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注册\n编号：333-

美国

证券\n交易委员会

华盛顿特区\n20549

S-1\n表格

根据《1933年证券法》提交的\n注册声明

Uranium\nRoyalty Corp.

（注册人章程中载明的准确名称）

\n \n \n \n \n \n \n \n \n \n \n \n \n

特拉华州

1094

42-3490185

（州\n 或其他司法管辖区

注册成立或组织\n 地）

（主要\n 标准行业

分类\n 编号）

（美国国税局\n 雇主

识别\n 号码）

141\nUnion Blvd, Suite #310

Lakewood,\nCO 80228

(720)\n657-1700

（注册人主要执行办公地点的地址，包括邮政编码和电话号码（含区号））

Scott\nMelbye

141\nUnion Blvd, Suite #310

Lakewood,\nCO 80228

(720)\n657-1700

（送达代理人的姓名、地址（包括邮政编码）和电话号码（含区号））

通信副本送至:

\n \n \n \n \n

Rod\n Talaifar

Sangra\n Moller LLP

Suite\n 2200,

1021\n West Hastings Street

Vancouver,\n British Columbia

Canada\n V6E 0C3

(604)\n 662-8808

Rick\n Werner, Esq.

W.\n Bruce Newsome, Esq.

Haynes\n and Boone, LLP

30\n Rockefeller Plaza

26th\n Floor

New\n York, NY 10112

(212)\n 659-7300

本注册声明生效后尽快。

（拟向公众开始销售的大致日期）

如果本表格登记的任何证券将根据《1933年证券法》第415条以延迟或持续方式发行，请勾选以下方框。☒

如果本表格是为根据《证券法》第462(b)条进行的发行登记额外证券而提交，请勾选以下方框，并列出此前生效、针对同一发行的注册声明编号。☐

如果本表格是根据《证券法》第462(c)条提交的生效后修订，请勾选以下方框，并列出此前生效、针对同一发行的注册声明编号。☐

如果本表格是根据《证券法》第462(d)条提交的生效后修订，请勾选以下方框，并列出此前生效、针对同一发行的注册声明编号。☐

请勾选标记，说明注册人属于大型加速申报公司、加速申报公司、非加速申报公司、较小报告公司还是新兴成长型公司。参见《交易法》第12b-2条中“大型加速申报公司”“加速申报公司”“较小报告公司”和“新兴成长型公司”的定义。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

大型加速申报公司	☐	加速申报公司	☐
非加速申报公司	☒	较小报告公司	☐
		新兴成长型公司	☒

如果属于新兴成长型公司，请勾选标记，说明注册人是否选择不采用《证券法》第7(a)(2)(B)条所规定的、遵守任何新制定或修订的财务会计准则的延长过渡期。☐

注册人特此于可能需要的一个或多个日期修订本注册声明，以推迟其生效日期，直至注册人提交进一步修正案，明确声明本注册声明此后将根据经修订的《1933年证券法》第8(a)条生效；或直至本注册声明根据委员会依照上述第8(a)条采取的行动，于委员会确定的日期生效。

本招股说明书中的信息尚不完整，且可能发生变更。在向美国证券交易委员会提交的注册声明生效之前，不得出售这些证券。本招股说明书不构成出售这些证券的要约，也不在不允许要约或出售这些证券的任何司法管辖区征求购买这些证券的要约。

招股说明书——尚待完成，日期为2026年10月1日

Uranium Royalty Corp.

最多226,719,982股普通股

本招股说明书涉及本招股说明书所列出售股东（“出售股东”）不时转售最多226,719,982股我们的普通股，每股面值0.001美元（“普通股”），其中包括：(i) 在2026年7月27日完成的一项私募中，向本招股说明书“出售股东”项下脚注3和4所列特定出售股东（“Sweetwater投资者”）发行的223,252,749股普通股；该私募与本公司（作为Uranium Royalty Corp.（加拿大）的继承方）和Sweetwater投资者之间的业务合并（“安排”）有关；以及(ii) UROY ExchangeCo Ltd.发行的可交换股份交换后可发行的3,467,233股普通股，该等可交换股份的持有人为本招股说明书“出售股东”项下脚注5至26所列特定出售股东（该等持有人称为“未来可交换股份股东”）。前句所述普通股统称为“可登记证券”。

我们不会根据本招股说明书出售任何普通股，也不会因出售股东出售可登记证券而获得任何收益。

出售股东可以通过多种不同方式并以不同价格出售本招股说明书所述可登记证券，包括按现行市场价格、与现行市场价格相关的价格或通过私下协商的价格进行公开或私人交易，具体如“分销计划”所述。

我们的普通股在纳斯达克资本市场以代码“UROY”交易。2026年9月30日，我们的普通股在纳斯达克资本市场的最后报告售价为每股4.04美元。

投资我们的证券涉及风险。您应仔细审阅本招股说明书“风险因素”标题下所述的风险和不确定性，以及以引用方式并入本文的截至2026年4月30日财年的Form 10-K年度报告中所述的风险和不确定性。

证券交易委员会和任何州证券委员会均未批准或否决这些证券，也未对本招股说明书的充分性或准确性作出判断。任何相反陈述均属刑事犯罪。不得在不允许要约的任何司法管辖区发售这些证券。

本招股说明书日期为 2026 年

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

关于本招股说明书	1
有关前瞻性陈述的特别说明	2
招股说明书摘要	3
发行	4
风险因素	5
所得款项用途	6
股息政策	7
股本说明	8
出售股东	10
分销计划	13
Sweetwater Trona Fund LP、Aggie Grazing Fund LP 和 Cougar Utah Fund LP 未经审计的中期合并财务报表	15
未经审计的备考简明合并财务信息	27
法律事项	33
专家	34
其他信息的获取方式	35
通过引用纳入某些信息	36

关于本招股说明书

您应仅依赖我们在本招股说明书中提供或通过引用纳入的信息。我们和出售股东均未授权任何人向您提供不同或额外的信息。如果有人向您提供不同或额外的信息，您不应依赖这些信息。您应假定本招股说明书中的信息仅在文件封面所载日期准确，而我们通过引用纳入的任何信息仅在被引用文件的日期准确，无论本招股说明书或任何证券的交付或出售时间为何。自这些日期以来，我们的业务、财务状况、经营业绩和前景可能已发生变化。

本招股说明书及通过引用纳入本招股说明书的文件包含统计数据及其他行业和市场数据，这些数据来自行业出版物以及第三方开展的研究、调查和分析。行业出版物及第三方研究、调查和分析通常表明，其信息来自被认为可靠的来源，但并不保证此类信息的准确性或完整性。尽管我们认为这些第三方来源截至各自日期是可靠的，但我们和出售股东均未独立核实这些信息的准确性或完整性。

出售股东仅在允许发行此类普通股的司法管辖区发售普通股。在某些司法管辖区分发本招股说明书及发行普通股可能受到法律限制。在美国境外取得本招股说明书的人必须自行了解并遵守与在美国境外发行股份及分发本招股说明书相关的任何限制。本招股说明书不构成、亦不得用于任何人在禁止该人提出此类要约或招揽的任何司法管辖区提出出售本招股说明书所发售普通股的要约或招揽购买该等股份的要约。

本招股说明书概述了本文所述部分文件中的某些条款，但完整信息请参阅实际文件。所有摘要均受实际文件全文限定。本文提及的部分文件已作为本招股说明书所属注册声明的附件提交、将提交或将通过引用纳入，您可按下文“获取更多信息的途径”和“通过引用纳入某些信息”部分所述方式获取这些文件的副本。

除非本文另有说明或上下文另有要求，本招股说明书中提及“Uranium Royalty”、“New URC”、“Company”、“we”、“us”、“our”及类似表述时，均指特拉华州公司 Uranium Royalty Corp.及其合并子公司。

关于前瞻性陈述的特别说明

本招股说明书及通过引用纳入本招股说明书的文件，包含《1933年证券法》（经修订）（“证券法”）第27A条及《1934年证券交易法》（经修订）（“交易法”）第21E条所指的“前瞻性陈述”。这些陈述涉及未来事件或我们的未来财务表现，并包含已知和未知的风险、不确定性及其他因素，可能导致我们的实际业绩、活动水平、表现或成就与这些前瞻性陈述明示或暗示的任何未来业绩、活动水平、表现或成就存在重大差异。此类前瞻性陈述涉及我们对未来期间运营成果及进展的预期、对资产的计划勘探和开发、与业务有关的计划以及未来可能发生的其他事项。这些陈述涉及基于未来业绩预测、尚无法确定金额的估算以及管理层假设的分析和其他信息。本文所载并非明显属于历史性质的所有陈述均为前瞻性陈述；“预期”、“相信”、“预计”、“估计”、“可能”、“将”、“能够”、“领先”、“打算”、“考虑”、“应当”等词语及类似表述通常用于标识前瞻性陈述。前瞻性陈述受各种已知和未知的风险、不确定性及其他因素影响，这些因素可能导致实际事件或结果与前瞻性陈述所表达或暗示的内容不同。

本招股说明书及通过引用纳入本文的文件中的前瞻性陈述包括但不限于以下方面的陈述：

●

我们的业务战略，包括收购和管理铀特许权使用费、流量协议及其他权益、实物铀持有量以及对铀及相关市场具有敞口的其他投资的战略；

●

Sweetwater资产的预期收入、现金流或其他收益，包括与纯碱、天然碱、矿产、地表、租赁及相关资产有关的特许权使用费和相关付款权益；

●

未来的铀、纯碱及其他大宗商品价格、市场状况、供需动态及其对我们业务的相关影响；

●

我们特许权使用费、流权益、矿产权、地表权、租赁权益及相关权益所涉及物业的第三方运营商在生产、销售、开发、扩建、许可、监管合规、运输、物流及其他方面的活动；

●

我们维持、执行并从特许权使用费租赁协议、许可协议、矿产权、地表权及其他合同安排中获益的能力；

●

我们对未来收购、投资、融资活动及资本配置的预期；

●

我们的流动性、资本资源、现金需求、负债、债务偿付义务、财务灵活性以及遵守债务安排契约的能力；

●

我们能否以可接受的条款获得融资，或能否获得融资；

●

我们对监管、税务、法律、会计及上市公司报告事项的预期，包括将 Sweetwater 实体（定义见我们截至 2026 年 4 月 30 日财年的年度报告 Form 10-K）纳入我们的财务报告内部控制以及披露控制和程序；

●

通胀、利率、衰退状况、地缘政治发展、制裁、贸易限制及其他宏观经济因素对我们业务、交易对手、大宗商品市场及财务状况的潜在影响；以及

●

我们截至 2026 年 4 月 30 日财年的年度报告 Form 10-K 中“风险因素”标题下所列的其他风险和不确定性，该报告以引用方式纳入本文。

除非法律要求，否则无论是由于新信息、未来事件还是其他原因，我们均不会更新前瞻性陈述。建议您查阅我们向证券交易委员会（“SEC”）提交的报告中的任何进一步披露，包括 Form 10-K、10-Q 和 8-K 报告。我们的申报文件列出了可能导致实际结果与预期结果存在重大差异的各种重要因素。根据《1995 年私人证券诉讼改革法案》的规定，我们提醒投资者注意这些因素。您应当明白，不可能预测或识别所有此类因素。因此，您不应将任何此类清单视为涵盖所有潜在风险或不确定性的完整清单。

招股说明书摘要

本摘要包含有关我们及本次发行的基本信息。本摘要重点介绍了本招股说明书其他部分所载或以引用方式纳入的部分信息。本摘要并不完整，也可能未包含对您而言重要且您在决定是否投资我们的证券前应予考虑的所有信息。为全面了解本公司及其证券，您应仔细阅读本招股说明书全文，包括以引用方式纳入本文的任何信息。投资我们的证券涉及风险，相关风险载于本招股说明书“风险因素”标题下，以及我们截至2026年4月30日财政年度的Form 10-K年度报告“第1A项：风险因素”标题下和我们向SEC提交的其他文件中。

概述

Uranium Royalty Corp.是一家于2026年5月1日成立的特拉华州公司（“Uranium Royalty”、“New URC”、“本公司”、“我们”或“我们的”），是一家专注于铀和关键矿产的多元化特许权使用费及流媒体公司。本公司持有铀项目的特许权使用费权益，包括四个生产阶段和二十个勘探阶段的项目；还持有苏打灰和天然碱业务的权益，包括五个生产阶段和两个勘探阶段的权益。本公司还持有实物铀库存，并且是怀俄明州最大的土地所有者之一，拥有约850,000英亩的永久地表权和约4.5 million英亩的永久矿权。我们的普通股在纳斯达克资本市场交易，代码为“UROY”。

本公司于2026年7月27日开始依据《交易法》申报，并根据《交易法》第12g-3(a)条，在法院批准的安排计划（“安排”）完成后，承继Uranium Royalty Corp.（加拿大）（“URC Canada”）。作为安排的一部分，本公司收购了URC Canada此前经营的全部业务和运营，以及从Sweetwater Investors收购的某些资产。

有关我们业务、财务状况和经营业绩的更多信息，包括对我们的特许权使用费组合和资产的详细说明，请参阅我们截至2026年4月30日财政年度的Form 10-K年度报告以及截至2026年7月31日季度的Form 10-Q季度报告，以上报告以引用方式纳入本文。

