Uranium Royalty — Audit Report / Information 2025

Aug 6, 2025

pwc

August 5, 2025

British Columbia Securities Commission
Alberta Securities Commission
Financial and Consumer Affairs Authority of Saskatchewan
Manitoba Securities Commission
Ontario Securities Commission
Autorité des marchés financiers (Québec)
Financial and Consumer Services Commission (New Brunswick)
Nova Scotia Securities Commission
Office of the Superintendent of Securities Service Newfoundland and Labrador
Financial and Consumer Services Division (Prince Edward Island)
Office of the Superintendent of Securities (Northwest Territories)
Office of the Yukon Superintendent of Securities
Office of the Superintendent of Securities Nunavut

We refer to the short form base shelf prospectus of Uranium Royalty Corp. (the Company) dated August 5, 2025 relating to the sale and issue of common shares, preferred shares, warrants, subscription receipts, debt securities and units of the Company.

We consent to being named in and to the use, through incorporation by reference, in the above-mentioned short form base shelf prospectus of our report dated July 16, 2025 to the board of directors and shareholders of the Company on the following consolidated financial statements:

• consolidated statements of financial position as at April 30, 2025 and April 30, 2024;
• consolidated statements of income (loss) and comprehensive income (loss), changes in equity and cash flows for the years then ended; and
• the related notes.

We report that we have read the short form base shelf prospectus and all information specifically incorporated by reference therein and have no reason to believe that there are any misrepresentations in the information contained therein that is derived from the consolidated financial statements on which we have reported, or that are within our knowledge as a result of our audit of such consolidated financial statements. We have complied with Canadian generally accepted standards for an auditor's consent to the use of a report of the auditor included in an offering document, which does not constitute an audit or review of the prospectus as these terms are described in the CPA Canada Handbook – Assurance.

/s/PricewaterhouseCoopers LLP

Chartered Professional Accountants

PricewaterhouseCoopers LLP
250 Howe Street, Suite 1400, Vancouver, British Columbia, Canada V6C 3S7
T.: +1 604 806 7000, F.: +1 604 806 7806, Fax to maul: ca_vancouver_main_fax@pwc.com

"PwC" refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership.