Financial Analysis

Revenue from sales of uranium inventory from major customers for the years ended April 30, 2026, 2025, and 2024 is summarized as follows: For the year ended April 30, 2026 2025 2024 ($) ($) ($) Customer A 31,630 7,975 Customer B 24,245 11,230 Customer C 8,100 16,275 Customer D 8,725 3,238 Customer E 17,000 Customer F 37,788 Customer G 3,700 All other customers 59,319 Total 186,807 11,213 31,205 …

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10. Income Tax A reconciliation of the provision for income taxes computed at the combined Canadian federal statutory rates to the provision for income taxes as shown in the consolidated statements of income (loss) for the years ended April 30, 2026, 2025, and 2024 is as follows: For the year ended April 30, 2026 ($) 2025 ($) 2024 ($) Income (loss) before income taxes 54,640 ( 5,644 ) 16,900 Statutory rates 15.00 % 15.00 % 15.00 % Expected income tax at statutory rates 8,196 ( 847 ) 2,535 Reconciling items: Non-deductible permanent differences 539 92 65 Tax rate difference applicable to investment in equity securities ( 659 ) 138 ( 847 ) Domestic provincial and local income taxes (British Columbia, Canada), net of federal effect 6,398 ( 489 ) 1,408 Change in valuation allowance recorded through income 1 1 ( 63 ) Other, net ( 84 ) ( 30 ) 97 Income tax expense (recovery) for the year 14,391 ( 1,135 ) 3,195 Current 9,307 Deferred 5,084 ( 1,135 ) 3,195 Income tax expense (recovery) for the year 14,391 ( 1,135 ) 3,195 The significant component of the Companys deferred tax assets and liabilities recognized are as follows: As at April 30, 2026 ($) As at April 30, 2025 ($) Deferred tax liabilities: Excess of accounting value of short-term investments over tax value ( 967 ) Excess of accounting value of royalties over tax value ( 4,845 ) ( 3,041 ) Other deferred tax liabilities ( 17 ) ( 42 ) Total deferred tax liabilities: ( 5,829 ) ( 3,083 ) Deferred tax assets: Non-capital losses ca …

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Recently Adopted Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 was adopted for our annual period ended April 30, 2026 . See Note 12. Accounting pronouncements not yet adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . This ASU expands public entities income tax disclosures by requiring disaggregated information about a reporting entitys effective tax rate reconciliation, as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. As an emerging growth company (EGC), this ASU will be effective for our fiscal years ending April 30, 2027, which is one year later than for non-EGC companies. The guidance may be applied on a prospective basis, with the option to apply the standard retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures , which include …

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11. Related Party Transactions Related party transactions are based on the amounts agreed to by the parties. During the year ended April 30, 2026 the Company incurred $ 4 (2025: $ 99 ) in office and administration expenses related to corporate branding and marketing, media, website maintenance and hosting services provided by a vendor that is controlled by a family member of the Companys Chairman. During the year ended April 30, 2024, Uranium Energy Corp. (UEC), a shareholder and related party of the Company, purchased 2,978,364 common shares in public offerings. The Company has entered into a contingent subscription agreement for the sale of common shares to UEC, which currently owns approximately 12 % of the Companys outstanding common shares, for partial financing of the Sweetwater Acquisition. See Note 13. …

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12. Segment Information The Company conducts its business as a single operating segment, being the acquiring and assembling a portfolio of royalties, investing in companies with exposure to uranium and physical uranium. The Company also engages in the purchase and sale of physical uranium from time to time. Our Chief Executive Officer , who serves as our Chief Operating Decision Maker (CODM), evaluates performance and allocates resources for the Company (being one reportable segment) based on income (loss) before income taxes, which are consistent with the results in the Companys Consolidated Statements of Income (Loss). The CODM uses income (loss) before income taxes to allocate resources, including decisions related to capital investments and potential royalty expansion opportunities. The significant segment expenses reviewed by the CODM are consistent with the operating expense line items presented in the Companys Consolidated Statements of Income (Loss). Sales of Uranium Inventory The Company attributes revenues from external customers based on the country in which the sale takes place, regardless of the domicile of the customer. Sales of uranium inventory for the years ended April 30, 2026 and 2025 all occurred at a third party storage facility in Canada. Major Customers Revenue from sales of uranium inventory from major customers for the years ended April 30, 2026, 2025, and 2024 is summarized as follows: For the year ended April 30, 2026 2025 2024 ($) ($) ($) Customer …

