# EDGAR Filing Document

**Accession Number:** 0001711570
**File Stem:** 0001493152-26-019420
**Filing Date:** 2026-4
**Character Count:** 784428
**Document Hash:** f19105b48f87f32b0e5818925660f286
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-019420.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0001493152-26-019420

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20260428

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260428

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Uranium Royalty Corp.
- **CENTRAL INDEX KEY:** 0001711570
- **STANDARD INDUSTRIAL CLASSIFICATION:** [6221]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 000000000
- **STATE OF INCORPORATION:** Z4
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40359
- **FILM NUMBER:** 26909694

**BUSINESS ADDRESS:**
- **STREET 1:** 1830 - 1188 WEST GEORGIA STREET
- **STREET 2:** SUITE 1830
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6E 4A2
- **BUSINESS PHONE:** (604) 630-1000

**MAIL ADDRESS:**
- **STREET 1:** 1830 - 1188 WEST GEORGIA STREET
- **STREET 2:** SUITE 1830
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6E 4A2

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**Report of Foreign Private Issuer**

**Pursuant to Rule 13** **a-16 or 15d-16**

**UNDER the Securities Exchange Act of 1934**

For the month of April 2026

Commission File No.: 001-40359

**Uranium Royalty Corp.**

(Translation of registrant's name into English)

**Suite 1830, 1188 West Georgia Street**

**Vancouver, British Columbia, V6E 4A2, Canada**

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ☐ Form 40-F ☒

**INCORPORATION BY REFERENCE**

Exhibits 99.1 through 99.11 contained in this Report on Form 6-K shall be deemed to be incorporated by reference into the registration statement on Form F-10, as amended (Registration No. 333-288789) of Uranium Royalty Corp. (including any prospectuses forming a part of such registration statement) and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Uranium Royalty Corp.** | **Uranium Royalty Corp.** |
| Date: April 28, 2026 | By: | */s/ Andrew Marshall* |
|  | Name: | Andrew Marshall |
|  | Title: | Chief Financial Officer and Corporate Secretary |

---

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit** | **Description of Exhibit** |
| 99.1 | [Material Change Report dated April 27, 2026](ex99-1.htm) |
| 99.2\* | [Arrangement Agreement, dated April 16, 2026](ex99-2.htm) |
| 99.3\* | [Voting and Support Agreement, dated April 16, 2026, by and between the Sweetwater Investors and Uranium Energy Corp.](ex99-3.htm) |
| 99.4\* | [Voting and Support Agreement, dated April 16, 2026, by and between the Sweetwater Investors and Donna Wichers](ex99-4.htm) |
| 99.5\* | [Voting and Support Agreement, dated April 16, 2026, by and between the Sweetwater Investors and Amir Adnani](ex99-5.htm) |
| 99.6\* | [Voting and Support Agreement, dated April 16, 2026, by and between the Sweetwater Investors and Neil Gregson](ex99-6.htm) |
| 99.7\* | [Voting and Support Agreement, dated April 16, 2026, by and between the Sweetwater Investors and Darcy Hirsekorn](ex99-7.htm) |
| 99.8\* | [Voting and Support Agreement, dated April 16, 2026, by and between the Sweetwater Investors and Andy Marshall](ex99-8.htm) |
| 99.9\* | [Voting and Support Agreement, dated April 16, 2026, by and between the Sweetwater Investors and Scott Melbye](ex99-9.htm) |
| 99.10\* | [Voting and Support Agreement, dated April 16, 2026, by and between the Sweetwater Investors and Vina Patel](ex99-10.htm) |
| 99.11\* | [Voting and Support Agreement, dated April 16, 2026, by and between the Sweetwater Investors and Ken Robertson](ex99-11.htm) |
| 99.12 | [Notice of Meeting and Record Date](ex99-12.htm) |

---

\* Portions of these documents have been omitted pursuant to Item 601(b)(10) of Regulation S-K because they are both (i) not material and (ii) contain the type of information that the Company customarily and actually treats as private and confidential.

## Exhibit 99.1

**Exhibit 99.1**

**Form 51-102F3**

***Material Change Report***

 ****

---

| | |
|:---|:---|
| **Item 1** | **Name and Address of Company** |

---

Uranium Royalty Corp. ("**URC**" or the "**Company**")

Suite 1830 – 1188 West Georgia Street

Vancouver, BC

V6E 4A2

---

| | |
|:---|:---|
| **Item 2** | **Date of Material Change** |

---

April 16, 2026.

---

| | |
|:---|:---|
| **Item 3** | **News Release** |

---

On April 16, 2026, a news release in respect of the material change was disseminated through GlobeNewswire and a copy thereof has been filed under the Company's profile on the System for Electronic Data Analysis and Retrieval + ("**SEDAR**+").

---

| | |
|:---|:---|
| **Item 4** | **Summary of Material Change** |

---

On April 16, 2026, the Company entered into an arrangement agreement (the "**Arrangement Agreement**") to combine with entities owning a 92% interest in Sweetwater Royalties LLC ("**Sweetwater**") from funds managed by Orion Resource Partners LP ("**Orion**") and the Ontario Teachers' Pension Plan ("**Ontario Teachers'**", together with Orion, the "**Sellers**") (the "**Transaction**"). The Transaction implies a 100% enterprise value for Sweetwater of approximately US$1.9 billion (based on US$625 million of debt outstanding as of April 1, 2026) and an attributable equity value to be acquired by URC of approximately US$1.1 billion.

Under the Transaction, Sweetwater and URC will combine under a newly formed U.S. domiciled parent company, "Uranium Royalty Corp." ("**New URC**"), which will apply to have its shares of common stock ("**New URC Shares**") listed on the Nasdaq Capital Market. On completion of the Transaction, the Sellers will receive approximately US$330 million in cash and US$813 million in New URC Shares at a deemed value of US$3.64 per New URC Share, subject to adjustment under the Arrangement Agreement.

---

| | |
|:---|:---|
| **Item 5** | **Full Description of Material Change** |

---

**Arrangement Agreement**

On April 16, 2026, the Company entered into the Arrangement Agreement in connection with the Transaction. The following description of the Arrangement Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Arrangement Agreement, which has been separately filed by the Company with the Canadian securities regulators and is available on SEDAR+ at www.sedarplus.ca. Unless otherwise indicated, references to "Sections" or "Articles" are to the applicable provisions of the Arrangement Agreement, and capitalized terms used but not otherwise defined have the meanings given to them in the Arrangement Agreement. The Transaction implies a 100% enterprise value for Sweetwater of approximately US$1.9 billion (based on US$625 million of debt outstanding as of April 2026) and an attributable equity value to be acquired by URC of approximately US$1.1 billion.

Under the Transaction, Sweetwater and URC will combine under New URC, which will apply to have the New URC Shares listed on the Nasdaq Capital Market. On completion of the Transaction, the Sellers will receive approximately US$330 million in cash and US$813 million in New URC Shares at a deemed value of US$3.64 per New URC Share, subject to adjustment under the Arrangement Agreement.

**Summary of the Transaction**

The Transaction will be effected by way of a statutory plan of arrangement under the *Canada Business Corporations Act* (the "**Arrangement**"). Prior to completion of the Arrangement, Orion and Ontario Teachers' will contribute their interests in Sweetwater to New URC. Under the Arrangement, among other things, URC shareholders will exchange their URC shares for New URC Shares on the basis of one New URC Share for each URC common share held at the effective time of the Arrangement or, in the case of electing eligible Canadian shareholders, exchangeable shares in a Canadian subsidiary of New URC. On completion of the Transaction, the Sellers will receive approximately US$330 million in cash and approximately US$813 million in New URC Shares at a deemed value of US$3.64 per New URC Share, in each case subject to adjustment in accordance with the Arrangement Agreement. On completion of the Transaction, New URC will be the publicly traded parent company of the combined group.

The Transaction is subject to, among other things, approval of at least 66 2/3% of the votes cast by URC shareholders in person or by proxy at a special meeting of URC shareholders to be called to consider the Arrangement, requisite court approval, approval for the listing of the New URC Shares on the Nasdaq Capital Market, the receipt of required regulatory approvals, and the satisfaction or waiver of other customary closing conditions. A shareholder meeting is expected to occur on or about July 2026, with closing thereafter subject to the satisfaction or waiver of the applicable conditions.

Immediately following completion of the Transaction, and prior to the effects of any subsequent financing, existing URC shareholders, Orion and Ontario Teachers' are expected to hold approximately 41%, 43% and 16%, respectively, of the outstanding New URC Shares. Eligible Canadian shareholders will be entitled to elect to receive exchangeable shares in a Canadian subsidiary of New URC in lieu of New URC Shares, which shares will be exchangeable into New URC Shares and will have equivalent economic and voting rights as the New URC Shares.

In connection with the Transaction, Uranium Energy Corp. and certain of the directors and executive officers of URC, in respect of approximately 14% of the outstanding URC common shares, have entered into customary voting agreements agreeing to vote those URC common shares in favour of the Transaction. The foregoing description of such voting agreements does not purport to be complete and is qualified in its entirety by reference to the full text of such agreements. The Arrangement Agreement also contains customary provisions, including non-solicitation covenants, notice obligations in respect of Acquisition Proposals and other customary deal protection provisions.

The board of directors of the Company has unanimously determined that the Arrangement is in the best interests of URC and is fair to URC shareholders, and unanimously recommends that URC shareholders vote in favour of the Arrangement. As of the date of the Arrangement Agreement, URC had received the opinion of its financial advisor that, subject to the assumptions, limitations and qualifications set out therein, the consideration to be received by URC shareholders pursuant to the Transaction is fair, from a financial point of view, to URC shareholders. Additional details regarding the background to the Transaction, the terms and conditions of the Arrangement Agreement and the rationale for the recommendation of the board of directors of the Company will be included in the management information circular to be mailed to URC shareholders in connection with the special meeting to consider the Arrangement. The management information circular will also include details as to how URC shareholders can participate in and vote at that meeting and will be made available under URC's profile on SEDAR+.

**Transaction Funding**

To finance a portion of the cash consideration under the Transaction, Uranium Energy Corp. ("**UEC**") has agreed to subscribe for subscription receipts of URC at a price of US$3.64 per subscription receipt, for total proceeds of US$40 million (the "**UEC Subscription**"). Each UEC subscription receipt will automatically convert into one URC Share in the event all escrow release conditions set out in the subscription agreement are satisfied, including satisfaction of the conditions precedent to the Arrangement, receipt of conditional approval of the Arrangement from Toronto Stock Exchange and requisite approval from URC shareholders of the Arrangement. Closing of the UEC Subscription is expected to occur shortly after receipt of conditional approval of the Toronto Stock Exchange, with the subscription funds to be held in escrow pending satisfaction of the escrow release conditions. Following confirmation of the escrow release conditions and delivery of a release notice to the escrow agent, the release of escrowed funds will occur immediately prior to closing of the Arrangement and conversion of the subscription receipts will occur immediately prior to closing of the transactions in the sequence set out in the Plan of Arrangement. In the event that the escrow release conditions are not satisfied prior to the Outside Date, or the Arrangement Agreement is terminated, the subscription receipts will expire and UEC will be entitled to receive a refund of the escrowed funds. Based on the current outstanding shares and the number of New URC Shares to be issued (assuming no additional financing is completed prior to closing), UEC would own approximately 8% of New URC on completion of the Arrangement.

The Company expects to fund the cash portion of the acquisition by means of existing cash on hand, the UEC Subscription, and additional existing liquidity. Prior to closing of the Transaction, New URC intends to pursue external financing sources.

Under the Arrangement Agreement, the proportion of cash and New URC Shares to be received by the Sellers will be adjusted in the event that URC completes a financing prior to closing of the Transaction. In such event, 80% of any excess net proceeds received beyond US$92 million will be utilized to reduce the New URC Share consideration to the Sellers under the Arrangement.

**Transaction Structure**

Immediately prior to the Transaction, Orion and Ontario Teachers' will have transferred their Sweetwater interests to New URC. Pursuant to the Arrangement, a number of steps will occur at closing, including URC shareholders exchanging their URC shares for one share of New URC (or, in the case of electing eligible Canadian URC shareholders, one Exchangeable Share (as defined below)).

Eligible Canadian shareholders of URC will be able to elect to receive, for each common share, exchangeable shares in a Canadian subsidiary of New URC (the "**Exchangeable Shares**"), which will be exchangeable into shares of New URC for a period of up to 10 years after completion, instead of shares of New URC to which they would otherwise be entitled at completion. The Exchangeable Shares will have equivalent economic and voting rights as the shares of New URC.

Each URC Option (whether vested or unvested) outstanding and unexercised immediately prior to the effective time will be exchanged for a URC Replacement Option to acquire such number of New URC shares equal to the number of URC shares subject to such URC Option immediately before the effective time.

**Shareholder Rights Agreements**

In connection with the Transaction, Orion, Ontario Teachers' and URC will enter into an investor rights and support agreement, which will include customary terms, among other things, that Orion and Ontario Teachers':

● Will vote New URC Shares in support of management recommendations on certain matters for a period of two years following closing of the Transaction, other than matters relating to changes to constating documents or certain fundamental transactions such as mergers, business combinations, restructurings, and other corporate transactions; and

● For a period of the earlier of two years after closing of the Arrangement or until such time as Orion or Ontario Teachers', as applicable, hold less than 10% of the outstanding New URC Shares:

○ Provide notice of certain proposed sales of New URC Shares and have agreed to certain restrictions relating to sales of New URC Shares to certain counterparties, including any counterparty that would hold more than 10% of the outstanding New URC Shares as a result of such sale;

○ Will agree not to dispose of any New URC Shares for six months after closing of the Arrangement, unless the volume weighted average price of the New URC Shares exceeds C$7.50 over any 20 day trading period commencing 90 days after closing of the Arrangement; and

Orion and Ontario Teachers' will have pro rata board nomination rights with rights for up to two directors joining from Orion and one from Ontario Teachers'. The resulting combined representation will be capped below 50%.

The investor rights and support agreement will also grant Orion and Ontario Teachers' customary anti-dilution rights for a period of two years after closing and customary registration rights, including the right to require New URC to file and maintain a shelf registration statement covering the resale of their New URC Shares, as well as customary demand and piggyback registration rights, in each case subject to customary restrictions and limitations.

Following completion of the Transaction, New URC will continue to be led by Scott Melbye as President and Chief Executive Officer and Amir Adnani as Chairman. Sweetwater will continue to operate under the leadership of Chief Executive Officer Damon Barber.

**Termination Rights and Termination Payments**

The Arrangement Agreement may be terminated prior to the Effective Time by mutual written agreement of URC and the Sweetwater Investors. The Arrangement Agreement may also be terminated by either URC or the Sweetwater Investors if the Effective Time has not occurred on or before the Outside Date, subject to the terms of the Arrangement Agreement, if any applicable Law permanently prohibits, enjoins or renders illegal the consummation of the Transaction and such Law has become final and non-appealable, or if the required URC shareholder approval is not obtained at the URC shareholder meeting in accordance with the Interim Order, applicable Law and the Arrangement Agreement. In addition, the Sweetwater Investors may terminate the Arrangement Agreement if URC breaches a representation, warranty, covenant or agreement in a manner that would cause certain of the conditions to closing in favour of the Sweetwater Investors not to be satisfied, subject to the applicable cure provisions and other terms of the Arrangement Agreement. URC may similarly terminate the Arrangement Agreement if the Sweetwater Investors breach a representation, warranty, covenant or agreement in a manner that would cause certain of the conditions to closing in favour of URC not to be satisfied, subject to the applicable cure provisions and other terms of the Arrangement Agreement.

The Arrangement Agreement provides that, if the Arrangement Agreement is terminated as a result of a failure to obtain the required URC shareholder approval, URC will be required to pay the Sweetwater Investors an amount equal to the Sweetwater Investor Expenses Amount, being the reasonable and documented out-of-pocket fees, costs and expenses of the Sweetwater Investors in connection with the Arrangement Agreement and related transaction documents, up to a maximum of US$3.0 million, within two business days following such termination, subject to the terms of the Arrangement Agreement. In addition, if a bona fide Acquisition Proposal in respect of URC has been made, publicly announced or otherwise publicly disclosed, or an intention to make such an Acquisition Proposal has been publicly announced or otherwise publicly disclosed, and within 12 months following such termination URC or one or more of its subsidiaries enters into a definitive agreement providing for such an Acquisition Proposal or such an Acquisition Proposal is consummated, URC will be required to pay the Sweetwater Investors the Shareholder Approval Termination Payment of US$17.0 million, in addition to the Sweetwater Investor Expenses Amount, in each case subject to the terms of the Arrangement Agreement, provided that, for this purpose, references to "Acquisition Proposal" are subject to the modified threshold set out in the Arrangement Agreement.

**MI 61-101 Disclosure**

The UEC Subscription constitutes a related-party transaction under Multilateral Instrument 61-101 – *Protection of Minority Security Holders in Special Transactions* ("**MI 61-101**"). The sale of subscription receipts to UEC is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value of any securities issued to, nor the consideration paid by, UEC exceeded 25.0% of the Company's market capitalization. The board of directors of the Company, with directors who are officers or employees of UEC abstaining, and the independent directors of the Company (as such term is defined in MI 61-101), acting in good faith, determined that the UEC Subscription is in the best interests of the Company. The Company did not file a material change report 21 days prior to closing of the UEC Subscription, as the aforementioned insider participation had not been confirmed at that time and the Company wished to close the transaction as soon as practicable for sound business reasons.

---

| | |
|:---|:---|
| **Item 6** | **Reliance on subsection 7.1(2) of National Instrument 51-102** |

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Not applicable.

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| | |
|:---|:---|
| **Item 7** | **Omitted Information** |

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None.

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| | |
|:---|:---|
| **Item 8** | **Executive Officer** |

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The following executive officer of the Company is knowledgeable about the material change and this report:

Andrew Marshall

Chief Financial Officer

Phone: 604-396-8222

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| | |
|:---|:---|
| **Item 9** | **Date of Report** |

---

April 27, 2026.

**Forward-Looking Information**

This document may contain "forward-looking information" within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, "**forward-looking statements**"). Forward-looking statements relate to future events or future performance and reflect the Company's expectations or beliefs regarding future events. Forward-looking statements include, but are not limited to statements with respect to the consummation and timing of the Transaction; approval by the Company's shareholders; the satisfaction of the conditions precedent to the Transaction; the strengths, characteristics and potential of New URC post-Transaction; growth potential of New URC, timing, receipt and anticipated effects of court and other approvals; and the Company's ability to finance the cash consideration under the Arrangement. When used in this material change report, words such as "estimates", "expects", "plans", "anticipates", "will", "believes", "intends" "should", "could", "may" and other similar terminology are intended to identify such forward-looking information. Statements constituting forward-looking information reflect the current expectations and beliefs of the Company's management. These statements involve significant uncertainties, known and unknown risks, uncertainties, and other factors and, therefore, actual results, performance or achievements of the Company and its industry may be materially different from those implied by such forward-looking statements. They should not be read as a guarantee of future performance or results and will not necessarily be an accurate indication of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from such forward-looking information, including, without limitation, risks related to failure to receive requisite URC shareholder approval or court approval of the Transaction; any inability to satisfy the conditions to the Transaction, any inability of URC to complete necessary financing, including to fund the cash consideration under the Transaction, risks inherent to royalty companies, uranium and soda ash price volatility, risks related to the operators of the projects underlying the Company's and Sweetwater's existing and proposed interests and those other risks described in filings with Canadian securities regulators and the U.S. Securities and Exchange Commission. These risks, as well as others, could cause actual results and events to vary significantly. Accordingly, readers should exercise caution in relying upon forward-looking information. Forward-looking statements are made as of the date of this document and the Company undertakes no obligation to publicly revise them to reflect subsequent events or circumstances, except as required by law.

## Exhibit 99.2

**Exhibit 99.2**

***Execution Version***

CERTAIN INFORMATION IN THIS DOCUMENT HAS BEEN EXCLUDED FROM THIS DOCUMENT BECAUSE IT IS BOTH (A) NOT MATERIAL AND (B) THE TYPE OF INFORMATION THAT THE COMPANY CUSTOMARILY AND ACTUALLY TREATS AS PRIVATE AND CONFIDENTIAL.

