5.1% passive stake in Ur‑Energy (NYSE: URG) disclosed on Schedule 13G/A

Rhea-AI Filing Summary

MMCAP International Inc. SPC and Asset Management Inc. filed an amended Schedule 13G reporting beneficial ownership of 20,180,212 shares of Ur‑Energy Inc. common stock, representing 5.1% of the class.

The holding consists of 515,776 common shares, warrants exercisable for 4,057,500 shares, and a debt instrument convertible into 15,606,936 shares. The filers state the securities were acquired and are held without the purpose or effect of changing or influencing control of Ur‑Energy, indicating a passive investment stance.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

UR-ENERGY INC

(Name of Issuer)

Common Stock

(Title of Class of Securities)

91688R108

(CUSIP Number)

12/31/2025

(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 20,180,212.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 20,180,212.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

20,180,212.00

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)

5.1 %

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 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 20,180,212.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 20,181,212.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

20,181,212.00

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)

5.1 %

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

Item 1.
(a)	Name of issuer: UR-ENERGY INC
(b)	Address of issuer's principal executive offices: 10758 West Centennial Road, Suite 200, Littleton, CO 80127
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: 20,180,212
(b)	Percent of class: 5.1%
(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: 20,180,212
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 20,180,212
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.

MMCAP International Inc. SPC

Signature:	Ulla Vestergaard
Name/Title:	Director
Date:	02/12/2026

MM Asset Management Inc.

Signature:	Hillel Meltz
Name/Title:	President
Date:	02/12/2026

Exhibit Information

Exhibit 99.1 Joint Filing Agreement

FAQ

What stake in Ur-Energy (URG) is reported in this Schedule 13G/A?

The filing reports beneficial ownership of 20,180,212 Ur‑Energy common shares, equal to 5.1% of the outstanding class. This makes the reporting group a significant but minority shareholder under U.S. securities disclosure rules.

Who are the reporting persons in the Ur-Energy (URG) Schedule 13G/A?

The reporting persons are MMCAP International Inc. SPC, organized in the Cayman Islands, and Asset Management Inc., organized in Ontario, Canada. They jointly report their beneficial ownership and have shared voting and dispositive power over the disclosed securities.

How is the 20,180,212-share position in Ur-Energy (URG) structured?

The position includes 515,776 common shares, warrants exercisable for 4,057,500 shares, and a debt instrument convertible into 15,606,936 shares. Together, these securities give the reporting group beneficial ownership of 5.1% of Ur‑Energy’s common stock.

Is the Ur-Energy (URG) stake reported as a passive investment?

Yes. The certification states the securities were not acquired and are not held for the purpose of changing or influencing control of Ur‑Energy. This language is consistent with a passive investment reported on Schedule 13G rather than an activist position.

What voting and dispositive powers are reported over Ur-Energy (URG) shares?

The reporting persons disclose no sole voting or dispositive power, but shared voting and shared dispositive power over 20,180,212 common shares. This means decisions to vote or sell the securities are made collectively under shared authority.

Why is a Schedule 13G/A filing required for Ur-Energy (URG)?

Schedule 13G/A is required when investors hold more than 5% of a public company’s shares in a qualifying, typically passive, capacity. Here, the group’s 5.1% stake in Ur‑Energy triggered the beneficial ownership disclosure requirement.