Proven Team, Proven Approach:

The First and Only Pure Play Uranium Royalty Company

Corporate Presentation

May 2020

URC : TSX-V

FORWARD-LOOKING STATEMENT2

Forward-Looking Information

The information contained herein contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information”

within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events or developments that

Uranium Royalty Corp. (“URC” or the “Company”) the Company expects or anticipates will or may occur in the future, including the completion of tentative transactions. Forward-looking information

and statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about URC’s business and the industry and markets in which it operates. Forward-looking

information and statements are made based upon numerous assumptions and although the assumptions made by the Company in providing forward-looking information or making forward-looking

statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate. Forward-looking information and statements also involve

known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of URC to differ materially from any projections of results, performances and

achievements of URC, including, without limitation, URC's limited control and access to data to the projects underlying its interests, commodity, commodity and investment price risks, currency risks,

counterparty risks, proposed acquisitions may not be completed as contemplated or at all, risks faced by the operators and owners of the projects underlying URC's interests and the other risk factors set

forth, from time to time, in the Company’s disclosure documents (including its prospectus dated November 22, 2019), which are available under its profile at www.sedar.com. Although the Company has

attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be

other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and

future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company

undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.

Technical Information

Certain scientific and technical information in this presentation is based on information prepared under the Joint Ore Reserves Committee (JORC) 2004 or 2012 code, the terms Inferred Mineral Resources,

Indicated Mineral Resources, Measured Mineral Resources, Ore Reserves, Proved Ore Reserves and Probable Ore Reserves are substantially similar to the terms Inferred Mineral Resources, Indicated

Mineral Resources, Measured Mineral Resources, Mineral Reserves, Proven Mineral Reserves and Probable Mineral Reserves, respectively, used in Canadian National Instrument 43-101 (“NI 43-101”).

Darcy Hirsekorn, the Company's Chief Technical Officer, has supervised the preparation of and reviewed the technical information contained in this presentation. Darcy holds a B.Sc. in Geology from the

University of Saskatchewan, is a qualified person as defined in National Instrument 43-101 and is registered as a professional geoscientist in Saskatchewan.

External Information

Where this presentation quotes any information or statistics from any external source, it should not be interpreted that the Company has adopted or endorsed such information or statistics as being accurate.

The Company also advises investors that some of the information presented herein is based on or derived from statements by third parties, has not been independently verified by or on behalf of the

Company, and that no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of this information or any other

information or opinions contained herein, for any purpose whatsoever.

No Investment Advice

This presentation is not, and is not intended to be, an advertisement, prospectus or offering memorandum, and is made available on the express understanding that it does not contain all information that

may be required to evaluate, and will not be used by readers in connection with, the purchase of or investment in any securities of any entity. This presentation accordingly should not be treated as giving

investment advice and is not intended to form the basis of any investment decision. It does not, and is not intended to, constitute or form part of, and should not be construed as, any recommendation or

commitment by URC or any of its directors, officers, employees, direct or indirect shareholders, agents, affiliates, advisors or any other person, or as an offer or invitation for the sale or purchase of, or a

solicitation of an offer to purchase, subscribe for or otherwise acquire, any securities, businesses and/or assets of any entity, nor shall it or any part of it be relied upon in connection with or act as any

inducement to enter into any contract or commitment or investment decision whatsoever. Readers should not construe the contents of this presentation as legal, tax, regulatory, financial or accounting

advice and are urged to consult with their own advisers in relation to such matters.

U.S. Non-Solicitation

This presentation is not an offer of securities for sale in the United States and is not an offer to sell or solicitation of an offer to buy any securities of URC nor shall it form the basis of, or be relied upon in

connection with any contract for purchase or subscription. The securities of URC have not been and will not be registered under the Securities Act or the securities laws of any state and may not be offered

or sold in the United States absent registration or pursuant to an applicable exemption therefrom.

