Announcement • Apr 17
Uranium Royalty Corp. (TSX:URC) entered into an arrangement agreement to acquire 92% stake in Sweetwater Royalties LLC from Ontario Teachers' Pension Plan Board and an unknown funds managed by Orion Resource Partners LP for $1.8 billion. Uranium Royalty Corp. (TSX:URC) entered into an arrangement agreement to acquire 92% stake in Sweetwater Royalties LLC from Ontario Teachers' Pension Plan Board and an unknown funds managed by Orion Resource Partners LP for $1.8 billion on April 16, 2026. The Transaction implies a 100% enterprise value for Sweetwater of approximately $1.9 billion (based on $625 million of debt outstanding as of April 1, 2026) and an attributable equity value to be acquired by Uranium Royalty Corp of approximately $1.1 billion. Under the Transaction, Sweetwater and Uranium Royalty Corp. will combine under a newly formed U.S. domiciled parent company, "Uranium Royalty Corp." ("New URC"), which will apply to have its shares of common stock ("New URC Shares") listed on the NASDAQ Capital Market. Immediately prior to the Transaction, Orion and Ontario Teachers' will have transferred their Sweetwater interests to New URC. Pursuant to the Arrangement, a number of steps will occur at closing, including URC shareholders exchanging their URC shares for 1 share of New URC. As part of consideration, Uranium Royalty Corp. will pay $330 million in cash and $813 million in New URC Shares subject to adjustments. It is expected that existing Uranium Royalty Corp shareholders, Orion and Ontario Teachers' will hold approximately 41%, 43% and 16% of the outstanding New URC Shares, respectively, on completion of the Arrangement and prior to the effects of Subsequent Financing. Uranium Royalty Corp. expects to fund the cash portion of the acquisition by means of existing cash on hand of $242 million, the Subscription of shares by Uranium Energy Corp of $40 million, and additional existing liquidity.
Following completion of the Transaction, Uranium Royalty Corp. will continue to be led by Scott Melbye as President and Chief Executive Officer and Amir Adnani as Chairman, uranium industry veterans with over 60 years of combined experience. Sweetwater will continue to operate under the leadership of Chief Executive Officer Damon Barber, who has over 30 years of experience in global mining and resource development.
The transaction is subject to approval by the shareholders of Uranium Royalty Corp., requisite court approval, applicable stock exchange, regulatory approvals, and other customary closing conditions. A shareholder meeting is expected to occur on or about July 2026 with closing thereafter subject to regulatory approvals. The Board of Directors of Uranium Royalty Corp. formed a special committee for the transaction and has unanimously approved the Transaction and recommend that shareholders vote in favor of the Transaction.
Paradigm Capital Inc. acted as fairness opinion provider to the Special Committee of Uranium Royalty Corp. Paradigm Capital Inc. acted as financial advisor to the Special Committee of Uranium Royalty Corp. National Bank of Canada Financial Markets acted as financial advisor to Uranium Royalty Corp. Sangra Moller LLP acted as legal advisor to Uranium Royalty Corp. Haynes and Boone, LLP acted as legal advisor to Uranium Royalty Corp. Holland & Hart LLP acted as legal advisor to Uranium Royalty Corp. Goldman Sachs Canada, Inc. acted as financial advisor to Uranium Royalty Corp. Rothschild & Co US Inc. acted as financial advisor to Sweetwater Royalties LLC. Sidley Austin LLP acted as legal advisor to Orion Resource Partners LP. Torys LLP acted as legal advisor to Ontario Teachers' Pension Plan Board and Orion Resource Partners LP. Weil, Gotshal & Manges LLP acted as legal advisor to Ontario Teachers' Pension Plan Board. Reported Earnings • Mar 12
Third quarter 2026 earnings released: EPS: CA$0.014 (vs CA$0.015 loss in 3Q 2025) Third quarter 2026 results: EPS: CA$0.014 (up from CA$0.015 loss in 3Q 2025). Revenue: CA$16.7m (up CA$16.7m from 3Q 2025). Net income: CA$1.96m (up CA$3.87m from 3Q 2025). Profit margin: 12% (up from net loss in 3Q 2025). Revenue is expected to decline by 89% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 4.3%. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Oct 23
Chief Technical Officer recently sold US$111k worth of stock On the 21st of October, Darcy Hirsekorn sold around 28k shares on-market at roughly US$3.89 per share. This transaction amounted to 24% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. New Risk • Sep 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Announcement • Aug 21
Uranium Royalty Corp. has filed a Follow-on Equity Offering in the amount of $54 million. Uranium Royalty Corp. has filed a Follow-on Equity Offering in the amount of $54 million.
