As at July 31, 2026, the Company held cash of $54,104 (April 30, 2026: $241,956). In addition, the Company held restricted cash as follows:


	As at July 31, 2026 ($)		As at April 30, 2026 ($)
Cash		54,104		241,956

Uranium Energy Corp. (“UEC”) subscription receipts (Note 11)		—		40,000
Sweetwater's restricted cash (Note 3)
Restricted cash - Royalties revenue account		24,509		—
Restricted cash - Royalties debt service reserve		24,909		—
Credit card deposit		50		—
Security for corporate credit card		79		81
Restricted cash		49,547		40,081

Total cash and restricted cash		103,651		282,037

The use of Sweetwater’s trona mineral royalty cash receipts is restricted under a Depositary Agreement, as required by the Royalties Notes (Note 10) among Sweetwater, CITIBANK, National Association ("CITIBANK"), acting as Depositary Agent and CITIBANK as the Collateral Agent. CITIBANK has been granted a security interest in all of Sweetwater’s right, title, and interest to the restricted cash accounts and all financial assets held in or credited to the restricted cash accounts as security for the obligations of Sweetwater to the holders of the Royalties Notes. In general, restricted amounts are utilized to pay fees directly associated with the Royalties Notes, principal and interest on the Royalties Notes, certain Sweetwater’s operating expenses, tax distributions and excess cash sweep amounts, if required. These payments are made in order of priority (each, a "Waterfall Level") as specified in the Depositary Agreement. In

addition, certain minimum debt service reserve cash balances are required. On a semi-annual basis aligning with the Royalties Notes payment date, any remaining funds after each Waterfall Level requirement has been satisfied are paid to Sweetwater.