Uranium Royalty — Capital/Financing Update 2025

Aug 20, 2025

Borden Ladner Gervais LLP
1200 Waterfront Centre
200 Burrard St, P.O. Box 48600
Vancouver, BC, Canada V7X 1T2
T 604.687.5744
F 604.687.1415
blg.com

BLG
Borden Ladner Gervais

August 20, 2025

VIA SEDAR

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

Dear Sirs/Mesdames:

Uranium Royalty Corp. (the "Company") – Prospectus Supplement dated August 20, 2025 to Short Form Base Shelf Prospectus dated August 5, 2025

We refer to the prospectus supplement (the "Prospectus Supplement") of the Company dated August 20, 2025 to the short form base shelf prospectus of the Company dated August 5, 2025.

We hereby consent to the use of our firm opinion under the heading "Eligibility for Investment" and to the reference to our firm name under the headings "Documents Filed as Part of the Registration Statement" and "Legal Matters" in the Prospectus Supplement.

We also confirm that we have read the Prospectus Supplement and that we have no reason to believe that there are any misrepresentations in the information contained in the Prospectus Supplement that is derived from our opinion or that is within our knowledge as a result of the services we performed to render our opinion.

Yours truly,

(signed) Borden Ladner Gervais LLP

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