READ NOW: Uranium Royalty Corp (UROY) ALERT

Things are heating up in the uranium market. [Katusa Research] In this email: - The critical issue for uranium buyers is getting WORSE as the price rises much higher - Chinese reactor proposals and construction will crank up demand - Katusa Research Issues Special Situations Alert on Uranium Royalty Corp (UROY.NASDAQ and URC.TSX): LEGAL NOTE: Please read important disclaimers at the bottom. Dear Reader, Things are heating up in the uranium market. I’ve seen this type of market setup before, and it’s very rare. The “other yellow metal” is giving major buyers and investors a conundrum to deal with. There is ZERO spot uranium available at $73/lb. Uranium is now bid at $73/lb lowest offer at $74 (that is a seller and only 100,000 pounds). How is a utility going to buy 2 million pounds of it (1% of global demand?) As I wrote on Twitter…Boom she goes! The major uranium players and nuclear reactors have major decisions to make. Hedge, buy at spot… this isn’t your typical order like buying gold or oil. Fact: uranium purchased in the SPOT market in 2022 which expected 30-day delivery and settlement has taken 240 days to deliver. This is not a one off. Expect this to be the new trend, where the spot market is the only market. That should be very alarming for any utility. I’d be in panic mode if I was Cameco or any company who may be required to go into the spot market to fulfil contractual obligation shortfalls and now face +270-day delays on spot purchase deliveries. Last week we told you how mine operators have already deliberately taken massive production offline—and utilities are just beginning to make a run on uranium. History doesn’t repeat itself—but it certainly does rhyme. So, you know what comes next. Things could escalate very quickly which is why I want to bring this company to your attention right now. This company has quietly secured the relationships and partnerships to best position itself for maximum upside without the exploration, geopolitical and mining risks the sector is crippled with. More Reactors, More Uranium Currently, 4.6% of China’s electricity comes from their 48 nuclear reactors. They want to get to 20 percent—which will take another 150 reactors. There are currently 24 reactors under construction and another 199 planned. That’s why China is now expected to grow nuclear capacity from 51 GW to 150 GW by the end of 2030. - China alone will increase the uranium demand by 33 percent annually by 2030. By 2035, East Asia is expected to demand more uranium than all of North America and the EU combined—currently more than 60 percent of global demand. And by 2050, China plans to ramp up nuclear energy production to 400 GW. That alone would require approximately 97,500 tonnes of uranium annually—or about 130% of current global demand. But perhaps the greatest impact on demand for uranium is the number of new reactors that are planned or anticipated. You see, first-load fuel requirements for all these new reactors are about three times as much uranium as plants that are in operation. That’s why, when China announced plans to expand nuclear in 2010, the spot price immediately began to rally. Now, the new reactor announcements are coming in fast and furious… - India is building nine new reactors. - Japan is accelerating restarting its fleet—and considering rebuilding its decommissioned nuclear reactors. - France is building up to fourteen new reactors. - Pakistan, Russia, Iran, and Turkey all have reactors being commissioned. In all, more than 90 reactors are on order or planned—and more than 300 additional reactors have been proposed. Every one of these needs fuel for the next 80+ years… But the uranium supply simply just isn’t there. And the price is going up, and up… And a double from here in uranium will make less than a 5% increase in the cost of electrical generation after the reactor is built. Artificial Intelligence Power Demand and New Reactor Designs: If Warren Buffett, Bill Gates and numerous Silicon Valley investment funds have their way, SMRs (Small Modular Reactors) will be another catalyst event in the nuclear race. There is a race between all nuclear technology providers to capture the lead position in the SMR sector. It’s still early days, but this will be a real development. But here is the key takeaway for uranium investors... For the same power output, the upfront uranium requirement is up to 5-fold as the HALEU (High Assay, Low Enriched Uranium) can be up to 20% compared to today’s commercial nuclear reactors… Where the LEU (low Enriched Uranium) is anywhere between 3-5%. Strategic Uranium Reserve Katusa Research was the first to break the story on the massive Strategic Uranium Reserve that is already underway and starting to deploy $500 million in physical uranium. Most importantly, this will cause a huge disadvantage for some, but a major advantage for the connected few. And with that, I bring you what I think will be one of the biggest benefactors of the current nuclear race… A company run by industry veterans… Who are invested and built an incredible company when compared to the peers in the uranium sector. LEGAL NOTE: PLEASE READ DISCLOSURES. THIS IS HIGH RISK AND YOU COULD LOSE ALL YOUR MONEY KATUSA SPECIAL SITUATIONS STOCK ALERT: Uranium Royalty Corp. (UROY:US / URC:TSXV) It stands out as a beacon in the uranium sector and warrants your attention right now and here's why: Uranium Royalty Corp. (UROY) has carved a unique niche for itself… Being the only royalty company in the world dedicated exclusively to uranium with a large physical uranium inventory that was procured over 5 years ago at much lower prices. Moving forward, UROY has contracted deals and physical uranium at advantageous prices (under spot market prices mechanisms) with the largest producers in the world. This specialization offers investors a chance to diversify into a multitude of uranium projects across the globe, setting UROY apart from its peers. The company's leadership is its backbone... CEO Scott Melbye, with his extensive experience