SCHEDULE: MMCAP, MM Asset Management Report 5.4% Stake in Ur-Energy

Sentiment:

Beneficial Ownership Report 17 December 2025 6:55 PM

MMCAP International Inc. SPC and MM Asset Management Inc. have jointly reported a 5.4% beneficial ownership stake in Ur-Energy Inc., totaling 21,511,960 common shares.

Summary

MMCAP International Inc. SPC and MM Asset Management Inc. have filed a Schedule 13G, indicating a passive beneficial ownership in Ur-Energy Inc.
The reporting persons collectively beneficially own 21,511,960 shares of Ur-Energy Inc. common stock.
This aggregate amount represents 5.4% of Ur-Energy Inc.'s outstanding common stock.
The beneficial ownership consists of 1,847,524 shares of common stock, warrants exercisable for 4,057,500 shares of common stock, and a debt instrument convertible into 21,511,960 shares of common stock.
Both reporting persons hold shared voting power and shared dispositive power over the 21,511,960 shares.
The filing certifies that the securities were not acquired and are not held for the purpose of changing or influencing the control of the issuer.

Sentiment

Score: 7

Explanation: The filing indicates a substantial passive investment by two institutional entities, which can be viewed positively as a vote of confidence in the issuer.

Positives

Institutional investors (MMCAP International Inc. SPC and MM Asset Management Inc.) have taken a significant 5.4% stake in Ur-Energy Inc., potentially signaling confidence in the company's future.

Future Outlook

Industry Context

Stakeholder Impact

Shareholders: Increased institutional ownership may enhance market confidence and liquidity.

Key Dates

Date	Description
12/15/2025	Date of event requiring the filing of this statement and the filing date of the Schedule 13G.

Recommendation

hold

The disclosure of a significant 5.4% passive stake by institutional investors, MMCAP International Inc. SPC and MM Asset Management Inc., suggests a level of confidence in Ur-Energy Inc. While this filing does not provide operational or financial performance details, the presence of a substantial institutional holder can be a positive indicator for market stability and investor sentiment, warranting a 'hold' recommendation for existing investors and further due diligence for potential new investors.

Keywords

Ur-Energy, URE, MMCAP International, MM Asset Management, Schedule 13G, beneficial ownership, common stock, convertible debt, warrants, institutional investment, uranium

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