Uranium Energy Corp (UROY) discloses 18.4% Uranium Royalty stake and voting support pact

Rhea-AI Filing Summary

Uranium Energy Corp. filed an amended Schedule 13D showing its updated stake in Uranium Royalty Corp. Following recent purchases, it reports beneficial ownership of 28,967,375 common shares, representing about 18.4% of Uranium Royalty’s outstanding common stock as of early May 2026.

The position includes 17,978,364 common shares and 10,989,011 subscription receipts that convert into common shares on a one-for-one basis, acquired on April 29, 2026 at US$3.64 per subscription receipt in an offering by the issuer. Uranium Energy states it is an insider of Uranium Royalty and may buy or sell additional securities depending on market conditions and strategic considerations.

The filing also notes a voting support agreement dated April 16, 2026 related to an arrangement agreement among Uranium Royalty, affiliated entities of Orion Resource Partners (USA) LP and HRG Metals LP, under which Uranium Energy agreed to vote its shares in support of the proposed arrangement.

Insights

Equity ownership & M&A analyst

Uranium Energy discloses an 18.4% stake and backs a proposed arrangement.

Uranium Energy Corp. reports beneficial ownership of 28,967,375 Uranium Royalty common shares, or about 18.4% of shares outstanding as of May 1, 2026. This includes 10,989,011 subscription receipts bought at US$3.64 each in an issuer offering on April 29, 2026.

The filing confirms sole voting and dispositive power over the full position, indicating significant influence but not majority control. Uranium Energy describes itself as an insider and leaves open the possibility of future purchases, sales, or share-for-asset exchanges based on market and strategic factors.

A voting support agreement dated April 16, 2026 ties this stake to a proposed arrangement involving Orion Resource Partners affiliates and HRG Metals LP. That agreement commits Uranium Energy to vote in favor of the arrangement, so future developments around that transaction, as reflected in subsequent company disclosures, will shape how this ownership position interacts with any strategic combination.

Key Figures

Beneficial ownership: 28,967,375 shares Ownership percentage: 18.4% Common shares held: 17,978,364 shares +5 more

8 metrics

Beneficial ownership 28,967,375 shares Uranium Energy’s reported beneficial ownership as of May 1, 2026

Ownership percentage 18.4% Portion of Uranium Royalty’s outstanding common stock

Common shares held 17,978,364 shares Part of Uranium Energy’s Uranium Royalty position

Subscription receipts 10,989,011 receipts Convertible 1-for-1 into Uranium Royalty common shares

Receipt purchase price US$3.64 per receipt Price paid on April 29, 2026 offering

Shares outstanding 146,592,507 shares Uranium Royalty common stock outstanding as of April 29, 2026

Sole voting power 28,967,375 shares Shares over which Uranium Energy has sole voting authority

Sole dispositive power 28,967,375 shares Shares over which Uranium Energy controls disposition

Key Terms

Subscription Receipts, beneficial owner, sole voting power, voting support agreement, +2 more

6 terms

Subscription Receipts financial

"acquired 10,989,011 Subscription Receipts of the Issuer at a price of US$3.64 per Subscription Receipt"

Subscription receipts are temporary securities sold to investors that act like a receipt for future shares or cash once certain conditions in a financing or acquisition are met; until those conditions are satisfied, the funds are held in trust. Think of them as a ticket you buy today that will convert into the actual product later or get you a refund if the event doesn’t happen. They matter to investors because they provide a way to participate in a deal now while limiting immediate ownership changes and risk until the outcome is confirmed.

beneficial owner regulatory

"the Reporting Person was the beneficial owner of 28,967,375 Common Shares of the Issuer's common stock"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

sole voting power regulatory

"the Reporting Person had the sole power to vote or to direct the voting of, or to dispose or to direct the disposition of 28,967,375 Common Shares"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

voting support agreement regulatory

"entered into a voting support agreement in connection with the arrangement agreement between the Issuer, certain affiliated entities of Orion Resource Partners"

A voting support agreement is a written promise by major shareholders or stakeholders to vote their shares a specific way on a planned corporate action, such as a merger or management slate. It matters to investors because it increases the likelihood that the action will pass — like a group of neighbors agreeing in advance to back a local project — which reduces deal uncertainty but can also concentrate control and limit minority influence.

Arrangement regulatory

"in connection with the arrangement agreement between the Issuer, certain affiliated entities of Orion Resource Partners (USA) LP and HRG Metals LP"

An arrangement is a formal agreement or structured plan between two or more parties that spells out who will do what, when, and under what conditions for a transaction or ongoing relationship. For investors it matters because arrangements set the practical rules that drive cash flow, ownership, risk and timing—like a blueprint or recipe for how a deal will play out—so understanding them helps predict a company’s future value and potential surprises.

