Uranium Energy Corp. Increases Stake in Uranium Royalty Corp. to 18.4% via Subscription Receipts

On April 29, 2026, Uranium Energy Corp. (the Reporting Person) increased its stake in Uranium Royalty Corp. by acquiring 10,989,011 Subscription Receipts at a price of US$3.64 per receipt. These receipts were purchased through an offering by the Issuer and are convertible into Common Shares on a one-for-one basis. Following this transaction, the Reporting Person beneficially owns 28,967,375 Common Shares (including the shares issuable upon conversion), representing approximately 18.4% of the Issuer's outstanding common stock. In connection with this investment, the Reporting Person entered into a Voting Support Agreement on April 16, 2026, with HRG Metals LP and affiliates of Orion Resource Partners (USA) LP. Under this agreement, Uranium Energy Corp. has committed to vote its shares in favor of a proposed arrangement agreement involving the acquisition of certain assets. The Reporting Person, an insider of the Issuer, maintains its right to evaluate its investment and potentially acquire or dispose of additional securities based on market conditions. All investment and voting decisions are managed by the Reporting Person's board of directors.