UROY Funds Sweetwater With Physical Uranium Sales
The royalty platform sold 593,255 pounds of U3O8 for $51.0 million at about $86.00 a pound and booked $16.3 million of net income in the three months ended July 31, 2026.
Uranium Royalty Corp. (UROY) closed a transformational combination with Sweetwater Royalties in July 2026 and used proceeds from physical uranium sales to help finance the deal, recasting itself as the largest U.S. non-precious metal royalty and streaming platform.
For the three months ended July 31, 2026, the company sold 593,255 pounds of U3O8, generating revenue of $51.0 million at an average realized price of approximately $86.00 a pound. That realized price sat slightly above the average UxC Historical Ux Daily Price published from May 1 through July 31, 2026, of $85.45 a pound. Related cost of sales was $34.1 million, or about $57.40 a pound. Proceeds from those sales were used, in part, to finance the Sweetwater acquisition.
Net income rose to $16.3 million from $1.0 million for the three months ended July 31, 2025. Diluted earnings per share were $0.10, versus $0.01 a year earlier. Chief Executive Officer Scott Melbye said the company monetized physical uranium at a realized price above the market average, funded Sweetwater, and delivered that record net income.
The Sweetwater combination materially expanded scale and the long-term cash flow profile. UROY now holds one of the largest land positions in the United States and is the largest landowner in Wyoming and the second-largest publicly traded landowner in the country, with a total surface-and-minerals position exceeding 5.3 million acres. Melbye described the deal as a defining milestone that transformed the company into the largest American publicly traded non-precious metal royalty and streaming platform while leaving it the only uranium-focused royalty company.
On the uranium royalty book, key counterparties largely maintained production guidance across core assets. Cameco reiterated 2026 guidance of 17.5 million to 18.0 million pounds at Cigar Lake, unchanged despite temporary disruptions, and 14.0 million to 16.5 million pounds at McArthur River/Key Lake. Paladin Energy said Langer Heinrich exceeded its fiscal 2026 guidance of 4.5 million to 4.8 million pounds, producing 4.82 million pounds, and outlined further growth into 2027. Melbye said those counterparties, including Cameco at McArthur River and Cigar Lake, have largely maintained production guidance, reinforcing stability and visibility of the core portfolio.
Soda ash royalties sit in Wyoming. Operators across those assets remain positioned at the lower end of the global cost curve, so production has stayed relatively stable even as the industry faces macro headwinds, with cost advantages supporting continued operations and planned expansions. Melbye said that exposure underpins resilient production and durable cash flow from domestic industrial supply chains.
Sweetwater land is already being put to work. About 38,000 acres were leased, with active exploration to assess oil and gas potential near established production. Melbye called the lease a first example of value the holdings can unlock across critical minerals and energy. The scale and location of the acreage provide long-term potential through oil and gas, critical minerals, and other development.
The quarter’s mix of physical uranium monetization, a larger royalty platform, and a Wyoming land book is the operating frame the company is presenting going forward. Uranium sales at a realized price above the UxC daily average funded part of Sweetwater while net income reached $16.3 million. Counterparty guidance at Cigar Lake, McArthur River/Key Lake, and Langer Heinrich remained intact, and soda ash operators stayed on the low-cost curve. The 5.3 million-acre position and the 38,000-acre lease are the optionality the company is attaching to that cash-flow base.