URG insider trades: options exercised at $0.4498, sale at $1.2925

Rhea-AI Filing Summary

Ur‑Energy Inc. (URG) director reported insider transactions. On 11/12/2025, the director exercised 113,914 and 50,000 common share options at US$0.4498 per share (equivalent to C$0.63), then sold 50,000 common shares at US$1.2925 (equivalent to C$1.8102).

Following these transactions, the director directly beneficially owned 541,609 common shares. Derivative holdings (options) decreased, with 336,390 options reported as beneficially owned after the transactions. The options exercised were part of a 213,914‑option grant from 11/13/2020 that vested in three tranches.

Insider Trade Summary

Net Seller: 50,000 shares ($64,625)

Net Sell 5 txns

Insider HUBER GARY C

Role Director

Sold 50,000 shs ($65K)

Type	Security	Shares	Price	Value
Exercise	Common share options (right to buy)	113,914	$0.00	--
Exercise	Common share options (right to buy)	50,000	$0.00	--
Exercise	Common Shares	113,914	$0.4498	$51K
Exercise	Common Shares	50,000	$0.4498	$22K
Sale	Common Shares	50,000	$1.2925	$65K

Holdings After Transaction: Common share options (right to buy) — 386,390 shares (Direct); Common Shares — 541,609 shares (Direct)

Footnotes (1)

1. The options were exercised and the shares were acquired at $0.63 Canadian dollars, $0.4498 U.S. dollars is the equivalent price pursuant to the exchange rate realized as of the transaction date (Cdn$1.00 = US$0.7140). The shares were sold at $1.8102 Canadian dollars, $1.2925 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$0.7140). The options are a portion of the 213,914 options 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^*

HUBER GARY C

(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)
11/12/2025

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	11/12/2025		M		113,914	A	$0.4498(1)	541,609	D
Common Shares	11/12/2025		M		50,000	A	$0.4498(1)	591,609	D
Common Shares	11/12/2025		S		50,000	D	$1.2925(2)	541,609	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)	$0.4498(1)	11/12/2025		M			113,914	(3)	11/13/2025	Common Shares	113,914	$0	386,390	D
Common share options (right to buy)	$0.4498(1)	11/12/2025		M			50,000	(3)	11/13/2025	Common Shares	50,000	$0	336,390	D

Explanation of Responses:

1. The options were exercised and the shares were acquired at $0.63 Canadian dollars, $0.4498 U.S. dollars is the equivalent price pursuant to the exchange rate realized as of the transaction date (Cdn$1.00 = US$0.7140).

2. The shares were sold at $1.8102 Canadian dollars, $1.2925 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$0.7140).

3. The options are a portion of the 213,914 options 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	11/13/2025
	** 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 activity did URG report on 11/12/2025?

A director exercised 113,914 and 50,000 common share options at US$0.4498 each and sold 50,000 shares at US$1.2925.

How many Ur‑Energy (URG) shares does the director own after these trades?

Direct beneficial ownership is 541,609 common shares after the reported transactions.

How many options remain held by the URG director after the transactions?

The filing shows 336,390 options beneficially owned following the transactions.

What exchange rates/prices were used for the option exercise and sale?

Exercise: C$0.63 = US$0.4498; Sale: C$1.8102 = US$1.2925, using C$1.00 = US$0.7140 as of the transaction date.

What grant and vesting schedule applied to the exercised options?

They are from a 213,914‑option grant on 11/13/2020, vesting 71,305 on 11/13/2021, 71,305 on 11/13/2022, and 71,304 on 11/13/2023.

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

The reporting person is a Director, and the form was filed by one reporting person.