Schedule 13D regulatory

"This statement constitutes Amendment No. 4 to the relating to the voting Common Shares"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)

Uranium Royalty Corp.

(Name of Issuer)

COMMON SHARES, WITHOUT PAR VALUE

(Title of Class of Securities)

91702V101

(CUSIP Number)

URANIUM ENERGY CORP.
1188 West Georgia Street, Suite 1830
Vancouver, A1, V6E 4A2
604-682-9775 ex315

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

04/29/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 91702V101

1

Name of reporting person

URANIUM ENERGY CORP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NEVADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 28,967,375.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 28,967,375.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

28,967,375.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

18.4 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

The above numbers under items 7, 9 and 11 above are comprised of 17,978,364 Common Shares and 10,989,011 subscription receipts (the "Subscription Receipts") of the Issuer held by the Reporting Person. The Subscription Receipts are convertible into Common Shares on a one-for-one basis. The percentage provided for under item 13 above is based on 146,592,507 Common Shares of the Issuer's common stock issued and outstanding as of April 29, 2026.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: COMMON SHARES, WITHOUT PAR VALUE
(b)	Name of Issuer: Uranium Royalty Corp.
(c)	Address of Issuer's Principal Executive Offices: 1188 WEST GEORGIA STREET, VANCOUVER, BRITISH COLUMBIA, CANADA , V6E 4A2.
Item 1 Comment: This statement constitutes Amendment No. 4 to the Schedule 13D relating to the voting Common Shares, without a par value, of Uranium Royalty Corp., a corporation organized under the federal laws of Canada (the "Issuer"), and hereby amends the Schedule 13D filed with the Securities and Exchange Commission on May 26, 2021 (the "Initial Schedule 13D"), the Amendment No. 1 to the Initial Schedule 13D also filed on May 26, 2021, the Amendment No. 2 to the Initial Schedule 13D filed on October 18, 2023, and the Amendment No. 3 to the Initial Schedule 13D filed on February 12, 2024. The Issuer maintains its principal executive office at 1188 West Georgia Street, Suite 1830, Vancouver, British Columbia, Canada, V6E 4A2.
Item 2.	Identity and Background
(a)	This statement is filed by Uranium Energy Corp. (the "Reporting Person"). All decisions with respect to securities of the Issuer (including investments decisions with respect thereto and decisions relating to the voting thereof) are made by the board of directors of the Reporting Person.
(b)	1188 West Georgia Street, Suite 1830, Vancouver, British Columbia, Canada, V6E 4A2
(c)	The Reporting Person's business focuses on uranium exploration and development in the United States, Canada and Paraguay. The Reporting Person's business activities may include the acquisition of physical uranium warehoused in the United States, the acquisition of equity, debt or other securities of publicly traded or private companies or other entities, financing in exchange for predetermined royalties or distributions, and the acquisition of all or part of one or more related businesses, portfolios or other assets.
(d)	During the last five years, the Reporting Person has not been convicted in any criminal proceeding.
(e)	During the last five years, the Reporting Person has not been a party to any civil proceeding of a judicial or administrative body of competent jurisdiction where, as a result of such proceeding, there was or is a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	The Reporting Person is a corporation organized under the laws of the State of Nevada.
Item 3.	Source and Amount of Funds or Other Consideration
	On April 29, 2026, the Reporting Person acquired 10,989,011 Subscription Receipts of the Issuer at a price of US$3.64 per Subscription Receipt pursuant to an offering by the Issuer.
Item 4.	Purpose of Transaction
	See Item 3 above. The Reporting Person, an insider of the Issuer, purchased 10,989,011 Subscription Receipts. The Subscription Receipts convert into Common Shares in connection with a proposed acquisition transaction contemplated by the Issuer. The Reporting Person reserves the right to formulate other plans or make other proposals and take other actions with respect to its interest in the Issuer. Depending on market conditions and other factors, the Reporting Person may acquire or dispose of securities of the Issuer as the Reporting Person may deem appropriate, whether in open market purchases or sales, privately negotiated transactions or otherwise. The Reporting Person continues to evaluate numerous potential transactions and in connection therewith may exchange Common Shares for other assets or may sell Common Shares to increase its cash position. The Reporting Person may also reconsider and change its plans or proposals relating to the foregoing. Except as otherwise disclosed herein, the Reporting Person has no current plans or proposals that relate to or would result in: (a) the acquisition by any person of additional securities of the Issuer, or the disposition of securities of the Issuer; (b) any extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Issuer or any of its subsidiaries; (c) a sale or transfer of a material amount of the assets of the Issuer or any of its subsidiaries; (d) any change in the present board of directors or management of the Issuer, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the board; (e) any material change in the present capitalization or dividend policy of the Issuer; (f) any other material change in the Issuer's business or corporate structure including, but not limited to, if the Issuer is a registered closed-end investment company, any plans or proposals to make any changes in its investment policy for which a vote is required by Section 13 of the United States Investment Company Act of 1940; (g) changes in the Issuer's charter, bylaws or instruments corresponding thereto or other actions which may impede acquisition of control of the Issuer by any person; (h) causing a class of securities of the Issuer to be delisted from a national securities exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association; (i) a class of equity securities of the Issuer becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Act; or (j) any action similar to any of those enumerated above.
Item 5.	Interest in Securities of the Issuer
(a)	The filing of this statement by the Reporting Person shall not be construed as an admission that the Reporting Person is, for the purposes of Section 13(d) or 13(g) of the Act, the beneficial owners of any securities covered by the statements herein. For the purposes of this statement, the Reporting Person is reporting herein that, as of May 1, 2026, the Reporting Person was the beneficial owner of 28,967,375 Common Shares of the Issuer's common stock, representing approximately 18.4% of the Issuer's issued and outstanding common stock.
(b)	For the purposes of this statement, the Reporting Person is reporting herein that, as of May 1, 2026, the Reporting Person had the sole power to vote or to direct the voting of, or to dispose or to direct the disposition of 28,967,375 Common Shares of the Issuer's common stock, representing approximately 18.4% of the Issuer's common stock.
(c)	As of the date hereof, and within the sixty-day period prior thereto, no transactions involving the Issuer's equity securities had been engaged in by the Reporting Person other than as disclosed herein.
(d)	As of the date hereof, to the best knowledge and belief of the undersigned, except as otherwise reported herein, no person other than the Reporting Person had the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein.
(e)	Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Except as disclosed herein, the Reporting Person does not have any contract, arrangement, understanding or relationship with respect to securities of the Issuer including, but not limited to, transfer or voting of any of the securities, finder's fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding of proxies. The Reporting Person has not pledged securities of the Issuer nor are the securities of the Issuer held by the Reporting Person subject to a contingency, the occurrence of which would give another person voting power or investment power over such securities. On April 16, 2026, the Reporting Person entered into a voting support agreement in connection with the arrangement agreement between the Issuer, certain affiliated entities of Orion Resource Partners (USA) LP and HRG Metals LP, dated April 16, 2026 (the "Arrangement"), whereby the Reporting Person agreed to vote in support of the Arrangement.
Item 7.	Material to be Filed as Exhibits.
	Exhibit Description of Exhibit 99.1(*) Voting Support Agreement between HRG Metals LP, certain affiliated entities of Orion Resource Partners (USA) LP and Uranium Energy Corp., dated April 16, 2026 Notes: (*) Portions of this exhibit have been omitted

