The Energy Report

Uranerz Energy Corp. TICKER: URZ:TSX; URZ:NYSE.A Visit Company Website Uranerz Energy Corporation is a U.S.-based uranium company focusing on near-term, commercial in-situ recovery (ISR) production in Wyoming—the country's largest uranium-producing state. Its management team has specialized expertise in the ISR uranium-mining method and has an excellent track record of licensing, constructing and operating commercial ISR uranium projects. Uranerz has already entered into long-term uranium sales contracts with two of the largest nuclear utilities in the U.S., including Exelon. Corporate Presentation (1/11/11)

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Analysis

The Energy Report Interview with Rob Chang (5/8/12) "Uranerz Energy Corp. is a near-term producer. It is scheduled to produce by the end of this year, which would make it the next uranium producer in the world. It is located in the Powder River Basin in Wyoming. It has pretty high grades as far as in situ recovery (ISR) mining goes. It's an ISR miner, which means it uses injection wells and pumps the solution out of the ground. It is a low-cost operation. . .Uranerz is also run by one of the best management teams that I've come across in the uranium space. Given that it's a near-term producer, I am very positive on Uranerz." More >

The Energy Report Interview with Jim Letourneau (4/3/12) "Uranerz Energy Corp. in Wyoming has actually started its mine construction and is looking to start producing 600–800 Klb uranium/year very shortly. [It is a] very near-term production story." More >

The Energy Report Interview with Geordie Mark (3/13/12) "Uranerz Energy Corp. is interesting because it's about to start production on the Nichols Ranch plant in Wyoming within about six months. The plant is under construction at the moment, as is the well field. It could be producing uranium at cash costs in the mid-$30s. It's an interesting company that still has a lot of money in the bank. It has $30M. . .the company is well positioned to start production in the U.S., and given our expected timeline to production would be the world's next producer. Entering production tends to revalue companies. . .in situ recovery operations tend to be on the lower end of the cash costs, but have lower capital costs to move into production. Both of those components are quite attractive for Uranerz." More >

The Energy Report Interview with Jeb Handwerger (3/1/12) "My main recommendation over the past few months has been Uranerz Energy Corp. It hit a low in October; it has rallied since that point with over a 200% move. But I still don't think it's been recognized that it is in construction at its Nichols Ranch Project and should be producing 600-800 thousand pounds of uranium annually. Its grades are substantially higher than its peers and it already has a processing agreement signed with its neighbor, Cameco. I think we're still early stage. It's one of my premier, select equities, and I recommend it be bought on pullbacks. Uranerz is well funded and fully permitted for construction on its Nichols Ranch Project in the Powder River Basin, which is scheduled for production of uranium ore by the end of this year. The 20-, 50- and 200-day moving averages are sloping upwards.

It is important to note that Uranerz' land position is strategically surrounded by hungry majors such as Uranium One and Cameco, which has stated that its production needs are beefing up. . .Cameco was willing to pay a premium for Hathor, which had nowhere near Uranerz' immediate potential. It may be occurring to Cameco that Uranerz might make a desirable acquisition that will enable the company to expand profitably in this strategic area." More >

Geordie Mark, Haywood Securities (2/28/12) "Uranerz Energy Corp. is poised for low-opex, low-capex, in situ recovery uranium production by late 2012. . .we maintain our sector Outperform rating. . .the company is well positioned to take full advantage of the uranium market for the long term due to its strategic land holding in the Powder River Basin combined with aggressive development and exploration programs."

• Corporate Presentation (2/1/12)

(1/26/11) URZ CEO Glenn Catchpole on BNN

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