URC's $1.1B Deal Forges New US Critical Minerals Royalty Giant

VANCOUVER, BC – April 16, 2026 – Uranium Royalty Corp. (URC) today announced a transformational $1.1 billion agreement to acquire a majority stake in Sweetwater Royalties, a move that will create a diversified U.S.-based resources powerhouse. The deal dramatically reshapes URC’s identity from a pure-play uranium specialist into a major player in the broader critical minerals sector, blending its high-growth nuclear fuel assets with a vast and stable portfolio of cash-flowing soda ash royalties.

The transaction will see URC combine with Sweetwater—being sold by Orion Resource Partners and the Ontario Teachers' Pension Plan—under a newly formed, U.S.-domiciled parent company, also to be named Uranium Royalty Corp. ("New URC"). The deal, which implies a total enterprise value for Sweetwater of approximately $1.9 billion, marks one of the most significant strategic pivots in the royalty sector, creating what is expected to be the largest publicly traded non-precious metals royalty company in the United States.

A Transformational Pivot Beyond Uranium

For years, URC has carved out a niche as the world's only royalty and streaming company focused exclusively on uranium. This acquisition signals a bold new chapter. By integrating Sweetwater, URC gains immediate access to a robust and long-lived revenue stream, a stark contrast to the often-cyclical nature of uranium development.

Sweetwater’s primary assets are production royalties over five operating soda ash mines and two advanced projects in Wyoming's Green River Basin, home to the world's largest deposit of natural trona. These royalties have generated an average adjusted EBITDA of approximately $74 million annually over the past two fiscal years, providing a powerful financial anchor for the new combined entity. The underlying mines, operated by industry leaders like WE Soda and Tata Chemicals, have a history stretching back 50 years and are poised for further growth, with expansions expected to increase attributable production capacity by over 60% without requiring new capital from New URC.

"We welcome this transformational combination that will accelerate near term cash flows from competitive and reliable, long-life assets located in a top-tier jurisdiction, Wyoming," said Scott Melbye, CEO of URC. "More importantly, it provides a strong financial base to allow us to fully realize and expand our uranium focus at a time of historic growth in nuclear energy."

Securing America's Critical Supply Chains

The deal lands at a pivotal moment of heightened geopolitical tension and a renewed national focus on securing domestic supply chains for critical resources. New URC will instantly become a land baron, controlling approximately 850,000 acres of surface rights and 4.5 million acres of mineral rights, making it the largest private landowner in Wyoming and the second-largest public company landowner in the U.S., excluding real estate investment trusts.

This vast land package is strategically vital. Wyoming accounts for around 90% of all soda ash production in the United States, a key ingredient for manufacturing glass, detergents, solar panels, and lithium batteries. The natural trona-based production from the Green River Basin is also considered more environmentally friendly and cost-effective than synthetic alternatives, aligning with broader sustainability goals.

Furthermore, the land holds significant potential for uranium exploration. Wyoming has historically been the leading U.S. state for uranium production, and the acquisition gives New URC a vast, underexplored territory to potentially develop new domestic sources of nuclear fuel. This directly supports the U.S. government's objective of reducing reliance on foreign uranium imports, particularly from Russia, and bolstering energy independence.

The New Royalty Model: Blending Stability with Growth

The transaction pioneers a novel royalty company structure, combining the durable, industrial cash flows of soda ash with the high-optionality growth of uranium. This hybrid model proved compelling enough for sellers Orion and Ontario Teachers' to retain significant stakes in the new venture, holding approximately 43% and 16% of New URC, respectively. Their continued involvement, including board representation, is a powerful vote of confidence in the long-term strategy.

"This strategic combination represents a natural evolution into a first-of-its-kind platform combining high-quality royalty cash flows with one of the largest land holdings in the United States," commented Jon Lamb, Managing Partner of Orion and Chairman of Sweetwater. "As long-term investors in the mining sector, we see a compelling opportunity... creating a differentiated and scalable royalty company positioned for disciplined growth."

The financial logic is clear: use the steady, predictable income from soda ash to fund an aggressive and disciplined acquisition strategy in the uranium market. This provides New URC with a non-dilutive source of capital to acquire more royalties and streams at a time when the uranium sector is facing a structural supply deficit and requires massive investment to meet future demand.

Market Dynamics and Future Outlook

The timing of the deal appears exceptionally strategic. The uranium market is in the early stages of a bull run, driven by a global nuclear energy renaissance, the electricity demands of AI and data centers, and a widening gap between supply and demand. By strengthening its balance sheet, New URC is positioning itself to be a premier capital provider for the next generation of uranium mines.

Under the terms of the agreement, the sellers will receive approximately $330 million in cash and $813 million in New URC shares. The transaction will be structured as a plan of arrangement and is subject to customary closing conditions, including shareholder and regulatory approvals. Existing URC shareholders will exchange their shares on a one-for-one basis for shares in the new U.S.-domiciled parent company, which will seek a listing on the NASDAQ Capital Market. The deal is expected to be finalized in the third quarter of 2026.