Uranium Royalty (UROY) risk factors, FY2026 10-K

Risks Related to the Sweetwater Acquisition

1. 01We may be unable to successfully integrate the Sweetwater Assets into our business in the expected time frame or at all
2. 02We have incurred, and expect to continue to incur, substantial costs as a result of the Sweetwater Acquisition
3. 03We may be unable to realize the anticipated benefits of the Sweetwater Acquisition
4. 04Lawsuits may be filed against us and the members of our board of directors arising out of the Sweetwater Acquisition, which may negatively affect our business and operations

Risks Related to our Business

1. 05The Company has limited or no access to data or the operations underlying the Company’s interests and this limited access may impair the Company’s ability to assess the value of its interests, among other things
2. 06calculated by operators in a manner different from the Company’s assumptions or estimates, and the Company’s audit and information rights may be limited, delayed or difficult to enforce
3. 07Dependence on third-party operators
4. 08Dependence on future payments from owners and operators
5. 09or pricing mechanisms, the establishment by operators of reserves for expenses or other charges, or other factors affecting the operator or the project
6. 10The Company’s business is significantly concentrated and a substantial portion of its revenue from a limited number of mines, operators or commodities
7. 11A portion of the Company’s assets are on non-producing, exploration-stage or development-stage properties that may never achieve production or generate revenue
8. 12Our royalty, stream and similar interests may not be honored by operators or counterparties
9. 13Defects in or disputes relating to the existence, validity, enforceability, terms or geographic extent of royalties, streams and similar interests
10. 14Royalty, stream and similar interests may be subject to buy-down, buy-back, pre-emptive or similar rights
11. 15Project costs may influence the Company’s future royalty returns
12. 16Risks faced by owners and operators of the properties underlying the Company’s interests
13. 17Title, permit or licensing disputes related to properties underlying the Company’s interests could materially reduce or eliminate revenue payable to the Company
14. 18Excessive cost escalation, as well as development, permitting, infrastructure, operating or technical difficulties on properties underlying the Company’s interests could materially reduce expected revenue
15. 19Volatility in commodity prices and demand may affect revenue derived by the Company from its asset portfolio
16. 20Risks related to foreign jurisdictions and emerging markets, including Russia’s invasion of Ukraine, may adversely affect the Company
17. 21restrictions, countermeasures or retaliatory actions, may continue to affect global energy and commodity markets, including the uranium market
18. 22Uranium market risks may adversely affect the Company’s revenues
19. 23The market for soda ash is influenced by macroeconomic conditions, industrial demand, transportation and logistics conditions, export market dynamics, production levels in key producing regions, competition from natural and synthetic soda ash producers, and trade and regulatory developments
20. 24Public acceptance of nuclear energy and competition from other energy sources may affect the Company’s uranium-related interests
21. 25Absence of a broad public market for physical uranium may affect the Company’s ability to monetize uranium inventory
22. 26Macroeconomic developments and changes in global economic, financial and market conditions may negatively impact the market value of the Company’s securities and assets
23. 27The Company may be unable to repay indebtedness or comply with obligations under debt arrangements associated with the Sweetwater acquisition
24. 28We have entered into a senior secured credit facility, and our failure to comply with its covenants or to repay or refinance amounts drawn thereunder could adversely affect our business
25. 29Any inability of the Company to obtain necessary financing when required on acceptable terms or at all
26. 30Negative cash flow from operating activities and limited operating history of revenue generation
27. 31Risks associated with future acquisitions
28. 32Any inability to attract and retain key employees
29. 33Competition and pricing pressure
30. 34Liquidity in equity and other investments
31. 35Changes in legislation, permitting and licensing regimes, taxation and government policy
32. 36Regulations and political or economic developments in jurisdictions where the Company holds or may hold royalties, streams or other interests may adversely affect the Company
33. 37Compliance with environmental, health, safety and related laws and regulations
34. 38Risks associated with Indigenous rights, land claims and similar interests
35. 39Fluctuations in foreign exchange rates
36. 40Disruptions to the information technology systems of the Company or third-party service providers
37. 41Potential conflicts of interest
38. 42Any inability to ensure compliance with anti-bribery, anti-corruption and similar laws
39. 43Any failure to maintain effective internal controls
40. 44High-risk and speculative nature of an investment in the Company’s securities
41. 45Volatility of share price
42. 46An active trading market for shares of our common stock may never develop or be sustained, which may make it difficult to sell the shares of our common stock
43. 47Effects of the spread of illness or other public health emergencies