[Form 4] Ur-Energy Inc. Insider Trading Activity

Rhea-AI Filing Summary

Gili Matthew David, identified as an officer (President) of Ur‑Energy Inc. (URG), acquired 175,000 common share options on 08/07/2025. The options carry an exercise price of C$1.72, which the filing converts to US$1.2513 using an exchange rate of C$1.00 = US$0.7275. The options vest in three annual tranches of 58,333, 58,334 and 58,333 on 08/07/2026, 08/07/2027 and 08/07/2028, respectively, and expire on 08/07/2030. The filing reports the options as direct ownership and shows 175,000 common shares underlying the grant.

The Form 4 is signed under power of attorney by Roger L. Smith on 08/08/2025. No additional compensation amounts, cash consideration, or outstanding share totals are provided in this filing.

Positive

• Management retention alignment: 175,000 options vest over three years (58,333/58,334/58,333), encouraging multi‑year retention.
• Clear economic terms: Exercise price disclosed in both C$1.72 and US$1.2513 with exchange rate reference, improving transparency.
• Long exercise window: Options expire on 08/07/2030, providing multi‑year time for value realization.

Negative

• None.

Insights

Securities Analyst

TL;DR The company granted 175,000 options to its President, vesting 2026–2028, exercisable through 2030; disclosure is routine.

The grant of 175,000 common share options at an exercise price of C$1.72 (US$1.2513) is a standard executive equity award intended for retention and potential alignment with shareholder value creation. The three‑year vesting schedule signals multi‑year retention objectives. The filing shows direct beneficial ownership and an expiration date of 08/07/2030. Absent companywide equity totals or outstanding share count in this form, the precise dilution impact cannot be calculated from this filing alone.

Corporate Governance Expert

TL;DR This is a routine insider award with staggered vesting; governance norms appear followed but materiality is limited without broader context.

The Form 4 documents a time‑vesting option grant to the President with clear vesting dates and an explicit exercise price converted to USD. The signature executed under power of attorney is disclosed. From a governance perspective, the structured vesting and multi‑year expiration conform to common retention practices. The filing itself is procedural; broader assessment requires company equity disclosure and compensation committee context not present here.

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).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Gili Matthew David

(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)
	PRESIDENT

3. Date of Earliest Transaction (Month/Day/Year)
08/07/2025

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)	$1.2513(1)	08/07/2025		A		175,000		(2)	08/07/2030	Common Shares	175,000	$0	175,000	D

Explanation of Responses:

1. The options were priced at $1.72 Canadian dollars; $1.2513 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$0.7275) www.bankofcanada.ca.

2. The options will vest and become exercisable as follows: 58,333 on 8/7/2026; 58,334 on 8/7/2027; and 58,333 on 8/7/2028.

	/s/ Roger L. Smith, Roger L. Smith pursuant to Power of Attorney	08/08/2025
	** 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 insider transaction did Ur‑Energy (URG) report on the Form 4?

The Form 4 reports that Gili Matthew David, an officer (President), was granted 175,000 common share options on 08/07/2025.

What is the exercise price and currency for the options reported by URG?

The options were priced at C$1.72, converted in the filing to US$1.2513 using an exchange rate of C$1.00 = US$0.7275.

When do the URG options vest and when do they expire?

The options vest in three tranches on 08/07/2026 (58,333), 08/07/2027 (58,334), and 08/07/2028 (58,333) and expire on 08/07/2030.

How many underlying shares do the derivative securities cover in the URG filing?

The derivative award covers 175,000 underlying common shares, reported as direct beneficial ownership.

Who signed the Form 4 for URG and when was it signed?

The Form 4 was signed under power of attorney by Roger L. Smith on 08/08/2025.