Uranium Royalty Corp · NASDAQ:UROY
Uranium Royalty — Merger or Acquisition (April 2026)
27 slides from Uranium Royalty's merger presentation, Apr 16, 2026
Slide 1: Uranium Royalty's Combination with Sweetwater Royalties
Uranium Royalty’s Combination with Sweetwater Royalties Adding Significant Free Cash Flow and Strategic Land Holdings to Accelerate Uranium Royalty Growth Investor Presentation UROY: NASDAQ April 16, 2026 URC: TSX
Slide 2: Forward-Looking Statement
2 FORWARD-LOOKING STATEMENT Forward-Looking Statements This document may contain “forward-looking information” within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively
Slide 3: Today's Presenters
TODAY’S PRESENTERS Uranium Royalty Corp. ▪ Uranium industry veteran with over 40 years of Scott Melbye experience including Executive roles at Cameco, President, Chief Executive Officer, Uranium One & Uranium Participation Corp. Director ▪ Former Strategic Advisor to Kazatomprom ▪ Executive VP of Ur
Slide 4: Highly Compelling Strategic Combination
HIGHLY COMPELLING STRATEGIC COMBINATION 4 Transaction creates the largest U.S. non-precious royalty & streaming platform with immediate cash flow, century-long duration, and embedded exposure to uranium, energy and industrial supply chains The URC Value Proposition The Sweetwater Advantage Immediate
Slide 5: A Transformational Combination for URC
5 A TRANSFORMATIONAL COMBINATION FOR URC Adding significant free cash flow and strategic land holdings to accelerate uranium royalty growth 1 Increases URC’s adjusted EBITDA(1) to ~US$74M and immediately positions URC as a cash flowing company ▪ Adds a well-established, unique, cash flowing royalty
Slide 6: Transaction Overview
6 TRANSACTION OVERVIEW ▪ Uranium Royalty Corporation (“URC”) to combine with entities owning a 92% interest in Sweetwater Royalties LLC (“Sweetwater”) from funds managed by Orion Resource Partners LP (“Orion”) and the Ontario Teachers’ Pension Plan (“Ontario Teachers’”, together with Orion, the "Sel
Slide 7: Highly Attractive Operating and Financial Profile
7 HIGHLY ATTRACTIVE OPERATING AND FINANCIAL PROFILE Combination transforms URC’s financial profile with significant embedded production growth, requiring no meaningful investment EBITDA(1) and Dividends (US$M) Potential Production Capacity Growth (Mtpa) Existing Operations + Upside Advanced Greenfie
Slide 8: What Makes Sweetwater Unique (1/3)
8 WHAT MAKES SWEETWATER UNIQUE (1/3) Exceptional cash flow from long-life revenue royalties on low-cost assets located in a tier 1 jurisdiction 1▪ Average adjusted EBITDA of ~US$74M from top-quality mines 3 Sweetwater assets are in the lowest quartile on the cost curve ▪ Portfolio offers exposure to
Slide 9: What Makes Sweetwater Unique (2/3)
9 WHAT MAKES SWEETWATER UNIQUE (2/3) Second largest public landowner in the U.S.(2) and largest landowner in uranium-rich Wyoming Sweetwater’s expansive land package provides strong optionality and defined value, an element of control uncommon in the royalty space ~850,000 acres ~4,500,000 acres of
Slide 10: What Makes Sweetwater Unique (3/3)
10 WHAT MAKES SWEETWATER UNIQUE (3/3) Near-term expansions with advanced de-risked greenfield projects and trona land optionality Sweetwater holds an effective royalty on the natural soda ash industry, capturing every expansion upside with no capital required 1 Near-Term Brownfield Expansions(1) 2 L
Slide 11: Soda Ash
11 SODA ASH Life’s Invisible Ingredient Soda Ash is a non-substitutable input to staples like glass and detergents, underpinned by durable demand with accelerating tailwinds from energy transition Soda Ash Overview Demand Breakdown Historical and Projected Global Demand Growth (Mt) ▪ Soda ash's uniq
Slide 12: Known Sodium Leasing Area (KSLA)
12 KNOWN SODIUM LEASING AREA (“KSLA”) Exceptional royalty base with long-life high-quality operations, leading operators and significant growth Highlights KSLA Lease Area Map ▪ Sweetwater holds 8% revenue royalties (net of certain deductions(1)) ▪ Five mines and four operators produce ~12 million to
Slide 13: Wyoming Uranium Potential
13 WYOMING URANIUM POTENTIAL Wyoming is a top uranium jurisdiction with the Sweetwater land package offering significant uranium optionality Multiple Uranium Targets on Sweetwater Land Wyoming Leads in Uranium Production Ongoing surveying initiatives by the WSGS have yielded multiple prospective are
Slide 14: URC's Uranium Royalty Portfolio
