[Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) [Condensed Interim Consolidated Statements of Financial Position](index=2&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Financial%20Position) As of January 31, 2023, Uranium Royalty Corp. reported total assets of $192.6 million, an increase from $178.2 million as of April 30, 2022, driven by increases in inventories and short-term investments, while total liabilities rose to $16.5 million from $13.5 million, mainly due to an increase in the margin loan payable, resulting in total shareholders' equity increasing to $176.1 million from $164.6 million Consolidated Statements of Financial Position (in thousands of CAD) | Account | As at Jan 31, 2023 ($) | As at Apr 30, 2022 ($) | | :--- | :--- | :--- | | **Total Current Assets** | 147,843 | 134,030 | | **Total Non-current Assets** | 44,785 | 44,143 | | **Total Assets** | **192,628** | **178,173** | | **Total Current Liabilities** | 16,424 | 486 | | **Total Non-current Liabilities** | 86 | 13,051 | | **Total Liabilities** | **16,510** | **13,537** | | **Total Shareholders' Equity** | **176,118** | **164,636** | [Condensed Interim Consolidated Statements of Loss and Comprehensive Income (Loss)](index=3&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Loss%20and%20Comprehensive%20Income%20%28Loss%29) For the nine months ended January 31, 2023, the company reported a net loss of $6.5 million, compared to a net loss of $3.7 million in the prior-year period, driven by higher operating expenses and increased interest expense, resulting in a total comprehensive loss of $3.8 million, a significant shift from a comprehensive income of $3.8 million in the same period last year Key Performance Indicators (in thousands of CAD, except per share data) | Metric | Nine Months Ended Jan 31, 2023 | Nine Months Ended Jan 31, 2022 | | :--- | :--- | :--- | | Operating loss | (5,296) | (4,170) | | Net loss for the period | (6,512) | (3,653) | | Total comprehensive income (loss) | (3,822) | 3,821 | | Net loss per share, basic and diluted | (0.07) | (0.04) | - Key expense drivers for the nine months ended January 31, 2023, included investor communications and marketing (**$1.48M**), interest expense (**$1.28M**), professional fees (**$0.70M**), and share-based compensation (**$0.85M**)[3](index=3&type=chunk) [Condensed Interim Consolidated Statements of Changes in Equity](index=4&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Changes%20in%20Equity) Shareholders' equity increased from $164.6 million at April 30, 2022, to $176.1 million at January 31, 2023, primarily driven by **$14.2 million** in net proceeds from the At-the-Market (ATM) offering and **$2.7 million** in total other comprehensive income, partially offset by a net loss of **$6.5 million** for the period Changes in Equity for the Nine Months Ended January 31, 2023 (in thousands of CAD) | Description | Amount ($) | | :--- | :--- | | **Balance at April 30, 2022** | **164,636** | | Net proceeds from At-the-Market offering | 14,224 | | Share-based compensation | 849 | | Proceeds from exercise of options and warrants | 231 | | Net loss for the period | (6,512) | | Total other comprehensive income | 2,690 | | **Balance at January 31, 2023** | **176,118** | [Condensed Interim Consolidated Statements of Cash Flows](index=5&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended January 31, 2023, cash increased by **$6.0 million**, with **$10.3 million** used in operating activities primarily for inventory purchases, **$0.8 million** generated from investing activities, and a significant inflow of **$15.4 million** from financing activities, mainly from the At-the-Market offering and net proceeds from the margin loan Cash Flow Summary for the Nine Months Ended January 31 (in thousands of CAD) | Activity | 2023 ($) | 2022 ($) | | :--- | :--- | :--- | | Cash used in operating activities | (10,250) | (59,842) | | Cash generated from (used in) investing activities | 769 | (12,024) | | Cash generated from financing activities | 15,447 | 71,475 | | **Net increase (decrease) in cash** | **5,966** | **(391)** | | **Cash, end of period** | **10,351** | **6,823** | [Notes to Condensed Interim Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20Condensed%20Interim%20Consolidated%20Financial%20Statements) [Note 1. Corporate Information](index=6&type=section&id=1.