Uranium Royalty UROY

Uranium Royalty Corp. is a diversified royalty company with significant exposure to soda ash and uranium. The company focuses on acquiring and managing royalty interests, streams, debt and equity investments in uranium companies, as well as holding physical uranium. It generates revenue through non-operational interests that provide a share of production or proceeds from mining projects without assuming operating costs or development risks.

Uranium Royalty Corp. generates revenue primarily from royalty payments received from uranium and trona mining operations, lease bonus revenue from leasing mineral interests to third-party operators, surface revenue from land use easements, annual rental revenue from land leases, and gains or losses from buying and selling physical uranium inventory. The company also earns interest income from financial arrangements related to its royalty portfolio. Its revenue streams are designed to provide exposure to commodity prices while minimizing direct operational involvement.

The company operates through the following segments:

• Uranium Royalties: This segment involves the acquisition and management of royalty interests in uranium projects across multiple jurisdictions, including the United States, Canada, Namibia, and Spain. As of April 30, 2026, the company held royalty interests relating to four production stage and twenty exploration stage uranium properties. Uranium royalty revenue amounted to $0.15 million for the year ended April 30, 2026. The segment benefits from long-life, low-cost assets that provide optionality to uranium price movements without exposure to operating costs.
• Soda Ash Royalties: This segment encompasses the company’s holdings in trona mining and soda ash production, primarily through the Sweetwater Entities in Wyoming and Utah. The company owns approximately 850,000 fee surface acres and 4.5 million acres of mineral rights in the Green River Basin, which contains the world’s largest known trona deposits. It receives royalties on half of the soda ash production from five operating mines and two advanced Greenfield projects in the basin, including Project West and the Dry Creek Trona Project. Revenue is derived from payments under sodium lease agreements with operators such as WE Soda and Şişecam.

Uranium Royalty Corp. occupies a niche position in the natural resource royalty sector as one of the few public companies with dual exposure to uranium and soda ash through long-life royalty interests. The company competes with other royalty and streaming firms such as Franco-Nevada, Royal Gold, and Wheaton Precious Metals in the uranium space, though its focus on physical uranium holdings and land-based soda ash royalties differentiates it from pure-play mining royalty companies. Its competitive advantages include a large land position in Wyoming, access to strategic uranium supplies via agreements with Yellow Cake and Kazatomprom, and a non-operational business model that reduces capital intensity and operational risk.

Uranium Royalty Corp.’s customer base consists primarily of mining operators and lessees that extract uranium and trona from properties underlying its royalty interests. In the uranium sector, these include operators such as Orano Canada Inc., which delivered royalty payments in kind from the McArthur River mine. In the soda ash sector, customers include WE Soda US LLC and Şişecam, which operate mining projects such as Project West and the Dry Creek Trona Project on lands leased from the Sweetwater Entities. The company also engages with financial institutions and commodity traders through its physical uranium holdings and strategic agreements with Yellow Cake plc.