Uranium Royalty Corp · NASDAQ:UROY
Uranium Royalty — Investor Presentation (October 2025)
37 slides from Uranium Royalty's investor presentation, October 2025
Slide 1: Proven Team, Proven Approach: The First and Only Pure Play Uranium Royalty Company
UROY : NASDAQ URC : TSX Proven Team, Proven Approach: The First and Only Pure Play Uranium Royalty Company Corporate Presentation October 2025
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENT 2 Forward-Looking Statements The information contained herein contains ‘forward-looking statements’ within the meaning of the United States Private Securities Litigation Reform Act of 1995 and ‘forward-looking information’ within the meaning of applicable Canadian securitie
Slide 3: Investment Highlights
INVESTMENT HIGHLIGHTS 3 URC is well positioned to take advantage of current market conditions as a provider of alternative capital to the uranium sector ▪ URC is the first company to apply the successful royalty and streaming business model First Mover Advantage exclusively to the uranium sector C$3
Slide 4: Experienced Management & Board
EXPERIENCED MANAGEMENT & BOARD 4 Management Board of Directors SCOTT MELBYE (President, CEO & Director) AMIR ADNANI (Chairman) • Uranium industry veteran with over 40 years of experience including • Entrepreneur and Founder, President & CEO of Uranium Energy Corp. Executive roles at Cameco, Uranium
Slide 5: Fundamentals Favor Significant Price Appreciation
FUNDAMENTALS FAVOR SIGNIFICANT PRICE APPRECIATION- 5 PRICES STILL WELL BELOW PREVIOUS HIGHS Spot Daily Long Term $138.00 $140 $84.00(2) $120 $82.00(1) $70.00 US $/lb U308 $100 2011: Fukushima event $80 $60 $40 Financial Crisis $20 Nov 2016: $17.75/lb 12 year low $0 Oct 2005 Oct 2009 Oct 2013 Oct 201
Slide 6: Capitalization & Ownership Profile
CAPITALIZATION & OWNERSHIP PROFILE 6 SHARE STRUCTURE (SEPTEMBER 11, 2025) RECENT ACTIVITY US$4.28 Shares Outstanding 133.6 Million UROY: Nasdaq Avg. Daily Vol.(3-mo): 3,030,000 C$5.95 Options 2 Million URC: TSX Avg. Daily Vol. (3-mo): 260,380 Market Cap C$795 Million Fully Diluted 135.6 Million As o
Slide 7: Our Strategy: Building a Diversified Portfolio
OUR STRATEGY: 7 7 BUILDING A DIVERSIFIED PORTFOLIO Geographical Multiple countries Counterparty Range of market capitalization Various Stages of Development Near, Medium, and Long-term Assets Invest Across the Cost Curve Maximizes leverage to uranium recovery Physical Ownership of Uranium Direct Exp
Slide 8: URC's Portfolio
URANIUM ROYALTY CORE URC’s Portfolio
Slide 9: Strong Counterparties/Operators
STRONG COUNTERPARTIES/OPERATORS 9 Counterparties and Operators include many of the sector’s leading growth-oriented uranium companies
Slide 10: Global Diversified Asset Portfolio
GLOBAL DIVERSIFIED ASSET PORTFOLIO 10
Slide 11: Strategic Assets: Physical Uranium Investment
STRATEGIC ASSETS: 11 PHYSICAL URANIUM INVESTMENT Blind River Uranium Storage Facility US$76.8M Cumulative as of September 11, 2025: Cumulative Gross ▪ Total physical uranium concentrate inventory on hand of 2.38 million Revenue pounds U3O8 at a weighted average cost of US$59.73/lb. U3O8 ▪ US$182M in
Slide 12: Royalty Portfolio: Three World Class Mines in Production
ROYALTY PORTFOLIO 12 Royalties on Three World Class Mines in Production McArthur River Cigar Lake/Waterbury Langer Heinrich(4) Royalty 1% GRR on 9% share (1) 20% NPI on 3.75% share (2) A$0.12/kg U3O8 Production Royalty Location Saskatchewan, Canada Saskatchewan, Canada Erongo, Namibia Orebody Type U
Slide 13: Royalty Portfolio: Athabasca Basin Development Royalties
ROYALTY PORTFOLIO 13 Athabasca Basin Development Royalties Roughrider Millennium Royalty 1.98% NSR 10% NPI on 20.69% Share Location Saskatchewan, Canada Saskatchewan, Canada Owner / Operator Uranium Energy Corp. Cameco Corporation Orebody Type Unconformity Unconformity Mine Type Underground Undergro
