As at  April 30, 2026, the Company owned 17,978,364 shares of Uranium Royalty Corp. (“URC”), representing a 12.3% ( July 31, 2025: 13.5%) 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, 2026.  Should URC’s outstanding options be fully exercised, the Company’s ownership interest would decrease from 12.3% to 12.1%. 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, 2026, the fair value of our investment in URC was approximately $70.12 million ( July 31, 2025: $46.56 million). 

On April 29, 2026, the Company acquired beneficial ownership of and control over 10,989,011 newly issued subscription receipts (each a “Subscription Receipt”) of URC by way of a private placement, in consideration for $3.64 per Subscription Receipt for a total aggregate purchase price of $40.00 million. Each Subscription Receipt entitles us to receive, without any additional consideration, one common share in the event all escrow release conditions set out in the subscription agreement for the Subscription Receipts are satisfied, including satisfaction of the conditions precedent of an arrangement between URC and other third parties (the “Arrangement”) and receipt of conditional approval of the Arrangement from the Toronto Stock Exchange and approval from shareholders of URC. In the event that the escrow release conditions are not satisfied or the Arrangement is terminated, the Subscription Receipts will expire and the Company will be entitled to return of the subscription amount. As of April 30, 2026, the Subscription Receipts had a carrying value of $40.00 million, which was classified as other non-current assets on the Company’s consolidated balance sheet.

As at  April 30, 2026, the Company owned 50% of the outstanding shares of JCU (Canada) Exploration Company Limited (“JCU”). 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, 2026, the changes in carrying value of our equity-accounted investments is summarized as follows:

For the three and nine months ended April 30, 2026 and 2025, income (loss) from our equity-accounted investments consisted of the following: