<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2006-05-23</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001162324</issuerCik>
        <issuerName>URANERZ ENERGY CORP.</issuerName>
        <issuerTradingSymbol>URNZ</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001128115</rptOwnerCik>
            <rptOwnerName>LEBOE BENJAMIN</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>16730 CARRS LANDING RD</rptOwnerStreet1>
            <rptOwnerStreet2>LAKE COUNTRY, BRITISH COLUMBIA</rptOwnerStreet2>
            <rptOwnerCity>CANADA V4V 1B2</rptOwnerCity>
            <rptOwnerState>A1</rptOwnerState>
            <rptOwnerZipCode>00000</rptOwnerZipCode>
            <rptOwnerStateDescription>BRITISH COLUMBIA, CANADA</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>Chief Financial Officer</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Stock Options</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>1.96</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2006-05-23</value>
            </exerciseDate>
            <expirationDate>
                <value>2011-05-23</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Stock Options</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>100000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <ownerSignature>
        <signatureName>Benjamim Leboe</signatureName>
        <signatureDate>2006-06-02</signatureDate>
    </ownerSignature>
</ownershipDocument>
