Ur-Energy Inc. (URG) director reports option grant and RSU activity

Rhea-AI Filing Summary

Ur-Energy Inc. director reports new equity awards and unit activity. A company director received common share options covering 91,602 shares on 12/22/2025, exercisable at $1.4657 per share, the U.S. dollar equivalent of a Cdn$2.02 exercise price based on the exchange rate realized on the transaction date. These options vest in three equal installments of 30,534 on 12/22/2026, 12/22/2027, and 12/22/2028 and expire on 12/22/2030.

The director also had 22,902 restricted share units referenced as exchangeable for 22,902 common shares, with each unit redeemable for one common share under the plan terms, including redemption on or within 30 days of 12/22/2027. Following the reported transactions, the director beneficially owned 427,992 derivative securities related to options and 62,211 derivative securities related to restricted share units, all held 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^*

WALKER KATHY E

(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		M		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.
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FAQ

What insider transaction did UR-Energy Inc. (URG) report in this Form 4?

The filing reports that a director of Ur-Energy Inc. received new stock options and had activity in restricted share units tied to common shares, updating the director’s beneficial ownership of derivative securities.

How many stock options did the URG director receive and at what exercise price?

The director received 91,602 common share options with an exercise price of $1.4657 per share, which is the U.S. dollar equivalent of a Cdn$2.02 exercise price based on the exchange rate realized on the transaction date.

When do the newly granted URG stock options vest and expire?

The options vest and become exercisable in three equal tranches of 30,534 on 12/22/2026, 12/22/2027, and 12/22/2028, and they expire on 12/22/2030.

What is disclosed about restricted share units in this URG Form 4?

The filing shows 22,902 restricted share units referenced as being exchanged for 22,902 common shares, with each unit redeemable upon vesting for one common share, and each unit to be redeemed for one common share on or within 30 days of 12/22/2027 under the plan.

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

After the reported transactions, the director beneficially owned 427,992 derivative securities related to options and 62,211 derivative securities related to restricted share units, all held directly.

What role does the reporting person hold at UR-Energy Inc. (URG)?

The reporting person is identified as a director of Ur-Energy Inc.