Overview

Corporate Objectives:

• Start Producing Uranium in Early 2011
• Be a Low Cost Uranium Producer
• Evaluate Strategic Opportunities
• Create Value from Historic Databases

Directors and Officers

Jeffrey Klenda, Board Chairman & Executive Director (Mining Finance)

W. William Boberg, President, CEO & Director (Professional Geologist)

James Franklin, Independent Director, Chair -- Technical Committee (Professional Geologist)

Paul Macdonnell, Independent Director, Chair -- Compensation Committee (Conciliation Officer)

Robert Boaz, Independent Director, Chair -- Corporate Governance & Nominating Committee (Investment Banking)

Thomas Parker, Independent Director, Chair -- Audit Committee (Professional Engineer)

Roger Smith, CFO, VP Finance, IT and Administration (Certified Public Accountant)

Harold Backer, Executive VP, Geology & Exploration (Professional Geologist)

Paul Pitman, VP, Canada Exploration (Professional Geologist)

Wayne Heili, VP, Mining & Engineering (Metallurgical Engineer)

Paul Goss, Corporate Secretary & General Counsel (JD, MBA)

Resource Base

• Total NI 43-101 Compliant (2006 Technical Reports - posted on SEDAR and Ur-Energy website)
• 22.0 million pounds U308 Measured & Indicated
• 2.9 million pounds U308 Inferred
• Total NI 43-101 Historic (2005 NI 43-101Technical Report)
• 3.3 million pounds U308 Historic Resource
• Other Historic Resources
• 60+ million pounds U308 Historical Resource

Chief Properties - Wyoming : Lost Creek

Wyoming is home to the largest uranium resource in the U.S. It is one of the most mining-friendly jurisdictions in the country. Ur-Energy is completing permitting activities to bring its Lost Creek Wyoming uranium deposit into production and to build a two million-pounds-per-year processing facility. With adequate funds, and technical depth unmatched among North American juniors, Ur-Energy is well positioned to be the next uranium producer in Wyoming in early 2011. An NI 43-101 Preliminary Assessment completed in 2008 concluded favorable economic conditions for production and plant operations on the Lost Creek project.

Development: The Lost Creek uranium deposit is located in the Great Divide Basin, Wyoming. The deposit is approxi-mately three miles (4.8 kilometers) long and the mineralization occurs in four main sandstone horizons between 315 feet (96 meters) and 700 feet (213 meters) in depth. As identified in a 2006 Technical Report on Lost Creek, National Instrument 43-101 (NI 43-101) compliant resources are 9.8 million pounds of U3O8 at 0.058% as an indicated resource and an additional 1.1 million pounds of U3O8 at 0.076% as an inferred resource.

The 2009 drilling program at Lost Creek focused on delineation of ISR recoverable uranium resources within the area of the second planned mine unit . During 2009 and early 2010, the Company conducted a drill program of 298 holes of delineation and monitor well drilling (213,040 feet (64,935 meters)) to obtain geologic data necessary for mine planning within the HJ horizon in Mine Unit #2. A secondary objective of the program was to continue to collect data from the underlying mineralized horizons (KM and N) for future production planning. Earlier, the 2008 Lost Creek drill program consisted of 459 drill holes, totaling approximately 303,040 feet (92,367 meters), which delineated Mine Unit #1 for en-gineering and well field design. To date, Ur-Energy has completed 1,048 drill holes totaling approximately 690,000 feet (approximately 210,000 meters) on the Lost Creek property.

The Company has completed detailed designs and specifications for the Lost Creek plant and, in fourth quarter 2009, announced its selection of Fagen, Inc. as general contractor of the Lost Creek plant construction project. Requests for quotations for all major process equipment at Lost Creek were prepared and solicited from vendors and contractors. Bids were evaluated and procurement was ongoing throughout 2009.

Regulatory: The U.S. Nuclear Regulatory Commission (NRC) is required to complete two reports, the Safety and En-vironmental Report (SER) and the Supplemental Environmental Impact Statement (SEIS), prior to issuing a Source Material License. NRC staff has informed the Company that a draft of the SER is complete. The Draft SEIS was issued for the Lost Creek Project in December 2009. The Company submitted comments to the Draft SEIS in February 2010. The NRC is currently processing the comments received from the public and other regulatory agencies. Agency guid-ance for the issuance of the license remains on track for summer 2010.