 ****

 ****

**URANIUM ROYALTY CORP.**

**- and -**

**CERTAIN AFFILIATED ENTITIES OF ORION RESOURCE PARTNERS (USA) LP**

**- and -**

**HRG METALS LP**

**ARRANGEMENT AGREEMENT**

Dated as of April 16, 2026

**TABLE OF CONTENTS**

Page

**ARTICLE 1 <br> INTERPRETATION**

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| | | |
|:---|:---|:---|
| Section 1.1 | Definitions. | 1 |
| Section 1.2 | Interpretation Not Affected by Headings. | 20 |
| Section 1.3 | Number and Gender. | 21 |
| Section 1.4 | Date for Any Action and Computation of Time. | 21 |
| Section 1.5 | Currency. | 21 |
| Section 1.6 | Accounting Matters. | 21 |
| Section 1.7 | Knowledge. | 21 |
| Section 1.8 | Disclosure Letters. | 22 |
| Section 1.9 | Other Definitional and Interpretive Provisions. | 22 |
| Section 1.10 | Schedules. | 23 |

---

**ARTICLE 2 <br> THE ARRANGEMENT**

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| | | |
|:---|:---|:---|
| Section 2.1 | Arrangement | 24 |
| Section 2.2 | Interim Order. | 24 |
| Section 2.3 | URC Meeting. | 25 |
| Section 2.4 | URC Circular. | 26 |
| Section 2.5 | Securities Law Compliance. | 28 |
| Section 2.6 | Final Order. | 28 |
| Section 2.7 | Court Proceedings. | 28 |
| Section 2.8 | Articles of Arrangement and Effective Date. | 29 |
| Section 2.9 | Payment of Consideration | 29 |
| Section 2.10 | No Fractional Shares. | 29 |
| Section 2.11 | Incentive Awards and Incentive Plans. | 29 |
| Section 2.12 | Announcement and Shareholder Communications. | 30 |
| Section 2.13 | Withholding Taxes. | 30 |
| Section 2.14 | U.S. Securities Laws. | 31 |
| Section 2.15 | Support Agreements. | 32 |
| Section 2.16 | Pre-Closing Sweetwater Reorganization. | 32 |

---

**ARTICLE 3**

**REPRESENTATIONS AND WARRANTIES OF URC**

Section 3.1 Representations and Warranties. 33

**ARTICLE 4<br> REPRESENTATIONS AND WARRANTIES OF THE SWEETWATER INVESTORS**

Section 4.1 Representations and Warranties. 33

**ARTICLE 5 <br> COVENANTS**

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| | | |
|:---|:---|:---|
| Section 5.1 | Covenants of URC Regarding the Conduct of Business. | 34 |
| Section 5.2 | Covenants of URC Relating to the Arrangement | 38 |
| Section 5.3 | Covenants of the Sweetwater Investors Regarding the Conduct of Business. | 40 |
| Section 5.4 | Covenants of the Sweetwater Investors Relating to the Arrangement | 44 |
| Section 5.5 | Regulatory Approvals. | 45 |
| Section 5.6 | Governance Arrangements. | 47 |
| Section 5.7 | Access to Information; Confidentiality. | 48 |
| Section 5.8 | Privacy Matters. | 49 |

---

(i)

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| | | |
|:---|:---|:---|
| Section 5.9 | Cure Provisions. | 50 |
| Section 5.10 | Insurance and Indemnification. | 50 |
| Section 5.11 | Specified Matters | 51 |
| Section 5.12 | Covenants Relating to the Exchangeable Shares. | 51 |
| Section 5.13 | Covenants Relating to the Investor Rights. | 52 |
| Section 5.14 | Canadian Tax Matters. | 52 |
| Section 5.15 | Pre-Closing Reorganization. | 53 |
| Section 5.16 | Financing Cooperation. | 54 |
| Section 5.17 | U.S. Tax Matters. | 54 |
| Section 5.18 | Covenants Relating to the Concurrent Private Placement | 55 |

---

**ARTICLE 6<br> COVENANTS REGARDING NON-SOLICITATION**

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| | | |
|:---|:---|:---|
| Section 6.1 | Non-Solicitation. | 55 |
| Section 6.2 | Notification of Acquisition Proposals. | 56 |
| Section 6.3 | Shareholder Meetings. | 57 |
| Section 6.4 | Subsidiaries; Compliance with Law; Other Matters. | 57 |

---

**ARTICLE 7 <br> CONDITIONS**

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| | | |
|:---|:---|:---|
| Section 7.1 | Mutual Conditions Precedent | 57 |
| Section 7.2 | Conditions Precedent to the Obligations of the Sweetwater Investors. | 58 |
| Section 7.3 | Conditions Precedent to the Obligations of URC | 59 |
| Section 7.4 | Satisfaction of Conditions. | 61 |

---

**ARTICLE 8<br> TERM, TERMINATION, AMENDMENT AND WAIVER**

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| | | |
|:---|:---|:---|
| Section 8.1 | Term | 61 |
| Section 8.2 | Termination. | 61 |
| Section 8.3 | Expenses and Termination Payments. | 62 |
| Section 8.4 | Amendment | 64 |
| Section 8.5 | Waiver. | 65 |

---

**ARTICLE 9<br> GENERAL PROVISIONS**

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| | | |
|:---|:---|:---|
| Section 9.1 | Notices. | 65 |
| Section 9.2 | Governing Law | 67 |
| Section 9.3 | Injunctive Relief | 67 |
| Section 9.4 | Third-Party Beneficiaries. | 67 |
| Section 9.5 | Entire Agreement, Binding Effect and Assignment | 68 |
| Section 9.6 | No Liability. | 68 |
| Section 9.7 | Severability. | 68 |
| Section 9.8 | Counterparts, Execution. | 68 |

---

**ADDENDA**

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| | |
|:---|:---|
| Schedule A | List of Orion Sellers |
| Schedule B | Form of Plan of Arrangement |
| Schedule C | Form of Arrangement Resolution |
| Schedule D | URC Representations and Warranties |
| Schedule E | Sweetwater Investors' Representations and Warranties |
| Schedule F | Key Regulatory Approvals |
| Schedule G | Governance Arrangements Schedule H Exchangeable Shares Term Sheet |
| Schedule I | Investors Rights Agreement Term Sheet |
| Schedule J | Specified Individuals |
| Schedule K | Pre-Closing Sweetwater Reorganization Steps |

---

(ii)

**ARRANGEMENT AGREEMENT**

**THIS ARRANGEMENT AGREEMENT** dated April 16, 2026,

AMONG:

**URANIUM ROYALTY CORP.**, a corporation existing pursuant to the laws of Canada ("**URC**")

- and -

**EACH ENTITY LISTED IN SCHEDULE A HERETO** (each, an "**Orion Seller**" and collectively, the "**Orion Sellers**")

- and -

**HRG METALS LP**, a limited partnership existing pursuant to the laws of Canada

("**HRG**" or "**OTPP**") and OTPP together with the Orion Sellers, the "**Sweetwater Investors**") **RECITALS:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The
 URC Board has unanimously determined that it would be in the best interests of URC to acquire
 the Sweetwater Investors' interests in the Sweetwater Entities;

B. each
 Sweetwater Investor has determined that it is in its best interests to enter into this Agreement
 and to sell its interests in the Sweetwater Entities to URC, and has approved and authorized
 the execution and delivery of this Agreement and the completion of the transactions contemplated
 hereby;

C. each
 of the applicable URC Supporting Shareholders has, concurrently with the execution and delivery
 of this Agreement, entered into the URC Support Agreements;

D. the
 Parties intend to carry out the Transactions by way of a statutory Plan of Arrangement under
 the provisions of the CBCA; and

E. Concurrent
 with the execution of this Agreement, Uranium Energy Corp., a Nevada corporation ()"**UEC** "),
 wishes to subscribe and pay for, and URC wishes to allot and issue, URC Shares in accordance
 with the terms and conditions of the Concurrent Private Placement Subscription Agreement.

**NOW THEREFORE THIS AGREEMENT WITNESSES THAT** in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the Parties hereto covenant and agree as follows:

**ARTICLE 1**

**INTERPRETATION**

**Section 1.1 Definitions.**

In this Agreement (including in the recitals hereto), unless the context otherwise requires, the following words and terms shall have the meanings ascribed to them below:

"**Acquisition Proposal**" means, other than the Transactions contemplated by this Agreement, any proposal, offer, inquiry or expression of interest, whether or not in writing, from any Person or group of Persons acting "jointly or in concert", other than the Parties hereto (or an affiliate of any of the Parties hereto acting jointly or in concert with such Party) after the date of this Agreement to directly or indirectly, acquire, sell, or dispose in any manner assets representing 20% or more of the book value of the consolidated assets or contributing 20% or more of the consolidated revenue of URC and/or its Subsidiaries or any of the Sweetwater Entities and/or its Subsidiaries, as applicable, on a consolidated basis, or 20% or more of any class of voting or equity securities or any securities exchangeable for or convertible into voting or equity securities of URC or any one or more of its Subsidiaries, or any of the Sweetwater Entities or any one or more of their respective Subsidiaries, in each case, whether by way of merger, amalgamation, statutory arrangement, recapitalization, reorganization, consolidation, take-over bid, issuer bid, exchange offer, treasury issuance, sale of assets (or any lease, long term supply agreement or other arrangement having the same economic effect as a sale of assets), joint venture, earn-in right, liquidation, winding-up, sale or redemption of a material number of shares or rights or interests therein or thereto or similar transactions involving URC and/or any of its Subsidiaries, the Sweetwater Entities and/or any of its Subsidiaries, or any of their respective securityholders or any other Person, pursuant to which any Person would own directly or indirectly, 20% or more of the voting or equity securities of URC or any of the Sweetwater Entities, as applicable, or of the surviving entity or the resulting direct or indirect parent of URC, any of the Sweetwater Entities or the surviving entity, as applicable, or whether by way of a single or multistep transaction or series of related transactions, or any other transaction, the consummation of which could reasonably be expected to impede, interfere with, prevent or delay the transactions or reduce the benefits to Parties contemplated by this Agreement or the Arrangement;

"**affiliate**" means, when describing a relationship between two Persons, that either one of them is under the direct or indirect control of the other, or each of them is directly or indirectly controlled by the same Person.

"**Agreement**" means this arrangement agreement, including all schedules annexed hereto, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms hereof.

"**Anti-Corruption Laws**" means all applicable anti-bribery or anti-corruption Laws, including the *U.S. Foreign Corrupt Practices Act of 1977,* as amended, the *UK Bribery Act 2010* or the *Corruption of Foreign Public Officials Act (Canada)*.

"**Anti-Money Laundering Laws**" means, as applicable, all Laws, regulations or orders relating to money laundering, terrorist financing or the proceeds of criminal activity, including: (a) the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada)*; (b) the *Criminal Code (Canada)*; and (c) the *U.S. Bank Secrecy Act*, *USA PATRIOT Act* and other applicable legislation relating to money laundering.

"**Applicable Payment Cap**" has the meaning ascribed thereto in Section 8.3(8).

"**Arrangement**" means the arrangement of URC under Section 192 of the CBCA on the terms and subject to the conditions set out in the Plan of Arrangement, subject to any amendments or variations thereto made in accordance with Section 8.4 hereof or the Plan of Arrangement or made at the direction of the Court in the Final Order (<u>provided</u> that any such amendment or variation is acceptable to URC and the Sweetwater Investors, each acting reasonably).

"**Arrangement Resolution**" means the special resolution of the URC Shareholders approving the Arrangement which is to be considered at the URC Meeting substantially in the form of Schedule C hereto.

"**Articles of Arrangement**" means the articles of arrangement of URC in respect of the Arrangement required by the CBCA to be sent to the Director after the Final Order is made, which shall include the Plan of Arrangement and otherwise be in form and content satisfactory to URC and the Sweetwater Investors, each acting reasonably.

"**Authorization**" means any authorization, order, permit, approval, grant, licence, registration, consent, allowance, exemption, waiver, right, notification, condition, franchise, privilege, certificate, judgment, writ, injunction, award, determination, direction, decision, decree, by-law, rule or regulation, of, from or required by any Governmental Entity.

"**Benefit Plan**" means any plan, Contract, program, policy, practice or undertaking, whether written or oral, funded or unfunded, insured or uninsured, registered or unregistered, that provides any employee benefit, fringe benefit, supplemental unemployment benefit, bonus, commission, incentive, profit sharing, option, stock appreciation, equity incentive, restricted stock, phantom equity, share compensation, share purchase, deferred compensation, severance, change of control, retention, termination, vacation and vacation pay, pension, supplemental pension, retirement, savings, health, welfare, wellness, medical, dental, vision, disability, hospitalization, life or accident insurance, loan and any similar plans, Contracts, programs, policies, practices, undertakings; excluding Statutory Plans.

"**Breaching Party**" has the meaning ascribed thereto in Section 5.9(1).

"**Business Day**" means any day, other than a Saturday, a Sunday or a statutory or civic holiday in: Vancouver, British Columbia, Canada; Toronto, Ontario, Canada; or New York, New York, United States.

"**CallCo**" means an unlimited liability company to be incorporated under the Laws of British Columbia as a wholly-owned Subsidiary of New ParentCo prior to the Effective Time.

**"CallCo Shares"** means the common shares without par value in the capital of CallCo.

"**Cause**" means termination of employment or engagement on grounds of substantial performance issues and/or gross misconduct in accordance with the terms of any applicable employment agreement (or equivalent engagement agreement) and all applicable Law.

"**CBCA**" means the *Canada Business Corporations Act*.

"**Certificate of Arrangement**" means the certificate of arrangement to be issued by the Director pursuant to Section 192(7) of the CBCA in respect of the Articles of Arrangement.

"**Collective Agreement**" means collective agreements and related Contracts and documents with labor unions, labor organizations, works councils, bargaining agents, employee associations or any other employee representative body, including all addenda, wage scale listings, benefit agreements, letters of understanding, letters of intent and other written communications that govern terms and conditions of employment with any employees to which a Party or any of its Subsidiaries is a party or by which it or any of its Subsidiaries is bound as at the date of this Agreement.

"**Commissioner**" means the Commissioner of Competition appointed under the Competition Act or her designee.

"**Community Claim**" means as applicable, any and all claims (whether or not proven) by any Person to or in respect of: (a) rights, title, or interest of any indigenous or aboriginal group by virtue of its status as an indigenous or aboriginal group; (b) treaty rights; or (c) any local community group.

"**Competition Act**" means the *Competition Act* (Canada).

"**Concurrent Financing**" means the offering of URC Shares by way of a prospectus offering, private placement or any combination thereof for minimum net cash proceeds (after deduction of the expenses of the Concurrent Financing) of at least $92,000,000.

"**Concurrent Private Placement**" means the private placement of URC Subscription Receipts by URC to UEC for aggregate net cash proceeds of at least $40,000,000.

"**Concurrent Private Placement Subscription Agreement**" means the subscription agreement entered into between URC and UEC that provides for the issuance by URC of the URC Subscription Receipts to be issued under the Concurrent Private Placement.

"**Confidentiality Agreement**" means the mutual nondisclosure agreement between URC and Orion Resource Partners (USA) LP dated February 18, 2026, as amended from time to time.

"**Consideration**" means the consideration to be received by the URC Shareholders pursuant to the Plan of Arrangement as consideration for their URC Shares, consisting of: (a) in the case of each Exchangeable Elected Share, the Exchange Ratio of an Exchangeable Share per Exchangeable Elected Share (collectively, the "**Exchangeable Consideration Shares**"); and (b) in the case of each other URC Share, the Exchange Ratio of a New ParentCo Share per URC Share (the "**New ParentCo Consideration Shares**").

"**Consideration Shares**" means, collectively, the New ParentCo Consideration Shares and the Exchangeable Consideration Shares.

"**Constating Documents**" means, as applicable to each Person, such Person's articles of incorporation, association, amalgamation, arrangement or continuation, partnership agreements, unanimous shareholders agreements and/or by-laws (or equivalent documents), as applicable, and all amendments to such articles, partnership agreements, unanimous shareholders agreements or by-laws (or equivalent documents).

"**Contract**" means any contract, agreement, license, franchise, lease, arrangement, commitment, understanding, joint venture, partnership or other right or obligation (written or oral) to which a Party or any of its Subsidiaries is a party or by which it or any of its Subsidiaries is bound or affected or to which any of their respective properties or assets is subject.

"**Court**" means the Supreme Court of British Columbia.

"**Depositary**" means Computershare Trust Company, N.A. or such other Person as URC may appoint to act as depositary in connection with the Arrangement, with the approval of the Sweetwater Investors, acting reasonably.

"**Director**" means the Director appointed pursuant to Section 260 of the CBCA.

"**Dissent Rights**" means the rights of dissent in respect of the Arrangement described in the Plan of Arrangement.

"**EDGAR**" means the Electronic Data Gathering, Analysis and Retrieval (EDGAR) database of the SEC.

"**Effective Date**" means the date shown on the Certificate of Arrangement giving effect to the Arrangement.

"**Effective Time**" means 12:01 a.m. on the Effective Date, or such other time as the Parties agree to in writing before the Effective Date.

"**Eligible Holder**" means a URC Shareholder that is: (a) a Person, other than a partnership, that is a resident of Canada for purposes of the Tax Act and not exempt from Tax under Part I of the Tax Act; or (b) a partnership, any direct or indirect member of which is a Person, other than a partnership, that is a resident of Canada for purposes of the Tax Act and not exempt from Tax under Part I of the Tax Act.

"**Environmental Laws**" means all applicable Laws and agreements with Governmental Entities and all other statutory requirements (including statutory guidance notes and codes of practice having the force of Law) relating to public and/or worker health and safety, exposure to Hazardous Substances or the protection, use, or exploitation of the environment or natural resources and all Authorizations issued pursuant to such Laws, agreements or statutory requirements.

"**ERISA**" means the *U.S. Employee Retirement Income Security Act of 1974*.

"**ERISA Affiliate**" of any Person means any other Person (whether or not incorporated) that, together with such Person, is or was at the relevant time considered under common control with or treated as a single employer under Section 414(b), (c), (m) or (o) of the U.S. Tax Code.

"**Exchange Ratio**" means 1.0.

"**Exchangeable Consideration Shares**" has the meaning ascribed thereto in the definition of "Consideration".

"**Exchangeable Elected Share**" means each URC Share in respect of which an Eligible Holder shall have validly made an election in accordance with the Plan of Arrangement and the Letter of Transmittal and Election Form (as defined in the Plan of Arrangement).

"**Exchangeable Share Provisions**" means the rights, privileges, restrictions and conditions attaching to the Exchangeable Shares, which rights, privileges, restrictions and conditions shall be in the form agreed to by the Sweetwater Investors and URC pursuant to Section 5.12(1).

"**Exchangeable Share Support Agreement**" means the exchangeable share support agreement among New ParentCo, ExchangeCo and CallCo, in a form to be agreed to by the Sweetwater Investors and URC pursuant to Section 5.12(1), to be entered into in connection with and pursuant to the Plan of Arrangement.

"**Exchangeable Shares**" means the redeemable preferred shares in the capital of ExchangeCo, having the rights, privileges, restrictions and conditions set forth in the Exchangeable Share Provisions.

"**ExchangeCo**" means a wholly-owned Subsidiary of CallCo to be incorporated under the Laws of British Columbia prior to the Effective Time.

"**ExchangeCo Shares**" means the common shares without par value in the capital of ExchangeCo.

"**Final Order**" means the order of the Court approving the Arrangement in the form acceptable to URC and the Sweetwater Investors, each acting reasonably, as such order may be amended by the Court (with prior written consent of the Sweetwater Investors and URC, each acting reasonably) at any time prior to the Effective Date or, if appealed, then, unless such appeal is withdrawn or denied, as affirmed or as amended (<u>provided</u> that any such amendment is acceptable to the Sweetwater Investors and URC, each acting reasonably) on appeal.

"**Fraud**" means fraud that is committed with actual knowledge of falsity and with the intent to deceive or mislead another.

"**Goods**" has the meaning ascribed thereto in the definition of Material Contracts.

"**Governmental Entity**" means: (a) any multinational, federal, provincial, territorial, state, regional, municipal, local or other government, governmental or public department, central bank, Tax Authority, court, tribunal, arbitral body, commission, board, ministry, bureau or agency, domestic or foreign; (b) any stock exchange, including the TSX and Nasdaq; (c) any subdivision, agent, commission, board or authority of any of the foregoing; (d) any quasi-governmental or private body, including any tribunal, commission, regulatory agency or self-regulatory organization, exercising any regulatory, antitrust, foreign investment, expropriation or taxing authority under or for the account of any of the foregoing; (e) any company, business, enterprise, or other entity owned, in whole or in part, or controlled by any government, entity, organization, or other Person described in the foregoing; or (f) any political party.

"**Hazardous Substances**" mean any pollutant, contaminant, waste of any nature, hazardous substance, hazardous material, hazardous recyclable, toxic substance, dangerous substance or dangerous good as defined, judicially interpreted, regulated under, or identified in any Environmental Laws.

"**HRG**" has the meaning set forth in the recitals to this Agreement.

"**HSR Act**" means the *Hart-Scott-Rodino Antitrust Improvements Act of 1976*.

"**ICA**" means the *Investment Canada Act (Canada)*.

"**ICA Approval**" means, in respect of the Transactions, that more than 45 days shall have elapsed from the time that the Director of Investments under the ICA has certified the notification made pursuant to section 12 of the ICA as complete and the Minister has not sent a notice under subsection 25.2(1) of the ICA and the Minister shall not have issued an order under subsection 25.3(1) of the ICA or, if such a notice has been sent or such an order has been made, the Minister shall have subsequently sent: (i) the notice referred to under paragraph 25.2(2)(a) or (b) of the ICA, (ii) the notice referred to under paragraph 25.3(3)(a) of the ICA, or (iii) a copy of an order under paragraph 25.4(1)(b) of the ICA.

"**IFRS**" means International Financial Reporting Standards as issued by the International Accounting Standards Board as applicable to entities that are publicly accountable in Canada, in effect from time to time.

"**Intellectual Property**" means all intellectual property rights anywhere in the world, including in or with respect to: (a) patents or inventions; (b) means any trademark, service mark, trade dress, trade name, corporate name or similar designation of source of origin, and all goodwill associated with the use of and symbolized by any of the foregoing; (c) domain names and social media identifiers; (d) copyrights and any other equivalent rights in works of authorship (including rights in software, databases or designs as a work of authorship), moral rights, and mask work rights; (e) trade secrets, industrial secret rights, and other rights in know-how, data and confidential and proprietary information, including in technologies, processes, techniques, protocols, methodologies, methods, formulae, algorithms, layouts, designs, specifications, confidential information, in each case, that derive independent economic value, whether actual or potential, from not being known to other Persons; and (f) with respect to any of the foregoing, as applicable, any registrations, applications, provisionals, renewals, extensions, reissues, divisions, revisions, re-examinations, continuations, or continuations-in-part.

"**Interim Order**" means an order of the Court, in a form acceptable to the Sweetwater Investors and URC, each acting reasonably, containing declarations and directions in respect of the notices to be given and the conduct of the URC Meeting with respect to the Arrangement as more fully set out herein.

"**Interim Period**" has the meaning ascribed thereto in Section 5.1(1).

"**Investor Rights Agreement**" means the investor rights and voting support agreement(s) among New ParentCo, and each of (i) Orion Sellers, and (ii) HRG, in the form agreed to by URC and the Sweetwater Investors pursuant to Section 5.13, to be entered into in connection with and pursuant to the Plan of Arrangement, substantially in the form attached as Schedule I.

"**Key Regulatory Approvals**" means the approvals, clearances, decisions and confirmations set out in Schedule F.

"**Law**" means all laws (including common law), by-laws, statutes, rules, regulations, principles of law and equity, orders, writs, decrees, declarations, treaties, rulings, ordinances, judgments, injunctions, determinations, awards, decrees or other requirements, whether domestic, foreign, or supranational and the terms and conditions of any authorization of or from any Governmental Entity, including for this purpose a self-regulatory authority (including TSX and Nasdaq), and the term "applicable" with respect to such Laws and in a context that refers to a Party, means such Laws as are applicable to such Party and/or its Subsidiaries or their business, undertaking, assets, property or securities and emanate from a Person having jurisdiction over the Party and/or its Subsidiaries or its or their business, undertaking, assets, property or securities.

"**Liens**" means any hypothecs, mortgages, pledges, assignments, liens, charges, security interests, conditional sale agreement, capital lease or title retention agreement, encumbrances and adverse rights or claims, other third-party interest or encumbrance of any kind, whether contingent or absolute, and any agreement, option, right or privilege (whether by Law, Contract or otherwise) that has a similar economic effect as, or that is capable of becoming, any of the foregoing.

"**Mailing Deadline**" means May 16, 2026.