公司信息

我们的主要行政办公室邮寄地址为141 Union Blvd, Suite #310, Lakewood, CO 80228，电话号码为(720) 657-1700。我们的网站位于www.uraniumroyalty.com。网站上或通过网站访问的信息不属于本招股说明书内容，也未以引用方式纳入本招股说明书，您不应将其视为本招股说明书的一部分。

作为新兴成长型公司的影响

我们是《2012年Jumpstart Our Business Startups法案》（“JOBS法案”）所定义的“新兴成长型公司”。我们将保持新兴成长型公司身份，直至以下日期中最早者：(i) 2027年4月30日；(ii) 我们在此前三年内发行超过10亿美元不可转换债务之日；或(iii) 根据SEC适用规则，我们被视为大型加速申报公司之日。

只要我们仍是一家新兴成长型公司，就可以并打算依赖针对其他非新兴成长型上市公司的特定披露要求豁免。这些豁免包括：(i) 仅提供两年的经审计财务报表，以及任何要求提供的未经审计中期财务报表，并相应减少“管理层对财务状况和经营业绩的讨论与分析”披露；(ii) 无需遵守关于审计师对我们财务报告内部控制进行鉴证的要求；(iii) 无需遵守公众公司会计监督委员会可能采纳的有关强制轮换审计事务所或在审计师报告中补充提供审计和财务报表更多信息的任何要求；(iv) 减少关于高管薪酬的披露义务；以及 (v) 无需就高管薪酬举行不具约束力的咨询投票，也无需就此前未获批准的任何金色降落伞付款取得股东批准。

新兴成长型公司可以利用《证券法》第7(a)(2)(B)条规定的延长过渡期，以遵守新的或修订后的会计准则。这使新兴成长型公司能够延迟采用某些会计准则，直至这些准则原本适用于私营公司的日期。我们已选择利用这一延长过渡期，因此无需在其他上市申报公司必须采用新会计准则或修订后会计准则的日期采用这些准则。

发行概况

本招股说明书涉及出售股东不时转售最多226,719,982股我们的普通股。本次注册的股份均非由我们发售出售。

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出售股东发售的普通股		最多226,719,982股我们的普通股，包括 (i) 根据安排此前向Sweetwater Investors发行的223,252,749股普通股，以及 (ii) 交换UROY ExchangeCo Ltd.发行的3,467,233股可交换股份时可发行的普通股。

本次发行后将发行在外的普通股		假设全部3,467,233股可交换股份均交换为普通股，则普通股为380,677,856股（根据截至2026年9月30日发行在外的普通股计算）。

所得款项用途		出售股东将获得根据本招股说明书发售证券的全部出售所得款项。出售股东出售股份所得款项我们将一概不会收到。参见“所得款项用途”。 \n
分销计划		出售股东，或其质权人、受赠人、受让人、分配对象、受益人或其他权益继承人，可不时通过公开或私下交易，以当时市场价格、与当时市场价格相关的价格或私下协商的价格，发售或出售本次发售的普通股。出售股东也可向承销商、经纪交易商或代理人出售普通股，或通过其出售；这些中介可能以折扣、让利或佣金的形式获得报酬。参见“分销计划”。

禁售期		Sweetwater Investors须在2026年7月27日安排交割后遵守180天禁售期；但如果自交割日起90天或之后开始的任意连续20个交易日内，我们普通股的成交量加权平均价格达到或超过每股$5.47，则可提前解除禁售。

风险因素		有关投资我们证券前应仔细考虑的因素，请参见“风险因素”以及本招股说明书中包含并以引用方式纳入本文的其他信息。

纳斯达克交易代码		我们的普通股在纳斯达克上市，交易代码为“UROY”。

风险因素

以引用方式纳入本招股说明书的截至2026年4月30日财年的10-K表格年度报告，以及我们向SEC提交的其他文件，均包含与我们业务相关的重要风险因素。上述风险和不确定性以及下文所述风险和不确定性并非我们面临的全部风险和不确定性。其他风险和不确定性——包括我们目前未知、目前认为不重要或并非针对我们的风险和不确定性，例如一般经济状况——也可能对我们的业务和运营造成重大不利影响。如果上述任何风险和不确定性或下文所述风险和不确定性实际发生，我们的业务、财务状况或经营业绩可能受到严重损害。在这种情况下，您可能损失全部或部分投资。在就我们的普通股作出投资决定前，您应仔细考虑下文所述以及以引用方式纳入本招股说明书的风险和不确定性，以及本招股说明书中的其他信息。

与本次发行相关的风险

本次注册转售的证券数量相对于我们已发行在外的普通股数量而言十分庞大。

我们已提交一份注册声明（本招股说明书构成其一部分），以登记出售股东向公开市场出售最多226,719,982股普通股。截至2026年9月30日，这些股份约占我们已发行在外普通股的60.1%。大量普通股在市场上出售，或市场认为此类出售可能发生（无论实际是否发生），都可能在注册声明持续有效期间压低我们普通股的市场价格，也可能影响我们筹集股权资本的能力。

本次发行导致我们的股东在公开市场转售普通股，可能造成我们普通股的市场价格下跌。

我们正在为出售股东转售可登记证券办理注册。出售股东或任何后续受让人在公开市场出售普通股，可能会给我们普通股的市场价格带来下行压力。此外，我们未来可能发行额外普通股，或可行使或转换为普通股的其他股权或债务证券。任何此类发行都可能大幅稀释现有股东的持股，并可能导致我们的股价下跌。

在本次发行的不同时间买入股份的投资者，很可能会支付不同的价格。

在本次发行的不同时间购买股份的投资者，很可能会支付不同的价格，因此可能面临不同程度的稀释，投资结果也可能各不相同。

所得款项用途

我们并未发行本招股说明书所发行的任何普通股，也不会从出售此类股份中获得任何所得款项。出售股东将获得出售本招股说明书所发行普通股的全部所得款项。

股息政策

我们从未宣布或支付过普通股现金股息，目前也无意在可预见的未来宣布或支付任何普通股现金股息。我们预计将保留所有可用资金及未来收益（如有），用于资助业务发展和增长。未来是否决定宣布并支付普通股股息（如有），将由董事会酌情决定，并取决于多项因素，包括任何已发行优先股的条款、我们的经营业绩、财务状况、资本需求及合同限制。

股本说明

以下对我们股本以及公司注册证书和章程条款的说明，系对重要条款和规定的摘要，并受我们公司注册证书和章程的约束。相关文件已作为附件提交给 SEC，载于我们截至2026年4月30日的财政年度 10-K 年度报告，该报告于2026年7月28日提交，并通过引用纳入本招股说明书所属的注册声明。本摘要仅作概述，并不声称内容完整。

法定股本

我们的法定股本包括999,990,000股普通股，每股面值$0.001；一（1）股特别投票股，每股面值$0.001（“特别投票股”）；以及9,999股优先股，每股面值$0.001。

截至2026年9月30日，我们有377,210,623股普通股、1股A类优先股、1股B类优先股和1股特别投票股已发行在外。

普通股

普通股持有人有权在董事选举以及提交股东表决的所有事项中，就其登记持有的每股普通股投一票。除非法律另有规定，董事选举应由有权参与选举的股份持有人在股东大会上所投选票的复数票决定。除非法律另有规定，提交任何股东大会审议的董事选举以外的事项，应由亲自出席会议或由代理人代表出席会议且有权就该事项投票的股份中的过半数赞成票决定。

普通股持有人有权按比例获得股息（如有），股息由董事会从合法可用资金中宣派，但须受当时已发行优先股的任何优先股息权利约束。本公司解散、清算或结束营业时，普通股持有人有权按比例分享偿付本公司所有债务及其他负债后合法可用的净资产，但须受当时已发行优先股的优先权利约束。普通股持有人不享有优先认购权、认购权、赎回权或转换权，且普通股不适用任何偿债基金条款。

优先股

本公司的公司注册证书授权发行最多9,999股优先股，每股面值$0.001。本公司董事会获授权发行一个或多个系列的优先股，并确定其权利、优先权、特权和限制，包括股息权、股息率、转换权、投票权、赎回条款、赎回价格、清算优先权，以及构成任何系列的股份数量或该系列的名称，无需股东进一步表决或采取行动。

截至本招股说明书日期，以下优先股已发行在外：

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	●	一（1）股A类优先股，由OMF II Onshore Alpha Holdings LLC持有；以及
	●	一（1）股B类优先股，由HRG Metals LP持有。

一（1）股A类优先股和一（1）股B类优先股已发行在外。在任何清算、解散或结束营业时，A类优先股和B类优先股的受偿顺位优先于普通股、特别投票权股份、任何其他优先股以及本公司的任何其他股权。在任一类别尚未赎回期间，不得宣派或支付普通股、特别投票权股份、任何其他优先股或本公司的任何其他股权的股息或分配，也不得购买或赎回上述股份或股权，但根据公司注册证书自动赎回特别投票权股份的情形除外。A类和B类优先股均无投票权。

未经两名持有人书面同意，公司及其子公司不得：(i) 发行与任一类别同等或优先的股权证券，或可转换为、可交换为或可行使取得此类股权证券的证券；(ii) 进行某些受限支付，包括股息、分配、购买或赎回股权证券，但特定例外情形除外；(iii) 出售、让与、转让或以其他方式处置其全部或实质上全部资产，除非现金对价至少等于这些资产的公平市场价值，且足以支付赎回价格；或 (iv) 以对持有人有重大不利影响或对其造成重大差别性不利影响的方式修订其组织文件或指定证书。持有人可在遵守适用证券法的前提下，未经公司同意将其股份转让给一个或多个关联方。A 类优先股和 B 类优先股的完整条款载于指定证书，该证书以引用方式并入本文，作为附件 3.3。

特别表决权股份

公司已授权并发行一 (1) 股特别表决权股份，由 Computershare Trust Company of Canada 作为受托人持有，该安排依据为与安排交易相关订立的《投票权及交换信托协议》。特别表决权股份赋予受托人权利，可代表 UROY ExchangeCo Ltd.（公司的全资子公司）发行的可交换股份持有人，在普通股持有人任何会议（或代替会议的任何股东书面同意）上，就每一股已发行在外的可交换股份行使一票表决权。除根据《投票权及交换信托协议》更换受托人外，特别表决权股份不得转让。

可交换股份

与安排交易相关，UROY ExchangeCo Ltd.（“ExchangeCo”）向 Uranium Royalty Corp.（加拿大）的若干前股东发行了 3,856,695 股可交换股份。每股可交换股份均可由持有人选择，根据《可交换股份支持协议》和《投票权及交换信托协议》的条款和条件，交换为一股公司普通股。在交换之前，可交换股份持有人通过特别表决权股份享有与普通股持有人实质上等同的经济权利和表决权，并享有等同股息权。

特拉华州法律及公司注册证书和章程条款的反收购效力

特拉华州收购法规

我们受《特拉华州普通公司法》（“DGCL”）第 203 条的规定约束。一般而言，第 203 条禁止特拉华州上市公司在某人成为“利益相关股东”后的三年内与其进行“业务合并”，除非该业务合并以规定方式获得批准。根据第 203 条，公司与利益相关股东之间的业务合并须满足以下条件之一，否则将被禁止：

●

在股东成为利益相关股东之前，我们的董事会已批准该业务合并，或批准了导致该股东成为利益相关股东的交易；

●

在导致股东成为利益相关股东的交易完成时，该利益相关股东拥有公司当时已发行有表决权股票的至少 85%，在确定已发行有表决权股票数量时，某些情况下不包括由同时担任高级职员的董事以及员工股票计划持有的股份，但不排除由该利益相关股东持有的已发行有表决权股票；或者

●

在股东成为利益相关股东之时或之后，该业务合并经我们的董事会批准，并在年度或特别股东大会上获得至少三分之二非由该利益相关股东持有的已发行有表决权股票的赞成票授权。

一般而言，第 203 条将利益相关股东定义为任何实益拥有公司已发行有表决权股票 15% 或以上的实体或个人，以及与该实体或个人关联、控制该实体或个人或受其控制的任何实体或个人。

公司机会豁免

我们的公司注册证书包含一项公司机会豁免条款，适用于 Sweetwater Investors 及其各自的关联方。除非相关机会明确以公司董事的董事身份提供给该董事，否则 Sweetwater Investors 及其任何关联方均无义务向公司提供公司机会。

过户代理人和登记机构

我们普通股的过户代理人和登记机构为 Computershare Trust Company, N.A。

上市

我们的普通股在纳斯达克资本市场上市，交易代码为“UROY”。

出售股东

本招股说明书项下由出售股东发售的普通股包括：(i) 2026 年 7 月 27 日因安排交易而向 Sweetwater Investors 发行的 223,252,749 股普通股，以及 (ii) 可在交换 ExchangeCo 向 Uranium Royalty Corp. (Canada) 的若干前股东发行的可交换股份时发行的 3,467,233 股普通股。

我们根据日期为 2026 年 7 月 27 日、由公司、Orion Sellers（定义见下文）、Ontario Teachers’ Pension Plan Board（“OTPPB”）和 HRG Metals LP 共同签订的《投资者权利协议》（“投资者权利协议”）登记可登记证券。

Sweetwater Investors 受安排交易交割后 180 天的禁售期限制；若自该交割日起至少 90 天后任意连续 20 个交易日内，我们普通股的成交量加权平均价格达到或超过每股 $5.47，则可提前解除禁售。

据我们所知，在过去三年内，除下表脚注所述情况外，出售股东均未担任我们的高级职员或董事，也未与我们或我们的任何关联方存在任何其他重大关系。

下表列出了各出售股东以及有关截至2026年9月30日各出售股东实益拥有我们普通股股份的其他信息。出售股东可在本次发行中出售其全部、部分或不出售任何股份。参见“分销计划”。

出售股东	发行前实益拥有的股份数		发行前百分比⁽¹⁾		最高发售股份数	发行后实益拥有的股份数	发行后百分比⁽²⁾
Orion Resource Partners (USA) LP⁽³⁾		162,586,241		43.1	%	162,586,241		0	0	%
Ontario Teachers’ Pension Plan Board⁽⁴⁾		60,666,508		16.1	%	60,666,508		0	0	%
Seyed Amir Adnani⁽⁵⁾		2,493,955		*		2,379,119		114,836	*
Neville Howard⁽⁶⁾		470,000		*		470,000		0	0	%
Arash Adnani⁽⁷⁾		254,000		*		254,000		0	0	%
Pat Obara⁽⁸⁾		223,000		*		223,000		0	0	%
Catherine Segovia⁽⁹⁾		48,573		*		14,573		34,000	*
Josephine Man⁽¹⁰⁾		41,638		*		41,638		0	0	%
Thomas A. Jakubowski⁽¹¹⁾		28,900		*		25,000		3,900	*
Nora El Najjar⁽¹²⁾		20,000		*		20,000		0	0	%
Haluk Goktas⁽¹³⁾		14,200		*		14,200		0	0	%
Claude Page⁽¹⁴⁾		9,000		*		8,000		1,000	*
Ernest Polowy⁽¹⁵⁾		3,300		*		3,300		0	0	%
Chris O’Keefe⁽¹⁶⁾		2,500		*		2,500		0	0	%
Paul Beck⁽¹⁷⁾		2,000		*		2,000		0	0	%
David Crowshaw⁽¹⁸⁾		2,000		*		2,000		0	0	%
Michelle Levesque⁽¹⁹⁾		2,000		*		2,000		0	0	%
Matthew T. Jakubowski⁽²⁰⁾		1,600		*		1,600		0	0	%
Jerry Lewis Teper⁽²¹⁾		1,200		*		1,200		0	0	%
Shawna Teper⁽²²⁾		1,000		*		1,000		0	0	%
Stella Pearson-McLaughlin⁽²³⁾		800		*		800		0	0	%
9058-2081 Quebec Inc.⁽²⁴⁾		500		*		500		0	0	%
Jeranof Ekizan⁽²⁵⁾		500		*		500		0	0	%
Jean Gagnon⁽²⁶⁾		303		*		303		0	0	%

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	(1)	持股比例以截至2026年9月30日已发行在外的377,210,623股普通股为基础。根据SEC规则，就每位出售股东而言，被视为已发行在外的普通股数量包括：(i) 截至该日已发行在外的377,210,623股普通股；以及(ii) 该出售股东有权在该日起60日内取得的普通股，包括因交换ExchangeCo的可交换股份而可发行的股份以及行使股票期权后可发行的股份。但是，出售股东有权在60日内取得的股份，不视为已发行在外股份，用于计算任何其他出售股东的持股比例。

	(2)	假设出售本招股说明书项下发售的全部普通股。星号（*）表示低于1%。

	(3)	由以下实体持有的普通股组成，Orion Resource Partners (USA) LP（“Orion”）担任这些实体的投资顾问，并拥有投票权和处置控制权：(i) OMF III Onshore Gamma Holdings LLC 持有的 38,639,422 股；(ii) OMF II Onshore Gamma Holdings LLC 持有的 34,579,011 股；(iii) OMF Co-Fund II Holdings LLC 持有的 27,387,630 股；(iv) OMF III Onshore Alpha Holdings LLC 持有的 22,456,146 股；(v) OMF Onshore Omega Holdings LLC 持有的 13,100,838 股；(vi) OMF II Onshore Beta Holdings LLC 持有的 8,448,552 股；(vii) OMF II Onshore Alpha Holdings LLC 持有的 8,093,777 股；(viii) OMF III Onshore Beta Holdings LLC 持有的 6,596,156 股；(ix) OMF II Intermediate Holdings LLC 持有的 2,632,397 股；以及 (x) OMF III Intermediate Holdings LLC 持有的 652,312 股。Orion Resource Partners (USA) LP 由其普通合伙人 Orion Resource Partners GP LLC 控制。上述各实体（统称“Orion 卖方”）均为 Uranium Royalty Corp.（加拿大）、Orion 卖方与 HRG Metals LP 于 2026 年 4 月 16 日签订的《安排协议》及《投资者权利协议》的当事方。根据《投资者权利协议》，Orion 卖方有权提名候选人参加公司董事会选举。安排完成后，Orion 卖方须遵守 180 天禁售期，但受上文“出售股东”部分所述提前解除条款约束。

	(4)	由 OTPPB 直接持有的 60,666,508 股普通股组成。根据《投资者权利协议》的条款，OTPPB 有权指定一名候选人参选公司董事会。自安排交易完成后，OTPPB 须遵守 180 天锁定期，但受上文“出售股东”部分所述提前解除条款约束。OTPPB 总裁兼首席执行官已授权 James Sikora 先生对 OTPPB 持有或可能取得的普通股实施处置决定；但此类决定须由 OTPPB 基金管理总组的高级人员根据内部投资组合准则批准。投票决定由 OTPPB 根据内部代理投票准则作出。因此，Sikora 先生明确否认对 OTPPB 持有或可能取得的普通股享有实益所有权。

	(5)	包括：(i) Adnani 先生直接持有的、可通过交换可交换股份换取的 1,000,000 股普通股；(ii) National Bank TR FBO Seyed Amir Adnani 持有的、可通过交换可交换股份换取的 15,719 股普通股；(iii) Amir Adnani Corp. 持有的、可通过交换可交换股份换取的 1,363,400 股普通股。该公司由 Adnani 先生全资拥有，且 Adnani 先生对其拥有唯一投票权和处置权；以及 (iv) 于 2026 年 7 月 27 日发行的已归属或视同已归属的替代期权对应的 114,836 股普通股。第 (iv) 条所述替代期权未在本次发行中登记转售。Adnani 先生是公司董事会主席及董事，自 2019 年 8 月起任职。

	(6)	由 Neville Howard 持有的、可通过交换可交换股份换取的 470,000 股普通股组成。

	(7)	由 Arash Adnani 持有的、可通过交换可交换股份换取的 254,000 股普通股组成。

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

	(8)	由 Pat Obara 持有的、可通过交换可交换股份换取的 223,000 股普通股组成。

	(9)	发行前实益拥有的股份包括：(i) 可通过交换 Exchangeable Shares 获得的 14,573 股普通股，以及 (ii) 可在 60 天内行权的股票期权行权后可获得的 34,000 股普通股。仅有 14,573 股 Exchangeable Shares 正在登记转售。

	(10)	包括由 Josephine Man 持有、可通过交换 Exchangeable Shares 获得的 41,638 股普通股。

	(11)	发行前实益拥有的股份包括：(i) 可通过交换 Exchangeable Shares 获得的 25,000 股普通股，以及 (ii) 在免税储蓄账户（TFSA）中持有的 3,900 股普通股。仅有 25,000 股 Exchangeable Shares 正在登记转售。

	(12)	包括由 Nora El Najjar 持有、可通过交换 Exchangeable Shares 获得的 20,000 股普通股。

	(13)	包括由 Haluk Goktas 持有、可通过交换 Exchangeable Shares 获得的 14,200 股普通股。

	(14)	发行前实益拥有的股份包括：(i) 在免税储蓄账户（TFSA）中持有、可通过交换 Exchangeable Shares 获得的 8,000 股普通股，以及 (ii) 在现金账户中持有的 1,000 股普通股。仅有 8,000 股 Exchangeable Shares 正在登记转售。

	(15)	包括由 Ernest Polowy 持有、可通过交换 Exchangeable Shares 获得的 3,300 股普通股。

	(16)	包括由 Chris O’Keefe 持有、可通过交换 Exchangeable Shares 获得的 2,500 股普通股。

	(17)	包括由 Paul Beck 持有、可通过交换 Exchangeable Shares 获得的 2,000 股普通股。

	(18)	包括由 David Crowshaw 持有、可通过交换 Exchangeable Shares 获得的 2,000 股普通股。

	(19)	包括由 Michelle Levesque 持有、可通过交换 Exchangeable Shares 获得的 2,000 股普通股。

	(20)	包括由 Matthew T. Jakubowski 持有、可通过交换 Exchangeable Shares 获得的 1,600 股普通股。

	(21)	包括由 Jerry Lewis Teper 持有、可通过交换 Exchangeable Shares 获得的 1,200 股普通股。

	(22)	由 Shawna Teper 持有的可交换股份兑换后可发行的1,000股普通股组成。

	(23)	由 Stella Pearson-McLaughlin 持有的可交换股份兑换后可发行的800股普通股组成。

	(24)	由9058-2081 Quebec Inc.持有的可交换股份兑换后可发行的500股普通股组成，该公司由 Wei Li 控制。

	(25)	由 Jeranof Ekizan 持有的可交换股份兑换后可发行的500股普通股组成。

	(26)	由 Jean Gagnon 持有的可交换股份兑换后可发行的303股普通股组成。

分销计划

各出售股东及其任何质权人、受让人和权益继承人，可不时在 Nasdaq Capital Market 或普通股上市交易的任何其他证券交易所、市场或交易平台，或通过私人交易，出售本文件涵盖的全部或部分证券。这些出售可以按固定价格、出售时的现行市场价格、与现行市场价格相关的价格、出售时确定的不同价格或协商价格进行。这些出售可通过可能涉及交叉交易或大宗交易的交易完成。出售股东出售证券时可采用以下一种或多种方式：

●

普通经纪交易，以及经纪交易商招揽买家的交易；

●

大宗交易，经纪交易商将尝试作为代理人出售证券，但也可作为主事人持有并转售部分大宗证券以促成交易；

●

通过经纪人、交易商或承销商；

●

由经纪交易商作为主事人购买，并由经纪交易商为其账户转售；

●

市场交易（包括通过按市价发行），包括在全国性证券交易所、注册全国性证券协会的交易商间系统、报价服务或场外市场进行的交易；

●

按照适用交易所的规则进行的交易所分销；

●

私人协商交易；

●

直接出售给一名或多名买家；

●

通过卖空交易进行结算；

●

通过与出售股东达成协议、以每份证券约定价格出售指定数量此类证券的经纪交易商进行交易；

●

通过\n 期权的签订或结算，或其他对冲交易，无论是通过期权\n 交易所还是以其他方式；

●

延迟\n 交付要求；

●

通过\n 质押以担保债务及其他义务，或因该等\n 质押被止赎而发生的任何转让；

●

上述任何\n 出售方式的组合；或

●

适用法律允许的任何其他方式。

如果符合相关条款的标准并遵守其要求，出售股东也可以根据《证券法》第144条或任何其他可用的注册豁免出售证券，而非依据本招股说明书出售。

由出售股东聘请的经纪交易商可以安排其他经纪交易商参与销售。经纪交易商可以从出售股东处（或者，如果任何经纪交易商担任证券购买方的代理人，则从购买方处）收取经协商确定金额的佣金或折扣。

在出售证券或其中权益时，出售股东可以与经纪交易商或其他金融机构进行对冲交易；这些机构又可能在对冲其所承担头寸的过程中卖空证券。出售股东也可以卖空证券，并交付这些证券以平仓，或者将证券借给或质押给经纪交易商，后者随后可能出售这些证券。出售股东还可以与经纪交易商或其他金融机构进行期权或其他交易，或创设一种或多种衍生证券，要求向该经纪交易商或其他金融机构交付本招股说明书所发行的证券；该经纪交易商或其他金融机构可依据本招股说明书（经补充或修订以反映该交易）转售这些证券。

出售股东以及参与出售证券的任何经纪交易商或代理人，可能会被视为《证券法》所指的与此类出售有关的“承销商”。在此情况下，此类经纪交易商或代理人收到的任何佣金，以及其转售所购证券所得的任何利润，均可能被视为《证券法》规定的承销佣金或折扣。每位出售股东均已告知本公司，其与任何人均不存在直接或间接分销证券的书面或口头协议或谅解。如果出售股东以书面形式通知我们，其已与经纪交易商就通过大宗交易、特别发行、交易所分销或二级分销出售普通股，或由经纪人或交易商购买普通股，达成任何重大安排，我们将在《证券法》第424(b)条要求的情况下提交本招股说明书的补充文件，披露：(i) 每位此类出售股东及参与的经纪交易商的名称；(ii) 涉及的股份数量；(iii) 此类普通股的出售价格；(iv) 支付给此类经纪交易商的佣金，或给予的折扣或优惠（如适用）；(v) 此类经纪交易商未进行任何调查以核实本招股说明书中载明或以引用方式纳入的信息；以及 (vi) 交易的其他重要事实。此外，在出售股东以书面形式通知我们，受赠人或质权人拟出售超过500股普通股后，如果届时适用证券法要求，我们将提交本招股说明书的补充文件。

出售股东也可能在其他情形下转让或赠与普通股，在此情况下，就本招股说明书而言，受让人、受赠人、质权人或其他权益继承人将成为出售受益所有人。

The\nCompany is required to pay certain fees and expenses incurred by the Company incident to the registration of the securities. The Company\nhas agreed to indemnify the Sweetwater Investors against certain losses, claims, damages and liabilities, including liabilities under\nthe Securities Act. The Sweetwater Investors have agreed to indemnify the Company against certain losses, claims, damages and liabilities,\nincluding liabilities under the Securities Act arising out of any untrue statement or omission made in reliance upon and in conformity\nwith written information furnished to the Company by the Sweetwater Investors for use in connection with this prospectus and the registration\nstatement of which this prospectus is a part.

