[Form 4] Ur-Energy Inc. Insider Trading Activity

Rhea-AI Filing Summary

Steven M. Hatten, Chief Operating Officer of Ur‑Energy Inc. (URG), reported option exercises and an offsetting share sale on 08/25/2025. He exercised 198,618 common share options that were priced at Cdn$0.63 per option (equivalent to US$0.4554) and thereby acquired 198,618 shares. Those same 198,618 shares were sold the same day at Cdn$1.8573 each (equivalent to US$1.3425). Following these transactions, Mr. Hatten beneficially owned 523,393 shares immediately after the exercise and 324,775 shares after the sale. The exercised options were originally granted 11/13/2020 and vested in three equal tranches on 11/13/2021, 11/13/2022 and 11/13/2023. The Form 4 was signed under power of attorney by Roger L. Smith on 08/26/2025.

Positive

• Exercise of vested options indicates alignment of executive incentives with shareholder value through prior equity compensation
• Transparent reporting including Canadian-to-US dollar conversions and vesting schedule provides clear disclosure for investors

Negative

• Reduction in beneficial ownership from 523,393 to 324,775 shares following the sale of 198,618 shares

Insights

Financial Analyst

TL;DR: Insider exercised 198,618 options and sold the same amount the same day; net beneficial holdings declined to 324,775 shares.

The filing shows a simultaneous option exercise and sale by the COO, a common practice for option holders to cover exercise costs and capture value. The exercise price was Cdn$0.63 per option (US$0.4554) and the sale price was Cdn$1.8573 (US$1.3425), implying a per‑share gain in local currency realized on the sale. The options were granted in 2020 and fully vested in tranches through 2023, indicating these were matured incentives being monetized. For investors, this is a routine liquidity event rather than a disclosure of operational change.

Corporate Governance Expert

TL;DR: Transaction appears compliant with standard reporting; exercised vested options then sold equivalent shares, documented via power of attorney.

The Form 4 documents the exercise and immediate sale clearly, including currency conversions and vesting history. Use of a power of attorney for filing is disclosed and signed on 08/26/2025. There are no indications in the filing of Rule 10b5-1 plan usage or other restrictions. This disclosure meets Section 16 reporting requirements and provides transparent reporting of insider activity.

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^*

HATTEN STEVEN M.

(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 Operating Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/25/2025

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	08/25/2025		M		198,618	A	$0.4554(1)	523,393	D
Common Shares	08/25/2025		S		198,618	D	$1.3425(2)	324,775	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)	$0.4554(1)	08/25/2025		M			198,618	(3)	11/13/2025	Common Shares	198,618	$0	455,853	D

Explanation of Responses:

1. The options were exercised and the shares were acquired at $0.63 Canadian dollars, $0.4554 U.S. dollars is the equivalent price pursuant to the exchange rate realized as of the transaction date (Cdn$1.00 = US$0.7228).

2. The shares were sold at $1.8573 Canadian dollars, $1.3425 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$0.7228).

3. The 198,618 options were granted on 11/13/2020 and vested and became exercisable as follows: 66,206 on 11/13/2021; 66,206 on 11/13/2022; and 66,206 on 11/13/2023.

	/s/ Roger L. Smith, Roger L. Smith, pursuant to Power of Attorney	08/26/2025
	** 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 insider transactions did URG COO Steven M. Hatten report on 08/25/2025?

He exercised 198,618 options at Cdn$0.63 (US$0.4554) and sold 198,618 shares at Cdn$1.8573 (US$1.3425) on 08/25/2025.

How many URG shares did Steven Hatten own after these transactions?

He beneficially owned 523,393 shares after the exercise and 324,775 shares after the sale.

When were the options exercised by Steven Hatten originally granted and vested?

The options were granted on 11/13/2020 and vested in thirds on 11/13/2021, 11/13/2022 and 11/13/2023.

What exchange rate was used for the Canadian to U.S. dollar conversions on the Form 4?

The filing uses an exchange rate of Cdn$1.00 = US$0.7228 to compute US dollar equivalents.

Who signed the Form 4 and when was it signed?

The Form 4 was signed under power of attorney by Roger L. Smith on 08/26/2025.