In April 2010, the NRC granted an exemption request to authorize certain construction activities at the Lost Creek site in advance of the pending licensing decision. Under NRC regulations, commencement of construction (with some lim-ited exceptions) prior to license issuance is not permitted unless an exemption is granted. The authorization from the NRC gives Ur-Energy the flexibility to proceed with the preparation and construction of site infrastructure and support facilities prior to the issuance of the NRC license needed for construction and operation of an ISR facility. The Com-pany is coordinating with other regulatory agencies to obtain additional approvals necessary to commence construction. Ur-Energy anticipates a production start date for Lost Creek in early 2011.

The permitting process with the Wyoming Department of Environmental Quality (WDEQ) for the Permit to Mine is also proceeding through the final aspects of technical review. The data package for Mine Unit #1 was submitted to the WDEQ in December 2009 and technical review of that submission is underway. Issuance of the WDEQ Permit to Mine is also expected in summer 2010. The WDEQ-Air Quality Division issued the Lost Creek Air Quality Permit in January 2010. WDEQ-Water Quality Division has issued a Draft Class 1 Underground Injection Control (UIC) Permit. Once finalized, the UIC Permit will authorize Ur-Energy to drill, complete and operate a sufficient number of Class I non-hazardous waste disposal wells at Lost Creek to meet the anticipated disposal requirements for the life of the project. The process which leads to the final issuance of the UIC Permit is expected to be completed in second quarter 2010.

The U.S. Bureau of Land Management (BLM) determined that its project review and approval will be independent of the environmental review process carried out by the NRC. In response, the Company submitted a Plan of Operations to the BLM in October 2009. The BLM appointed a coordinator for the review process and the environmental review has be-gun. The Sweetwater County Development Plan for Lost Creek was approved in December 2009. Other permit appli-cations are under review with approvals expected in advance of the NRC license.

Chief Properties - Projects Adjacent to Lost Creek

Geologic evaluations of the Lost Creek Permit Area and adjacent properties controlled by the Company suggest mul-tiple exploration targets with the poten-tial to contain an additional 24 to 28 mil-lion pounds U3O8 (not NI 43-101 compli-ant). Company geologists identified a minimum of an additional 120 compiled linear miles (193 kilometers) of new re-dox fronts (reduction -- oxidation fronts) stacked within multiple stratigraphic hori-zons with potential for resource develop-ment. This is in addition to the approxi-mately 36 compiled linear miles (58 kilo-meters) of redox fronts containing the current Lost Creek deposit. The new exploration targets identified are on Ur-Energy's LC North and LC South prop-erties that together contain 14,441 acres (5,844 hectares). These new exploration targets on the properties adjacent to the Lost Creek Permit Area consist of at least 10 individual sinuous redox fronts within four major stratigraphic horizons identified by Ur-Energy geologists using an in-house database of historic drill holes and Ur-Energy drill holes. Estimates of the potential of the new fronts is based on the observed similarity of alteration characteristics, and grade and thickness of mineralization to that currently identified in the Lost Creek deposit. These potential quantity and grade ranges are conceptual in nature, as there has been insufficient exploration to define a mineral resource as to all of the potential identified.

The Company has announced plans for an aggressive 200-hole drill program, to commence in July 2010, to further explore certain of these new exploration targets on the LC South property. Initial planning of the program is in process and baseline studies and other work leading to necessary permits are underway. It is estimated that as many as 2,000 to 3,000 drill holes will be required over the course of several years to fully evaluate the various new exploration targets in LC South as well as LC North and areas within the Lost Creek Permit Area. Ur-Energy also announced it will com-mission an independent NI 43-101 study to further evaluate a portion of the roll fronts and exploration targets previously identified within the LC South property with the objective to report on inferred resources within selected portions of the exploration targets. The NI 43-101 report will be based upon existing data from approximately 60 mineralized drill holes on the LC South property.