"**Material Contracts**" means, in respect of a Party, any Contract to which such Party or any of its Subsidiaries is a party or bound as of the date hereof and: (a) that if terminated or modified or if it ceased to be in effect, would reasonably be expected to have a Sweetwater Material Adverse Effect or URC Material Adverse Effect (as the case may be) on such Party; (b) relating to any Sweetwater Indebtedness or URC Indebtedness (as the case may be), whether incurred, assumed, guaranteed or secured by any material asset of such Party or any of such Party's Subsidiaries, with an outstanding principal amount in excess of *[Redacted: dollar value]* for the Sweetwater Entities and *[Redacted: dollar value]* for URC; (c) in respect of the Sweetwater Investors, that is a governing or other similar definitive Contract in respect of any Sweetwater Joint Venture; (d) under which such Party or any of its Subsidiaries is obligated or expects to make or receive payments, in the case of the Sweetwater Entities, in excess of *[Redacted: dollar value]*in calendar year 2026 or *[Redacted: dollar value]* in the aggregate over the remaining term of such Contract and, in the case of URC, in excess of *[Redacted: dollar value]* in calendar year 2026 or *[Redacted: dollar value]* in the aggregate over the remaining term of such Contract, including Contracts for the purchase or sale (however structured) of tangible property (including in the case of URC, uranium concentrates (U₃O₈) or other forms of uranium products held for physical delivery, and raw materials, inventory, finished products and other goods (collectively, "**Goods**")) in the Ordinary Course of such Party, other than Contracts that are terminable for convenience by either party thereto on less than sixty (60) days notice without any payment or penalty that would be material to such Party and its Subsidiaries, taken as a whole; (e) that is a non-competition or non-solicitation Contract or that contains similar restrictive covenants, in each case, which (i) limits the localities in which the business (or the operations of a material asset) of such Party or any of its Subsidiaries is conducted, (ii) limits the lines of business that may be conducted by such Party or any of its Subsidiaries or (iii) provides for an "area of interest", or similar exclusivity provision for a term longer than two (2) years, for the benefit of a third party in relation to any properties or assets of such Party or its Subsidiaries, in the case of each of (i) through (iii) above, in a manner that is material to such Party and its Subsidiaries, taken as a whole; (f) that is a definitive Collective Agreement governing the terms and conditions of employment with any Party's or its Subsidiaries' employees; (g) that is between a Party or any of its Subsidiaries, on the one hand, and any Governmental Entity, on the other hand, and is material to such Party and its Subsidiaries, taken as a whole, other than Contracts (including the Sweetwater Permits) in the Ordinary Course of such Party; (h) that is between a Party or any of its Subsidiaries, on the one hand, and any of their respective officers, directors or direct or indirect shareholders holding greater than five percent (5%) of any class of equity securities of such Party, on the other hand, excluding (A) in the case of such directors or officers, an employment, compensation, severance or other employment-related agreement, indemnification agreement or Benefit Plan, (B) fees, advances or reimbursements payable in the Ordinary Course to members of the URC Board, (C) commercial contracts entered into with shareholders of such Party in the Ordinary Course on arm's-length terms and joint venture contracts or related shareholder funding agreements on arm's-length terms, and (D) intercompany Contracts solely among such Party and its Subsidiaries; (i) in the case of Sweetwater that is between a Party or any of its wholly-owned Subsidiaries, on the one hand, and any Sweetwater Joint Ventures, on the other hand, excluding, (A) Contracts for the purchase or sale (however structured) of Goods or other tangible property and (B) Contracts on arm's-length terms; (j) under which an employee, consultant, independent contractor or other counterparty of a Party received payments from the Party in excess of *[Redacted: dollar value]* for the fiscal year ended December 31, 2025 or which obligates the Party or Subsidiary to pay such Person in excess of *[Redacted: dollar value]* for the remaining term of the Contract; (k) that provides for rights of indemnification to any director, officer or employee of a Party or any of its Subsidiaries (other than the Constating Documents of such Persons and its Subsidiaries); or (l) providing for any change of control payments (or other payment that would be triggered by the transactions contemplated herein) to any director, officer, employee, contractor, agent or former director, officer, employee, contractor or agent of a Party or any of its Subsidiaries or to any other Person, provided that, solely with respect to URC and its Subsidiaries, no royalty agreement, streaming agreement, production payment agreement or similar agreement shall constitute a Material Contract for purposes of this Agreement other than the URC Material Royalty Agreements.

"**material fact**" and "**material change**" have the meanings ascribed thereto in the Securities Act.

"**Meeting Deadline**" means July 16, 2026.

**"MI 61-101"** means Multilateral Instrument 61-101 – *Protection of Minority Security Holders in Special Transactions*.

**"Minister**" means the responsible Minister under the *Investment Canada Act* and includes any Person designated by the Minister to act on his or her behalf.

"**misrepresentation**" has the meaning ascribed thereto in the Securities Act. "**Nasdaq**" means The Nasdaq Stock Market LLC.

"**Nasdaq Approval**" means that the New ParentCo Consideration Shares shall have been accepted for listing on the Nasdaq, subject to official notice of the occurrence of the Effective Time.

"**New ParentCo**" means Uranium Royalty Corp., a corporation existing pursuant to the laws of Delaware.

"**New ParentCo Board**" means the board of directors of New ParentCo as the same is constituted from time to time, from and after the Effective Time.

"**New ParentCo Consideration Shares**" has the meaning ascribed thereto in the definition of "**Consideration**".

"**New ParentCo Exchange Shares**" means the New ParentCo Shares to be issued to CallCo in connection with the exchange of the Exchangeable Shares in accordance with the Voting and Exchange Trust Agreement, with terms substantially consistent with those set forth in Schedule H.

"**New ParentCo Group**" means, collectively, New ParentCo and its Subsidiaries.

**"New ParentCo Incentive Plan"** means any equity compensation, incentive, option or other share-based compensation plan adopted, maintained or assumed by New ParentCo from time to time, including any amendment, modification or successor thereto.

"**New ParentCo Preferred Shares**" means the non-voting, redeemable preferred shares of New ParentCo held by the Orion Sellers and OTPP with terms substantially consistent with those set forth in Schedule K.

"**New ParentCo Shares**" means shares of common stock, having a par value of $0.001, in the capital of New ParentCo.

"**NI 43-101**" means National Instrument 43-101 – *Standards of Disclosure for Mineral Projects*.

"**Occidental Purchase Agreement**" means that certain Purchase and Sale Agreement, dated as of August 19, 2020, by and among Upland Industries Corporation, Anadarko Land Corp., Anadarko E&P Onshore LLC and Sweetwater Trona HoldCo LLC.

"**Ordinary Course**" means, with respect to an action taken by a Party or any of its Subsidiaries, that such action is consistent with the past practices of such Party or such Subsidiary and is taken in the ordinary course of the normal day-to-day operations of the business of such Party or such Subsidiary.

"**Orion Seller**" has the meaning set forth in the recitals to this Agreement.

"**Orion Sellers**" has the meaning set forth in the recitals to this Agreement.

"**OTPP**" has the meaning set forth in the recitals to this Agreement.

"**Outside Date**" means 11:59 p.m. on the date that is six (6) months after the date of this Agreement, <u>provided</u> that, if (a) the Effective Date has not occurred by such date as a result of the failure to satisfy the condition set forth in Section 7.1(c) or Section 7.1(f), and (b) all other conditions set forth in Section 7.1, Section 7.2 and Section 7.3 have been satisfied (other than those conditions that by their terms are to be satisfied at the Effective Time, each of which is capable of being satisfied at the Effective Time or, to the extent permitted by applicable Law, waived), then such date shall be automatically extended by one (1) month on up to two (2) occasions (or until such other time as may be agreed in writing by the Parties), <u>provided further</u> that the Outside Date shall be subject to extension under Section 9.3.

"**Parties**" means all parties to this Agreement, and "**Party**" means any of them.

"**PBGC**" means the U.S. Pension Benefit Guaranty Corporation.

"**Permitted Lien**" or "**Permitted Liens**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 Lien imposed by any Governmental Entity for Taxes not yet due and delinquent or which are
 being contested in good faith and by appropriate proceedings for which adequate reserves
 have been established in accordance with IFRS or U.S. GAAP (to the extent required by IFRS
 or U.S. GAAP);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Liens
 arising by operation of Law, securing the claims of Persons having taken part in the construction
 or renovation of real property and other like Liens arising in the Ordinary Course; statutory
 Liens incurred or pledges or deposits made under worker's compensation, employment
 insurance and other social security legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Liens
 or deposits to secure the performance of bids, tenders, trade contracts, leases, statutory
 obligations, surety and appeal bonds, performance bonds and other obligations of a like nature
 (other than for borrowed money) incurred in the Ordinary Course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) servitudes,
 easements, rights-of-way, restrictions and other similar Liens incurred in the Ordinary Course
 and Liens consisting of zoning or building restrictions, easements, licences, restrictions
 on the use of Real Property or minor imperfections in title thereto in each case, which do
 not materially interfere with the current use, occupation and enjoyment in the Ordinary Course
 by the applicable Party or its Subsidiaries of any assets that are material to such Party
 and its Subsidiaries, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) undetermined
 or inchoate Liens and charges arising or potentially arising under statutory provisions which
 have not at the time been filed or registered in accordance with Laws or of which written
 notice has not been duly given in accordance with Laws or which although filed or registered,
 relate to obligations not due or delinquent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 rights reserved to or vested in Governmental Entities by statutory provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) security
 provided to public utilities or to any municipalities or similar public authorities when
 required by the utility, municipality or similar public authority in connection with the
 supply of services or utilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Liens
 arising solely by virtue of any statutory or common law provision relating to banker's
 Liens, rights of combination of accounts or similar rights in the Ordinary Course of conducting
 day-to-day banking business in relation to deposit accounts or other funds maintained with
 a creditor depository institution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Liens
 arising from the right of distress enjoyed by landlords solely to the extent arising in the
 Ordinary Course and not as a result of any material default under any material lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Liens
 which do not materially interfere with current use, occupation and enjoyment in the Ordinary
 Course of the Real Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) All
 matters that may be shown by a current, accurate survey or physical inspection of Real Property;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Liens
 and other easements, rights of way, restrictions, covenants or other similar matters which
 do not materially interfere with current use, occupation and enjoyment in the Ordinary Course
 of the Real Property.

"**Person**" includes an individual, partnership, association, body corporate, trustee, executor, administrator, legal representative, government (including any Governmental Entity) or any other entity, whether or not having legal status.

"**Personal Information**" has the meaning ascribed thereto in applicable Privacy Laws.

"**Plan of Arrangement**" means the plan of arrangement of URC, substantially in the form of Schedule B, and any amendments or variations thereto made in accordance with Section 8.4 or upon the direction of the Court in the Final Order with the consent of URC and the Sweetwater Investors, each acting reasonably.

"**Pre-Closing Reorganization**" has the meaning ascribed thereto in Section 5.15.

"**Pre-Closing Sweetwater Reorganization**" has the meaning ascribed thereto in Section 2.16.

"**Privacy Laws**" means all applicable Laws relating to privacy, data security and the processing of Personal Information, including the *Personal Information Protection and Electronic Documents Act (Canada)*, substantially similar provincial and territorial laws, and the equivalent Laws in the United States.

"**Qualified Person**" or "**Qualified Persons**" has the meaning ascribed thereto in NI 43-101.

"**Real Property**" means, collectively, all right, title and interest (including any easement) in and to any and all parcels of or interests in real property owned by any Sweetwater Entity or their respective Subsidiaries, including by easement, together with, in each case, all improvements, fixtures, easements, hereditaments, permits and appurtenances relating thereto.

"**Real Property Lease**" means any lease, license, letting, concession, occupancy, agreement, sublease, easement or right of way to which a Person is a party and is granted an easement interest in all or any portion of the Real Property (including the right to extract minerals (including for the avoidance of doubt, Trona) from any portion of Real Property) for which there was, except in the case of any Trona Lease and Renewables Lease, aggregate revenue or an aggregate payment obligation in excess of *[Redacted: dollar value]* during the twelve month period prior to the date hereof, and every amendment or modification thereof. "**Real Property Lease**" shall include each Trona Lease and each Renewables Lease.

"**Receiving Party**" has the meaning ascribed thereto in Section 5.11.

"**Recipient**" has the meaning ascribed thereto in Section 5.8(1).

"**Regulatory Approvals**" means any consent, waiver, permit, exemption, relief, review, order, decision or approval of, or any notification, registration and filing with or withdrawal of any formal objection or successful conclusion of any litigation brought by, any Governmental Entity, the expiry, waiver or termination of any waiting period by Law, or the expiry, waiver or termination of any written agreement between the Parties and a Governmental Entity to refrain from consummating the Arrangement, in each case required or advisable under Law in connection with the Arrangement, including the Key Regulatory Approvals.

"**Related Parties**" has the meaning ascribed thereto in Section 8.3(8).

"**Renewables Leases**" means the Contracts set forth in paragraph (r)(i)(B) of the Sweetwater Disclosure Letter.

"**Representatives**" has the meaning ascribed thereto under Section 6.1(1).

"**Requesting Party**" has the meaning ascribed thereto in Section 5.11.

"**Sanctioned Country**" means any country or region that is, or has been since April 24, 2019, the subject of a comprehensive country-wide or region-wide Sanctions Laws from time to time. As of the date of this Agreement, Sanctioned Country includes each of the following: Cuba, Iran, North Korea, Syria, the Crimea region of Ukraine, the so-called Donetsk People's Republic, the so-called Luhansk People's Republic, the area of the Kherson Oblast of Ukraine that is illegally occupied by the Russian Federation, and the area of the Zaporizhzhia Oblast of Ukraine that is illegally occupied by the Russian Federation.

"**Sanctioned Person**" means (a) any Person listed or designated under any Sanctions Laws, (b) any Person operating, organized, or ordinarily resident in a Sanctioned Country, (c) any Person owned fifty percent (50%) or more, individually or in the aggregate, directly or indirectly, by, or owned or (as relevant and defined under Sanctions Laws) controlled by, or acting or purporting to act on behalf of any such Person, (d) any government of a Sanctioned Country, or (e) any entity fifty percent (50%) or more owned or (as relevant and defined under Sanctions Laws) controlled by any such government of a Sanctioned Country.

"**Sanctions Laws**" means all applicable Laws imposing economic or financial sanctions and export or import controls administered or enforced by any of the United Nations Security Council, the United States government, the European Union, the United Kingdom government, the Canadian government, the respective governmental institutions and agencies of any of the foregoing, including the Office of Foreign Assets Control of the United States Department of the Treasury, the United States Department of State and the United States Department of Commerce or any other Governmental Entity with responsibility for imposing, administering or enforcing economic or financial sanctions or export or import control Laws with jurisdiction over the applicable Party or any of its Subsidiaries or, in the case of the Sweetwater Entities, the Sweetwater Joint Ventures.

"**SEC**" means the U.S. Securities and Exchange Commission.

"**Section 3(a)(10) Exemption**" has the meaning ascribed thereto in Section 2.14(1).

"**Securities Act**" means the *Securities Act (British Columbia)* and the rules, regulations, orders, and published policies made thereunder.

"**Securities Authorities**" means the British Columbia Securities Commission and any other applicable securities commission or securities regulatory authority of a province or territory of Canada.

"**Securities Laws**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 Canada, the Securities Act, together with all other applicable provincial and territorial
 securities Laws, rules and regulations and published policies thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the United States, the U.S. Securities Act and the U.S. Exchange Act and other applicable
 rules and regulations and published policies thereunder; and

"**SEDAR+**" means the System for Electronic Data Analysis and Retrieval+ maintained on behalf of the Securities Authorities.

"**Shareholder Approval Termination Payment**" has the meaning ascribed thereto in Section 8.3(2)(a).

"**SK-1300**" means Subpart 1300 of Regulation S-K under the United States Exchange Act of 1934, as amended.

"**Specified Matter**" has the meaning ascribed thereto in Section 5.11.

"**Spur**" means Spur HoldCo LLC, a limited liability company pursuant to the laws of Delaware.

"**Statutory Plans**" means statutory benefit plans pursuant to which URC or any of the Subsidiaries of URC, or the Sweetwater Entities, as applicable, are required to make contributions or remittances in accordance with applicable Laws and that are administered by any Governmental Entity, including any benefit plans administered pursuant to applicable health, tax, workplace safety insurance, and employment insurance Laws.

"**Subsidiary**" means, with respect to a Person, any body corporate, partnership, joint venture or other non-natural Person: (a) of which more than fifty percent (50%) of the outstanding shares or other voting securities ordinarily entitled to elect a majority of the board of directors (or equivalent governing body) thereof (whether or not shares or other securities of any other class or classes shall or might be entitled to vote upon the happening of any event or contingency) are at the time owned directly or indirectly by such Person; or (b) over which such Person exercises control.

"**Sweetwater Benefit Plans**" means any Benefit Plans which are (a) sponsored, contributed to, funded, maintained or administered by or binding upon the Sweetwater Entities or (b) for which the Sweetwater Entities have any material liability or contingent liability.

"**Sweetwater Disclosure Letter**" means the disclosure letter dated the date of this Agreement and delivered by the Sweetwater Investors to URC with this Agreement.

"**Sweetwater Entities**" means, collectively, Sweetwater Trona Fund LP, Sweetwater Trona Block LLC, Cougar Utah Fund LP, Cougar Utah Block LLC, Aggie Grazing Fund LP, Aggie Grazing Block LLC, Green River Management Holdings LLC, Spur and each of their respective Subsidiaries, and after its incorporation, New ParentCo, but excluding UPX Minerals Inc.

"**Sweetwater Existing Indebtedness**" means any existing Sweetwater Indebtedness.

"**Sweetwater Financial Statements**" has the meaning ascribed thereto in paragraph (j) of Schedule E.

"**Sweetwater Indebtedness**" means any indebtedness for borrowed money of the Sweetwater Entities on a consolidated basis, including any credit facilities or liabilities evidenced by bonds, debentures, notes or other similar instruments or debt securities; <u>provided</u> that, Sweetwater Indebtedness shall not include any indebtedness solely among the Sweetwater Entities and their wholly-owned Subsidiaries or any indebtedness owing pursuant to shareholder loans or other advances made by securityholders of any non-wholly-owned Subsidiary or joint venture of the Sweetwater Entities (including the Sweetwater Joint Ventures).

"**Sweetwater Investors**" has the meaning set forth in the recitals to this Agreement.

"**Sweetwater Investors Data Room Information**" means all information, books, maps, records, reports, files, data, models, papers or other records or documents relating to the Sweetwater Investors and the Sweetwater Entities or their businesses, contained in the internet-based data room made available to URC as in effect at 5:00 p.m. (Vancouver time) on April 16, 2026.

"**Sweetwater Investor Expenses Amount**" has the meaning ascribed thereto in Section 8.3(2)(b).

"**Sweetwater Investors' Required Information**" has the meaning ascribed thereto in Section 2.4(4).

"**Sweetwater JV Document**" means the Constating Documents of or other Contracts governing any Sweetwater Entities' joint venture, in each case as in effect on the date of this Agreement.

"**Sweetwater Joint Ventures**" means the Persons and/or Contracts listed in Section 1.1 of the Sweetwater Disclosure Letter and listed as "**Sweetwater Joint Ventures**".

"**Sweetwater Material Adverse Effect**" means any event, change, occurrence, effect or state of facts, that, individually or in the aggregate with other events, changes, occurrences, effects or states of facts is, or would reasonably be expected to be, material and adverse to the business, operations, results of operations or condition (financial or otherwise) of the Sweetwater Entities taken as a whole, <u>provided</u> that none of the following (or the results thereof) shall constitute or be taken into account in determining whether a Sweetwater Material Adverse Effect has occurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 change or development in or relating to general economic, business, banking, financial, credit,
 currency exchange, interest rate, rates of inflation or capital market conditions, including
 inflation, supply chain disruptions, labor shortages, interest rates, foreign exchange or
 exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 change or development in global, national or regional political or regulatory conditions
 (including general labor strikes, lockouts, protests, riots or any act of terrorism, sabotage,
 espionage, cyberattack or any outbreak of hostilities or war or any escalation or worsening
 thereof, anti-dumping actions, international tariffs, sanctions, trade policies or disputes
 or any "trade war" or similar actions or the threat thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 epidemic, pandemic or disease outbreak or any worsening thereof (including any response of
 Governmental Entities thereto);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 hurricane, flood, tornado, earthquake, wildfire or other natural or man-made disaster;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any
 adoption, proposed implementation or change in applicable Law or any interpretation thereof
 by any Governmental Entity, and any action taken (or omitted to be taken) by the Sweetwater
 Entities which is required thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any
 change in generally accepted accounting principles, including IFRS or U.S. GAAP, or regulatory
 accounting requirements applicable in the jurisdictions in which the Sweetwater Entities
 conducts business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) actions
 or inactions taken by the Sweetwater Entities that are expressly required by this Agreement
 or that are taken at the written request or with the prior written consent of URC; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the
 failure, in and of itself, of the Sweetwater Entities to meet any internal or public projections,
 forecasts or estimates of revenues or earnings (it being understood that the causes underlying
 such failure may be taken into account in determining whether a Sweetwater Material Adverse
 Effect has occurred to the extent not otherwise excluded by any other clause in this definition);

<u>provided</u>, <u>however</u>, that any event, change, occurrence, effect or state of facts referred to in paragraphs (a) through (e) above may be taken into account in determining whether a Sweetwater Material Adverse Effect has occurred but solely to the extent that it disproportionately adversely affects the Sweetwater Entities, taken as a whole, compared to other companies of similar size operating in the industries and jurisdictions in which the Sweetwater Entities operate.

"**Sweetwater Material Contract**" has the meaning ascribed thereto in paragraph (q)(i) of Schedule E.

"**Sweetwater Permits**" has the meaning ascribed thereto in paragraph (y) of Schedule E.

"**Sweetwater Real Property Leases**" has the meaning ascribed thereto in paragraph (r)(i) of Schedule E.

"**Tax**" means any taxes, duties, fees, premiums, assessments, imposts, levies and other charges in the nature of taxation and all related withholdings or deductions of any nature imposed by any Governmental Entity, including all interest, penalties, fines, additions to tax or other additional amounts imposed by any Governmental Entity in respect thereof, and including, but not limited to, those levied on, or measured by, or referred to as, income, gross receipts, profits, windfall, royalty, capital, capital gain, minimum, large corporation, transfer, land transfer, sales, goods and services, harmonized sales, use, value added, excise, stamp, withholding, business, franchising, property, development, occupancy, employer health, payroll, employment, health, social services, education and social security taxes, all surtaxes, countervail and anti-dumping, all licence, franchise and registration fees and all employment insurance, health insurance and Canada and other pension plan premiums or contributions imposed by any Governmental Entity, and any transferee or secondary liability in respect of any of the foregoing.

"**Tax Act**" means the *Income Tax Act (Canada)*.

"**Tax Authority**" means any taxing or other authority (whether within or outside the United States or Canada) competent to impose any Tax liability, or assess or collect any Tax.

