Quarterly Report for Quarter Ending July 31, 2026 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations

You should read the following discussion and analysis of our financial condition and results of operations together with the financial information and the notes thereto included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

On July 27, 2026, Uranium Royalty Corp., a Delaware corporation ("New URC"), completed a plan of arrangement (the "Arrangement") pursuant to which it became the parent company of Uranium Royalty Corp. (Canada) ("Old URC") and acquired an approximately 92% interest in the ownership interest in entities holding a portfolio of royalty, mineral, surface, lease and related rights in Wyoming, Utah and Colorado (collectively, "Sweetwater Entities"), as described under "Recent Developments-Arrangement."

Consistent with the basis of presentation described in Notes 1 and 2 to our condensed interim consolidated financial statements included in Part I, Item 1 of this Quarterly Report, references to "we," "our," "us," the "Company" and "URC" refer to New URC and its subsidiaries for periods following the completion of the Transaction on July 27, 2026, and to Old URC and its subsidiaries for periods prior to July 27, 2026, unless the context otherwise requires.

Unless otherwise indicated, all references in this discussion and analysis to "dollars," "$" or "US$" are to United States dollars, and references to "C$" or "CAD" are to Canadian dollars.

Cautionary Note Regarding Forward-Looking Statements

Some of the information contained in this management's discussion and analysis or set forth elsewhere in this Quarterly Report on Form 10-Q, including information with respect to our outlook, plans and strategy for our business and potential financing, includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements are often identified by the use of words such as "anticipate," "believe," "continue," "remain," "could," "estimate," "expect," "intend," "may," "plan," "project," "will," "would," "should," "potential," "intention," "strategy," "strategic," "approach," "subject to," "possible," "pending," "if," or the negative or plural of these words or similar expressions or variations. Such forward-looking statements and forward-looking information are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by the forward-looking statements or forward-looking information. Factors that could cause or contribute to such differences include, but are not limited to, those identified in this Quarterly Report on Form 10-Q, including those discussed in the section titled "Risk Factors" set forth in Part II, Item 1A of this Quarterly Report on Form 10-Q, and those discussed in the section titled "Risk Factors" set forth in Part I, Item 1A of our Annual Report on Form 10-K for the year ended April 30, 2026, as amended, and in our other SEC public filings. Such forward-looking statements reflect our beliefs and opinions on the relevant subject based on information available to us as of the date of this report, and while we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements. You should not rely upon forward-looking statements or forward-looking information as predictions of future events. Furthermore, such forward-looking statements or forward-looking information speak only as of the date of this report. Except as required by law, we undertake no obligation to update any forward-looking statements or forward-looking information to reflect events or circumstances after the date of such statements.

Third-Party Information

This Quarterly Report on Form 10-Q includes market, industry and other data, forecasts and statistics that are based on, or derived from, information publicly disclosed by third parties, including the operators of the properties underlying our royalties and other interests, industry and market research firms, governmental agencies and other publications and sources. As a holder of royalties and similar interests, we are not the operator of any of the properties underlying our interests and, except in limited circumstances, do not have access to non-public information regarding those properties. While we believe these third-party sources to be reliable, we have not independently verified, and are not able to independently verify, the accuracy or completeness of such third-party information, and we assume no responsibility for its accuracy or completeness. Such information is subject to change based on various factors,

including those described under "Risk Factors" in Part II, Item 1A of this Quarterly Report on Form 10-Q and in Part I, Item 1A of our Annual Report on Form 10-K for the year ended April 30, 2026, as amended. The disclosure of such third-party information should not be interpreted as an adoption, endorsement or confirmation by us of such information.

Business Overview

We are a diversified royalty and land company with significant exposure to natural soda ash and uranium. Our portfolio of long-life, low-cost assets and diversified revenue streams provides exposure to uranium and soda ash prices. Following completion of the Arrangement, our portfolio includes royalties relating to five operating soda ash mines, interests in greenfield trona projects, and approximately 850,000 acres of fee surface rights and 4.5 million acres of mineral rights located primarily in Wyoming, Utah and Colorado.

In addition, our land and mineral holdings provide additional long-term optionality, including opportunities relating to greenfield trona development, uranium exploration, oil and gas leasing, critical minerals, renewable energy and other potential uses of the land. Our primary focus is to generate durable cash flow from our royalty portfolio and deploy that cash flow toward value-enhancing acquisitions and investments, particularly in uranium and other critical minerals. These opportunities may include royalties, streams, debt, equity investments and physical uranium.

New URC was incorporated on May 1, 2026, pursuant to the Delaware General Corporation Law for purposes of completing the Arrangement described under "Recent Developments-Arrangement." Our principal executive office is located at 141 Union Blvd., Suite #310, Lakewood, CO 80228 with registered offices located at 100 Lakeland Ave., Dover, Kent County, Delaware 19901.

Uranium Market Developments

The uranium market continues to be supported by structural demand growth driven by increasing global electricity consumption, decarbonization initiatives, expanding data center and artificial intelligence infrastructure, geopolitical considerations, and prolonged underinvestment in primary supply. The International Energy Agency ("IEA") reported that global electricity demand grew by approximately 3% in 2025 and is projected to grow at an average annual rate of approximately 3.6% through 2030 (Source: IEA, Electricity 2026, February 2026). Nuclear generation has reached record levels and, together with renewable energy sources, is expected to supply approximately half of global electricity by 2030 (Source: IEA, Electricity 2026, February 2026). Data center electricity consumption is projected to increase significantly, supporting incremental demand growth (Source: IEA, Electricity 2026, February 2026). In the United States, long-term electricity demand is also expected to increase materially through 2030 and beyond (Source: ICF International Inc., September 2025 Study).

Governments globally are increasingly recognizing nuclear energy as a reliable, low-carbon baseload power source and are advancing policies to enhance energy security and independence. In the United States, recent bipartisan legislation and Executive Orders issued in 2025 have established a policy objective to significantly expand domestic nuclear capacity by 2050, while supporting the broader nuclear fuel cycle through measures including the Defense Production Act. These initiatives, alongside public-private partnerships and funding commitments for new reactor development, advanced technologies, and fuel cycle infrastructure, reflect a materially strengthened policy backdrop.

