Uranium Royalty Corp.

We are a royalty company. Our portfolio currently consists of 27 uranium royalty interests on 24 uranium projects across varying stages, 11 trona lease agreements on five operating trona operations, two trona lease agreements on two Exploration stage trona projects, and one lease agreement controlled by Uinta Development Company. We also have non-mining related projects, including one lease for renewable energy that has a currently operating wind farm, and three areas of interest under a second renewable energy agreement. In addition to royalty interests, we hold, buy and sell physical uranium and own significant land and mineral rights across Wyoming and Utah. See “1. Business – Physical Uranium Holdings” and “ – Landholdings”.

As a royalty company, we have limited access to and information regarding the properties in which we hold interests, and because of these limitations, qualified persons acting on behalf of the Company are not able to arrive at sufficient findings and conclusions, or prepare adequate supporting documentation, for us to disclose mineral resources or mineral reserves under the standards for disclosure established by S-K 1300 for any of the properties in which we hold interests. In addition, based on guidance from the staff of the SEC, we are not able to rely on disclosure of mineral resources and mineral reserves by the operators of the properties as a basis for our disclosure of mineral resources and mineral reserves under S-K 1300 because such disclosure does not constitute “required information” within the meaning of Item 1303(a)(3)(iii) or Item 1304(a)(2)(iii) of Regulation S-K, and the staff of the SEC further interprets S-K 1300 to preclude in SEC filings the supplemental disclosure of mineral resources and mineral reserves that do not satisfy the standards for disclosure established by S-K 1300. As a result, we are unable to disclose mineral resources and mineral reserves for the properties in which we hold royalty interests in our filings with the SEC.

For the purposes of S-K 1300, we currently consider our royalty interests in the collection of trona mineral lease holdings within the KSLA relating to the lease holdings of the Sweetwater Entities under the sodium lease agreements, license agreements and other royalty-bearing lease or similar agreements (the “Trona Leases”) with each of: (1) WE Soda Ltd. (“WE Soda”), operating Westvaco and Granger operations of the trona mine and solution-mining and production facilities; (2) Şişecam Wyoming LLC (“Şişecam”) operating the Big Island trona mine and soda ash refinery; (3) American Soda LLC (“American Soda”) operating the American Soda trona mine and soda ash refinery; and (4) Tata Chemicals (Soda Ash) Partners, LLC (“Tata”) operating the Alchem trona mine and soda ash refinery, (collectively, the “Sweetwater Operations”) as our only material property.

S-K 1300 requires a registrant that has mining operations to, among other things: (i) obtain a dated and signed “technical report summary” from a qualified person with respect to each material mining property; and (ii) file such technical report summary as an exhibit to the relevant registration statement or other prescribed filing with the SEC. Because our assets are comprised of royalty and similar interests, for the purposes of this Annual Report, we have relied on Item 1302(b)(3)(ii) of S-K 1300 and have not obtained or filed a technical report summary as: (i) obtaining such report would result in an unreasonable burden or expense; and (ii) we requested such technical report summary from the operators of the projects underlying our material royalty interests and were denied the request.

Under S-K 1300, disclosure of mineral resources and mineral reserves must be based on and accurately reflect information and supporting documentation prepared by a “qualified person,” as such term is defined in S-K 1300. A registrant is responsible for determining that a person meets the qualifications specified under the definition of qualified person and that the disclosure in the registrant’s filing accurately reflects the information provided by the qualified person.

Sources of Information

Our disclosures in this Item 2 are based on information provided to us by the operators of the properties or disclosed by the operators in their public filings with the SEC or Canadian securities regulators, including technical reports filed

with Canadian securities regulators pursuant to National Instrument 43-101 (“NI 43-101”), and the 2014 Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards and 2019 Best Practice Guideline (“CIM Standards”). In addition, certain of the operators of the properties underlying our interests prepare mineral reserve and mineral resource estimates in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (“JORC”). We are providing this information because it represents information that we have in our possession and that we believe is responsive to the disclosure obligations set forth in S-K 1300.

• Defects in or disputes relating to the existence, validity, enforceability, terms or geographic extent of royalties, streams and similar interests.
• Royalty, stream and similar interests may be subject to buy-down, buy-back, pre-emptive or similar rights.
• Project costs may influence the Company’s future royalty returns.
• Risks faced by owners and operators of the properties underlying the Company’s interests.
• Title, permit or licensing disputes related to properties underlying the Company’s interests could materially reduce or eliminate revenue payable to the Company.
• Excessive cost escalation, as well as development, permitting, infrastructure, operating or technical difficulties on properties underlying the Company’s interests could materially reduce expected revenue.
• Volatility in commodity prices and demand may affect revenue derived by the Company from its asset portfolio.
• Risks related to foreign jurisdictions and emerging markets, including Russia’s invasion of Ukraine, may adversely affect the Company.
• Uranium market risks may adversely affect the Company’s revenues.
• Soda ash and sodium mineral market risks may adversely affect the Company’s revenues.
• Public acceptance of nuclear energy and competition from other energy sources may affect the Company’s uranium-related interests.
• Absence of a broad public market for physical uranium may affect the Company’s ability to monetize uranium inventory.
• Macroeconomic developments and changes in global economic, financial and market conditions may negatively impact the market value of the Company’s securities and assets.
• The Company may be unable to repay indebtedness or comply with obligations under debt arrangements associated with the Sweetwater acquisition.
• We have entered into a senior secured credit facility, and our failure to comply with its covenants or to repay or refinance amounts drawn thereunder could adversely affect our business.
• Any inability of the Company to obtain necessary financing when required on acceptable terms or at all.
• Negative cash flow from operating activities and limited operating history of revenue generation.
• Risks associated with future acquisitions.
• Any inability to attract and retain key employees.
• Competition and pricing pressure.
• Liquidity in equity and other investments.
• Changes in legislation, permitting and licensing regimes, taxation and government policy.
• Regulations and political or economic developments in jurisdictions where the Company holds or may hold royalties, streams or other interests may adversely affect the Company.
• Compliance with environmental, health, safety and related laws and regulations.
• Risks associated with Indigenous rights, land claims and similar interests.
• Fluctuations in foreign exchange rates.
• Disruptions to the information technology systems of the Company or third-party service providers.
• Litigation risks.
• Potential conflicts of interest.
• Any inability to ensure compliance with anti-bribery, anti-corruption and similar laws.
• Any failure to maintain effective internal controls.
• High-risk and speculative nature of an investment in the Company’s securities.
• Volatility of share price.
• Dividend policy.
• An active trading market for shares of our common stock may never develop or be sustained, which may make it difficult to sell the shares of our common stock.
• Effects of the spread of illness or other public health emergencies.