We\nagreed to keep this prospectus effective until all of the Registrable Securities covered hereby have ceased to be Registrable Securities,\nwhich generally occurs when such securities have been (i) disposed of pursuant to an effective registration statement, (ii) sold pursuant\nto Rule 144 under the Securities Act (or any other rule of similar effect) without any restrictions on resale being imposed on the transferee,\nor (iii) otherwise cease to be outstanding. The securities covered hereby will be sold only through registered or licensed brokers or\ndealers if required under applicable state securities laws. There can be no assurance that any Selling Stockholder will sell any or all\nof the securities registered pursuant to the registration statement of which this prospectus forms a part, provided that such\nliability of the Sweetwater Investors shall not exceed the net proceeds (after deducting underwriter discounts and commissions) received\nby such Sweetwater Investors from the sale of Common Stock giving rise to such indemnification obligation.

Under\napplicable rules and regulations under the Exchange Act, any person engaged in the distribution of the securities may not simultaneously\nengage in market making activities with respect to the Common Stock for the applicable restricted period, as defined in Regulation M,\nprior to the commencement of the distribution. In addition, the Selling Stockholders and any other person participating in such distribution\nwill be subject to applicable provisions of the Exchange Act and the rules and regulations thereunder, including Regulation M, which\nmay limit the timing of purchases and sales of the securities by the Selling Stockholders or any other person. We will make copies of\nthis prospectus available to the Selling Stockholders and have informed them of the need to deliver a copy of this prospectus to each\npurchaser at or prior to the time of the sale (including by compliance with Rule 172 under the Securities Act).

Once\nsold under the registration statement of which this prospectus forms a part, the shares of Common Stock will be freely tradable in the\nhands of persons other than our affiliates.

UNAUDITED\nINTERIM COMBINED FINANCIAL STATEMENTS OF

SWEETWATER TRONA FUND LP, AGGIE GRAZING FUND LP AND COUGAR UTAH FUND LP

The\nfollowing tables and accompanying notes summarize the combined financial data of Sweetwater Trona Fund LP, Aggie Grazing Fund\nLP and Cougar Utah Fund LP for the three and six months ended June 30, 2026 and 2025, expressed in thousands of United States dollars.

SWEETWATER\nTRONA FUND LP

AGGIE\nGRAZING FUND LP

AND\nCOUGAR UTAH FUND LP

Combined\nFinancial Statements

For\nthe three and six months ended June 30, 2026 and 2025

(Unaudited\n- Expressed in thousands of US dollars)

SWEETWATER\nTRONA FUND LP, AGGIE GRAZING FUND LP AND COUGAR UTAH FUND LP

Combined\nBalance Sheets

(Unaudited\n- Expressed in thousands of US dollars)

	Note	June\n 30, 2026			December\n 31, 2025
		$			$
ASSETS
Current
Cash			27,549			10,414
Restricted cash	5		40,298			40,075
Accounts receivable and\n accrued receivables	6		2,621			1,903
Due from related party	12		693			99
Prepayments	8		323			324
			71,484			52,815

Mineral properties, net	9		991,191			997,664
Land	7		153,829			153,829
Plant, property, and equipment, net			637			693
Other long-term assets			20			20
Total\n assets			1,217,161			1,205,021

LIABILITIES
Current
Accounts payable and accrued\n liabilities			1,270			1,658
Advanced minimum royalties	10		26,330			20,208
Deferred revenue	4(c)		971			1,610
Due to related party	12		-			451
Interest payable	11		8,315			8,407
Long term debt - current\n portion	11		17,097			15,123
Lease\n liabilities - current portion			113			109
			54,096			47,566

Contingent transfer of mineral rights	13		6,000			6,000
Long term debt, net	11		602,990			611,624
Lease liabilities			497			554
Total\n liabilities			663,583			665,744

MEMBERS’ EQUITY
Contributed capital			569,206			569,206
Distributions and dividends	14		(125,965	)		(125,870	)
Retained earnings			100,100			85,535
Equity attributable to the owners			543,341			528,871
UDC non-controlling interest			10,237			10,406
Total\n members’ equity			553,578			539,277
Total\n liabilities and members’ equity			1,217,161			1,205,021

Nature\nof operations (Note 1)

Subsequent\nevents (Note 16)

The\naccompanying notes are an integral part of these combined financial statements.

SWEETWATER\nTRONA FUND LP, AGGIE GRAZING FUND LP AND COUGAR UTAH FUND LP

Combined\nStatements of Operations

(Unaudited\n- Expressed in thousands of US dollars)

		Three\n months ended June 30,			Six\n months ended June 30,
	Note	2026			2025		2026	2025
		$			$		$	$
Revenue
Royalty revenue	4(a)		13,087			13,299		25,302		32,265
Lease bonus revenue	4(b)		15,358			-		15,358		-
Surface revenue	4(c)		703			736		1,823		1,751
Annual\n rental revenue	4(d)		315			-		631		-
			29,463			14,035		43,114		34,016
Operating expenses
Surface owner payments			67			84		118		163
General and administrative			2,665			2,253		4,902		3,941
Depletion	9		3,552			2,749		6,473		7,103
			(6,284	)		(5,086	)	(11,493	)	(11,207	)
Operating income			23,179			8,949		31,621		22,809
Other income (expenses)
Amortization of debt issuance\n costs	11		(123	)		(118	)	(243	)	(239	)
Interest expense	11		(8,315	)		(8,488	)	(16,722	)	(17,059	)
Interest\n income			332			410		721		971
			(8,106	)		(8,196	)	(16,244	)	(16,327	)
Income before taxes			15,073			753		15,377		6,482
Income tax expense			(230	)		(70	)	(431	)	(70	)
Net\n income			14,843			683		14,946		6,412
Net income:
Attributed to owners of the Group Funds			14,660			483		14,565		5,931
Attributed to UDC non-controlling\n interest			183			200		381		481

The\naccompanying notes are an integral part of these combined financial statements.

SWEETWATER\nTRONA FUND LP, AGGIE GRAZING FUND LP AND COUGAR UTAH FUND LP

Combined\nStatements of Members’ Equity

(Unaudited\n- Expressed in thousands of US dollars)

	Members’\n equity			UDC\n Non-controlling interest		Total
	$			$		$
Balance, December 31, 2024		566,133			10,244		576,377
Net income		5,931			481		6,412
Distributions and dividends		(33,500	)		-		(33,500	)
Dividends paid to non-controlling\n interest holders		-			(437	)	(437	)
Balance, June 30, 2025		538,564			10,288		548,852
Net income		5,312			525		5,837
Distributions and dividends		(15,005	)		-		(15,005	)
Dividends paid to non-controlling\n interest holders		-			(407	)	(407	)
Balance, December 31, 2025		528,871			10,406		539,277
Net income		14,565			381		14,946
Distributions and dividends		(95	)		-		(95	)
Dividends paid to non-controlling\n interest holders		-			(550	)	(550	)
Balance, June 30, 2026		543,341			10,237		553,578

The\naccompanying notes are an integral part of these combined financial statements.

SWEETWATER\nTRONA FUND LP, AGGIE GRAZING FUND LP AND COUGAR UTAH FUND LP

Combined\nStatements of Cash Flows

(Unaudited\n- Expressed in thousands of US dollars)

	Six\n months ended June 30,
	2026			2025
	$			$
Operating activities:
Net income		14,946			6,412
Adjustments for:
Depletion and depreciation		6,476			7,108
Amortization of debt issuance\n costs		243			239
Changes in non-cash working capital:
Accounts receivable and\n accrued receivables		(1,312	)		1,260
Prepayments		1			(90	)
Accounts payable and accrued\n liabilities		(915	)		(702	)
Advanced minimum royalties		6,122			3,345
Deferred revenue		(639	)		72
Interest\n payable		(92	)		(83	)
Total\n cash provided by operating activities		24,830			17,561

Investing activity:
Proceeds from sale of\n land		-			18,402
Total\n cash provided by investing activity		-			18,402

Financing activities:
Dividends paid to non-controlling interest\n holders		(550	)		(437	)
Distributions and dividends		(19	)		(33,500	)
Repayment of long term\n debt		(6,903	)		(6,250	)
Total\n cash used in financing activities		(7,472	)		(40,187	)

Change in cash and restricted cash		17,358			(4,224	)
Cash and restricted cash,\n beginning of period		50,489			54,638
Cash\n and restricted cash, end of period		67,847			50,414

Supplemental cash flow information:
Cash paid for interest		16,813			17,142
Right of use asset and operating lease liability\n recognized		-			623
Distributions declared and not yet paid, included\n in accounts payable and accrued liabilities		76			-

The\naccompanying notes are an integral part of these combined financial statements.

SWEETWATER\nTRONA FUND LP, AGGIE GRAZING FUND LP AND COUGAR UTAH FUND LP

For\nthe three and six months ended June 30, 2026 and 2025

(Unaudited\n- Expressed in thousands of US dollars, except where noted)

\n\n

1.	NATURE\n OF OPERATIONS

These\ncombined financial statements as at and for the three and six months ended June 30, 2026 and 2025 (the “combined financial statements”)\ncombine the consolidated financial statements of Sweetwater Trona Fund LP (“Sweetwater”), Aggie Grazing Fund LP (“Aggie”)\nand Cougar Utah Fund LP (“Cougar”) (each a “Fund”, and collectively, the “Group Funds”) which are\nlimited partnerships formed in 2020.

All\nreferences to the Group Funds are reported on a combined basis, except where the context indicates otherwise. The Group Funds were formed\nto hold the mineral rights and land acquired in an asset acquisition on October 19, 2020 from Upland Industries Corporation, Anadarko\nLand Corp, and Anadarko E&P Onshore LLC. The Group Funds’ mineral rights and land are located in Wyoming, Utah, Colorado, and\nMichigan and the Group Funds receives royalty revenue and surface revenue associated with these assets.

\n\n

2.	BASIS\n OF PREPARATION

\n\n

a)	Basis\n of presentation

The\nunaudited combined financial statements as of June 30, 2026 and for the three and six months ended June 30, 2026 and 2025 have been prepared\non the same basis as the Group Funds audited financial statements for the year ended December 31, 2025 and reflect all normal recurring\nadjustments, which are, in the opinion of management, necessary to present fairly the Group Funds financial position as of June 30, 2026\nand results of operations, members’ equity, and cash flows for the periods presented. These unaudited combined financial statements\nare prepared in conformity with Generally Accepted Accounting Principles in the United States of America (“GAAP”) applicable\nto interim financial information. Accordingly, certain information and disclosures normally included in annual financial statements have\nbeen condensed or omitted. These unaudited combined financial statements should be read in conjunction with the Group Funds’ audited\ncombined financial statements for the year ended December 31, 2025.

As\nthe Group Funds are under common control, these combined financial statements have been prepared on an accrual basis and are based on\nhistorical costs, except for certain financial instruments classified as fair value through profit or loss.

\n\n

b)	Basis\n of combination and principles of consolidation

These\ncombined financial statements incorporate the consolidated financial statements of each Fund. The consolidated financial statements of\neach Fund consolidate all controlled subsidiaries/entities. Control exists where a Fund has controlling voting interest and is deemed\nto be the primary beneficiary. Subsidiaries are included in the consolidated financial statements of the respective Fund from the date\ncontrol commences until the date control ceases.

All\nintercompany balances and transactions are eliminated within each Fund business silo upon consolidation. Transactions between each Fund\nand their respective parent entity and transactions with Cowboy Land Fund LP, and its subsidiaries (together referred to as “Cowboy”)\nare classified as related party transactions in the combined financial statements.

These\ncombined financial statements are presented in United States dollars, the functional currency of the Group Funds and all its subsidiaries/controlled\nentities. The functional currency is the currency of the primary economic environment in which an entity operates.