INVESTMENT HIGHLIGHTS

URC is well positioned to take advantage of current market conditions as a provider of

alternative capital to the uranium sector

3

First Mover

Advantage

▪ URC is the first company to apply the successful royalty and streaming

business model exclusively to the uranium sector

$43M Cash &

Listed Securities

▪ Strong balance sheet, which positions it to capitalize on accretive uranium

royalty and streaming acquisition opportunities

Physical Uranium

Ownership

▪ Through its approximately 9% stake in London-listed Yellow Cake plc,

URC holds interests in physical uranium, acquired at cyclical lows

Large & Diversified

Royalty Portfolio

▪ Portfolio includes interests on development, advanced, permitted and past-

producing uranium projects in multiple jurisdictions

Expertise▪ Management and board possess decades of uranium industry experience,

including senior executive and advisory roles to prominent companies and

governments in the sector

4MANAGEMENT & BOARD

Management

Scott Melbye (President, CEO & Director)

• Uranium industry veteran with 35 years

experience including Executive roles with

Cameco, Uranium One & Uranium

Participation Corp.

• Former Strategic Advisor to Kazatomprom

• Executive VP of UEC

• Based in Denver

Darcy Hirsekorn (CTO)

▪ Professional geoscientist with 20 years

experience at Cameco

▪ Part of exploration groups that outlined over

200Mlbs of uranium

▪ Based in Saskatoon

Josephine Man (CFO)

▪ Former partner at Ernst & Young LLP

▪ Over 20 years of experience working with

public companies primary in the mining

industry

▪ Based in Vancouver

Board of Directors

Amir Adnani (Chairman)

▪ Entrepreneur and Founder, President & CEO of Uranium

Energy Corp (UEC: NYSE American)

▪ Chairman of GoldMining Inc. (GOLD: TSX)

▪ Based in Vancouver

Lady Barbara Judge CBE (Director)

▪ Former chair and board member of the U.K. Atomic Energy

Commission

▪ Former U.S. Securities and Exchange Commissioner

▪ Served on the Boards of the StatOil, and Magna

▪ Strategic Advisor to the Emirates Nuclear Energy Corp., Tokyo

Electric Power and the Astana Stock Exchange

▪ Based in London, U.K.

David Neuburger (Director)

▪ Over 30 years experience in operations leadership roles,

corporate strategic planning, projects and mine engineering

▪ Formerly: VP, International Mining and VP, Mining

(Saskatchewan) for Cameco Corp., VP, GM of Kupol

Operations for Kinross

▪ Based in Saskatoon

Vina Patel (Director)

▪ 18 years experience raising capital from U.K. and European

institutional investors in mining and exploration equities,

including uranium companies

▪ Formerly Head of London Institutional Sales for Haywood

Securities

▪ Based in London, U.K.

Strategic Partner

Uranium Energy Corp▪ Initial shareholder

▪ Strategic partner, ongoing technical

and operational support

CAPITALIZATION & OWNERSHIP PROFILE5

(1) All, except for 500,000 common share purchase warrants, are trading on the TSX-V Exchange

(2) $55M cash to be received should all warrants are exercised

All figures are in Canadian dollars

CURRENT ASSETS

Cash, Cash Equivalents, and Listed Securities Approx. $43 Million

SHARE STRUCTURE

Shares Outstanding 71.8 Million

Warrants 27.9 Million(1)

Options 0

Fully Diluted(2) 99.7 Million

KEY SHAREHOLDERS

Uranium Energy Corp.

Altius Resources Inc.

Mega Uranium Ltd.

Marin Katusa

KCR Fund

Extract Capital

Rick Rule

Sprott Global

Commodity Capital

RECENT ACTIVITY

$1.19 (URC : TSX-V) As of May 1, 2020

Avg. Daily Vol. (3-mo): 69,530

$0.30 (URC.WT : TSX-V) As of May 1, 2020

$85 Million

Market Cap

OUR STRATEGY:

BUILDING A DIVERSIFIED PORTFOLIO

6

URC’s Diversified Approach is Well Suited to Uranium

Geographical

Multiple countries

Counterparty

Range of market capitalization

Development Stage

Grassroots to producing

Invest Across the Cost Curve

Maximizes leverage to uranium recovery

Acts as a substitute for near term

royalty / stream cash flow:

▪ Yellow Cake investment

▪ Potential future physical

purchases

PORTFOLIO COMPOSITION STRATEGY

URC has a pipeline of primary and by-product royalty and

streaming opportunities on projects in development, care and

maintenance, and production worldwide

Royalties held or under option on

diverse portfolio of projects at

various stages across several key

uranium jurisdictions

7

Leverage to

Future Uranium Price

Future Pipeline

Direct Exposure to

Current Spot Price

URC's Portfolio

8

STRONG COUNTERPARTIES9

Counterparties include many of the sector’s leading growth-oriented uranium companies

GLOBAL DIVERSIFIED ASSET PORTFOLIO10

Note: Physical storage of Yellow Cake material is provided at Cameco’s Blind River facility

Ownership ▪ 9.0%

Rights

▪ URC has the option to acquire up to US$31.25M

(US$2.5M – US$10M per year) of uranium between Jan

2019 – Jan 2028

▪ URC has an option to participate in any and all future

uranium royalty and stream transactions Yellow Cake

pursues on a 50:50 basis.

▪ URC and Yellow Cake also plan to collaborate on future

opportunities involving physical uranium

▪ In the event URC exceeds 10% ownership, URC has the

right to nominate one director to the Yellow Cake Board,

currently have observer rights

Overview

▪ Yellow Cake has a long term supply agreement with

Kazatomprom, the world's largest uranium producer

▪ The supply agreement enables Yellow Cake to purchase

up to US$1.07bn (including existing purchases) of

uranium from Kazatomprom over a 10 year period

Purchasing

▪ Yellow Cake completed its initial purchase of uranium,

acquiring 8.1Mlbs of U3O8 for a cost of US$170M

▪ Since the initial investment, Yellow Cake has purchased

an additional 0.35Mlbs of U3O8 from Kazatomprom for

US$8.2M and 1.175Mlbs for US$30.4M

STRATEGIC PARTNERSHIP –

YELLOW CAKE PLC INVESTMENT

11

▪ 7.6M shares were purchased as part of a

US$19.25M cornerstone strategic investment

in the Yellow Cake PLC (AIM:YCA)

US$200M IPO completed on July 5th, 2018

Supply Agreement with Kazatomprom

URC Investment in Yellow Cake

Blind River Uranium Storage Facility

Source: Bloomberg, Capital IQ, Public company disclosure

Sep 2011 Announce completion of PEA (historical)(3)

Oct 2011Rio Tinto makes all cash offer, followed by bidding war with Cameco

Jan 2012 Rio Tinto completes acquisition of Hathor for C$654M

Jun 2017 Rio Tinto fully impairs Roughrider and Rossing

▪ Roughrider was discovered by Hathor Exploration in 2008▪ In 2011, Cameco made a hostile bid for Hathor▪ Rio ultimately outbid Cameco and acquired Hathor for C$654M

Location Saskatchewan, Canada

Geological District Athabasca Basin

Owner / Operator Rio Tinto Canada

Orebody Type Unconformity

Mine Type Underground

Stage Development

Tonnage Grade U3O8

Category (kt) (% U3O8) (Mlbs)

Indicated 394 1.98% 17.2

Inferred 161 11.43% 40.7

ROYALTY PORTFOLIO

Athabasca Basin Royalty

(1) These estimates are historical in nature and are not being treated as current resources or reserves by URC as a qualified person has not done sufficient work on behalf of URC to classify such historical estimates as

current mineral resources or reserves. The disclosure of these historical estimates have been included herein as URC believes that it provides an indication of the potential for the properties underlying its royalties

(2) The historic mineral resources were estimated in accordance with NI 43-101 and are disclosed by reference to the Historic Roughrider Technical Report titled “Preliminary Economic Assessment Technical Report

for the East and West Zones, Roughrider Uranium Project, Saskatchewan”, with an effective date of September 13, 2011, prepared for Hathor and authored by Gordon Doerksen, P.Eng., Bruce Fielder, P. Eng.,

Louri Iakovlev, P. Eng., David Keller, P. Geo., Mark Liskowich, P. Geo., Bruce Murphy, FSAIMM, and Cam Scott, P. Eng.

