Facilitates URGEnhancing Operational Leverage


Recovery of Lost Creek and Shirley Basin resources will offset ~312.4M metric tons CO2 compared to coal power• Equivalent to taking 67.5 million cars off the road for a year

New Casper WY Operations HQ (2022)

We use the in situ technique of recovery (ISR) with minimal surface impacts - all temporary

ISR facilities already recycle ~ 99.3% of water. But that’s not good enough. We developed an industry leading novel concept that further reduced water consumption by 18% • Advancing our GOAL - to recycle 99.8% of water use

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R&D Successes Ion exchange vessel design Class V water treatment and disposal Well abandonment method Aquifer exemption

Ongoing R&D Well Casing and Installation Initiated by shortage of well casing and drilling contractors Material identified, method engineered, patent applied for Testing to be initiated once permitting finalized Reduce drill rig time by ~70% for injection wells

Advanced Water Treatment and Filtration Goal is an additional 90% reduction in wastewater generation Minimize need for expensive deep disposal wells Improve filtration and enhance flow rates

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The best predictor of future behavior. . .*Estimates based upon the most recent public information at 3/16/2022See Disclaimer re Forward-looking Statements and Projections (slide 2)


Share Price (5/31/22) US$1.2252 Week Range US$1.01 - $2.15Avg. Daily Volume ~3,004,000(3-mo URG & URE 5/31/22)

Share Capital & Cash PositionAs of 3/31/2022Shares Outstanding 218.5MStock Options & RSUs 11.0MShares Reserved on Warrants 11.9MFully Diluted 241.4MCash (4/28/22) US$45.8MMarket Cap (5/31/22) US$267.5M

NYSE American: URG

CanadaCantor Fitzgerald

United StatesAlliance Global Partners B. Riley SecuritiesH.C. WainwrightROTH Capital Partners

Analyst Coverage:

URG is followed by the analysts above. Any opinions, estimates, forecasts, conclusions orrecommendations regarding URG performance made by these analysts are theirs alone and do notrepresent opinions, estimates, forecasts, conclusions, recommendations or predictions of URG. URGdoes imply its endorsement of or concurrence with such information, conclusions or recommendations.


~284,000 lbs U3O8 finished ready-for-sale product in inventory at converter

Russell Index June 2021


Well-financed through 2022 - solid “runway” Cash resources $45.8M (as at 4/28/22)

~284,000lbs of ready-to-sell inventory at conversion facility

Low ramp-up costs to attain 2Mlb run rate from large, scalable resources Core operational staff retained

LC MU2 construction program - followed by delineation drilling

Better positioned with lower ramp-up costs – and less dilution –than other operators or build-out stories

Numerous market catalysts (green energy, geopolitics, government purchasing and financial players)

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For more information, please contact:

John Cash, CEO

By Mail:1478 Willer DriveCasper, WY 82604

By Phone:Office 720.981.4588, ext. 303Toll-Free 866.981.4588

By E-mail:[email protected]

Ur-Energy.com

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June 2022 - cloudfront.net

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