"**Tax Return**" or "**Tax Returns**" includes all returns, reports, declarations, elections, designations, notices, filings, forms, statements and other documents (whether in tangible, electronic or other form) and including any amendments, schedules, attachments, supplements, appendices and exhibits thereto, made, prepared, filed or required by a Law or by a Governmental Entity to be made, prepared or filed in respect of Taxes.

"**Terminating Party**" has the meaning ascribed thereto in Section 5.9(1).

"**Termination Notice**" has the meaning ascribed thereto in Section 5.9(1).

"**Transaction**" or "**Transactions**" means the combination of the Sweetwater Entities and URC in accordance with the Arrangement, and related transactions contemplated by this Agreement and the Arrangement.

"**Transaction Personal Information**" has the meaning ascribed thereto in Section 5.8(1).

"**Transferor**" has the meaning ascribed thereto in Section 5.8(1).

"**Trona**" means sodium minerals, including a gray-white or yellowish-white monoclinic mineral consisting of a hydrous acid sodium carbonate owned by the Sweetwater Entities or any of their Subsidiaries, or that the Sweetwater Entities or any of their Subsidiaries has the right to extract, in each case located on, under or within, or produced or severed from the Real Property owned by, or leased or licensed to, the Sweetwater Entities or any of their Subsidiaries.

"**Trona Leases**" means the leases set forth in paragraph (r)(i)(A) of the Sweetwater Disclosure Letter.

"**Trustee**" means the trustee chosen by the Sweetwater Investors and URC each acting reasonably, to act as trustee under the Voting and Exchange Trust Agreement, being a corporation organized and existing under the laws of Canada or any province thereof and authorized to carry on the business of a trust company in all the provinces of Canada.

"**TSX**" means Toronto Stock Exchange.

"**UEC**" has the meaning set forth in the recitals to this Agreement.

"**United States**" means the United States of America, its territories and possessions, any State of the United States and the District of Columbia.

"**URC**" has the meaning set forth in the recitals to this Agreement.

**"URC Benefit Plans"** means any Benefit Plans which are (a) sponsored, contributed to, funded, maintained or administered by or binding upon URC or any of the Subsidiaries of URC, or (b) for which URC or any of its Subsidiaries has any material liability or contingent liability.

"**URC Board**" means the board of directors of URC as the same is constituted from time to time.

"**URC Board Recommendation**" means the unanimous determination of the URC Board, after consultation with its legal and financial advisors, that the Arrangement is in the best interests of URC and is fair to URC Shareholders, and the unanimous recommendation of the URC Board to URC Shareholders that they vote in favour of the Arrangement Resolution.

"**URC Change in Recommendation**" means the occurrence of any of the following prior to the URC Shareholder Approval having been obtained: the URC Board (a) withdraws, amends, modifies or qualifies, or publicly proposes or states its intention to withdraw, amend, modify or qualify, the URC Board Recommendation in an adverse manner to the Sweetwater Investors; (b) accepts, approves, endorses or recommends, or publicly proposes to accept, approve, endorse or recommend, an Acquisition Proposal or takes no position or a neutral position with respect to an Acquisition Proposal for more than five (5) Business Days (or in the event the URC Meeting is scheduled to occur within five (5) Business Days, beyond the third (3rd) Business Day prior to the date of the URC Meeting); (c) fails to include the URC Board Recommendation in the URC Circular or publicly reaffirm (without qualification) the URC Board Recommendation within five (5) Business Days after having been requested in writing by the Sweetwater Investors to do so (or in the event the URC Meeting is scheduled to occur within five (5) Business Days of such request, prior to the third (3rd) Business Day prior to the date of the URC Meeting); or (d) passes a resolution to take any of the foregoing actions in clauses (a) through (c) above.

"**URC Circular**" means the notice of the URC Meeting and accompanying management information circular, including all schedules, appendices and exhibits thereto and enclosures therewith, to be sent to the URC Shareholders in connection with the URC Meeting, as amended, supplemented or otherwise modified from time to time.

"**URC Data Room Information**" means all information, books, maps, records, reports, files, data, models, papers or other records or documents relating to URC and its Subsidiaries or its businesses, contained in the internet-based data room made available to the Sweetwater Investors as in effect at 5:00 p.m. (Vancouver time) on February 27, 2026.

"**URC Disclosure Letter**" means the disclosure letter dated the date of this Agreement and delivered by URC to the Sweetwater Investors with this Agreement.

"**URC Employees**" means employees of URC or any of its Subsidiaries.

"**URC Financial Advisor Opinions**" means the opinion of Paradigm Capital Inc. to the effect that, as of the date of such opinion and based upon and subject to the various assumptions, limitations and qualifications set forth therein, the Consideration to be received by the URC Shareholders is fair, from a financial point of view, to such holders.

"**URC Financial Statements**" has the meaning ascribed thereto in paragraph (p) of Schedule D.

"**URC Incentive Plan**" means the amended and restated long-term incentive plan of URC dated November 22, 2019, as amended on August 29, 2023 and August 13, 2024.

"**URC Indebtedness**" means any indebtedness for borrowed money of URC and its Subsidiaries on a consolidated basis, including any credit facilities or liabilities evidenced by bonds, debentures, notes or other similar instruments or debt securities; <u>provided</u> that, URC Indebtedness shall not include any indebtedness solely among URC and its wholly-owned Subsidiaries or any indebtedness owing pursuant to shareholder loans or other advances made by securityholders of any non-wholly-owned Subsidiary or joint venture of URC.

"**URC Material Adverse Effect**" means any event, change, occurrence, effect or state of facts, that, individually or in the aggregate with other events, changes, occurrences, effects or states of facts is, or would reasonably be expected to be, material and adverse to the business, operations, results of operations or condition (financial or otherwise) of URC and its Subsidiaries taken as a whole, <u>provided</u> that none of the following (or the results thereof) shall constitute or be taken into account in determining whether a URC Material Adverse Effect has occurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 change or development affecting the uranium royalty and streaming industry generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 changes in uranium prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 change or development in or relating to general economic, business, banking, financial, credit,
 currency exchange, interest rate, rates of inflation or capital market conditions, including
 inflation, supply chain disruptions, labor shortages, interest rates, foreign exchange or
 exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 change or development in global, national or regional political or regulatory conditions
 (including general labor strikes, lockouts, protests, riots or any act of terrorism, sabotage,
 espionage, cyberattack or any outbreak of hostilities or war or any escalation or worsening
 thereof, anti-dumping actions, international tariffs, sanctions, trade policies or disputes
 or any "trade war" or similar actions or the threat thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any
 epidemic, pandemic or disease outbreak or any worsening thereof (including any response of
 Governmental Entities thereto);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any
 hurricane, flood, tornado, earthquake, wildfire or other natural or man-made disaster;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any
 adoption, proposed implementation or change in applicable Law or any interpretation thereof
 by any Governmental Entity, and any action taken (or omitted to be taken) by URC or its Subsidiaries
 which is required thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any
 change in generally accepted accounting principles, including IFRS, or regulatory accounting
 requirements applicable in the jurisdictions in which URC or any of its Subsidiaries conducts
 business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) actions
 or inactions taken by URC or any of its Subsidiaries that are expressly required by this
 Agreement or that are taken at the written request of or with the prior written consent of
 the Sweetwater Investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any
 change in the market price or trading volume of any securities of URC (it being understood
 that the causes underlying such change in market price may be taken into account in determining
 whether a URC Material Adverse Effect has occurred to the extent not otherwise excluded by
 any other clause in this definition), or any suspension of trading in securities generally
 or on any securities exchange on which any securities of URC trades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the
 failure, in and of itself, of URC to meet any internal or public projections, forecasts or
 estimates of revenues or earnings (it being understood that the causes underlying such failure
 may be taken into account in determining whether a URC Material Adverse Effect has occurred
 to the extent not otherwise excluded by any other clause in this definition); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any
 matter that has been expressly disclosed in (i) the URC Public Documents (excluding any disclosures
 set forth in any section of a document in the URC Public Documents entitled "Risk Factors,"
 "Cautionary Statement on Forward-Looking Information" or similarly titled section
 or any other disclosures included in such documents to the extent that they are cautionary,
 predictive or forward-looking rather than historical facts) prior to the date of this Agreement
 or (ii) the URC Disclosure Letter but, in the case of each of (i) and (ii), only to the extent
 of such express disclosure (and not, for the avoidance of doubt, any other consequences of
 the matter so disclosed);

<u>provided</u>, <u>however</u>, that any event, change, occurrence, effect or state of facts referred to in paragraphs (a) through (e) above may be taken into account in determining whether a URC Material Adverse Effect has occurred but solely to the extent that it disproportionately adversely affects URC and its Subsidiaries, taken as a whole, compared to other companies of similar size operating in the industries and jurisdictions in which URC and its Subsidiaries operate.

"**URC Material Contract**" means the URC Material Royalty Agreements and such other Contracts set forth in paragraph(u) of Schedule D.

"**URC Material Royalty Agreements**" has the meaning ascribed thereto in paragraph (v)(i) of Schedule D.

"**URC Material Royalty Interests**" has the meaning ascribed thereto in paragraph (v)(i) of Schedule D.

"**URC Meeting**" means the special meeting of URC Shareholders, including any adjournment or postponement thereof, to be called and held in accordance with the Interim Order to consider the Arrangement Resolution.

"**URC Options**" means any outstanding share purchase options issued by URC pursuant to the URC Incentive Plan or otherwise.

"**URC Public Documents**" means all forms, reports, schedules, statements and other documents filed by URC since January 1, 2024, with all applicable Governmental Entities which are publicly filed, including on SEDAR+ in Canada and on EDGAR in the United States.

"**URC Replacement Award**" has the meaning ascribed thereto in Section 2.11(1)(b).

"**URC Replacement Options**" means the options to acquire New ParentCo Shares, governed by the URC Incentive Plan to be issued in exchange for URC Options pursuant to the Plan of Arrangement.

"**URC Shareholder**" or "**URC Shareholders**" means the holders of URC Shares. "**URC Shareholder Approval**" has the meaning ascribed thereto in Section 2.2(c). "**URC Shares**" means the common shares in the capital of URC.

"**URC Subscription Receipts**" means subscription receipts of URC issued pursuant to the Concurrent Private Placement Agreement, each of which entitles the holder thereof to receive, without payment of additional consideration and without further action on the part of the holder, one (1) URC Share upon the satisfaction or waiver of the applicable escrow release conditions relating to the completion of the Transactions, all as more particularly set forth in the Concurrent Private Placement Agreement.

"**URC Support Agreements**" means the voting and support agreements dated the date hereof between the Sweetwater Investors and the URC Supporting Shareholders party thereto.

"**URC Supporting Shareholders**" means the URC Shareholders that are party to a URC Support Agreement.

"**URC Termination Payment Event**" has the meaning ascribed thereto in Section 8.3(3).

"**U.S. Exchange Act**" means the *United States Securities Exchange Act of 1934*.

"**U.S. GAAP**" means United States generally accepted accounting principles as in effect from time to time, as established by the Financial Accounting Standards Board and the rules and regulations of the SEC applicable to financial statements.

"**U.S. Securities Act**" means the *United States Securities Act of 1933,* as amended.

"**U.S. Tax Code**" means the U.S. Internal Revenue Code of 1986.

"**U.S. URC Pension Plan**" has the meaning ascribed thereto in paragraph (aa)(viii) of Schedule D.

"**Voting and Exchange Trust Agreement**" means the voting and exchange trust agreement among New ParentCo, ExchangeCo, CallCo and the Trustee, in the form agreed to by the Sweetwater Investors and URC pursuant to Section 5.12(1), to be entered into by New ParentCo, ExchangeCo, CallCo and the Trustee in connection with and pursuant to the Plan of Arrangement.

"**Willful Breach**" means an action or omission taken or omitted to be taken that the Breaching Party intentionally takes (or fails to take) and actually knows would, or would reasonably be expected to, be or cause a material breach of this Agreement.

**Section 1.2 Interpretation Not Affected by Headings.**

The division of this Agreement into Articles, Sections, subsections, paragraphs and clauses and the insertion of headings are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. Unless the contrary intention appears, references in this Agreement to an Article, Section, subsection, paragraph, clause or Schedule by number or letter or both refer to the Article, Section, subsection, paragraph, clause or Schedule, respectively, bearing that designation in this Agreement.

**Section 1.3 Number and Gender.**

In this Agreement, unless the contrary intention appears, words importing the singular include the plural and vice versa, and words importing gender include all genders.

**Section 1.4 Date for Any Action and Computation of Time.**

If the date on which any action is required to be taken hereunder by a Party is not a Business Day, such action shall be required to be taken on the next succeeding day which is a Business Day. A period of time is to be computed as beginning on the day following the event that began the period and ending at 5:00 p.m. on the last day of the period, if the last day of the period is a Business Day, or at 5:00 p.m. on the next Business Day if the last day of the period is not a Business Day. References to time are to local time, Vancouver, British Columbia, Canada.

**Section 1.5 Currency.**

Unless otherwise stated, all references in this Agreement to sums of money are expressed in United States dollars and "$" and "USD" refers to United States dollars. Any references to "CAD $" refers to Canadian dollars.

**Section 1.6 Accounting Matters.**

Unless otherwise stated, all accounting terms used in this Agreement shall have the meanings attributable thereto under IFRS and all determinations of an accounting nature required to be made shall be made in accordance with IFRS consistently applied.

**Section 1.7 Knowledge.**

(1) In
 this Agreement, references to "the knowledge of URC" means the actual knowledge
 of Scott Melbye, Chief Executive Officer of URC, Andy Marshall, Chief Financial Officer of
 URC and Darcy Hirsekorn, Chief Technical Officer of URC, in each case, after reasonable due
 inquiry, including of such Persons' direct reports.

(2) In
 this Agreement, references to "the knowledge of the Sweetwater Investors" means,
 in the case of the Orion Sellers, the actual knowledge of Jonathan Lamb, Managing Partner
 and Chief Investment Officer, Resource Royalty of Orion Resource Partners, Damon Barber and
 James Perry, in each case, after reasonable due inquiry, including of the individuals directly
 responsible for the applicable matter, and in the case of OTPP, the actual knowledge of James
 Sikora, Managing Director, Natural Resources of Ontario Teachers' Pension Plan, Damon
 Barber and James Perry, in each case, after reasonable due inquiry, including of such Persons'
 direct reports.

(3) Except
 (a) as otherwise expressly provided herein, or (b) as expressly disclosed in the Sweetwater
 Disclosure Letter, the URC Disclosure Letter or the URC Public Documents (excluding any disclosures
 set forth in any section of a document in the URC Public Documents, entitled "Risk
 Factors," "Cautionary Statement on Forward-Looking Information" or similarly
 titled section or any other disclosures included in such documents to the extent that they
 are cautionary, predictive or forward-looking rather than historical facts) but, in the case
 of (b), only to the extent of such express disclosure (and not, for the avoidance of doubt,
 any other consequences of the matter so disclosed), the representations, warranties, covenants
 and rights to any remedy of a Party and any determination of whether a URC Material Adverse
 Effect or a Sweetwater Material Adverse Effect has occurred or would, or would reasonably
 be expected to, occur shall not be affected or deemed waived by reason of any investigation
 made or knowledge possessed by or on behalf of any Party or any of its Representatives.

**Section 1.8 Disclosure Letters.**

For the purpose of this Agreement, it is acknowledged and agreed that disclosure in any section or subsection of the URC Disclosure Letter or the Sweetwater Disclosure Letter, respectively, will be deemed disclosed with respect to all Sections of this Agreement and all other sections or subsections of the URC Disclosure Letter or the Sweetwater Disclosure Letter, as applicable, to the extent the relevance of such disclosure to such Section or subsection is reasonably apparent on the face of such disclosure. The URC Disclosure Letter and the Sweetwater Disclosure Letter form an integral part of this Agreement for all purposes of it.

**Section 1.9 Other Definitional and Interpretive Provisions.**

(1) References
 in this Agreement to the words "include", "includes" or "including"
 shall be deemed to be followed by the words "without limitation" whether or not
 they are in fact followed by those words or words of like import.

(2) Any
 capitalized terms used in any Schedule but not otherwise defined therein, shall have the
 meaning as defined in this Agreement.

(3) References
 in this Agreement to any Contract are to that Contract as amended, modified or supplemented
 from time to time in accordance with its terms, including any exhibits, schedules, annexes,
 statements of work, riders and other documents attached thereto.

(4) References
 in this Agreement to a Person includes the heirs, administrators, executors, legal personal
 representatives, predecessors, successors and permitted assigns of that Person, as applicable.

(5) References
 to a particular statute shall be to such statute and the rules, regulations, orders and published
 policies made thereunder, as now in effect and as it and they may be promulgated thereunder
 or amended from time to time; <u>provided</u> that, for purposes of any representations and
 warranties in this Agreement that are made as a specific date, references to any specific
 statute will be deemed to refer to such statute (and the rules, regulations, orders and published
 policies made thereunder) as of such date.

(6) A
 Person is considered to "control" another Person if: (a) the first Person beneficially
 owns or directly or indirectly exercises control or direction over securities of the second
 Person carrying votes which, if exercised, would entitle the first Person to elect a majority
 of the directors of the second Person, unless that first Person holds the voting securities
 only to secure an obligation; or (b) the second Person is a partnership, other than a limited
 partnership, and the first Person holds more than fifty percent (50%) of the interests of
 the partnership; or (c) the second Person is a limited partnership, and the general partner
 of the limited partnership is the first Person; or (d) the first Person otherwise possesses,
 directly or indirectly, the power to direct or cause the direction of the management and
 policies of the second Person, whether through ownership of voting securities of the second
 Person, by Contract or otherwise, and "controlling" and "controlled by"
 shall have correlative meanings.

(7) References
 in this Agreement to dollar amounts are not intended to be and shall not be deemed to be
 illustrative or interpretative for purposes of determining whether a "Sweetwater Material
 Adverse Effect" or a "URC Material Adverse Effect" has occurred.

(8) When
 used herein, the words "hereof," "herein" and "herewith"
 and words of similar import will, unless otherwise stated, be construed to refer to this
 Agreement as a whole and not to any particular provision of this Agreement.

(9) Unless
 the context otherwise requires, (a) "neither," "nor," "any,"
 "either" and "or" are not exclusive, (b) "extent" in
 the phrase "to the extent" means the degree to which a subject or other thing
 extends, and does not simply mean "if" and (c) "existing" means "existing
 as of the date of this Agreement" and "currently" or "current"
 refers to the date of this Agreement.

(10) When
 used herein, the phrase "the date hereof" and "the date of this Agreement"
 means April 16, 2026.

(11) The
 meaning assigned to each capitalized term defined and used in this Agreement is equally applicable
 to both the singular and the plural forms of such term, and words denoting any gender include
 all genders. Where a word or phrase is defined in this Agreement, each of its other grammatical
 forms has a corresponding meaning.

(12) Documents
 or other information or materials will be deemed to have been "made available,"
 "furnished," "provided" or "delivered" by any Party if
 such documents, information or materials have been physically or electronically delivered
 to the other Party prior to the date of this Agreement, including by being posted to a virtual
 data room managed by such Party prior to 5:00 p.m. on the calendar day immediately preceding
 the date of this Agreement or available on EDGAR or SEDAR+ (as applicable).

(13) References
 to "writing" mean the representation or reproduction of words, symbols or other
 information in a visible form by any method or combination of methods, whether in electronic
 form or otherwise, and including writings delivered by electronic delivery. References to
 "written" will be construed in the same manner.

**Section 1.10 Schedules.**

The following Schedules are annexed to this Agreement and are incorporated by reference into this Agreement and form a part hereof:

---

| | |
|:---|:---|
| Schedule A | List of Orion Sellers |
| Schedule B | Form of Plan of Arrangement |
| Schedule C | Form of Arrangement Resolution |
| Schedule D | URC Representations and Warranties |
| Schedule E | Sweetwater Investors' Representations and Warranties |
| Schedule F | Key Regulatory Approvals |
| Schedule G | Governance Arrangements |
| Schedule H | Exchangeable Shares Term Sheet |
| Schedule I | Investors Rights Agreement Term Sheet |
| Schedule J | Specified Individuals |
| Schedule K | Pre-Closing Sweetwater Reorganization Steps |

---

**ARTICLE 2**

**THE ARRANGEMENT**

**Section 2.1 Arrangement.**

URC and the Sweetwater Investors agree that the Arrangement will be implemented in accordance with and subject to the terms and conditions contained in this Agreement and the Plan of Arrangement.

**Section 2.2 Interim Order.**

As soon as reasonably practicable following the execution of this Agreement, and in any case on or before May 11, 2026, URC shall, pursuant to Section 192 of the CBCA, prepare, file and diligently pursue an application to the Court for the Interim Order, which application shall be in form and substance satisfactory to the Sweetwater Investors, acting reasonably, and the Interim Order shall provide, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for
 the calling and holding of the URC Meeting for the purpose of considering and, if deemed
 advisable, approving the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for
 the class of Persons to whom notice is to be provided in respect of the Arrangement and the
 URC Meeting and for the manner in which such notice is to be provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that
 the requisite approval for the Arrangement Resolution shall be: (i) sixty-six and two thirds
 (66 2/3%) of the votes cast on the Arrangement Resolution by the URC Shareholders present
 in person or represented by proxy at the URC Meeting; and (ii) if applicable, a simple majority
 of the votes cast on the Arrangement Resolution by URC Shareholders present in person or
 represented by proxy at the URC Meeting (excluding URC Shares held by certain "related
 parties" and "interested parties" (as such terms are defined in MI 61-101)
 in accordance with the requirements of MI 61- 101) (the "**URC Shareholder Approval** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) confirmation
 of the record date for the purposes of determining the URC Shareholders entitled to receive
 material and vote at the URC Meeting and that the record date will not change in respect
 of or as a consequence of any adjournment(s) or postponement(s) of the URC Meeting, unless
 required by applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) that,
 in all other respects, other than as ordered by the Court, the terms, conditions and restrictions
 of URC's Constating Documents, including quorum requirements and other matters, shall
 apply in respect of the URC Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) for
 the grant of Dissent Rights to those URC Shareholders who are registered URC Shareholders,
 as contemplated in the Plan of Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) for
 the notice requirements with respect to the presentation of the application to the Court
 for the Final Order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) that
 the URC Meeting may be adjourned or postponed from time to time by the URC Board without
 the need for additional approval of the Court;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that
 the deadline for the submission of proxies by URC Shareholders for the URC Meeting shall
 be forty-eight (48) hours (excluding Saturdays, Sundays and statutory holidays in the Province
 of British Columbia) prior to the URC Meeting, subject to waiver by URC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) for
 such other matters as the Sweetwater Investors or URC (in each case, with the prior consent
 of the others, such consent not to be unreasonably withheld, conditioned or delayed) may
 reasonably request.

