Uranium Royalty (URC) Corporate presentation summary

Strategic positioning and business model

• First mover in applying the royalty and streaming model to uranium, offering nearly 100% exposure to uranium price upside and minimal operating risk.

• Portfolio includes 27 interests on 24 projects across multiple jurisdictions, with royalties on world-class mines such as McArthur River and Cigar Lake.

• Maintains a strong balance sheet with $344M in liquid assets and a 2.3M lbs physical uranium inventory acquired at cyclical lows.

• Royalty model provides high margins, low overhead, and shields from rising mining costs while retaining exploration and expansion upside.

• Growth strategy focuses on acquiring existing and new royalties, streams, and physical uranium, supported by active M&A dialogues.

Financial performance and outlook

• Market value of physical uranium inventory stands at $199M, with $131.6M in cash and $13.3M in marketable securities as of Jan 31, 2026.

• Cumulative gross revenue reached $89M and gross profits $20.2M, with a weighted average uranium cost of $59.30/lb.

• 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 maximizes upside from uranium price increases.

Market fundamentals and policy environment

• Uranium market faces a structural primary supply deficit, with a projected cumulative gap of 1.75B lbs by 2045 as demand outpaces production.

• Spot uranium prices have rebounded from a 12-year low in 2016 to over $86/lb in March 2026, reflecting tightening supply and robust demand.

• U.S. policy support includes executive orders to expedite permitting, boost domestic production, and restrict Russian uranium imports.

• Global nuclear expansion is underway, with a historic pledge at COP28 to triple nuclear energy capacity by 2050, led by the U.S., China, India, and others.