The Atomic Awakening:
Unplugging The Energy Crisis… Fueled by Uranium

In this report:

• How an inch of uranium can replace 3 barrels of oil.
• Elon Musk, Sam Altman, Chamath Palihapitiya and Bill Gates are pushing the Nuclear Energy narrative
• REVEALED: The first of its kind Uranium stock to put on your radar

One pellet of refined uranium – the size of your fingernail – packs as much power as 149 gallons of oil.² About 18 million fuel pellets are loaded in a typical reactor and are contained in fuel rods bundled into fuel assemblies.

A typical reactor produces energy equivalent to ~3.125 million solar panels, 431 utility scale Wind turbines, 100 Million LED Bulbs, or 1.3 million horses.

An average reactor requires almost 400,000 lbs. of uranium (U3O8) a year and current global consumption totals about 170 million pounds of U3O8 per year.

The world is on the brink of an energy transformation, with two core challenges:

1. Radically reducing our carbon footprint
2. Ensuring a stable and predictable power supply

Renewable energy like wind and solar does an excellent job solving the first problem.

While promising, renewables still face intermittent generation issues.¹

In other words, solar panels don’t produce energy when the sun doesn’t shine. And wind turbines don’t spin when the wind doesn’t blow.

• Nuclear plants produce energy more than 90 percent of the time.
• Wind only runs about 35 percent of the time, and
• Solar a measly 25 percent of the time.

That means that three to four times as much wind and solar has to be installed just to produce the same amount of energy as nuclear.

FACT: 11 nuclear plants in Illinois and Pennsylvania produced more power than all solar in the U.S. in 2021.

Here’s what that difference looks like in real life:

In both land and waste, that makes a huge difference for the environment.

Those eleven plants cover about 25 square miles of land total.

Generating the same amount of electricity via solar requires more than 775 square miles—all of it deforested to make room for solar panels.

And wind? It would take more than 4,000 square miles.

With current tech, you would not want to rely on these types of energy sources for 100% of your electrical needs.

Something else is needed to fill the gaps left by renewable energy sources.

With its capacity for stable, baseload energy generation, nuclear is not just a solution; it's an imperative.

Such sentiments echo across industry corridors, emphasizing the magnitude of nuclear's role in the future.

Microsoft co-founder Bill Gates – known for his steadfast support of renewables – doubled down on nuclear energy:

“We need more nuclear power to zero out emissions in America and to prevent a climate disaster.”⁵

As did his equal-opposite counterpart, Elon Musk:

“Countries should be increasing nuclear power generation! It is insane from a national security standpoint & bad for the environment to shut them down.”6

When prominent global leaders are staking their reputation and resources on nuclear's potential, the world must pay attention.

Fuel Forward

The global excitement around nuclear energy is clear.

The 2023 Nationwide Nuclear Perception Poll from Bisconti Research reported 75% public support of nuclear energy for the third consecutive year.⁸

Remember, the ‘public’ doesn’t just include office workers and school teachers… It includes investors, entrepreneurs, and shot-callers too.

It's no surprise that uranium prices have risen over 100% since 2021.

And that’s because uranium is at the heart of most forms of nuclear energy.

Uranium is mined all over the world as the primary fuel source for nuclear power.¹⁰

In a simplistic way these fuel assemblies become high-efficiency heating elements which boil water, to create steam, which in turn, spins a turbine in an electricity generator.

This process is called nuclear fission.

Because nuclear reactors don’t burn any fossil fuels, there are no harmful greenhouse gases or carbon emissions – making the process totally clean.¹⁴

Plus, uranium is far more energy-dense than fossil fuel.

• One fuel pellet packs as much power as 149 gallons of oil.¹⁵
• And a nuclear reactor can contain more than 30 million uranium pellets.¹⁶

That means, a nuclear reactor can produce the energy equivalent of 4.47 billion gallons of oil.

Media Mayhem:
Everyone’s Catching Uranium Fever

Uranium fever is spreading fast.

In addition to nuclear provisions in the Inflation Reduction Act, the US Senate passed other legislation to support domestic nuclear energy and uranium production, including:

1. The Fission for the Future Act of 2022: A bill that establishes a Nuclear Fuel Security Program to ensure availability of domestic nuclear fuel (i.e. uranium) for existing and advanced nuclear reactors. ¹⁷
2. The Nuclear Fuel Security Act of 2023: An amendment to prioritize and increase U.S.-based uranium production.¹⁸
3. The ADVANCE Act of 2023: A bipartisan bill that supports building more nuclear reactors better, faster, cheaper, and smarter.¹⁹

Across the world, over 30 countries already use nuclear power, which provides about 10% of the globe’s electricity.²⁰

An additional 30 countries are considering, planning, or starting nuclear power programs.

And another 20 have expressed interest.²¹

All in all, that’s 51% of the world’s countries using, building, planning, or interested in nuclear power.

Based on the McKinsey electricity forecast, the amount of nuclear power generation required is staggering.

• At the very minimum we are looking at a doubling in nuclear reactors required.
• The World Nuclear Association asserted at its September 2023 London Symposium, that a tripling of nuclear generation is realistically what the world needs to meet both carbon reduction goals, while satisfying growing global energy demand in emerging and high-tech societies.

That’s a Whole LOT of Uranium Needed…

In fact, over 170 million lbs of uranium was required to power the world's 400+ nuclear reactors.²² And that number is just going to keep growing…

Consider the following figures from July 2023:²³

• 436 nuclear power plants are currently operable.
• 60new plants are under construction.
• 110 new plants are in the planning stages.
• 321 new plants are proposed.

With over 170 million pounds of natural uranium (U3O8) per year needed to power 436 plants in 2023… And we’re looking at nearly double the number of plants on the way in the future…

Then it stands to reason that we can expect annual demand of at least 340 million pounds of uranium

Despite the demand, the uranium market is having trouble keeping up…

Existing uranium mines supplied ~66% of the uranium demand in 2022 and has been on a downward trend since 2015²⁴

Additionally, the uranium production market is known for its volatility due to various factors…

• Setting up new mines can take a decade or more to break ground, mainly due to extensive licensing and permitting.²⁵
• Major uranium reserves are located in areas with political complexities, like Kazakhstan, and Russia.²⁶
• Uranium supply can be affected by regional disputes, wars, and upheavals, depending on the location of the mine (recent example of Niger in Africa).²⁷

That means existing mines may have to work in overdrive to keep up with the demand, until legislators can catch up to the changing energy landscape.

Electric Dreams Vs. Nuclear Reality

A company’s ability to leverage the tricky landscape of uranium in the face of the Nuclear Renaissance comes down to a few VERY telling factors.

1. The first factor is that the company must be well-established with respected management teams experienced in uranium discovery, mine development, production and marketing.
   
   This ensures that they can achieve what they say they can in the space.
2. The second factor of a promising uranium company is jurisdiction, meaning they possess strong and sizeable geologic resources, in mining-friendly states/provinces that are also free of geopolitical instability.
   
   As the global market is now realizing, breaking into the uranium mining industry and meeting these thresholds, is notoriously difficult.
   
   As stated before, new mines can take over a decade to get up and running, uranium prices face volatility due to a host of factors, and lack of investment in the recent prolonged bear market has not made the landscape easier.
   
   A company that is well placed and innovative in its business model to deal with these realities shows promise in the long run.
3. The third factor is a solid balance sheet that is built on strategic partnerships that can bolster the company’s financial performance, assuming all the other technical thresholds have been met.
   
   In an industry as interconnected and potentially volatile as uranium-based energy, strategic alliances can make or break a company.
   
   Tying up with the right entities can bolster a company's footprint in the market and ensure a consistent edge over competitors.

STOCK SPOTLIGHT

Uranium Royalty Corp

(NASDAQ: UROY) (TSX: URC)

Uranium Royalty Corp is an innovative royalty company that is revolutionizing how business is done in the uranium sector.

According to the company slide presentation… it has significant re-rating potential to catch up to its peers.