%20Corporate%20Information) Uranium Royalty Corp. (URC) is a Canadian-incorporated company engaged in acquiring and assembling a portfolio of uranium royalties, investing in companies with direct uranium exposure, and holding physical uranium, with its common shares listed on the TSX-V under 'URC' and on the NASDAQ under 'UROY' - The company's principal business activities are acquiring uranium royalties, investing in uranium-exposed companies, and holding physical uranium[6](index=6&type=chunk) [Note 2. Basis of Preparation](index=6&type=section&id=2.%20Basis%20of%20Preparation) The unaudited condensed interim consolidated financial statements were prepared in accordance with International Financial Reporting Standards (IFRS), specifically IAS 34, Interim Financial Reporting, with accounting policies consistent with those in the annual financial statements for the year ended April 30, 2022, and presented in Canadian dollars - The financial statements comply with IFRS and IAS 34 and should be read in conjunction with the April 30, 2022 annual statements[8](index=8&type=chunk) - The financial statements include URC and its wholly-owned subsidiaries, Uranium Royalty (USA) Corp. and Reserve Minerals, LLC[12](index=12&type=chunk) [Note 4. Short-term Investments](index=7&type=section&id=4.%20Short-term%20Investments) As of January 31, 2023, the fair value of short-term investments was **$54.2 million**, up from **$51.8 million** at April 30, 2022, primarily consisting of shares in Yellow Cake plc (**$47.8 million**) and Queen's Road Capital Investment Ltd. (**$6.3 million**), with the Yellow Cake shares pledged as security for a margin loan Fair Value of Short-term Investments (in thousands of CAD) | Investment | Jan 31, 2023 ($) | Apr 30, 2022 ($) | | :--- | :--- | :--- | | Yellow Cake plc | 47,843 | 44,912 | | Queen's Road Capital Investment Ltd. | 6,337 | 6,875 | | **Total** | **54,180** | **51,787** | - The company's ordinary shares of Yellow Cake are pledged as security for its margin loan facility[19](index=19&type=chunk) [Note 5. Inventories](index=7&type=section&id=5.%20Inventories) The company's physical uranium holdings increased during the period, with URC holding **1,548,068 pounds** of U3O8 with a carrying value of **$82.5 million** as of January 31, 2023, compared to **1,448,068 pounds** valued at **$75.0 million** as of April 30, 2022 Physical Uranium (U3O8) Inventory | Metric | As at Jan 31, 2023 | As at Apr 30, 2022 | | :--- | :--- | :--- | | Pounds of U3O8 | 1,548,068 | 1,448,068 | | Carrying Value (thousands of CAD) | $82,542 | $75,030 | [Note 6. Royalties and Royalty Options](index=7&type=section&id=6.%20Royalties%20and%20Royalty%20Options) The carrying value of the company's royalties portfolio increased to **$44.7 million** as of January 31, 2023, from **$44.0 million** at April 30, 2022, with the acquisition of a royalty on the Dawn Lake Project for **$139,000** during the period, and the portfolio includes key royalties on projects such as McArthur River, Cigar Lake, and Roughrider Royalties and Royalty Options Value (in thousands of CAD) | Description | Amount ($) | | :--- | :--- | | Balance, as at April 30, 2022 | 44,023 | | Additions | 139 | | Foreign currency translation | 521 | | **Balance, as at January 31, 2023** | **44,683** | - In Q3 FY2023, the company acquired a **10%** to **20%** sliding scale NPI royalty on a **7.5%** share of uranium production from the Dawn Lake project[31](index=31&type=chunk) [Note 8. Margin Loan Payable](index=9&type=section&id=8.%20Margin%20Loan%20Payable) The company maintains a margin loan facility with the Bank of Montreal, secured by its Yellow Cake shares, with an outstanding balance of **$15.7 million** as of January 31, 2023, a maximum amount of approximately **$18.6 million** (US**$15 million**), and a maturity date of May 5, 2023, with subsequent repayments and drawdowns occurring after the period end - The margin loan is subject to an interest rate of Adjusted Term SOFR Rate plus **5.50%** per annum[34](index=34&type=chunk) Margin Loan Movement (in thousands of CAD) | Description | Amount ($) | | :--- | :--- | | Balance, as at April 30, 2022 | 12,908 | | Draw-down | 3,889 | | Principal payment | (1,710) | | Interest expense & FX loss | 1,806 | | Interest paid | (1,165) | | **Balance, as at January 31, 2023** | **15,728** | - Subsequent to January 31, 2023, the company made a partial repayment of **$13.7 million** (US**$10 million**) and an additional drawdown of **$6.8 million** (US**$5 million**)[36](index=36&type=chunk) [Note 9. Issued Capital](index=10&type=section&id=9.