14 URC’S URANIUM ROYALTY PORTFOLIO Market-leading uranium royalty portfolio with opportunity to use acquired cash flow as a capital engine to accelerate the expansion Diverse Uranium Royalty Portfolio on World Class Assets Large North American & Growing Global Portfolio Producing Assets Royalty Deta
Slide 15: Uranium Demand Exceeds Primary Production
15 URANIUM DEMAND EXCEEDS PRIMARY PRODUCTION Growing demand coupled with an extended period of underinvestment has led to a structural supply deficit that is projected to persist and meaningfully widen through 2045 A widening supply gap expected to unlock significant external growth opportunities →
Slide 16: Pro Forma Capitalization & Leverage Profile
16 PRO FORMA CAPITALIZATION & LEVERAGE PROFILE Enhanced pro forma capitalization with low-cost, long-dated amortizing notes Pro Forma Capitalization (Prior to Subsequent Financing) Debt Overview Unit Value Lenders ▪ Group of life insurance companies Share Price $/Sh US$3.64 / C$5.00 ▪ US$625M outsta
Slide 17: Highly Attractive Market Positioning (1/3)
17 HIGHLY ATTRACTIVE MARKET POSITIONING (1/3) Combination strategically positions URC amongst typical land and royalty peers Land Peers Traditional Royalty Peers (1) Company PF (1) Enterprise Value (US$B) $28.6 $6.1 $2.1 Avg. $1.4 Avg. $31.5 Surface Acreage ~882,000 ~320,000 ~850,000 N/A N/A Mineral
Slide 18: Highly Attractive Market Positioning (2/3)
18 HIGHLY ATTRACTIVE MARKET POSITIONING (2/3) Combination meaningfully increases URC’s size and scale with unique asset base and material opportunity for re-rating Land Peers Diversified Royalty Peers Precious Metal Royalty Peers . .5 . . . . A transformational combination into the largest U.S. non-
Slide 19: Highly Attractive Market Positioning (3/3)
19 HIGHLY ATTRACTIVE MARKET POSITIONING (3/3) Combination expected to unlock meaningful upside through value recognition of strategic land portfolio Enterprise Value (US$B) & Total Acres EV / Total Acres (US$ / Acre) Enterprise Value (US$B) Land Package (Acres) 5,350,000 In 2025, Sweetwater sold , 2
Slide 20: A Transformational Combination
A TRANSFORMATIONAL COMBINATION + Highly Attractive Financial Profile Extensive U.S. Land Holdings Significant Organic Growth Unparalleled Long-Term Optionality Ability to Accelerate Uranium Royalty Growth Meaningful Opportunity for Valuation Re-Rate
Slide 21: Appendix
URANIUM Sweetwater | ey) ROYALTY CORP Royalties APPENDIX
Slide 22: What Is Soda Ash?
22 WHAT IS SODA ASH? Soda ash is life’s invisible ingredient: it is a critical input with no substitute and the world’s 0th most consumed industrial ingredient What Are the End Market Applications? How Is It Made? Product Subverticals % of 2024A Demand Sweetwater Solar glass Method Solution- ~30% Gl
Slide 23: Growing Soda Ash Demand
23 GROWING SODA ASH DEMAND Soda ash is central to the energy transition, with sustainable applications driving ~85% of demand growth Global Soda Ash Demand by Region (2024, %) Projected Global Demand Growth (Mt) 5% 4% China 7% 92.5 Asia (Excl. China) 8% Europe ▪ Global soda ash demand 79.5 79.6 52%
Slide 24: Sweetwater's Soda Ash Operators
24 SWEETWATER’S SODA ASH OPERATORS Wyoming “Natural” Soda Ash Capacity (%) Global “Natural” Soda Ash Capacity (%)(1) WE Soda - Granger Mine Sisecam 12% 9% U.S. Production Total: 65% Solvay 26% China, Turkiye Sisecam 18% Tata 13% & Other 35% Solvay 17% Tata 21% WE Soda - Westvaco 26% WE Soda(2) 23% ▪
Slide 25: Sweetwater Attributable Production
25 SWEETWATER ATTRIBUTABLE PRODUCTION Sweetwater Historical Attributable Production (%) Overall 2011-2025 Operator Average 80% 70% 60% 50% 48% 43% 40% Checkerboard lands drive a ~50% long-term production share for Sweetwater with periodic swings both above and below the 30% long-term average 20% 10%
Slide 26: Experienced Management & Board
26 EXPERIENCED MANAGEMENT & BOARD Management Board of Directors SCOTT MELBYE (President, CEO & Director) AMIR ADNANI (Chairman) ▪ Uranium industry veteran with over 40 years of experience including Executive roles at Cameco, ▪ Entrepreneur and Founder, President & CEO of Uranium Energy Corp. Uranium
Slide 27: UROY: NASDAQ | URC:TSX
27 UROY: NASDAQ | URC:TSX Uranium Royalty Corp. Corporate Office: President & CEO: Toll Free: 1.855.396.8222 1188 West Georgia Street, Scott Melbye Phone: 604.396.8222 Suite 1830, Vancouver, Email: Info@UraniumRoyalty.com BC, V6E 4A2 Investor Relations: Canada Phone: 604.396.8222 www.UraniumRoyalty.