Slide 14: Royalty Portfolio: Athabasca and Thelon Basin Royalties
ROYALTY PORTFOLIO 14 Athabasca and Thelon Basin Royalties Dawn Lake Russell Lake Cree Extension Aberdeen Royalty 20% NPI on 7.5% share (1) 1.98% NSR 10% NPI on 20.69% share 2% GRR Location Saskatchewan, Canada Saskatchewan, Canada Saskatchewan, Canada Nunavut, Canada Owner/Operator Cameco Corporatio
Slide 15: McArthur River Royalty
ROYALTY PORTFOLIO 15 15 World Class Athabasca Basin Royalties McArthur River (1% GOR on 9% share)(1) ▪ The mine is currently owned by a joint venture between Cameco (69.805%) and Orano (30.195%) ▪ Along with the Key Lake Mill, licensed to produce 25 Mlbs per year ▪ Historical production of 358.1 Mlb
Slide 16: Cigar Lake/Waterbury Royalty
ROYALTY PORTFOLIO 16 16 World Class Athabasca Basin Royalties Cigar Lake/Waterbury (20% NPI on 3.75% share)(1) ▪ The Cigar Lake Joint Venture partners are currently Cameco (54.547%), Orano Canada Inc. (40.453%), and TEPCO Resources Inc. (5%) ▪ Historical production of 155.4 Mlbs as at December 31, 2
Slide 17: Royalty Portfolio: US ISR Royalties
ROYALTY PORTFOLIO 17 US ISR Royalties Reno Creek (1, 2) Lance (1) Dewey-Burdock (1) Churchrock (5) Royalty 0.5% NPI 1% GRR / 4% GRR 30% NPI / 2 – 4% GRR 4% NSR / 6% Mine Price Royalty Location Wyoming Wyoming South Dakota New Mexico Geological District Powder River Basin Powder River Basin Black Hil
Slide 18: Royalty Portfolio: US Conventional Royalties – Arizona/New Mexico
ROYALTY PORTFOLIO 18 US Conventional Royalties – Arizona/New Mexico Anderson(1) Workman Creek (2) Roca Honda(3) Royalty 1% NSR 1% NSR 4% GRR Location Arizona Arizona New Mexico Geological District Date Creek Basin Sierra Ancha/Apache Basin Grants Mineral Belt Owner / Operator Uranium Energy Corp. Ur
Slide 19: Royalty Portfolio: US Conventional Royalties – Utah/Colorado
ROYALTY PORTFOLIO 19 US Conventional Royalties – Utah/Colorado Slick-Rock(2) Whirlwind(1, 3, 5) Energy Queen(1, 3, 6) San Rafael(1, 4, 7) Royalty 1% NSR 2 – 4% GRR 1% GRR 2% NSR Location Colorado Utah/Colorado Utah Utah Geological District Grants Mineral Belt Uravan Mineral Belt La Sal Mineral Belt
Slide 20: Royalty Portfolio: Global Conventional Royalties
ROYALTY PORTFOLIO 20 Global Conventional Royalties Michelin (1,2) Salamanca (3) Large Resource in Top Jurisdiction Advanced Royalty 2% GRR 0.375% NSR Location Labrador, Canada Spain Owner / Operator Paladin Energy Berkeley Energia Limited Orebody Type Metasomatic Vein-Type Metasedimentary Mine Type
Slide 21: Royalty Model & Our Approach
21 Royalty Model & Our Approach
Slide 22: URC Offers Partnership Value-Added Relationships with Portfolio Counterparties
URC OFFERS PARTNERSHIP “VALUE-ADDED” RELATIONSHIPS 22 22 WITH PORTFOLIO COUNTERPARTIES URC is vested in the success of its portfolio counterparties Thorough due diligence and Ability to provide selection process offers third party non-dilutive Project Financing endorsement to projects in the URC por
Slide 23: The Right Model for an Improving Market
THE RIGHT MODEL FOR AN IMPROVING MARKET 23 Operating Physical Funds Royalty Companies vs. Operators Uranium ETF Companies Exposure to Uranium Price ✓ ✓ ✓ ✓ Fixed Operating Costs ✓ ✓ ✓ No Development or Sustaining Capital Costs ✓ ✓ ✓ Exploration & Expansion Upside Without the Associated Costs ✓
Slide 24: Our Strategy: Opportunity for Existing and New Royalties, Streams, and Physical Uranium
OUR STRATEGY: OPPORTUNITY FOR EXISTING AND NEW 24 ROYALTIES, STREAMS, AND PHYSICAL URANIUM Ne w Ro s ya ie ▪ To date URC’s strategy has been primarily ▪ Large number ▪ Focused alt ltie of active discussions Roy focused on acquiring existing royalties s an dialogues with priority targets d Streams Ex
Slide 25: Uranium Market Overview
URANIUM ey ROYALTY CORE Uranium Market Overview