%20Issued%20Capital) The company actively utilized its At-the-Market (ATM) equity program, issuing **4.0 million** common shares for gross proceeds of **$14.6 million** during the nine months ended January 31, 2023, with the ATM program renewed in September 2022 for up to US**$40 million**, and share-based compensation for the nine-month period amounting to **$849,000** [Common Shares and At-the-Market Program](index=10&type=section&id=9.1%20Common%20Shares) The company renewed its At-the-Market (ATM) equity program on September 1, 2022, allowing for the distribution of up to US**$40 million** in common shares, and during the nine months ended January 31, 2023, the company issued **4,029,021** common shares under the ATM program, raising gross proceeds of **$14.6 million** - During the nine months ended January 31, 2023, the Company issued **4,029,021** common shares under the ATM Program for gross proceeds of **$14,589,000**, with related costs of **$365,000**[41](index=41&type=chunk) [Reserves (Warrants and Options)](index=11&type=section&id=9.2%20Reserves) As of January 31, 2023, the company had **17.5 million** warrants outstanding, primarily exercisable at **$2.00** per share, and **1.2 million** share options outstanding with a weighted average exercise price of **$3.50**, with **500,750** new options granted during the nine-month period at a weighted average exercise price of **$3.29** Share Option Activity | Description | Number of options | Weighted Average Exercise Price ($) | | :--- | :--- | :--- | | Balance at April 30, 2022 | 755,000 | 3.62 | | Granted | 500,750 | 3.29 | | Forfeited | (20,000) | 3.40 | | Exercised | (37,500) | 3.49 | | **Balance at January 31, 2023** | **1,198,250** | **3.50** | - Share-based compensation expense recognized during the nine months ended January 31, 2023, was **$849,000** (2022: **$1,127,000**)[49](index=49&type=chunk) [Note 10. Financial Instruments and Risk Management](index=12&type=section&id=10.%20Financial%20Instruments) The company is exposed to various financial risks, including credit, liquidity, commodity price, interest rate, currency, and other price risks, with liquidity risk managed by monitoring cash reserves, and a working capital of **$131.4 million** as of January 31, 2023, while being sensitive to currency fluctuations and equity price changes in its short-term investments - A **10%** change in the CAD/GBP exchange rate would impact other comprehensive income by approximately **$4.1 million**, net of tax, due to its short-term investments[57](index=57&type=chunk) - A **10%** change in the equity prices of its short-term investments would impact other comprehensive income by approximately **$4.7 million**, net of tax[58](index=58&type=chunk) - As of January 31, 2023, the company had a working capital of **$131.4 million**, which management believes is sufficient for at least the next twelve months[55](index=55&type=chunk) [Note 11. Related Party Transactions](index=14&type=section&id=11.%20Related%20Party%20Transactions) Transactions with key management personnel are the primary related party transactions, with total remuneration for directors and key management amounting to **$906,000** for the nine months ended January 31, 2023, including salaries, fees, and share-based compensation Remuneration of Key Management (in thousands of CAD) | Category | Nine Months Ended Jan 31, 2023 ($) | Nine Months Ended Jan 31, 2022 ($) | | :--- | :--- | :--- | | Management salaries | 268 | 219 | | Directors' fees | 149 | 137 | | Share-based compensation | 489 | 479 | | **Total** | **906** | **835** | [Note 13. Commitments](index=14&type=section&id=13.%20Commitments) The company has a commitment to purchase **500,000 pounds** of physical uranium from CGN Global Uranium Ltd for a total of **$31.7 million**, with deliveries scheduled between October 2023 and April 2025, and additionally committed to acquiring a portfolio of royalties from Anfield Energy Inc. for US**$1.5 million**, which was paid at closing on February 7, 2023 - Commitment to purchase **500,000 lbs** of U3O8 from CGN at a weighted average price of US**$47.71** per pound, for delivery between **2023** and **2025**[62](index=62&type=chunk) - Agreed to acquire a portfolio of royalties from Anfield Energy Inc. for US**$1.5 million**, which closed on February 7, 2023[63](index=63&type=chunk) [Note 14. Subsequent Events](index=14&type=section&id=14.%20Subsequent%20Events) Subsequent to the reporting period ended January 31, 2023, the company purchased an additional **200,000 pounds** of U3O8 for **$13.9 million**, at a weighted average price of US**$51.00** per pound - After January 31, 2023, the company purchased **200,000 pounds** of U3O8 at a weighted average price of US**$51.00** per pound for a total of **$13.9 million**[64](index=64&type=chunk)