**Section 2.3 URC Meeting.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Subject
 to the terms of this Agreement, URC shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 consultation with the Sweetwater Investors, fix and publish a record date for the purposes
 of determining URC Shareholders entitled to receive notice of and vote at the URC Meeting
 as promptly as practicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 consultation with the Sweetwater Investors, fix the date of the URC Meeting, give notice
 to the Sweetwater Investors of the URC Meeting and allow Representatives of the Sweetwater
 Investors and their legal counsel to attend the URC Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) convene
 and conduct the URC Meeting in accordance with the Interim Order, URC's Constating
 Documents and applicable Law as soon as reasonably practicable, and, subject to Section 2.4(1),
 use reasonable best efforts to conduct the URC Meeting on or before the Meeting Deadline;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) not
 adjourn, postpone or cancel (or propose the adjournment, postponement or cancellation of)
 the URC Meeting without the Sweetwater Investors' prior written consent, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the case of adjournment, as required for quorum purposes (in which case the URC Meeting shall
 be adjourned and subsequently reconvened as soon as practicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as
 required or permitted by Section 5.9(2);

(iii) as
 required by applicable Law or by a Governmental Entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) for
 the purposes of attempting to solicit proxies to obtain the requisite approval of the Arrangement
 Resolution,

<u>provided</u> that URC may not, without the prior written consent of the Sweetwater Investors (not to be unreasonably withheld, conditioned or delayed), postpone or adjourn the URC Meeting pursuant to the preceding clause (i) or (iv) for a period of more than ten (10) Business Days on any single occasion or, on any occasion, to a date after the earlier of (x) thirty (30) Business Days after the date on which the URC Meeting was originally scheduled and (y) ten (10) Business Days before the Outside Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) solicit
 proxy votes in favour of the Arrangement Resolution and take all actions that are reasonably
 necessary or desirable to seek the approval of the Arrangement Resolution by URC Shareholders,
 including retaining a proxy solicitation agent to solicit in favour of the Arrangement Resolution
 and provide the Sweetwater Investors with copies or access to information regarding the URC
 Meeting that has been provided to URC generated by any proxy solicitation services firmed
 retained by URC, as requested from time to time by the Sweetwater Investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) recommend
 (and the URC Board shall in the URC Circular unanimously recommend) to all the URC Shareholders
 that they vote in favour of the Arrangement Resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) advise
 the Sweetwater Investors as the Sweetwater Investors may reasonably request, and at least
 on a daily basis on each of the last ten (10) Business Days prior to the date of the URC
 Meeting, as to the aggregate tally of the proxies received by URC in respect of the Arrangement
 Resolution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) except
 for non-substantive communications from any URC Shareholder, promptly advise the Sweetwater
 Investors of any written communication from any URC Shareholder in opposition to the Arrangement,
 written notice of dissent or purported exercise by any URC Shareholder of Dissent Rights
 received by URC in relation to the Arrangement Resolution and any withdrawal of Dissent Rights
 received by URC, and any written communications sent by or on behalf of URC to any URC Shareholder
 exercising or purporting to exercise Dissent Rights in relation to the Arrangement Resolution.

(2) Subject
 to the terms of this Agreement, URC shall take all actions that are reasonably necessary
 or advisable to seek the URC Shareholder Approval **.** 

**Section 2.4 URC Circular.**

(1) Subject
 to the Sweetwater Investors providing all the Sweetwater Investors' Required Information,
 URC will, as promptly as reasonably practicable, (a) prepare the URC Circular together with
 any other documents required by applicable Laws, (b) file the URC Circular in all jurisdictions
 where the same is required to be filed, (c) send the URC Circular as required under applicable
 Laws and by the Interim Order, and (d) use reasonable best efforts to mail the URC Circular
 prior to the close of business on the Mailing Deadline.

(2) Subject
 to the Sweetwater Investors providing all the Sweetwater Investors' Required Information,
 on the date of sending thereof, URC shall ensure that the URC Circular complies in all material
 respects with all applicable Laws and the Interim Order and shall contain sufficient detail
 to permit the URC Shareholders to form a reasoned judgment concerning the matters to be placed
 before them at the URC Meeting, and, without limiting the generality of the foregoing, shall
 take all reasonable steps to ensure that the URC Circular will not contain any misrepresentation
 (except that URC shall not be responsible to the Sweetwater Investors for any information
 relating to and provided by the Sweetwater Investors, the Sweetwater Entities or their affiliates,
 including in relation to the New ParentCo Shares or the Exchangeable Shares).

(3) Subject
 to Article 6, the URC Circular shall contain the URC Board Recommendation and a statement
 that each URC Supporting Shareholder intends to vote, and direct to be voted, all URC Shares
 held by or on behalf of such Person in favour of the Arrangement Resolution pursuant to the
 terms of the URC Support Agreements, as well as a copy of the URC Financial Advisor Opinions.

(4) The
 Sweetwater Investors shall provide URC with all information regarding the Sweetwater Investors,
 the Sweetwater Entities, their affiliates and the New ParentCo Shares, the New ParentCo Consideration
 Shares and the Exchangeable Shares, including financial statements and any information necessary
 in order for URC to prepare pro forma financial statements prepared in accordance with U.S.
 GAAP or IFRS, as applicable, and applicable Laws (<u>provided</u> that in the case of such
 pro forma financial statements URC has also cooperated with the Sweetwater Investors in providing
 any necessary information relating to URC required to prepare such pro forma financial statements),
 as required by the Interim Order or applicable Laws for inclusion in or filing with the URC
 Circular or any amendments or supplements to such URC Circular (the "**Sweetwater Investors' Required Information** "), and will provide such information to URC
 as promptly as practicable and in any event in sufficient time to allow URC to send the URC
 Circular by the Mailing Deadline and to hold the URC Meeting by the Meeting Deadline; <u>provided</u> that, notwithstanding the foregoing, with respect to any information that is not within the
 possession or control of the Sweetwater Investors or cannot be disclosed to URC or included
 in the URC Circular without the consent of a third party pursuant to an existing Contract,
 the Sweetwater Investors shall only be required to use commercially reasonable efforts to
 provide such information to URC. The Sweetwater Investors and URC shall also use their commercially
 reasonable efforts to obtain any necessary consents from any of their respective auditors,
 any other advisors and any third parties referred to in the final proviso to the immediately
 preceding sentence of this Section 2.4(4) to the use of any financial or other information
 required to be included in the URC Circular and to the identification in the URC Circular
 of each such advisor. The Orion Sellers shall ensure that, to its knowledge, the Sweetwater
 Investors' Required Information provided by the Orion Sellers with respect to the Orion
 Sellers and the Sweetwater Entities does not contain any misrepresentation. OTPP shall ensure
 that, to its knowledge, the Sweetwater Investors' Required Information provided by
 OTPP with respect to OTPP and the Sweetwater Entities does not contain any misrepresentation.
 For greater certainty, the obligations and any liability of the Orion Sellers and OTPP to
 URC shall be several (and not joint and several) in accordance with the relative share of
 the ownership of New ParentCo after giving effect to the Pre-Closing Sweetwater Reorganization.
 The foregoing obligation of the Orion Sellers and OTPP shall not survive the completion of
 the Arrangement and shall expire and be terminated on the earlier of the Effective Time and
 the date on which this Agreement is terminated in accordance with its terms. The Parties
 agree and acknowledge that the preparation of any technical reports in accordance with NI
 43-101 and SK-1300 in respect of the material properties of the Sweetwater Entities required
 for inclusion in the URC Circular (or any amendments or supplements to such URC Circular)
 and the summaries of such reports or technical or scientific information prepared by URC
 or any qualified person on their behalf and included in the URC Circular (or any amendments
 or supplements to such URC Circular) is solely the responsibility of URC and shall not constitute,
 or be included within, the definition of "Sweetwater Investors' Required Information."

(5) The
 Sweetwater Investors and their respective legal counsel shall be given a reasonable opportunity
 to review and comment on the URC Circular and related documents prior to the URC Circular
 being printed and/or filed with any Governmental Entity and/or sent to any URC Shareholders,
 and reasonable consideration shall be given to any comments made by the Sweetwater Investors
 and their respective legal counsel, <u>provided</u> that all information relating solely
 to the Sweetwater Investors, the Sweetwater Entities or their affiliates or the New ParentCo
 Group and its affiliates included in the URC Circular shall be in form and content approved
 in writing by the Sweetwater Investors, acting reasonably. URC shall provide the Sweetwater
 Investors with final copies of the URC Circular prior to the mailing of the URC Circular
 to the URC Shareholders.

(6) URC
 and the Sweetwater Investors shall each promptly notify the other if at any time before the
 Effective Date either becomes aware that the URC Circular contains a misrepresentation or
 otherwise requires an amendment or supplement and the Parties shall cooperate in the preparation
 of any amendment or supplement to the URC Circular as required or appropriate (and the terms
 of Section 2.4(5) shall apply to such amendment or supplement as if such amendment or supplement
 were the URC Circular), and URC shall promptly send or otherwise publicly disseminate any
 amendment or supplement to the URC Circular to URC Shareholders and, if required by the Court
 or applicable Laws, file the same with any Governmental Entity and as otherwise required.

**Section 2.5 Securities Law Compliance.**

The Sweetwater Investors and URC shall cooperate and use commercially reasonable efforts in good faith to take, or cause to be taken, all reasonable actions, including the preparation of any applications for orders, registrations, consents, filings, rulings, exemptions, no-action letters, circulars and approvals and the preparation of any required documents, in each case required under applicable Securities Laws in connection with this Agreement, the Transaction, the Plan of Arrangement and to complete any of the Transactions. It is acknowledged and agreed that the Sweetwater Investors and the Sweetwater Entities shall not be required to file a prospectus or similar document or otherwise become subject to the Securities Laws of any jurisdiction (other than a province or territory of Canada and in the United States) as a reporting issuer (or equivalent status in any such jurisdiction) in order to complete the Transaction.

**Section 2.6 Final Order.**

If: (a) the Interim Order is obtained; and (b) the Arrangement Resolution is passed at the URC Meeting by the URC Shareholders as provided for in the Interim Order and as required by applicable Law, then URC shall diligently pursue and take all steps necessary or desirable to have the hearing held before the Court of the application for the Final Order pursuant to Section 192 of the CBCA as soon as reasonably practicable, subject to Court availability, which application shall be in form and substance satisfactory to the Sweetwater Investors, acting reasonably, and URC and the Sweetwater Investors shall take all commercially reasonable steps to set down the hearing for the Final Order for a date that is no more than three (3) Business Days following the approval of the Arrangement Resolution at the URC Meeting.

**Section 2.7 Court Proceedings.**

Subject to the terms of this Agreement, the Sweetwater Investors will cooperate with and assist URC in seeking the Interim Order and the Final Order, including by providing to URC, on a timely basis, any information reasonably requested by URC in connection therewith. URC shall ensure that all materials filed with the Court in connection with the Arrangement are consistent in all material respects with this Agreement and the Plan of Arrangement. URC will provide the Sweetwater Investors' counsel with a reasonable opportunity to review and comment upon drafts of all material to be filed with the Court in connection with the Arrangement and will give reasonable consideration to all such comments, <u>provided</u> that all information relating solely to the Sweetwater Investors, the Sweetwater Entities and their affiliates or the New ParentCo Group and its affiliates (excluding URC and its affiliates) included in such materials shall be in form and content approved in writing by the Sweetwater Investors, acting reasonably. URC shall also provide to the Sweetwater Investors' counsel copies of any notice of appearance or other Court documents served on URC in respect of the application for the Interim Order or the Final Order or any appeal therefrom and of any written notice received by URC indicating any intention to oppose the granting of the Interim Order or the Final Order or to appeal the Interim Order or the Final Order. In addition, URC will not object to the respective legal counsel to the Sweetwater Investors making such submissions on the hearing of the motion for the Interim Order and the application for the Final Order as such counsel considers appropriate, <u>provided</u> that URC is advised of the nature of any submissions prior to the hearing and such submissions are consistent in all material respects with this Agreement and the Plan of Arrangement. URC shall oppose any proposal from any Person that the Final Order contains any provision inconsistent with this Agreement. If URC is required by the terms of the Final Order or by Law to return to Court with respect to the Final Order, URC shall do so only after notice to, and in consultation and cooperation with, the Sweetwater Investors. URC shall, subject to applicable Law, other than as required by and in accordance with this Agreement or the Arrangement, not file any material with the Court or serve any such material and will not agree to modify or amend materials so filed or served, except with the prior written consent of the Sweetwater Investors, such consent not to be unreasonably withheld, delayed or conditioned, <u>provided</u> that nothing herein shall require the Sweetwater Investors to agree or consent to any increase in Consideration payable pursuant to the Arrangement or other modification or amendment that expands or increases obligations of the Sweetwater Investors or diminishes or limits the rights of the Sweetwater Investors set forth in any such filed or served materials or under this Agreement or the Arrangement.

**Section 2.8 Articles of Arrangement and Effective Date.**

The Arrangement shall become effective at the Effective Time on the Effective Date. The Parties will use reasonable best efforts to complete the Transactions, including to file the Articles of Arrangement as soon as reasonably practicable with the Director pursuant to the CBCA, and in any event, on or before the third Business Day after the satisfaction or, where not prohibited, the waiver by the applicable Party or Parties in whose favour the condition is, of the conditions set forth in Article 7 (excluding conditions that, by their terms, cannot be satisfied until the Effective Date, but subject to the satisfaction or, where not prohibited, the waiver by the applicable Party or Parties in whose favour any such condition is, of those conditions as of the Effective Date) but in any event no later than the Outside Date, unless another time or date is agreed to in writing by the Parties.

**Section 2.9 Payment of Consideration.**

The Sweetwater Investors will, and will cause New ParentCo and ExchangeCo to, following receipt by URC of the Final Order and in any event prior to the filing of the Articles of Arrangement with the Director in accordance with Section 2.8, deliver or cause to be delivered in escrow to the Depositary an irrevocable direction for the issuance of, or otherwise cause to be delivered, sufficient Consideration Shares to satisfy the Consideration payable to the URC Shareholders pursuant to and in accordance with the Plan of Arrangement.

**Section 2.10 No Fractional Shares.**

In no event shall any URC Shareholder be entitled to delivery of a fractional New ParentCo Consideration Share or a fractional Exchangeable Consideration Share pursuant to or as a result of the Arrangement. If a URC Shareholder would otherwise be entitled to receive a fractional New ParentCo Consideration Share or Exchangeable Consideration Share, as applicable, the number of such shares to be issued to such URC Shareholder shall be rounded down to the nearest whole share, and any fractional interest shall be cancelled without any payment or other consideration in lieu thereof.

**Section 2.11 Incentive Awards and Incentive Plans.**

(1) In
 respect of the URC Options and the URC Incentive Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 outstanding URC Options shall be treated in accordance with the provisions of the Plan of
 Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) prior
 to the Effective Date and conditional upon the Effective Time having occurred, URC shall,
 in consultation with the Sweetwater Investors, take all steps necessary or desirable to:
 (i) upon the Effective Time, give effect to the modifications to the URC Incentive Plan necessary
 to reflect that New ParentCo is a successor to URC under the URC Incentive Plan pursuant
 to its terms and to make such further amendments or modifications as may be reasonably necessary
 or advisable to ensure compliance with applicable Law; (ii) give effect to adjustments to
 the URC Options (whether vested or unvested) in accordance with the URC Incentive Plan to
 exchange each such URC Option for a URC Replacement Option over a number of New ParentCo
 Shares at the time specified in and as provided for under the Plan of Arrangement (or, to
 the extent permitted by applicable Law and agreed to by URC acting reasonably and in good
 faith, an award over New ParentCo Shares of equivalent value under any New ParentCo Incentive
 Plan that provides the applicable URC Option holder with equivalent compensation, including
 taking into account any applicable Tax consequences to such URC Option holder arising, both
 at the time of replacement and at the time of exercise or payment, directly from any such
 award (the "**URC Replacement Awards** "); and (iii) reflect that, from and
 after the Effective Time, any payments to be made on the redemption or settlement of the
 applicable URC Options that are redeemable or settled for cash will be calculated by reference
 to the New ParentCo Shares, in accordance with the applicable URC Incentive Plan and the
 Plan of Arrangement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Sweetwater Investors shall take all corporate action reasonably necessary to ensure treatment
 of the URC Options in accordance with the provisions of the Plan of Arrangement and the URC
 Incentive Plan.

**Section 2.12 Announcement and Shareholder Communications.**

Each Party shall publicly announce the Transactions promptly following the execution of this Agreement by the Sweetwater Investors and URC, the text and timing of such announcement to be approved in writing by the Parties in advance. The Sweetwater Investors and URC agree to cooperate in the preparation of presentations, if any, to URC Shareholders regarding the Transactions, and no Party shall issue any press release or otherwise make public announcements with respect to this Agreement or the Plan of Arrangement without the prior written consent of the other Party (which consent shall not be unreasonably withheld or delayed), except as permitted by Article 6; <u>provided</u>, however, that, subject to Section 5.5 and Article 6, the foregoing shall be subject to URC's overriding obligation to make any disclosure required under applicable Laws or stock exchange rules, and URC shall use commercially reasonable efforts to give prior written notice to the Sweetwater Investors and reasonable opportunity to review or comment on the disclosure, and if such prior notice is not possible, to give notice immediately following the making of such disclosure. The Parties consent to this Agreement being filed on SEDAR+ and EDGAR substantially concurrently with the public announcement of the Transactions in accordance with this Section 2.12 with the Parties to agree on the appropriate redactions to the Agreement in good faith, and acknowledge that URC will file a material change report relating to this Agreement.

**Section 2.13 Withholding Taxes.**

New ParentCo, ExchangeCo, CallCo, URC and the Depositary shall be entitled to deduct and withhold from any amounts otherwise payable or deliverable to any Person under this Agreement, the Plan of Arrangement or in connection with the Arrangement and from all consideration, dividends, interest or other amounts payable or distributed to any former URC Shareholder or former holder of URC Options such amounts as New ParentCo, ExchangeCo, CallCo, URC or the Depositary is required to deduct and withhold therefrom under any provision of any applicable Laws in respect of Taxes; <u>provided</u> that New ParentCo, ExchangeCo, CallCo, URC and the Depositary, as applicable shall not withhold if the applicable tax forms or certificates are provided by the applicable recipient of the applicable payment. New ParentCo, ExchangeCo, CallCo, URC and the Depositary are hereby authorized to sell or otherwise dispose of such portion of any non-cash consideration (for the avoidance of doubt, including the Consideration), on behalf of such holder, as is necessary to provide sufficient funds to New ParentCo, ExchangeCo, CallCo, URC or the Depositary, as the case may be, to enable it to comply with such deduction or withholding requirement and New ParentCo, ExchangeCo, CallCo, URC or the Depositary shall notify the holder thereof and remit any unapplied balance of the net proceeds of such sale or disposition (after deduction of all reasonable out-of-pocket expenses and commissions incurred in connection with such sales) to such holder. To the extent that such amounts are so deducted, and withheld, such amounts shall be treated for all purposes under this Agreement and the Arrangement as having been paid to the Person to whom the relevant portion of the consideration would otherwise have been provided and the obligation to provide the consideration shall be treated as discharged to the same extent. Any amounts withheld shall be timely remitted to the relevant Tax Authority in accordance with applicable Law by such relevant withholding agent and the relevant withholding agent shall provide reasonable evidence of such remittance to the Person that was withheld upon.

**Section 2.14 U.S. Securities Laws.**

(1) The
 Parties intend that the issuance of the New ParentCo Consideration Shares and the Exchangeable
 Consideration Shares under the Arrangement shall be exempt from the registration requirements
 of the U.S. Securities Act pursuant to the exemption provided by Section 3(a)(10) thereof
 (the "**Section 3(a)(10) Exemption** "), and each Party shall take such reasonable
 actions as shall be required to facilitate reliance on such exemption in connection with
 the Arrangement. Without limiting the foregoing, in order to ensure the availability of the
 Section 3(a)(10) Exemption and to facilitate compliance with the U.S. Securities Act, the
 parties agree that the Arrangement will be carried out on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Arrangement will be subject to the approval of the Court;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) prior
 to the hearing to approve the Interim Order, the Court will be advised as to the intention
 of the Parties to rely on the Section 3(a)(10) Exemption with respect to the issuance of
 the New ParentCo Consideration Shares and the Exchangeable Consideration Shares, in each
 case, pursuant to the Arrangement, based on the Court's approval of the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) prior
 to the issuance of the Interim Order, URC will file with the Court a copy of the proposed
 text of the Circular together with any other documents required by applicable Law in connection
 with the URC Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Court will be required to satisfy itself as to the substantive and procedural fairness of
 the Arrangement to the holders of URC Shares who will be issued New ParentCo Consideration
 Shares and the Exchangeable Consideration Shares, in each case, pursuant to the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Interim Order approving the URC Meeting will specify that each Person entitled to receive
 New ParentCo Consideration Shares and the Exchangeable Consideration Shares, in each case,
 pursuant to the Arrangement will have the right to appear before the Court at the hearing
 of the Court to give approval of the Arrangement so long as they enter an appearance within
 a reasonable time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) URC
 will ensure that each URC securityholder entitled to receive New ParentCo Consideration Shares
 and Exchangeable Consideration Shares, in each case, pursuant to the Arrangement will be
 given adequate and appropriate notice advising them of their right to attend the hearing
 of the Court to give approval to the Arrangement and providing them with sufficient information
 necessary for them to exercise that right;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) each
 URC securityholder entitled to receive New ParentCo Consideration Shares and Exchangeable
 Consideration Shares pursuant to the Arrangement will be advised that such shares have not
 been registered under the U.S. Securities Act and will be issued by New ParentCo in reliance
 on the Section 3(a)(10) Exemption, and shall be without trading restrictions under the U.S.
 Securities Act (other than those that would apply under the U.S. Securities Act in certain
 circumstances to Persons who are, or have been within ninety (90) days of the Effective Time,
 or, on or after the Effective Time, become affiliates (as defined by Rule 144 under the U.S.
 Securities Act) of New ParentCo);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) each
 holder of URC Shares will be advised that with respect to New ParentCo Consideration Shares
 and/or Exchangeable Consideration Shares issued to Persons who are, or have been within ninety
 (90) days of the Effective Time, or, on or after the Effective Time become, affiliates (as
 defined by Rule 144 under the U.S. Securities Act) of New ParentCo, such securities will
 be subject to restrictions on resale under U.S. Securities Laws, including Rule 144 under
 the United States Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Court will hold a hearing before approving the fairness of the terms and conditions of the
 Arrangement and issuing the Final Order; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) URC
 shall include in the application contemplated by Section 2.2 a statement to substantially
 the following effect: "If made, the order approving the Arrangement will serve as a
 basis of a claim to an exemption pursuant to Section 3(a)(10) of the United States Securities
 Act of 1933, as amended, from the registration requirements otherwise imposed by that Act,
 regarding the issuance and distribution in the United States of America of securities of
 New ParentCo pursuant to the Plan of Arrangement."

