SCHEDULE: Uranium Energy Corp. Increases Stake in Uranium Royalty Corp

Uranium Energy Corp. acquired 10.99 million subscription receipts of Uranium Royalty Corp. and entered into a voting support agreement for a proposed transaction.

Summary

• Uranium Energy Corp. (UEC) acquired 10,989,011 subscription receipts of Uranium Royalty Corp. (URC) at US$3.64 per unit on April 29, 2026.
• The acquisition increases UEC's beneficial ownership to 28,967,375 shares, representing approximately 18.4% of URC's outstanding common stock.
• UEC entered into a voting support agreement on April 16, 2026, committing to vote its shares in favor of a proposed arrangement involving URC and affiliates of Orion Resource Partners.
• The subscription receipts are convertible into common shares on a one-for-one basis upon the completion of the proposed transaction.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a positive strategic move for UEC, signaling confidence in the target company's future and securing a significant influence over the upcoming corporate arrangement.

Positives

• Strategic increase in equity position to 18.4% in Uranium Royalty Corp.
• Demonstrates strong support for the proposed corporate arrangement and strategic direction of the issuer.
• Subscription receipts provide a clear path to increased equity ownership upon transaction completion.

Negatives

• UEC is restricted from selling or disposing of its shares or soliciting alternative acquisition proposals under the voting support agreement.
• The investment is subject to the successful completion of the proposed arrangement.

Risks

• The proposed transaction may be delayed or fail to complete, impacting the value of the subscription receipts.
• Market conditions may fluctuate, affecting the value of the equity stake.
• The voting support agreement limits UEC's flexibility to pursue alternative transactions or divest its position until the agreement terminates.

Future Outlook

The reporting person intends to support the proposed arrangement and reserves the right to acquire or dispose of securities based on market conditions and strategic evaluations.

Management Comments

• The reporting person confirms that all decisions regarding the issuer's securities are made by the board of directors of Uranium Energy Corp.

Industry Context

StockSavvy.ai notes that this transaction reflects ongoing consolidation and strategic alignment within the uranium sector, as major players like UEC look to solidify their influence over royalty-holding entities to secure long-term exposure to uranium price appreciation.

Comparison to Industry Standards

• The use of voting support agreements is a standard practice in Canadian corporate arrangements to ensure shareholder alignment.
• The 18.4% stake is a significant minority position, consistent with strategic investment patterns in the junior mining and royalty sector.

Stakeholder Impact

• Shareholders of URC may see increased stability in the voting block supporting the proposed arrangement.
• UEC shareholders gain increased exposure to URC's royalty portfolio.

Next Steps

• Conversion of subscription receipts into common shares upon the effective date of the proposed arrangement.
• Continued monitoring of the proposed transaction's regulatory and shareholder approval process.

Key Dates

Recommendation

The filing indicates a strategic alignment and support for a corporate transaction, which is generally neutral to positive for long-term holders but does not represent a fundamental change in the underlying business operations of the issuer.

Keywords

Uranium Royalty Corp, Uranium Energy Corp, Schedule 13D, Subscription Receipts, Voting Support Agreement, Orion Resource Partners, Uranium Mining