Uranium Royalty Corp.

Uranium Royalty Corp. is a junior uranium royalty and streaming company headquartered in Vancouver, Canada, operating primarily in Canada. Key assets include Cigar Lake, Langer Heinrich, and Mcarthur River. Portfolio composition includes 3 cash-flowing royalties, 15 development royalties, and 1 exploration royalty. The organization operates as a pure-play royalty entity focused on gaining exposure to uranium prices through strategic investments in uranium interests, including royalties, streams, debt, and equity, as well as through direct holdings of physical uranium. This business model is designed to provide investors with direct exposure to commodity price optionality while minimizing the fixed operating, exploration, and development costs associated with direct ownership and operation of mining projects. The company's non-operational structure allows management to focus on identifying and executing growth opportunities, enabling a scalable approach to acquiring and managing a larger number of interests than a typical operating company. A key competitive advantage is its position as the first and only publicly traded company focused solely on uranium royalties, which provides increased visibility among potential counterparties. The enterprise leverages a lean operating structure to facilitate prompt assessment and response to suitable business opportunities, pursuing only those that align with its disciplined fiscal profile and long-term strategic objectives.

The company's long-term strategy is to build and manage a geographically diversified portfolio of uranium interests to gain direct exposure to commodity prices. This is executed through a multi-faceted acquisition approach targeting royalties, streams, off-take agreements, and strategic debt or equity investments in companies engaged in exploration, development, or production. The investment process is guided by a disciplined methodology that recognizes the inherent cyclicality of the uranium market, leveraging management's industry expertise to identify and evaluate opportunities across all project stages. A core component of this strategy involves the acquisition of physical uranium, secured through both long-term purchase commitments and an option agreement with a strategic partner, providing an additional layer of direct price exposure. The enterprise may also acquire direct interests in projects with the long-term goal of converting them into royalty or stream-like interests. To fund this growth, the organization utilizes an at-the-market equity program and has completed several underwritten public offerings, demonstrating a clear capital allocation strategy focused on expanding its asset base.

Executive leadership possesses extensive experience in the uranium and nuclear energy sectors, with a focus on mine finance, project evaluation, and commodity trading. The President and Chief Executive Officer has over 40 years of industry experience, including senior leadership roles at Uranium One, Cameco, and Uranium Participation Corporation, and has served as an advisor to Kazatomprom. The Chairman is the founder and chief executive of a major uranium mining and exploration company. Board composition includes 4 directors, 2 of whom are independent. Governance is structured through 3 committees: Audit, Compensation, and Nominating and Corporate Governance. The Audit Committee charter mandates direct oversight of external auditors, pre-approval of all non-audit services, and procedures for handling accounting complaints. A significant governance consideration is the disclosed conflict of interest for 2 directors who hold executive positions at a company that is also a major shareholder, owning approximately 14.81% of outstanding shares. This relationship is managed in accordance with corporate law and the company's code of conduct.

The organization formalized its commitment to sustainability during the 2023 fiscal year by hiring a Vice President of Environmental, Social, Governance & Sustainability and conducting a comprehensive materiality assessment. This led to the implementation of a formal Sustainability Program, which includes an adopted Sustainability Policy outlining the entity's commitments to environmental stewardship and community engagement. To enhance transparency and communication with stakeholders, the company published its inaugural Sustainability Report in November 2023. This report provides disclosures on policies, priorities, and performance, with information and data aligned with globally recognized frameworks, including the Sustainability Accounting Standards Board. The enterprise has also integrated and strengthened its ESG-related due diligence processes and corporate risk management functions to better evaluate and mitigate sustainability-related risks in its investment activities. These initiatives reflect a structured approach to embedding sustainability principles into the core business model and governance framework.

A key structural element is the significant ownership stake held by Uranium Energy Corp., which possessed approximately 14.81% of outstanding shares and has participated in multiple financings to maintain its position. The company's corporate development has been shaped by several strategic acquisitions, including the purchase of a 4-royalty portfolio from Anfield Energy Inc. in February 2023 and the acquisition of the McArthur River and Cigar Lake royalties in May 2021. In November 2022, the entity acquired Reserve Minerals, LLC to secure the Dawn Lake Royalty. A subsequent acquisition of the Salamanca Royalty occurred in July 2024. A long-term strategic relationship was established through a 2018 agreement with Yellow Cake, which provides an option to purchase physical uranium and a framework for joint pursuit of future royalty and streaming opportunities. The corporate structure includes 2 wholly-owned subsidiaries, Uranium Royalty (USA) Corp. and Reserve Minerals, LLC. In July 2023, the company graduated from the TSX Venture Exchange to the Toronto Stock Exchange, enhancing its capital markets profile.