URG insider reports option exercise and 74,727‑share sale

Rhea-AI Filing Summary

Ur‑Energy Inc. (URG) director reported insider transactions on 11/06/2025. The filing shows an option exercise of 213,914 common shares (Code M) at $0.4463 per share, followed by a sale of 74,727 common shares (Code S) at $1.3199 per share. After these transactions, the director directly beneficially owned 555,840 common shares. The derivative table indicates 336,390 options remained beneficially owned following the exercise.

Insider Trade Summary

Net Seller: 74,727 shares ($98,632)

Net Sell 3 txns

Insider WALKER KATHY E

Role Director

Sold 74,727 shs ($99K)

Type	Security	Shares	Price	Value
Exercise	Common share options (right to buy)	213,914	$0.00	--
Exercise	Common Shares	213,914	$0.4463	$95K
Sale	Common Shares	74,727	$1.3199	$99K

Holdings After Transaction: Common share options (right to buy) — 336,390 shares (Direct); Common Shares — 630,567 shares (Direct)

Footnotes (1)

1. The options were exercised and the shares were acquired at $0.63 Canadian dollars, $0.4463 U.S. dollars is the equivalent price pursuant to the exchange rate realized as of the transaction date (Cdn$1.00 = US$0.7084). The shares were sold at $1.8631 Canadian dollars, $1.3199 U.S. dollars is the equivalent of the sales price pursuant to the exchange rate realized as of the transaction date (Cdn$1.00 = US$0.7084). The 213,914 options were granted on 11/13/2020 and vested and became exercisable as follows: 71,305 on 11/13/2021; 71,305 on 11/13/2022; and 71,304 on 11/13/2023.

Form 4 Insider Transactions: What Each Field Means →

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^*

WALKER KATHY E

(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)
11/06/2025

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
Common Shares	11/06/2025		M		213,914	A	$0.4463(1)	630,567	D
Common Shares	11/06/2025		S		74,727	D	$1.3199(2)	555,840	D

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)	$0.4463(1)	11/06/2025		M			213,914	(3)	11/13/2025	Common Shares	213,914	$0	336,390	D

Explanation of Responses:

1. The options were exercised and the shares were acquired at $0.63 Canadian dollars, $0.4463 U.S. dollars is the equivalent price pursuant to the exchange rate realized as of the transaction date (Cdn$1.00 = US$0.7084).

2. The shares were sold at $1.8631 Canadian dollars, $1.3199 U.S. dollars is the equivalent of the sales price pursuant to the exchange rate realized as of the transaction date (Cdn$1.00 = US$0.7084).

3. The 213,914 options were granted on 11/13/2020 and vested and became exercisable as follows: 71,305 on 11/13/2021; 71,305 on 11/13/2022; and 71,304 on 11/13/2023.

	/s/ Roger L. Smith Roger L. Smith pursuant to Power of Attorney	11/07/2025
	** 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).
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FAQ

What did URG’s director report on the Form 4?

An exercise of 213,914 options at $0.4463 and a sale of 74,727 shares at $1.3199 on 11/06/2025.

How many URG shares did the insider own after the transactions?

Direct beneficial ownership was 555,840 common shares after the reported transactions.

What option details were disclosed for URG?

The exercised options covered 213,914 shares at $0.4463; 336,390 options remained beneficially owned afterward.

What were the sale and exercise prices reported for URG?

Exercise price was $0.4463 per share; sale price was $1.3199 per share (U.S. dollar equivalents).

What is the reporting person’s relationship to Ur‑Energy (URG)?

The reporting person is a Director of Ur‑Energy Inc.

What were the transaction codes on the URG Form 4?

Code M for the option exercise and Code S for the sale.