On April 16, 2026, Uranium Royalty Corp. announced that it had entered into an arrangement agreement to combine with entities owning a 92 percent interest in Sweetwater Royalties LLC, held by funds managed by Orion Resource Partners LP and the Ontario Teachers' Pension Plan. The transaction implies a 100 percent enterprise value for Sweetwater of approximately US$1.9 billion (based on US$625 million of debt outstanding as of April 1, 2026) and an attributable equity value to be acquired by Uranium Royalty Corp. of approximately US$1.1 billion. Under the transaction, Sweetwater and Uranium Royalty Corp. will combine under a newly formed U.S.-domiciled parent company, also named Uranium Royalty Corp., which will apply to have its shares of common stock listed on the Nasdaq Capital Market. The sellers will receive approximately US$330 million in cash and approximately US$813 million in shares of the new Uranium Royalty Corp. at a deemed value of US$3.64 per share, subject to adjustment. On completion, existing Uranium Royalty Corp. shareholders, Orion and Ontario Teachers' are expected to own approximately 41 percent, 43 percent and 16 percent of the new parent, respectively, before additional financing. Sweetwater is a privately held land and mineral royalty company headquartered in Lakewood, Colorado, that owns approximately 4.5 million mineral acres and approximately 850,000 fee surface acres in Wyoming, Utah and Colorado, anchored by long-life soda ash production royalties that have generated average adjusted EBITDA of roughly US$74 million per year over the last two fiscal years. The transaction is expected to close in early third quarter 2026.