Private sector participation has also accelerated, with major technology companies and financial institutions committing capital to nuclear energy to support growing electricity requirements, particularly from data centers. Concurrently, global reactor construction and long-term nuclear capacity expansion targets continue to reinforce expectations for sustained uranium demand growth (Source: International Atomic Energy Agency Power Reactor Information System, August 2026; World Nuclear Association, March 2026).

Uranium market fundamentals have improved in recent years, reflecting a transition from inventory-driven dynamics to a production-constrained environment. Following a prolonged period of underinvestment, primary mine supply remains insufficient to meet projected reactor requirements, resulting in a structural supply deficit. Industry forecasts indicate a meaningful gap between production and demand over the coming decade, currently supplemented by secondary sources such as inventories, which are finite and declining (Source: UxC LLC, Uranium Market Outlook Q2 2026).

Geopolitical developments have further tightened supply conditions. Disruptions associated with Russia's role in the nuclear fuel cycle, trade restrictions, and evolving policies in the United States and Europe have contributed to a bifurcation of global uranium markets, with Western utilities increasingly seeking supply from politically stable jurisdictions. Additional U.S. policy actions, including the designation of uranium as a critical mineral and potential measures to support domestic supply chains, underscore the strategic importance of uranium to national security (Source: The White House, February 14, 2025; U.S. Geological Survey, November 7, 2025).

Uranium prices have strengthened significantly from historical lows, reflecting these improving fundamentals, although recent periods have exhibited short-term volatility. During the three months ended July 31, 2026, uranium prices averaged $85.45 per pound of U3O8, compared to $86.37 per pound in the prior quarter. Over the 12 months ended July 31, 2026, uranium prices averaged $82.32 per pound, representing an increase from the prior-year period (Source: UxC LLC Historical Ux Daily Prices).

Utility contracting activity remains below long-term replacement levels, resulting in a substantial volume of uncommitted future demand. It is estimated that cumulative uncommitted global demand through 2035 is significant, including approximately 186 million pounds of unfilled requirements in the United States alone (Source: UxC LLC, Uranium Market Overview Q2 2026; U.S. Energy Information Administration, Uranium Marketing Annual Report, July 2026). As existing contracts expire and secondary supplies diminish, the need for new long-term supply agreements is expected to increase. Given the long development timelines for new uranium production, higher sustained prices may be required to incentivize sufficient new supply to meet projected demand.

Soda Ash Market Developments

The latest available data published by the U.S. Geological Survey ("USGS") in its Soda Ash in March 2026 Mineral Industry Survey indicate that U.S. soda ash production was approximately 2.64 million metric tonnes during the first quarter of 2026, compared with 2.92 million metric tonnes in the corresponding period of 2025. It also disclosed that, for the same period, U.S. exports decreased to approximately 1.55 million metric tonnes from 1.73 million metric tonnes, while apparent domestic consumption remained relatively stable at approximately 1.19 million metric tonnes.

Market conditions for soda ash are expected to remain challenging for the remainder of 2026 and into 2027 resulting from an influx of new soda ash production from China. Over the longer term, soda ash demand is expected to benefit from growth in glass manufacturing, including solar photovoltaic glass, and lithium carbonate production. The USGS's Mineral Commodity Summaries 2026 also notes the cost competitiveness of U.S. natural soda ash relative to synthetic soda ash. Nevertheless, the timing of a market recovery will depend on global industrial demand, the absorption of new Chinese capacity and further rationalization of higher-cost production.

Domestic soda ash consumption in the United States is estimated at approximately 4-5 million tons per year, with the glass industry accounting for the largest share of demand (USGS, March 2026 Soda Ash Mineral Industry Survey and 2026 Mineral Commodity Summary). Because domestic production significantly exceeds domestic consumption, the United States exports a substantial share of its soda ash. Approximately 55% to 60% of U.S. soda ash production is exported, primarily to the country's closest neighbors and markets in Asia, Latin America, and the Middle East (USGS, March 2026 Soda Ash Mineral Industry Survey and 2026 Mineral Commodity Summary). United States producers generally benefit from a competitive transportation infrastructure that connects Wyoming mining operations to export terminals on the West Coast and Gulf Coast via rail networks. This infrastructure enables United States producers to supply international markets competitively despite the inland location of production facilities.

According to OPIS, Chemical Markets Analytics' Soda Ash Monthly Report - Issue 217, which provides data for the six months ended June 30, 2026, U.S. soda ash exports totaled approximately 2.94 million metric tons, representing a decline of roughly 595 thousand metric tons year-over-year.

Regionally, Asia-Pacific remained the largest export destination, led by Indonesia, Japan, Vietnam, and Thailand, although volumes to several of these markets declined period-over-period, partially offset by increases to China and Australia. Latin America also represented a significant export market, with Brazil, Chile, and Colombia among the largest importers, though exports to Brazil declined materially in the period.

North American exports were comparatively stable, with Mexico remaining a key end market. In contrast, exports to Western Europe were more limited and exhibited variability by country, including a notable reduction in shipments to the United Kingdom. Overall, the data illustrates that while U.S. soda ash exports are globally diversified, they remain sensitive to regional industrial demand cycles and customer concentration in key emerging markets, which can result in period-to-period volatility in shipment volumes.

Recent Developments

Sales of U3O8

During the three months ended July 31, 2026, the Company sold 593,255 pounds of U3O8 for revenue of $51.0 million, representing an average realized selling price of approximately $86.00 per pound. This was slightly above the average of the UxC Historical Ux Daily Prices published from May 1 through July 31, 2026, of $85.45 per pound. The related cost of sales was $34.1 million, or approximately $57.40 per pound. Accordingly, revenues from these sales exceeded the related cost of sales by $16.9 million. Proceeds from these sales were used, in part, to finance the consideration under the Arrangement.

Arrangement

The Company was formed to facilitate the combination of the approximately 92% direct and indirect interests (the "Sweetwater Interests") of certain entities affiliated with Orion Resource Partners (USA) LP (collectively, "Orion") and HRG Metals LP, a wholly-owned subsidiary of Ontario Teachers' Pension Plan Board ("HRG" and, together with Orion, the "Sweetwater Investors") in the Sweetwater Entities with Old URC pursuant to the Arrangement, effected

through the plan of arrangement of Old URC under section 192 of the Canada Business Corporations Act (the "Plan of Arrangement") and in accordance with the arrangement agreement dated April 16, 2026, among Old URC and the Sweetwater Investors (the "Arrangement Agreement"). The Plan of Arrangement became effective on July 27, 2026 (the "Effective Date").