(3) Such Sept 2011 PEA is not being treated as current by URC

Historical Resources(1,2)

Roughrider Project (1.97% NSR) Project Location

12

Diabase Project (3% GRR)

Key Milestones

• Early Exploration project operated by UEC

• Project overlies a highly prospective regional corridor, similar to

the Patterson Lake corridor that hosts the Arrow and RRR

deposits

Measured Indicated Inferred

DepositTonnage

(Mt)

Grade

(% U308)

U3O8

(Mlbs)

Tonnage

(Mt)

Grade

(% U308)

U3O8

(Mlbs)

Tonnage

(Mt)

Grade

(% U308)

U3O8

(Mlbs)

Reno Creek(2) 13.6 0.043% 12.9 15.4 0.039% 13.1 1.7 0.039% 1.5

Church Rock(3) - - - - - - 30.7 0.075% 50.8

Dewey-Burdock(4) 4.9 0.132% 14.3 2.0 0.072% 2.8 0.6 0.055% 0.7

Lance(5) 3.4 0.049% 3.7 11.1 0.05% 12.1 36.2 0.048% 37.8

Asset Royalty (%) Location Operator Stage

Reno Creek 0.5% NPI Wyoming UEC Development

Church Rock 4% NSR New Mexico Laramide Development

Dewey-

Burdock30% NPI South Dakota Azarga Development

Lance4% GRR

(Kendrick &

Barber Areas)

Wyoming PeninsulaProduction

Idled

(1) Reno Creek, Dewey-Burdock, and Lance royalties do not apply to the entire project area covered by this estimate

(2) Reno Creek resources sourced from technical report titled "Technical Report and Audit of Resources of the Reno Creek ISR Project, Campbell County, Wyoming, USA" dated December 31, 2018 and

authored by Robert E. Cameron, Ph.D., MMSA, and Robert Maxwell, CPG, AIPG and made in accordance with NI 43-101,

(3) Church Rock resources sourced from the technical report titled "Technical Report on the Church Rock Uranium Project, McKinley County, State of New Mexico, U.S.A." with an effective date of September

30, 2017, prepared for Laramide Resources Ltd. and authored by Mark B. Mathisen, C.P.G. and made in accordance with NI 43-101,

(4) Dewey-Burdock resources sourced the technical report titled "NI 43-101 Technical Report, Preliminary Economic Assessment, Dewey-Burdock Uranium ISR Project, South Dakota, U.S.A.", with an

effective date of December 3, 2019, prepared for Azarga Uranium Corp. and authored by Steve Cutler, P.G. and Douglass H. Graves, P.E. and made in accordance with NI 43-101,

(5) Lance resources sourced from Peninsula Energy Limited September 30, 2019 quarterly activities report and made in accordance with JORC.

Resources (1)

Asset Overview

13

Project Location

ROYALTY PORTFOLIO

U.S. ISR Royalties

Powder River Basin

Legend

ISR Mines

(Advanced/Development)

ISR Mines

(Production Idled)

Cities (Over 500k Pop)

Resources

Indicated Inferred

DepositTonnage

(Mt)

Grade

(% U308)

U3O8

(Mlbs)

Tonnage

(Mt)

Grade

(% U308)

U3O8

(Mlbs)

Anderson (OP)(1) 25.4 0.028% 15.5 4.6 0.024% 2.5

Anderson (UG) (1) 1.4 0.048% 1.5 8.4 0.052% 9.5

Slick Rock(2) - - - 2.3 0.228% 11.6

Workman Creek(3) - - - 2.9 0.086% 5.5

Asset Royalty (%) Location Operator Stage

Anderson 1% NSR Arizona UEC Advanced

Slick Rock 1% NSR Colorado UEC Advanced

Workman

Creek1% NSR Arizona UEC Development

Roca Honda 4% GRRNew

MexicoEnergy Fuels Development

(1) Anderson resource sourced from the the technical report titled "Technical Report and PEA on the Anderson Uranium Project, Yavapai County, Arizona, USA", with an effective date of July 6, 2014, prepared for Uranium

Energy Corp. and authored by Douglas Beahm, PE, PG, Terence P. McNulty, D. Sc., P.E., Bruce Davis, FAusIMM, and Robert Sim, P.Geo. estimated in accordance with NI 43-101;

(2) Slick Rock resources sourced from the technical report titled "Technical Report Preliminary Economic Assessment, Slick Rock Project Uranium / Vanadium Deposit, San Miguel County, Southwest Colorado, USA" with an

effective date of April 8, 2014, prepared for Uranium Resources Corp. and authored by Douglas Beahm, PE, PG, Bruce Davis, FAusIMM, and Robert Sim, P. Geo. estimated in accordance with NI 43-101;

(3) Workman Creek resources sourced from the technical report titled "Technical Report on the Workman Creek Project, Central Arizona", with an effective date of March 2, 2012, prepared for Uranium Resources

Corp. and authored by Neil G. McCallum, B.Sc, P.Geo., and G.H. Giroux, MASc, P.Eng. estimated in accordance with NI 43-101.