(2) The
 Parties intend that New ParentCo will succeed to URC under Rule 12g-3 under the Exchange
 Act in connection with the Arrangement and the initial listing of the New ParentCo Shares
 on the Nasdaq, and each Party shall take such reasonable actions as shall be required to
 facilitate reliance on such rule in connection with the Arrangement and such listing.

**Section 2.15 Support Agreements.**

None of the Parties shall agree to or permit any termination, amendment, replacement or other modification of or supplement to, or waive any provisions under, any URC Support Agreement to which it is a party, without the prior written consent of each of the other Parties.

**Section 2.16 Pre-Closing Sweetwater Reorganization.**

The Parties acknowledge and agree that the Sweetwater Investors shall, and shall cause each applicable subsidiary, affiliate and Sweetwater Entity to, effect such reorganizations of the Sweetwater Entities as contemplated in Schedule K (the "**Pre-Closing Sweetwater Reorganization**") prior to the Effective Time on the Effective Date; provided that, the Sweetwater Investors shall have no obligation to effectuate the Pre-Closing Sweetwater Reorganization until URC has provided written evidence reasonably satisfactory to the Sweetwater Investors that the URC Shareholder Approval has been obtained. The Sweetwater Investors agree to cause New ParentCo to adopt the New ParentCo Incentive Plan, which shall be on terms substantially similar as is practical to the URC Incentive Plan, with such other terms as may be agreed by the Parties, acting reasonably, and to adopt a certificate of incorporation and bylaws for New ParentCo that will be substantially similar to the articles and notice of articles of URC, with such adjustments as are necessary to comply with applicable Laws and such other changes as required to give effect to the Transaction. As soon as reasonably practicable after the date hereof. The Sweetwater Investors shall provide drafts of all documents and agreements to be entered into in connection with the Pre-Closing Sweetwater Reorganization to URC, including the New ParentCo Incentive Plan and such certificate of incorporation and bylaws, and the execution or implementation of any such documents or agreements shall be subject to the prior approval of URC, acting reasonably.

**ARTICLE 3**

**REPRESENTATIONS AND WARRANTIES OF URC**

**Section 3.1 Representations and Warranties.**

(1) Except
 as expressly disclosed in (a) the URC Public Documents (excluding any disclosures set forth
 in any section of a document in the URC Public Documents entitled "Risk Factors,"
 "Cautionary Statement on Forward-Looking Information" or similarly titled section
 or any other disclosures included in such documents to the extent that they are cautionary,
 predictive or forward-looking rather than historical facts) prior to the date hereof or (b)
 in the URC Disclosure Letter, but, in the case of each of (a) and (b), only to the extent
 of such express disclosure (and not, for the avoidance of doubt, any other consequences of
 the matter so disclosed), URC hereby represents and warrants to the Sweetwater Investors
 as set forth in Schedule D and acknowledges and agrees that the Sweetwater Investors are
 relying upon such representations and warranties, as set forth in Schedule D, in connection
 with the entering into of this Agreement and the consummation of the Arrangement and the
 Transactions.

(2) Except
 for the representations and warranties set forth in this Agreement, neither URC nor any other
 Person has made, or makes, and the Sweetwater Investors have not relied upon, any other,
 express or implied (at law or in equity) representation and warranty, either written or oral,
 on behalf of URC. In particular, without limiting the foregoing disclaimer, except for the
 representations and warranties made by URC in this Agreement, as set forth in Schedule D,
 neither URC nor any other Person makes or has made any representation or warranty to the
 Sweetwater Investors, its affiliates or any of its representatives, with respect to (a) any
 financial projection, forecast, estimate, budget, or prospective information relating to
 URC or any of its Subsidiaries or their respective businesses or operations or (b) any oral
 or written information furnished or made available to the Sweetwater Investors, its affiliates
 or any of its representatives in the course of their due diligence investigation of URC or
 any of its Subsidiaries, the negotiation of this Agreement or the consummation of the Arrangement
 and the other Transactions, including the accuracy, completeness or correctness thereof,
 and neither URC nor any other Person will have liability to the Sweetwater Investors, its
 affiliates or any of its representatives or any other Person in respect of such information,
 including any subsequent use of such information.

(3) The
 representations and warranties of URC contained in this Agreement shall not survive the completion
 of the Arrangement and shall expire and be terminated on the earlier of the Effective Time
 and the date on which this Agreement is terminated in accordance with its terms.

**ARTICLE 4**

**REPRESENTATIONS AND WARRANTIES OF THE SWEETWATER INVESTORS**

**Section 4.1 Representations and Warranties.**

(1) Except
 as expressly disclosed in the Sweetwater Disclosure Letter, and only to the extent of such
 express disclosure (and not, for greater certainty, any other consequences of the matter
 so disclosed), each of the Orion Sellers and OTPP, solely on its own behalf and not jointly
 with the other, hereby represents and warrants to URC the representations and warranties
 of the Sweetwater Investors set out in Schedule E. Notwithstanding the foregoing, the parties
 agree that for the purposes of this Section 4.1, the definition of Sweetwater Entities will
 not include Spur. HRG hereby represents and warrants to URC the representation and warranties
 set out in paragraphs (ii) through (nn) of Schedule E. Each of the Orion Sellers and OTPP
 acknowledges and agrees that URC is relying on such representations and warranties in connection
 with the execution of this Agreement and the consummation of the Arrangement and the Transactions.
 For greater certainty, each of the Orion Sellers and OTPP shall be liable for such representations
 and warranties in accordance with the relative share of the ownership of New ParentCo after
 giving effect to the Pre-Closing Sweetwater Reorganization.

(2) Except
 for the representations and warranties set forth in this Agreement, none of the Sweetwater
 Investors nor any other Person has made, or makes, and URC has not relied upon, any other,
 express or implied (at law or in equity) representation and warranty, either written or oral,
 on behalf of the Sweetwater Investors. In particular, without limiting the foregoing disclaimer,
 except for the representations and warranties made by the Sweetwater Investors in this Agreement,
 as set forth in Schedule E, neither any of the Sweetwater Investors nor any other Person
 makes or has made any representation or warranty to URC, its affiliates or any of its representatives,
 with respect to (a) any financial projection, forecast, estimate, budget, or prospective
 information relating to the Sweetwater Entities or their respective businesses or operations,
 or (b) any oral or written information furnished or made available to URC, its affiliates
 or any of its representatives in the course of their due diligence investigation of the Sweetwater
 Investors, the Sweetwater Entities or any of their Subsidiaries, the negotiation of this
 Agreement or the consummation of the Arrangement and the other Transactions, including the
 accuracy, completeness or correctness thereof, and neither any of the Sweetwater Investors
 nor any other Person will have liability to URC, its affiliates or any of its representatives
 or any other Person in respect of such information, including any subsequent use of such
 information.

(3) The
 representations and warranties of the Sweetwater Investors contained in this Agreement shall
 not survive the completion of the Arrangement and shall expire and be terminated on the earlier
 of the Effective Time and the date on which this Agreement is terminated in accordance with
 its terms.

**ARTICLE 5**

**COVENANTS**

**Section 5.1 Covenants of URC Regarding the Conduct of Business.**

(1) URC
 covenants and agrees that, during the period from the date of this Agreement and prior to
 the earlier of the Effective Time and the valid termination of this Agreement in accordance
 with its terms (the "**Interim Period** "), except (i) as otherwise required,
 permitted or contemplated by this Agreement (including, for clarity, for purposes of consummating
 the Concurrent Financing or the Concurrent Private Placement, and including the conversion
 of the URC Subscription Receipts to URC Shares under the terms thereof), (ii) as required
 by Law, or any order or directive of a Governmental Entity, (iii) with the prior written
 consent of the Sweetwater Investors, such consent not to be unreasonably withheld, delayed
 or conditioned, or (iv) as set out in the URC Disclosure Letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) URC
 shall, and shall cause each of its Subsidiaries to, conduct its business in the Ordinary
 Course and in accordance with applicable Law, comply with the terms of all URC Material Contracts,
 and use commercially reasonable efforts to preserve intact the current business organization,
 properties, assets, rights, Authorizations, goodwill, employment relationships and business
 relations with suppliers, partners and any other Persons with which URC and the Subsidiaries
 have business relations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) URC
 shall, and shall cause each of its Subsidiaries to, use commercially reasonable efforts to
 obtain and maintain all third party or other consents, waivers, permits, exemptions, orders,
 approvals, agreements, amendments or confirmations, if any, that are required in order to
 maintain the URC Material Contracts (or, for greater certainty, any Contract with respect
 to the URC Material Royalty Interests) in full force and effect following completion of the
 Arrangement, in each case, on terms that are reasonably satisfactory to the Sweetwater Investors,
 and without paying, and without committing itself or the Sweetwater Investors to pay, any
 consideration or incur any liability or obligation without the prior written consent of the
 Sweetwater Investors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) without
 limiting the generality of Section 5.1(1)(a), URC shall not, and shall cause each of its
 Subsidiaries not to, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend
 or modify the Constating Documents of URC or, in any material respect, the Constating Documents
 of any of URC's Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reduce
 its stated capital, or split, divide, consolidate, combine or reclassify any of the shares
 or other securities of URC or any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) reorganize,
 arrange, restructure, amalgamate, merge or enter into, promote or undertake a scheme of arrangement
 with or involving any other Person, including wholly-owned Subsidiaries of URC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) issue,
 grant, deliver, sell, pledge or otherwise subject to a Lien (other than a Permitted Lien),
 or authorize the issuance, grant, delivery, sale or pledge of, or a Lien (other than a Permitted
 Lien) on, any of its securities, or any options, restricted share units, performance share
 units, deferred share units, warrants or similar rights exercisable or exchangeable for or
 convertible into securities, or any stock appreciation rights, phantom stock awards or other
 rights that are linked to the price or value of the URC Shares, other than the issuance of
 URC Shares issuable upon the exercise, vesting, settlement or termination of URC Options
 in accordance with the terms of the URC Incentive Plan or any existing grant agreement with
 respect to such URC Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) redeem,
 repurchase, or otherwise acquire or offer to redeem, repurchase or otherwise acquire any
 shares of its capital stock or any of its outstanding securities (including pursuant to any
 current or future URC security repurchase program), other than in connection with the vesting,
 exercise or settlement of outstanding URC Options in accordance with the terms of the URC
 Incentive Plan or any existing grant agreement with respect to such URC Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) make
 any material amendments to the URC Incentive Plan and any terms of the URC Options, <u>provided</u> that renewing the URC Incentive Plan or making administrative changes or updates to comply
 with applicable Law or facilitate the operation of the URC Incentive Plan shall not be prohibited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) declare,
 set aside or pay, or set a record date or payment date for (i) any non-cash dividend or non-cash
 other distribution on any of its outstanding shares; or (ii) any cash dividend or cash distribution
 on any of its outstanding shares other than dividends or distributions by wholly-owned Subsidiaries
 of URC to URC or its wholly-owned Subsidiaries in the Ordinary Course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) (A)
 adopt a plan of complete or partial liquidation, consolidation, winding-up or resolutions
 providing for the liquidation, consolidation or dissolution of URC, any of its Subsidiaries
 or any of their respective assets, or (B) file a petition in bankruptcy under any Law on
 behalf of URC or any of its Subsidiaries or consent to the filing of any bankruptcy petition
 against URC or any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) engage
 in any new business, enterprise or other activity that is inconsistent with the existing
 businesses of URC and its Subsidiaries in the manner such existing businesses generally have
 been carried on or (as disclosed in the URC Public Documents) planned or proposed to be carried
 on prior to the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) terminate,
 fail to renew, cancel, waive, release, grant or transfer any rights that are material to
 URC or its Subsidiaries under any Material Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) acquire
 or commit to acquire any material interest, or make or commit to make any investment or contributions
 of capital, directly or indirectly, in any Person or its businesses in one transaction or
 in a series of related transactions (in each case, by merger, consolidation, exchange, acquisition
 of securities or other equity interests, purchase, lease or licence of any significant portion
 of property or consolidated assets, joint venture formation or otherwise), other than for
 consideration with a value of less than *[Redacted: dollar value]* per any such transaction
 or series of related transactions, <u>provided</u> that the value of consideration for all
 such transactions in the aggregate in any twelve (12) month period is less than *[Redacted: dollar value]* and further provided that at all times URC has cash or cash equivalents
 on hand, together with the reasonably anticipated or expected proceeds from the Concurrent
 Financing or Concurrent Private Placement, and sales of uranium to be conducted in the Ordinary
 Course during the Interim Period, sufficient to pay any cash consideration payable by it
 pursuant to Sections 2.4(a), 2.4(b) and 2.4(k) of the Plan of Arrangement, and that such
 transactions do not impede, delay, interfere or otherwise adversely affect the completion
 of the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) sell,
 lease, license, dispose of, abandon, pledge or otherwise subject to a Lien (other than a
 Permitted Lien) or otherwise transfer any material assets or any interest in any material
 assets (in each case including material Intellectual Property and URC Material Royalty Interests)
 of URC or its Subsidiaries, other than assets or interests in assets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) with
 a value less than *[Redacted: dollar value]* in the aggregate in any twelve (12) month
 period;

(B) sales
 (however structured) of Goods or other tangible property in the Ordinary Course;

(C) that
 are associated with discontinued operations of URC or its Subsidiaries or that are superfluous,
 obsolete, not necessary for the operations of URC's or its Subsidiaries' respective
 businesses, fully depreciated or at the end of their useful life; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) consisting
 of uranium concentrates (U₃O₈) or other uranium products sold for cash proceeds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) incur,
 create, assume or otherwise become liable for any URC Indebtedness or provide any guarantees
 thereof in excess of *[Redacted: dollar value]*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) (A)
 amend or modify in any material respect, terminate or waive any material right under any
 Material Contract; (B) enter into any Contract that would be a Material Contract if in effect
 on the date of this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) make
 any material change to URC's accounting policies or methods of accounting (including
 adopting new accounting policies or methods), other than required by concurrent changes in
 IFRS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) enter
 into, amend or terminate (other than for Cause) any employment agreement or Contract with
 any independent contractor or hire or retain the services of any Person for any purpose whatsoever;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) enter
 into, adopt or terminate any URC Benefit Plan or amend or modify an existing URC Benefit
 Plan or pay any benefit not required by (or accelerate the time of payment, vesting or funding
 of, any payments becoming due under) such URC Benefit Plan as in effect as of the date of
 this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) other
 than as set out in the URC Disclosure Letter or as required by the terms of any URC Benefit
 Plan or written employment agreements in existence on the date of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) grant
 to any URC Employee or officer, independent contractor, consultant or director of URC or
 any of its Subsidiaries an increase in compensation or benefits in any form (including URC
 Options);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) grant
 or increase any eligibility or entitlement to severance, retention, change of control or
 termination pay or similar compensation or benefits payable to (or amend any existing Contract
 with), any director or officer of URC or any URC Employee (other than a director or officer),
 independent contractor or consultant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) enter
 into any employment, deferred compensation, independent contractor, consultant, or other
 similar Contract (or amend any such existing Contract) with any Person (including any director
 or officer of URC);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) amend
 or extend any benefits provided under a URC Benefit Plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) provide
 for accelerated vesting, payment or removal of restrictions on any compensation or benefits
 (including any URC Options) or fund or otherwise secure the payment of, or accelerate the
 funding of, any compensation or benefits payable under any URC Benefit Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) commence,
 waive, release, assign, settle, compromise or settle any litigation, proceeding, regulatory
 process, claim or investigation affecting URC or any of its Subsidiaries reasonably expected
 to (A) involve an amount in excess of the greater of (I) *[Redacted: dollar value]* in each case; or (II) the amount reflected or reserved against in the balance sheet (or notes
 thereto) included in the URC Public Documents relating to such litigation, proceedings or
 investigations, as applicable, in the case of each of clauses (I) and (II), and any series
 of the aforementioned which arise from the same or substantially the same facts, matters,
 circumstances or events shall be aggregated together for the purpose of such threshold, (B)
 impede, prevent or delay the consummation of the Transactions or (C) impose material injunctive
 or equitable relief, or impose material restrictions, on the business activities of URC and
 its Subsidiaries, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) (A)
 make, change or rescind any material Tax election or Tax designation (other than in the Ordinary
 Course); (B) settle or compromise any material Tax claim, assessment, reassessment, liability,
 action, suit, proceeding, hearing or controversy; (C) amend any material Tax Return; (D)
 enter into any agreement with a Governmental Entity with respect to Taxes; (E) enter into
 or change any material Tax sharing, Tax advance pricing agreement, Tax allocation or Tax
 indemnification agreement that is binding on URC or its Subsidiaries (other than any commercial
 agreement entered into in the Ordinary Course the primary purpose of which is not related
 to Taxes); (F) surrender any right to claim a Tax abatement, reduction, deduction, exemption,
 credit or refund; (G) make a request for a Tax ruling to any Governmental Entity; (H) other
 than as required by applicable Law, amend or change any of its methods of reporting income,
 deductions or accounting for Tax purposes; or (I) change the residence of URC or any of its
 Subsidiaries for Tax purposes (including for the purposes of a double taxation arrangement)
 or create any permanent establishment or other place of business of URC or any of its Subsidiaries
 in a jurisdiction in which it is not so resident; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) authorize,
 propose, commit or enter into any agreement to do any of the foregoing.

(2) Nothing
 in this Agreement (a) is intended to or shall result in the Sweetwater Investors exercising
 material influence over the operations of URC or any of its Subsidiaries, particularly in
 relation to operations in which the Parties compete or would compete, but for this Agreement,
 with each other, during the Interim Period, or (b) shall be interpreted in such a way as
 to place either of the Sweetwater Investors or URC in violation of any applicable Law. Each
 of the Sweetwater Investors on the one hand and URC on the other hand shall exercise, consistent
 with the terms and conditions of this Agreement, complete control and supervision over its
 respective operations and the operations of its respective Subsidiaries during the Interim
 Period.

**Section 5.2 Covenants of URC Relating to the Arrangement.**

(1) During
 the Interim Period, subject to Section 5.5 of this Agreement which shall govern in relation
 to Regulatory Approvals, URC shall and shall cause the Subsidiaries of URC to perform all
 obligations required to be performed by URC or any of its Subsidiaries under this Agreement,
 and use reasonable best efforts to cooperate with the Sweetwater Investors in connection
 therewith, and do all such other acts and things as may be necessary or desirable in order
 to consummate and make effective as soon as reasonably practicable the Transactions and,
 without limiting the generality of the foregoing, URC shall and, where appropriate, shall
 cause each of its Subsidiaries to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) upon
 reasonable consultation with the Sweetwater Investors, use reasonable best efforts to defend
 all lawsuits or other legal, regulatory or other proceedings against URC or any of its Subsidiaries
 or their respective directors or officers challenging or affecting this Agreement or the
 consummation of the Transactions and use reasonable best efforts to have lifted or rescinded
 any injunction or restraining order or other order relating to URC or any of its Subsidiaries
 which may materially adversely affect the ability of the Parties to consummate the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) use
 reasonable best efforts to satisfy all conditions precedent in this Agreement and take all
 steps set forth in the Interim Order and Final Order applicable to it and comply promptly
 with all requirements which applicable Laws may impose on URC or its Subsidiaries with respect
 to the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) apply
 for and use reasonable best efforts to seek to obtain the Nasdaq Approval, subject only to
 customary conditions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) use
 commercially reasonable efforts to seek all material third-party notices, consents, waivers,
 approvals, permits, exemptions, orders, agreements, amendments or confirmations required
 to be obtained by URC or any of its Subsidiaries in connection with the Transactions in each
 case without paying, and without committing itself, the Sweetwater Investors or any of their
 respective Subsidiaries to pay, any consideration or incurring any liability or obligation
 without the prior written consent of the Sweetwater Investors (it being expressly agreed
 by the Sweetwater Investors that no such notice, consent, waiver, approval, permit, exemption,
 order, agreement, amendment or confirmation in and of itself shall be a condition to the
 closing of the Arrangement).

(2) During
 the Interim Period, URC shall promptly (but in no event later than two (2) Business Days
 following any of the events described below) notify the Sweetwater Investors in writing upon
 becoming aware of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 notice or other communication from any Person alleging that the consent (or waiver, approval,
 permit, exemption, order, agreement, amendment or confirmation) of such Person (or another
 Person) is or may be required in connection with this Agreement or any of the Transactions,
 other than in respect of Regulatory Approvals which are governed by Section 5.5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unless
 prohibited by applicable Law or Contract existing as of the date of this Agreement, any notice
 or other communication from (i) any proxy advisory service in connection with, or (ii) any
 Person objecting to, indicating an intention to oppose or pursuing or threatening to pursue
 a position adverse to the completion of, the Transactions (and URC shall contemporaneously
 provide a copy of any such written notice or communication to the Sweetwater Investors),
 other than in respect of Regulatory Approvals which are governed by Section 5.5; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 material litigation, proceeding, regulatory process, claim or investigation commenced or,
 to URC's knowledge, threatened against, relating to or involving, or otherwise affecting
 the Arrangement or any of the Transactions, other than in respect of Regulatory Approvals
 which are governed by Section 5.5.

(3) The
 receipt of notice or information by the Sweetwater Investors pursuant to Section 5.2(2) or
 otherwise shall not operate as a waiver by the Sweetwater Investors or otherwise diminish
 the scope of or otherwise affect any representation, warranty, covenant, agreement or obligation
 of URC under this Agreement or any condition set forth in Section 7.1 or Section 7.2. Additionally,
 the failure of URC to comply with Section 5.2(2) shall not give rise to the failure of a
 condition precedent set forth in Section 7.2(a) or a right to terminate this Agreement pursuant
 to Section 8.2(1)(c)(i) other than in the event of Willful Breach by a Party or any of its
 Representatives.

**Section 5.3 Covenants of the Sweetwater Investors Regarding the Conduct of Business.**

(1) The
 Sweetwater Investors covenant and agree that, during the Interim Period, except (i) as otherwise
 required, permitted or contemplated by this Agreement, (ii) pursuant to the Pre-Closing Sweetwater
 Reorganization, (iii) as required by Law, the terms of a Sweetwater Benefit Plan or any order
 or directive of a Governmental Entity, (iv) with the prior written consent of URC, such consent
 not to be unreasonably withheld, delayed or conditioned, or (v) as set out in the Sweetwater
 Disclosure Letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Sweetwater
 Investors shall cause each of the Sweetwater Entities and its Subsidiaries to conduct its
 business in the Ordinary Course and in accordance with applicable Law, comply with the terms
 of all Sweetwater Material Contracts, and use commercially reasonable efforts to preserve
 intact the current business organization, properties, assets, rights, Authorizations, goodwill,
 employment relationships and business relations with suppliers, partners and any other Persons
 with which the Sweetwater Entities and its Subsidiaries have business relations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Sweetwater
 Investors shall cause each of the Sweetwater Entities and its Subsidiaries to, use commercially
 reasonable efforts to obtain and maintain all third party or other consents, waivers, permits,
 exemptions, orders, approvals, agreements, amendments or confirmations, if any, that are
 required in order to maintain the Sweetwater Material Contracts (or, for greater certainty,
 any Contract with respect to the Sweetwater Properties) in full force and effect following
 completion of the Arrangement, in each case, on terms that are reasonably satisfactory to
 URC, and without paying, and without committing itself or URC to pay, any consideration or
 incur any liability or obligation without the prior written consent of URC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Sweetwater
 Investors shall use commercially reasonable efforts to cause each of the Sweetwater Entities
 that is classified as a partnership for U.S. federal income tax purposes to make a "push-out
 election" within the meaning of Section 6226 of the U.S. Tax Code with respect to any
 "imputed underpayment" for any Tax period ending on or before the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) without
 limiting the generality of Section 5.3(1), and except as provided in the Pre-Closing Sweetwater
 Reorganization, the Sweetwater Investors shall cause each of the Sweetwater Entities not
 to, directly or indirectly, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend
 or modify the Constating Documents of any of the Sweetwater Entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) split,
 combine, sub-divide, consolidate, redenominate or reclassify, or amend or modify any term
 of, any outstanding security of the Sweetwater Entities or any of their Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) reduce
 the share capital or any other capital reserve of the Sweetwater Entities in any way;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) reorganize,
 arrange, restructure, amalgamate, merge or enter into, promote or undertake a scheme of arrangement
 with or involving any other Person, other than the Pre-Closing Sweetwater Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) issue,
 grant, deliver, sell, pledge or otherwise subject to a Lien (other than a Permitted Lien),
 or authorize the issuance, grant, delivery, sale or pledge of, or a Lien (other than a Permitted
 Lien) on, any of the securities of the Sweetwater Entities, or any options, warrants or similar
 rights exercisable or exchangeable for or convertible into securities, or any stock appreciation
 rights, phantom stock awards or other rights that are linked to the price or value of the
 Sweetwater Entities' securities other than issuances of equity securities in any Sweetwater
 Joint Venture to the extent required pursuant to its Sweetwater JV Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) redeem,
 repurchase, or otherwise acquire or offer to redeem, repurchase or otherwise acquire any
 shares of in the capital stock of the Sweetwater Entities, or any of the Sweetwater Entities'
 outstanding securities (including pursuant to any security repurchase program), other than
 by any Sweetwater Joint Venture to the extent required pursuant to the Sweetwater JV Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Other
 than as contemplated by the Pre-Closing Sweetwater Reorganization, declare, set aside or
 pay, or set a record date or payment date for (i) any non-cash dividend or non-cash other
 distribution on any of its outstanding shares; or (ii) any cash dividend or cash distribution
 on any of its outstanding shares other than dividends or distributions by the Sweetwater
 Entities to the Sweetwater Investors or their wholly-owned Subsidiaries in the Ordinary Course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) (A)
 adopt a plan of complete or partial liquidation, consolidation, winding-up or resolutions
 providing for the liquidation, consolidation or dissolution of any of the Sweetwater Entities,
 any of their Subsidiaries or any of their respective assets, or (B) file a petition in bankruptcy
 under any Law on behalf of any of the Sweetwater Entities or any of their Subsidiaries or
 consent to the filing of any bankruptcy petition against any of the Sweetwater Entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) acquire
 or commit to acquire any material interest, or make or commit to make any material investment
 or contributions of capital, directly or indirectly, in any Person or its businesses in one
 transaction or in a series of related transactions (in each case, by merger, consolidation,
 exchange, acquisition of securities or other equity interests, purchase, lease or licence
 of any significant portion of property or consolidated assets, joint venture formation or
 otherwise), other than for consideration with a value of less than *[Redacted: dollar value]* per any such transaction or series of related transactions, <u>provided</u> that the value
 of consideration for all such transactions in the aggregate in any twelve (12) month period
 is less than *[Redacted: dollar value]* and further provided that at all times the Sweetwater
 Entities and that such transactions do not impede, delay, interfere or otherwise adversely
 affect the completion of the Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) sell,
 lease, license, dispose of, abandon, pledge or otherwise subject to a Lien (other than a
 Permitted Lien) or otherwise transfer any material assets or any interest in any material
 assets (in each case including material Intellectual Property) of any of the Sweetwater Entities,
 other than assets or interests in assets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) with
 a value less than *[Redacted: dollar value]* in the aggregate in any twelve (12) month
 period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) sales
 (however structured) of Goods or other tangible property in the Ordinary Course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) incur,
 create, assume or otherwise become liable for any Sweetwater Indebtedness, or provide any
 guarantees thereof, in each case that would result in the aggregate principal amount of Sweetwater
 Indebtedness or guarantees thereof outstanding as of such time (without duplication) exceeding
 an aggregate amount equal to (A) the aggregate principal amount of Sweetwater Existing Indebtedness
 outstanding as of the date hereof plus (B) *[Redacted: dollar value]*, other than to
 the extent required pursuant to any Sweetwater JV Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) (A)
 amend or modify in any material respect, terminate or waive any material right under any
 Material Contract; (B) enter into any Contract that would be a Material Contract if in effect
 on the date of this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) make
 any material change to any of the Sweetwater Entities' accounting policies or methods
 of accounting (including adopting new accounting policies or methods), other than required
 by concurrent changes in U.S. GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) enter
 into, amend or terminate (other than for cause) any employment agreement or Contract with
 any independent contractor or hire or retain the services of any Person for any purpose whatsoever;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) enter
 into, adopt or terminate any Sweetwater Benefit Plan or amend or modify an existing Sweetwater
 Benefit Plan or pay any benefit not required by (or accelerate the time of payment, vesting
 or funding of, any payment becoming due under) such Sweetwater Benefit Plan as in effect
 as of the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) other
 than as required by the terms of any Collective Agreement, Sweetwater Benefit Plan or written
 employment agreements in existence on the date of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) grant
 to any Sweetwater employee, officer or director of any of the Sweetwater Entities an increase
 in compensation or benefits in any form, other than in the Ordinary Course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) grant
 or increase any eligibility or entitlement to severance, retention, change of control or
 termination pay or similar compensation or benefits payable to (or amend any existing Contract
 with), any director or officer of any of the Sweetwater Entities or any Sweetwater employee
 (other than a director or officer), independent contractor or consultant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) enter
 into any employment, deferred compensation, independent contractor, consultant, or other
 similar Contract (or amend any such existing Contract) with any director or officer of any
 of the Sweetwater Entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) amend
 or extend any benefits provided under a Sweetwater Benefit Plan or establish any new material
 Sweetwater Benefit Plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) provide
 for accelerated vesting, payment or removal of restrictions on any compensation or benefits
 or fund or otherwise secure the payment of, or accelerate the funding of, any compensation
 or benefits payable under any Sweetwater Benefit Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) commence,
 waive, release, assign, settle, compromise or settle any litigation, proceeding, regulatory
 process, claim or investigation affecting any of the Sweetwater Entities reasonably expected
 to (A) involve an amount in excess of the greater of *[Redacted: dollar value]* in each
 case (and any series of the aforementioned which arise from the same or substantially the
 same facts, matters, circumstances or events shall be aggregated together for the purpose
 of such threshold), (B) impede, prevent or delay the consummation of the Transactions or
 (C) impose material injunctive or equitable relief, or impose material restrictions, on the
 business activities of the Sweetwater Entities, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) (A)
 make, change or rescind any material Tax election or Tax designation (other than in the Ordinary
 Course); (B) settle or compromise any material Tax claim, assessment, reassessment, liability,
 action, suit, proceeding, hearing or controversy; (C) amend any material Tax Return; (D)
 enter into any agreement with a Governmental Entity with respect to Taxes; (E) enter into
 or change any material Tax sharing, Tax advance pricing agreement, Tax allocation or Tax
 indemnification agreement that is binding on any of the Sweetwater Entities (other than any
 commercial agreement entered into in the Ordinary Course the primary purpose of which is
 not related to Taxes); (F) surrender any right to claim a Tax abatement, reduction, deduction,
 exemption, credit or refund; (G) make a request for a Tax ruling to any Governmental Entity;
 (H) other than as required by applicable Law, amend or change any of its methods of reporting
 income, deductions or accounting for Tax purposes; or (I) change the residence of any of
 the Sweetwater Entities for Tax purposes (including for the purposes of a double taxation
 arrangement) or create any permanent establishment or other place of business of any of the
 Sweetwater Entities in a jurisdiction in which such entity is not so resident; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) authorize,
 propose, commit or enter into any agreement to do any of the foregoing.

(2) Nothing
 in this Agreement (a) is intended to or shall result in URC exercising material influence
 over the operations of any of the Sweetwater Entities, particularly in relation to operations
 in which the Parties compete or would compete, but for this Agreement, with each other, during
 the Interim Period, or (b) shall be interpreted in such a way as to place either of the Sweetwater
 Investors, the Sweetwater Entities or URC in violation of any applicable Law. Each of the
 Sweetwater Investors on the one hand and URC on the other hand shall exercise, consistent
 with the terms and conditions of this Agreement, complete control and supervision over its
 respective operations and the operations of its respective Subsidiaries during the Interim
 Period.

**Section 5.4 Covenants of the Sweetwater Investors Relating to the Arrangement.**

(1) During
 the Interim Period, subject to Section 5.5 of this Agreement which shall govern in relation
 to Regulatory Approvals, each of the Sweetwater Investors shall and shall cause the Sweetwater
 Entities to perform all obligations required to be performed by any of the Sweetwater Investors
 or any of the Sweetwater Entities under this Agreement and use reasonable best efforts to
 cooperate with URC in connection therewith, and do all such other acts and things as may
 be necessary or desirable in order to consummate and make effective as soon as reasonably
 practicable the Transactions and, without limiting the generality of the foregoing, each
 of the Sweetwater Investors shall and, where appropriate, shall cause each the Sweetwater
 Entities to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) upon
 reasonable consultation with URC, use reasonable best efforts to defend all lawsuits or other
 legal, regulatory or other proceedings against any of the Sweetwater Investors, any of the
 Sweetwater Entities or their respective directors or officers challenging or affecting this
 Agreement or the consummation of the Transactions and use reasonable best efforts to have
 lifted or rescinded any injunction or restraining order or other order relating to any of
 the Sweetwater Investors or any of the Sweetwater Entities which may materially adversely
 affect the ability of the Parties to consummate the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) use
 reasonable best efforts to satisfy all conditions precedent in this Agreement and take all
 steps set forth in the Interim Order and Final Order applicable to it and comply promptly
 with all requirements which applicable Laws may impose on any of the Sweetwater Investors
 or any of the Sweetwater Entities with respect to the Transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) use
 commercially reasonable efforts to seek all material third-party notices, consents, waivers,
 approvals, permits, exemptions, orders, agreements, amendments or confirmations required
 to be obtained by any of the Sweetwater Investors or any of the Sweetwater Entities in connection
 with the Transactions in each case without paying, and without committing itself, or URC
 or any of their respective Subsidiaries to pay, any consideration or incurring any liability
 or obligation without the prior written consent of URC (it being expressly agreed by URC
 that no such notice, consent, waiver, approval, permit, exemption, order, agreement, amendment
 or confirmation in and of itself shall be a condition to the closing of the Arrangement).

(2) During
 the Interim Period, each of the Sweetwater Investors shall promptly (but in no event later
 than two (2) Business Days following any of the events described below) notify URC in writing
 upon becoming aware of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 notice or other communication from any Person alleging that the consent (or waiver, approval,
 permit, exemption, order, agreement, amendment or confirmation) of such Person (or another
 Person) is or may be required in connection with this Agreement or any of the Transactions,
 other than in respect of Regulatory Approvals which are governed by Section 5.5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unless
 prohibited by applicable Law or Contract existing as of the date of this Agreement, any notice
 or other communication from (i) any proxy advisory service in connection with, or (ii) any
 Person objecting to, indicating an intention to oppose or pursuing or threatening to pursue
 a position adverse to the completion of, the Transactions (and the Sweetwater Investors shall
 contemporaneously provide a copy of any such written notice or communication to URC), other
 than in respect of Regulatory Approvals which are governed by Section 5.5; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 material litigation, proceeding, regulatory process, claim or investigation commenced or,
 to any of the Sweetwater Investors' knowledge, threatened against, relating to or involving,
 or otherwise affecting the Arrangement or any of the Transactions, other than in respect
 of Regulatory Approvals which are governed by Section 5.5.

(3) The
 receipt of notice or information by URC pursuant to Section 5.4(2) or otherwise shall not
 operate as a waiver by URC or otherwise diminish the scope of or otherwise affect any representation,
 warranty, covenant, agreement or obligation of the Sweetwater Investors under this Agreement
 or any condition set forth in Section 7.1 or Section 7.3. Additionally, the failure of any
 of the Sweetwater Investors to comply with Section 5.4(2) shall not give rise to the failure
 of a condition precedent set forth in Section 7.3(a) or a right to terminate this Agreement
 pursuant to Section 8.2(1)(d)(i) other than in the event of Willful Breach by a Party or
 any of its Representatives.

**Section 5.5 Regulatory Approvals.**

(1) Subject
 to the remaining provisions of this Section 5.5 (including Section 5.5(5)), the Sweetwater
 Investors and URC shall, and shall cause their respective affiliates to, use their reasonable
 best efforts to: (a) obtain all Regulatory Approvals, including the Key Regulatory Approvals;
 (b) effect all registrations, filings and submissions of information required by Governmental
 Entities relating to the Transactions as soon as reasonably practicable and in any event
 sufficiently in advance of the Outside Date so as to allow the Effective Time to occur before
 the Outside Date (including taking all actions necessary to cause the expiration or termination
 of any applicable waiting period under the HSR Act as soon as reasonably practicable); and
 (c) take any and all actions necessary to avoid, eliminate, and resolve any and all impediments
 under any Law that may be asserted by any Governmental Entity or any other Person with respect
 to the Transactions.

(2) The
 Parties agree that, subject to the remaining provisions of this Section 5.5 (including Section
 5.5(5)), the Parties shall, as soon as reasonably practicable and in any event within thirty
 (30) Business Days following the date hereof or such other period of time as may be agreed
 in writing by the Parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) file
 a notification pursuant to section 12 of the ICA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) file
 any required notification and report form pursuant to the HSR Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) prepare
 and file all documentation to effect all necessary notices, reports and other filings and
 to obtain as promptly as practicable all consents, registrations, approvals, and Authorizations
 in respect of the other Regulatory Approvals not expressly identified in this Section 5.5(2).

(3) The
 Parties shall cooperate with one another in connection with obtaining the Regulatory Approvals
 and will consult with one another, and consider in good faith the reasonable views of one
 another, to jointly devise, develop and implement: (i) the strategy, timing and form for
 obtaining any necessary approval of, for responding to any request from, inquiry or investigation
 by, or execution of any remedy required by, any Governmental Entity that has authority to
 enforce any Law related to the Regulatory Approvals (including directing the timing, nature
 and substance of all such responses, including any analyses, appearances, presentations,
 memoranda, briefs, arguments, opinions and proposals made or submitted by or on behalf of
 any Party in connection with the subject matter of this Section 5.5), and (ii) the defence
 and settlement of any action brought by or before any Governmental Entity that has authority
 to enforce any Law; <u>provided</u>, <u>however</u>, that in the event of any disagreement
 between the Parties with respect to the matters described in the foregoing clause (i) or
 (ii), the appointed counsel of the Sweetwater Investors and the appointed counsel of URC
 shall seek to resolve such disagreement reasonably and in good faith; <u>provided</u>, <u>further</u>,
 that if the respective counsels of the Parties cannot resolve any such disagreement within
 ten (10) Business Days, the officers designated in writing by each of the Sweetwater Investors
 and the Chief Executive Officer of URC shall seek to resolve such disagreement reasonably
 and in good faith within a further five (5) Business Days.

(4) The
 Parties shall provide or submit on a timely basis, and as promptly as practicable, all documentation
 and information that is required or reasonably requested by any Governmental Entity, or advisable,
 in connection with any filing or application to be made with respect to the Regulatory Approvals,
 in each case, in accordance with, and subject to the applicable procedures set forth in Section
 5.5(3); <u>provided</u>, <u>however</u>, that nothing in this provision shall require a Party
 to provide information that is not in its possession or not otherwise reasonably available
 to such Party.

(5) In
 the case of each of clauses (a) through (e), in accordance with and subject to the applicable
 procedures set forth in Section 5.5(3), the Parties shall: (a) with respect to any proposed
 applications, notices, filings, submissions, correspondence, agreements, orders, undertakings,
 or other information or communications relating to the Regulatory Approvals, provide each
 other with the assistance each may reasonably request in the preparation of the same (including
 providing any information reasonably requested by the other Party or its outside counsel),
 provide each other with draft copies thereof in advance and a reasonable opportunity to review
 and comment thereon prior to supplying to or filing with a Governmental Entity, and provide
 each other with final copies thereof once supplied or filed, as applicable (in each case
 excluding all confidential sections of the Parties' respective HSR filings), and consult
 with the other Party and consider in good faith the other Party's reasonable views
 and comments prior to taking any position with respect to the filings or in any submissions
 to or discussions with any Governmental Entity, and neither URC nor the Sweetwater Investors
 shall submit any applications, notices, filings, submissions, correspondence, agreements,
 orders, undertakings or other information or communications relating to the Regulatory Approvals
 unless the other Party has consented to such submission; (b) cooperate on a timely basis
 in the preparation of any response by a Party to any request for additional information received
 by such Party from a Governmental Entity in connection with the Regulatory Approvals; (c)
 promptly provide or submit all documentation and information that is required by Law, reasonably
 requested by a Governmental Entity, or advisable in the opinion of the Sweetwater Investors
 or URC, each acting reasonably, in connection with obtaining the Regulatory Approvals; (d)
 unless prohibited by applicable Law or by the applicable Governmental Entity, and to the
 extent reasonably practicable, (i) not participate in or attend any meeting, or engage in
 any conversation, with any Governmental Entity in respect of the Transactions without the
 other Party; (ii) give the other Party reasonable prior notice of any such meeting or conversation;
 (iii) keep any non-participating Party apprised with respect to such meeting or conversation
 if such Party is prohibited by applicable Law or by the applicable Governmental Entity from
 participating in or attending any such meeting or engaging in any such conversation; and
 (iv) otherwise keep each other informed, on a timely basis, of the status of discussions
 and communications with any Governmental Entity relating to the Regulatory Approvals, including
 promptly providing copies of any written communications received from Governmental Entities
 in connection with the Regulatory Approvals or summaries of any verbal communications received
 in that regard; and (e) effect such presentations and assist at such discussions or meetings
 with a relevant Governmental Entity as the Sweetwater Investors or URC may determine is appropriate
 for the purpose of obtaining the Regulatory Approvals as promptly as practicable. The Parties
 shall take commercially reasonable efforts to share with the other Parties information protected
 from disclosure under the attorney-client privilege, work product doctrine, joint defense
 privilege, or any other privilege pursuant to this Section 5.5 in a manner so as to preserve
 the applicable privilege. Any Party may reasonably designate any competitively sensitive
 material provided to the other Party under this Section 5.5 as "outside counsel only."
 Materials provided pursuant to this Section 5.5 may be redacted: (y) as necessary to comply
 with contractual agreements and (z) as necessary to address reasonable privilege or confidentiality
 concerns.

(6) Without
 limiting or derogating from the Parties' obligations contained elsewhere in this Section
 5.5, if any objections are asserted with respect to the Transactions under any Law, or if
 any action is instituted or threatened by or before any Governmental Entity challenging or
 which could lead to a challenge of any of the Transactions, the Parties shall contest, defend
 against and resolve such objections or action, as applicable, including by using their best
 efforts to avoid, oppose or seek to have lifted or rescinded any Law that would restrain,
 prevent, restrict or delay the consummation of the Arrangement, <u>provided</u>, <u>however</u>,
 that the Parties shall not be obligated to: (i) divest, license, hold separate or otherwise
 dispose of any assets, businesses, or equity interests of such Party or its respective affiliates;
 (ii) agree to any structural or conduct remedies; (iii) enter into any settlement, consent
 decree, or other agreement with a Governmental Entity; (iv) take any action in response to
 any second request or similar investigatory demand, or to litigate or otherwise contest any
 challenge to the Transactions by any Governmental Entity; or (v) take (or refrain from taking)
 any action, the result of which might limit the ability of such Party or its respective affiliates'
 freedom of action with respect to their ownership or operation of any assets, businesses,
 or equity interests.

(7) The
 Sweetwater Investors and URC shall not, and shall not allow any of their respective Subsidiaries
 to, take any action or enter into any merger, acquisition, business combination, plan of
 arrangement, material joint venture or scheme of arrangement that would reasonably be expected
 to prevent, delay or impede the obtaining of, or increase the risk of not obtaining, the
 Key Regulatory Approvals, or otherwise prevent, delay or impede the consummation of the Transactions.
 The Parties shall consult in good faith prior to any agreement or refusal to extend a waiting
 period, review period or enter into an agreement not to consummate the Arrangement or to
 not consummate the Arrangement prior to any date. The Parties shall consult in good faith
 prior to any decision to withdraw (and in the case of any HSR filing, withdraw and refile)
 any filing or application made in connection with any Regulatory Approval (including the
 ICA Approval).

(8) All
 filing and similar fees paid to Governmental Entities associated with obtaining the Regulatory
 Approvals shall be borne equally by the Sweetwater Investors, on one hand, and URC, on the
 other hand; <u>provided</u>, that with respect to the portion of such fees allocated to the
 Sweetwater Investors pursuant to the foregoing, such portion shall be borne equally by the
 Orion Sellers, on one hand, and OTPP, on the other hand.

**Section 5.6 Governance Arrangements.**

(1) The
 Parties hereby agree that (and without limiting their obligations in Section 5.5) New ParentCo
 shall take all actions to ensure that immediately after the Effective Time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 New ParentCo Board shall consist of the individuals that are serving as members of the board
 of directors of URC as of the date hereof (subject to any vacancies arising from a director
 ceasing to hold office and any replacement director in respect thereof) and such additional
 persons designated by the Sweetwater Investors in accordance with their respective rights
 set forth in the Investor Rights Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 chairperson of the New ParentCo Board shall be Amir Adnani; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 New ParentCo executive officers shall be the persons listed on Schedule G, less any such
 person on that list who resigns, dies, goes on a long-term leave of absence or is dismissed
 for Cause prior to the Effective Time.