Slide 26: Tripling of Nuclear Energy by 2050
TRIPLING OF NUCLEAR ENERGY BY 2050 - 26 A Historic Pledge Announced at COP28 for Global Expansion Led by the U.S. 438 70 68 421 Operable Reactors Units Under New Reactors Connected Reactors Planned and Proposed Worldwide* Construction* since 2015** Worldwide1 CHINA Government is expected to INDIA ai
Slide 27: Nuclear Energy
27 Nuclear Energy Clean, Safe, Reliable & Economic Perfect Complement to Renewable Wind and Solar Provides Hedge Against High Natural Gas Prices Saves Lives and Improves Quality of Life
Slide 28: Reversal of Early Retirements, Plant Life Extensions, Uprates
REVERSAL OF EARLY RETIREMENTS- PLANT LIFE 28 EXTENSIONS- UPRATES ▪ Nuclear phase-outs or reductions are being abandoned ▪ License renewals- Operational extensions to 80 years ▪ Power uprates- Equivalent to 8 new large-scale reactors in the U.S. alone Source: NEI.org, October 2022
Slide 29: Small Modular Reactor (SMR)
SMALL MODULAR REACTOR (SMR) 29 An Important Emerging Market Small Modular Reactors (SMR’s) New Applications Scalable, factory-built, smaller footprint, Hydrogen production, clean water through flexible operations, manageable investments, de-salinization, transportation, waste solutions, cost competi
Slide 30: Global Approval for Nuclear Power Continues to Grow
30 Global Approval for Nuclear Power Continues to Grow EU Taxonomy Includes Nuclear as an Environmentally Sustainable Investment Source: U.S. Energy Information Administration; Orano Group
Slide 31: Reactor Demand Significantly Exceeds Primary Production
REACTOR DEMAND SIGNIFICANTLY EXCEEDS 31 PRIMARY PRODUCTION Uranium Production Needed to Fill Gap 2025 Demand expected ~ 194 M lbs. 2025 Production expected ~ 166 M lbs. 2025 Production gap is ~ 28 M lbs. below requirements Cumulative gap in 2026 is ~51 M Lbs. and ~284 M Lbs. by 2034 Source: UxC Mark
Slide 32: Uranium Demand: Need for New Production Beyond Existing Mines
URANIUM DEMAND 32 Need for New Production – Beyond Existing Mines 450 ▪ Inventory Overhang Largely Drawn Demand- Call to Triple Global Nuclear Capacity by 2050 400 Down- More Rapidly than Expected 350 ▪ Secondary Supply from Russia to 300 Demand- High Case Western Nations is being Million Pounds U3O
Slide 33: Utility Procurement Cycle: Old Contracts Rolling Off
UTILITY PROCUREMENT CYCLE: 33 33 Old Contracts Rolling Off… New Contracts Need to be Signed 1.22 Billion Pounds of Contracting needed by 2035! Utility Uncommitted Demand Historic Long-Term Contracting Source: UxC Market Outlook Q2 2025
Slide 34: Emerging need for new production creates royalty financing opportunities
34 OFFERS INVESTORS: ▪ First mover pure-play uranium royalty exposure ▪ Diverse royalty portfolio in key jurisdictions ▪ Physical uranium exposure ▪ Experienced team that understands uranium’s unique risks/rewards ▪ Nuclear energy gaining broader acceptance in a carbon-constrained world ▪ Robust ura
Slide 35: Royalty and Streams 101
ROYALTY AND STREAMS 101 35 35 “Royalties” are a payment to a royalty holder by a property owner, or project operator, and is typically based on a percentage of the minerals produced and the revenues or profits generated from the property “Streams” are physical commodity purchase agreements where, in
Slide 36: Types of Royalties
TYPES OF ROYALTIES 36 ▪ A type of royalty interest entitling the holder thereof to a share of the total revenue stream from the sale of Gross Revenue Royalty production from the property, which may or may not include deductions. GRR may also be referred to as a "gross value royalty" (GVR) or "gross
Slide 37: The First and Only Pure Play Uranium Royalty Company
37 UROY: NASDAQ | URC: TSX The First and Only Pure Play Uranium Royalty Company 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 Rel
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