Pursuant to the Plan of Arrangement, on the Effective Date, among other things, (i) New URC issued 223,252,749 shares of common stock, at a deemed value of US$3.64 per share, to the Sweetwater Investors in exchange for the Sweetwater Interests; (ii) each common share of Old URC, other than an Exchangeable Elected Share (meaning a common share in respect of which a valid Exchangeable Share Election was made), was transferred to UROY CallCo ULC, a wholly-owned subsidiary of the Company ("CallCo"), in exchange for one share of common stock; (iii) each common share of Uranium Royalty Corp. (Canada) in respect of which a valid Exchangeable Share Election was made was transferred to UROY ExchangeCo Ltd., a wholly-owned subsidiary of CallCo ("ExchangeCo"), in exchange for one exchangeable redeemable preferred share in the capital of ExchangeCo ("Exchangeable Shares") and related ancillary rights; (iv) the Company issued one special voting share in the capital of the Company which, among other things, entitles the holder of record thereof to that number of votes at meetings of the Company equal to the number of Exchangeable Shares outstanding (the "Special Voting Share") to Computershare Trust Company of Canada (the "Trustee"), to be held by the Trustee on behalf of the holders of Exchangeable Shares, and entered into a Voting and Exchange Trust Agreement with CallCo, ExchangeCo and the Trustee; and (v) each holder of outstanding and unexercised options to purchase common shares of Old URC received a replacement option (the "Replacement Options") to purchase our shares of common stock on an economically equivalent basis.

In connection with the Arrangement, the Company and the Sweetwater Investors entered into an Investors Rights Agreement that governs certain matters relating to the Sweetwater Investors' ownership of, and participation in the governance of, the Company. Among other things, the Investors Rights Agreement provides the Sweetwater Investors with voting support obligations, standstill restrictions, board representation and nomination rights, participation (pre-emptive) rights, and transfer, resale and registration rights. The board designation rights are subject to minimum ownership thresholds and are capped so that the aggregate number of directors designated by the Sweetwater Investors may not equal or exceed 50% of the board, with each nominee subject to approval by the board's nominating committee. Notwithstanding the Sweetwater Investors' collective ownership of approximately 58.6% of the Company's outstanding common shares immediately following closing, the Sweetwater Investors are separate investors that are not an organized group, and the Company retained control of its board of directors and senior management. These governance arrangements were among the factors supporting the conclusion that the Company (through Old URC) is the accounting acquirer in the Arrangement. For additional information regarding the accounting-acquirer determination, see Note 3 to our condensed interim consolidated financial statements included in Part I, Item 1 of this Quarterly Report.

For further information regarding the Arrangement and the Investors Rights Agreement, see our Annual Report on Form 10-K for the year ended April 30, 2026, as amended.

In connection with the Arrangement, on July 27, 2026, we also entered into a senior secured revolving credit facility (the "Facility"), a portion of which was drawn to fund, in part, the cash consideration payable under the Arrangement. For additional information regarding the Facility, see "Recent Liquidity and Capital Resources Development - Revolving Credit Facility" below.

Select Asset Updates

The following is a summary of selected recent developments announced by the operators of the properties underlying certain of our royalties and other interests. The summaries below are based on publicly available disclosures made by the applicable operators and other third parties, and we refer readers to those operator and other third-party disclosures for further information regarding the properties underlying our interests.

Soda Ash Portfolio

On July 27, 2026, the Company acquired a 92% interest in the Sweetwater Entities, which own a portfolio of soda ash royalties and extensive surface and mineral rights in Wyoming, Utah and Colorado.

The portfolio includes royalties relating to five operating soda ash mines-Big Island, American Soda, Alchem,

Westvaco and Granger-which are operated by four established producers. The Sweetwater Entities generally hold an 8% revenue royalty, net of certain customary deductions, on approximately 50% of area coverage and approximately 48% attributable production rate over 2011-2025, based on historical royalty revenue statements, from these operations. The underlying mines are located in Wyoming's Green River Basin, which contains the world's largest known trona deposit, and are positioned among the lower-cost soda ash operations globally.

The portfolio also includes two advanced greenfield projects, Project West and the Dry Creek Trona Project, as well as additional unleased trona resources. Based on operator disclosures and other available information, production expansions are expected to increase the attributable soda ash production capacity by more than 60% over the coming years without requiring material additional capital investment by the Company.

Westvaco and Granger Operations - WE Soda Ltd. ("WE Soda")

In its Results for the Full Year and Fourth Quarter ended December 31, 2025, WE Soda disclosed that they experienced production disruptions at the Westvaco mine, which adversely affected production volumes, with a non-recoverable net production loss of approximately 120,000 metric tonnes during the quarter. In its Quarterly Results for the First Quarter ended March 31, 2026, WE Soda reported that the operational issues had been resolved and were not expected to recur. In its results for the six months ending June 30, 2026, WE Soda confirmed that Westvaco operated at or above its originally budgeted production run rate during the three months ended June 30, 2026.

Alchem Operation - Tata Chemicals

Tata Chemicals stated in their investor presentation for the quarter ended June 30, 2026, available on the company's website, total sales of 614,000 metric tonnes of soda ash for the U.S. operations in the quarter.

Dry Creek Trona Project - Pacific Soda

The Wyoming Department of Environmental Quality ("WDEQ") provided public notice on August 26, 2026 that the Industrial Siting Division received an amendment request from Pacific Soda, LLC regarding the Dry Creek Trona Project in Sweetwater County, to change the date of construction commencement from on or before December 31, 2026, to on or before December 31, 2027. The request was granted.

Land Portfolio

URC owns approximately 850,000 acres of fee surface rights and approximately 4.5 million acres of mineral rights. Our surface and mineral estates generate revenues from renewable energy operations, other industrial minerals, grazing and from pipeline, power line and utility easements. These holdings provide additional long-term opportunities relating to greenfield trona development, uranium exploration, oil and gas leasing, renewable energy, critical minerals and other potential uses of the land. The renewables opportunities could represent potential royalty economics of approximately five million dollars per gigawatt of wind capacity and approximately two million dollars per gigawatt of solar capacity installed on the Company's lands.

These figures are management estimates only, are based on assumptions regarding project scale, location, development density, lease and royalty structures, timing and market conditions, and are subject to significant uncertainty. There can be no assurance that any such renewable projects will be developed on the Company's lands, that any corresponding royalty arrangements will be entered into on such terms or at all, or that any such opportunities would generate revenues consistent with these estimates.