Security Name: Common Shares
Security Type: Common Stock
Transaction Features: At the Market Offering Announcement • Aug 01
Uranium Royalty Corp. Announces CFO Changes Uranium Royalty Corp. announced that Andy Marshall has been appointed Chief Financial Officer of URC, succeeding Josephine Man in such position. Mr. Marshall is a Chartered Accountant and Chartered Financial Analyst with over 20 years of senior financial leadership experience in the natural resources sector. He brings a strong background 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. His career includes CFO roles at multiple publicly listed resource companies, where he supported project advancement, capital markets initiatives, and cross-border operations. Mr. Marshall began his career with PwC LLP in London before relocating to Vancouver in 2008. He graduated from Newcastle University, England, with a BA(Hons) in Financial Analysis and Accounting. Announcement • Jul 22
Uranium Royalty Corp., Annual General Meeting, Oct 16, 2025 Uranium Royalty Corp., Annual General Meeting, Oct 16, 2025. Location: vancouver, Canada New Risk • Jul 17
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next year. Trailing 12-month net loss: CA$5.7m Forecast net loss in 1 year: CA$3.9m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. This is currently the only risk that has been identified for the company. Reported Earnings • Jul 17
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: CA$0.045 loss per share (down from CA$0.09 profit in FY 2024). Revenue: CA$15.6m (down 64% from FY 2024). Net loss: CA$5.65m (down 158% from profit in FY 2024). Revenue missed analyst estimates by 18%. Earnings per share (EPS) also missed analyst estimates by 100%. Revenue is expected to decline by 47% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 3.5%. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. New Risk • Jun 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 75% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 75% per year for the foreseeable future. Minor Risk Profit margins are more than 30% lower than last year (4.7% net profit margin). Buy Or Sell Opportunity • Jun 11
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 31% to US$2.26. The fair value is estimated to be US$1.86, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 84% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 19% per annum. Earnings are also forecast to grow by 75% per annum over the same time period. Buy Or Sell Opportunity • May 23
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 9.9% to US$2.33. The fair value is estimated to be US$1.85, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 84% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 19% per annum. Earnings are also forecast to grow by 75% per annum over the same time period. Buy Or Sell Opportunity • Mar 12
Now 22% overvalued Over the last 90 days, the stock has fallen 29% to US$1.71. The fair value is estimated to be US$1.40, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 84% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings are also forecast to grow by 75% per annum over the same time period. Reported Earnings • Mar 07
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: CA$0.015 loss per share (down from CA$0.031 profit in 3Q 2024). Revenue: CA$4.0k (down 100% from 3Q 2024). Net loss: CA$1.91m (down 154% from profit in 3Q 2024). Revenue missed analyst estimates by 100%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Oil and Gas industry in the US. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$1.81, the stock trades at a forward P/E ratio of 49x. Average forward P/E is 11x in the Oil and Gas industry in the US. Total loss to shareholders of 62% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$1.42 per share. Announcement • Oct 30
Uranium Royalty Corp. Appoints Ken Robertson as Director Uranium Royalty Corp. announced that Mr. Ken Robertson has been appointed as a director of the Company. Mr. Robertson was previously a partner and Global Mining & Metals Group Leader with Ernst & Young LLP ("EY"). During his career at EY in Canada and the United Kingdom, Ken developed extensive experience in initial public offerings, financings, governance and securities regulatory compliance. Mr. Robertson is a certified professional accountant and he currently serves on the boards of Silvercorp Metals Inc. and Gold Royalty Corp. He holds a Bachelor of Commerce degree from McMaster University and the ICD.D designation from the Institute of Corporate Directors. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$2.97, the stock trades at a forward P/E ratio of 54x. Average forward P/E is 11x in the Oil and Gas industry in the US. Total loss to shareholders of 47% over the past three years. Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$2.25, the stock trades at a forward P/E ratio of 44x. Average forward P/E is 10x in the Oil and Gas industry in the US. Total loss to shareholders of 58% over the past three years. Announcement • Aug 30
Uranium Royalty Corp. has filed a Follow-on Equity Offering in the amount of $39 million. Uranium Royalty Corp. has filed a Follow-on Equity Offering in the amount of $39 million.
