Ur-Energy Inc. has announced the closing of its previously announced private placement of $120 million aggregate principal amount of 4.75% Convertible Senior Notes due 2031. The offering included the full exercise by initial purchasers of their option to buy an additional $20 million of notes. The notes carry a 4.75% annual cash interest coupon, payable semi-annually, and feature a conversion price of approximately $1.73 per common share-a 27.5% premium to the last reported sale price on December 10, 2025. Proceeds from the offering will be used to support the expansion of Ur-Energy's exploration and development activities, including ramping up production at the Lost Creek mine and finalizing construction at Shirley Basin. The notes were structured to minimize immediate shareholder dilution and provide operational flexibility.