[SCHEDULE 13G/A] Ur-Energy Inc. SEC Filing

Rhea-AI Filing Summary

MMCAP International Inc. SPC and MM Asset Management Inc. filed a Schedule 13G/A reporting shared beneficial ownership of 13,062,244 shares of Ur‑Energy Inc. common stock, equal to 3.54% of the class. The filing shows no sole voting or dispositive power; both reporting persons state shared voting power and shared dispositive power over the reported shares.

The document identifies the issuer's principal office in Littleton, Colorado, lists the event date requiring the filing as 06/30/2025, and includes certifications that the securities were not acquired to change or influence control. Signatures are dated 08/12/2025.

Insights

Securities Analyst

TL;DR: Two investment entities disclose a passive 3.54% stake with shared voting/dispositive power, indicating transparency but no control.

The Schedule 13G/A reports combined beneficial ownership of 13,062,244 shares (3.54%). The filing shows 0 shares of sole voting or dispositive power and 13,062,244 shares of shared power, consistent with a non-controlling, possibly passive position under 13G filing conventions. The certification language reiterates that the holdings were not acquired to influence control. Impact on governance or control appears limited; disclosure aids market transparency.

Corporate Governance Expert

TL;DR: The report documents material ownership below control thresholds and confirms shared authority, posing limited governance implications.

From a governance perspective, the filing documents meaningful minority ownership yet explicitly records no sole voting or dispositive power. At 3.54%, the stake is below typical triggering levels for control-related filings. The signatures and certification indicate formal compliance and a stated lack of intent to change control. This disclosure is relevant for shareholder registers and vote tallies but does not, on its face, alter board control or require governance action by the issuer.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 5)

UR-Energy Inc.

(Name of Issuer)

Common Stock, $0.0001 par value per share

(Title of Class of Securities)

91688R108

(CUSIP Number)

06/30/2025

(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)

SCHEDULE 13G

CUSIP No. 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 13,062,244.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 13,062,244.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

13,062,244.00

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)

3.54 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 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 13,062,244.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 13,062,244.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

13,062,244.00

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)

3.54 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: UR-Energy Inc.
(b)	Address of issuer's principal executive offices: 10758 W. Centennial Road, Suite 200, Littleton, COLORADO 80127
Item 2.
(a)	Name of person filing: MMCAP International Inc. SPC MM Asset Management Inc.
(b)	Address or principal business office or, if none, residence: c/o Mourant Governance Services (Cayman) Limited 94 Solaris Avenue Camana Bay, P.O. Box 1348 Grand Cayman, KY1-1108, Cayman Islands 161 Bay Street, TD Canada Trust Tower, Suite 2240, Toronto, ON M5J 2S1 Canada
(c)	Citizenship: Cayman Islands Ontario, Canada
(d)	Title of class of securities: Common Stock, $0.0001 par value per share
(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: 13,062,244
(b)	Percent of class: 3.54 %
(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: 13,062,244
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 13,062,244
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:	/s/ Ulla Vestergaard
Name/Title:	Director
Date:	08/12/2025

MM Asset Management Inc.

Signature:	/s/ Hillel Meltz
Name/Title:	President
Date:	08/12/2025

FAQ

What stake in URG do MMCAP International Inc. SPC and MM Asset Management report?

They report shared beneficial ownership of 13,062,244 shares, representing 3.54% of Ur‑Energy (URG) common stock.

Do the reporting persons have sole voting power over URG shares?

No. The filing shows 0 shares of sole voting power and 13,062,244 shares of shared voting power.

When is the event date that triggered this Schedule 13G/A filing?

The filing lists the date of the event requiring the statement as 06/30/2025.

When were the signatures on the filing dated?

Signatures for MMCAP International Inc. SPC and MM Asset Management Inc. are dated 08/12/2025.

Does the filing state an intent to influence control of Ur‑Energy?

The certification states that the securities were not acquired and are not held for the purpose of changing or influencing control of the issuer.