Security Name: Common Shares
Security Type: Common Stock
Transaction Features: At the Market Offering Announcement • Jul 23
Uranium Royalty Corp., Annual General Meeting, Oct 17, 2024 Uranium Royalty Corp., Annual General Meeting, Oct 17, 2024. Location: british columbia, vancouver Canada New Risk • Mar 17
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 50% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (50% accrual ratio). Minor Risks Shareholders have been diluted in the past year (21% increase in shares outstanding). Significant insider selling over the past 3 months (US$77k sold). Announcement • Feb 09
Uranium Royalty Corp. has completed a Follow-on Equity Offering in the amount of $22.86364 million. Uranium Royalty Corp. has completed a Follow-on Equity Offering in the amount of $22.86364 million.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 6,724,600
Price\Range: $3.4
Discount Per Security: $0.187 Announcement • Feb 02
Uranium Royalty Corp. has filed a Follow-on Equity Offering in the amount of CAD 22.86364 million. Uranium Royalty Corp. has filed a Follow-on Equity Offering in the amount of CAD 22.86364 million.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 6,724,600
Price\Range: CAD 3.4 Recent Insider Transactions • Jan 19
Chief Technical Officer recently sold US$77k worth of stock On the 12th of January, Darcy Hirsekorn sold around 24k shares on-market at roughly US$3.18 per share. This transaction amounted to 22% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Board Change • Nov 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Independent Director Neil Gregson was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 13
Uranium Royalty Corp. Announces Board and Committee Changes Uranium Royalty Corp. announced that John Griffith did not stand for re-election as a director. At the meeting of the Board which followed the AGM held on October 12, 2023, the following directors were appointed as members and respective chairs of the board committees for the upcoming year: Audit Committee composed of Neil Gregson (Chair), Vina Patel and Amir Adnani; Compensation Committee composed of Vina Patel (Chair) and Neil Gregson; and Nominating and Corporate Governance Committee composed of Vina Patel (Chair) and Neil Gregson. Amir Adnani was appointed as the Chairman of the Board and Vina Patel was appointed as the lead independent director for the Board. New Risk • Sep 17
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$8.1m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$8.1m free cash flow). Earnings have declined by 14% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (4.0% increase in shares outstanding). Announcement • Jul 18
Uranium Royalty Corp., Annual General Meeting, Oct 12, 2023 Uranium Royalty Corp., Annual General Meeting, Oct 12, 2023. New Risk • Jul 17
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$14m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$14m free cash flow). Earnings have declined by 20% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (6.2% increase in shares outstanding). Announcement • Jul 07
Uranium Royalty Corp.(TSX:URC) dropped from S&P/TSX Venture Composite Index Uranium Royalty Corp.(TSX:URC) dropped from S&P/TSX Venture Composite Index New Risk • Jul 01
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$21m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$21m free cash flow). Earnings have declined by 20% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Shareholders have been diluted in the past year (5.6% increase in shares outstanding). Board Change • Apr 27
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. CEO, President & Director Scott Melbye is the most experienced director on the board, commencing their role in 2017. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • Nov 01
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. CEO, President & Director Scott Melbye is the most experienced director on the board, commencing their role in 2017. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • Oct 02
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. CEO, President & Director Scott Melbye is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors.