Ur Energy : Corporate Presentation January 2022

NYSE American: URG • TSX: URE

January 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 statements include 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 uranium funds 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 and permit projects for operations; timing to complete new uranium sales agreements; ability to further expand resources at the Lost Creek Property; the further exploration, development and 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 cost projections contained in the preliminary economic analysis of the project); completion of (and timing for) remaining regulatory approvals and development decisions at Shirley Basin and Lost 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; 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 the affect(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 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 competition in the uranium sector; 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 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 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 10-K, filed February 26, 2021, which is filed with the U.S. Securities and Exchange Commission on EDGAR (http://www.sec.gov/edgar.shtml) and the regulators in Canada on SEDAR (www.sedar.com).

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.

Michael Mellin, Ur-Energy Lost Creek Mine Geologist, P.Geo., and Qualified Person as defined by NI 43-101, reviewed and approved the technical information contained in this presentation.

NYSE American: URG • TSX: URE 2

• Lost Creek ISR Uranium Facility (8 years)
• • Produced ~2.7Mlbs U3O8 through 2021 Q3
  • Controlled production at market-appropriate levels
  • Resumed drilling, development/construction program 10/21
  • Maintaining critical operational staff at Lost Creek to support operations and prospective ramp-up
  • Return to operations would be a return to lowest-cost uranium mine production outside Kazakhstan
  • Rec'd Amendment to Lost Creek License: LC East & KM Expansion (final permit expected 2022)
• Flexibility and value realized through higher-priced term contracts
• • 2013-2020delivered to customers: 2.4Mlbs Lost Creek production + 1.8Mlbs purchased product
  • Substantial inventory - spot market pricing up
• Shirley Basin ISR Facility - licensed, permitted and construction ready

• • Effectively doubles licensed production capacity of Company
• Forging a path forward for the U.S. domestic uranium industry

• Uranium Reserve ($75M FY2022) / Biden Administration Committed to Nuclear Energy for Clean Energy Agenda

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

NYSE American: URG • TSX: URE 3

 U.S. nuclear

• ~20% of nation's electricity

• >50% carbon-freeelectricity

 Worldwide: 11% electrical energy; ~1/3 carbon-freeelectricity

 441 operable reactors; 54 under construction, with 12 - 15 reactors coming online

 China to build 150 reactors before 2036

 Global U3O8 demand projected to increase 3.1% annually through 2025

Source: UxC uranium market outlook Q4 2017, UPC

 Expanded NPP uses of electricity

 Crypto miners & EV market understand utility/economics of nuclear  Small reactors to power remote towns, resource projects . . . more  Third consecutive year of structural deficit >50Mlbs

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

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

NYSE American: URG • TSX: URE 4

• Financial Players - moving the market
• Hedge funds: MMCAP, Anchorage, Light Sky & Tribeca
• ETFs: NorthShore, Global X >$1B YTD2021
• Long list of Uranium Producers and Developers as Purchasers: Cameco, Kazatomprom, Denison, etc., etc.
• Game changer: Sprott Physical Uranium Trust
• Most recent entrant: Kazakh Physical Uranium Fund

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

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

NYSE American: URG • TSX: URE 5