[Consolidated Financial Statements](index=1&type=section&id=Consolidated%20Financial%20Statements) [Condensed Interim Consolidated Statements of Financial Position](index=2&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Financial%20Position) As of October 31, 2022, total assets increased to C$187.0 million, liabilities rose to C$17.0 million, and shareholders' equity grew to C$170.0 million, primarily due to inventory and short-term investment growth and an increased margin loan payable Consolidated Statements of Financial Position (as of Oct 31, 2022 vs. Apr 30, 2022) | Account | As at Oct 31, 2022 (C$ thousands) | As at Apr 30, 2022 (C$ thousands) | Change | | :--- | :--- | :--- | :--- | | **Total Current Assets** | 141,978 | 134,030 | ▲ C$7,948 | | Inventories | 82,542 | 75,030 | ▲ C$7,512 | | Short-term investments | 54,520 | 51,787 | ▲ C$2,733 | | **Total Non-current Assets** | 45,014 | 44,143 | ▲ C$871 | | **Total Assets** | **186,992** | **178,173** | **▲ C$8,819** | | **Total Current Liabilities** | 16,870 | 486 | ▲ C$16,384 | | Margin loan payable (Current) | 16,213 | — | ▲ C$16,213 | | **Total Non-current Liabilities** | 132 | 13,051 | ▼ C$12,919 | | Margin loan payable (Non-current) | — | 12,908 | ▼ C$12,908 | | **Total Liabilities** | **17,002** | **13,537** | **▲ C$3,465** | | **Total Shareholders' Equity** | **169,990** | **164,636** | **▲ C$5,354** | [Condensed Interim Consolidated Statements of Loss and Comprehensive Income (Loss)](index=4&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Loss%20and%20Comprehensive%20Income%20%28Loss%29) For the six months ended October 31, 2022, the company reported a net loss of C$4.7 million and a total comprehensive loss of C$2.8 million, primarily due to increased operating expenses and a smaller unrealized gain on short-term investments Financial Performance Summary (in C$ thousands) | Metric | Three Months Ended Oct 31, 2022 | Three Months Ended Oct 31, 2021 | Six Months Ended Oct 31, 2022 | Six Months Ended Oct 31, 2021 | | :--- | :--- | :--- | :--- | :--- | | Operating loss | (1,860) | (1,603) | (3,294) | (2,994) | | Net loss for the period | (2,266) | (590) | (4,715) | (1,654) | | Total other comprehensive income | 6,421 | 6,485 | 1,905 | 10,226 | | Total comprehensive income (loss) | 4,155 | 5,895 | (2,810) | 8,572 | | Net loss per share, basic and diluted | (0.02) | (0.01) | (0.05) | (0.02) | [Condensed Interim Consolidated Statements of Changes in Equity](index=5&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Changes%20in%20Equity) Shareholders' equity increased to C$170.0 million by October 31, 2022, primarily driven by net proceeds from the ATM offering and total other comprehensive income, partially offset by the net loss for the period Changes in Equity for the Six Months Ended October 31, 2022 (in C$ thousands) | Description | Amount | | :--- | :--- | | **Balance at April 30, 2022** | **164,636** | | Common shares issued for cash (ATM offering) | 7,606 | | Agents' fees and issuance costs | (191) | | Share-based compensation | 737 | | Net loss for the period | (4,715) | | Total other comprehensive income | 1,905 | | Other (warrant exercises) | 12 | | **Balance at October 31, 2022** | **169,990** | [Condensed Interim Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended October 31, 2022, operating activities used C$7.7 million, primarily due to inventory investment, while financing activities generated C$8.9 million, leading to a net cash increase of C$0.14 million Cash Flow Summary for the Six Months Ended October 31 (in C$ thousands) | Activity | 2022 | 2021 | | :--- | :--- | :--- | | Cash used in operating activities | (7,749) | (30,083) | | Cash generated from (used in) investing activities | (961) | (12,025) | | Cash generated from financing activities | 8,852 | 55,660 | | **Net increase in cash** | **144** | **13,554** | | **Cash, end of period** | **4,529** | **20,768** | [Notes to Condensed Interim Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Interim%20Consolidated%20Financial%20Statements) [Note 1: Corporate Information](index=7&type=section&id=1.