Uranium Royalty Corp (URC) is a pure-play uranium royalty company that holds royalty interests on uranium projects operated by third parties, and holds physical uranium. URC does not mine uranium, fund mine development, or participate in cash calls — it functions as a passive financial investor that collects royalty revenue when operators produce uranium from properties in which URC holds an interest. URC's royalty portfolio covers 21 uranium projects across Canada, the U.S., Namibia, and Spain, though near-term cash generation is narrow and concentrated in two producing assets in Canada's Athabasca Basin: McArthur River (the world's largest high-grade uranium mine) and Cigar Lake (the world's highest-grade uranium mine). URC's McArthur River royalty is a gross overriding royalty and currently the primary revenue driver, with royalty payments delivered in physical uranium. The Cigar Lake royalty is a net profits interest (NPI), meaning it only generates cash after the operator recovers cumulative development costs — making it a longer-term opportunity. Beyond royalties, URC holds approximately 2.73 Mlbs of physical uranium in storage, providing direct commodity price exposure. URC earns money through royalty payments tied to production volumes and uranium prices, and through changes in the value of its physical uranium holdings. The royalty model keeps URC's cost structure lean, as URC bears none of the operating costs or capital expenditures associated with mining.