#United States #Littleton #MCTO #Financial Statements #Ur-Energy

Ur-Energy Faces Delay in Year-End Filings

Ur-Energy Inc., a notable player in uranium mining with operations centered in Wyoming, has recently disclosed that the filing of its annual financial statements for 2024 has encountered unexpected delays. This announcement came via a press release on March 31, 2025, indicating that the company will be unable to meet the established deadlines for its financial reports and management discussions, which also include the CEO and CFO documentation necessary for compliance.

The root cause of the filing delay stems from an accounting issue identified by Ur-Energy, specifically related to the classification of stock options granted under its Amended and Restated Stock Option Plan (2005). As a result of a required non-cash reclassification, certain stock options will need to be categorized as liabilities rather than equity. This adjustment is poised to affect the company’s total outstanding options in the latter half of 2024. Although this might alter financial figures, Ur-Energy has clarified that it does not foresee the need to restate its Consolidated Financial Statements for the year ending December 31, 2023.

As the management team works diligently to navigate this accounting situation, Ur-Energy aims to finalize the required paperwork and secure the necessary approvals from its external auditors. The company has expressed confidence in being able to file all required documents by no later than April 14, 2025.

In light of these complications, Ur-Energy has taken proactive steps by applying for a management cease trade order (MCTO) under Canadian National Policy 12-203. This order is meant to restrict trading by the company's CEO and CFO while still allowing for public trading of its common shares on the TSX and NYSE American. However, the granting of this MCTO is not guaranteed, and should it be denied or if Ur-Energy fails to meet certain regulatory guidelines, it may face an Issuer Cease Trade Order imposed by Canadian securities authorities.

Despite these hurdles, Ur-Energy maintains that it is not undergoing any insolvency proceedings, reassuring stakeholders that there are no undisclosed material facts concerning the Company's operations or its financial health.

About Ur-Energy

Ur-Energy is primarily involved in the mining and recovery of uranium, particularly known for its Lost Creek in-situ recovery facility located in south-central Wyoming. Since commencing operations, Ur-Energy has successfully produced and shipped approximately 2.8 million pounds of U3O8. The company is also poised for growth with all essential permits in place to begin construction on its second facility at Shirley Basin, following a positive decision in March 2024. This expansion illustrates Ur-Energy's commitment to advancing uranium recovery efforts within the United States.

As a publicly traded company, Ur-Energy’s shares are listed under the symbol ‘URG’ on the NYSE American and ‘URE’ on the Toronto Stock Exchange, with their corporate operations headquartered in Littleton, Colorado, and a registered office based in Ottawa, Ontario. With an ongoing dedication to transparency, Ur-Energy emphasizes its adherence to regulations while navigating through this accounting transition effectively, laying the groundwork for continued operations and future success.