The Energy Report

Ur-Energy Inc. TICKER: TSX:URE; NYSE.A:URG Visit Company Website Ur-Energy Inc. is a dynamic junior mining company focused on the exploration and development of uranium properties in the United States and Canada. The company is completing permitting activities to bring its Lost Creek Wyoming uranium deposit into production and to build a 2 Mlb/year processing facility. The company's project pipeline is supported by an extensive, valuable exploration database and intensive analysis programs, providing for great exploration and development potential.

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

Adam Schatzker, RBC Capital Markets (1/24/12) "Ur-Energy Inc. announced that it has entered into a new uranium sales agreement with a North American-based utility company for delivery of 200 Klb U3O8e per year starting in 2013. . .it is a positive step toward building an ongoing relationship with North American utilities. . .consistent with Ur-Energy's objective to ensure stable future cash flow while leveraging the company to the uranium spot price, we believe that the company will employ a 50/50 mix of long-term contracts and spot or market related sales."

Wayne Atwell, Rodman & Renshaw (12/8/11) "Ur-Energy Inc. announced that it completed its 2011 drilling programs at the Lost Creek (LC) and Lost Creek North (LCN) projects. . .the company believes the potential discovery of ore grade mineralization from the drill results could potentially be significantly accretive to total resources. A total of 26 intercepts contain encouraging uranium mineralization, especially the ore-quality mineralization within the M horizon (in both LC and LCN) and within the N horizon (in LCN)."

The Energy Report Interview with Marin Katusa (11/3/11) "I think you are going to see a consolidation within the U.S. near-term producers. . .if I was a person looking to invest in the concept that there will be a consolidation within the in-situ reserves in the U.S., I would look at owning. . .Ur-Energy Inc. I think Ur-Energy [is a] potential takeover candidate." More >

Bart Jaworski, Raymond James (10/26/11) "Ur-Energy Inc. entered a strategic uranium-marketing arrangement with NuCore LLC, a U.S.-based advisory firm specializing in the nuclear fuel market, which will represent the company exclusively in negotiation of uranium offtake deals. . .NuCore management's experience and contacts should provide Ur-Energy a unique advantage in securing further sales contracts on attractive terms (recall, Ur-Energy signed a three-year sales agreement with a U.S. utility in March 2011). We also view the arrangement with NuCore as a strong endorsement of Ur-Energy and its flagship Lost Creek by a heavyweight in the nuclear fuel market."

David Talbot, Dundee Securities (10/24/11) "Ur-Energy Inc. has entered into another long-term uranium sales contract with a North American-based utility: We view this as positive news for three reasons: 1.) It's another stamp of approval from an end user, 2.) It's a statement of confidence that the company expects to be in production next year and 3.) Contract pricing is helping to derisk this project. Ur-Energy continues to execute its plan of placing a portion of its scheduled uranium production into long-term contracts with the help of Jim Cornell and NuCore Energy LLC, a nuclear-fuels marketing expert with over 24 years experience."

• Corporate Fact Sheet (1/19/12)
• Corporate Presentation (1/26/12)

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