Asset Overview

14

Project Location

ROYALTY PORTFOLIO

U.S. Conventional Royalties

Legend

Conventional Mines

(Advanced/Development)

Cities (Over 500k Pop)

Conventional deposits provide

longer term exposure to rising

uranium prices.

Potential processing at

White Mesa Mill

Mar 2009Fronteer Development Group completes acquisition of

Aurora Energy Resources for ~$175M

Sep 2009 Fronteer issues PEA (historical)(1)

Feb 2011 Paladin acquires the asset for C$260.9M

Dec 2011 Moratorium on uranium mining activity is lifted

Aug 2012 Paladin signs long-term offtake with a major utility

Jun 2014 Paladin issues an updated resource estimate (historical)

Jun 2015Paladin receives federal exemption from Non-Resident

Ownership Policy

Jun 2017 Paladin issues an updated resource estimate (historical)

May 2018 Paladin forms JV on Project

Tonnage Grade U3O8

Category (kt) (% U3O8) (Mlbs)

Measured 17,800 0.097% 38.0

Indicated 36,600 0.084% 67.6

Inferred 13,100 0.077% 22.1

ROYALTY PORTFOLIO – MICHELIN PROJECT

(2% GRR)

(1) This PEA is not being treated as current by URC.

(2) Sourced from June 30, 2018 Annual Report. Resources were estimated in accordance with JORC with cut-off grades ranging between 0.2% - 0.5% and with an assumed uranium price of US$85/lb

Asset Overview Project Location

15

▪ Among largest deposits in North America

Location Labrador, Canada

Geological District Central Mineral Belt of Labrador

Owner / Operator Paladin Energy (55%) / EDF Claimants (45%)

Orebody Type Metasomatic

Mine Type Open Pit/Underground

Stage Development

Historical Data

Resources (2)

Tonnage Grade U3O8

Category (Mt) (% U3O8) (Mlbs)

Measured 66.2 0.049% 71.9

Indicated 18.8 0.044% 18.0

Inferred 6.3 0.042% 5.8

▪ Low technical risk project in a premier uranium jurisdiction

▪ Paladin undertaking operational review to assess process

optimization, cost reduction, production capacity and life of

mine alternatives

Location Erongo, Namibia

Geological

District:Namib Desert

Owner / OperatorPaladin Energy Ltd (75%) / China National

Nuclear Company (25%)

Orebody Type Surficial Calcrete Uranium Deposit

Mine Type Open Pit

Stage Placed on Care & Maintenance in May 2018

ROYALTY PORTFOLIO – LANGER HEINRICH

(A$0.12/kg U3O8 production royalty)

Resources (2)

Asset Overview Project Location

16

Estimated restart Capex – Phase 1 (US$M) US$80.0

Est. Average Annual Production (Mlbs): 5.2 (initial)

Est. Mine Life: 20 Years

Est. AISC (US$/lb)(3) $33.00

Ramp-Up Period 12 months

2019 PFS- Phase 1(1)

(1) Data based on ASX release from October 14, 2019.

(2) Paladin Energy Ltd. 2018 Annual Report. Resources as of June 30, 2018, prepared under JORC 2012 and are quoted inclusive of reserves. The resources do not include stockpiles.

(3) Average life-of-mine all-in sustaining costs.

