Overview

Uranerz Energy Corporation is a pure-play uranium company listed on the American Stock Exchange and the Toronto Stock Exchange under the symbol "URZ", and has options traded on the Chicago Board Options Exchange and the AMEX. Uranerz is also listed on the Frankfurt Stock Exchange under the symbol "U9E".

Members of the Uranerz management team have specialized expertise in the ISR uranium mining method, and the Company controls approximately 114,900 acres (179 square miles) in the Pumpkin Buttes Uranium Mining District of the central Powder River Basin of Wyoming, U.S.A., an area well-known for hosting uranium-mineralized roll fronts often amenable to ISR mining techniques.

The Company has submitted federal and state mining applications to build and operate the Nichols Ranch ISR Complex, which is planned to consist of a central processing facility at the Nichols Ranch property and a satellite facility at the Hank property. The plans have Nichols Ranch hosting the main processing facility, complete with drying and packaging circuits for finished yellowcake product, and also servicing the Company's planned future satellite plants in the Powder River Basin. Commencement of operations at the Nichols Ranch ISR Complex is dependent on receipt of required regulatory approvals, but is currently projected for late 2010 or 2011.

External validation of the Company's business plan came in April, 2008 when Denison Mines made a strategic investment and purchased 9.9% of Uranerz Energy Corporation.

Management

MR. DENNIS HIGGS, B.Comm. - Chairman of the Board

Mr. Higgs has been involved in the founding, financing and public listing of companies for over twenty years. Previous successes include Arizona Star Resource Corp. (Arizona Star was acquired by Barrick Gold Corporation at $18.00/share in December, 2007) and BioSource International Inc. (BioSource was acquired by Invitrogen Corporation at US$12.50/share in October, 2005). Mr. Higgs is president of Senate Capital Group Inc., a private venture capital and management consulting company.

GLENN CATCHPOLE, M.S., P.Eng. - President, Chief Executive Officer

Mr. Catchpole is a licensed engineer who has been continuously active in the uranium solution mining industry since 1976, holding various positions including well field engineer, project manager, general manager and managing director of several uranium solution mining operations located in Wyoming, Nebraska, and Kazakhstan.

In 1988, Mr. Catchpole joined Uranerz USA, Inc. and Uranerz Exploration and Mining Limited and became Director of Regulatory Affairs, Environmental Engineering and Solution Mining. In 1996, Mr. Catchpole was appointed General Manager and Managing Director of the Inkai uranium solution mining project located in the Republic of Kazakhstan.

GEORGE J. HARTMAN, M.S. - Senior Vice-President, Chief Operating Officer

Mr. Hartman has 37 years experience in both metals and industrial mineral projects. He has an M. S. degree in Mineral Economics (Colorado School of Mines) and a B. S. in Chemistry. Four process patents have been granted in his name related to solution mining, and his experience includes 13 years managing several in-situ leach uranium operations. For 14 years Mr. Hartman was General Manager for Fort Cady Minerals Corporation. From 1982 to 1989, Mr. Hartman was General Manager, in-situ leach projects, for Uranerz USA, Inc. (Uranerz Group). Prior to joining the current Uranerz, Mr. Hartman was president of Ogle Petroleum Inc. and was the Texas Mines Manager for Wyoming Mineral Corporation (Westinghouse).

KURTIS BROWN, B.A., P.G. - Senior Vice-President, Exploration

A 35 year veteran in the mineral extraction industry, Mr. Brown has been involved in the exploration, permitting, construction, operations, management, safety and restoration of producing commercial uranium mining facilities in Wyoming. He started his uranium geology career with the OPI-Western Joint Venture where he delineated over 20 million pounds of uranium resources. He then became the well field engineer for OPI-Western's Bison Basin commercial ISR uranium mine. In the mid-1980s, Mr. Brown joined Malapai Resources Company (a subsidiary of Arizona Public Service) working at the Willow Creek Research and Development ISR uranium test site located in the Powder River Basin of Wyoming. From there he was transferred to the Irigaray Mine where he assisted with the start-up of the Christensen Ranch ISR commercial uranium mine (now owned by AREVA NC). Mr. Brown joined Uranerz USA, Inc. (Uranerz Group) in 1989 to conduct detailed feasibility studies for the proposed North Butte ISR mine (now owned by Cameco Corporation).

Chief Properties

Wyoming Powder River Basin Projects

Uranerz Energy Corporation has several advanced projects located in the Pumpkin Buttes Mining District of the central Powder River Basin, Wyoming, U.S.A.

