[Form 4] UR-ENERGY INC Insider Trading Activity

Rhea-AI Filing Summary

Roger L. Smith, Chief Financial Officer of Ur‑Energy Inc. (URG), executed option exercises and a contemporaneous sale on 09/24/2025. He exercised 252,087 options at an exercise price of C$0.63 (US$0.4535 per share using the reported FX rate) to acquire 252,087 common shares and then sold those 252,087 shares at C$2.3366 (US$1.6819 per share). After these transactions, Mr. Smith beneficially owned 632,175 common shares directly and held an additional 252,087 shares underlying options exercisable through 11/13/2025, for total reported direct beneficial interests reflected as 884,262 prior to the sale and 632,175 following the sale. The option grant date was 11/13/2020 with vesting in three annual tranches.

Positive

• 252,087 options exercised at the reported exercise price (C$0.63 / US$0.4535 equivalent)
• Complete disclosure of FX conversion used to translate Canadian dollar amounts to US dollars
• Vesting history provided for the 11/13/2020 option grant (three tranches: 11/13/2021, 11/13/2022, 11/13/2023)

Negative

• 252,087 shares sold on 09/24/2025, reducing direct beneficial ownership from 884,262 to 632,175 shares
• No cash proceeds total disclosed in USD or CAD beyond per‑share sale price and FX conversion

Insights

Securities Analyst

TL;DR Insider exercised previously granted options and sold the resulting shares the same day, materially changing direct holdings.

Mr. Smith exercised 252,087 options granted on 11/13/2020 at C$0.63 per share (US$0.4535 equivalent) and sold the same 252,087 shares at C$2.3366 (US$1.6819 equivalent) on 09/24/2025. The reported transactions reduced his direct beneficial ownership from 884,262 shares to 632,175 shares. These are routine Section 16 disclosures of option exercise and sale; the filing documents exact quantities, prices, and FX conversion used. For investors, the key facts are the option grant details, exercisable/expiration timeline through 11/13/2025, and the immediate disposition of the exercised shares.

Corporate Governance Expert

TL;DR Filing documents a standard insider exercise-and-sale with fully disclosed terms and vesting history.

The Form 4 shows the options were granted 11/13/2020 and vested in three equal tranches on 11/13/2021, 11/13/2022 and 11/13/2023. The report provides precise FX conversions used to translate Cdn$ prices to US$ equivalents. The submission is signed and dated 09/25/2025, meeting disclosure formalities. The filing contains no additional corporate actions or deviations from standard Section 16 reporting requirements.

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).

1. Name and Address of Reporting Person^*

SMITH ROGER L.

(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)
	CHIEF FINANCIAL OFFICER

3. Date of Earliest Transaction (Month/Day/Year)
09/24/2025

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	09/24/2025		M		252,087	A	$0.4535(1)	884,262	D
Common Shares	09/24/2025		S		252,087	D	$1.6819(2)	632,175	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)	$0.4535(1)	09/24/2025		M			252,087	(3)	11/13/2025	Common Shares	252,087	$0	472,950	D

Explanation of Responses:

1. The options were exercised and the shares were acquired at $0.63 Canadian dollars, $0.4535 U.S. dollars is the equivalent price pursuant to the exchange rate realized as of the transaction date (Cdn$1.00 = US$0.7198).

2. The shares were sold at $2.3366 Canadian dollars, $1.6819 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$0.7198).

3. The 252,087 options were granted on 11/13/2020 and vested and became exercisable as follows: 84,029 on 11/13/2021; 84,029 on 11/13/2022; and 84,029 on 11/13/2023.

	/s/ Roger L. Smith	09/25/2025
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transactions did URG CFO Roger L. Smith report on 09/24/2025?

He reported exercising 252,087 options at C$0.63 (US$0.4535 equivalent) and selling 252,087 shares the same day at C$2.3366 (US$1.6819 equivalent).

How did Mr. Smith's beneficial ownership change after the transactions?

Following the transactions he beneficially owned 632,175 common shares directly and had 252,087 shares underlying options exercisable through 11/13/2025.

When were the options that were exercised originally granted and how did they vest?

The 252,087 options were granted on 11/13/2020 and vested in three tranches: 84,029 on 11/13/2021, 84,029 on 11/13/2022, and 84,029 on 11/13/2023.

What exchange rate was used to convert Canadian dollars to U.S. dollars in this filing?

The filing states Cdn$1.00 = US$0.7198 as the exchange rate used for the transaction date conversions.

Are the exercised options still exercisable or do they expire?

The filing lists the exercised options as having an exercisable/expiration reference through 11/13/2025 for the underlying options disclosed.