<SEC-DOCUMENT>0000912282-25-001433.txt : 20251217
<SEC-HEADER>0000912282-25-001433.hdr.sgml : 20251217
<ACCEPTANCE-DATETIME>20251217185544
ACCESSION NUMBER:		0000912282-25-001433
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251217
DATE AS OF CHANGE:		20251217

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UR-ENERGY INC
		CENTRAL INDEX KEY:			0001375205
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		STATE OF INCORPORATION:			Z4
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-84111
		FILM NUMBER:		251580794

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 200
		STREET 2:		10758 W. CENTENNIAL ROAD
		CITY:			LITTLETON
		STATE:			CO
		ZIP:			80127
		BUSINESS PHONE:		720-981-4588

	MAIL ADDRESS:	
		STREET 1:		SUITE 200
		STREET 2:		10758 W. CENTENNIAL ROAD
		CITY:			LITTLETON
		STATE:			CO
		ZIP:			80127

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MMCAP International Inc. SPC
		CENTRAL INDEX KEY:			0001304857
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		C/O MOURANT GOVERNANCE SVCS (CAYMAN) LTD
		STREET 2:		94 SOLARIS AVE., CAMANA BAY, PO BOX 1348
		CITY:			GRAND CAYMAN
		PROVINCE COUNTRY:   	E9
		ZIP:			KY1-1108
		BUSINESS PHONE:		416-408-0997

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		C/O MOURANT GOVERNANCE SVCS (CAYMAN) LTD
		STREET 2:		94 SOLARIS AVE., CAMANA BAY, PO BOX 1348
		CITY:			GRAND CAYMAN
		PROVINCE COUNTRY:   	E9
		ZIP:			KY1-1108
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G
<SEQUENCE>1
<FILENAME>primary_doc.xml
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      <securitiesClassTitle>Common Stock</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>12/15/2025</eventDateRequiresFilingThisStatement>
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        <issuerCik>0001375205</issuerCik>
        <issuerName>UR-ENERGY INC</issuerName>
        <issuerCusip>91688R108</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <common:street1>10758 West Centennial Road, Suite 200</common:street1>
          <common:city>Littleton</common:city>
          <common:stateOrCountry>CO</common:stateOrCountry>
          <common:zipCode>80127</common:zipCode>
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        <designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
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      <reportingPersonName>MMCAP International Inc. SPC</reportingPersonName>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
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        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>21511960</sharedDispositivePower>
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      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>21511960</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>5.4</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
      <comments>The number of Shares beneficially owned by the Reporting Person 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.</comments>
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      <reportingPersonName>MM Asset Management Inc.</reportingPersonName>
      <citizenshipOrOrganization>A6</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>21511960</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>21511960</sharedDispositivePower>
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      <classPercent>5.4</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
      <comments>The number of Shares beneficially owned by the Reporting Person 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.</comments>
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        <issuerPrincipalExecutiveOfficeAddress>10758 West Centennial Road, Suite 200, Littleton, CO 80127</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>i) MMCAP International Inc. SPC
ii)  MM Asset Management Inc.</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>i) c/o Mourant Governance Services (Cayman) Limited, 94 Solaris Avenue, Camana Bay, P. O. Box 1348, Grand Cayman KY1-1108, Cayman Islands
ii)  161 Bay Street, TD Canada Trust Tower, Suite 2240, Toronto, Ontario M5J 2S1 Canada</principalBusinessOfficeOrResidenceAddress>
        <citizenship>i) Cayman Islands
ii)  Ontario, Canada</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>21,511,960</amountBeneficiallyOwned>
        <classPercent>5.4%</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>0</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>21,511,960</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>0</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>21,911,560</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above 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.</certifications>
      </item10>
    </items>
    <exhibitInfo>Exhibit 99.1 Joint Filing Agreement</exhibitInfo>
    <signatureInformation>
      <reportingPersonName>MMCAP International Inc. SPC</reportingPersonName>
      <signatureDetails>
        <signature>Ulla Vestergaard</signature>
        <title>Director</title>
        <date>12/15/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>MM Asset Management Inc.</reportingPersonName>
      <signatureDetails>
        <signature>Hillel Meltz</signature>
        <title>President</title>
        <date>12/15/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>

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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>urenergyex.htm
<DESCRIPTION>JOINT FILING AGREEMENT
<TEXT>
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   <font style="color: #000000;">The undersigned acknowledge and agree that the foregoing statement on Schedule 13G is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13G shall be filed on behalf of each of the undersigned without the necessity of filing additional joint filing agreements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate.</font>
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