Ur-能源 2025年度报告

(Mark One) ANNUAL REPORT PURSUANT TO SECTION13 OR 15(D)OF THE SECURITIES EXCHANGE ACT OF 1934FOR THE FISCALYEAR ENDED December31, 2025 Commission File Number: 001-33905 Not Applicable(I.R.S. Employer Identification No.) 1478 Willer DriveCasper, Wyoming 82604(Address of principal executive offices, including zip code)Registrant’s telephone number, including area code:720-981-4588Securities registered pursuant to Section12(b)of the Act: Name of each exchange on which registeredNYSE American; TSX Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act Yes☐No☑ Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or 15(d)of the Exchange Act. Yes☐No☑ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the Securities Exchange Act of1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject tosuch filing requirements for the past 90days. Yes☑No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405of Regulation S-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required to submitsuch files).Yes☑No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company,or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerginggrowth company” in Rule12b-2 of the Exchange Act. Large accelerated filer☐Accelerated filer☐Non-accelerated filer☑Smaller reporting company☑Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying withany new or revised financial accounting standards provided pursuant to Section13(a)of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internalcontrol over financial reporting under Section404(b)of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report.☐ If securities are registered pursuant to Section12(b)of the Act, indicate by check mark whether the financial statements of the registrant included inthe filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes☐No☑ As of June 30, 2025, the aggregate market value of the registrant’s common shares held by non-affiliates was approximately $300.2 million, basedupon the closing sale price of the common shares as reported by the NYSE American on that date. As of March 4, 2026, there were 397,328,219shares of the registrant’s common shares outstanding.DOCUMENTS INCORPORATED BY REFERENCE Certain information required for Items 10, 11, 12, 13 and 14 of Part III of this annual report on Form 10-K is incorporated by reference to theregistrant’s definitive proxy statement for the 2026 Annual Meeting of Shareholders. UR-ENERGYINC.ANNUAL REPORT ON FORM10-KTABLE OF CONTENTS PagePARTIItems 1 and2.Business and Properties10Item1A.Risk Factors34Item1B.Unresolved Staff Comments45Item1C.Cybersecurity45Item3.Legal Proceedings46Item4.Mine Safety Disclosure46PARTIIItem5.Market for Registrant’s Common Equity, Related Stockholder Matters and IssuerPurchases of Equity Securities47Item6.Reserved47Item7.Management’s Discussion and Analysis of Financial Condition and Results ofOperations48Item7A.Quantitative and Qualitative Disclosures about Market Risk70Item8.Financial Statements and Supplementary Data73Item9.Changes in and Disagreements with Accountants on Accounting and FinancialDisclosure73Item9A.Controls and Procedures73Item9B.Other Information74Item9CDisclosure Regarding Foreign Jurisdictions that Prevent Inspections74PARTIIIItem10.Directors, Executive Officers and Corporate Governance74Item11.Executive Compensation74Item12.Security Ownership of Certain Beneficial Owners and Management and RelatedStockholder Matters74Item13.Certain Relationships and Related Transactions, and Director Independence74Item14.Principal Accounting Fees and Services74PARTIVItem15.Exhibits and Financial Statement Schedules75Item16.Form10-K Summary77Signatures78 When we use the terms “Ur-Energy,” “we,” “us,” “our,” or the “Comp