URG · Ur-Energy Inc.

This filing reflects a procedural and structural update to Ur-Energy’s existing at-the-market (ATM) equity program rather than a new capital raise or material change in strategy. The $50,000,000 capacity is not newly committed capital but a shelf authorization under an updated registration statement, enabling opportunistic sales over time without further SEC filings. Amendment No. 3 revises the governing agreement solely to reference the new Form S-3 (File No. 333-294902), which replaces prior registration statements used under the same ATM framework. The Agents’ roles, fee structure (not disclosed here beyond $15,000 cap for Amendment No. 3 legal costs), and operational mechanics remain unchanged from prior amendments. The legal opinion confirms the validity of shares issued under the updated framework but does not address pricing, timing, or volume of future sales — all of which remain at the Company’s discretion. As no actual issuance, proceeds, or use-of-proceeds detail beyond 'general corporate purposes' is disclosed, the event carries medium materiality: it signals continued reliance on ATM financing but introduces no near-term dilution, balance sheet impact, or strategic pivot.