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Warrant Liability | 3 Months Ended
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Mar. 31, 2025
Warrant Liability |
Warrant Liability |
13. | Warrant Liability
In February 2023, the Company issued 39,100,000 warrants to purchase 19,550,000 common shares at $1.50 per whole common share for a term of three years. Because the warrants are priced in U.S. dollars and the functional currency of Ur-Energy Inc., the parent company entity, is Canadian dollars, a derivative financial liability was created. Using Level 2 inputs of the fair value hierarchy under US GAAP, the liability created is measured and recorded at fair value, and adjusted monthly, using the Black- Scholes model as there is no active market for the warrants. Any gain or loss from the mark-to-market adjustment of the liability is reflected in net income for the period. Activity with respect to the warrant liabilities is presented in the following table: ​
​ | ​ | ​
​ | ​ | Feb-2023
Warrant Liability Activity | ​ | Warrants
​ | ​ | ​
December 31, 2024 | ​ | 2,529
​ | ​ | ​
Warrant liability revaluation gain (loss) | ​ | (2,211)
Effects of foreign exchange rate changes | ​ | 6
​ | ​ | ​
March 31, 2025 | ​ | 324
​ The duration of the outstanding warrants as of March 31, 2025 is presented in the following table:
​ | ​ | ​
​ | ​ | Feb-2023
Warrant Liability Duration | ​ | Warrants
​ | ​ | ​
Current portion of warrant liability | ​ | -
Long-term warrant liability | ​ | 324
​ | ​ | 324
​ The fair value of the warrant liabilities on March 31, 2025, was determined using the Black-Scholes model with the following assumptions:
​ | ​ | ​
​ | ​ | Feb-2023
Warrant Liability Assumptions | ​ | Warrants
​ | ​ | ​
Expected forfeiture rate | ​ | —%
Expected life (years) | ​ | 0.9
Expected volatility rate | ​ | 56.7%
Risk free rate | ​ | 2.4%
Expected dividend rate | ​ | —%
Exercise price | ​ | $ 1.50
Market price | ​ | $ 0.67
​

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