SWEETWATER\nTRONA FUND LP, AGGIE GRAZING FUND LP AND COUGAR UTAH FUND LP

For\nthe three and six months ended June 30, 2026 and 2025

(Unaudited\n- Expressed in thousands of US dollars, except where noted)

\n\n

2.	BASIS\n OF PREPARATION (continued)

These\ncombined financial statements include the accounts of the Group Funds and its subsidiaries as at June 30, 2026 as follows:

Name\n of subsidiary	Percentage\n Ownership	Principal\n activity

Aggie\n Grazing LLC	100%	Hold\n land and mineral properties and generate royalty, lease bonus and surface revenue

Cougar\n Utah LLC	100%	Hold\n mineral properties and generate royalty revenue

Sweetwater\n Management LLC	100%	Provide\n management services

Sweetwater\n Royalties LLC	100%	Financing\n entity and own a limited-term royalty interest

Sweetwater\n Surface LLC	100%	Hold\n land and generate surface revenue

Sweetwater\n Trona HoldCo LLC (“HoldCo”)	100%	Holding\n company

Sweetwater\n Trona OpCo LLC (“OpCo”)	100%	Purchase\n and hold mineral properties and generate royalty revenues

UPX\n Minerals Inc (“UPX”)	100%	Hold\n mineral properties for exploration

Uinta\n Development Company (“UDC”)	52.19%	Hold\n land and mineral properties and generate royalty, lease bonus and surface revenue

\n\n

3.	SIGNIFICANT\n ACCOUNTING POLICIES

The\naccounting policies applied in these unaudited combined financial statements are consistent with those described in the Group Funds’\naudited combined financial statements as of and for the year ended December 31, 2025.

\n\n \n \n

a)	Mineral properties impairment

Mineral\nproperties are evaluated for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.\nWhen impairment indicators are identified, the recoverability of the carrying value of the mineral properties is evaluated based upon\nestimated future undiscounted net cash flows from each royalty interest using estimates of proven and probable reserves and other relevant\ninformation received from the operators. Impairments in the carrying value of each property are measured and recorded to the extent that\nthe carrying value of each property exceeds its estimated fair value, which is generally calculated using estimated future discounted\ncash flows. During the six months ended June 30, 2026 or 2025, no impairment indicators were identified and no impairment was recognized.

\n\n \n \n

b)	Land impairment

Land\nis stated at historical cost. Valuations are periodically performed or obtained by management whenever events or changes in circumstances\nindicate that the carrying amount may not be recoverable. Impairments, if any, are recorded by a charge to net income and a valuation\nallowance if the carrying value of the property exceeds its estimated fair value. During the six months ended June 30, 2026 or 2025,\nno impairment indicators were identified and no impairment was recognized.

\n\n \n \n

c)	New accounting pronouncements

Pronouncements\nbetween June 30, 2026 and the date of this report are not expected to have a significant impact on the Group Funds’ operations,\nbalance sheets, or cash flows, nor does the Group Funds expect the adoption of recently issued, but not yet effective, accounting pronouncements\nto have a significant impact on the Group Funds’ operations, balance sheets or cash flows.

SWEETWATER\nTRONA FUND LP, AGGIE GRAZING FUND LP AND COUGAR UTAH FUND LP

For\nthe three and six months ended June 30, 2026 and 2025

(Unaudited\n- Expressed in thousands of US dollars, except where noted)

\n\n

4.	REVENUE

\n\n

a)	Royalty\n revenue

Royalties\nare payments received in exchange for granting rights to extract, process, market and sell various resources, including minerals and\nrenewable energy, from the Group Funds’ properties. Royalty payments are typically structured as a percentage of revenues derived\nfrom such activities after deducting specified costs, if any. As a royalty holder, the Group Funds holds a non-operating interest in\nand acts as a passive entity in the operations of the project, and the third-party operator of the project is responsible for all operating\nactivities, including subsequent processing, marketing and delivery of all production to their customers. In all its mineral royalty\ninterest arrangements, the Group Funds has concluded that it transfers control of its interest in mineral production to the operator\nat the point at which mining occurs, and thus, the operator is the Group Funds’ customer. The Group Funds further determined that\nthe transfer of each unit of mineral production, comprising its royalty interest, to the operator represents a separate performance obligation\nunder the contract, and each performance obligation is satisfied at the point in time of sale by the operator. Accordingly, the Group\nFunds recognizes revenue attributable to its royalty interests in the period in which the sale occurs at prices received by the operator\nfrom the customer, net of any costs, if applicable, however, the timing of cash receipts varies by contract with each operator.

Certain\ncontracts of the Group Funds’ provide for advanced minimum royalty (“AMR”) payments, in which payments are received\nmonthly or quarterly. AMR payments are treated as deferred revenue until royalty revenue associated with the AMR payment is earned. If\nthe AMR payments do not cover the royalties earned for any given period, the operator must pay the difference. One of the Group Funds’\ncontracts does not provide for AMR payments; royalty payments are due quarterly in arrears 25 days following the end of each quarter.

\n\n \n \n

b)	Lease bonus revenue

The\nGroup Funds generates lease bonus revenue by leasing certain mineral interests to third-party operators. A lease agreement represents\nthe Group Funds’ contract with a customer and generally grants the third-party operator rights to extract and sell certain minerals\nin exchange for lease bonus payments and a specified royalty interest.

During\nthe three and six months ended June 30, 2026, the Group Funds recognized $15.4 million and $15.4 million, respectively in lease bonus\nrevenue (2025 - $nil and $nil, respectively).

\n\n \n \n

c)	Surface revenue

The\nGroup Funds earns surface revenue primarily from surface use leases and easement payments. When the Group Funds receives a signed contract\nand payment, the parcel of land is made available to the respective customer. As of June 30, 2026, $1.0 million was recognized as deferred\nrevenue (December 31, 2025 - $1.6 million).

\n\n \n \n

d)	Annual rental revenue

The\nGroup Funds earns annual rental revenue primarily from land rental payments. When the Group Funds receives a signed contract and payment,\nthe parcel of land is made available to the respective customer.

SWEETWATER\nTRONA FUND LP, AGGIE GRAZING FUND LP AND COUGAR UTAH FUND LP

For\nthe three and six months ended June 30, 2026 and 2025

(Unaudited\n- Expressed in thousands of US dollars, except where noted)

\n\n \n \n

5.	RESTRICTED CASH

The\nuse of the Group Funds’ trona mineral royalty cash receipts is restricted under a Depositary Agreement, as required by the Royalties\nNotes (Note 11) among Sweetwater Royalties LLC, CITIBANK, National Association (“CITIBANK”), acting as Depositary Agent and\nCITIBANK as the Collateral Agent. CITIBANK has been granted a security interest in all of Sweetwater Royalties LLC’s right, title,\nand interest to the restricted cash accounts and all financial assets held in or credited to the restricted cash accounts as security\nfor the obligations of the Group Funds to the holders of the Royalties Notes. In general, restricted amounts are utilized to pay fees\ndirectly associated with the Royalties Notes, principal and interest on the Royalties Notes, certain Group Funds’ operating expenses,\ntax distributions and excess cash sweep amounts, if required. These payments are made in order of priority (each, a “Waterfall\nLevel”) as specified in the depositary agreement. In addition, certain minimum debt service reserve cash balances are required.

On\na semi-annual basis aligning with the Royalties Notes payment date, any remaining funds after each Waterfall Level requirement has been\nsatisfied are paid to the Group Funds. As of June 30, 2026, the Royalties Notes payment due on March 31, 2026 has been made, and all\nWaterfall Level requirements have been satisfied.

A\nsummary of the Group Funds’ restricted cash balances are as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	June\n 30, 2026		December\n 31, 2025
	$		$
Restricted cash - Royalties revenue\n account		15,340		16,252
Restricted cash - Royalties debt service reserve		24,908		23,773
Credit card deposit		50		50
		40,298		40,075

\n\n \n \n

6.	ACCOUNTS RECEIVABLE AND ACCRUED RECEIVABLES

A\nsummary of the Group Funds’ accounts receivable and accrued receivables are as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	June\n 30, 2026		December\n 31, 2025
	$		$
Accounts receivable		1,777		1,500
Accrued receivables		844		403
		2,621		1,903

\n\n \n \n

LAND

On\nDecember 31, 2024, Aggie Grazing LLC sold land with a carrying value of $4.6 million for gross proceeds of $18.4 million. As a result,\nthe Group Funds recorded a gain on sale of land of $13.8 million. On January 2, 2025, the Group Funds received cash of $18.4 million\nfrom the purchasing party.

SWEETWATER\nTRONA FUND LP, AGGIE GRAZING FUND LP AND COUGAR UTAH FUND LP

For\nthe three and six months ended June 30, 2026 and 2025

(Unaudited\n- Expressed in thousands of US dollars, except where noted)

\n\n \n \n

8.	PREPAYMENTS

A\nsummary of the Group Funds’ prepayments are as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	June\n 30, 2026		December\n 31, 2025
	$		$
Insurance		182		134
Service contracts		70		172
Other		71		18
		323		324

\n\n \n \n

9.	MINERAL PROPERTIES

A\nsummary of the Group Funds’ mineral properties is as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Total
	$
Cost
Balance,\n June 30, 2026 and December 31, 2025 and 2024		1,089,539
Accumulated depletion
Balance, December 31, 2024		77,186
Depletion		14,689
Balance, December 31, 2025		91,875
Depletion		6,473
Balance, June 30, 2026		98,348
Carrying value
Balance, December 31, 2025		997,664
Balance, June 30, 2026		991,191

\n\n \n \n

10.

ADVANCED MINIMUM ROYALTIES

A\nsummary of the Group Funds’ activity related to AMR is as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	June\n 30, 2026			December\n 31, 2025
	$			$
Beginning balance		20,208			13,522
Increase due to cash received		27,534			59,510
Decrease due to revenue\n recognized		(21,412	)		(52,824	)
Closing\n balance		26,330			20,208

SWEETWATER\nTRONA FUND LP, AGGIE GRAZING FUND LP AND COUGAR UTAH FUND LP

For\nthe three and six months ended June 30, 2026 and 2025

(Unaudited\n- Expressed in thousands of US dollars, except where noted)

\n\n \n \n

11.

LONG TERM DEBT

A\nsummary of the Group Funds’ long term debt is as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Principal			Debt\n issuance cost		Total
	$			$		$
Balance, December 31, 2024		644,449			(5,810	)	638,639
Amortization of debt issuance costs		-			477		477
Repayments		(12,369	)		-		(12,369	)
Balance, December 31, 2025		632,080			(5,333	)	626,747
Amortization of debt issuance costs		-			243		243
Repayments		(6,903	)		-		(6,903	)
Balance, June 30, 2026		625,177			(5,090	)	620,087
Current portion		17,097			-		17,097
Non-current portion		608,080			(5,090	)	602,990

Senior\nSecured Notes due 2040

On\nOctober 19, 2020, Sweetwater Royalties LLC issued $688.8 million of 5.32% senior secured notes which mature on September 30, 2040 (the\n“Royalties Notes”) pursuant to the Note Purchase Agreement between Sweetwater Royalties LLC and each of the noteholders dated\nAugust 19, 2020 (“Royalties Notes Agreement”). Principal and interest payments are due semi-annually on March 31 and September\n30 of each year. The principal payment amounts vary and escalate over the term of the Royalties Notes Agreement. A schedule of the principal\npayment amounts is included in the Royalties Notes Agreement.

During\nthe six months ended June 30, 2026 and 2025, the Group Funds paid total principal payments of $6.9 million and $6.3 million, respectively,\nand total interest payments of $16.8 million and $17.1 million, respectively. The Royalties Notes are secured by Sweetwater Trona OpCo\nLLC’s mineral properties and all associated income from those properties, with an effective interest rate of 5.38%.

Sweetwater\nRoyalties LLC is currently in compliance with all financial and general covenants required by the Royalties Notes Agreement. During the\nsix months ended June 30, 2026, the Group Funds recorded $16.7 million (2025 - $17.1 million) of interest expense on the Royalties Notes.

A\nsummary of the Group Funds’ payment obligations on long term debt as of June 30, 2026, is as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	$
2026		8,221
2027		18,967
2028		24,255
2029		28,737
2030		33,477
Thereafter		506,430

\n\n \n \n

12.

RELATED PARTY

Sweetwater\nManagement LLC (“Sweetwater Management”), a wholly owned subsidiary of Sweetwater, entered into management services agreements\nwith Sweetwater and its other subsidiaries, Aggie and its subsidiaries, Cougar and its subsidiaries and Cowboy. Cowboy entities are related\nby virtue of common control. Per these agreements, Sweetwater Management provides certain administrative and management services to the\nother entities under common control. Sweetwater, Aggie, Cougar, and Cowboy will reimburse Sweetwater Management for these services at\nvarious times throughout the year.

As\nat June 30, 2026, $0.04 million receivable balance related to these agreements from Cowboy is included in the due from related party\nbalance on the combined balance sheets (December 31, 2025 - $0.04 million). During the six months ended June 30, 2026, $0.17 million\nof administrative and management services paid by Sweetwater Management were expensed to Cowboy from general and administrative expenses\nin the combined statements of operations (2025 - $0.24 million).

SWEETWATER\nTRONA FUND LP, AGGIE GRAZING FUND LP AND COUGAR UTAH FUND LP

For\nthe three and six months ended June 30, 2026 and 2025

(Unaudited\n- Expressed in thousands of US dollars, except where noted)

\n\n \n \n

13.

CONTINGENT TRANSFER OF UPX MINERAL RIGHTS

During\nthe year ended December 31, 2022, the Group Funds entered into an option and earn-in agreement (the “Option Agreement”) with\nTalon Metals Corp (“Talon”) for Talon to acquire up to an 80% ownership interest in the mineral rights in a land package\nowned by UPX (“UPX Mineral Rights”), subject to certain requirements, including minimum exploration expenditure and drilling\nover five years. The transfer of the UPX Mineral Rights is contingent upon Talon completing the minimum exploration requirements. Upon\ncompletion of the Option Agreement, ownership interests in the UPX Mineral Rights will be transferred to a joint venture between UPX\nand Talon.