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8. Stockholders Equity Common Stock The authorized share capital of the Company is comprised of an unlimited number of common shares and an unlimited number of preferred shares issuable in series without par value. Public Offerings During the year ended April 30, 2026, the Company issued 12,644,524 common shares (2025: nil ; 2024: 870,910 ) under an at-the-market equity program (ATM Program) for gross proceeds of $ 54,000 (2025: nil ; 2024: $ 2,596 ) with aggregate commissions paid or payable to the agents and other share issue costs of $ 1,080 (2025: nil ; 2024: $ 69 ), net of tax benefits of $ 291 (2025: nil ; 2024: nil ). Pursuant to the equity distribution agreement dated August 20, 2025 (the Distribution Agreement), the offering has been terminated upon the issuance and sale of all of the offered shares subject to the Distribution Agreement. ATM Programs initiated by the Company from time to time allow the Company to distribute common shares of the Company (the ATM Shares) to the public from time to time, through the agents, at the Companys discretion. The ATM Shares sold under the ATM Programs are sold at the prevailing market price at the time of sale. No ATM Shares were distributed by the Company during the year ended April 30, 2025. During the year ended April 30, 2024, the Company issued 16,929,600 common shares by way of short form prospectus for gross proceeds of $ 52,866 . Total share issuance costs incurred for both public offerings were $ 3,456 , which was reco …

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14. Subsequent Events Other than as disclosed elsewhere in these consolidated financial statements, the following events occurred subsequent to April 30, 2026: The Company sold 593,255 pounds U 3 O 8 at a weighted average price of $ 85.91 per pound for cash consideration of $ 51.0 million. On July 27, 2026 , the escrow conditions associated with the subscription receipts described in Note 13 were met and the Company received US$ 40.0 million from escrow. Upon conversion of all subscription receipts, UEC beneficially owned, and had control and direction of, 28,967,375 URC common shares (including 10,989,011 URC common shares underlying the subscription receipts). Upon conversion, the subscription receipt liability was derecognized and the carrying amount was reclassified to share capital. On July 27, 2026 , Sweetwater and URC completed the Transaction described in Note 13. URC common shareholders received 153,957,874 common shares of New URC and 3,856,695 Exchangeable Shares, which were issued in exchange for their shares of the Company on a one-for-one basis, resulting in ownership of 41 % of the common shares or common share equivalents of the New URC, and the Sellers received 223,252,749 common shares of New URC representing 59 % of outstanding common shares and exchangeable common shares upon close. The Company will account for the combination with Sweetwater as a business combination and has determined the Company is the accounting acquirer as its shareholders hold the la …

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"3. Acquisition of Sweetwater On July 27, 2026 (the Acquisition Date), the Company completed the Transaction contemplated by the Arrangement Agreement dated April 16, 2026 . Pursuant to the Transaction, the Company acquired an approximately 92 % ownership interest in entities holding a portfolio of royalty, mineral, surface, lease and related rights in Wyoming, Utah and Colorado (collectively, ""Sweetwater"" or the Sweetwater Entities) from entities affiliated with Orion Resource Partners (USA) LP (Orion) and HRG Metals LP, a subsidiary of the Ontario Teachers Pension Plan (OTPP, and together with Orion, the Sweetwater Investors). The acquired Sweetwater Entities consist principally of Sweetwater Trona Fund LP and its 52.19 % interest in Uinta Development Company (""UDC""), Aggie Grazing Fund LP, Cougar Utah Fund LP, Sweetwater Trona Block LLC, Aggie Grazing Block LLC, Cougar Utah Block LLC and Green River Management Holdings LLC and their respective subsidiaries, excluding UPX Minerals Inc. The primary purpose of the Transaction was to add cash-generating trona royalties and extensive land and mineral interests that are expected to provide significant cash flow to support the Companys acquisition of additional uranium royalties and other uranium related assets. Immediately following the closing of the Transaction, former URC shareholders owned approximately 41.4 % of the Companys outstanding common shares, while entities affiliated with Orion Resource Partners (USA) LP and O …

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"10. Long-term Debt On October 19, 2020, Sweetwater issued $ 688.8 million of 5.32 % senior secured notes which mature on September 30, 2040 (the ""Royalties Notes"") pursuant to the Note Purchase Agreement between Sweetwater and each of the noteholders dated August 19, 2020 (""Royalties Notes Agreement""). Principal and interest payments are due semi-annually on March 31 and September 30 of each year. The principal payment amounts vary and escalate over the term of the Royalties Notes Agreement. The Company assumed the liability of the Royalties Notes upon the closing of the acquisition of Sweetwater. On the Acquisition Date, the fair value of the Royalties Notes was $ 552,758 , including current portion of $ 17,097 and non-current portion of $ 535,661 (Note 3). The effective interest rate of the Royalties Notes is 7.70 % per annum. During the three months ended July 31, 2026, the Company recorded $ 452 of interest expense on the Royalties Notes. As at July 31, 2026, the future contractual principal repayments on long-term debt, measured from the interim reporting date, are as follows: $'000 within 1 year 17,097 1-2 years 21,342 2-3 years 26,712 3-4 years 30,985 Thereafter 529,043 Total 625,179 The Royalties Notes are secured by substantially all of the mineral properties acquired from Sweetwater and the related income generated by those properties. As of July 31, 2026, the carrying amount of the mineral properties pledged as collateral for the Royalties Notes was $ 1,300,09 …