Oil and Gas

In June 2026, we leased approximately 38,000 acres to undergo active exploration work to assess oil and gas development potential in a prospective area near the existing Wamsutter field in southwestern Wyoming.

Uranium Portfolio

Cigar Lake

We hold a sliding scale 10% to 20% NPI royalty on a 3.75% share of overall uranium production in the Waterbury Lake / Cigar Lake Project located in Saskatchewan, derived from Orano's current 42.58% production interest in the project. Cameco Corporation ("Cameco") is the operator of the Cigar Lake Project. As a profit-based NPI interest, the Company's royalty on this project is calculated based upon generated revenue, with deductions for certain expenses and costs, which include cumulative expense accounts, including development costs. As such and given the significant amount of expenditures made in developing the existing operations at the Cigar Lake mine, the Cigar Lake royalty will only generate revenue to the Company after these significant cumulative expenses are recovered.

In a news release dated May 5, 2026, Cameco reported its financial and operational results for the first quarter of 2026. It stated that total packaged production from Cigar Lake operations was 4.9 million pounds for the quarter (5.0 million pounds in first quarter of 2025), and reiterated production guidance of 17.5 to 18.0 million pounds (100% basis) in 2026.

In a news release dated July 1, 2026, Cameco announced that it had temporarily suspended operations due to challenges at Orano's McClean Lake mill, where Cigar Lake ore is processed. Orano's McClean Lake mill has encountered operational challenges with its sulfuric acid plant that caused it to shut down in order to repair the issue. With limited ore storage capacity at Cigar Lake, Cameco temporarily suspended mining activities until sufficient acid was available to allow milling to resume at McClean Lake. In a news release dated July 14, 2026, Cameco announced that Cigar Lake had resumed production with the resumption of operations at the McClean Lake mill. Cameco indicated that the production outlook for Cigar Lake was not impacted by the temporary suspension of operations.

Cameco reported a total of 7.9 million pounds of production from Cigar Lake in the first six months of 2026 in its management's discussion and analysis for the quarter ended June 30, 2026 ("Cameco Q2 2026 MD&A"). Cameco restated that the mine's 2026 production outlook remains unchanged and it continues to expect production between 17.5 million and 18.0 million pounds of U3O8 in 2026.

McArthur River

We hold a 1% GORR royalty on a 9.063% share of uranium production derived from Orano's current 30.195% production interest in the McArthur River operations and mine on the McArthur River property located near Toby Lake in northern Saskatchewan. The royalty payor is Orano. The royalty includes an option for the holder to receive physical uranium as payment thereunder and does not apply to the entirety of the project lands.

On May 10, 2026, Cameco announced that flooding in northern Saskatchewan caused a partial collapse of the Smoothstone River Bridge, located on the primary route used to transport supplies to the McArthur River mine and Key Lake mill. As a result of the disruption and restrictions affecting an alternative roadway, Cameco temporarily halted production activities at Key Lake and reduced activities at McArthur River.

On May 27, 2026, Cameco announced that full production activities had resumed at both operations after sufficient critical operating materials were delivered using a secondary route. Cameco stated that the disruption did not affect its 2026 production plan for the McArthur River/Key Lake operation and that its 2026 production outlook remained unchanged. However, Cameco noted that continued spring thawing and precipitation could result in further road restrictions and delays in delivering critical operating materials.

Cameco reported a total of 8.3 million pounds of production from the McArthur River/Key Lake operation in the first six months of 2026 in the Cameco Q2 2026 MD&A. Cameco also indicated that the annual maintenance outage at the Key Lake mill is expected to begin in the third quarter. Due to the nature of the work being carried out, the planned shutdown period is expected to be longer than in previous years and there is a risk that production may be impacted if there are restart challenges or delays in commissioning new equipment.

Langer Heinrich

We hold a royalty comprised of a PR of A$0.12 per kilogram of yellowcake (U3O8) produced from the Langer Heinrich Mine and sold by Paladin Energy Ltd. and Paladin Energy Metals Ltd.

Paladin announced in its quarterly report for the period ending June 30, 2026 that ramp-up of production at the Langer Heinrich Mine was successful, with 1.23 Mlbs of U3O8 produced in the quarter and a total of 4.82 Mlbs of U3O8 produced in fiscal year 2026. Paladin further stated that sales in the quarter totaled 1.35 Mlbs at an average realized price of US$70.60/lb U3O8, with fiscal year 2026 sales totaling 4.35 Mlbs. In a news release dated July 22, 2026, Paladin states that fiscal year 2027 production is expected to range between 5.1 - 5.6 Mlbs U3O8, supported by the completion of the mining ramp-up and increased availability of primary mined ore. Planned maintenance shutdowns in the September and December 2026 quarters are expected to impact production in the first half. Higher production is expected in the second half of fiscal year 2027 as higher-grade ore feed to the processing plant increases. Cost of production is expected to be between US$44/lb and US$48/lb, trending towards the upper end of the guidance range in the first half of fiscal year 2027 due to lower anticipated production and additional costs associated with planned maintenance during the period. As a result of the depletion of the previously mined MG3 stockpile in fiscal year 2026, all ore processed in fiscal year 2027 will be sourced from the mine, at longer haul distances than in fiscal year 2026.

Lance

We hold two royalties on portions of the Lance Project: (a) a 4.0% gross income royalty from certain portions of the Lance Project (the "4% Lance Royalty"); and (b) a 1% GRR interest that covers the entirety of the current permitted Ross Project Area, Kendrick Project Area and Barber Project Area (the "1% Lance Royalty"). The 4% Lance Royalty is equal to 4.0% of the gross income from the underlying property without any deduction, provided that such royalty cannot exceed 7% of the gross income from the underlying property when combined with royalties paid to the State of Wyoming. The 4% Lance Royalty does not apply to the entire Lance Project area. The Company believes that this royalty currently applies to approximately 5,586 acres of an estimated 67,500 permit acres or 8% of the currently proposed permitted area. The aggregate surface and minerals rights disclosed by Peninsula in its quarterly report for the period ended March 31, 2024, is 51,449 acres. The Company believes that the area subject to the 4% Lance Royalty represents approximately 11% of such aggregate acreage. The 1% Lance Royalty is applicable to all uranium and related minerals from the Lance Project area and the royalty is calculated based on gross sales proceeds, with no deductions for costs or expenses.

In a news release dated July 22, 2026, Peninsula withdrew its calendar year 2026 guidance for production, due to slower-than-anticipated ramp-up, largely related to reduced flow rates. The flow rate issues center primarily around gas production in the wellfield, which plugs pore space and reduces hydraulic performance. Peninsula view the challenges as operational rather than fundamental, and that the effectiveness of the low-pH ISR process remains viable. Peninsula presented a table indicating a range of production scenarios in 2026, ranging from 150,000 pounds to 290,000 pounds U3O8, depending on Average Flow Rate and Average Net Head Grade. Peninsula did not adjust guidance for 2027, confirming production of 500,000 to 600,000 pounds U3O8 for calendar year 2027. Peninsula disclosed a total of 13,899 pounds were captured on resin in the fiscal fourth quarter of 2026, with 11,482 pounds drummed, and 10,066 produced pounds sold. Total pounds drummed in fiscal year 2026 totaled 17,385 pounds U3O8.

Roughrider

We hold a 1.9766% NSR royalty on the Roughrider project located in Saskatchewan, Canada, payable pursuant to the interest that Uranium Energy Corp. ("UEC") or any of its subsidiaries, assignees or successors holds from time to time in the underlying property.

In a news release dated June 9, 2026, UEC disclosed that, as part of its planned pre-feasibility study at the Roughrider project, UEC has completed 80% of the planned drilling for a 35,000-meter conversion core drilling program, including resource targets across the West Zone, East Zone and Far East Zone. UEC further disclosed that process flow diagrams, mass and water balance drawing and process equipment lists have been completed, and it has provided an electrical load list and a transmission interconnection service request to SaskPower for a Definition Phase Agreement connecting high-voltage power to the Roughrider Project.

Churchrock

We own two royalties on the Churchrock Project, which forms part of the larger Churchrock property located in New Mexico, USA. The first is a 4.0% net returns royalty with net returns calculated based on the gross value received by the payor from the sale of ores, metals, minerals and materials from the property, less certain specified deductions for transportation, insurance, storage, sale, tolling and refining costs and any governmental royalties that are paid in respect of such production. The second is a 6% mine price royalty, with the mine price calculated as the value of U3O8 eventually mined/recovered, processed, and sold from the royalty area, considering the costs of transportation and potentially additional costs such as insurance, storage, and other costs required to finalize sale of the product at the point of sale.

In a news release dated June 16, 2026, Laramide reported that the New Mexico Environment Department advanced its DP-2004 Groundwater Discharge Permit application for the Churchrock-Crownpoint ISR Uranium Project to the public notice phase of the permitting process. The proposed permit application supports the development of an ISR uranium recovery operation at Churchrock Section 8 and includes authorization for the use of a groundwater-based lixiviant solution to facilitate uranium recovery.

Dewey-Burdock

We own two royalties on the Dewey-Burdock Project located in South Dakota, USA. The first royalty is equal to 30% of net proceeds received by the payor from the sale of minerals, less certain deemed production costs (the "Dewey-Burdock 30% NPR"). The Dewey-Burdock 30% NPR does not apply to the entire Dewey-Burdock Project area. The second royalty is equal to between a 2% and 4% production royalty determined by the market price at the time of production (the "Dewey-Burdock Sliding Scale Royalty"). The Dewey-Burdock Sliding Scale Royalty does not apply to the entire Dewey-Burdock Project area. Between the royalty coverage of the Dewey-Burdock 30% NPR and the Dewey-Burdock Sliding Scale Royalty, our royalty interest covers approximately 34% of the total permit area.

In a news release dated June 18, 2026, enCore announced that the Bureau of Land Management (the "BLM") issued a final decision and approved the Dewey-Burdock project, authorizing enCore to commence infrastructure construction for the Dewey-Burdock ISR project. enCore disclosed that the BLM has authorized construction of an initial ancillary infrastructure on approximately 240 acres of BLM-managed public land within the larger 10,580 acre Dewey-Burdock project lands.

In a news release dated June 22, 2026, enCore announced that the Nuclear Regulatory Commission ("NRC") issued an Environmental Assessment followed by a Finding of No Significant Impact in support of the Dewey-Burdock project's 20-year Source Materials License, currently in Timely Renewal status. The NRC safety evaluation review is the final step in the process to renew the NRC Source Materials License. enCore has provided all information and material under the existing NRC license for consideration of this final step.

In its financial and operational report for the six months ended June 30, 2026, enCore stated that the project entered State of South Dakota permitting on June 15, 2026, which is under review by the Department of Agriculture & Natural Resources. Although enCore anticipates development in 2028, this is subject to receiving permits from the state.

Salamanca

We own a 0.375% NSR royalty on the Salamanca Project located in northwestern Spain.

In a news release dated February 6, 2026, Berkeley advised that its wholly owned subsidiary, Berkeley Exploration Limited ("BEL"), has filed a Memorial of Claim at the International Centre for Settlement of Investment Disputes

("ICSID") in Washington, D.C. in Berkeley's ongoing international arbitration proceedings against the Kingdom of Spain ("Spain"). As announced in a news release dated May 28, 2024, BEL referred its investment dispute with Spain to arbitration at ICSID where BEL alleges that Spain's actions against its Spanish subsidiary, Berkeley Minera España SA, and the Salamanca Project have violated multiple provisions of the Energy Charter Treaty. BEL's Memorial of Claim has now been filed with ICSID with BEL seeking compensation in the order of US $1.25 billion (US $1,250,000,000). Spain subsequently filed a request to bifurcate the proceedings, pursuant to the ICSID Convention and Arbitration Rules and, as disclosed in a news release dated June 29, 2026, Berkeley advised that ICSID bifurcated the proceedings, which will now be conducted in two phases: first, jurisdictional objections concerning the denial of benefits; and second, merits and quantum of damages. In the company's Quarterly Activities Report for the quarter ended June 30, 2026, Berkeley stated that the hearing for the bifurcated denial of benefits procedure has been scheduled for mid-2027, which will follow the customary exchange of written submissions comprising statements for a memorial, counter-memorial, reply and rejoinder.

Slick Rock

We own a 1.0% NSR uranium royalty on the Slick Rock Project located in Colorado, USA.

