As at April 30, 2025, we owned 17,978,364 shares of Uranium Royalty Corp. (“URC”), representing a 13.5% ( July 31, 2024: 14.8%) interest in URC.  In addition, two of our executive officers are members of URC’s board of directors.  Furthermore, one of these executive officers also holds an executive position within URC.  As a consequence, our ability to exercise significant influence over URC’s operating and financing policies continued to exist during the three and nine months ended April 30, 2025.  Should URC’s outstanding options be fully exercised, the Company’s ownership interest would decrease from 13.5% to 13.3%. URC is a public company listed on the Toronto Stock Exchange with the trading symbol “URC” and on NASDAQ with the trading symbol “UROY”.  As at April 30, 2025, the fair value of our investment in URC was approximately $32.54 million ( July 31, 2024: $43.33 million).

As at April 30, 2025, we owned 50% of the outstanding shares of JCU (Canada) Exploration Company Limited (“JCU”) acquired through our acquisition of UEX Corporation completed on August 19, 2022 (the “UEX Acquisition”).  JCU is a private Canadian company engaged in the exploration and development of uranium assets in Canada.  The Company’s 50% interest in JCU is a joint venture, which is accounted for using the equity method.

During the nine months ended April 30, 2025, the changes in carrying value of our equity-accounted investments are summarized as follows:

For the three and nine months ended April 30, 2025 and 2024, income (loss) from our equity-accounted investments consisted of the following: