URG insider trade: 226,630 options exercised; 226,630 shares sold

Rhea-AI Filing Summary

Ur‑Energy Inc. (URG) reported an insider transaction by its General Counsel and Corporate Secretary. On 11/10/2025, the officer exercised 226,630 options (code M) at $0.4494 per share (U.S. dollar equivalent) and sold 226,630 common shares (code S) at $1.2881 per share. Following these transactions, the officer directly holds 430,608 common shares.

The exercised options were originally granted on 11/13/2020 and vested in three annual tranches. Derivative holdings reported after the transactions total 435,426 options.

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
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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^*

GOPLERUD PENNE A

(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)
	Gen Counsel and Corp Secretary

3. Date of Earliest Transaction (Month/Day/Year)
11/10/2025

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	11/10/2025		M		226,630	A	$0.4494(1)	657,238	D
Common Shares	11/10/2025		S		226,630	D	$1.2881(2)	430,608	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)	11/10/2025		M			226,630	(3)	11/13/2025	Common Shares	226,630	$0	435,426	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 $1.8058 Canadian dollars, $1.2881 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 226,630 options were granted on 11/13/2020 and vested and became exercisable as follows: 75,543 on 11/13/2021; 75,543 on 11/13/2022; and 75,544 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).
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FAQ

What did URG's insider report on Form 4?

The General Counsel exercised 226,630 options at $0.4494 and sold 226,630 common shares at $1.2881 on 11/10/2025.

What are the insider’s URG share holdings after the transactions?

Direct beneficial ownership is 430,608 common shares after the reported transactions.

How many URG options does the insider hold after these trades?

Reported derivative holdings total 435,426 options following the transactions.

What was the origin and vesting of the exercised options?

The 226,630 options were granted on 11/13/2020 and vested annually: 75,543 on 11/13/2021, 75,543 on 11/13/2022, and 75,544 on 11/13/2023.

Were prices reported in U.S. or Canadian dollars?

Prices reflect U.S. dollar equivalents using the stated rate (Cdn$1.00 = US$0.7133): exercise $0.4494, sale $1.2881.

What is the insider’s role at Ur‑Energy (URG)?

The reporting person is an officer: General Counsel and Corporate Secretary.