John Cash
About John Cash
John W. Cash is Chairman of the Board and Chief Executive Officer of Ur‑Energy Inc. He was appointed CEO and President in 2022 and Chairman in 2022, after joining the company in 2007 and serving as Vice President, Regulatory Affairs since 2011; he has nearly 30 years of uranium industry experience across exploration, EHS/radiation safety, regulatory and operating roles, and previously served as president of the Uranium Producers of America . He is 52 years old, holds B.Sc. and M.Sc. degrees in Geology and Geophysics from the University of Missouri–Rolla, and has led permitting/licensure for Lost Creek and Shirley Basin and broader EHS/geology functions at URG . Pay-versus-performance disclosures show TSR volatility and continued losses: value of a $100 investment (TSR index) was 94.26 (2024), 126.23 (2023), 94.26 (2022), while net loss was $53.2M (2024), $30.7M (2023), and $17.1M (2022) . On October 10, 2025, Cash notified URG of his retirement as CEO effective December 12, 2025; he will remain Chairman and serve as strategic advisor post‑retirement .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Ur‑Energy Inc. | Chairman of the Board; Chief Executive Officer and President | Chair and CEO since 2022 | Led robust uranium sales contracting underpinning return to production at Lost Creek (2022) and decision to construct Shirley Basin (2024), positioning URG for growth . |
| Ur‑Energy Inc. | Vice President, Regulatory Affairs | Appointed 2011 (end date not disclosed) | Led permitting/licensure of Lost Creek and Shirley Basin; managed EHS and geology departments . |
| Crow Butte Resources (Cameco subsidiary) | Operations Superintendent and EHS Manager | Not disclosed | Managed wellfield production and plant processing at 800k lbs U3O8/year ISR facility; built deep EHS/ops expertise . |
| BHP; Rio Algom Mining | Various roles in mineral exploration | Not disclosed | Broadened exploration and operating foundation prior to URG . |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Uranium Producers of America | President (previously served) | Not disclosed | Industry leadership; policy and market advocacy experience . |
| Public company boards (current) | None | As of Apr 9, 2025 | URG discloses none of its directors currently serve on other public company boards . |
Fixed Compensation
Executive compensation (Summary Compensation Table) – CEO (John W. Cash)
| Metric (USD) | 2023 | 2024 |
|---|---|---|
| Base Salary | $438,989 | $479,560 |
| Bonus (non‑equity STIP cash) | $455,372 | $287,554 |
| Stock Awards (RSUs/other share-based) | $71,214 | $76,067 |
| Option Awards | $160,041 | $158,620 |
| Change in Pension Value/NQDC | Nil | Nil |
| All Other Compensation | $8,229 | $8,764 |
| Total | $1,133,845 | $1,010,565 |
Additional context:
- Compensation Actually Paid (CAP) to PEO: $1,264,503 (2023); $876,272 (2024), reflecting market-value adjustments to equity awards per SEC rules .
- Say‑on‑Pay: 2024 approval ~96% .
- No third‑party compensation consultant used in 2024 .
Performance Compensation
Short‑Term Incentive Plan (STIP) design and outcome (CEO)
| Item | Detail |
|---|---|
| Target opportunity | 80% of base salary |
| Weighting | 60% corporate; 40% personal objectives |
| Corporate performance assessment | 2.4 on URG’s 1–4 scale for 2024 |
| Actual payout (cash) | $287,554 for 2024 CEO bonus (paid following year) |
| Timing | Typically paid in year following performance period |
| Metric selection | Combination of safety, operational and financial criteria; designed to emphasize areas management can influence amid uranium price/market volatility . |
Long‑Term Incentive Plan (LTIP) structure
| Instrument | Target mix | Award determination | Vesting | Notes |
|---|---|---|---|---|
| Stock Options | ~80% of LTIP for executives | Formula tied to base salary and compensation structure | Generally over 2–3 years | Options repricing not permitted . |
| RSUs (and other share units under RSU&EI Plan) | Balance of LTIP | Formula tied to base salary and compensation structure | Generally over 2–3 years | RSUs redeem for cash if involuntarily terminated without cause; single‑trigger redemption at change of control (within 30 days) . |
Pay vs performance (select disclosure)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Value of $100 investment (TSR index) | 94.26 | 126.23 | 94.26 |
| Net Loss (USD thousands) | (17,140) | (30,656) | (53,189) |
| CAP to PEO (USD) | $929,307 | $1,264,503 | $876,272 |
Equity Ownership & Alignment
Beneficial ownership (as of Record Date April 9, 2025)
| Holder | Common Shares | Options exercisable within 60 days | Total beneficial | % of outstanding |
|---|---|---|---|---|
| John W. Cash | 660,968 | 623,589 | 1,284,557 | <1% |
Ownership policies and alignment
- Executive ownership guideline: hold shares/securities equal to one times annual base salary within the policy timeline; all executives meet or are on‑track as of 12/31/2024 .
- Anti‑hedging/anti‑pledging: hedging and pledging of company stock are prohibited; no insiders have pledged shares .
- Insider trading compliance: all Section 16 filings were timely in 2024 .