%20Corporate%20Information) Uranium Royalty Corp. (URC) is a Canadian company focused on acquiring uranium royalties, investing in uranium-exposed companies, and holding physical uranium, with shares listed on TSX-V and NASDAQ - The company's core business strategy involves three main activities: acquiring royalties, investing in uranium-exposed companies, and holding physical uranium[7](index=7&type=chunk) - The company's common shares and listed warrants trade on the TSX Venture Exchange under symbols **'URC'** and **'URC.WT'**, respectively, and its common shares trade on the NASDAQ under **'UROY'**[8](index=8&type=chunk) [Note 2: Basis of Preparation](index=7&type=section&id=2.%20Basis%20of%20Preparation) The unaudited condensed interim consolidated financial statements were prepared in accordance with IFRS (IAS 34) and use Canadian dollars as the presentation currency, following consistent accounting policies - The financial statements comply with IFRS as issued by the IASB, applicable to interim financial statements (IAS 34)[9](index=9&type=chunk) - The financial statements are presented in Canadian dollars, which is the functional currency of the parent company, URC[11](index=11&type=chunk) [Note 4: Short-term Investments](index=8&type=section&id=4.%20Short-term%20Investments) As of October 31, 2022, short-term investments increased to C$54.5 million, primarily comprising Yellow Cake plc shares, which are pledged as security for the company's margin loan Fair Value of Short-term Investments (in C$ thousands) | Holding | Oct 31, 2022 | Apr 30, 2022 | | :--- | :--- | :--- | | Yellow Cake plc | 46,906 | 44,912 | | Queen's Road Capital Investment Ltd. | 5,758 | 6,875 | | Sprott Physical Uranium Trust Fund | 1,856 | Nil | | **Total Fair Value** | **54,520** | **51,787** | - The company has an option to acquire U3O8 from Yellow Cake, up to a maximum of **US$31.25 million**, between 2019 and 2028[18](index=18&type=chunk) - The ordinary shares of Yellow Cake are pledged as security for the margin loan (Note 8)[20](index=20&type=chunk) [Note 5: Inventories](index=8&type=section&id=5.%20Inventories) As of October 31, 2022, physical uranium inventory increased to 1,548,068 pounds, with a carrying value of C$82.5 million Uranium (U3O8) Inventory | Metric | As at Oct 31, 2022 | As at Apr 30, 2022 | | :--- | :--- | :--- | | Pounds of U3O8 | 1,548,068 | 1,448,068 | | Carrying Value (C$ thousands) | 82,542 | 75,030 | [Note 6: Royalties and Royalty Options](index=8&type=section&id=6.%20Royalties%20and%20Royalty%20Options) The company's royalty portfolio was valued at C$44.9 million as of October 31, 2022, encompassing various royalty types on key uranium projects across Canada, the US, and Namibia Carrying Value of Royalties by Project (in C$ thousands) | Project | As at Oct 31, 2022 | As at Apr 30, 2022 | | :--- | :--- | :--- | | McArthur River project | 11,543 | 11,543 | | Roughrider project | 5,923 | 5,923 | | Cigar Lake project | 4,704 | 4,704 | | Michelin project | 4,262 | 4,262 | | Other Projects | 18,474 | 17,641 | | **Total** | **44,906** | **44,023** | - The company holds a **1% gross overriding royalty** on a portion of Orano's share of production from the McArthur River Project and a **10-20% sliding scale net profits interest (NPI) royalty** on a portion of Orano's share of production from the Cigar Lake Project[31](index=31&type=chunk) [Note 8: Margin Loan Payable](index=10&type=section&id=8.%20Margin%20Loan%20Payable) The company has a margin loan facility of up to US$15 million, secured by Yellow Cake shares, with an outstanding balance of C$16.2 million as of October 31, 2022, maturing in May 2023 - The margin loan facility is for a maximum of approximately **C$18.5 million (US$15 million)** and is secured by a pledge of all Yellow Cake shares held by the company[33](index=33&type=chunk)[34](index=34&type=chunk) Margin Loan Movement (in C$ thousands) | Description | Amount | | :--- | :--- | | Balance, as at April 30, 2022 | 12,908 | | Draw-down | 3,889 | | Principal payment | (1,710) | | Interest expense | 816 | | Interest paid | (625) | | Unrealized foreign exchange loss | 935 | | **Balance, as at October 31, 2022** | **16,213** | [Note 9: Issued Capital](index=11&type=section&id=9.