Mr. Scott Melbye reports

URANIUM ROYALTY ACQUIRES EXISTING ROYALTY ON CAMECO'S ADVANCED STAGE MILLENNIUM AND CREE EXTENSION URANIUM PROJECTS

Uranium Royalty Corp. has acquired an existing royalty on the Millennium and Cree Extension uranium projects in Saskatchewan, Canada, from a third party industrial gas company for total cash consideration of $6-million.

Highlights:

• The acquired royalty is a net profit interest (NPI) of 10 per cent on an approximately 20.6955-per-cent participating interest in the projects. The royalty becomes payable after recovery of all qualifying preproduction expenditures incurred after the establishment of the royalty.
• The Millennium project hosts an indicated mineral resource of 75.9 million pounds U3O8 (triuranium octoxide) at an average grade of 2.39 per cent U3O8 and an inferred resource of 29.0 million pounds U3O8 at an average grade of 3.19 per cent U3O8, which places it among the largest undeveloped uranium projects globally (1).
• Cameco Corporation Inc., the operator of the projects, submitted an environmental impact statement (EIS) application in 2009 for the project, anticipated to produce 150,000 to 200,000 tonnes of ore per year with a submitted potential mine life of 10 years (2).
• The acquisition of the royalty on these two projects provides Uranium Royalty exposure to approximately 12,800 hectares of ground in the highly prospective Athabasca basin, with well-respected operators, and in one of the top mining jurisdictions in the world.

Notes:

(1) Resource estimates are on a 100-per-cent basis and have been summarized from Cameco's annual information form for the year ended Dec. 31, 2023.

(2) This is based on information contained on Cameco's website.

Scott Melbye, chief executive officer of Uranium Royalty, stated: "We are very excited to acquire this significant royalty on the Millennium and Cree Extension projects. Cameco has previously completed substantial development work on the Millennium project and it remains one of the largest undeveloped projects in Cameco's portfolio. It represents an important potential contributor to the future global production pipeline. The transaction is another example of our ability to leverage the URC team's experience and networks to source and execute accretive uranium royalty transactions."

The Millennium project

The Millennium project is an advanced-stage, conventional uranium project, located 36 kilometres northwest of Cameco's Key Lake mill in Saskatchewan, Canada. The project is a joint venture between Cameco and Japan Canada Uranium (JCU). Cameco's equity share is stated at 69.9 per cent and Cameco is the operator of the project. Cameco is one of the largest global providers of the uranium fuel needed to energize a clean-air world. JCU is a Canadian exploration company with a focus on Saskatchewan's Athabasca basin, jointly owned by Uranium Energy Corp. and Denison Mines Corp.

Cameco has disclosed that the Millennium project hosts estimated resources of 1.4 million tonnes at an average grade of 2.39 per cent U3O8 for a total of 75.9 million pounds U3O8 in the indicated category and 400,000 tonnes at an average grade of 3.19 per cent U3O8 for a total of 29.0 million pounds U3O8 in the inferred category. These estimates are on reported on a 100-per-cent basis.

Cameco has disclosed that it submitted a draft EIS submission for the project in 2009, which submission included anticipated production of 150,000 to 200,000 tonnes of ore per year with a submitted potential mine life of 10 years. Cameco chose to pull the EIS application on May 15, 2014, due to market conditions at the time.

The Cree Extension project

The Cree Extension project is an exploration-stage project, located 36 kilometres northwest of Cameco's Key Lake mill The project is a joint venture among Cameco, Orano Canada Inc. and JCU. The land is located west of Denison's Wheeler River project and southwest of Cameco's McArthur River project.

The Millennium and Cree Extension royalty

The royalty is a 10-per-cent NPI on an approximately 20.6955-per-cent participating interest in the projects, which participating interest was previously transferred to the existing owners in 1992. As a profit-based NPI interest, the acquired royalty is calculated based upon generated revenue, with deductions for certain expenses and costs, which include cumulative expense accounts, including development costs.

About Uranium Royalty Corp.

Uranium Royalty is the world's only publicly traded uranium-focused royalty and streaming company. Uranium Royalty provides investors with uranium commodity price exposure through strategic acquisitions in uranium interests, including royalties, streams, debt and equity in uranium companies, as well as through holdings of physical uranium. The company is well positioned as a capital provider to an industry needing massive investments in global productive capacity to meet the growing need for uranium as fuel for carbon-free nuclear energy. Uranium Royalty has deep industry knowledge and expertise to identify and evaluate investment opportunities in the uranium industry. The company's management and the board include individuals with decades of combined experience in the uranium and nuclear energy sectors, including specific expertise in mine finance, project identification and evaluation, mine development, and uranium sales and trading.

Note on technical disclosure

Darcy Hirsekorn, the company's chief technical officer, has supervised the preparation of and reviewed the technical information contained in this presentation. He holds a BSc in geology from the University of Saskatchewan, is a qualified person as defined in National Instrument 43-101 and is registered as a professional geoscientist in Saskatchewan.

Unless otherwise indicated, the scientific and technical information herein regarding the Millennium project has been derived from Cameco's website and its annual information form for the year ended Dec. 31, 2023, a copy of which is available under its profile on SEDAR+.

As a royaltyholder, the company has limited, if any, access to the properties subject to its interests. The company generally relies on publicly available information regarding these properties and related operations and generally has no ability to independently verify such information. In addition, such publicly available information may relate to a larger property area than that covered by the company's interests.

Unless otherwise indicated, the technical and scientific disclosure contained or referenced herein has been prepared in accordance with NI 43-101, which differs significantly from the requirements of the U.S. Securities and Exchange Commission applicable to U.S. domestic issuers. Accordingly, the scientific and technical information contained or referenced in this press release may not be comparable with similar information made public by U.S. companies subject to the reporting and disclosure requirements of the SEC. Inferred mineral resources have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category.

We seek Safe Harbor.