Outstanding CEO equity awards (as of 12/31/2024)
- Options by grant (exercisable/unexercisable; exercise price; expiration):
- 189,303 / — at C$0.63; exp 11/13/2025
- 77,751 / — at C$1.44; exp 08/27/2026
- 116,666 / 58,334 at C$2.23; exp 03/14/2027
- 59,663 / 119,326 at C$1.55; exp 01/04/2028
- 62,209 / 124,418 at C$2.06; exp 12/07/2028
- — / 243,897 at C$1.77; exp 12/12/2029
- Unvested RSUs outstanding with disclosed market values at specific vesting horizons appear in the NEO “Outstanding Equity Awards” and “Incentive plan awards value vested/earned” tables; CEO 2024 RSU value references include market values at 1/20/2025, 12/07/2025, and 12/12/2026 of $51,002; $53,179; and $69,496 respectively for share-based awards, reflecting scheduled vesting/valuation points .
Change‑of‑control (COC) equity value illustration (12/31/2024)
- Equity acceleration value under COC: options $154,879; RSUs $173,677; total $328,556 (based on TSX closing C$1.64/~US$1.15 on last trading day of 2024) .
Employment Terms
| Provision | Detail |
|---|---|
| Employment agreement | Standard terms with salary, STIP eligibility, benefits, equity plan eligibility; post‑termination obligations apply . |
| Non‑compete / Non‑solicit | One‑year non‑compete (Cash); one‑year non‑solicit for all executive officers . |
| Severance (COC) | Cash severance equal to 2.5× then‑current base salary for Cash upon termination in connection with a change of control (illustrative amount $1,248,065 at 12/31/2024) . |
| Equity treatment at termination | Vested options remain until original expiry; unvested options forfeit upon termination . |
| Equity treatment at COC | All unvested options and RSUs vest/are redeemed upon COC (single‑trigger for equity) . |
| RSU special provisions | RSUs redeem for cash at FMV if involuntarily terminated without cause; retirement redemption available when service+age threshold of 65 and ≥5 years of service are met . |
| Single vs double trigger (cash) | Policy for new executives: no single‑trigger cash severance; severance payable if separated without cause or resigns for good reason within one year post‑COC (double trigger). Cash’s equity accelerates at COC; cash severance tied to termination . |
| Clawback | Dodd‑Frank compliant clawback effective Oct 26, 2023; recover incentive comp for 3 completed fiscal years preceding a restatement . |
| Hedging/pledging | Prohibited; no insiders have pledged company shares . |
Board Governance
- Roles and independence: Cash serves as both Chairman and CEO (non‑independent); URG maintains a Lead Independent Director (Thomas Parker) to mitigate dual‑role concerns and enhance independent oversight; the Lead Director framework has been in place since 2014 and continues given a non‑independent Chair .
- Committee memberships: Independent directors populate Audit, Compensation, Corporate Governance & Nominating, Treasury & Investment, and HSE & Technical committees; Cash is not listed on these committees .
- Board service: Cash has served on the Board since March 2022; as of April 9, 2025, he remains Chair and CEO; on Oct 10, 2025, he announced retirement as CEO effective Dec 12, 2025 and will continue as Chairman and strategic advisor .
Compensation Committee Analysis and Peer Benchmarking
- Pay mix and risk: ~62% of CEO pay and ~54% of other executive pay is at‑risk; 60% of STIP is tied to corporate objectives; 80% of LTIP is in stock options; no option repricing permitted .
- Consultant usage: Independent consultant RG&A advised on program and peers in 2022; none used in 2024 .
- Peer group: 2023/2024 peers include uranium, other miners and energy/specialty metals companies (e.g., Energy Fuels, Denison, UEC, Silvercorp, Orla, Seabridge); URG generally ranks mid‑range versus peers on size metrics .
- Say‑on‑pay: 2024 approval ~96% indicates strong shareholder support .
Risk Indicators & Red Flags (disclosed)
- Anti‑hedging/pledging and clawback policies in force; no insider pledging disclosed .
- URG discloses no penalties/sanctions or bankruptcy-related matters for directors/officers; Section 16 reports timely in 2024 .
- Equity accelerates at change‑of‑control (single‑trigger for equity) which can amplify deal‑related payout sensitivity .
Investment Implications
- Alignment: Executive ownership guideline compliance and prohibition on hedging/pledging indicate alignment and lower financing/forced‑sale risk; Cash held ~1.28M beneficial shares/options (<1% outstanding) at record date and executives meet or are on‑track with ownership guidelines .
- Incentive structure and selling pressure: Material option overhang with expiries through 2029 and RSU redemptions/vesting can create episodic selling pressure upon vesting or exercise; equity fully accelerates at COC which can intensify near‑term monetization in a deal scenario .
- Retention/transition: Cash’s announced CEO retirement (effective Dec 12, 2025) but continuation as Chair and strategic advisor supports continuity; non‑compete and non‑solicit reduce near‑term competitive risk .
- Pay‑for‑performance: High at‑risk mix (options‑heavy LTIP) and strong 2024 say‑on‑pay support (96%) suggest investor acceptance, though pay‑versus‑performance tables highlight TSR volatility and widening losses in 2024 (net loss $53.2M), underscoring execution risk as Lost Creek ramps and Shirley Basin is built out .
Net: Governance mitigants (Lead Independent Director, clawback, anti‑pledge), option‑heavy LTIP, and ownership policies align incentives; watch for equity vesting/events and COC terms as potential trading catalysts while monitoring operational execution and profitability trajectory at Lost Creek/Shirley Basin .