UR-ENERGY (URG): MMCAP/MM Asset disclose 14.45M shares (3.5%)

Rhea-AI Filing Summary

UR-ENERGY INC reports a Schedule 13G/A joint filing by MMCAP International Inc. SPC and MM Asset Management Inc. that discloses 14,450,867 shares beneficially owned, equal to 3.5% of the class. The filing shows shared voting and dispositive power over those 14,450,867 shares.

The filing includes a comment that the reporting parties' holdings reflect multiple instruments: 515,776 common shares, warrants exercisable for 4,057,500 shares, and a debt instrument convertible into 15,606,936 shares (as stated for one filer). Signatures are provided by reporting representatives.

Insights

Corporate Governance Expert

Joint 13G/A shows passive large-holder disclosure with shared control.

The joint filing by MMCAP International Inc. SPC and MM Asset Management Inc. reports 14,450,867 shares beneficially owned, representing 3.5% of common stock. The disclosure lists shared voting and dispositive power; the filing classifies the position under passive ownership rules.

Document text also itemizes underlying instruments (common shares, warrants, convertible debt) in separate comments. Subsequent filings would clarify conversion/exercise status if those instruments are acted upon.

Investor Relations Analyst

Position size is disclosed but economic influence depends on convertible instruments.

The filing reports shared control of 14,450,867 shares (3.5%). One comment attributes holdings to 515,776 shares, 4,057,500 warrants, and a convertible debt showing 15,606,936 share equivalence for one reporting person.

Because those instruments are listed separately, their conversion or exercise would change actual exposure; any material change should appear in future ownership amendments.

Key Figures

Beneficially owned shares: 14,450,867 shares Percent of class: 3.5% Common shares listed in comment: 515,776 shares +2 more

5 metrics

Beneficially owned shares 14,450,867 shares Item 4(a) ownership disclosed

Percent of class 3.5% Item 4(b) percent of class

Common shares listed in comment 515,776 shares MMC... comment: reported common shares held

Warrants exercisable 4,057,500 warrants MMC... comment: warrants exercisable for shares

Convertible debt (one filer) 15,606,936 shares (convertible) MMC... comment: debt instrument convertible into shares

Key Terms

debt instrument convertible, warrants exercisable, shared dispositive power

3 terms

debt instrument convertible financial

"The number of Shares beneficially owned by the Reporting Person consists of...a debt instrument convertible into 15,606,936 shares"

warrants exercisable financial

"The number of Shares beneficially owned by the Reporting Person consists of...warrants exercisable for 4,057,500 shares"

shared dispositive power regulatory

"Shared Dispositive Power 14,450,867.00"

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Accepted by SEC EDGAR 05/11/2026 - 05:19 PM Learn about SEC filing dates

FAQ

What does URG Schedule 13G/A disclose about share ownership?

The filing discloses 14,450,867 shares beneficially owned, equal to 3.5% of common stock and held with shared voting and dispositive power by the reporting parties. The joint filing is signed by designated representatives.

Who are the reporting parties in the URG filing?

The reporting parties are MMCAP International Inc. SPC (Cayman Islands) and MM Asset Management Inc. (Ontario, Canada), with addresses and citizenships listed in the filing's cover information.

Does the filing show derivative or convertible instruments for URG?

Yes. The filing comments list 515,776 common shares, 4,057,500 warrants exercisable, and a debt instrument convertible into 15,606,936 shares for one reporting person, as stated in the text.

What voting and disposition rights are reported for URG holdings?

The filing reports 0 shares with sole voting or dispositive power and 14,450,867 shares with shared voting and shared dispositive power, as listed in Item 4(a)-(c).

Is the reported ownership classified as passive under Rule 13?

The filing is a Schedule 13G/A joint filing, indicating a passive ownership filing type; the Schedule 13G/A classification and signatures reflect that status as presented in the document.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

UR-ENERGY INC

(Name of Issuer)

Common Stock

(Title of Class of Securities)

91688R108

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 91688R108

1

Names of Reporting Persons

MMCAP International Inc. SPC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 14,450,867.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 14,450,867.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

14,450,867.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.5 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: The number of Shares beneficially owned by the Reporting Person consists of 515,776 shares of common stock, warrants exercisable for 4,057,500 shares of common stock, and a debt instrument convertible into 15,606,936 shares of common stock.

SCHEDULE 13G

CUSIP Number(s): 91688R108

1

Names of Reporting Persons

MM Asset Management Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 14,450,867.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 14,450,867.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

14,450,867.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.5 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: The securities held by the Reporting Person consist of a debt instrument convertible into 14,450,867 shares of common stock.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: UR-ENERGY INC
(b)	Address of issuer's principal executive offices: 1478 Willer Drive, Casper, Wyoming 82604
Item 2.
(a)	Name of person filing: i) MMCAP International Inc. SPC ii) MM Asset Management Inc.
(b)	Address or principal business office or, if none, residence: i) c/o Mourant Governance Services (Cayman) Limited, 94 Solaris Avenue, Camana Bay, P. O. Box 1348, Grand Cayman KY1-1108, Cayman Islands ii) 161 Bay Street, TD Canada Trust Tower, Suite 2240, Toronto, Ontario M5J 2S1 Canada
(c)	Citizenship: i) Cayman Islands ii) Ontario, Canada
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 91688R108
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 14,450,867
(b)	Percent of class: 3.5%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 14,450,867
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 14,450,867
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

MMCAP International Inc. SPC

Signature:	Ulla Vestergaard
Name/Title:	Director
Date:	05/11/2026

MM Asset Management Inc.

Signature:	Hillel Meltz
Name/Title:	President
Date:	05/11/2026

Exhibit Information

Exhibit 99.1 Joint Filing Agreement