Uranium Royalty (URC) investor relations material

Strategic positioning and business model

• First mover in applying the royalty and streaming model to uranium, offering nearly 100% upside exposure to uranium price increases through a diversified portfolio of 27 interests on 24 projects globally.

• Maintains a strong balance sheet with $344M in liquid assets, including 2.3M lbs of physical uranium inventory acquired at cyclical lows, supporting strategic flexibility and acquisition opportunities.

• The royalty model provides high sustainable margins, shields from rising mining costs, and offers exploration and expansion upside without direct capital outlay.

• Focused on growth through acquiring existing and new royalties, streams, and M&A, with a flexible approach to funding and partnership.

• Portfolio is diversified by geography, operator, and development stage, maximizing leverage to uranium market recovery.

Financial performance and portfolio metrics

• Market value of physical uranium inventory stands at $199M, with cumulative gross revenue of $89M and gross profits of $20.2M as of January 31, 2026.

• 1.75M lbs of uranium sales committed for the current quarter at a weighted average price of $85.95/lb.

• Cash holdings total $131.6M, with $13.3M in marketable securities.

• Market capitalization is $555M, with 146M shares outstanding and a fully diluted count of 148M.

Growth outlook and market fundamentals

• Revenue is projected to grow significantly from $2.2M in 2026 to $19.6M in 2030, with a free cash flow inflection point forecasted for 2027/2028.

• Nearly 100% unhedged strategy on streamed pounds, providing substantial upside to uranium price increases.

• Portfolio includes royalties on world-class mines such as McArthur River and Cigar Lake, and next-generation projects like Lance and Roughrider.

• Upcoming catalysts include ramp-ups at Langer Heinrich and Lance, record production at Cigar Lake, and permitting advances at Slick Rock, Churchrock, and Dewey Burdock.