Uranium Royalty (URC) Corporate presentation summary

Strategic positioning and business model

• First mover in applying the royalty and streaming model to uranium, offering nearly 100% exposure to uranium price upside and a diversified portfolio of 27 interests across 24 projects in multiple jurisdictions.

• Maintains a strong balance sheet with $344M in liquid assets and a physical uranium inventory of 2.3M lbs acquired at cyclical lows, supporting strategic flexibility and acquisition opportunities.

• The royalty model provides high sustainable margins, shields from rising mining costs, and offers exploration and expansion upside without direct capital outlay.

• Focused on growth through acquiring existing and new royalties, streams, physical uranium, and M&A, with a flexible approach to funding and partnerships.

• Portfolio is diversified by geography, operator, and stage of development, maximizing leverage to uranium recovery and spot price.

Financial performance and portfolio metrics

• Market value of physical uranium inventory is $199M at $85.30/lb, with cumulative gross revenue of $89M and gross profits of $20.2M as of Jan 31, 2026.

• 1.75M lbs of uranium sales committed in the current quarter at a weighted average price of $85.95/lb.

• Cash holdings stand at $131.6M, with $13.3M in marketable securities.

• Nearly 100% of portfolio pounds are exposed to uranium price upside, with 2.38M lbs additional inventory for further price exposure.

• Assets are primarily in low-risk jurisdictions with long mine lives and strong operators.

Market fundamentals and growth outlook

• Global uranium market faces a structural supply deficit projected to reach 1.75B lbs by 2045, driven by growing nuclear demand and reduced secondary supply.

• Spot uranium prices have rebounded to $85–$93/lb as of April 2026, with fundamentals supporting further appreciation.

• Revenue projections show significant growth from $2.2M in 2026 to $19.6M in 2030, with a free cash flow inflection point forecasted for 2027/2028.

• Revenue is highly sensitive to uranium price, with unhedged strategies on key streams and royalties.

• Upcoming catalysts include ramp-ups at Langer Heinrich and Lance, record production at Cigar Lake, and permitting advances at several U.S. projects.