Ur-Energy Inc (URG) director reports RSU vesting and share issuance

Rhea-AI Filing Summary

Ur-Energy Inc. director reports vesting of restricted share units and receipt of common shares. On 12/23/2025, 46,658 restricted share units granted on December 7, 2023 became redeemable for common shares. The company withheld 11,362 RSUs solely to cover tax withholding obligations, and the director received 35,296 common shares.

The transaction reflects a redemption of equity awards with no cash exercise price, as each RSU is redeemable for one common share. The common shares were valued at C$2.02, equivalent to US$1.4657 using a Bank of Canada exchange rate on the transaction date. Following this activity, the reporting person continues to hold derivative securities and common shares directly.

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^*

CASH JOHN

(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)
12/23/2025

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		35,296(1)	A	$1.4657(2)	696,264	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		46,658		(4)	(4)	Common Shares	46,658	$0	125,000	D

Explanation of Responses:

1. On December 7, 2023, the reporting person was granted 46,658 Restricted Share Units ("RSUs"). On redemption, 11,362 RSUs were withheld by the Company solely for the purpose of satisfying tax withholding obligations and the reporting person received 35,296 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 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.
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FAQ

What insider transaction did Ur-Energy Inc (URG) report in this filing?

The filing reports that a director of Ur-Energy Inc. redeemed 46,658 restricted share units (RSUs) on 12/23/2025, resulting in the issuance of common shares and withholding of some RSUs for taxes.

How many Ur-Energy (URG) shares did the director receive from the RSU vesting?

From the redemption of 46,658 RSUs, the company withheld 11,362 RSUs to satisfy tax obligations, and the director received 35,296 common shares of Ur-Energy Inc.

What was the effective price used for the Ur-Energy (URG) RSU share issuance?

The common shares issued upon RSU redemption were priced at C$2.02, which the filing states is equivalent to US$1.4657 using a Bank of Canada exchange rate of Cdn$1.00 = US$0.7256 on the transaction date.

When did the Ur-Energy (URG) director’s restricted share units vest and redeem?

The director was granted 46,658 RSUs on December 7, 2023. According to the filing, these RSUs became redeemable on December 7, 2025 and were released as common shares on December 23, 2025.

What role does the reporting person have at Ur-Energy Inc (URG)?

The reporting person is identified as a director of Ur-Energy Inc. and reports ownership of the securities in a direct capacity.

Did the Ur-Energy (URG) director pay a cash exercise price for the RSUs?

No cash exercise price was involved. The filing shows each restricted share unit is redeemable for one common share, with the derivative security price listed as $0.