Ur-Energy Inc. (URG) director converts RSUs into 16,407 common shares

Rhea-AI Filing Summary

Ur-Energy Inc. director reports redemption of restricted share units into common shares. A board member of UR-Energy Inc. converted 16,407 restricted share units (RSUs) into 16,407 common shares on December 23, 2025. The RSUs were originally granted on December 7, 2023 and became redeemable on December 7, 2025. The common shares are reported at an equivalent price of $1.4657 per share in U.S. dollars, based on a Canadian dollar price of C$2.02 and the Bank of Canada exchange rate on the transaction date. Following this transaction, the reporting person directly holds 572,247 common shares and 45,804 derivative securities (remaining RSUs).

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

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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^*

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)
12/23/2025

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	12/23/2025		M		16,407(1)	A	$1.4657(2)	572,247	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
Restricted share units (exchange for common shares)	(3)	12/23/2025		M		16,407		(4)	(4)	Common Shares	16,407	$0	45,804	D

Explanation of Responses:

1. On December 7, 2023, the reporting person was granted 16,407 Restricted Share Units ("RSUs"). On redemption, the reporting person received 16,407 common shares.

2. The common shares were priced at $2.02 Canadian dollars and $1.4657 U.S. dollars is the equivalent of the purchase price pursuant to the exchange rate as of the transaction date (Cdn$1.00 = US$0.7256) as reported by Bank of Canada on its website, www.bankofcanada.ca.

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

4. The RSUs became redeemable on December 7, 2025 and were released on December 23, 2025.

	/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 URG report in this Form 4?

A director of Ur-Energy Inc. (URG) redeemed 16,407 restricted share units (RSUs) for 16,407 common shares on December 23, 2025.

When were the URG restricted share units granted and when did they vest?

The director received 16,407 RSUs on December 7, 2023. These RSUs became redeemable on December 7, 2025 and were released on December 23, 2025.

What price was used for the URG common shares issued from the RSUs?

The common shares were valued at C$2.02 per share, which the filing reports as $1.4657 U.S. dollars per share using an exchange rate of Cdn$1.00 = US$0.7256 from the Bank of Canada.

How many URG common shares does the director own after this transaction?

After the RSU redemption, the reporting person directly owns 572,247 common shares of Ur-Energy Inc.

How many restricted share units or derivative securities remain for the URG director?

Following the reported transaction, the director holds 45,804 derivative securities, which the table identifies as remaining restricted share units exchangeable for common shares.

What is the director’s relationship to Ur-Energy Inc. (URG)?

The reporting person is identified as a Director of Ur-Energy Inc. and files this Form 4 as an individual reporting person.