In fact, H.C. Wainright published this in August 2023 about the company…

NOTE: Investing is high-risk and there are no guarantees that any target prices are hit

As a pure play business, Uranium Royalty Corp is solely focused on gaining exposure to uranium prices, and is doing it in new and exciting ways not seen in the industry before.

Uranium Royalty Corp has already built a solid foundation with:

1. An existing royalty portfolio of 18 mines located across the world.²⁹
2. A solid strategic partnership with one of the world’s leading physical uranium holding companies.³⁰

And it’s looking to achieve its long-term vision through several other avenues, including:³¹

1. Identifying and acquiring royalties in future uranium projects.
2. Identifying and acquiring streams in future uranium projects.
3. Long-term purchase agreements or options to acquire physical uranium products.
4. Direct strategic equity or debt investments in uranium companies.

Let’s be clear about this…

• Uranium Royalty Corp does not own uranium mines.
• It does not operate uranium mines.
• And it doesn’t start new uranium mines.

That’s the OLD way of doing business

What sets Uranium Royalty Corp (UROY) apart is that it is purely focused on managing and growing a portfolio of uranium interests through royalties and streams.

Streaming and Royalty 101

Owning, operating, and breaking ground on uranium mines is hard work…

By leveraging royalties, streams, and other agreements, Uranium Royalty Corp hopes to sidestep the political and practical headaches of uranium mining and get direct exposure to physical uranium.

Royalties and streams may sound like music industry terms, but they’re actually quite common in the mining industry…

It just so happens that Uranium Royalty Corp is the first and only pure-play royalty business in the uranium sector.

Here’s how it works…³²

1. Royalties:

Royalty holders (like Uranium Royalty Corp) invest in a mine and secure a percentage of what’s produced.

Depending on the specific royalty deal, that can be a percentage of the minerals, revenue, profit, or other goods.

Essentially, royalty businesses provide capital in exchange for granting a royalty on future production.

Types of royalty deals include:

Revenue-Based Royalties

• GRR (gross revenue royalties) and GORR (gross overriding royalties) are based on the total revenue stream from the sale of production from the property.
• NSR royalties (net smelter return royalties) are based on the value of production or net proceeds received by the operator from a smelter or refinery.

Profit-Based Royalties

• NPI royalties (net profit interest royalties) are based on the profit realized after deducting costs related to production.

Fixed Royalties

• Fixed royalties are paid based on a set rate per tonne mined, produced or processed or even a minimum for a period of time rather than as a percentage of revenue or profits.
• Production royalties ("PR") are typically based on metal produced, often at a predetermined fixed price.

2. Streams

Streams are similar to royalties in that they are deals for future goods produced, but the execution is where things differ.

• Stream holders get exposure to pre-set prices on the goods produced by a mine.

Like royalties, these deals are the result of the stream holder initially investing capital in the mine.

But what makes streams special is that they can secure exposure to below-market spot prices.

Consider the following scenario…

New Nuclear Mining wants to dig up uranium in Australia, but they are $25 million short in funding.

The CEO of New Nuclear Mining gets connected with The Royalty Corp, who agrees to give New Nuclear the $25 million it needs in exchange for a percentage of the revenue generated from the mine for 10 years.

It’s a win-win situation…

New Nuclear Mining gets to build its uranium mine. And The Royalty Corp earns a return on investment without the headache of running a mine themselves.

Now, if New Nuclear Mining promised The Royalty Corp a percentage of its physical uranium production at a pre-set price, the deal would be a stream.

Uranium Royalty Corp is the only business leveraging these innovative deals in the uranium sector.

They believe that this form of business shields them from risk while exposing them to strategic prices, deals, and outcomes.

And when you see where Uranium Royalty Corp comes from, then their business ideas REALLY start to make sense.

A History of Experience

Uranium Royalty Corp was born on New Year’s Eve, 2017.

Amir Adnani, who is the Chairman and Director of Uranium Royalty Corp, had a vision for innovation in the uranium sector.

Spending over a decade in the mining industry, and seeing the cycles of the uranium sector, he knew there was a gap that could be leveraged.

With a background in gold mining, Mr. Adnani believed in the power of royalties and streams, and he was surprised to see that this business model was practically non-existent in the uranium sector.

Fast-forward to 2023 and Uranium Royalty Corp has a bustling portfolio of royalties with 18 mines, highly-impactful strategic partnerships, and plans for further domination in the industry.

In addition to Mr. Adnani, Uranium Royalty Corp is backed by a stellar team that possesses decades of uranium industry experience.

The key members at Uranium Royalty Corp include:

• Scott Melbye – Chief Executive Officer: Mr. Melbye has been a director of the Company since April 2017 and has been the Chief Executive Officer and President of the Company since October 2019. He has over 40 years of experience in the nuclear energy industry and has held leadership positions in various uranium mining companies and industry organizations.
• Josephine Man – Chief Financial Officer: Ms. Man joined the Company in September 2018, boasting robust industry experience as the former Chief Financial Officer of Gold Royalty Corp.
• Darcy Hirsekorn – Chief Technical Officer: Mr. Hirsekorn has been the Chief Technical Officer for the Company since May 2017. He is a seasoned professional geoscientist with over 25 years of experience in uranium mining and exploration (20 of those years in global exploration with industry leader Cameco).

Altogether, the team boasts about 120 years of collective experience in the mining, royalty, and nuclear energy sectors.

A Powerful Present and Fearless Future

Uranium Royalty Corp currently has various royalty deals with 18 geographically diverse mines.

Their portfolio includes mines in six US states, two Canadian provinces, and the African country of Namibia.

All of which are known for being uranium hotspots…³³

To give you an idea of how Uranium Royalty Corp’s royalty deals work, let’s take a look at a few of the current projects…

Church Rock – New Mexico, USA³⁴
Royalty Type | 4% Net Smelter Return
Production Stage | Development

As one of the largest and highest-grade undeveloped ISR uranium projects in the United States, the Church Rock project shows massive promise.

Currently in the development stage, this uranium site located in the Grants Mineral Belt of New Mexico is inferred to contain up to 33.88 million short tons of high-grade uranium ore, rated at 0.08% U₃O₈.

The Church Rock Royalty is equal to 4.0% of net returns.

Cigar Lake/Waterbury Lake – Saskatchewan, Canada³⁵
Royalty Type | 10% – 20% Net Profit Interest
Production Stage | In Production

Cigar Lake is one of the largest and highest-grade uranium deposits in the entire world.³⁶

As of December 31, 2022, mineral reserves at Cigar Lake are estimated to be 154.8 million pounds at an average grade of 17.21% U₃O₈.

The project is permitted to extract 18 million pounds annually.

The Cigar Lake Royalty is a sliding scale 10% to 20% NPI on a 3.75% share of overall uranium production, derived from an approximate 40.453% ownership interest of Orano.

McArthur River – Saskatchewan, Canada³⁷
Royalty Type | 1% Gross Overriding Royalty
Production Stage | In Production

The McArthur River project includes the fully developed McArthur River mine operation. Like Cigar Lake, McArthur River is one of the largest and highest-grade uranium deposits in the world.³⁸

As of December 31, 2022 McArthur River boasts proven and probable mineral reserves of 394.0 million pounds at an average grade of 6.70% U₃O₈.

With ore grades that are 100 times the world average, the mine is capable of producing 18 million pounds per year by mining only 200 to 400 tonnes of ore per day.

The McArthur River Royalty is a 1% GORR on a 9.063% share of uranium production, derived from an approximate 30.195% ownership interest of Orano.

Dewey-Burdock – South Dakota, USA³⁹
Royalty Type | 2% – 4% Gross Value Royalty and 30% Net Proceeds
Production Stage | Advanced

The Dewey-Burdock Project is an Advanced stage uranium project located in the Edgemont uranium district of South Dakota, USA and is comprised of 12,613 surface acres and 16,962 net mineral acres.

The preliminary economic assessment estimated pre-tax and post-tax net earnings over the life of the project of US$372.7 million and US$324.4 million, respectively.

