Ur Energy : Corporate Presentation March 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 analyses 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 effects of geopolitical events, including the Russian invasion 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 the effect(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 numerous 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 March 9, 2022, 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 Concerning Estimates of Mineral Resources: Mineral resources that are not mineral reserves do not have demonstrated economic viability. Our mineral resource estimates, 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 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 our 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 industry experience at similar facilities in the case of the Shirley Basin Report. There can be no assurance that recovery at this level will be achieved.

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.

•  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

  • • 11.9M lbs. Measured and Indicated Resource at 0.046% and 6.6M lbs. 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 >$55/lb.

*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)

Source: UxC uranium market outlook Q4 2017, UPC

•  Hydrogen production

•  U.S.

  • • ~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

•  Crypto miners & EV market understand utility/economics of nuclear

•  SMRs being developed/constructed in 11 countries, operating in 3

•  Third consecutive year of significant structural deficit

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

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

• • China - goal to construct 115 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.

• • United States

  • • Two new plants in Georgia coming online in 2022-2023 timeframe

  • • US Uranium Reserve

  • • Infrastructure and Jobs Act $6B to extend life of reactors

  • • Numerous state legislative initiatives preserve and promote nuclear energy

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