As\npartial consideration for entering the Option Agreement, Talon assumed the Group Funds’ $6.0 million loan payable to a third party\nand subsequently issued shares to that third party to settle the debt. The fair value of the UPX Mineral Rights is determined to be $6.0\nmillion on the basis that it was acquired by a third party in an arm’s length transaction with no discount or premium upon issuance\nand is classified as within Level 3 of the fair value hierarchy. There have been no changes to the fair value on the UPX Mineral Rights\nfrom the date of issuance to June 30, 2026 as there have been no events or transactions resulting in a change to the exploration stage\nof the UPX Mineral Rights.

\n\n \n \n

14.

DISTRIBUTIONS AND DIVIDENDS

A\nsummary of the Group Funds’ distributions and dividends for the six months ended June 30, 2026 and 2025 are as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	2026		2025
	$		$
Sweetwater Trona Fund LP		-		15,000
Aggie Grazing Fund LP		95		18,500
		95		33,500

\n\n \n \n

15.

COMMITMENTS AND CONTINGENCIES

Other\nthan the long term debt outlined in Note 11, the Group Funds had no material commitments and contingencies or litigations as of June\n30, 2026 or December 31, 2025.

\n\n \n \n

16.

SUBSEQUENT EVENTS

On\nJuly 27, 2026, the arrangement agreement entered into between Uranium Royalty Corp. (“URC”) and certain affiliates of Orion\nResource Partners (USA) LP and Ontario Teachers’ Pension Plan (collectively, the “Sweetwater Investors”) pursuant to\nwhich, among other things, URC would acquire the Sweetwater Investors’ approximate 92% interest in entities, including the Group\nFunds, for approximately $964.3 million plus the assumption of the Group Funds’ debt, closed and the Group Funds have become subsidiaries\nof URC. The consideration includes $330.0 million cash, $611.7 million common shares of URC and $22.6 million mandatorily redeemable\npreferred stock. The common shares were valued at the July 27 closing price of $2.74, rather than the contractual deemed price of $3.64.\nThe preferred stock represents URC’s obligation for specified excess acquisition-date cash payments to the sellers. In conjunction\nwith the transaction, the Group Funds distributed $17.0 million of unrestricted cash to the owners existing prior to the transaction\nand post-closing will distribute a further $24.6 million to such owners as it becomes available from restricted cash.

Sweetwater\nTrona Fund LP distributed all of UPX’s shares to the owners existing prior to the transaction.

The\nGroup Funds has evaluated subsequent events from June 30, 2026 through September 30, 2026, the date at which these combined financial\nstatements were available to be issued and determined that there are no other items to disclose.

UNAUDITED\nPRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

On\nApril 16, 2026, URC Canada entered into an agreement with Orion and OTPP to acquire their respective ownership interests in the Sweetwater\nEntities, which indirectly hold a portfolio of surface and royalty rights. The acquisition was completed on July 27, 2026.

These\nunaudited pro forma combined statements of income are presented in U.S. dollars and have been prepared in accordance with Article 11\nof Regulation S-X. These unaudited pro forma combined statements of income should be read in conjunction with the accompanying notes\nand the historical financial statements of the Company and the Sweetwater Entities from which the pro forma financial information has\nbeen derived. These unaudited pro forma combined statements of income\ninclude (i) the unaudited interim condensed consolidated statements of income (loss) and comprehensive income (loss) of the Company for\nthe three months ended July 31, 2026 included on the Company’s Quarterly Report on Form 10-Q for the three months ended July 31,\n2026, filed with the SEC on September 14, 2026, (ii) the unaudited interim condensed consolidated statements of operations for the three\nand six months ended June 30, 2026 of Sweetwater Trona Fund LP, Aggie Grazing Fund LP and Cougar Utah Fund LP, presented on a combined\nbasis, and of each of Sweetwater Trona Block LLC, Aggie Grazing Block LLC, and Cougar Utah Block LLC and (iii) the adjustments described\nin Note 3 to this section.

Uranium\nRoyalty Corp.

Unaudited\nPro Forma Condensed Combined Financial Information

(Expressed\nin thousands of U.S. dollars, unless otherwise noted)

Uranium\nRoyalty Corp.

For\nthe three months ended July 31, 2026

Uranium\nRoyalty Corp.

Unaudited\nPro Forma Combined Statements of Income

For\nthe three months ended July 31, 2026

Expressed\nin thousands of U.S. dollars

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	New\n UROY three \n months ended \n July 31, 2026			Sweetwater\n Entities \n Reclass three months \n ended June 30, 2026		Reversal\n of \n Sweetwater Entities \n results from July 28 to \n July 31, 2026	UPX \n Adjustment		Note		Pro\n Forma \n Adjustments		Pro\n Forma \n Consolidated
Revenue
Sales of uranium inventory		50,967			-		-			-				-		50,967
Royalty revenue		682			13,087		(621	)		-				-		13,148
Surface revenue		20			703		(20	)		-				-		703
Annual rental revenue		14			315		(14	)		-				-		315
Lease bonus revenue		-			15,358		-			-				-		15,358
Costs and expenses
Cost of sales of uranium inventory, excluding\n depletion		(34,078	)		-		-			-				-		(34,078	)
Depletion, depreciation and amortization		(188	)		(3,552	)	151			-		4a		(1,167	)	(4,756	)
Uranium storage fees		(47	)		-		-			-				-		(47	)
Selling, general and\n administrative		(964	)		(3,023	)	19			41				-		(3,927	)
Operating\n income (loss) for the period		16,406			22,888		(485	)		41				(1,167	)	37,683

Other items
Costs related to Sweetwater Acquisition		(15,061	)		-		-			-				-		(15,061	)
Interest expense		(499	)		(8,438	)	452			-		4b		(3,129	)	(11,614	)
Interest income		2,479			332		(22	)		-				-		2,789
Gain on subscription receipts liability		12,784			-		-			-				-		12,784
Other net foreign exchange gain		8,085			-		-			-				-		8,085
Loss on investments\n in equity securities		(1,109	)		-		-			-				-		(1,109	)
Income (loss) before\n taxes		23,085			14,782		(55	)		41				(4,296	)	33,557
Income tax expense		(6,834	)		(230	)	-			-		4d		902		(6,162	)
Net income (loss) for\n the period		16,251			14,552		(55	)		41				(3,394	)	27,395
Less:\n Net income (loss) attributable to non-controlling interests		(4	)		(183	)	4			-		4c		(893	)	(1,076	)
Net\n income (loss) attributable to Uranium Royalty Corp.		16,247			14,369		(51	)		41				(4,287	)	26,319


Net income (loss) for\n the period		16,251			14,552		(55	)		41				(3,394	)	27,395
Other comprehensive loss
Foreign currency\n translation differences		(9,630	)		-		-			-				-		(9,630	)
Comprehensive\n income (loss) for the period		6,621			14,552		(55	)		41				(3,394	)	17,765

Total comprehensive income\n attributable to:
Uranium Royalty Corp.		6,617			14,369		(51	)		41				(4,287	)	16,689
Non-controlling interests		4			183		(4	)		-				893		1,076
		6,621			14,552		(55	)		41				(3,394	)	17,765

Net income per share\n attributable to Uranium Royalty Corp.
Basic		0.10			-		-			-				-		0.07
Diluted		0.10			-		-			-				-		0.07

Weighted average number of shares outstanding
Basic		156,987,539			-		-			-				-		381,067,318
Diluted		157,280,511			-		-			-				-		381,360,290

See\naccompanying notes to the unaudited pro forma condensed combined financial information

Uranium\nRoyalty Corp.

Notes\nto the Unaudited Pro Forma Condensed Combined Financial Information

Expressed\nin thousands of U.S. dollars, unless otherwise noted

Note\n1 — Basis of Presentation

On\nApril 16, 2026, Uranium Royalty Corp. (“Old URC”) entered into an agreement with Orion Resource Partners (USA) LP (“Orion”)\nand Ontario Teachers’ Pension Plan (“OTPP”) to acquire their respective 67% and 25% ownership interests in the following\nentities, which indirectly hold a portfolio of surface and royalty rights:

●

Sweetwater\n Trona Fund LP, Aggie Grazing Fund LP and Cougar Utah Fund LP (collectively, the “Sweetwater\n Group Funds”);

●

Sweetwater\n Trona Block LLC, Aggie Grazing Block LLC and Cougar Utah Block LLC (collectively, the “Sweetwater\n Blockers”); and

●

Green\n River Management Holdings LLC (“Green River Management” and, collectively with\n the Sweetwater Group Funds and the Sweetwater Blockers, the “Sweetwater Entities”).

The\nacquisition was completed on July 27, 2026 (the “Acquisition Date”), resulting in the acquisition of a 92% ownership interest\nin the Sweetwater Entities (the “Transaction”). UPX Minerals Inc., a subsidiary of Sweetwater Trona Fund LP, was excluded\nfrom the Transaction.

In\nconnection with the Transaction, Uranium Royalty Corp., a corporation incorporated under the laws of the State of Delaware (“New\nUROY” or the “Company”), became the ultimate parent company of Old URC and the Sweetwater Entities. Following completion\nof the Transaction, the Company continued the businesses of Old URC and the Sweetwater Entities.

The\nconsideration transferred to Orion and OTPP included cash and common shares of New UROY. In connection with the Transaction, New UROY\nalso issued Class A and Class B preferred shares to Orion and OTPP, respectively. The preferred shares entitle their holders to receive\nspecified cash distributions (“Sweetwater Cash Dividends”) and are mandatorily redeemable for cash in accordance with their\nterms. Further information regarding the consideration transferred, the preferred share obligations and the related acquisition accounting\nis provided in Note 3 to the Company’s unaudited condensed consolidated financial statements for the three months ended July 31,\n2026 included on New UROY’s Quarterly Report on Form 10-Q for the three months ended July 31, 2026, filed with the SEC on September\n14, 2026, which should be read in conjunction with these unaudited pro forma condensed combined statements of income.

These\nunaudited pro forma combined statements of income are presented in U.S. dollars (“USD”) and have been prepared in accordance\nwith Article 11 of Regulation S-X. These unaudited pro forma combined statements of income should be read in conjunction with the accompanying\nnotes and the historical financial statements of New UROY and the Sweetwater Entities from which the pro forma financial information\nhas been derived. The unaudited pro forma condensed combined financial information should also be read together with other financial\ninformation included in the Annual Report, the Quarterly Report and other documents filed by the Company from time to time with the SEC.\nThe historical financial statements of both New UROY and the Sweetwater Entities have been prepared in accordance with generally accepted\naccounting principles in the United States (“U.S. GAAP”) in USD. Green River Management acts as the managing member of the\nSweetwater Blockers and the sole general partner of the Sweetwater Group Funds. Because Green River Management had no capitalization,\nincome, or expenses during the periods presented, its financial information was immaterial and has therefore been excluded. The following\nfinancial statements were used in the preparation of the unaudited pro forma combined statements of income:

\n\n\n\n\n

	1.	The\n unaudited condensed interim consolidated financial statements of New UROY for the three months\n ended July 31, 2026;
	2.	The\n unaudited interim combined financial statements of the Sweetwater Group Funds for the three\n and six months ended June 30, 2026; and
	3.	The\n unaudited interim financial statements of each of the individual entities within the Sweetwater\n Blockers for the three and six months ended June 30, 2026.

These\nunaudited pro forma combined statements of income include:

\n\n\n\n\n

	1.	The\n unaudited condensed interim consolidated statements of income (loss) and comprehensive income\n (loss) of New UROY for the three months ended July 31, 2026;
	2.	The\n unaudited interim condensed consolidated statements of operations for the three ended June\n 30, 2026 of Sweetwater Trona Fund LP, Aggie Grazing Fund LP and Cougar Utah Fund LP, presented\n on a combined basis, and of each of Sweetwater Trona Block LLC, Aggie Grazing Block LLC,\n and Cougar Utah Block LLC; and
	3.	The\n adjustments described in Note 3 and 4.

Uranium\nRoyalty Corp.

Notes\nto the Unaudited Pro Forma Condensed Combined Financial Information

Expressed\nin thousands of U.S. dollars, unless otherwise noted

Note\n1 — Basis of Presentation (continued)

These\nunaudited pro forma combined statements of income for the three months ended July 31, 2026 assume the Transaction occurred on May 1,\n2025.

The\nunaudited pro forma combined statements of income are presented for illustrative purposes only and do not reflect the costs of any management\nadjustments, including integration activities or cost savings or synergies that may be achieved because of the Transaction.

No\npro forma combined balance sheet is presented because the Transaction is already reflected in the Company’s condensed interim consolidated\nstatements of financial position included on New UROY’s Quarterly Report on Form 10-Q for the three months ended July 31, 2026,\nfiled with the SEC on September 14,2026.

Note\n2 — Significant Accounting Policies

The\nunaudited pro forma combined statements of income have been prepared using accounting policies consistent with those applied in the Company’s\nunaudited condensed interim consolidated financial statements for the three months ended July 31, 2026, which include the Sweetwater\nEntities from the acquisition date of July 27, 2026.

