Uranium Royalty Corp.

Uranium Royalty Corp

Company snapshot

• Incorporation: May 1, 2026 (Delaware)
• Listing: Nasdaq Capital Market, ticker UROY
• Headquarters: 141 Union Blvd, Suite #310, Lakewood, CO 80228; registered office in Dover, DE
• Business model: diversified royalty company focused on uranium and critical minerals; non‑operating owner of royalty interests, streams, and other non‑operating rights; holds and trades physical uranium and substantial land/mineral rights
• Formation: formed to consolidate the Sweetwater Interests (Orion Resource Partners’ interests and HRG Metals) via an Arrangement with Uranium Royalty Corp. (Canada)

Core activities

• Owns and manages a diversified portfolio of royalties, streams, and related interests:
  • Uranium royalties on multiple projects
  • Other uranium-related interests (NPI, NSR, GORR/GRR structures)
  • Physical uranium holdings and storage arrangements
  • Soda ash (trona) royalties and associated land/surface rights in the Green River Basin (Wyoming)
  • Land and mineral rights across Wyoming, Utah, and related jurisdictions
• Revenue sources:
  • Royalty and stream payments
  • Lease bonuses, surface use/easement payments, annual land rental payments
  • Purchases and sales of physical uranium inventory
• Strategy:
  • Provide exposure to uranium prices through royalty and stream arrangements with limited operating costs
  • Invest in uranium and critical minerals via royalties, streams, debt, equity, and physical holdings
  • Maintain geographic diversification across assets
• URC is not a mine operator; operators manage exploration, development, and production

Key asset categories and holdings

• Uranium royalties and streams
  • 27 uranium royalty interests across 24 uranium projects
  • Projects span production and exploration stages, primarily in Canada and the United States
• Trona/soda ash royalties and land interests (Sweetwater Operations)
  • 11 trona lease agreements on five operating trona operations
  • 2 trona lease agreements on two exploration-stage trona projects
  • One wind energy lease
  • Significant fee surface acres and mineral rights in the Green River Basin
• Physical uranium holdings
  • As of April 30, 2026: 593,255 pounds of U3O8 stored at Cameco’s Port Hope / Blind River facilities (Canada)
  • Subsequent sale: 593,255 pounds U3O8 sold at a weighted average price of $85.91 per pound for $51.0 million in cash
  • Ongoing frameworks: option/relationship with Yellow Cake to acquire U3O8 (option $2.5M–$10M per year, up to $21.25M total) and related Kazatomprom framework
• Land and mineral rights
  • Sweetwater footprint: approximately 850,000 acres of fee surface rights in Wyoming; about 4.5 million acres of mineral rights in fee
  • KSLA (Known Sodium Leasing Area) surface area: about 200,000 acres (within the ~850,000 Wyoming fee acres)
  • Sweetwater Entities’ royalty rights: ~108,934 acres under 12 lease/license agreements
  • Portfolio spans Wyoming, Utah, and Colorado
• Principal projects and operators
  • Uranium: McArthur River (Cameco), Waterbury Lake / Cigar Lake (Cameco/Orano), Langer Heinrich (Namibia), plus other NPI/NSR/GORR interests
  • Trona/soda ash: WE Soda (Westvaco/Granger), Şişecam (Big Island), American Soda, Tata (Alchem)
  • Properties in the U.S., Canada, Namibia, and Spain across exploration and production stages

Financial and operational highlights

• Revenue
  • Uranium royalty revenue: $0.15 million for year ended April 30, 2026; $0.06 million for year ended April 30, 2025
• Production volumes attributable to URC’s royalties (last three fiscal years)
  • Green River Basin (soda ash): 5,760,370 short tons (2024); 6,475,041 short tons (2025); 4,819,284 short tons (2026)
  • McArthur River (uranium oxide): 12,165 lbs (2024); 18,366 lbs (2025); 13,618 lbs (2026)
  • Langer Heinrich (uranium oxide): 0 lbs (2024); 1,795,642 lbs (2025); 3,936,873 lbs (2026)
• Employees
  • 14 employees (as of July 28, 2026)
• Indebtedness and liquidity
  • July 27, 2026: entered a senior secured revolving credit facility up to $50.0 million, with an uncommitted accordion for up to $25.0 million
  • Up to $40.0 million available to partially fund the Sweetwater Acquisition
  • Bridge Repayment Date: January 31, 2027 (full repayment required)
  • Potential to draw up to an additional $25.0 million after the Bridge Repayment Date, subject to conditions
  • Facility maturity: July 31, 2029
  • Covenants: pre-Bridge minimum liquidity $10.0 million and minimum tangible net worth $1.0 billion; post-Bridge minimum Debt Service Coverage Ratio 1.15:1.00 and minimum Interest Coverage Ratio 2.00:1.00
  • As of July 28, 2026: $40.0 million outstanding under the facility; URC was in compliance with covenants
• Notable corporate events
  • Arrangement completed to combine the Sweetwater Interests with URC (effective mid‑2026)
  • URC is the successor issuer to Uranium Royalty Corp. (Canada) for U.S. public reporting
  • Ongoing interactions with Yellow Cake regarding physical U3O8

Geographic and regulatory exposure

• Geographic footprint: United States (Wyoming, Utah, Colorado, Arizona, New Mexico), Canada (Saskatchewan, Nunavut), Namibia, Spain
• Regulatory frameworks: NSCA and CNSC in Canada; NRC and Agreement State frameworks in the United States; federal and state regulation for trona/soda ash operations in the U.S.

Notes on disclosures

• Resources and reserves information reflects operator-provided data or NI 43-101/JORC-style disclosures disclosed by operators; those disclosures are not independently audited by URC.