The Company accumulates and manages a portfolio of geographically diversified uranium interests that may be acquired directly from mine operators, as well as third party holders of existing royalties, across the spectrum of project stages, from grassroots to production. In evaluating such transactions, the Company utilizes a disciplined approach to manage its fiscal profile.

Existing Royalty
Royalty Options
Project Operator Location Type Of Royalty Mining Method Project Stage(1)
McArthur River(3)(5) Cameco Corporation SK, Canada 1% GOR Conventional Production Idled
Cigar Lake/Waterbury(3)(4)(6) Cameco Corporation SK, Canada 10% - 20% NPI Conventional In Production
Roughrider(2) Rio Tinto plc. SK, Canada 1.9701% NSR Conventional Development(2)
Church Rock Laramide Resources Ltd. NM, USA 4% NSR In-Situ Recovery Development
Reno Creek(3) Uranium Energy Corp. WY, USA 0.5% NPI In-Situ Recovery Development
Dewey-Burdock(3) Azarga Uranium Corp. SD, USA 30% Net Proceeds In-Situ Recovery Development
Lance(3) Peninsula Energy Ltd. WY, USA 4% GRR In-Situ Recovery Production Idled
Roca Honda(3) Energy Fuels Inc. NM, USA 4% GRR Conventional Development
Michelin Paladin Energy Ltd. NFLD, Canada 2% GRR Conventional Development
Anderson Uranium Energy Corp. AZ, USA 1% NSR Conventional Advanced
Slick Rock Uranium Energy Corp. CO, USA 1% NSR Conventional Advanced
Workman Creek Uranium Energy Corp. AZ, USA 1% NSR Conventional Development
Langer Heinrich Langer Heinrich Uranium (Pty) Ltd. Namibia A$0.12 per kg PR Conventional Production Idled
Diabase Uranium Energy Corp. SK, Canada 3% GRR N/A Early Exploration
Dawn Lake(4)(7) Cameco Corporation SK, Canada 10 - 20% NPI N/A Early Exploration
  1. The Company classifies its projects based on the stage of current and historical exploration, development and production. The following is a description of the categories utilized by the Company to classify the project stage of each of its royalty interests.
    • Early Exploration - A project is considered to be in the Early Exploration stage when there is no current or historic mineral resource or mineral reserve defined for the project.
    • Development - A project is considered to be in the Development stage when the project has a current or historic mineral resource or reserve defined for the project, but there is no current preliminary economic assessment, pre-feasibility study or feasibility study completed by the operator thereof to support the potential economic viability of such resource or reserve.
    • Advanced - A project is considered to be in the Advanced stage when there is a current mineral resource or mineral reserve defined for the project, which is supported by a preliminary economic assessment, a pre-feasibility study or a feasibility study.
    • Production Idled - A project is considered to be in the Production Idled stage when the project, or part of it, has been in production at any time during the past three calendar years, but such production has been idled due to market conditions or otherwise.
    • In Production – A project is considered to be in the In Production stage when the underlying property, or part of it, is subject to steady-state uranium production operations.
  2. The Roughrider Royalty also applies to the Russell Lake and Russell Lake South projects, which are considered to be Early Exploration stage projects, located in the Athabasca Basin.
  3. The royalty acquired by URC does not apply to the entirety of the project.
  4. As an NPI royalty this royalty will not generate revenue until cumulative expense accounts, that include development costs, are exhausted.
  5. A 1.0% GORR on an approximate 9% share of uranium production derived from an approximate 30.195% ownership interest of Orano.
  6. A 10% to 20% sliding scale NPI royalty on a 3.75% share of overall uranium production, drawn from Orano's approximate 37.1% ownership interest.
  7. A 10% to 20% sliding scale NPI royalty on a 7.5% share of overall uranium production.


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