Portfolio

Notes

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 royalty acquired by URC does not apply to the entirety of the project.
3. The royalty is structured as a Gross Overriding Royalty of 6% “Mine Price” on portions of the Churchrock Project.
4. As an NPI royalty this royalty will not generate revenue until production re-commences and only after cumulative expense accounts, that include development costs, are recovered.
5. A 10% to 20% sliding scale NPI royalty on a 3.75% share of overall uranium production, drawn from Orano's 40.453% ownership interest. The royalty rate adjusts to 10% in the future upon production of 200 Mlbs from the combined royalty lands of the Dawn Lake and Cigar Lake Projects.
6. A 10% to 20% sliding scale NPI royalty on a 7.5% share of overall uranium production. The royalty rate adjusts to 10% in the future upon production of 200 Mlbs from the combined royalty lands of the Dawn Lake and Cigar Lake Projects.
7. A 2 - 4% sliding scale gross value royalty on portions of the Dewey-Burdock Project
8. A 1% gross value royalty applicable to both uranium and vanadium sales from portions of the Energy Queen Project. URC may choose to take product payment in physical ore or concentrates.
9. A 1.0% GORR on an approximate 9% share of uranium production derived from an approximate 30.195% ownership interest of Orano.
10. The maximum amount payable under the Reno Creek Royalty is US$2.5 million.
11. The Roca Honda royalty is subject to the right of the payor to purchase the royalty for US$5 million at any time prior to the first royalty payment becoming due thereunder.
12. The royalties on the Roughrider project and Russell Lake and Russell Lake South projects are represented by the same royalty instrument.
13. A 2-4% sliding scale gross value royalty applicable to both uranium and vanadium sales from portions of the Whirlwind Project. URC may choose to take product payment in physical ore or concentrates.
14. A 10% NPI on a 20.6955% participating interest. The royalty becomes payable after recovery of all qualifying preproduction expenditures incurred after the establishment of the royalty.