UR-Energy (URG): enCore Energy Corp. reports 6.0% passive stake

Rhea-AI Filing Summary

UR-Energy Inc. (URG) disclosed that enCore Energy Corp. has become a significant shareholder. enCore reports beneficial ownership of 22,458,804 shares of UR-Energy common stock, representing 6.0% of the class, based on 376,213,626 shares outstanding as of October 30, 2025. enCore has sole voting and sole dispositive power over all of these shares and no shared voting or dispositive power. The filing states that the securities were not acquired and are not held for the purpose of changing or influencing control of UR-Energy, indicating a passive investment intent.

Insights

Equity ownership and governance analyst

enCore Energy reports a 6% passive stake in UR-Energy with sole control over the shares.

The filing shows that enCore Energy Corp. holds 22,458,804 UR-Energy common shares, equal to 6.0% of the class based on 376,213,626 shares outstanding as of October 30, 2025. enCore has sole power to vote and to dispose of all these shares, with no shared authority, which centralizes control of this block in a single corporate holder.

The certification states that the position was not acquired and is not held for the purpose of changing or influencing control of UR-Energy Inc., aligning with a passive, Schedule 13G-type ownership stance. This kind of disclosure mainly informs the market about who holds a sizable stake and their stated intent; its practical impact depends on future changes in the size of the position or any shift away from this passive posture in subsequent disclosures.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

UR-ENERGY INC.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

91688R108

(CUSIP Number)

12/11/2025

(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

enCore Energy Corp.

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

BRITISH COLUMBIA, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 22,458,804.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 22,458,804.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

22,458,804.00

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)

6.0 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: Percent of class is based on 376,213,626 shares of common stock outstanding as of October 30, 2025, as reported in the Issuer's Form 10-Q filed on November 3, 2025.

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, CO 80127
Item 2.
(a)	Name of person filing: enCore Energy Corp.
(b)	Address or principal business office or, if none, residence: One Galleria Tower, 13355 Noel Rd, Suite 1700, Dallas, TX 75240
(c)	Citizenship: British Columbia, 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: 22,458,804
(b)	Percent of class: 6.0%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 22,458,804
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 22,458,804
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
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.

enCore Energy Corp.

Signature:	/s/ Robert W. Hudson Jr.
Name/Title:	Robert W. Hudson Jr., General Counsel and Corporate Secretary
Date:	12/18/2025