Past Producer Positioned for Re-Start

Royalty Model & Our Approach

17

18

URC OFFERS PARTNERSHIP “VALUE-ADDED” RELATIONSHIPS

WITH PORTFOLIO COUNTERPARTIES

URC is vested in the success of its portfolio counterparties

Experienced URC team offers

uranium market and

development insights

to counterparty management

and Boards

Thorough due diligence and

selection process offers third party

endorsement to projects in

the URC portfolio

Ability to provide

non-dilutive Project Financing

URC capital markets presence

provides expanded visibility

THE RIGHT MODEL FOR AN IMPROVING MARKET19

Royalty Companies

vs. Operators

Operating

CompaniesUranium ETF

Physical Funds

Exposure to Uranium Price ✓ ✓ ✓ ✓

Fixed Operating Costs ✓ ✓ ✓

No Development or Sustaining

Capital Costs ✓ ✓ ✓

Exploration & Expansion

Upside Without the Associated

Costs✓

Diversified Asset Portfolio ✓ ✓ ✓

Ability to Grow Without

Increased Management ✓ ✓ ✓

▪ To date URC’s strategy has

been primarily focused on

acquiring existing royalties

▪ The next wave of acquisitions

are anticipated to focus on new

royalties, streams physical

uranium and other uranium

interests

OUR STRATEGY: ROYALTY OPPORTUNITY20

URC has a flexible strategy and desire to be a partner in growth

▪ Large number of active dialogues

▪ Typically for shares and/or cash

▪ Focused discussionswith priority targets

▪ Typically cash transaction

▪ On a case by case basis

URANIUM ROYALTY LANDSCAPE21

13

194

2,027

Source: S&P Global Market Intelligence – October 2019.

(1)Projects screened based on primary metal and includes global projects currently in production

(2)Projects screened based on primary metal and includes global projects in the resource development, feasibility and preproduction stages

(3)Includes all projects with uranium as the primary commodity or as a by-product

93

Uranium Projects

Development and

Advanced Projects

Projects at

Construction/

Production Stage

Producing

U3O8

Primary and By-Product Uranium Projects(3)

URC management, board, and advisors have been

to over 80 projects

Gold Uranium

Primary Commodity

Advanced/Development Projects(2)

Gold Uranium

Primary Commodity

Production Projects(1)

Royalties on uranium properties are less

prevalent than on gold properties

Uranium market represents whitespace for the royalty sector

with significant headroom for growth

23%

35%

34%

50%

Uranium Market Overview

22

23

With the world's population exceeding 7.7 billion people and growing,

the need for reliable, non-intermittent, pollution-free electricity

continues to increase.

This growth and its associated needs are important drivers for the currently

projected long-term increase in nuclear power generation and uranium demand.

URANIUM PLAYS KEY ROLE IN CLEAN AIR

AND CLIMATE CHANGE SOLUTIONS

23

▪ China announced that it is likely to triple

nuclear power capacity by 2030

▪ India plans for 21 new nuclear reactors by

2031

▪ U.A.E. completing construction on 4 units

▪ U.K. upgrading nuclear fleet to new

advanced reactors

▪ Russia is building 36 reactors in China,

India, Bangladesh, Turkey, Egypt, Iran,

Finland, Belarus, Slovakia, Armenia,

Uzbekistan and Hungary

▪ U.S. is completing two new AP-1000

reactors in Georgia

NUCLEAR POWER GROWTH REMAINS ROBUST 24

47 Reactors Connected in 7 Years

54 Units Under Construction

Source: World-nuclear.org; WNA, March 31, 2020

REACTOR DEMAND SIGNIFICANTLY

EXCEEDS PRIMARY PRODUCTION

Source: UxC Market Outlook Q4 2019; Q1 2020

25

Spot Prices Below Production Costs and Hedges Falling Off

2020 Demand Expected = 182M lbs.

2020 Production Expected = 142M lbs., 12M lbs./mo

2020 + 2021 Primary Production is 85M lbs. Below Requirements

Cumulative Gap is 510M lbs. by 2030

54% of Total Monthly Global Production Impacted by COVID19

Supply/demand numbers will be impacted as a result of the COVID-19 pandemic. As of April 17, mine

shutdowns included Cigar Lake + McLean Mill, Kazatomprom, Rossing, Husab, and Moab Khotsong,

that will reduce supply by about -6.4 M lbs./mo. The impact to reactor demand is not yet clear.

URANIUM SUPPLY – ACCELERATED REBALANCING

Cuts, Exhaustion, Reduction, Suspension

26

Mine Curtailments, Depletion and Speculative Interest

Accelerating Market Rebalancing

Source: TradeTech April 2020

URANIUM DEMAND

Need for New Production – Beyond Existing Mines

27

▪ Inventory overhang

drawing down

▪ Uranium price too low

to stimulate new

production

▪ Long permitting and

development lead times

to bring on new mines

TradeTech’s “Market Appetite” for New Production

• All assumptions are consistent with TradeTech’s latest proprietary assumptions, August 2019 (i.e. Q2 2019);

• Established Production Base shown is weighted to assimilate the challenge of existing operations remaining

at full capacity over Life-of-Mine.

