Ur-Energy (URG) director reports new stock options and RSU grants

Rhea-AI Filing Summary

Ur-Energy Inc. director reports new equity awards. On 12/22/2025, a director of UR-ENERGY INC (URG) received options to buy 91,602 common shares and 22,902 restricted share units.

The options have an exercise price of $1.4657 per share, based on a Canadian dollar price of Cdn$2.02 and the exchange rate on the grant date, and expire on 12/22/2030. They vest in three equal installments of 30,534 options on 12/22/2026, 12/22/2027, and 12/22/2028.

Each restricted share unit is redeemable for one common share, with all 22,902 units scheduled to be redeemed on or within 30 days of 12/22/2027. After these grants, the director reports beneficial ownership of 427,992 derivative securities in options and 62,211 derivative securities in restricted share units.

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^*

Chang Robby Sai Kit

(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)
12/22/2025

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

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)	$1.4657(1)	12/22/2025		A		91,602		(2)	12/22/2030	Common Shares	91,602	$0	427,992	D
Restricted share units (exchange for common shares)	(3)	12/22/2025		A		22,902		(4)	(4)	Common Shares	22,902	$0	62,211	D

Explanation of Responses:

1. The options were priced at $2.02 Canadian dollars; $1.4657 U.S. dollars is the equivalent of the exercise price pursuant to the exchange rate realized as of the transaction date (Cdn$1.00 = US$0.7256) www.bankofcanada.ca.

2. The options will vest and become exercisable as follows: 30,534 on 12/22/2026; 30,534 on 12/22/2027; and 30,534 on 12/22/2028.

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

4. Each unit will be redeemed for one common share on or within 30 days of 12/22/2027 per the terms of the plan.

	/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.
* 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 equity awards did the URG director receive on 12/22/2025?

The director received 91,602 stock options to buy common shares and 22,902 restricted share units, each unit being exchangeable for one common share.

What is the exercise price and term of the new Ur-Energy (URG) stock options?

The options have an exercise price of $1.4657 per share, equivalent to Cdn$2.02 using the disclosed exchange rate, and expire on 12/22/2030.

How do the new URG director stock options vest?

The 91,602 options vest in three equal tranches: 30,534 on 12/22/2026, 30,534 on 12/22/2027, and 30,534 on 12/22/2028.

When will the Ur-Energy (URG) restricted share units vest and convert to shares?

Each of the 22,902 restricted share units is redeemable for one common share on or within 30 days of 12/22/2027, subject to the plan terms.

How many derivative securities does the URG director own after these grants?

Following the reported transactions, the director beneficially owns 427,992 derivative securities in stock options and 62,211 derivative securities in restricted share units, all reported as held directly.

Is the reporting person on this URG Form 4 a director or officer?

The reporting person is identified as a director of UR-ENERGY INC, with the form filed by one reporting person.