Uranium Royalty Corp holds two royalties on the Dewey Burdock Project:

The 2 – 4% Sliding Scale Royalty is equal to between a 2% and 4% production royalty, determined by the market price at the time of production.

The 30% Net Proceeds Royalty is equal to 30% of net proceeds received by the payor from the sale of minerals.

In addition to these projects, Uranium Royalty Corp holds royalties with 9 other projects in the US, 4 other projects in Canada, and a mine in Namibia.⁴⁰

Much like those laid out here, the rest of the portfolio is made up of diverse royalty deals.

However, Uranium Royalty Corp has its sight set on deals that go far beyond simple royalties.

While further royalties are included in their vision of the future, they also plan on acquiring:⁴¹

• Streams
  Where the Company would make an upfront payment to a project owner or operator in exchange for long-term rights to purchase a fixed percentage of future uranium production.
• Off-take or other agreements
  Where the Company would enter into long-term purchase agreements or options to acquire physical uranium products.
• Direct Strategic equity or debt investments
  Specifically focusing on companies engaged in the exploration, development and/or production of uranium.

Whatever the future may hold, it’s clear that Uranium Royalty Corp has a strong foundation.

The Source of Strategy

It’s one thing to collect royalties on the product of a mine…

It’s another thing entirely to own the product outright.

Uranium Royalty Corp achieves exposure to physical uranium through extensive knowledge of, and expert involvement in, the global uranium market. This is achieved through open market purchases and sales and strategic partnerships with companies like China’s CGN Global Uranium and Yellow Cake plc.

Yellow Cake – named after powderized uranium used for nuclear fuel – is a specialist company created to purchase and hold uranium with the stated objectives of offering its shareholders exposure to the uranium price.

The long-term strategic relationship between Uranium Royalty Corp and Yellow Cake, includes options to purchase physical uranium through its long-term contract with Kazakhstan’s, Kazatomprom (world’s largest uranium miner), and cooperation on future royalty and streaming opportunities.  

The long term relationship with CGN Global presents opportunities with the international uranium supply subsidiary of one of the world’s fastest growing nuclear energy company, and operator of substantial mines in Kazakhstan and Namibia.

All In on The Future

The media spotlight happily beams on the promise of renewables.

As it should – renewable energy is an all-natural solution to the growing energy demand while promoting a stable human/environment homeostasis.

But the undercurrent of interest in nuclear energy cannot (and should not) be ignored.

Rather than competing, nuclear energy complements renewables.

By adding a reliable and stable baseload to the energy matrix, nuclear ensures that everyone stays powered.

Its widespread adoption and support speak volumes to this fact.

• The U.S. remains unwavering in its domestic allegiance to nuclear power, viewing it as a crucial component of its energy independence and national security strategy.
• While some European countries remain wary, nuclear power still produces over 20% of their power and the lawmakers are starting to catch up to its potential.⁴³
• China, with its insatiable energy appetite, has placed substantial bets on nuclear – in fact, they’re staking $440 billion on it.⁴⁴

And central to nuclear’s success is uranium – the indispensable fuel of the future.

As the global demand for nuclear energy surges, so does its demand for uranium.

Make no mistake, nuclear energy is no longer the sideline player but a critical piece of the puzzle.

And Uranium Royalty Corp is shaping up to leverage the seemingly inevitable surge in the uranium market that will come with the increase in nuclear demand.

With its current portfolio and visionary plans, Uranium Royalty Corp offers a low barrier of entry into this exciting market.

Uranium Royalty Corp

(NASDAQ: UROY) (TSX: URC)

8 Reasons To Put Uranium Royalty Corp On Your Radar

1. Diverse Royalty Portfolio in Key Jurisdictions: With an active portfolio of 18 geographically diverse mines – including some of the best in the world – Uranium Royalty Corp is already off to a great start with a solid foundation.

2. Physical Uranium Exposure: Through its strategic partnership with Yellow Cake plc, Uranium Royalty Corp has a unique and competitive edge to gain physical uranium exposure at below-market prices.