spanning 21 years at the uranium behemoth Cameco and as an advisor to the world’s largest uranium producer Kazatomprom. His vision and leadership are steering UROY towards unprecedented heights in the uranium sector (and impressive performance). One of the standout features of UROY is its impressive portfolio of interests across 18 significant uranium projects. As the global demand for uranium continues to rise, the profitability of these projects is poised to skyrocket, offering immense potential for growth. Since its inception, UROY has showcased remarkable stock performance This growth trajectory since its IPO is a testament to the company's strong fundamentals and the confidence the market places in its future prospects. UROY's strategic foresight is evident in its timely acquisition of uranium at the lows of the market. By securing uranium near the bottom of this cycle, the company has ensured a cost-effective inventory, positioning itself advantageously for the future. As you can see uranium prices have bottomed and are forming a new trajectory. Higher uranium prices will benefit Uranium Royalty Corp. The global uranium market is at an inflection point. With an existing structural supply deficit and an ever-increasing demand for uranium to fuel reactors, the industry is ripe for growth. UROY, with its keen eye on the market dynamics, is eager and ready to invest in this burgeoning sector. The uranium market is on the cusp of a significant transformation. There's a unique window of opportunity as price discovery appears. The need for new mine developments is paramount, and Uranium Royalty Corp. is at the forefront, ready to champion this growth and invest in the future of the uranium industry with a large war chest of liquidity and uranium supply to hungry markets. The Katusa Special Situations Team has compiled a comprehensive report on Uranium Royalty Corp. [Click here to access the full Uranium Royalty Corp Report]( Inside, you'll learn: - The vast potential of UROY's diverse uranium portfolio. - The visionary leadership driving UROY's rapid growth with strategic partnerships signed when uranium was out of favor. - Groundbreaking initiatives positioning UROY as a market leader. - The untapped value UROY is set to unlock in the uranium sector. Uranium is the future of clean energy, and Uranium Royalty Corp. is primed to lead the charge. Warm regards, Marin Katusa and the KR Uranium Royalty Team P.S. Stay ahead of the curve. [Dive into the report]( and discover the immense potential of Uranium Royalty Corp. IMPORTANT DISCLAIMER & DISCLOSURES Katusa Research, as a publisher, is not a broker, investment advisor, or financial advisor in any jurisdiction. Please do not rely on the information presented by Katusa Research as personal investment advice. If you need personal investment advice, kindly reach out to a qualified and registered broker, investment advisor, or financial advisor. The communications from Katusa Research should not form the basis of your investment decisions. Examples we provide regarding share price increases related to specific companies are based on randomly selected time periods and should not be taken as an indicator or predictor of future stock prices for those companies. Uranium Royalty Corp has sponsored this report. The information in this newsletter does not constitute an offer to sell or a solicitation of an offer to buy any securities of a corporation or entity, including U.S. Traded Securities or U.S. Quoted Securities, in the United States or to U.S. Persons. Securities may not be offered or sold in the United States except in compliance with the registration requirements of the Securities Act and applicable U.S. state securities laws or pursuant to an exemption therefrom. Any public offering of securities in the United States may only be made by means of a prospectus containing detailed information about the corporation or entity and its management as well as financial statements. No securities regulatory authority in the United States has either approved or disapproved of the contents of any newsletter. Katusa Research nor any employee of Katusa Research is not registered with the United States Securities and Exchange Commission (the “SEC”): as a “broker-dealer” under the Exchange Act, as an “investment adviser” under the Investment Advisers Act of 1940, or in any other capacity. Katusa Research, its owners, directors, and employees are also not registered with any state securities commission or authority as a broker-dealer or investment advisor or in any other capacity. HIGHLY BIASED: In our role, we aim to highlight specific companies for your further investigation; however, these are not stock recommendations, nor do they constitute an offer or sale of the referenced securities. Katusa Research has received cash compensation from Uranium Royalty Corp and is thus extremely biased. It is crucial that you conduct your own research prior to investing. This includes reading the companies' SEDAR and SEC filings, press releases, and risk disclosures. The information contained in our profiles is based on data provided by the companies, extracted from SEDAR and SEC filings, company websites, and other publicly available sources. Katusa Research, Marin Katusa, and its directors, employees, and members of their households directly own or may own shares of Uranium Royalty Corp (UROY/UROY.TSX). Therefore, Katusa Research is extremely biased. Measures are in place such that no shares will be sold during the active awareness campaign. HIGH RISK: The securities issued by the companies we feature should be seen as high risk; if you choose to invest, despite these warnings, you may lose your entire investment. You must be aware of the risks and be willing to accept them in order to invest in financial instruments, including stocks, options, and futures. NOT PROFESSIONAL ADVICE: By reading this, you agree to all of the following: You understand this to be an expression of opinions and NOT professional advice. 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