Uranium Royalty (URC) Nordic Funds and Mines Conference 2024 summary

Business model and market positioning

• First and only pure royalty and streaming company in the uranium sector, modeled after successful precious metals royalty firms.

• Provides diversified exposure to uranium through royalties, streams, and physical holdings, with a global portfolio of 22 interests on 19 projects.

• Focuses on being a capital provider for new mine development, filling the gap between supply and growing demand.

• Maintains a lean structure with experienced management and low overhead, enabling scalable growth.

• Largest shareholder is UEC with a 15% stake, but operates independently with broad institutional and retail ownership.

Market trends and industry outlook

• Global uranium market is in a structural deficit of 40-50 million pounds, with demand set to double nuclear generation in 15 years.

• 64 reactors under construction worldwide, with significant interest in small modular reactors for future energy and AI data center needs.

• The green energy transition and electrification are driving unprecedented demand for nuclear power and uranium supply.

• Geopolitical factors favor North American assets, with additional interests in Africa and Europe.

Portfolio strategy and financials

• Acquired initial assets at low valuations during the uranium bear market, building a strong foundation for growth.

• Holds CAD 304 million in liquid assets, mostly in physical uranium, with 2.7 million pounds in inventory at under $60/lb.

• Sells uranium holdings to fund new royalty acquisitions, aiming to transition from physical to in-ground investments.

• No debt, lean share structure, and covered by multiple research firms for valuation guidance.