Ur‑Energy (URG) CEO exercises 189,303 options, sells same amount

Ur‑Energy Inc. (URG) reported an insider transaction by its Board Chairman and CEO.

Rhea-AI Filing Summary

Ur‑Energy Inc. (URG) reported an insider transaction by its Board Chairman and CEO. On 11/11/2025, the executive exercised 189,303 options (code M) at $0.4494 per share U.S. equivalent (C$0.63), then sold 189,303 common shares (code S) at $1.2689 U.S. equivalent (C$1.7789).

Following these transactions, the reporting person held 660,968 common shares directly and 862,264 derivative securities directly. The exercised options were originally granted on 11/13/2020 and vested in three equal tranches through 11/13/2023, with an expiration date of 11/13/2025.

Insider Trade Summary

Exercise and Sale: 189,303 shares ($155K approx. pre-tax spread)

Exercise and Sale 3 txns

Insider CASH JOHN

Role Board Chairman, CEO

Sold 189,303 shs ($240K)

Approx. gross sale proceeds $240K

Approx. exercise cost $85K

Approx. pre-tax spread $155K

Type	Security	Shares	Price	Value
Exercise	Common share options (right to buy)	189,303	$0.00	$0.00
Exercise	Common Shares	189,303	$0.4494	$85K
Sale	Common Shares	189,303	$1.2689	$240K

Holdings After Transaction: Common share options (right to buy) — 862,264 contracts (Direct); Common Shares — 660,968 shares (Direct)

Footnotes (3)

1. F1. The options were exercised and the shares were acquired at $0.63 Canadian dollars, $0.4494 U.S. dollars is the equivalent price pursuant to the exchange rate realized as of the transaction date (Cdn$1.00 = US$0.7133).
2. F2. The shares were sold at $1.7789 Canadian dollars, $1.2689 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$0.7133).
3. F3. The 189,303 options were granted on 11/13/2020 and vested and became exercisable as follows: 63,101 on 11/13/2021; 63,101 on 11/13/2022; and 63,101 on 11/13/2023.

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Accepted by SEC EDGAR 11/12/2025 - 05:28 PM EST Learn about SEC filing dates

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^*

CASH JOHN

(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
X	Officer (give title below)		Other (specify below)
	Board Chairman, CEO

3. Date of Earliest Transaction (Month/Day/Year)
11/11/2025

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	11/11/2025		M		189,303	A	$0.4494(1)	850,271	D
Common Shares	11/11/2025		S		189,303	D	$1.2689(2)	660,968	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)	$0.4494(1)	11/11/2025		M			189,303	(3)	11/13/2025	Common Shares	189,303	$0	862,264	D

Explanation of Responses:

1. The options were exercised and the shares were acquired at $0.63 Canadian dollars, $0.4494 U.S. dollars is the equivalent price pursuant to the exchange rate realized as of the transaction date (Cdn$1.00 = US$0.7133).

2. The shares were sold at $1.7789 Canadian dollars, $1.2689 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$0.7133).

3. The 189,303 options were granted on 11/13/2020 and vested and became exercisable as follows: 63,101 on 11/13/2021; 63,101 on 11/13/2022; and 63,101 on 11/13/2023.

	/s/ Roger L. Smith Roger L. Smith pursuant to Power of Attorney	11/12/2025
	** 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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