Uranium Royalty Corp. announced the completion of its previously announced acquisition from Anfield Energy Inc. of a portfolio of royalties on U.S. projects consisting of: U.S. Conventional Mining Royalty Portfolio: a 2% net smelter return royalty on portions of the San Rafael Project, located in Utah, USA and operated by Western Uranium & Vanadium Corp.; a 2 – 4% sliding scale gross value royalty on portions of the Whirlwind Project, located in Colorado and Utah, USA and operated by Energy Fuels Inc. ("Energy Fuels"); and a 1% gross value royalty (applicable to uranium and vanadium sales) on portions of the Energy Queen Project, located in Utah, USA and operated by Energy Fuels. U.S. In-Situ Recovery (ISR) Royalty: a 2 – 4% sliding scale royalty on portions of the Dewey Burdock Project located in South Dakota, USA and operated by enCore Energy Corp.

Cash consideration of USD 1.5 million was paid by the Company at closing. The Company further announces that it has made additional uranium concentrate purchase commitments totaling 200,000 pounds U3O8 at an average cost of USD 51.00 per pound. Deliveries will be made in February 2023 to URC's storage account with Cameco Corporation in Ontario, Canada.

At the time of delivery, the purchase will be funded with cash on hand and available credit. With these additions, URC will hold physical uranium inventories of 1,748,068 pounds, acquired at a weighted average cost of USD 43.32 per pound. Based on the daily spot price published by TradeTech LLC on February 6, 2023 of USD 50.50, the value of such holdings was USD 88 million (CAD 118 million), representing an increase of 17% since the acquisition dates.

As previously disclosed, URC has also contracted future purchase commitments of 500,000 pounds U3O8 through 2025 at a weighted average price of USD 47.71 per pound.