In the area of these exploration targets, the Company currently controls a total of 1,753 unpatented mining claims and two State of Wyoming sections, for a total of almost 34,000 mineral acres (13,662 hectares), including the Lost Creek Permit area, LC North, LC South, EN and Toby project areas.

Chief Properties - Other Wyoming Projects

Lost Soldier Project

The Lost Soldier project is located approximately 14 miles (22.5 kilometers) to the northeast of the Lost Creek project. The property has over 3,700 historical drill holes defining 14 mineralized sandstone units. As identified in the July 2006 Technical Report on Lost Soldier, NI 43-101 compliant resources are 5.0 million pounds of U3O8 at 0.064% as a meas-ured resource, 7.2 million pounds of U3O8 at 0.065% as an indicated resource and 1.8 million pounds of U3O8 at 0.055% as an inferred resource. The Company maintains 143 lode mining claims at Lost Soldier, totaling approxi-mately 2,710 mineral acres. A royalty of 1%, which arises from a data purchase, is in place with respect to future pro-duction on certain claims within the project. In 2009, the Company's staff continued with engineering studies and mine design analysis of Lost Soldier. The Company continues to anticipate regulatory applications for Lost Soldier will be made after the Company obtains the Lost Creek licenses and permit to mine, and as corporate priorities are determined for the development of the lands adjacent to Lost Creek.

Hauber Project LLC

The Company's properties at its Hauber Project in Crook County, Wyoming are the subject of a venture agreement with a subsidiary of Bayswater Uranium Corporation (Bayswater). Bayswater joined the Hauber Project as the earn-in Mem-ber and Manager, effective December 2009. The Hauber Project consists of 205 unpatented lode mining claims and one state uranium lease, totaling approximately 4,570 mineral acres. Bayswater can earn a 75% interest by incurring eligible exploration expenditures of US$1 million over a four-year period. The first year's expenditures will include at least two core drill holes to test ISR amenability through selected mineralized zones. In January 2010, Bayswater com-pleted an independent NI 43-101 mineral resource estimate on the Hauber Project which reports the properties hold approximately 1.45 million pounds eU3O8 indicated resources in 432,000 tons at an average grade of 0.17% eU3O8.

The Bootheel Project, LLC

Crosshair Exploration & Mining Corp (Crosshair) completed its earn-in of a 75% interest in the Company's subsidiary, The Bootheel Project, LLC, during third quarter 2009. Crosshair's 75% interest was acquired by spending US$3.0 mil-lion in qualified exploration costs, and issuing 150,000 common shares to the Company. Under the terms of the 2007 venture agreement, Ur-Energy contributed its Bootheel and Buck Point properties to the Bootheel Project.

The Bootheel and Buck Point properties cover an area of known uranium occurrences within the Shirley Basin, Wyo-ming. Crosshair completed agreements in 2008 for additional rights and leased lands in the Bootheel property area, following which the Bootheel Project covers total defined areas at the Bootheel property and the Buck Point property of approximately 8,524 gross, and 7,895 net, mineral acres.

Crosshair released an independent NI 43-101 resource estimate on the Bootheel property in the third quarter of 2009. This NI 43-101 resource estimate reports that the Bootheel property contains an indicated resource of 1.09 million pounds U3O8 (indicated resource) in 1.4 million short tons, at a grade of 0.038% U3O8 and an inferred resource of 3.25 million pounds U3O8 (in 4.4 million short tons) at an average grade of 0.037% U3O8.

Chief Properties - Canada

Ur-Energy's exploration projects in Canada cover more than 140,000 acres (56,656 hectares) and provide further opportunities for new discovery.

Ur-Energy currently has two exploration projects in the Thelon Basin: Screech Lake and Gravel Hill. The Company acquired these projects based upon the presence of key geological vectors and encouraging supporting data from 1970s-era exploration work. The properties are located in the eastern part of the North-west Territories. The Company continues its discussions with First Nations groups working toward an exploration agreement for the Screech Lake project. While those discussions continue, and with the support of Lutsel K'e, the Company conducted a short field program in August 2009 that included audio-magnetotelluric geophysical surveys and soil sampling to better define possible future drill targets.

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