UROY · Uranium Royalty Corp.

Uranium Royalty Corp. (URC) has entered a transformative arrangement agreement to acquire a 92% interest in Sweetwater Royalties from Orion Resource Partners LP and Ontario Teachers’ Pension Plan, forming a new U.S.-domiciled entity, New URC, listed on NASDAQ Capital Market. This deal values Sweetwater at a US$1.9 billion enterprise value, reflecting US$625 million debt as of April 1, 2026, with URC acquiring attributable equity worth US$1.1 billion. Consideration includes US$330 million cash and US$813 million in New URC shares priced at US$3.64 each, positioning sellers to retain substantial ownership of 43% (Orion) and 16% (Ontario Teachers’) on a pro forma basis before any pre-closing financing. The transaction immediately bolsters URC with Sweetwater's established royalty portfolio on five operating soda ash mines and two greenfield projects in Wyoming's Green River Basin, the world's largest trona deposit. These royalties, tied to operators like WE Soda, Tata Chemicals, Şişecam, and Solvay, have generated average adjusted EBITDA of US$74 million annually over the past two fiscal years, underpinned by ~50 years of stable cash flows and long reserve lives. Pro forma, New URC becomes the second-largest public U.S. landowner (excluding REITs) with 850,000 fee surface acres and 4.5 million mineral rights acres, offering control and optionality in uranium, critical minerals, and renewables. Operator-led expansions could boost attributable soda ash capacity by over 60% without New URC capital outlay, while the land position enhances uranium exploration potential in Wyoming. This scales URC into the largest public U.S. non-precious metals royalty company, providing cash flow to fuel accretive uranium royalty acquisitions amid a primary supply deficit, diversifying beyond pure uranium exposure while amplifying growth optionality.