In a news release dated January 29, 2025, Anfield announced the completion of the previously disclosed drill program, intended to be used in updating the Slick Rock mineral resource. The objective of Anfield's initial drilling program was to verify the historical drilling dataset of 285 drill holes at Slick Rock which was generated by the United States Geological Survey and various subsequent operators. Anfield further stated that they intend to align the development timelines for both the Slick Rock and Velvet-Wood mines. It disclosed that its aim is to have both projects ready for production prior to the restart of the Shootaring Canyon mill, with initial feed ready for transport once the mill is ready to receive it.

In a news release dated May 4, 2026, Anfield announced the results of an updated preliminary economic assessment focused on the Shootaring Canyon mill. The study considers utilization of the Shootaring Canyon mill as a regional processing center with ore sourced from the Velvet-Wood, Slick Rock, and West Slope mine complexes in the Uravan Mineral Belt.

On June 18, 2026, Anfield published a Canadian National Instrument 43-101 preliminary economic assessment titled, "The Shootaring Canyon Mill and Tributary Mines, Utah and Colorado, USA, Preliminary Economic Assessment", a copy of which is available under Anfield's profile at www.sedarplus.ca.

Whirlwind

We own a 2% - 4% sliding scale GVR royalty on Utah State Mining Lease ML49312. The royalty does not apply to the entire project area for the Whirlwind Project. The royalty currently applies to approximately 320 acres, or approximately 11% of the currently defined project area.

Energy Fuels stated in its Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, that it continued rehabilitation and development work at its Whirlwind mine in preparation for future production and that Whirlwind operated during portions of the period.

Results of Operations

Because the Arrangement closed on July 27, 2026, and Old URC is the accounting acquirer for accounting purposes, our results of operations for the three months ended July 31, 2026 include the results of the Sweetwater Entities only for the period from July 28, 2026 through July 31, 2026. From July 28, 2026 through July 31, 2026, the Sweetwater Entities contributed revenues of approximately $0.7 million and net income of approximately $0.1 million. As a result, our results of operations for the current period are not directly comparable to prior periods, and the results for the three months ended July 31, 2026 are not indicative of the results that may be expected for future periods that will reflect a full period of contribution from the Sweetwater Entities.

The following sets forth selected quarterly financial information for the Company for the period indicated:

Three months ended July 31, 2026, compared to three months ended July 31, 2025:

The Company had net income of $16.3 million in the three months ended July 31, 2026, compared to $1.0 million in the same period of 2025. The increase was primarily attributable to higher uranium sales volumes, a $12.8 million gain on subscription receipts liabilities, an $8.1 million net foreign exchange gain, and, to a lesser extent, an increase in interest income. These increases were partially offset by $15.1 million of costs related to the Sweetwater acquisition, $0.5 million of interest expense related to outstanding royalty notes and the Facility and an increase in income tax expense from $0.4 million for the three months ended July 31, 2025 to $6.8 million for the three months ended July 31, 2026.

Sales of uranium inventory increased to $51.0 million in the three months ended July 31, 2026, compared to $24.2 million in the three months ended July 31, 2025.

The increase resulted from higher volume of uranium sold of 593,255 pounds during the three months ended July 31, 2026, compared to 350,000 pounds of uranium inventory sold in the prior fiscal period.

Royalty revenue increased to $0.7 million in the three months ended July 31, 2026, compared to $0.035 million in the three months ended July 31, 2025. The increase was primarily the result of $0.6 million of royalty revenue earned from the royalty interests acquired in the Sweetwater acquisition from the closing of the acquisition on July 27, 2026 to July 31, 2026.

Cost of sales of uranium inventory, excluding depletion, which is determined by the weighted-average method and also includes the cost necessary to make a sale, was $34.1 million for the three months ended July 31, 2026, compared to $20.4 million for the same period of 2025. The increase resulted from higher uranium sales volumes.

During the three months ended July 31, 2026, the Company incurred selling, general and administrative expenses of $1.0 million, compared to $1.3 million in the same period of 2025. The decrease of $0.3 million primarily resulted from a decrease in investor communications and marketing expenses.

During the three months ended July 31, 2026, costs related to the Sweetwater acquisition were $15.1 million, compared to nil in the same period of 2025. Such costs consist primarily of legal, advisory and due diligence fees relating to the Sweetwater acquisition.

In the three months ended July 31, 2026, the Company had interest income of $2.5 million compared to $0.07 million in the same period of 2025, primarily due to substantially higher cash balances in the high-interest savings accounts during the three months ended July 31, 2026.

During the three months ended July 31, 2026, the Company recognized a gain of $12.8 million from the change in the fair value of the subscription receipt liability, primarily due to the decrease in the Company's share price between April 30, 2026 and July 27, 2026. On July 27, 2026, the subscription receipt liability was settled through the issuance of common shares based on the closing market price of $2.74 per share.

During the three months ended July 31, 2026, the Company recorded a loss on investments in equity securities of $1.1 million, compared to a loss of $0.9 million in the same period of 2025. The change in the current period was due to the decrease in the fair value of publicly traded securities held by the Company. Investments in equity securities are measured at fair value with reference to closing foreign exchange rates and the quoted share price in the market.

During the three months ended July 31, 2026, the Company recorded income tax expense of $6.8 million, compared to income tax expense of $0.4 million in the same period of 2025. The increase resulted primarily from higher taxable income generated on uranium sales in the current period.

Liquidity and Capital Resources

Overview

The Arrangement significantly changed the Company's balance sheet, liquidity profile and future operating results. In connection with the acquisition, the Company recognized substantial non-current assets, including land of $442.0 million and mineral properties and interests, net, of $1.3 billion, and assumed significant liabilities, including advanced minimum royalty obligations of $31.4 million, long-term debt of $535.7 million, together with a current portion of $17.1 million, and mandatorily redeemable preferred stock of $22.6 million.

As of July 31, 2026, the Company had cash of $54.10 million, restricted cash of $49.55 million and a working capital deficit (current assets minus current liabilities) of $17.25 million. The working capital deficit included $31.43 million of advanced minimum royalties, which are expected to be settled primarily through future production royalties. In addition, the Company is required to repay the $40.0 million bridge loan outstanding under its senior secured revolving credit facility by January 31, 2027. Management currently plans to address these liquidity requirements through a combination of its existing unrestricted cash resources, proceeds from an equity financing, cash generated from its uranium and soda ash royalty interests and, if necessary, proceeds from the sale or monetization of certain land and other liquid assets.

The Company's ability to continue as a going concern depends on its ability to repay the Bridge Loan and meet its other obligations. There is no assurance that the Company will be able to raise sufficient capital through an equity financing that provides sufficient proceeds or monetize its assets on acceptable terms or within the required timeframe. These conditions and events raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that these unaudited condensed consolidated financial statements are issued. Accordingly, management has concluded that its plans do not alleviate this substantial doubt.

The Company's unaudited condensed consolidated financial statements for the three months ended July 31, 2026 were prepared assuming that the Company will continue as a going concern. They do not reflect any adjustments to the carrying amounts or classification of assets and liabilities that may be necessary if the Company is unable to continue as a going concern. Such adjustments could be material.

Our long-term capital requirements are primarily affected by our ongoing acquisition activities. We currently, and generally at any time, have acquisition opportunities in various stages of active review. In the event of one or more substantial stream or royalty interest or other acquisitions, we may seek additional debt or equity financing as necessary. We occasionally borrow and repay amounts under our Facility and may do so in the future.

Please refer to the risk factors included in Part II, Item 1A of this Quarterly Report on Form 10-Q and in Part I, Item 1A of our Annual Report on Form 10-K for the year ended April 30, 2026, as amended, for a discussion of certain risks that may impact our liquidity and capital resources.

Balance Sheet Data

The following table sets forth selected balance sheet items for the Company as of July 31, 2026.

As at July 31, 2026, the Company had cash of $54.1 million compared to $242.0 million as at April 30, 2026. The decrease in cash was primarily due to the cash consideration paid on the Sweetwater acquisition, net of cash and restricted cash acquired, partially offset by $53.0 million of net cash generated from operating activities from trading physical uranium and $40.0 million drawn under the Facility.

As at July 31, 2026, the Company held restricted cash of $49.5 million, compared to $40.1 million as at April 30, 2026. Substantially all of the restricted cash held as at July 31, 2026, being $49.5 million, was acquired in, and is restricted in connection with, the operations acquired in the Sweetwater acquisition, with the balance of $0.079 million comprising the Company's pre-existing restricted cash.

The Company's accounts receivable increased to $4.2 million as at July 31, 2026, from $0.059 million as at April 30, 2026. The increase was primarily due to royalty accrued and other operating receivables of the business acquired in the Sweetwater acquisition.

The Company's investments in equity securities decreased from $12.4 million as at April 30, 2026 to $11.0 million as at July 31, 2026 as a result of a decrease in the fair value of publicly traded securities held by the Company.

As at July 31, 2026, the Company had uranium inventories of $0.2 million, compared to $34.3 million as at April 30, 2026. The decrease in inventories resulted primarily from sales of uranium during the period.

As at July 31, 2026, the Company had a working capital deficiency (current assets less current liabilities) of $17.3 million, primarily due to transaction cost payables and advanced minimum royalty liabilities, together with the reduction in cash used to fund the acquisition.

As at July 31, 2026, the Company had land of $442.0 million, compared to nil as at April 30, 2026. The land was recognized on the acquisition of Sweetwater and represents the fair value using a market approach based on comparable market transactions.

As at July 31, 2026, the Company had mineral properties and interests, net, of $1,300.4 million, compared to nil as at April 30, 2026. The mineral properties were recognized on the acquisition of Sweetwater, based on an income approach based on discounted expected future cash flows associated with the underlying mineral and royalty interests.

The Company had accounts payable and accrued liabilities of $31.7 million as at July 31, 2026, compared to $2.1 million as at April 30, 2026, primarily due to payables and accrued liabilities of transaction costs related to the Sweetwater acquisition.

The mandatorily redeemable preferred stock entitles Orion and HRG to receive cash payments representing their proportionate share of cash held by the Sweetwater Entities at the Effective Date in excess of the agreed amount to be retained by the Sweetwater Entities. As at July 31, 2026, the preferred shares had an aggregate carrying amount of $22.6 million. Upon payment of $22.6 million in full, the preferred shares will automatically be redeemed and cease to be outstanding.

As at July 31, 2026, the Company had advanced minimum royalties of $31.4 million, compared to nil as at April 30, 2026. The balance represents advanced minimum royalty obligations assumed in connection with the Sweetwater acquisition.

As at July 31, 2026, the Company had a short-term loan of $40.0 million outstanding, compared to nil as at April 30, 2026. The amount was a draw on the Facility to partially fund the cash consideration on the Sweetwater acquisition.

As at July 31, 2026, the Company had nil subscription receipts liability, compared to $42.7 million as at April 30, 2026, which arose from UEC's subscription for the Company's subscription receipts in connection with the Sweetwater acquisition. On satisfaction of the escrow release conditions and closing of the Sweetwater acquisition, each subscription receipt was automatically converted into one common share of the Company and the liability was settled, resulting in a gain on subscription receipts liabilities of $12.8 million recognized during the three months ended July 31, 2026.

As at July 31, 2026, the Company had long-term debt of $535.7 million, together with a current portion of $17.1 million, compared to nil as at April 30, 2026. The debt was assumed in connection with the Sweetwater acquisition.

As at July 31, 2026, the Company had mandatorily redeemable Class A and Class B preferred stock with an aggregate carrying amount of $22.6 million, which was issued as part of the consideration for the Sweetwater acquisition. The preferred shares require semi-annual cash payments on March 31 and September 30 of each year while any amount remains outstanding, and the Company may make payments earlier at its option. While the preferred shares remain outstanding, the Company is subject to certain restrictions, including restrictions on dividends and other distributions on its common stock, redemptions or repurchases of other equity interests, and the issuance of securities ranking senior to or pari passu with the preferred shares, in each case unless the holders provide their written consent. These payment obligations and restrictions may limit the Company's liquidity and its flexibility to return capital to stockholders or raise additional capital until the preferred shares are redeemed in full. See Note 11 to our condensed interim consolidated financial statements included in Part I, Item 1 of this Quarterly Report for additional information.

Recent Liquidity and Capital Resources Developments

Revolving Credit Facility

On July 27, 2026, we entered into a credit agreement (the "Credit Agreement") as borrower with certain of our subsidiaries party thereto as guarantors, certain financial institutions party thereto as lenders (collectively, the "Lenders"), and Bank of Montreal, in its capacities as administrative agent and collateral agent for such Lenders (in such capacities, the "Agent"), to provide the Facility for up to $50.0 million. The Facility also includes an

uncommitted accordion feature allowing for incremental revolving commitments of up to an additional $25.0 million (the "Accordion Facility"), subject to Lender approval and the satisfaction of certain conditions.

The Facility is available for general corporate purposes, including permitted acquisitions and permitted investments. Up to $40.0 million from the Facility was made available as a single draw on July 27, 2026 (the "Bridge Loan"), to fund, in part, the consideration under the Arrangement and related expenses. The Bridge Loan is required to be repaid, and the Facility is required to be zero balanced, on or before January 31, 2027 (the actual date of such repayment, the "Bridge Repayment Date"). Prior to the Bridge Repayment Date, we are required to make mandatory prepayments equal to 100% of the net proceeds realized from any public offering, whether pursuant to a prospectus or on a private placement basis, of our equity interests. This requirement obligates us to apply the net proceeds of any equity financing completed prior to the Bridge Repayment Date to repayment of the Bridge Loan, and accordingly limits our ability to raise and retain equity capital until the Bridge Loan is repaid. Following the Bridge Repayment Date, and prior to maturity, we may request incremental revolving commitments of up to an additional $25.0 million, subject to Lender approval and the satisfaction of specified conditions. The Facility matures on July 31, 2029.

Borrowings under the Facility bear interest, as applicable, at the base rate or adjusted term SOFR plus, in each case, an applicable margin ranging from 1.25% to 3.75% per annum (subject to certain benchmark step-downs). The applicable margin steps down over time: from the closing date until repayment of the Bridge Loan, 3.75% per annum for term benchmark advances and 2.75% per annum for base rate advances; following repayment of the Bridge Loan and until utilization of the Facility exceeds $25.0 million, 3.00% and 2.00%, respectively; and at all other times, or upon our election, 2.25% and 1.25%, respectively. The Company elected a six-month interest period for the initial advance, resulting in an all-in interest rate of 7.80% per annum for that interest period. The obligations under the Facility are guaranteed by all current and future wholly owned, direct or indirect subsidiaries of the Company that are material subsidiaries under the Credit Agreement, including any direct or indirect subsidiary that exceeds specified asset or revenue thresholds, is party to a material agreement or holds equity interests in another material subsidiary (collectively, the "Guarantors"). The obligations under the Facility are secured by a first-ranking security interest in substantially all present and future real and personal property of the Company and Guarantors, including certain material agreements, equity pledges and cash accounts.

The obligations under the Facility are guaranteed by all current and future wholly owned, direct or indirect subsidiaries of the Company that are material subsidiaries under the Credit Agreement, including any direct or indirect subsidiary that exceeds specified asset or revenue thresholds, is party to a material agreement or holds equity interests in another material subsidiary (collectively, the "Guarantors"). The obligations under the Facility are secured by a first-ranking security interest in substantially all present and future real and personal property of the Company and Guarantors, including certain material agreements, equity pledges and cash accounts.

The Credit Agreement contains customary representations and warranties, affirmative and negative covenants and events of default, including financial covenants requiring us to maintain minimum liquidity of $10.0 million at all times following the Bridge Repayment Date, tested quarterly, and minimum tangible net worth of $1.0 billion at all times, tested quarterly. Following the Bridge Repayment Date, if Facility utilization exceeds $25.0 million, or otherwise at our election, we are also required to maintain a minimum debt service coverage ratio of 1.15:1.00 and a minimum interest coverage ratio of 2.00:1.00. The events of default include, among others, (i) nonpayment of principal, interest, fees or other amounts when due; (ii) inaccuracy of representations and warranties; (iii) covenant defaults; (iv) defaults under other credit documentation; (v) bankruptcy or insolvency events; (vi) cross-defaults with respect to indebtedness in excess of $5.0 million; (vii) invalidity of any guarantee or security document; and (viii) a change of control.

As of July 31, 2026, we had $40.0 million of outstanding borrowings under the Facility. We were in compliance with all covenants as of July 31, 2026.

Long-term debt

On October 19, 2020, Sweetwater issued $688.8 million of 5.32% senior secured notes which mature on September 30, 2040 (the "Royalties Notes") pursuant to a Note Purchase Agreement between Sweetwater and each of the noteholders dated August 19, 2020 ("Royalties Notes Agreement"). Principal and interest payments are due semi-annually on March 31 and September 30 of each year. The principal payment amounts vary and escalate over the term of the Royalties Notes Agreement.

The Company assumed the liability of the Royalties Notes upon the closing of the acquisition of Sweetwater. On the Acquisition Date, the fair value of the Royalties Notes was $552.8 million, including current portion of $17.1 million and non-current portion of $535.7 million (Note 3). The effective interest rate of the Royalties Notes is 7.70% per annum. During the three months ended July 31, 2026, the Company recorded $452 of interest expense on the Royalties Notes.

As at July 31, 2026, the future contractual principal repayments on long-term debt, measured from the interim reporting date, are as follows:

The Royalties Notes are secured by substantially all of the mineral properties acquired from Sweetwater and the related income generated by those properties. As of July 31, 2026, the carrying amount of the mineral properties pledged as collateral for the Royalties Notes was $1.3 billion, which excludes $0.3 million of mineral properties not pledged as collateral.

Summary of Cash Flows

Operating Activities

Net cash generated from operating activities during the three months ended July 31, 2026 was $53.0 million compared to $23.4 million in the same period in 2025. The increase was primarily due to the sales of uranium inventory.

Investing Activities

Net cash used in investing activities during the three months ended July 31, 2026 was $265.5 million, compared to $25.8 million in the same period in 2025. The increase was primarily the result of the $265.5 million of cash consideration paid on the acquisition of Sweetwater, net of cash and restricted cash acquired.

Financing Activities

Net cash generated from financing activities during the three months ended July 31, 2026 was $40.3 million, compared to $0.004 million in the same period in 2025. The increase of $40.3 million was primarily the result of $40.0 million from the Company's credit facility.

Recently Adopted Accounting Standards and Critical Accounting Policies

Refer to Note 2 of our notes to consolidated financial statements for further discussion on any recently adopted accounting standards. Refer to Management's Discussion and Analysis of Financial Condition and Results of

Operations in our Annual Report on Form 10-K for the year ended April 30, 2026, filed with the SEC on July 28, 2026, as amended by Form 10-K/A filed with the SEC on August 28, 2026, for discussion on our critical accounting policies.