Source: TradeTech Uranium Market Study 2019

UTILITY PROCUREMENT CYCLE:

Old Contracts Rolling Off… New Contracts Need to be Signed

28

Historic Long Term ContractingUtility Uncommitted Demand

Source: UxC Market Outlook Q1 2020; UxC, LLC: www.uxc.com

Secretary of State Mike Pompeo recently said:

"We need to fundamentally review our supply chains and make sure that we know those supply chains and have control over them for moments just like this."

Further, with respect to uranium, he stated that

“We've got to get back our mining, processing, enriching cycle”

Projected 2020

U.S. Demand: ~50M lbs.

U.S. Production: ~0

$1.5 Billion in U.S. Uranium Reserve in Trump’s

FY2021 Budget

29

U.S. Is The World’s Largest

Consumer of Uranium

30INVESTMENT SUMMARY

URC Offers Investors:

▪ First mover pure-play uranium royalty exposure

▪ Royalty portfolio covering array of development projects in key jurisdictions with the

right partners

▪ Challenging market conditions create mutually beneficial royalty financing

opportunities

▪ Team with extensive uranium industry experience, knowledge and access

▪ Nuclear energy gaining broader acceptance in a carbon-constrained world

▪ Robust uranium demand and curtailed mine production rebalancing market

fundamentals

▪ $1.5B in U.S. Uranium Reserve in Trump’s FY2021 Budget

▪ Market Fundamentals continue to improve with a growing deficit between primary

production and reactor requirements

Appendix

31

ROYALTY AND STREAMS 10132

“Royalties” are a payment to a royalty holder by a property owner, or project operator, and is

typically based on a percentage of the minerals produced and the revenues or profits generated from

the property

Royalty CompanyOperating Company

Royalty CompanyOperating Company

Up-front payment for royalty or stream

Payment for stream delivery

Royalty or stream delivery

“Streams” are physical commodity purchase agreements where, in exchange for an upfront deposit

and ongoing payments for metal delivered, the holder purchases all or a portion of one or more metals

produced from a mine, at a preset price.

TYPES OF ROYALTIES 33

Gross Proceeds Royalty

(GPR)

▪ Based on the total revenue stream from the sale of production from the property, which

can sometimes include deductions.

▪ URC does not currently hold any GPR royalties.

Gross Revenue Royalty

(GRR)

▪ Based on the total revenue stream from the sale of production from the property, which

can sometimes include deductions.

▪ URC GRR royalties include Michelin, Lance, Roca Honda, and the option on Diabase.

Net Profit Interest

(NPI)

▪ Based on the profit realized after deducting costs related to production.

▪ URC has a NPI royalty on Reno Creek and Dewey-Burdock.

Net Smelter Returns

(NSR)

▪ Based on the value of production or net proceeds received by the operator from a smelter

or refinery.

▪ URC NSR royalties include Roughrider, Church Rock, Anderson, Slick Rock, and

Workman Creek.

Production Royalty

(PR)

▪ Based on metal produced, often at a predetermined fixed price.

▪ URC has a PR on the Langer Heinrich Project.

Metal Streams

▪ Streams are distinct from royalties. They are metal purchase agreements where, in

exchange for an upfront deposit and ongoing payments for metal delivered, the holder

purchases all or a portion of one or more metals produced from a mine, at a preset price.

▪ URC does not currently hold any streaming interests. However, part of its strategy

includes the potential acquisition of streams on primary uranium and uranium by-product

assets.

▪ Widely used in the global mining sector.

34

The First and Only Pure Play Uranium Royalty Company

Uranium Royalty Corp.

Toll Free: 1.855.396.8222

Phone: 604.396.8222

Email: Info@UraniumRoyalty.com

www.UraniumRoyalty.com

Corporate Office:

1030 West Georgia Street,

Suite 1830, Vancouver,

BC, V6E 2Y3

Canada

President & CEO:

Scott Melbye

Investor Relations:

Phone: 604.396.8222

Email: Info@UraniumRoyalty.com

URC: TSX-V