Ur-Energy (NYSE: URG) CFO gains 19,387 shares from RSU redemption

Rhea-AI Filing Summary

Ur-Energy Inc. reported an insider equity transaction by its Chief Financial Officer. On December 23, 2025, the CFO acquired 19,387 common shares through the redemption of previously granted restricted share units (RSUs), coded as transaction type “M” (derivative conversion). After this transaction, the CFO directly beneficially owned 651,562 common shares.

The RSU activity involved 27,384 RSUs granted on December 7, 2023. When these RSUs were redeemed, 7,997 RSUs were withheld by the company solely to cover tax withholding obligations, and the remaining units were settled in common shares to the CFO. Each RSU was redeemable for one common share.

The common shares were valued at C$2.02, equivalent to $1.4657 in U.S. dollars based on an exchange rate of Cdn$1.00 = US$0.7256 as reported by the Bank of Canada. Following the transaction, the CFO also held 73,367 derivative securities in the form of RSUs on a direct basis.

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^*

SMITH ROGER L.

(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 FINANCIAL OFFICER

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		19,387(1)	A	$1.4657(2)	651,562	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		27,384		(4)	(4)	Common Shares	27,384	$0	73,367	D

Explanation of Responses:

1. On December 7, 2023, the reporting person was granted 27,384 Restricted Share Units ("RSUs"). On redemption, 7,997 RSUs were withheld by the Company solely for the purpose of satisfying tax withholding obligations and the reporting person received 19,387 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	12/29/2025
	** Signature of Reporting Person	Date
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FAQ

What insider transaction did Ur-Energy (URG) report in this Form 4?

Ur-Energy reported that its Chief Financial Officer acquired 19,387 common shares on December 23, 2025 through the redemption of previously granted restricted share units (RSUs), recorded as transaction code “M” (derivative conversion).

How many Ur-Energy (URG) shares does the CFO own after this transaction?

Following the reported transaction, the CFO beneficially owned 651,562 common shares of Ur-Energy Inc., held directly, in addition to 73,367 RSUs listed as derivative securities.

What RSU grant was involved in the Ur-Energy (URG) CFO’s share acquisition?

The transaction related to a grant of 27,384 restricted share units awarded on December 7, 2023. Each RSU was redeemable upon vesting for one common share of Ur-Energy Inc.

Why did the Ur-Energy (URG) CFO receive 19,387 shares instead of all 27,384 RSUs?

Of the 27,384 RSUs redeemed, 7,997 RSUs were withheld by the company solely to satisfy tax withholding obligations, and the CFO received the remaining 19,387 units as common shares.

What was the price used for the Ur-Energy (URG) common shares issued from RSUs?

The common shares issued on redemption were priced at C$2.02 per share, which the filing states was equivalent to $1.4657 in U.S. dollars using an exchange rate of Cdn$1.00 = US$0.7256 as reported by the Bank of Canada.

When did the Ur-Energy (URG) CFO’s RSUs become redeemable and when were they released?

The filing notes that the RSUs became redeemable on December 7, 2025 and were released on December 23, 2025, when they were settled into common shares and shares were withheld for taxes.