Management\nreviewed the Sweetwater Entities’ historical financial information used in preparing these pro forma combined statements of income\nfor consistency with the Company’s accounting policies and financial statement presentation. Except for the adjustments described\nin Note 4, no material differences requiring adjustment were identified.

Uranium\nRoyalty Corp.

Notes\nto the Unaudited Pro Forma Condensed Combined Financial Information

Expressed\nin thousands of U.S. dollars, unless otherwise noted

Note\n3 — Adjustments to the Historical Financial Information of Sweetwater Entities

Sweetwater\nEntities

The\nacquired Sweetwater Entities comprise the Sweetwater Group Funds and the Sweetwater Blockers.

The\ntable below presents the details of Sweetwater Entities for the three months ended June 30, 2026 and the reclassifications to conform\nto the presentation of the pro forma combined statements of income. It does not include acquisition accounting or the UPX exclusion adjustment.

	Sweetwater\n Group Funds Jun 30, 2026			Aggie\n Grazing Blocker Jun 30, 2026		Cougar\n Utah Blocker Jun 30, 2026	Sweetwater\n Trona Blocker Jun 30, 2026		Sweetwater\n Entities Jun 30, 2026			Interco\n Adjustments		Notes	Sweetwater\n Entities Jun 30, 2026			Reclass		Pro\n forma presentation
	USD			USD		USD	USD		USD			USD			USD			USD
Revenue
Royalty revenue	$	13,087			-		-			-			13,087			-					13,087
Lease bonus revenue		15,358			-		-			-			15,358			-					15,358
Surface revenue		703			-		-			-			703			-					703
Annual rental revenue		315			-		-			-			315			-					315
Total revenue		29,463			-		-			-			29,463			-					29,463

Operating expenses
Surface owner payments		67			-		-			-			67			-					67		67		Selling, general and administrative
Exploration costs		-			-		-			-			-			-					-
General and administrative		2,665			71		92			128			2,956			-					2,956		2,956		Selling, general and administrative
Depletion		3,552			-		-			-			3,552			-					3,552		3,552		Depletion, depreciation\n and amortization
Total operating expenses		6,284			71		92			128			6,575			-					6,575

Operating income (loss)		23,179			(71	)	(92	)		(128	)		22,888			-					22,888

Other income (expenses)
Amortization of debt issuance costs		(123	)		-		-			-			(123	)		-					(123	)	(123	)	Interest expense
Interest expense		(8,315	)		-		-			-			(8,315	)		-					(8,315	)	(8,315	)	Interest expense
Interest income		332			-		-			-			332			-					332
Gain on sale of land		-			-		-			-			-			-					-
Gain on distribution		-			-		-			-			-			-					-
Net income (loss) from\n investment - equity method		-			3,141		-			(86	)		3,055			(3,055	)		3a		-

Total other income (expenses)		(8,106	)		3,141		-			(86	)		(5,051	)		(3,055	)				(8,106	)

Income (loss) before\n taxes		15,073			3,070		(92	)		(214	)		17,837			(3,055	)				14,782
Income tax expense		(230	)		-		-			-			(230	)		-					(230	)
Deferred income tax\n benefit (expense)		-			-		-			-			-			-					-
Net\n income (loss)	$	14,843			3,070		(92	)		(214	)		17,607			(3,055	)				14,552

Net income:
Attributed to owners of the Group Funds	$	14,660											17,424								14,369
Attributed to UDC\n noncontrolling interest	$	183											183								183

3a:\nIntercompany eliminations, including the elimination of the Sweetwater Blockers’ equity-method income or loss from investments\nin the Sweetwater Group Funds

Uranium\nRoyalty Corp.

Notes\nto the Unaudited Pro Forma Condensed Combined Financial Information

Expressed\nin thousands of U.S. dollars, unless otherwise noted

Note\n4 — Pro Forma Adjustments

\n\n\n

	a.	Represents\n the incremental depletion expense resulting from the adjustment to fair value of the Sweetwater\n Entities’ historical mineral properties and interests.
	b.	Represents\n the incremental interest expense resulting from the adjustment to fair value of the senior\n secured notes (the “Senior Notes”) assumed in the Transaction. The senior secured\n notes were issued on October 19, 2020 with a fixed interest rate of 5.32% and mature on September\n 30, 2040. The acquisition-date fair value of the assumed debt was estimated by discounting\n the contractual cash flows using a market interest rate of 7.7% as of July 27, 2026.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Three\n months ended \n June 30, 2026
Acquisition-date fair value\n of the Senior Notes	$	552,758
Effective interest\n rate		7.7	%
Pro forma interest expense	$	10,728
Less: historical interest\n expense		(8,438	)
Incremental\n interest expense of the Senior Notes	$	2,290

In\naddition, on July 27, 2026, the Company entered into a senior secured revolving credit agreement providing for borrowings of up to $50.0\nmillion (the “Facility”). On the same date, the Company drew $40.0 million under the Facility (the “Bridge Loan”).\nFor purposes of the unaudited pro forma condensed combined statements of income, interest expense on the Bridge Loan was calculated assuming\nthe Bridge Loan was drawn on May 1, 2025.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	May\n 1 – July 27, 2026
Interest expense	$	787
Amortization of capitalized\n debt issuance costs		52
Pro\n forma adjustment to interest expense of the Bridge Loan	$	839
	Three\n months ended \n July 31, 2026
Incremental interest expense of the Senior\n Notes	$	2,290
Interest expense adjustment\n of the Bridge Loan		839
Total\n pro forma adjustment to interest expense	$	3,129

\n\n\n

	c.	Represents\n the adjustment to NCI to reflect the 8% NCI that the Company is not acquiring.
	d.	Represents\n the income tax effect of the pro forma adjustments, amounting to $902, calculated using the\n U.S. federal statutory income tax rate of 21%.

Note\n5 — Pro Forma Net Income Per Share

For\nthe purposes of the unaudited pro forma combined statements of income, the net income per share has been calculated using the weighted\naverage number of shares that would have been outstanding during the period, after giving effect to the Transaction as if it had occurred\non May 1, 2025.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Numerator
Pro forma net income attributable\n to Uranium Royalty Corp.	$	26,319
Denominator
Pro forma weighted average number of shares\n outstanding – basic		381,067,318
Effect of dilutive\n securities – stock options		292,972
Pro forma weighted\n average number of shares outstanding – diluted		381,360,290

Pro forma net income per share –\n basic	$	0.07
Pro forma net income\n per share – diluted	$	0.07

LEGAL\nMATTERS

Haynes\nand Boone, LLP, New York, New York, will pass upon certain legal matters in connection with the offering and validity of the Common Stock\noffered by this prospectus.

EXPERTS

The\nfinancial statements incorporated in this Prospectus by reference to the Company’s Annual Report on Form 10-K for the year ended\nApril 30, 2026 have been so incorporated in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting\nfirm, given on the authority of said firm as experts in auditing and accounting.

The\ncombined financial statements of the Sweetwater Trona Fund LP, Aggie Grazing Fund LP and Cougar Utah Fund LP as of and for the fiscal\nyears ended December 31, 2025 and 2024, incorporated by reference in this prospectus from Exhibit 99.4 to our Current Report on Form\n8-K12B filed with the SEC on July 28, 2026, have been audited by KPMG LLP, an independent registered public accounting firm, as set forth\nin their report thereon, which is incorporated by reference herein in reliance upon such report given on the authority of such firm as\nexperts in accounting and auditing.

WHERE\nYOU CAN FIND ADDITIONAL INFORMATION

This\nprospectus is part of a registration statement we filed with the SEC. This prospectus does not contain all of the information set forth\nin the registration statement and the exhibits to the registration statement. For further information with respect to us and the securities\noffered under this prospectus, we refer you to the registration statement and the exhibits and schedules filed as a part of the registration\nstatement. Statements contained in this prospectus or incorporated by reference into this prospectus concerning the contents of any contract\nor any other documents are not necessarily complete. If a contract or document has been filed as an exhibit to the registration statement,\nof which this prospectus forms a part, please see the copy of the contract or document that has been filed. Each statement in this prospectus\nor incorporated by reference into this prospectus relating to a contract or document filed as an exhibit is qualified in all respects\nby the filed exhibit.

We\nfile annual, quarterly and current reports, proxy statements and other information with the SEC. Our SEC filings are available to the\npublic from the SEC’s website at http://www.sec.gov.

We\nmaintain a website at www.uraniumroyalty.com. You may access our annual reports on Form 10-K, quarterly reports on Form 10-Q, current\nreports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act with the\nSEC free of charge at our website as soon as reasonably practicable after such material is electronically filed with, or furnished to,\nthe SEC. The information contained in, or that can be accessed through, our website is not incorporated by reference into, and is not\npart of, this prospectus.

INCORPORATION OF CERTAIN INFORMATION BY REFERENCE

This\nprospectus is part of the registration statement, but the registration statement includes and incorporates by reference additional information\nand exhibits. The SEC permits us to “incorporate by reference” the information contained in documents we have filed with\nthe SEC, which means that we can disclose important information to you by referring you to those documents rather than providing such\ninformation in this prospectus. Information that is incorporated by reference is considered to be part of this prospectus and you should\nread it with the same care that you read this prospectus. We incorporate by reference the documents listed below (other than current\nreports furnished under Item 2.02 or Item 7.01 of Form 8-K and exhibits furnished with such reports related to such items, unless such\ncurrent report expressly provides to the contrary) that we have filed with the SEC:

\n\n\n\n\n\n\n\n\n

	●	our\n Current Report on Form 8-K12B filed with the SEC on July 28, 2026;
	●	our\n Annual Report on Form 10-K for the fiscal year ended April 30, 2026, filed with the SEC on\n July 28, 2026;
	●	our\n Amendment No. 1 to the Annual Report on Form 10-K for the fiscal year ended April 30, 2026,\n filed with the SEC on August 28, 2026;
	●	our\n Quarterly Report on Form 10-Q\t for the quarter ended July 31, 2026, filed with the SEC\n on September 14, 2026; and
	●	our\n Current Report on Form 8-K filed with the SEC on August 7, 2026.

We\nwill provide to each person, including any beneficial owner, to whom this prospectus is delivered, without charge, upon written or oral\nrequest, a copy of any or all of the reports or documents incorporated by reference in this prospectus, including any exhibits specifically\nincorporated by reference in any such reports or documents, but not delivered with this prospectus. You should direct any requests for\nreports or documents to our corporate secretary, who can be contacted at 141 Union Blvd, Suite #310, Lakewood, CO 80228 or (720) 657-1700.

You\nalso may access the reports and documents on our website at www.uraniumroyalty.com. We do not incorporate the information on our website\ninto this prospectus or any supplement to this prospectus and you should not consider any information on, or that can be accessed through,\nour website as part of this prospectus or any supplement to this prospectus (other than those filings with the SEC that we specifically\nincorporate by reference into this prospectus or any supplement to this prospectus).

Any\nstatement contained in a document incorporated by reference into this prospectus will be deemed modified, superseded or replaced for\npurposes of this prospectus to the extent that a statement contained in this prospectus modifies, supersedes or replaces such statement.

Uranium\nRoyalty Corp.

Up\nto 226,719,982 Shares of Common Stock

PROSPECTUS

,\n2026

PART\nII

INFORMATION\nNOT REQUIRED IN PROSPECTUS

Item\n13. Other Expenses of Issuance and Distribution.

The\nfollowing table sets forth all expenses to be paid by the registrant in connection with the offering and sale of the shares of Common\nStock being registered. All amounts shown are estimates except for the SEC registration fee.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Amount
SEC registration fee	$	80,082.03
Accounting fees and expenses		201,000
Legal fees and expenses		292,000
Other miscellaneous expenses		5,000
Total expenses	$	578,082,03

Item\n14. Indemnification of Directors and Officers.

Section\n145(a) of the DGCL provides, in general, that a corporation may indemnify any person who was or is a party to or is threatened to be\nmade a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative\n(other than an action by or in the right of the corporation), because he or she is or was a director, officer, employee or agent of the\ncorporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation,\npartnership, joint venture, trust or other enterprise, against expenses (including attorneys’ fees), judgments, fines and amounts\npaid in settlement actually and reasonably incurred by the person in connection with such action, suit or proceeding, if he or she acted\nin good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation and, with\nrespect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful.

Section\n145(b) of the DGCL provides, in general, that a corporation may indemnify any person who was or is a party or is threatened to be made\na party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor\nbecause the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation\nas a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses\n(including attorneys’ fees) actually and reasonably incurred by the person in connection with the defense or settlement of such\naction or suit if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests\nof the corporation, except that no indemnification shall be made with respect to any claim, issue or matter as to which he or she shall\nhave been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery or other adjudicating court\ndetermines that, despite the adjudication of liability but in view of all of the circumstances of the case, he or she is fairly and reasonably\nentitled to indemnity for such expenses that the Court of Chancery or other adjudicating court shall deem proper.