3. Pure-Play Business Model: Uranium Royalty Corp knows its strengths, it knows its weaknesses, and it knows how to leverage these. By sticking solely to the uranium industry, Uranium Royalty Corp leans into its decades upon decades of experience to stay informed, ahead, and competitive.

4. Experienced Team: Uranium Royalty Corp is run by an experienced team with over 120 years of combined experience in the mining, royalty, and nuclear energy sectors. It knows what it's doing.

5. Nuclear Acceptance: The Nuclear Renaissance was only a matter of time. With widespread acceptance and growing adoption, Uranium Royalty Corp is years ahead of being prepared for a potential surge in uranium demand.

6. Government Interest and Subsidies: 51% of the world’s countries are using, building, planning, or interested in nuclear power. With these growing numbers, governments and other entities are offering more and more subsidies and grants to encourage innovation and further adoption.

7. Uranium-Based Nuclear Energy is Safe, Clean, and Reliable: Uranium fuel works through a process of nuclear reaction. There is no burning of coal, oil, or gas to get it to work. As such, uranium-based nuclear energy is clean for the environment. And due to its immense energy density, uranium fuel keeps the lights on more reliably than any other form of energy.⁴⁵

The Nuclear Renaissance isn't on the horizon; it's here now.

CITATIONS

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4 - 'Japan adopts plan to maximize nuclear energy, in major shift' https://apnews.com/article/russia-ukraine-business-japan-climate-and-environment-02d0b9dfecc8cdc197d217b3029c5898

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6 - Twitter post https://twitter.com/elonmusk/status/1563292201043431424?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1563292201043431424%7Ctwgr%5E27a72bebaf061131cd96723d113b5841cb052aa8%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.barrons.com%2Farticles%2Felon-musk-nuclear-power-uranium-stocks-51661789801

7 - 'Elon Musk Says Nuclear Plants Must Remain Open. Uranium Stocks Are Surging.' https://twitter.com/elonmusk/status/1563292201043431424?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1563292201043431424%7Ctwgr%5E27a72bebaf061131cd96723d113b5841cb052aa8%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.barrons.com%2Farticles%2Felon-musk-nuclear-power-uranium-stocks-51661789801

8 - ‘2023 National Nuclear Energy Public Opinion Survey: Public Support for Nuclear Energy Stays at Record Level For Third Year in a Row’ https://www.bisconti.com/blog/public-opinion-2023

9 - 'Uranium Prices Have Spiked 50% This Year And Are Set To Climb Further On Stockpiling' https://www.prnewswire.com/news-releases/uranium-prices-have-spiked-50-this-year-and-are-set-to-climb-further-on-stockpiling-301525565.html

10 - 'Nuclear explained: The nuclear fuel cycle' https://www.eia.gov/energyexplained/nuclear/the-nuclear-fuel-cycle.php

11 - 'Nuclear Fuel' https://www.nei.org/fundamentals/nuclear-fuel#:~:text=Nuclear%20generates%20more%20than%20half,cubic%20feet%20of%20natural%20gas

12 - ‘Fuel Manufacturing’ https://www.cameco.com/uranium_101/fuel-processing/fuel-manufacturing/

13 - 'Nuclear explained: Nuclear power plants' https://www.eia.gov/energyexplained/nuclear/the-nuclear-fuel-cycle.php

14 - 'Nuclear explained: Nuclear power and the environment' https://www.eia.gov/energyexplained/nuclear/nuclear-power-and-the-environment.php

15 - ‘Nuclear Fuel’ https://unblinkingeye.com/Articles/Uranium/uranium.html

16 - ‘Fuel Manufacturing’ https://www.cameco.com/uranium_101/fuel-processing/fuel-manufacturing/

17 - 'Barrasso Bipartisan Nuclear Fuel Bill Passes Senate' https://www.energy.senate.gov/2022/12/barrasso-bipartisan-nuclear-fuel-bill-passes-senate

18 - 'Barrasso’s Nuclear Fuel Amendment Overwhelmingly Passes Senate' https://www.energy.senate.gov/2023/7/barrasso-s-nuclear-fuel-amendment-overwhelmingly-passes-senate

