Uranium Royalty — Regulatory Filings 2021

Aug 19, 2021

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August 18, 2021

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

We refer to the prospectus supplement of Uranium Royalty Corp. (the Company) dated August 18, 2021 to a short form base shelf prospectus dated June 16, 2021 (collectively, the prospectus), relating to an at-the-market offering (ATM) issuance of common shares of the Company from time to time.

We consent to being named in and to the use, through incorporation by reference in the above-mentioned prospectus, of our report dated July 28, 2021, to the shareholders of the Company on the following consolidated financial statements:

• the consolidated statements of financial position as at April 30, 2021 and April 30, 2020;

• the consolidated statements of loss and other comprehensive income (loss) for the years ended April 30, 2021 and April 30, 2020;

• the consolidated statements of changes in equity for the years ended April 30, 2021 and April 30, 2020;

• the consolidated statements of cash flows for the years ended April 30, 2021 and April 30, 2020; and

• the notes to the consolidated financial statements, which include a summary of significant accounting policies.

We report that we have read the 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 are 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 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

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PricewaterhouseCoopers LLP

PricewaterhouseCoopers Place, 250 Howe Street, Suite 1400, Vancouver, British Columbia, Canada V6C 3S7 T: +1 604 806 7676, F: +1 604 806 7222, www.pwc.com/ca

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