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Wayne Heili, President and CEO of Ur-Energy (URG), Interviews with The Wall Street Transcript

67 WALL STREET, New York - April 14, 2014 - The Wall Street Transcript has just published its Metals & Mining Report offering a timely review of the sector to serious investors and industry executives. This special feature contains expert industry commentary through in-depth interviews with public company CEOs and Equity Analysts. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.

Topics covered: Mining Safety and Environmental Concerns - Global Iron Ore Production - Emerging Market Infrastructure Construction - Chinese Demand for Industrial Metals - Zinc Supply Deficit - Demand Growth in Zinc - Accelerated Grid Spending in China - Copper Demand in China

Companies include: UR-Energy Inc. (URG) and many more.

In the following excerpt from the Metals & Mining Report, the President and CEO of Ur-Energy (URG) discusses company strategy and the outlook for this vital industry:

TWST: I see that your stock performance has been really quite stellar - improved over 100% in the past year. What do you attribute this to? Is it mostly your long-term supply agreements that drove up your share price?

Mr. Heili: We have been setting ourselves apart as a company by accomplishing what we set out to and what we have promised to the market. And I think the market is rewarding us for our accomplishments. 2013 was certainly a turnkey year for the company; we put our project into production, and not only did we have positive production results, we have recently presented very positive cash costs for the project. So I think the market recognizes when a junior company starts to set itself apart from its peers - you see good gains in the market. And that's the stage that we're at right now. We've moved our goals and objectives ahead very handily, and the market recognizes that.

TWST: What is your view of the macro trends currently affecting uranium's supply/demand scenario and dynamics for the spot price of uranium? It seems like analysts keep pointing to higher uranium prices, yet they remain low.

Mr. Heili: Right. We prepare for low prices through our contract book, and that's why you call it a hedge. We'd like prices to move higher, and we believe they will. Analysts and others all look at the supply/demand fundamentals and recognize that supply is not going to make up for the growing demand around the world. So fundamentally we know that uranium prices should strengthen, but I don't think that the uranium market as a whole is a very efficient market. It's a commodity that trades infrequently compared to most, and the number of transactions in a given day can be zero. So the prices that we see reported often may be not reflective of what's truly out there.

TWST: I see that Kazakhstan is now said to be the global leading uranium producer. So I was wondering what effect, if any, might Kazakhstan's currency devaluation might have on the uranium industry, or on your company.

Mr. Heili: Clearly, currency devaluation for them means that they get a better local return on their exports denominated in U.S. dollars. We don't think that Kazakhstan is poised to continue to grow significantly in the next couple of years. In fact, guidance out of Kazakhstan is that their production growth is really going to be curtailed and that they will hold production at or near current levels. So I don't know that their currency valuation is going to affect the market nearly as much as their production growth over the past 10 years already has. That's really where the market impact has been, and as long as their currency supports the trading of uranium, I'm sure they will continue to do that.

TWST: What are your growth plans and strategy for the company looking ahead? Do you see M&A?

For more of this interview and many others visit the Wall Street Transcript - a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs, portfolio managers and research analysts. This special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.