%20Issued%20Capital) The company utilizes an At-the-Market (ATM) equity program, raising C$7.6 million in gross proceeds, and as of October 31, 2022, had 17.6 million warrants and 1.24 million share options outstanding [At-the-Market Equity Program](index=11&type=section&id=9.1%20At-the-Market%20Equity%20Program) - On September 1, 2022, the company renewed its ATM Program, allowing it to distribute up to **US$40 million** of common shares at prevailing market prices[38](index=38&type=chunk) - During the six months ended October 31, 2022, the company issued **2,066,319 common shares** under the ATM Program for gross proceeds of **C$7.6 million**[39](index=39&type=chunk) [Warrants and Share Options](index=12&type=section&id=9.2%20Warrants%20and%20Share%20Options) - As of October 31, 2022, there were **17,578,842 warrants outstanding**, including **17,483,254 listed warrants** with an exercise price of **$2.00 per share**[42](index=42&type=chunk)[43](index=43&type=chunk) Share Options Movement (Number of options) | Description | Number of Options | Weighted Avg. Exercise Price ($) | | :--- | :--- | :--- | | Balance at April 30, 2022 | 755,000 | 3.62 | | Granted | 500,750 | 3.29 | | Forfeited | (12,500) | 3.71 | | **Balance at October 31, 2022** | **1,243,250** | **3.50** | - Share-based compensation expense recognized during the six months ended October 31, 2022, was **C$737 thousand**[49](index=49&type=chunk) [Note 10: Financial Instruments and Risk Management](index=13&type=section&id=10.%20Financial%20Instruments) The company faces credit, liquidity, interest rate, currency, and price risks, managing liquidity with C$125.1 million working capital and being sensitive to currency and equity price fluctuations - The company's working capital (current assets less current liabilities) was **C$125,108 thousand** as at October 31, 2022, which management believes is sufficient for at least the next twelve months[54](index=54&type=chunk) - A **10% change** in the CAD/USD exchange rate would impact net loss by approximately **C$1.4 million** due to the USD-denominated margin loan[57](index=57&type=chunk) - A **10% change** in the equity prices of the company's short-term investments would impact other comprehensive income by approximately **C$4.1 million**, net of tax[58](index=58&type=chunk) [Note 11: Related Party Transactions](index=15&type=section&id=11.%20Related%20Party%20Transactions) Total remuneration for directors and key management personnel increased to C$681 thousand for the six months ended October 31, 2022, comprising salaries, directors' fees, and share-based compensation Key Management Compensation (in C$ thousands) | Category | Six Months Ended Oct 31, 2022 | Six Months Ended Oct 31, 2021 | | :--- | :--- | :--- | | Management salaries | 175 | 158 | | Directors' fees | 97 | 92 | | Share-based compensation | 409 | 386 | | **Total** | **681** | **636** | [Note 12: Operating Segments](index=15&type=section&id=12.%20Operating%20Segments) The company operates as a single segment focused on uranium royalties, investments, and physical uranium, with assets primarily in Canada but global exposure through royalties and investments - The company conducts its business as a single operating segment, which is the acquiring and assembling a portfolio of royalties, investing in companies with direct exposure to uranium and holding of physical uranium[61](index=61&type=chunk) [Note 13: Commitments](index=15&type=section&id=13.%20Commitments) The company is committed to purchase 500,000 pounds of physical uranium for US$32.5 million from CGN Global Uranium Ltd, with deliveries scheduled in three tranches through April 2025 - The company is committed to purchase **500,000 pounds** of physical uranium at a weighted average price of **US$47.71 per pound**, for a total of **C$32.5 million**, from CGN Global Uranium Ltd[62](index=62&type=chunk) - Delivery dates for the committed uranium purchase are set for **October 2023 (300k lbs)**, **June 2024 (100k lbs)**, and **April 2025 (100k lbs)**[62](index=62&type=chunk) [Note 14: Subsequent Events](index=16&type=section&id=14.%20Subsequent%20Events) Subsequent to period end, the company acquired US royalties for US$1.5 million and issued 1.9 million shares via its ATM program for C$6.8 million in gross proceeds - On November 17, 2022, the company agreed to acquire a portfolio of royalties on several US projects from Anfield Energy Inc. for **US$1.5 million** in cash[64](index=64&type=chunk) - Subsequent to October 31, 2022, the company issued an additional **1,897,802 shares** under its ATM Program for gross proceeds of approximately **C$6.8 million**[65](index=65&type=chunk)