The Company accumulates and manages a portfolio of geographically diversified uranium interests that may be acquired directly from mine operators, as well as third party holders of existing royalties, across the spectrum of project stages, from grassroots to production. In evaluating such transactions, the Company utilizes a disciplined approach to manage its fiscal profile.
|Project||Operator||Location||Type Of Royalty||Mining Method||Project Stage(1)|
|McArthur River(3)(5)||Cameco Corporation||SK, Canada||1% GOR||Conventional||Production Idled|
|Cigar Lake/Waterbury(3)(4)(6)||Cameco Corporation/Orano Canada Inc.||SK, Canada||10% - 20% NPI||Conventional||In Production|
|Roughrider(2)||Rio Tinto plc.||SK, Canada||1.9701% NSR||Conventional||Development(2)|
|Langer Heinrich||Langer Heinrich Uranium (Pty) Ltd.||Namibia||A$0.12 per kg PR||Conventional||Production Idled|
|Lance||Peninsula Energy Ltd.||WY, USA||1% GRR||In-Situ Recovery||Production Idled|
|Lance(3)||Peninsula Energy Ltd.||WY, USA||4% GRR||In-Situ Recovery||Production Idled|
|Church Rock||Laramide Resources Ltd.||NM, USA||4% NSR||In-Situ Recovery||Development|
|Reno Creek(3)||Uranium Energy Corp.||WY, USA||0.5% NPI||In-Situ Recovery||Development|
|Dewey-Burdock(3)||EnCore Energy||SD, USA||30% Net Proceeds||In-Situ Recovery||Advanced|
|Roca Honda(3)||Energy Fuels Inc.||NM, USA||4% GRR||Conventional||Development|
|Michelin||Paladin Energy Ltd.||NFLD, Canada||2% GRR||Conventional||Development|
|Anderson||Uranium Energy Corp.||AZ, USA||1% NSR||Conventional||Development|
|Slick Rock||Anfield Energy||CO, USA||1% NSR||Conventional||Advanced|
|Workman Creek||Uranium Energy Corp.||AZ, USA||1% NSR||Conventional||Development|
|Dawn Lake(4)(7)||Cameco Corporation||SK, Canada||10% - 20% NPI||N/A||Early Exploration|
- The Company classifies its projects based on the stage of current and historical exploration, development and production. The following is a description of the categories utilized by the Company to classify the project stage of each of its royalty interests.
- Early Exploration - A project is considered to be in the Early Exploration stage when there is no current or historic mineral resource or mineral reserve defined for the project.
- Development - A project is considered to be in the Development stage when the project has a current or historic mineral resource or reserve defined for the project, but there is no current preliminary economic assessment, pre-feasibility study or feasibility study completed by the operator thereof to support the potential economic viability of such resource or reserve.
- Advanced - A project is considered to be in the Advanced stage when there is a current mineral resource or mineral reserve defined for the project, which is supported by a preliminary economic assessment, a pre-feasibility study or a feasibility study.
- Production Idled - A project is considered to be in the Production Idled stage when the project, or part of it, has been in production at any time during the past three calendar years, but such production has been idled due to market conditions or otherwise.
- In Production – A project is considered to be in the In Production stage when the underlying property, or part of it, is subject to steady-state uranium production operations.
- The royalties on the Roughrider project and Russell Lake and Russell Lake South projects are represented by the same royalty instrument.
- The royalty acquired by URC does not apply to the entirety of the project.
- As an NPI royalty this royalty will not generate revenue until cumulative expense accounts, that include development costs, are recovered.
- A 1.0% GORR on an approximate 9% share of uranium production derived from an approximate 30.195% ownership interest of Orano.
- A 10% to 20% sliding scale NPI royalty on a 3.75% share of overall uranium production, drawn from Orano's 40.453% ownership interest.
- A 10% to 20% sliding scale NPI royalty on a 7.5% share of overall uranium production.