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.
• 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, to support a proposed arrangement involving URC and affiliates of Orion Resource Partners and HRG Metals LP.
• The subscription receipts are convertible into common shares on a one-for-one basis upon the completion of the proposed acquisition transaction.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral-to-positive strategic alignment, indicating confidence in the proposed transaction while increasing exposure to the royalty business model.

Positives

• Strategic increase in equity position in a related entity (URC) to 18.4%.
• Clear alignment with the proposed arrangement transaction through a formal voting support agreement.
• Subscription receipts provide a clear path to increased equity ownership upon transaction completion.

Negatives

• Capital outlay of approximately US$40 million (10,989,011 units at US$3.64) to increase stake.
• Increased concentration risk in the uranium royalty sector.

Risks

• The proposed transaction is subject to various closing conditions and regulatory approvals.
• Market volatility could impact the value of the acquired subscription receipts.
• Failure to complete the arrangement could impact the strategic rationale for the investment.

Future Outlook

The Reporting Person intends to support the proposed arrangement transaction and reserves the right to acquire or dispose of securities depending on market conditions and strategic evaluations.

Management Comments

• The Reporting Person reserves the right to formulate other plans or make other proposals and take other actions with respect to its interest in the Issuer.

Industry Context

StockSavvy.ai notes that this move reflects ongoing consolidation and strategic positioning within the uranium sector, as major players look to secure royalty interests and equity stakes in royalty-focused companies to hedge against commodity price volatility.

Comparison to Industry Standards

• The use of subscription receipts is a standard financing mechanism in the Canadian mining sector to facilitate M&A transactions.
• The 18.4% stake is a significant minority position, consistent with strategic investment patterns in the junior mining and royalty space.

Related Party Transactions

• UEC is an insider of URC and participated in the subscription receipt offering.

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 completion of the proposed arrangement.
• Ongoing monitoring of the proposed transaction's regulatory and shareholder approval process.

Key Dates

Recommendation

The filing indicates a strategic consolidation of ownership and support for a specific corporate transaction, which is generally positive for stability but does not fundamentally change the underlying valuation of the company until the transaction closes.

Keywords

Uranium Royalty Corp, Uranium Energy Corp, Subscription Receipts, Voting Support Agreement, Merger and Acquisition, Uranium Mining, Schedule 13D