Commercial scale in-situ recovery ("ISR") uranium mining commenced in the Powder River Basin in the late 1970s. The Powder River Basin has some of the highest grade uranium deposits in Wyoming that are sandstone-hosted "roll fronts" and thus amenable to the cost-effective ISR mining method. ISR mining has been ongoing in the Powder River Basin since 1987, with production coming from Cameco Resources Inc.'s currently operating Smith Ranch-Highland mine in the southern Powder River Basin and from AREVA's Irigaray-Christensen Ranch ISR mine in the Pumpkin Buttes Mining District (presently on stand-by but re-start of operations has been announced).

Since 1957, Wyoming mines have produced over 213 million pounds of uranium. Wyoming leads the United States in uranium production, with the source of all present Wyoming uranium production being ISR facilities in the Powder River Basin.

Members of Uranerz Energy's management team have specialized expertise in the ISR uranium mining method. The Company controls approximately 114,900 acres (179 square miles) in the Powder River Basin. In December, 2007, Uranerz Energy submitted ISR mining license applications on its Nichols Ranch ISR Project (the Nichols Ranch and Hank properties). In the overall design plan for the Uranerz Powder River ISR Complex, Nichols Ranch will host a processing facility with a licensed capacity of two million pounds per year of uranium oxide, complete with drying and packaging circuits for finished yellowcake product. It is planned that uranium ISR wellfields and ion-exchange equipment will also be installed and operated at the Nichols Ranch and Hank properties, with Hank functioning as a satellite to the Nichols Ranch facility.

An independent preliminary assessment concluded that the Company's Nichols Ranch ISR Project could produce 3.266 million recoverable pounds of U3O8 based on a 73% recovery rate, a production life of 5.25 years, and an operating cost of US$24 per pound U3O8. Initial capital expenditure is projected at US$35 million, including pre-production costs of US$0.8 million.

Nichols Ranch Property

A total of 214 uranium trend delineation holes were drilled on the Nichols Ranch project in 2007, one of the most advanced properties in the Uranerz Energy portfolio and the subject of the Company's recently submitted mine licensing application.

Arkose Mining Venture Project

Uranerz Energy acquired an 81% interest in approximately 82,200 acres and plans to aggressively explore this property as operator of the "Arkose Mining Venture", a joint venture between the Company and the Arkose vendors to be funded by the partners in proportion to their ownership interests. The Arkose project area is located in close proximity to the Company's 100%-owned properties in the Powder River Basin, including Collins Draw and Doughstick and other nearby properties that have been the subject of the Company's recent exploration and mine licensing efforts.

The Arkose property has an exploration target of approximately 105 miles of uranium mineralized alteration-reduction fronts with the potential to contain, in aggregate, from 41 million to 79 million pounds of U308 at a potential grade ranging from 0.059% to 0.114%*, as set out in the Company's National Instrument 43-101 technical report dated February 27, 2008. Alteration-reduction trends in the Powder River Basin of Wyoming are frequently composed of multiple, stacked roll fronts that often contain associated uranium mineralization amenable to ISR mining techniques.

Targeted exploration drilling has commenced on the Arkose project area to establish current resources. As operator of the Arkose Mining Venture, the Company has developed an aggressive 2008 exploration drilling program to operate up to five drill rigs and two electric log probing units on the Arkose project. It is anticipated that a potential total of over 1,200 holes could be drilled during the year; 800,000 feet of total exploration drilling.

Investment highlights

• Strong management and technical team with specialized expertise in the ISR uranium mining method.
• Team members have 200-plus years of experience in all phases of uranium exploration, development and production including verification of reserves, due diligence investigations, feasibility studies, environmental permitting, mine design and construction, mine operation and reclamation.
• Property portfolio of 114,842 acres (44,122 hectares or approximately 179 square miles) in the Powder River Basin of Wyoming, U.S.A., an area well known for hosting uranium-mineralized roll fronts that are amenable to ISR mining techniques.
• ISR mine license applications submitted for two Powder River Basin properties, the Hank and Nichols Ranch projects. Wyoming is a uranium-friendly state; commercial ISR mining in the Powder River Basin has been ongoing since 1987.
• Attractive capital structure; 55,432,387 shares issued and outstanding.
• External Validation: Denison Mines has made a strategic investment and owns 9.9% of Uranerz.