11. Warrant Liabilities 

In August 2020, we issued 9,000,000 warrants as part of a registered direct offering with two warrants redeemable for one common share of the Company’s stock at a price of $0.75 per full share. The warrants were all exercised prior to expiry in August 2022. 

In February 2021, we issued 16,930,530 warrants as part of an underwritten public offering with two warrants redeemable for one common share of the Company’s stock at a price of $1.35 per full share. The warrants expire in February 2024.

Because the warrants are priced in US. dollars and the functional currency of Ur-Energy Inc. 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 described below as there is no active market for the warrants. Any gain or loss from the adjustment of the liability is reflected in net income for the period.

Activity with respect to the warrant liabilities is presented in the following tables.

                  The fair value of the warrant liabilities on December 31, 2022, was determined using the Black-Scholes model with the following assumptions: