Uranium Royalty (URC) Q4 2025 earnings summary

Executive summary

• Focuses on uranium royalty and streaming interests, with a diversified portfolio of 21 uranium projects and significant physical uranium holdings as of April 30, 2025.

• Key producing assets are royalties on McArthur River, Cigar Lake, and Langer Heinrich mines, with other interests at various stages from exploration to advanced development.

• Business model emphasizes exposure to uranium prices without direct mining risks or costs, leveraging management expertise for acquisitions and portfolio growth.

• Recent acquisitions include royalties on Aberdeen, Salamanca, Churchrock, and Millennium projects, and increased physical uranium sales and purchases.

Financial highlights

• Completed two public offerings in October 2023 and February 2024, raising gross proceeds of $40.9 million and $30.8 million, respectively.

• Distributed 870,910 shares under the ATM program in fiscal 2024 for $3.5 million and 4,029,021 shares in fiscal 2023 for $14.6 million.

• As of April 30, 2025, held 2.73 million pounds of U3O8 at a weighted average cost of US$59.73/lb; sold 150,000 pounds for $15.5 million in fiscal 2025, generating $3.5 million gross profit.

• Subsequent to year-end, sold 350,000 pounds U3O8 for $33.2 million and invested $34.3 million in Sprott Physical Uranium Trust.

Outlook and guidance

• Strategy is to continue expanding royalty and physical uranium holdings, targeting geographically diverse, low-cost uranium projects.

• Expects medium- to long-term revenue growth as more royalty assets advance to production and as uranium market conditions improve.

• Ongoing focus on disciplined capital allocation and leveraging strategic partnerships, such as the Yellow Cake agreement, for future uranium acquisitions.