Ur Energy : Corporate Presentation September 2022

NYSE American: URG • TSX: URE

September 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 and on a sustained basis; 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 economic analyses of the project); the viability of ongoing R&D efforts, including the timing and cost to implement and operate one or more of them, as well as obtaining necessary permitting for each; 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 of contract awards under the national uranium reserve and whether our bid will be accepted; timing and 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 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.

NYSE American: URG • TSX: URE 2

• Lost Creek ISR Uranium Facility (9 years)
• • Produced ~2.7Mlbs U3O8 through 2021
  • 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; much infrastructure already in place
  • Proven in situ producer and perhaps first commercial in situ mine in the world
• Flexibility and value realized through higher-priced term contracts
• • Substantial drummed inventory (~324,000 lbs.) - spot market pricing strengthening
  • URG proposal submitted to DOE NNSA Uranium Reserve Program - contract awards expected Q3
  • Six-yearuranium sales agreement with leading nuclear utility: 200,000lbs annually
  • 2013-2020delivered to customers: 2.4Mlbs Lost Creek production + 1.8Mlbs purchased product

*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)

NYSE American: URG • TSX: URE 3

NYSE American: URG • TSX: URE 4

 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

 US

• ~20% of nation's electricity

• >50% carbon-free electricity

 Worldwide

• 10% electricity

• ~1/3 carbon-free electricity

Source: UxC Market Outlook Q4 2021

 Hydrogen production

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

*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 5