Ur-Energy Inc (URG) awards stock options and 22,902 RSUs to director

Rhea-AI Filing Summary

Ur-Energy Inc. reported an equity award to director Roger L. Smith dated 12/22/2025. He received options to buy 91,602 common shares at an exercise price of $1.4657 per share, which reflects a price of Cdn$2.02 converted using an exchange rate of Cdn$1.00 = US$0.7256. These options expire on 12/22/2030 and vest in three equal installments of 30,534 options on 12/22/2026, 12/22/2027, and 12/22/2028.

Smith was also granted 22,902 restricted share units, each redeemable for one common share. These units will be redeemed for common shares on or within 30 days of 12/22/2027 according to the plan terms. Following these grants, he beneficially owned 383,204 derivative securities related to the options and 45,804 restricted share units, all held directly.

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

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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^*

DYKE ELMER W

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
12/22/2025

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)	$1.4657(1)	12/22/2025		A		91,602		(2)	12/22/2030	Common Shares	91,602	$0	383,204	D
Restricted share units (exchange for common shares)	(3)	12/22/2025		A		22,902		(4)	(4)	Common Shares	22,902	$0	45,804	D

Explanation of Responses:

1. The options were priced at $2.02 Canadian dollars; $1.4657 U.S. dollars is the equivalent of the exercise price pursuant to the exchange rate realized as of the transaction date (Cdn$1.00 = US$0.7256) www.bankofcanada.ca.

2. The options will vest and become exercisable as follows: 30,534 on 12/22/2026; 30,534 on 12/22/2027; and 30,534 on 12/22/2028.

3. Each unit is redeemable upon vesting for one common share.

4. Each unit will be redeemed for one common share on or within 30 days of 12/22/2027 per the terms of the plan.

	/s/ Roger L. Smith, Roger L. Smith pursuant to Power of Attorney	12/29/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did Ur-Energy Inc (URG) report on 12/22/2025?

Ur-Energy Inc reported that director Roger L. Smith received equity awards on 12/22/2025, consisting of stock options and restricted share units tied to the company’s common shares.

How many Ur-Energy (URG) stock options were granted to Roger L. Smith?

Roger L. Smith was granted options to buy 91,602 common shares of Ur-Energy Inc. These options are exercisable at $1.4657 per share and expire on 12/22/2030.

What is the vesting schedule for the new Ur-Energy (URG) stock options?

The 91,602 options vest in three equal tranches of 30,534 options each, on 12/22/2026, 12/22/2027, and 12/22/2028, after which each vested option can be exercised at the stated price.

How many restricted share units did Ur-Energy (URG) grant to the director?

Ur-Energy granted 22,902 restricted share units to Roger L. Smith. Each unit is redeemable upon vesting for one common share of the company.

When will the Ur-Energy (URG) restricted share units be redeemed for shares?

Each of the 22,902 restricted share units will be redeemed for one common share on or within 30 days of 12/22/2027, in line with the plan’s terms.

What are Roger L. Smith’s derivative holdings in Ur-Energy (URG) after these awards?

After the reported transactions, Roger L. Smith beneficially owned 383,204 derivative securities related to stock options and 45,804 restricted share units, all held directly.

How was the Ur-Energy (URG) option exercise price determined in U.S. dollars?

The options were priced at Cdn$2.02 per share, and the exercise price of $1.4657 in U.S. dollars reflects an exchange rate of Cdn$1.00 = US$0.7256 as of the transaction date.