UR-ENERGY INC

Cautionary Statement

The Lost Creek Report is preliminary in nature and includes 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. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There are increased risk and uncertainty to commencing and conducting production without established mineral reserves that may result in economic and technical failure which may adversely impact future profitability. The estimated mineral recovery used in the Lost Creek Report is based on recovery data from wellfield operations to date at Lost Creek, as well as Company personnel and industry experience at similar facilities. There can be no assurance that recovery at the level indicated in the Lost Creek Report will be achieved.