Ur-Energy Inc.: Delay in Filing Annual Financial Statements
LITTLETON, CO, March 31, 2025 – Ur-Energy Inc. (NYSE American: URG, TSX: URE) (“Ur-Energy” or the “Company”), a leading supplier of uranium, announced a delay in the filing of its annual financial statements for the year ended December 31, 2024, and related documents. The Company’s Annual Report on Form 10-K, management’s discussion and analysis (MD&A), and the CEO and CFO certificates (collectively, the “Required Filings”) will not be filed by the prescribed filing deadlines.
Reason for the Delay
The delay in filing the Required Filings is due to an accounting issue identified by Ur-Energy. The Company has determined that certain stock options awarded under its Amended and Restated Stock Option Plan (2005), as amended, must be classified as a liability on the balance sheet instead of an expense on the income statement.
Impact on Ur-Energy and Its Shareholders
The accounting issue may result in a material adjustment to Ur-Energy’s financial statements for the year ended December 31, 2024. The Company is working diligently to complete the restatement of its financial statements as soon as possible. Ur-Energy’s management is committed to providing shareholders with transparent and timely financial reporting.
Impact on the Global Uranium Market
The delay in Ur-Energy’s filing of its annual financial statements may raise concerns among investors in the uranium market. Ur-Energy is one of the leading uranium producers in the United States, and its financial performance and reporting are closely watched by industry analysts and investors. The delay may lead to increased volatility in uranium prices, as market participants reassess their positions in the sector.
Regulatory Response
The Securities and Exchange Commission (SEC) has been notified of the delay in Ur-Energy’s filing of the Required Filings. The SEC may take enforcement action against the Company if it determines that the delay was not justified. Ur-Energy has provided the SEC with regular updates on its progress in filing the Required Filings.
Conclusion
Ur-Energy’s delay in filing its annual financial statements for the year ended December 31, 2024, is due to an accounting issue that requires the Company to reclassify certain stock options as a liability. The impact on Ur-Energy and its shareholders is uncertain, but the delay may lead to increased volatility in the uranium market. The Company is working to complete the restatement of its financial statements as soon as possible and will provide regular updates to the SEC and its shareholders.
- Ur-Energy identifies accounting issue, delaying filing of annual financial statements and related documents
- Impact on Ur-Energy and shareholders: material adjustment to financial statements, potential increased volatility in uranium market
- Impact on the global uranium market: increased volatility, reassessment of positions in the sector
- Regulatory response: SEC notified of the delay, potential enforcement action
- Ur-Energy working to complete restatement of financial statements as soon as possible
