Goldman's Grid Got a Nuclear Transfusion

*Disseminated for Uranium Royalty Corp.

New York didn't debate. It ordered.

On June 23, 2025, Governor Kathy Hochul directed the state's public utility to build an advanced nuclear plant — New York's first in 37 years.

The state that hosts 40% of global finance just declared nuclear essential infrastructure.

Not for climate goals. For grid reliability.

The 9:30 AM Reality Check

Here's the grid's dirty secret: Renewables can't run trading floors.

When the NYSE opening bell rings on a windless December morning, wind farms are expensive lawn ornaments.

When Goldman Sach's servers process a hundred billion-dollar trade, there's no room for "intermittent" in the power supply.

New York didn't just order a nuclear plant for upstate. It ordered insurance for Manhattan's grid.

Because when California's grid failed, Silicon Valley went dark. New York won't let that happen to Wall Street.

The quiet part said loud: Only nuclear delivers carbon-free baseload at scale.

And tomorrow, that nuclear baseload will keep Manhattan's markets running whether Wall Street realizes it or not.

The Supply Shock

Every nuclear reactor needs fuel.

Palisades (in Michigan) alone will again devour 400,000 pounds annually when put back into operation. New York's advanced reactor? Even more on the initial load.

·         Current mine production: 75% of demand.

·         Current stockpiles: crumbs.

·         Current timeline: Accelerating monthly as demand is on track to double by 2024

For 30 years, America lived off a bizarre Cold War dividend that enabled America to power cities with decommissioned Soviet warheads.

Half of America’s nuclear fuel came from Russian bombs.

That party ended, and we've been draining strategic reserves ever since.

Now New York needs new nuclear. Michigan is restarting the old plants. And the cupboard is bare.

Enter the company that saw this coming years ago.

Uranium Royalty Corp (NASDAQ: UROY)

They did something brilliantly simple: They applied the proven royalty model from gold mining to uranium's supply crunch.

They don't dig holes. They don't fight environmentalists. They don't spend billions on mine infrastructure and equipment.

Why This Model Wins Now

Uranium mining is brutal, and it can take a minimum of 10 years to bring a new mine online (if all goes well).

Plus, there are environmental permits. Local opposition. Technical challenges.

These are capital requirements that can break companies.

Uranium Royalty Corp (NASDAQ:UROY)

They can be an ideal financing partner for uranium companies.

Banks avoided uranium. Private equity wants control. Traditional investors demand instant returns.

UROY offers something different…

UROY’s Fortified Balance Sheet: With USD$220M (~CAD$305 million) in liquid assets as of September 2025, UROY is primed to pursue value-accretive royalty and streaming deals, turning market volatility into opportunity.

When a developer needs $50 million, they can either dilute shareholders into oblivion or sell UROY a royalty.

There’s no dilution. No loss of control. Just a permanent partner who wins when they win.

Here's what makes this model genius: Diversification without Dilution.

Mining is a tough business.

Miners always face technical problems, permitting delays, capex over runs and many other problems that can cripple a stock share price.

And unlike miners who see costs rise with uranium prices…

Royalties are pure upside.

New York's Nuclear Order

And the end of Russian supply creates a perfect storm that utilities haven't seen coming.

They've been sleepwalking through decades of cheap uranium from dismantled warheads. Now they're waking up to empty shelves and a producer community that barely survived the lean years.

The miners who made it through are picking their partners carefully.

Uranium Royalty Corp bought all existing royalties in the secondary market.

And CEO Scott Melbye states that “most of our new business opportunities are potential new royalties as a capital provider.”

Manhattan's Nuclear Future

New York's advanced reactor will power the infrastructure of global finance.

Palisades will hum again in Michigan. A dozen states will follow.

Because when the Empire State admits it needs nuclear, everyone does the math.

The uranium to fuel this renaissance must come from somewhere.

The projects to produce it need funding. Every pound that moves from ground to reactor passes through the same bottleneck.

👉And there is no way the big companies who need the uranium will rely on unstable production sources such as Kazakhstan and Russia. 

UROY already owns 2.4 million pounds of uranium.

And has 25 interests in 22 uranium projects at various stages including large producers such as McArthur River and Cigar Lake.

Uranium Royalty Corp built the mousetrap to capture that flow.

Not by taking massive risks or fighting endless battles, but by positioning itself as the partner the industry desperately needs.

When Wall Street's grid chose nuclear, it chose uranium.

And when you choose uranium, there's a compelling case for choosing the company that wins regardless of which projects succeed.

Because in the end, they all need fuel.

You should review UROY's most recent Annual Information Form and other filings under its profile at sedarplus.ca and www.sec.gov for important information on its business and assets.

Regards,

Marin Katusa

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In our role, we aim to highlight specific companies for your further investigation; however, these are not stock recommendations, nor do they constitute an offer or sale of the referenced securities. Katusa Research partner company, New Era Publishing Inc. has received cash compensation in the amount of $1.25M from Uranium Royalty Corp and is thus extremely biased. It is crucial that you conduct your own research prior to investing. This includes reading the company's SEDAR and SEC filings, press releases, and risk disclosures. The information contained herein regarding Uranium Royalty Corp. has been derived from its SEDAR+ and SEC filings, including scientific and technical information regarding its royalty assets which has been reviewed and approved by Darcy Hirsekorn, its Chief Technical Officer and is a professional geoscientist in Saskatchewan and a qualified person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects and is registered as a professional geoscientist in Saskatchewan. Information regarding the projects underlying Uranium Royalty Corp.’s interests has been derived from the publicly available disclosure of the underlying operators and owners, including where referenced herein.

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