Section\n145(c) of the DGCL requires a corporation to indemnify a present or former director or officer who has been successful on the merits\nor otherwise in defending an action, suit or proceeding, or any claim, issue or matter therein, for expenses (including attorneys’\nfees) actually and reasonably incurred. Section 145(d) provides that, unless indemnification is ordered by a court, indemnification under\nSections 145(a) and (b) may be made only after a determination that the applicable standard of conduct has been satisfied, which determination\nmay be made by disinterested directors, a committee of disinterested directors, independent legal counsel in a written opinion or the\nstockholders. Section 145(e) permits a corporation to advance expenses incurred by a director or officer before final disposition of\na proceeding upon receipt of an undertaking to repay the amounts advanced if it is ultimately determined that the person is not entitled\nto indemnification. Section 145(f) provides that the indemnification and advancement rights provided by Section 145 are not exclusive\nof other rights under a corporation’s bylaws, agreements, stockholder or director action or otherwise, and that rights arising\nunder a certificate of incorporation or bylaws generally may not be eliminated or impaired by a later amendment with respect to prior\nacts or omissions.

II-1

Section\n145(g) of the DGCL provides, in general, that a corporation may purchase and maintain insurance on behalf of any person who is or was\na director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer,\nemployee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against\nsuch person and incurred by such person in any such capacity, or arising out of his or her status as such, whether or not the corporation\nwould have the power to indemnify the person against such liability under Section 145 of the DGCL.

In\naccordance with Section 102(b)(7) of the DGCL, Article IX of our Certificate of Incorporation eliminates, to the fullest extent permitted\nby Delaware law, the personal liability of our directors and officers for monetary damages for breach of their fiduciary duties as directors\nor officers, as applicable, except to the extent that such limitation is not permitted under the DGCL, including liability for (i) any\nbreach of the duty of loyalty to the Company or its stockholders, (ii) acts or omissions not in good faith, including intentional misconduct\nor a knowing violation of law, (iii) violations of Section 174 of the DGCL relating to unlawful dividends, stock purchases or redemptions,\nor (iv) any transaction from which the director or officer derived an improper personal benefit. This provision eliminates the right\nof the Company and its stockholders, including in derivative actions, to recover monetary damages against a director or officer for breaches\nof the duty of care, including negligent or grossly negligent conduct, but does not eliminate the right to seek non-monetary relief,\nsuch as injunctive or rescissionary relief. If the DGCL is amended to authorize further elimination or limitation of the liability of\ndirectors and officers, our Certificate of Incorporation provides that the liability of our directors and officers will be eliminated\nor limited to the fullest extent permitted by the DGCL, as so amended. Any repeal or amendment of the provisions of Article IX limiting\nor eliminating the liability of directors and officers, or adoption of inconsistent provisions, will generally be prospective only, except\nto the extent otherwise permitted by law.

The\nCompany maintains standard policies of directors’ and officers’ liability insurance providing coverage to its directors and\nofficers against loss arising from claims made by reason of breach of duty or other wrongful act, and coverage to the Company with respect\nto indemnification payments it may make to such directors and officers.

Our\nCertificate of Incorporation authorizes us to indemnify, and to advance expenses to, each current or former director, officer, employee\nor agent of the Company to the fullest extent permitted by Section 145 of the DGCL (or any successor provision). These indemnification\nand advancement rights are contract rights and, if required by the DGCL, advancement of expenses to a director or officer is subject\nto delivery of an undertaking to repay the amounts advanced if it is ultimately determined that the person is not entitled to indemnification.\nNo amendment to, or modification or repeal of, Article IX, or adoption of any provision of our Certificate of Incorporation, or, to the\nfullest extent permitted by the DGCL, any modification of law, shall eliminate, reduce or otherwise adversely affect any right or protection\nof a director, officer, employee or agent of the Company existing thereunder with respect to any act or omission occurring prior to such\namendment, modification, repeal or adoption. Our Bylaws contain consistent provisions regarding indemnification and advancement of expenses.

We\nhave entered into indemnification agreements with each of our directors and executive officers. These agreements provide indemnification\nto the fullest extent permitted by the DGCL against expenses, judgments, penalties, fines, liabilities, losses and amounts paid in settlement,\nand provide for the advancement of expenses within two business days after receipt of a request accompanied by a written undertaking\nto repay the amounts advanced if it is ultimately determined that the indemnitee is not entitled to indemnification. The agreements include\ncontribution provisions if indemnification is unavailable and favorable procedural presumptions, including a presumption that the indemnitee\nacted in good faith, subject to rebuttal by clear and convincing evidence. The agreements exclude amounts actually covered by insurance\nor other indemnity, claims as to which a court makes a final determination that the indemnitee failed to act honestly and in good faith\nor that indemnification is prohibited by law, short-swing profits under Section 16(b) of the Exchange Act, and compensation or profits\nsubject to reimbursement or clawback under the Exchange Act, the Sarbanes-Oxley Act or applicable compensation recoupment policies.

Item\n15. Recent Sales of Unregistered Securities.

The\nfollowing information relates to all securities issued by us within the past three years and not registered under the Securities Act.\nAll securities described below were issued in connection with the Arrangement, which was completed on July 27, 2026.

In\nconnection with the Arrangement on July 27, 2026:

\n\n\n\n\n\n\n\n\n\n\n\n\n

	●	223,252,749\n shares of Common Stock were issued to the Sweetwater Investors (Orion Resource Partners (USA)\n LP, Ontario Teachers’ Pension Plan Board and OMF II Onshore Alpha Holdings LLC) at\n a deemed value of US$3.64 per share. These shares were issued in reliance on Section 4(a)(2)\n of the Securities Act and Rule 506(b) of Regulation D.
	●	153,957,874\n shares of Common Stock were issued to former shareholders of Uranium Royalty Corp. (Canada)\n in exchange for their existing URC Canada common shares on a one-for-one basis. These shares\n were issued in reliance on Section 3(a)(10) of the Securities Act, as the Arrangement was\n approved by the Supreme Court of British Columbia after a hearing on the fairness of the\n terms and conditions of the exchange.
	●	3,856,695\n Exchangeable Shares of ExchangeCo were issued to certain former shareholders of\n Uranium Royalty Corp. (Canada). These shares were issued in reliance on Section 3(a)(10)\n of the Securities Act.
	●	1,538,150\n replacement stock options were issued to former holders of URC Canada stock options. These\n options were issued in reliance on Section 3(a)(10) of the Securities Act.
	●	One\n (1) Special Voting Share was issued to Computershare Trust Company of Canada, as trustee.\n This share was issued in reliance on Section 4(a)(2) of the Securities Act.
	●	One\n (1) share of Class A Preferred Stock was issued to OMF II Onshore Alpha Holdings LLC. This\n share was issued in reliance on Section 4(a)(2) of the Securities Act.
	●	One\n (1) share of Class B Preferred Stock was issued to HRG Metals LP. This share was issued in\n reliance on Section 4(a)(2) of the Securities Act.

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Item\n16. Exhibits and Financial Statement Schedules.

The\nexhibits to this registration statement are listed in the Exhibit Index to this registration statement, which immediately precedes the\nSignature Page and which Exhibit Index is hereby incorporated by reference.

Item\n17. Undertakings.

(a)\nThe undersigned registrant hereby undertakes:

(1)\nTo file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

(i)\nTo include any prospectus required by section 10(a)(3) of the Securities Act of 1933;

(ii)\nTo reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective\namendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration\nstatement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities\noffered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range\nmay be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume\nand price represent no more than 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration\nFee” table in the effective registration statement; and

(iii)\nTo include any material information with respect to the plan of distribution not previously disclosed in the registration statement or\nany material change to such information in the registration statement;

Provided,\nhowever, that paragraphs (a)(1)(i), (ii), and (iii) of this section do not apply if the information required to be included in a post-effective\namendment by those paragraphs is contained in reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or\nSection 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained\nin a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.

(2)\nThat, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed\nto be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall\nbe deemed to be the initial bona fide offering thereof.

(3)\nTo remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the\ntermination of the offering.

(4)\nThat, for the purpose of determining liability under the Securities Act of 1933 to any purchaser, each prospectus filed pursuant to Rule\n424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other\nthan prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the\ndate it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus\nthat is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration\nstatement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such\nfirst use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration\nstatement or made in any such document immediately prior to such date of first use.

(5)\nThat, for the purpose of determining liability under the Securities Act of 1933 to any purchaser in the initial distribution of the securities,\nthe undersigned registrant hereby undertakes that in a primary offering of securities of the undersigned registrant pursuant to this\nregistration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered\nor sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser\nand will be considered to offer or sell such securities to such purchaser:

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(i)\nAny preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule\n424;

(ii)\nAny free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by\nthe undersigned registrant;

(iii)\nThe portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant\nor its securities provided by or on behalf of the undersigned registrant; and

(iv)\nAny other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

(b)\nThe undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing\nof the registrant’s annual report pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where\napplicable, each filing of an employee benefit plan’s annual report pursuant to section 15(d) of the Securities Exchange Act of\n1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to\nthe securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering\nthereof.

(c)\nInsofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling\npersons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of\nthe Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable.\nIn the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred\nor paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is\nasserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless\nin the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the\nquestion whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication\nof such issue.

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EXHIBIT INDEX

Exhibit\n Number		Description
3.1		Certificate of Incorporation of Uranium Royalty Corp. (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K12B filed with the SEC on July 28, 2026).
3.2		Bylaws of Uranium Royalty Corp. (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K12B filed with the SEC on July 28, 2026).
3.3		Certificate of Designation of Class A Preferred Stock and Class B Preferred Stock (incorporated by reference to Exhibit 3.3 to the Company’s Current Report on Form 8-K12B filed with the SEC on July 28, 2026).
5.1*		Opinion of Haynes and Boone, LLP.
10.1#		Arrangement Agreement, dated as of April 16, 2026, by and among Uranium Royalty Corp. (Canada), the Company, and the other parties thereto (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K12B filed with the SEC on July 28, 2026).
10.2†		Investors Rights Agreement, dated as of July 27, 2026, by and among the Company, Orion Resource Partners (USA) LP and Ontario Teachers’ Pension Plan Board (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K12B filed with the SEC on July 28, 2026).
10.3		First Amendment to Investors Rights Agreement, dated as of September 22, 2026, by and among the Company, Orion Resource Partners (USA) LP and Ontario Teachers’ Pension Plan Board.
10.4		Exchangeable Share Support Agreement, dated as of July 27, 2026, by and among the Company, UROY ExchangeCo Ltd., and Computershare Trust Company of Canada (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K12B filed with the SEC on July 28, 2026).
10.5		Voting and Exchange Trust Agreement, dated as of July 27, 2026, by and among the Company, UROY ExchangeCo Ltd., and Computershare Trust Company of Canada (incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K12B filed with the SEC on July 28, 2026).
10.6		Form of Indemnification Agreement (incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K12B filed with the SEC on July 28, 2026).
23.1*		Consent of PricewaterhouseCoopers LLP.
23.2*		Consent of KPMG LLP.
23.3*		Consent of Haynes and Boone, LLP (included in Exhibit 5.1)
24.1		Power of Attorney (included on signature page).
101.INS		Inline XBRL Instance Document
101.SCH		Inline XBRL Taxonomy Extension Schema Document
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File (embedded within the Inline XBRL document and contained in Exhibit 101).
107*		Calculation of Filing Fee Table.

\n \n \n \n \n \n \n \n \n \n \n \n \n

*		Filed herewith
#		As permitted by Regulation S-K, Item 601(b)(10)(iv) of the Securities Exchange Act of 1934, as amended, certain confidential portions of this exhibit have been redacted from the publicly filed document. The Company agrees to furnish supplementally an unredacted copy of the exhibit to the Securities and Exchange Commission upon its request.
†		Certain exhibits and schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The registrant hereby undertakes to furnish supplementally a copy of any omitted exhibit or schedule upon request by the Securities and Exchange Commission.

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SIGNATURES

Pursuant\nto the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf\nby the undersigned, thereunto duly authorized, in the City of Lakewood, State of Colorado, on October 1, 2026.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	URANIUM ROYALTY CORP.

	By:	/s/\n Scott Melbye
		Scott Melbye
		Chief Executive Officer, President and Director

POWER\nOF ATTORNEY

Each\nperson whose signature appears below appoints Scott Melbye as his or her true and lawful attorney-in-fact and agent, with full power\nof substitution and re-substitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and\nall amendments (including post-effective amendments) to this registration statement and any registration statement (including any amendment\nthereto) for this offering that is to be effective upon filing pursuant to Rule 462(b) under the Securities Act of 1933, as amended,\nand to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission,\ngranting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary\nto be done, as fully to all intents and purposes as he or she might or would do in person, hereby ratifying and confirming all that said\nattorney-in-fact and agent, or his or her substitute and substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant\nto the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in\nthe capacities and on the dates indicated.

Signature	Title	Date

/s/\nScott Melbye	Chief Executive Officer and Director	October 1, 2026
Scott Melbye	(Principal Executive Officer)

/s/ Eason Chen	Interim Chief Financial Officer	October 1, 2026
Eason Chen	(Principal Financial and Accounting Officer)

/s/ Amir Adnani	Chairman of the Board of Directors	October 1, 2026
Amir Adnani

/s/ Neil Gregson	Director	October 1, 2026
Neil Gregson

/s/ Vina Patel	Director	October 1, 2026
Vina Patel

/s/ Ken Robertson	Director	October 1, 2026
Ken Robertson

/s/ Donna Wichers	Director	October 1, 2026
Donna Wichers

	Director
Peter Rozenauers

/s/ Kevin McQuilkin	Director	October 1, 2026
Kevin McQuilkin

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