[Form 4] UR-ENERGY INC Insider Trading Activity

Rhea-AI Filing Summary

Walle Jade, identified as Vice President Finance of Ur‑Energy Inc. (ticker URG), was granted 120,000 stock options on 09/19/2025. The options have an exercise price of Cdn$2.09, reported as $1.5148 per share in U.S. dollars based on the exchange rate used on the pricing date. The options vest in three equal tranches of 40,000 shares on 09/19/2026, 09/19/2027, and 09/19/2028, are exercisable through 09/19/2030, and, following the grant, the reporting person beneficially owns 120,000 underlying common shares via direct ownership. The Form 4 was signed under power of attorney by Roger L. Smith on 10/01/2025.

Positive

• Time‑based vesting schedule is clearly defined: 40,000 options vest each on 09/19/2026, 09/19/2027, and 09/19/2028
• Exercise price disclosed in both Cdn and USD with the exchange rate used to calculate the $1.5148 U.S. equivalent
• Full award size and exercisable period disclosed: 120,000 options exercisable through 09/19/2030

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: A routine executive equity grant with multi‑year vesting to align management incentives; no atypical terms disclosed.

The filing documents a standard time‑based option award to the companys Vice President Finance totaling 120,000 options, with explicit vesting dates and a clear U.S. dollar equivalent exercise price. The award appears structured to retain the executive through 2028 vesting milestones with a five‑year exercise window to 2030. The disclosure is straightforward and contains required pricing conversion details; no performance contingencies or alternative vesting conditions are reported in this Form 4.

Compensation Analyst

TL;DR: Time‑vested option grant consistent with typical executive compensation practices; impact depends on overall share count and plan context not provided here.

The grant specifies Cdn$2.09 as the exercise price and provides the U.S. dollar equivalent used for reporting, along with a precise vesting schedule (40,000 options each on 09/19/2026, 09/19/2027, 09/19/2028). The options convert to 120,000 underlying common shares if exercised. While the Form 4 gives clear grant mechanics, it does not include information on the total option pool, prior grants to this officer, or plan limits, which are needed to assess dilution or relative compensation impact.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Walle Jade

(Last) (First) (Middle)

10758 W. CENTENNIAL ROAD

SUITE 200

(Street)

LITTLETON CO 80127

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
UR-ENERGY INC [ URG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	VICE PRESIDENT FINANCE

3. Date of Earliest Transaction (Month/Day/Year)
09/19/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Common share options (right to buy)	$1.5148(1)	09/19/2025		A		120,000		(2)	09/19/2030	Common Shares	120,000	$0	120,000	D

Explanation of Responses:

1. The options were priced at $2.09 Canadian dollars; $1.5148 U.S. dollars is the equivalent of the exercise price pursuant to the exchange rate realized as of the pricing date for the transaction (Cdn$1.00 = US$0.7248) www.bankofcanada.ca.

2. The options will vest and become exercisable as follows: 40,000 on 9/19/2026; 40,000 on 9/19/2027; and 40,000 on 9/19/2028.

	/s/ Roger L. Smith Roger L. Smith pursuant to Power of Attorney	10/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What did UR‑ENERGY (URG) report on the Form 4 filed for Walle Jade?

The Form 4 reports a grant of 120,000 common share options to Walle Jade on 09/19/2025, with an exercise price of Cdn$2.09 ($1.5148 USD) and vesting over 20262028.

When do the options granted to Walle Jade vest and expire?

The options vest in three tranches of 40,000 on 09/19/2026, 09/19/2027, and 09/19/2028, and are exercisable until 09/19/2030.

How many shares does Walle Jade beneficially own after the reported transaction for URG?

Following the grant, the reporting person is shown as beneficially owning 120,000 underlying common shares via direct ownership.

What exercise price was used for the options in USD on the URG Form 4?

The Form 4 reports the exercise price as Cdn$2.09, converted to $1.5148 U.S. dollars based on the exchange rate on the pricing date.

Who signed the Form 4 for UR‑ENERGY and when was it signed?

The Form 4 was signed under power of attorney by Roger L. Smith on 10/01/2025.