Uranium Royalty — Capital/Financing Update 2021

May 6, 2021

Uranium Royalty Corp. Treasury Offering of Common Shares May 4, 2021

The Common Shares will be offered by way of a short form prospectus in all of the provinces and territories of Canada, except Quebec. A preliminary short form prospectus containing important information relating to the Common Shares has not yet been filed with the applicable Canadian securities regulatory authorities. A copy of the preliminary short form prospectus is required to be delivered to any investor that received this term sheet and expressed an interest in acquiring the Common Shares. There will not be any sale or any acceptance of an offer to buy the Common Shares until a receipt for the final short form prospectus has been issued. This term sheet does not provide full disclosure of all material facts relating to the Common Shares. Investors should read the preliminary short form prospectus, final short form prospectus and any amendment, for disclosure of those facts, especially risk factors relating to the Common Shares, before making an investment decision.

Terms and Conditions

Issuer:	Uranium Royalty Corp. (the “Company”).
Offering:	Treasury offering of 6,100,000 common shares (“Common Shares”)
Offering Price:	C$4.10 per Common Share
Issue Amount:	Approximately C$25 million
Over-Allotment	The Company has granted the Underwriters an option, exercisable, in whole or in
Option:	part, at any time until and including 30 days following the closing of the Offering,
	to purchase up to an additional 15% of the Offering at the Offering Price to cover
	over-allotments, if any.
Select Purchasers:	Insiders (“Select Purchasers”) will participate in the purchase of Common Shares
	for approximately 19.0% of the Offering.
Use of Proceeds:	The net proceeds of the offering will be used to fund future purchases of U3O8,
	royalty and stream interests, and for working capital. .
Form of Offering:	Bought deal by way of a short-form prospectus to be filed in all provinces and
	territories of Canada, except Quebec. U.S. sales by private placement via Section
	4(a)(2).
Listing:	An application will be made to list the Common Shares on the TSX Venture
	Exchange (the “TSX-V”) and Nasdaq Capital Market (“Nasdaq”). The existing
	common shares are listed on the TSX-V under the symbol “URC” and on Nasdaq
	under the symbol “UROY”.
Eligibility:	Eligible for RRSPs, RRIFs, RESPs, TFSAs, RDSPs and DPSPs.
Bookrunner:	BMO Capital Markets
Commission:	6.0% (no fee will be payable in connection with Select Purchasers).
Closing:	May 20, 2021.