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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