Uranium Royalty Corp Acquires 92% Interest In Sweetwater Royalties For $1.9 Billion

Uranium Royalty Corp. has agreed to acquire a 92% interest in Sweetwater Royalties from funds managed by Orion Resource Partners and the Ontario Teachers' Pension Plan in a transaction valuing Sweetwater at approximately $1.9 billion, including $625 million in debt. The deal will be funded through $330 million in cash and about $813 million in shares of a newly formed U.S.-domiciled parent company, which plans to list on the Nasdaq and carry an estimated $2.4 billion enterprise value at closing.

Summary of transaction details:

• Deal Type: Acquisition
• Transaction Amount: $1,900,000,000
• Company Headquarters: Vancouver, British Columbia, Canada
• Current EBITDA: $74 million
• Expected Production Growth: 60%
• Orion Resource Partners Stake: 43%
• Ontario Teachers' Pension Plan Stake: 16%

Sweetwater Royalties holds expansive mineral holdings spanning over four million acres in Wyoming’s Green River Basin, providing exposure to trona and soda ash. The strategic pivot beyond uranium aims to establish more stable, diversified cash flows. The transaction is expected to close in Q3 2026 pending approvals, with additional backing from Uranium Energy Corp.