19 - 'Senate Passes Bipartisan Nuclear Energy Bill from Capito, Carper, Whitehouse' https://www.epw.senate.gov/public/index.cfm/2023/7/senate-passes-bipartisan-nuclear-energy-bill-from-capito-carper-whitehouse

20 - 'Nuclear Power in the World Today' https://world-nuclear.org/information-library/current-and-future-generation/nuclear-power-in-the-world-today.aspx

21 - 'Emerging Nuclear Energy Countries' https://world-nuclear.org/information-library/country-profiles/others/emerging-nuclear-energy-countries.aspx

22 - 'World Nuclear Power Reactors & Uranium Requirements' https://world-nuclear.org/information-library/facts-and-figures/world-nuclear-power-reactors-and-uranium-requireme.aspx

23 - 'World Nuclear Power Reactors & Uranium Requirements' https://world-nuclear.org/information-library/facts-and-figures/world-nuclear-power-reactors-and-uranium-requireme.aspx

24 - 'Uranium Production Figures, 2013-2022' https://world-nuclear.org/information-library/facts-and-figures/uranium-production-figures.aspx

25 - 'URAM-2018: Ebb and Flow — the Economics of Uranium Mining' https://www.iaea.org/newscenter/news/uram-2018-ebb-and-flow-the-economics-of-uranium-mining

26 - 'GEOPOLITICAL RISK AND OTHER KEY URANIUM TRENDS IN 2022' https://fissionuranium.com/blog/geopolitical-risk-and-other-key-uranium-trends-in-2022/

27 - 'Geopolitical Risk and Uranium Mining: A Quick Overview' https://investingnews.com/geopolitical-risk-and-uranium-mining-a-quick-overview/

28 - 'Stock Information' https://www.uraniumroyalty.com/investor-centre/stock-information/

29 - 'Portfolio' https://www.uraniumroyalty.com/portfolio/

30 - 'Strategic Partnership' https://www.uraniumroyalty.com/company/strategic-partnership/

31 - 'Business Strategy' https://www.uraniumroyalty.com/why-urc/business-strategy/

32 - 'Royalty and Streaming 101' https://www.uraniumroyalty.com/why-urc/royalty-and-streaming-101/

33 - 'World Uranium Mining Production' https://world-nuclear.org/information-library/nuclear-fuel-cycle/mining-of-uranium/world-uranium-mining-production.aspx

34 - 'Church Rock' https://www.uraniumroyalty.com/portfolio/church-rock/

35 - 'Cigar Lake/Waterbury Lake' https://www.uraniumroyalty.com/portfolio/cigar-lake-waterbury/

36 - 'Uranium in Canada' https://world-nuclear.org/information-library/country-profiles/countries-a-f/canada-uranium.aspx

37 - 'McArthur River' https://www.uraniumroyalty.com/portfolio/mcarthur-river/

38 - 'Uranium in Canada' https://world-nuclear.org/information-library/country-profiles/countries-a-f/canada-uranium.aspx

39 - 'Dewey-Burdock' https://www.uraniumroyalty.com/portfolio/dewey-burdock/

40 - 'Portfolio' https://www.uraniumroyalty.com/portfolio/

41 - 'Business Strategy' https://www.uraniumroyalty.com/why-urc/business-strategy/

42 - 'Strategic Partnerships' https://www.uraniumroyalty.com/company/strategic-partnership/

43 - ‘Nuclear Power in the European Union’ https://world-nuclear.org/information-library/country-profiles/others/european-union.aspx

44 - 'China’s Climate Goals Hinge on a $440 Billion Nuclear Buildout' https://www.bloomberg.com/news/features/2021-11-02/china-climate-goals-hinge-on-440-billion-nuclear-power-plan-to-rival-u-s?in_source=embedded-checkout-banner

45 - 'Nuclear Power is the Most Reliable Energy Source and It's Not Even Close' https://www.energy.gov/ne/articles/nuclear-power-most-reliable-energy-source-and-its-not-even-close