[Form 4] UR-ENERGY INC Insider Trading Activity

Rhea-AI Filing Summary

Robby Sai Kit Chang, a director of Ur‑Energy Inc. (URG), executed and sold common shares on 09/25/2025. He exercised 213,914 vested stock options at Cdn$0.63 per option (equivalent to $0.4523 U.S. per share) and simultaneously sold 213,914 shares at Cdn$2.4387 (equivalent to $1.7510 U.S. per share). After these transactions the filing shows 84,179 common shares beneficially owned directly and 336,390 shares underlying and beneficially owned including derivative positions. The options exercised were originally granted on 11/13/2020 and vested in three tranches in 2021–2023. The Form 4 was signed under power of attorney on 09/26/2025.

Positive

• Detailed disclosure of exercise price, sale price and FX conversion is provided, enabling clear auditability
• Options fully vested per disclosed vesting schedule (11/13/2021–11/13/2023), showing predictable vesting history

Negative

• Direct beneficial ownership decreased to 84,179 shares after same‑day sale of 213,914 shares
• Significant insider liquidity event occurred (exercise then sale of 213,914 shares), which may be viewed negatively by some investors

Insights

Financial Analyst

TL;DR: Director exercised long-dated options and sold an equal number of shares the same day, reducing direct holdings but retaining material derivative exposure.

The filing documents a routine option exercise and same-day sale (often used for tax or liquidity reasons). Exercise price was Cdn$0.63 per option (US$0.4523) and sale proceeds were Cdn$2.4387 per share (US$1.7510), indicating a significant per-share gain versus exercise cost. Direct beneficial ownership declined to 84,179 shares while total shares including underlying derivative instruments remain at 336,390. For investors this is a transactional disclosure rather than an operational signal; the transaction increased realized insider liquidity while preserving option-derived exposure.

Corporate Governance Expert

TL;DR: Disclosure is timely and complete on its face; transactions were documented and signed under POA the following day.

The Form 4 lists the reporting person as a director and shows the required details: grant date of options (11/13/2020), vesting schedule, exercise and sale dates (09/25/2025), and U.S. dollar equivalents for Canadian prices using a stated FX rate. The signature by an attorney-in-fact (Roger L. Smith) on 09/26/2025 satisfies filing formalities. There are no additional governance flags in the document text provided.

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^*

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)
09/25/2025

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	09/25/2025		M		213,914	A	$0.4523(1)	298,093	D
Common Shares	09/25/2025		S		213,914	D	$1.751(2)	84,179	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)	$0.4523(1)	09/25/2025		M			213,914	(3)	11/13/2025	Common Shares	213,914	$0	336,390	D

Explanation of Responses:

1. The options were exercised and the shares were acquired at $0.63 Canadian dollars, $0.4523 U.S. dollars is the equivalent price pursuant to the exchange rate realized as of the transaction date (Cdn$1.00 = US$0.7180).

2. The shares were sold at $2.4387 Canadian dollars, $1.7510 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$0.7180).

3. The 213,914 options were 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	09/26/2025
	** 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 did URG director Robby S. K. Chang do on 09/25/2025?

He exercised 213,914 stock options at Cdn$0.63 each (US$0.4523) and sold 213,914 shares at Cdn$2.4387 each (US$1.7510).

How many URG shares does the reporting person own after the transactions?

The filing shows 84,179 common shares beneficially owned directly and 336,390 shares when including derivative positions.

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

The options were granted on 11/13/2020 and vested in three tranches: 71,305 on 11/13/2021, 71,305 on 11/13/2022, and 71,304 on 11/13/2023.

What exchange rate was used to convert Canadian prices to U.S. dollars?

The filing uses an FX rate of C$1.00 = US$0.7180 to calculate U.S. dollar equivalents.

Who signed the Form 4 and when was it signed?

The form was signed under power of attorney by Roger L. Smith on 09/26/2025.