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Revenue from sales of uranium inventory from major customers for the three months ended July 31, 2026 and 2025 is summarized as follows: For the three months ended July 31, 2026 2025 ($) ($) Customer A 8,600 Customer B 24,245 Customer C 12,925 Customer D 12,342 Customer E 17,100 Total 50,967 24,245 …

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Recently issued accounting pronouncements In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . This ASU expands public entities income tax disclosures by requiring disaggregated information about a reporting entitys effective tax rate reconciliation as well as disaggregation of annual income taxes paid. For emerging growth companies, this ASU is effective for annual periods beginning after December 15, 2025. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. The Company is evaluating the impact of this standard and will adopt the standard in its annual report for the year ending April 30, 2027. In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures , which includes amendments requiring disclosure of certain specific costs and expenses included in relevant expense captions on the face of the income statement. Specific costs and expenses required to be disclosed include purchases of inventory, employee compensation, depreciation, and intangible asset amortization. In addition, a qualitative description of other items is required, representing the difference between the relevant expense caption and the separately disclosed specific costs. This ASU is effective for fiscal years beginning after December 15, 2026 …

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14. Related Party Transactions Related party transactions are based on the amounts agreed to by the parties. During the three months ended July 31, 2026, the Company incurred $ 1 (2025: $ 3 ) in office and administration expenses related to corporate branding and marketing, media, website maintenance and hosting services provided by a vendor that is controlled by a family member of the Company's Chairman. See Note 11 related to the contingent subscription agreement for the sale of common shares to UEC, which owned approximately 12 % of the Companys outstanding common shares at the time of the subscriptions. …

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15. Segment Information The Company conducts its business as a single operating segment, being the acquiring and assembling a portfolio of royalties, fee surface rights and mineral rights, as well as investing in companies with exposure to uranium, physical uranium, trona or natural soda ash deposits and related assets. The Company also engages in the purchase and sale of physical uranium from time to time. Our Chief Executive Officer , who serves as our Chief Operating Decision Maker (CODM), evaluates performance and allocates resources for the Company (being one reportable segment) based on income (loss) before income taxes, which is consistent with the results in the Companys consolidated statements of income (loss) and comprehensive income (loss). The CODM uses income (loss) before income taxes to allocate resources, including decisions related to capital investments and potential royalty expansion opportunities. The significant segment expenses reviewed by the CODM are consistent with the operating expense line items presented in the Companys consolidated statements of income (loss) and comprehensive income (loss). Sales of Uranium Inventory Sales of uranium inventory for the three months ended July 31, 2026 and 2025 were all generated in Canada. Major Customers Revenue from sales of uranium inventory from major customers for the three months ended July 31, 2026 and 2025 is summarized as follows: For the three months ended July 31, 2026 2025 ($) ($) Customer A 8,600 Cust …

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11. Stockholders Equity Common Stock The authorized share capital of the Company is comprised of a total of 1,000,000,000 shares of capital stock, consisting of (i) 999,990,000 shares of common stock, $ 0.001 par value per share (common stock), (ii) one share of special voting stock , $ 0.001 par value per share (the Special Voting Share), and (iii) 9,999 shares of preferred stock, $ 0.001 par value per share (preferred stock). The Companys historical common stock accounts have been recast retrospectively to give effect to New URCs legal capital structure from inception on May 1, 2026. Because New URC was not incorporated until May 1, 2026, the comparative period as at April 30, 2026 reflects the legal capital structure of Old URC, whose common shares had no par value under the Canada Business Corporations Act; the difference between the historical no-par carrying amount and the $ 0.001 par value has been reclassified from common stock to additional paid-in capital, with no effect on total stockholders equity. See Note 2 for further discussion of the basis of presentation and the retrospective adjustment of the Companys legal capital structure. UEC Subscription On April 27, 2026, Uranium Energy Corp. (UEC) which then owned approximately 12 % of Old URCs outstanding common shares, subscribed for subscription receipts of Old URC at a price of $ 3.64 for total proceeds of $ 40.0 million. Each subscription receipt was automatically converted into one share of Old URC upon the sat …

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16. Subsequent Events Except as disclosed elsewhere in these condensed interim consolidated financial statements, no material events occurred subsequent to July 31, 2026.

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