RITCHIE DAVID A. 4

What Happened
David A. Ritchie, General Counsel and Corporate Secretary of UR-ENERGY Inc. (URG), was granted 120,000 stock options on 2026-01-12. The award is reported as a derivative grant (no cash paid at grant). The exercise price is C$2.29 per share (equivalent to US$1.6504 using the exchange rate reported for the transaction date). Exercising all options at that price would cost roughly US$198,000 (120,000 × US$1.6504), though that is the exercise price, not the market value.

Key Details

• Transaction date: 2026-01-12; Form filed: 2026-01-22 (filed 10 days after the transaction).
• Transaction type/code: Grant/Award (A), derivative (options) — reported acquisition of 120,000 securities at $0.00 cash cost at grant.
• Exercise price: C$2.29 per share (US$1.6504 per share using Cdn$1.00 = US$0.7207). (Footnote F1)
• Vesting schedule: 40,000 options vest on 1/12/2027; 40,000 on 1/12/2028; 40,000 on 1/12/2029. (Footnote F2)
• Shares owned after transaction: Not disclosed in the provided filing.
• No 10b5‑1 plan, tax-withholding sale, or immediate sale reported in the filing.

Context
These are time‑vesting stock options (not immediate stock ownership). They give the holder the right to buy shares at the stated exercise price after the vesting dates; they are not an immediate cash purchase or sale. Awards like this are common for executive compensation and do not by themselves indicate a buying/selling signal; they represent potential future equity if (and when) options are vested and exercised.