Business Description

In this document, please note the following: • references to “$” or “dollars” are to U.S. dollars, which is our reporting currency, unless otherwise stated; and references to “C$” are to Canadian dollars; • references to “eU 3 O 8 ” or “U 3 O 8 equivalent” mean radiometric equivalent U 3 O 8 ; • references as used herein, “Greenfield” mean a proposed trona mining and soda ash development project located on previously undeveloped lands or mineral interests where no commercial trona mining or soda ash production has previously occurred and for which significant exploration, technical evaluation, permitting, infrastructure development, construction and capital investment are required prior to the commencement of commercial production; • references to “GRR” mean gross revenue royalty, a form of royalty interest entitling the holder thereof to a share of the total revenue stream from the sale of production from a property, which may or may not include deductions. GRR may also be referred to as a “gross value royalty”, or GVR, a “gross proceeds royalty”, or GPR, or a “gross overriding royalty”, or “GORR”; • references to “ISR” mean in-situ recovery, a uranium extraction method; • references to “lbs” mean pounds; • references to “LOM” or “life of mine” mean the time in which, through the employment of the available capital, the ore reserves, or such reasonable extension of the ore reserves as conservative geological analysis may justify, will be extracted; • references to “Mlbs” mean million pounds; • references to “NPI” mean net profit interest, a form of royalty based on the profit realized after deducting costs related to production. NPI may also be referred to as “net proceeds royalties”, or NPR; • references to “NSR” mean net smelter returns royalty, a form of royalty based on the value of production or net proceeds received by the operator from a smelter or refinery; • references to “ppm” mean parts per million; • references to “PR” mean production royalty, a form of royalty based on metal produced, often at a predetermined fixed price; • references to “UF 6 ” mean uranium hexafluoride, a compound used in the uranium enrichment process; • references to “U 3 O 8 ” mean triuranium octoxide, commonly referred to as yellowcake, is the most common form of uranium concentrate; and • references to “V 2 O 5 ” mean vanadium pentoxide, often mined as a co-product of uranium. Due to rounding, numbers presented throughout this report may not add up precisely to totals we provide and percentages may not precisely reflect the absolute figures. General URC We are a diversified royalty company with significant exposure to soda ash and uranium. Our portfolio of long-life, low-cost assets and diversified revenue streams provides exposure to uranium prices. Our primary focus is to identify, evaluate and make strategic investments in uranium and critical minerals interests, including royalties, streams, debt and equity investments in uranium companies, as well as through holdings of physical uranium. 5 Development of the Business Uranium Royalty Corp. was incorporated on May 1, 2026, pursuant to the Delaware General Corporation Law . Our principal executive office is located at 141 Union Blvd, Suite #310, Lakewood, CO 80228 with registered offices located at 100 Lakeland Ave., Dover, Kent County, Delaware 19901. The Company was formed to facilitate the combination of the approximately 92% direct and indirect interests (the “ Sweetwater Interests ”) of certain entities affiliated with Orion Resource Partners (USA) LP (collectively, “ Orion ”) and HRG Metals LP, a wholly-owned subsidiary of Ontario Teachers’ Pension Plan Board (“ HRG ” and, together with Orion, the “ Sweetwater Investors ”) in the Sweetwater Entities with Uranium Royalty Corp. (Canada) (the “ Arrangement ”) pursuant to the plan of arrangement of Uranium Royalty Corp. (Canada) under section 192 of the Canada Business Corporations Act (the “ Plan of Arrangement ”) and in accordance with the arrangement agreement dated April 16, 2026, among Uranium Royalty Corp. (Canada) and the Sweetwater Investors (the “ Arrangement Agreement ”). On the Effective Date, among other things, (i) the Company issued 223,252,749 shares of common stock, at a deemed value of US$3.64 per share, to the Sweetwater Investors in exchange for the Sweetwater Interests; (ii) each common share of Uranium Royalty Corp.…