SCHEDULE 13G/A: MMCAP International and MM Asset Management Disclose Significant 5.96% Stake in UR-Energy Inc.

MMCAP International Inc. SPC and MM Asset Management Inc. have jointly reported a 5.96% beneficial ownership stake in UR-Energy Inc., totaling 17,924,539 common shares.

Summary

• MMCAP International Inc. SPC and MM Asset Management Inc. have filed an Amendment No. 4 to Schedule 13G regarding their beneficial ownership in UR-Energy Inc.
• The reporting persons collectively beneficially own 17,924,539 shares of UR-Energy Inc. common stock.
• This ownership represents 5.96% of the outstanding common stock of UR-Energy Inc.
• The percentage is calculated based on 364,819,260 shares of common stock outstanding, as reported by UR-Energy Inc. in its Form 10-Q filed on May 8, 2025.
• In addition to the common shares, the reporting persons also hold warrants to acquire an additional 4,057,500 shares of common stock.
• Both MMCAP International Inc. SPC and MM Asset Management Inc. hold shared voting power and shared dispositive power over all 17,924,539 beneficially owned shares.
• The securities were acquired and are held with the certification that they are not for the purpose of or with the effect of changing or influencing the control of the issuer.

Sentiment

Score: 6

Explanation: Neutral to slightly positive. The filing is a routine disclosure of a significant ownership stake by institutional investors, which can be interpreted as a vote of confidence, but it provides no operational or financial performance data for the company itself.

Positives

• The disclosure of a significant 5.96% stake by institutional investors MMCAP International Inc. SPC and MM Asset Management Inc. may signal confidence in UR-Energy Inc.'s long-term prospects.
• The reporting persons explicitly state that their acquisition is not for the purpose of changing or influencing control, indicating a passive investment stance rather than an activist one.

Future Outlook

NA

Management Comments

• The securities 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.

Industry Context

NA

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake may be viewed positively, potentially signaling increased investor confidence in UR-Energy Inc.

Key Dates

Keywords

UR-Energy Inc., Uranium, Energy, Mining, SEC Filing, Schedule 13G, Beneficial Ownership, Institutional Investor, MMCAP International, MM Asset Management, Common Stock, Warrants