Uranium Royalty (URC) Registration Filing summary

Company overview and business model

• Operates as a pure-play uranium royalty company, investing in uranium interests, royalties, streams, debt and equity, and physical uranium holdings.

• Holds a 1% gross overriding revenue royalty on a 9.063% share of uranium production from the McArthur River Project and a 10–20% sliding scale net profits interest royalty on a 3.75% share of uranium production from the Cigar Lake Project, both in Saskatchewan, Canada.

• Royalty on McArthur River can be settled in physical uranium; Cigar Lake royalty is a medium- to long-term revenue opportunity due to significant development cost deductions.

Financial performance and metrics

• Reported negative operating cash flow for the year ended April 30, 2025, and anticipates continued negative cash flow until royalty projects generate sufficient revenues.

• Major sources of financing have been equity issuances, sales of investments and uranium inventories, and prior loan facilities.

• Does not anticipate generating operating profits for the foreseeable future; future cash flows depend on production at underlying projects.

Use of proceeds and capital allocation

• Net proceeds from securities sales may be used for general corporate purposes, funding operations, working capital, debt repayment, capital projects, and potential acquisitions of uranium interests.

• Management retains broad discretion over allocation of proceeds, which may also be used to fund negative cash flow from operations.