Uranium Royalty to merge with Sweetwater Royalties

On April 16, 2026, Uranium Royalty Corp. ("URC") announced that it entered into an arrangement agreement to combine with entities owning a 92% interest in Sweetwater Royalties LLC ("Sweetwater") from funds managed by Orion Resource Partners LP ("Orion") and the Ontario Teachers' Pension Plan (“Ontario Teachers”) for approximately US$1.1 billion.

Upon closing, Sweetwater and URC will combine under a newly formed, U.S. domiciled parent company, Uranium Royalty Corp. (“New URC”), which will apply for its common shares to be listed on the NASDAQ Capital Market.

Under the terms of the arrangement agreement, which will be implemented by way of a statutory plan of arrangement under the Canada Business Corporations Act, Orion and Ontario Teachers will receive approximately US$330 million in cash and US$813 million in new URC shares, subject to adjustment under the agreement.

Following completion of the transaction, Orion and Ontario Teachers are expected to hold approximately 43% and 16%, respectively, of the combined company. Each will be party to investor rights and support agreements, adding two supportive institutional shareholders to URC's strong shareholder base. Existing URC shareholders are expected to hold approximately 41% of the pro forma shares outstanding, prior to any additional financing.

The transaction is subject to, among other things, approval by URC shareholders (66 2/3%), requisite court approval, applicable stock exchange and regulatory approvals, and other customary closing conditions. A shareholder meeting is expected to occur on or about July 2026 with closing early third quarter of 2026, subject to regulatory approvals.

Further information can be found on PR Newswire’s website.

Uranium Royalty Corp. is the world's only uranium-focused royalty and streaming company, and the only pure-play uranium listed royalty company on the NASDAQ. It provides investors with uranium commodity price exposure through strategic acquisitions in uranium interests, including royalties, streams, debt and equity in uranium companies, as well as through holdings of physical uranium.

Sweetwater Royalties is a privately held land and mineral royalty company that owns one of the largest private land and mineral estates in the United States. It owns approximately 4.5 million mineral acres and approximately 850,000 fee surface acres in Wyoming, Utah and Colorado (the "Land Grant"). Its vast surface and mineral estates underpin a royalty platform of large-scale soda ash royalties and a broad mix of long-term development opportunities.

Orion Resource Partners is a global investment firm specializing in the metals and materials critical to sustainable economic growth and the energy transition. It has successfully invested across the metals and materials value chain for over a decade, operating complementary investment strategies spanning the full liquidity spectrum, finding and capturing opportunities driven by the long-term trends of global decarbonization, the constrained supply of critical resources, and advancements in industrial technologies.

Ontario Teachers' is a global investor with net assets of $279.4 billion as at December 31, 2025. It is a fully funded defined benefit pension plan, and it invests in a broad array of asset classes to deliver retirement security for 346,000 working members and pensioners.