Here are 1-2 brief analogies for Uranium Royalty (URoy):

• Franco-Nevada for uranium
• Wheaton Precious Metals for uranium

• Uranium Royalties: Rights to receive a percentage of the revenue or production from specific uranium mining operations.
• Uranium Streams: Agreements to purchase a portion of future uranium production from a project at a pre-determined price.
• Equity Interests: Strategic investments in publicly traded or private uranium companies.

Uranium Royalty Corp. (UROY) primarily operates in the business-to-business (B2B) sector. The company's business model includes investments in uranium assets, such as royalties, streams, and, most notably, holdings of physical uranium. When UROY sells its physical uranium, its customers are other companies within the nuclear fuel cycle.

Due to the strategic and commercially confidential nature of the uranium market, Uranium Royalty Corp. does not publicly disclose the names of its specific customers for physical uranium sales. Therefore, it is not possible to list specific public companies as UROY's major customers.

However, the typical categories of companies that purchase physical uranium from entities like UROY in the global market include:

1. Nuclear Utility Companies: These are companies that operate nuclear power plants and require uranium to fuel their reactors. They are the ultimate end-users of uranium.
2. Nuclear Fuel Fabricators and Processors: These companies transform raw uranium concentrate into usable nuclear fuel assemblies. They act as intermediaries between miners/holders of uranium and the nuclear utilities.
3. Uranium Trading and Brokerage Firms: These firms act as intermediaries in the uranium market, facilitating transactions between producers, holders, and consumers of uranium.

• Uranium Energy Corp. (UEC)
• Energy Fuels Inc. (UUUU)
• NexGen Energy Ltd. (NXE)
• Denison Mines Corp. (DNN)
• IsoEnergy Ltd. (ISO)

Scott Melbye
Chief Executive Officer, President and Director

Mr. Melbye has over 40 years of experience in the nuclear energy industry, holding leadership positions in various uranium mining companies and industry organizations. He has served as an Executive Vice President of Uranium Energy Corp. (UEC) since September 2014, overseeing uranium marketing and sales, and strategic growth. Mr. Melbye is also an Advisor to the Nuclear Engineering Program at the Colorado School of Mines. He is the President of the Uranium Producers of America and a past Chair of the Board of Governors of the World Nuclear Fuel Market. Previously, Mr. Melbye was the Vice President of Commercial at Uranium Participation Corporation (now Sprott Physical Uranium Trust) from 2014 to 2018, and an advisor to the Chairman of Kazatomprom until March 2018. Prior to that, he was Executive Vice President of Marketing at Uranium One Inc. from 2011 to 2014 and spent 22 years with Cameco Corporation, including serving as President of its global marketing subsidiary, Cameco, Inc. from 1989 to 2010.

Andy Marshall
Chief Financial Officer

Mr. Marshall joined Uranium Royalty Corp. in August 2025. He is a Chartered Accountant and Chartered Financial Analyst with over 20 years of senior financial leadership experience in the natural resources sector. His background includes expertise in accounting, corporate reporting across Canada and the U.S., financial and risk management, transactional financing, M&A, and strategic support for growth-stage mining companies. Mr. Marshall has held CFO roles at multiple publicly listed resource companies, where he supported project advancement, capital markets initiatives, and cross-border operations. He began his career with PwC LLP in London before relocating to Vancouver in 2008.

Amir Adnani
Chairman, Director

Mr. Adnani has served as the Chairman and a director of Uranium Royalty Corp. since August 2019. He is the founder, President, Chief Executive Officer, and a director of Uranium Energy Corp (UEC) since January 2005. Mr. Adnani is also the founder and Co-Chairman of GoldMining Inc., a publicly-listed gold acquisition and development company. An entrepreneur by background, he previously started and expanded two private companies. Mr. Adnani serves on the Board of Management of the World Nuclear Association.

Darcy Hirsekorn
Chief Technical Officer

Mr. Hirsekorn has 20 years of experience with Cameco Global Exploration.

The addressable market for Uranium Royalty Corp. (UROY) is the global uranium market, as the company specializes in acquiring, managing, and monetizing uranium royalties, holding physical uranium, and making strategic investments in uranium-focused companies.

The global uranium market was valued at approximately USD 15.0 billion in 2023. Projections indicate growth to USD 15.57 billion in 2024 and an expected reach of USD 20.98 billion by 2032, demonstrating a compound annual growth rate (CAGR) of 3.8% during the forecast period of 2025-2032. Another estimate states the market size reached US$ 9.30 billion in 2024 and is expected to reach US$ 13.59 billion by 2032, with a CAGR of 4.86% for the 2025-2032 period.

Further analysis suggests the global uranium market size is anticipated to increase by USD 2.18 billion (USD 2175.3 million) at an 8.2% CAGR between 2024 and 2029.

Expected Drivers of Future Revenue Growth for Uranium Royalty (UROY)

Over the next 2-3 years, Uranium Royalty Corp. (UROY) is anticipated to experience revenue growth driven by several key factors:

1. Rising Uranium Prices: The primary driver of future revenue growth for Uranium Royalty is the expected increase in global uranium prices. This outlook is supported by a booming demand for uranium, fueled by the global energy transition towards cleaner sources, including nuclear power, electrification, and the energy needs of artificial intelligence. Higher uranium prices directly enhance the value of UROY's physical uranium holdings and lead to increased revenue from its top-line royalty interests.
2. Increased Production from Existing Royalty Assets: As mines within Uranium Royalty's diversified portfolio ramp up or initiate production, the company expects to see a direct increase in royalty payments. For instance, the McArthur River Mine royalty payments are projected to rise with increased production. Additionally, the Cigar Lake interest, a net profit interest, is expected to begin generating payouts in the next two to three years as operating expenses decrease.
3. Strategic Acquisitions of New Royalties and Streams: Uranium Royalty's business model is focused on expanding its portfolio through strategic investments in new uranium royalties and streams. The company's strong balance sheet, partly bolstered by its physical uranium inventory, provides capital for future royalty acquisitions, which are central to its growth strategy.
4. Sales of Physical Uranium Holdings: While primarily a royalty company, UROY holds a significant inventory of physical uranium, acquired at a cost below $60 per pound. These holdings serve as a strategic asset that can be sold to capitalize on favorable market conditions or to fund new royalty and streaming acquisitions, thereby contributing to revenue growth.

Share Issuance

• In May 2021, Uranium Royalty Corp. completed a bought deal offering, issuing 6,100,000 common shares at C$4.10 per share, resulting in gross proceeds of C$25,010,000. These funds, part of a C$37 million financing package, were earmarked for future acquisitions of royalties, streams, physical uranium, and for working capital.
• The company issued approximately 1,962,702 common shares in February 2023 through an at-the-market equity program, generating gross proceeds of around C$7.0 million.
• Uranium Royalty Corp. announced a renewed At-the-Market Equity Program in August 2025.

Outbound Investments

• In October 2024, Uranium Royalty Corp. acquired an existing royalty on Cameco's Millennium and Cree Extension Uranium Projects in Saskatchewan, Canada, for a cash consideration of $6 million. This royalty grants a 10% net profit interest on a 20.6955% participating interest in the projects.
• The company completed the acquisition of a portfolio of royalties on various U.S. projects from Anfield Energy Inc. in February 2023 for US$1.5 million. This portfolio included a 2% net smelter return royalty on the San Rafael Project, a 2-4% sliding scale gross value royalty on the Whirlwind Project, and a 1% gross value royalty on the Energy Queen Project.
• Uranium Royalty Corp. expanded its physical uranium holdings in February 2023 by making additional purchase commitments for 200,000 pounds of U3O8 at an average cost of US$51.00 per pound, bringing its total physical uranium inventories to 1,748,068 pounds at a weighted average cost of US$43.32 per pound.