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

URANIUM ENERGY CORP

Signature:	/s/ Josephine Man
Name/Title:	Josephine Man, Chief Financial Officer
Date:	05/01/2026

FAQ

What stake does Uranium Energy Corp hold in Uranium Royalty Corp (UROY)?

Uranium Energy Corp reports beneficial ownership of 28,967,375 Uranium Royalty Corp common shares, about 18.4% of outstanding stock as of May 1, 2026. This gives Uranium Energy significant influence but not control over Uranium Royalty’s shareholder base.

What new securities did Uranium Energy Corp recently acquire in UROY?

On April 29, 2026 Uranium Energy Corp acquired 10,989,011 subscription receipts of Uranium Royalty Corp at US$3.64 per subscription receipt. Each subscription receipt converts into one common share in connection with a proposed acquisition transaction contemplated by Uranium Royalty.

How is Uranium Energy’s 18.4% ownership in UROY structured?

Uranium Energy’s reported 28,967,375 beneficially owned shares include 17,978,364 common shares and 10,989,011 subscription receipts. The subscription receipts are convertible into common shares on a one-for-one basis, contributing to its approximately 18.4% ownership of Uranium Royalty’s common stock.

Does Uranium Energy Corp control how its UROY shares are voted and disposed?

Yes. Uranium Energy Corp reports sole voting and sole dispositive power over 28,967,375 Uranium Royalty common shares. This means it alone decides how those shares are voted and whether, when, and how they may be sold or otherwise transferred, subject to any existing agreements.

What agreement links Uranium Energy’s UROY stake to the proposed arrangement?

On April 16, 2026 Uranium Energy Corp entered a voting support agreement tied to an arrangement among Uranium Royalty, Orion Resource Partners (USA) LP affiliates, and HRG Metals LP. Under this agreement, Uranium Energy agreed to vote its Uranium Royalty shares in support of the proposed arrangement.

Can Uranium Energy change its investment in Uranium Royalty Corp (UROY)?

Uranium Energy states it may acquire or dispose of Uranium Royalty securities over time, through market trades, private transactions, or exchanges for other assets. It emphasizes flexibility, noting that plans could change depending on market conditions and other strategic considerations it evaluates.