(2) The
 Parties hereby agree that (without limiting their obligations in Section 5.5):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Parties shall, and shall cause New ParentCo to, take all actions to ensure that the New ParentCo
 Shares will, following the Effective Time, be approved for listing on the Nasdaq, and the
 Parties agree to cooperate with each other in taking, or causing to be taken, all actions
 necessary for such listing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 of the Parties agrees to cooperate with each other in taking, or causing to be taken, all
 actions reasonably necessary, proper or advisable to delist the URC Shares from the Nasdaq
 and the TSX and to terminate registration of the URC Shares under the U.S. Exchange Act following
 the Effective Time.

**Section 5.7 Access to Information; Confidentiality.**

(1) From
 the date hereof until the earlier of the Effective Time and the termination of this Agreement,
 subject to Law and the terms of any existing Contracts, in each case solely for the purpose
 of furthering the consummation of the Transactions contemplated by this Agreement (and integration
 activities related thereto), each Party shall: (a) give each other Party and their respective
 Representatives, as applicable, upon reasonable notice, reasonable access during normal business
 hours to its and its Subsidiaries' (i) premises, (ii) property and assets (including
 all books and records, whether retained internally or otherwise), (iii) material Contracts,
 and (iv) senior personnel so long as the access does not unduly interfere with the ordinary
 course conduct of the business of such Party; (b) furnish to the other Party and their respective
 Representatives such financial and operating data and other information with respect to the
 assets or business of such Party and any of its Subsidiaries as it may reasonably request, <u>provided</u> that no investigation pursuant to this Section 5.7 shall affect or be deemed
 to modify any representation or warranty made by a Party herein; and (c) instruct the Party's
 Representatives to cooperate with the other Party and their Representatives in respect of
 (a) and (b), but subject to the Confidentiality Agreement.

(2) Notwithstanding
 any provision of this Agreement, no Party shall be obligated to provide access to, or to
 disclose, any information if such Party reasonably determines that such access or disclosure
 would jeopardize any solicitor-client or other privilege claim by the Party or its Subsidiaries
 provided that, to the extent any information is withheld due to a potential waiver of such
 privilege, the Party shall notify the other Parties of the nature of the information which
 is being withheld and the basis for privilege and shall use its commercially reasonable efforts
 to find a way to allow disclosure of such information, including entering into common interest
 privilege agreements or other arrangements, as appropriate.

(3) Investigations
 made by or on behalf of a Party, whether under this Section 5.7 or otherwise, will not waive,
 diminish the scope of, or otherwise affect any representation or warranty made by such Party
 in this Agreement.

(4) The
 Parties acknowledge that the Confidentiality Agreement and any common interest privilege
 agreement or other arrangement referred to in Section 5.7 continue to apply and that all
 information provided under this Section 5.7 shall be subject to the terms thereof on the
 same basis as if such information had been disclosed under such agreement or arrangement.
 For the avoidance of doubt, if this Agreement is terminated in accordance with its terms,
 the obligations of the Parties and their respective affiliates under the Confidentiality
 Agreement and any common interest privilege agreement or other arrangement referred to in
 Section 5.7 shall survive the termination of this Agreement in accordance with the terms
 thereof.

**Section 5.8 Privacy Matters.**

(1) For
 the purposes of this Section 5.8, "**Transaction Personal Information**" means
 the Personal Information transferred, disclosed or conveyed to one Party or any of its representatives
 or agents (a "**Recipient**") by or on behalf of another Party (a "**Transferor** ")
 as a result of or in conjunction with the Arrangement, and includes all such Personal Information
 transferred, disclosed or conveyed to the Recipient prior to the execution of this Agreement.

(2) Each
 Transferor acknowledges and confirms that it will take measures to ensure that the transfer,
 disclosure, communication or conveyance of Transaction Personal Information is limited to
 what is necessary for the purposes of determining if the Parties shall proceed with the Arrangement
 and, if the determination is made to proceed with the Arrangement, to carry on the business
 and complete the Arrangement.

(3) In
 addition to its other obligations hereunder, the Recipient covenants and agrees to, prior
 to the completion of the Arrangement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) process,
 collect, use and disclose the Transaction Personal Information in compliance with applicable
 Privacy Laws and solely for the purpose of reviewing, determining whether to proceed with
 and completing the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where
 required by applicable Law (including Privacy Laws), not communicate Transaction Personal
 Information without the consent of the individual concerned, unless authorized to do so by
 applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) protect
 and safeguard the confidentiality of the Transaction Personal Information using security
 safeguards appropriate to the sensitivity of the Transaction Personal Information in accordance
 with applicable Privacy Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) within
 a reasonable time, return to the Transferor or destroy the Transaction Personal Information,
 at the option of the Recipient, should the Arrangement not be completed or as otherwise required
 by Law.

(4) Should
 the Arrangement be completed, in addition to its other obligations hereunder, the Recipient
 covenants and agrees to, following the completion of the Arrangement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) process,
 use and disclose the Transaction Personal Information in compliance with applicable Privacy
 Laws and solely for the purposes for which the information was collected, permitted to be
 used or disclosed before the Arrangement was completed, unless the Recipient provides notice
 and/or obtains consent and/or is otherwise permitted to do so, in each case, in accordance
 with applicable Law (including Privacy Laws), to use or disclose the Transaction Personal
 Information for other purposes, or the use or disclosure of the Transaction Personal Information
 is otherwise required or permitted by applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) protect
 the Transaction Personal Information by security safeguards appropriate to its sensitivity
 in accordance with applicable Privacy Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) give
 effect to withdrawals of consent to collect, use or disclose the Transaction Personal Information,
 subject to and in accordance with applicable Law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) where
 required by applicable Law, within a reasonable time after the Arrangement is completed,
 notify the individuals to whom the Transaction Personal Information pertains that the Arrangement
 has been completed and that their Personal Information has been disclosed to and is now held
 by the Recipient because of the Arrangement.

**Section 5.9 Cure Provisions.**

(1) The
 Sweetwater Investors may not elect to exercise its right to terminate this Agreement pursuant
 to Section 8.2(1)(c)(i) (*Breach of Representation or Warranty or Failure to Perform Covenants by URC*) and URC may not elect to exercise its right to terminate this Agreement pursuant
 to Section 8.2(1)(d)(i) (*Breach of Representation or Warranty or Failure to Perform Covenants by the Sweetwater Investors*), unless the Party seeking to terminate the Agreement (the
 "**Terminating Party**") has delivered a written notice ()"**Termination Notice**") to the other Party (the "**Breaching Party**") specifying
 in reasonable detail all breaches of covenants, representations and warranties or other matters
 which the Terminating Party asserts as the basis for termination. After delivering a Termination
 Notice, if the Breaching Party is proceeding diligently to cure such matter and such matter
 is capable of being cured prior to the Outside Date, the Terminating Party may not exercise
 such termination right until the earlier of: (a) the Outside Date; and (b) the date that
 is ten (10) Business Days following receipt of such Termination Notice by the Breaching Party,
 if such matter has not been cured by such date; <u>provided</u> that if any matter is not
 capable of being cured by the Outside Date, the Terminating Party may immediately exercise
 the applicable termination right.

(2) If
 a Termination Notice is delivered prior to the date of the URC Meeting, unless the Parties
 agree otherwise, URC shall, at the request of the Breaching Party, postpone or adjourn the
 URC Meeting, to the earlier of (i) ten (10) Business Days prior to the Outside Date, and
 (ii) the date that is ten (10) Business Days following receipt of such Termination Notice
 by the Breaching Party.

**Section 5.10 Insurance and Indemnification.**

(1) Prior
 to the Effective Date, the Sweetwater Investors acknowledge and agree that URC shall purchase
 customary "tail" or "run-off" policies of directors' and officers'
 liability insurance from a reputable and financially sound insurance carrier providing protection
 no less favourable in the aggregate to the protection provided by the policies maintained
 by URC and its Subsidiaries which are in effect immediately prior to the Effective Date and
 providing protection in respect of claims arising from facts or events which occurred on
 or prior to the Effective Date and New ParentCo shall, or shall cause URC and its Subsidiaries
 to, maintain such tail policies in effect without any reduction in scope or coverage for
 six years from the Effective Date; <u>provided</u> that New ParentCo shall not be required
 to pay any amounts in respect of such coverage prior to the Effective Date and provided further
 that the aggregate cost of such policies for the six-year period is on commercially reasonable
 and market based pricing for similar policies currently maintained by URC.

(2) Following
 the Effective Date, New ParentCo shall, and shall cause its Subsidiaries (including URC and
 its Subsidiaries) to, honour all rights to indemnification or exculpation now existing in
 favour of present and former directors, officers, employees, consultants and contractors
 of URC and its Subsidiaries, and acknowledges that such rights shall survive the completion
 of the Plan of Arrangement, and, to the extent within the control of New ParentCo, New ParentCo
 shall ensure that such rights shall not be amended, repealed or otherwise modified in any
 manner and shall continue in full force and effect in accordance with their terms for a period
 of not less than six years from the Effective Date.

(3) If,
 following the Effective Date, New ParentCo and any of its respective Subsidiaries or any
 of their respective successors or assigns (i) consolidates with or merges into any other
 Person and is not a continuing or surviving corporation or entity of such consolidation or
 merger, or (ii) transfers all or substantially all of its properties and assets to any Person,
 New ParentCo shall ensure that any such successor or assign (including, as applicable, any
 acquirer of substantially all of the properties and assets of New ParentCo or any Subsidiary
 of New ParentCo) assumes all of the obligations set forth in this Section 5.10.

**Section 5.11 Specified Matters**

Where, pursuant to this Agreement, a Party (the "**Requesting Party**") is required or permitted to seek or obtain the consent, approval, agreement, waiver, confirmation or determination of, or to provide any notice, request or other communication to, the other Party (the "**Receiving Party**") (each, a "**Specified Matter**"), such Specified Matter shall be made or delivered in writing (which may be by email) to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of the Sweetwater Investors, each of the individuals listed in Schedule J; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the case of URC, each of the individuals listed in Schedule J.

Each Specified Matter shall include: (i) reasonable detail sufficient to enable the Receiving Party to understand the nature and scope of the matter; and (ii) reference to the relevant provision(s) of this Agreement. The Requesting Party shall provide such additional information as the Receiving Party may reasonably request. The Receiving Party shall act reasonably and in good faith in respect of any Specified Matter and shall, as far as practicable, respond within five (5) Business Days of receipt (or, if another period is specified elsewhere in this Agreement, within such other period). Whenever a provision of this Agreement requires an approval or consent of a Party and such approval or consent is not delivered in writing within the applicable time limit, then, unless otherwise specified, the Party whose consent or approval is required shall be conclusively deemed to have withheld its approval or consent.

**Section 5.12 Covenants Relating to the Exchangeable Shares.**

(1) The
 Sweetwater Investors and URC shall, as soon as practicable and in any event not more than
 thirty (30) days following the execution of this Agreement, prepare and agree to: (a) the
 Exchangeable Share Provisions with the rights, privileges, restrictions and conditions substantially
 as set forth in Schedule H and otherwise acceptable to URC and the Sweetwater Investors,
 each acting reasonably; and (b) the forms of the Exchangeable Share Support Agreement and
 the Voting and Exchange Trust Agreement, and acceptable to URC and the Sweetwater Investors,
 each acting reasonably. Without limitation of the foregoing, during such thirty (30) day
 period the Sweetwater Investors and URC may each propose and, if proposed, shall consider
 in good faith, alternative exchangeable structures.

(2) The
 Sweetwater Investors shall, and shall cause its Subsidiaries (including New ParentCo, and
 ExchangeCo and CallCo, once established) to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at
 least fifteen (15) Business Days prior to the Effective Date, incorporate and organize each
 of (i) ExchangeCo under the Laws of the Province of British Columbia, with an authorized
 capital consisting of the Exchangeable Shares (with the Exchangeable Share Provisions) and
 the ExchangeCo Shares, and (ii) CallCo as an unlimited liability corporation under the Laws
 of the Province of British Columbia with an authorized capital consisting of the CallCo Shares,
 each in a manner acceptable to URC, acting reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) prior
 to the Effective Time, (i) execute and deliver, in escrow (to be released at the time specified
 in the Plan of Arrangement), the Exchangeable Share Support Agreement; and (ii) execute and
 deliver, in escrow (to be released at the time specified in the Plan of Arrangement), the
 Voting and Exchange Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) until
 the Effective Time, except as contemplated by the Arrangement, ensure New ParentCo owns all
 of the outstanding capital shares of CallCo and CallCo owns all of the outstanding capital
 shares of ExchangeCo (for greater certainty, other than the Exchangeable Consideration Shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ensure
 that ExchangeCo will be a "taxable Canadian corporation" within the meaning of
 the Tax Act and that CallCo will be treated as an entity whose separate existence from New
 ParentCo is disregarded for U.S. federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ensure
 that the Exchangeable Shares, the ExchangeCo Shares and the CallCo Shares to be issued in
 the Arrangement will be duly and validly issued by ExchangeCo and by CallCo, as applicable,
 and fully paid and non-assessable, not subject to or issued in violation of pre-emptive rights
 and free and clear of any Lien; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) except
 for any action required or contemplated under this Agreement (including the Plan of Arrangement
 and any Pre-Closing Reorganization), not take any action which could reasonably be expected
 to prevent the exchange of URC Shares for consideration that includes Exchangeable Consideration
 Shares under the Arrangement by Eligible Holders in the Plan of Arrangement from being treated
 as a tax-deferred transaction for purposes of the Tax Act if such holders are otherwise eligible
 for such treatment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) During
 the thirty (30) day period following the execution of this Agreement, but prior to the date
 that the Interim Order is received by the Parties, the Sweetwater Investors and URC may each
 propose, and if proposed, shall each consider in good faith, alternative structures under
 the Plan of Arrangement to implement the Transactions (including structures involving the
 creation of new classes of shares at URC, amalgamations, reorganizations of capital, etc.).

**Section 5.13 Covenants Relating to the Investor Rights.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 Sweetwater Investors and URC shall, as soon as practicable and in any event not more than
 thirty (30) days following the execution of this Agreement, prepare and agree to the form
 of the Investor Rights Agreement, substantially on the terms set forth in Schedule I and
 acceptable to URC and the Sweetwater Investors, each acting reasonably.

**Section 5.14 Canadian Tax Matters.**

(1) Where
 an Eligible Holder that receives Exchangeable Shares under the Arrangement desires to so
 elect, the Sweetwater Investors shall cause ExchangeCo to comply with its obligations to
 make a joint election with such URC Shareholder in respect of its disposition of its URC
 Shares pursuant to Section 85 of the Tax Act (and any similar provision of any applicable
 provincial Tax Laws) in accordance with the procedures and within the time limits set out
 in the Plan of Arrangement. The agreed amount under such joint elections shall be determined
 by each such URC Shareholder in his or her sole discretion within the limits set out in the
 Tax Act (and any similar provision of any applicable provincial Tax Laws).

(2) During
 the Interim Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) URC
 shall not, and shall not cause any Subsidiary of URC that is a resident of Canada for purposes
 of the Tax Act to, make any "investment" (within the meaning of subsection 212.3(10)
 of the Tax Act) in a corporation that is a "foreign affiliate" (as defined for
 purposes of the Tax Act) of URC, such Subsidiary or any corporation that does not deal at
 arm's length with URC or such Subsidiary for purposes of the Tax Act, except (I) as
 otherwise required, permitted or contemplated by this Agreement, (II) as required by applicable
 Law, (III) with the prior written consent of the Sweetwater Investors, such consent not to
 be unreasonably withheld, delayed or conditioned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding
 Section 5.14(2)(a), the Sweetwater Investors and URC shall, and where appropriate, shall
 each cause its Subsidiaries to, cooperate with each other and use their best efforts to minimize
 any applicable Taxes under the Tax Act in respect of "investment" (within the
 meaning of subsection 212.3(10) of the Tax Act) made by URC or URC Subsidiaries resulting
 from the Transactions, including by, among other things, making such tax elections (including,
 for the avoidance of doubt, elections under paragraph 212.3(11)(c) or subsections 212.3(3)
 or (7) of the Tax Act) and taking such steps as may reasonably be determined applicable by
 the Parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) URC
 shall provide the Sweetwater Investors with a reasonable opportunity to review and comment
 upon drafts of any election proposed to be made in accordance with section 212.3 of the Tax
 Act and shall give reasonable consideration to all such comments.

**Section 5.15 Pre-Closing Reorganization.**

The Parties agree to, and shall cause their respective Representatives to, cooperate in good faith to (a) determine any reorganizations of the corporate structure, capital structure, business, operations or assets of URC or the Sweetwater Investors and their respective Subsidiaries during the Interim Period that may be reasonably necessary or advisable to give effect to the Transactions (each a "**Pre-Closing Reorganization**"); (b) determine and agree on the manner in which any Pre-Closing Reorganization might most effectively be undertaken; and (c) use commercially reasonable efforts to effect such Pre-Closing Reorganization in such manner (including preparing all documentation necessary and doing all such other acts and things as are reasonably necessary to effect such Pre-Closing Reorganization as agreed between the Parties); <u>provided</u> that any Pre-Closing Reorganization: (i) shall not be prejudicial to any Party or its securityholders in any material respect; (ii) shall not require any Party to obtain the approval of its shareholders; (iii) shall not impair, prevent or materially delay the consummation of the Arrangement; (iv) shall not result in any breach by any Party or any of its Subsidiaries of any Material Contract, Arrangement Resolution, Constating Documents or applicable Law; (v) activities in furtherance thereof shall not unreasonably interfere with the Ordinary Course, operations and activities of a Party or its Subsidiaries, and (vi) shall not be consummated until at or immediately prior to the Effective Time. Additionally, the failure of any Party to comply with this Section 5.15 shall not give rise to the failure of a condition precedent set forth in Section 7.2(a) or Section 7.3(a), as applicable, or a right to terminate this Agreement pursuant to Section 8.2(1)(c)(i) or Section 8.2(1)(d)(i), as applicable. For greater certainty, nothing in this Section 5.15 shall affect or interfere with the Pre-Closing Sweetwater Reorganization contemplated under Section 2.16.

**Section 5.16 Financing Cooperation.**

From the date hereof through and following the Effective Date, or until the termination of this Agreement in accordance with its terms, URC shall use its commercially reasonable efforts to take, and cause to be taken, all actions and to do, and to cause to be done, all things necessary, proper or advisable to arrange, consummate and obtain the Concurrent Financing on the Effective Date; provided that, notwithstanding the foregoing, in no event shall URC be required to proceed with the Concurrent Financing if URC determines, acting reasonably and after consultation with its financial advisors, that market conditions are not conducive to a successful or efficient completion of the Concurrent Financing. The Parties agree to, and to use commercially reasonable efforts to cause their respective Representatives (including counsel, financial advisors and auditors) to, cooperate in good faith and use commercially reasonable efforts to assist URC in connection with its Concurrent Financing, including, to the extent reasonably requested in good faith by or on behalf of URC and agreed to in accordance with this Section 5.16 to use commercially reasonable efforts with respect to: (a) furnishing URC with required (including for purposes of Securities Laws and any prospectus or other offering document prepared in connection with the Concurrent Financing) and customary financial and other information regarding the Sweetwater Investors and the Sweetwater Entities that is required by Law in connection with the Concurrent Financing, including such additional unaudited interim financial statements and *pro forma* financial statements as may be required in connection therewith, in each case in addition to the financial information provided for inclusion in the URC Circular, (b) participating in meetings, drafting sessions, investor presentations and due diligence sessions at reasonable times and upon reasonable advance notice, (c) assisting URC and its Representatives with the preparation of reasonable and customary offering documents and other marketing materials in respect of the Concurrent Financing; <u>provided</u>, <u>however</u>, that the failure of any of the Sweetwater Investors to comply with this Section 5.16 shall not give rise to the failure of a condition precedent set forth in Section 7.2(a) or Section 7.3(a), as applicable, or a right to terminate this Agreement pursuant to Section 8.2(1)(c)(i) or Section 8.2(1)(d)(i). The foregoing notwithstanding, none of the Sweetwater Investors or any of their respective Subsidiaries or any of their respective Representatives shall be required to take or permit the taking of any action pursuant to this Section 5.16 without the consent of such Party that: (i) would cause any representation or warranty in this Agreement to be breached by the Sweetwater Investors or any of their respective Subsidiaries, (ii) would cause any director, officer or employee or securityholder of the Sweetwater Investors or any of their respective Subsidiaries to incur any personal liability, (iii) would conflict with any Constating Document of the Sweetwater Investors or their respective Subsidiaries or any Law, (iv) would reasonably be expected to result in a material violation or breach of (with or without notice, lapse of time or both) any Material Contract to which the Sweetwater Investors or any of their respective Subsidiaries is a party, or (v) would require the Sweetwater Investors or any of their respective Subsidiaries or any of their respective Representatives to provide access to or disclose information that the Sweetwater Investors or any of their respective Subsidiaries determines would jeopardize any attorney-client privilege, work product doctrine or other applicable privilege of the Sweetwater Investors or any of their respective Subsidiaries (<u>provided</u> that the Sweetwater Investors shall allow for such access or disclosure to the maximum extent that such access or disclosure would not jeopardize any such attorney-client, work product privilege or other applicable privilege).

**Section 5.17 U.S. Tax Matters.**

For U.S. federal and applicable state and local income tax purposes, the Parties intend: (A) that the Contribution (as defined in Schedule K) to New ParentCo in exchange for New ParentCo Shares along with the exchange of URC Shares to CallCo in exchange for New ParentCo Consideration Shares contemplated by Section 2.4(e) of the Plan of Arrangement shall constitute a single exchange described under Section 351 of the U.S. Tax Code; <u>provided</u> that, to the extent any Person receives New ParentCo Preferred Shares in such exchange, such Person shall recognize gain as provided under Section 351(b) of the U.S. Tax Code; (B) the distribution of the Common Shares (as defined in Schedule K) of UPX Minerals (as defined in Schedule K) by Sweetwater Trona Fund LP to constitute a distribution described under Section 731 of the U.S. Tax Code; and (C) the further distribution of the Common Shares of UPX Minerals by Sweetwater Trona Block LLC and Spur to be treated as a distribution under Section 301 of the U.S. Tax Code. For U.S. federal (and applicable state and local) income Tax purposes, the Parties shall report in a manner consistent with such intended tax treatment, except as required by a "determination" within the meaning of Section 1313 of the U.S. Tax Code or a good faith settlement with the IRS.

**Section 5.18 Covenants Relating to the Concurrent Private Placement.**

(1) Concurrent
 with the execution of this Agreement, URC has delivered to the Sweetwater Investors a copy
 of the duly executed Concurrent Private Placement Subscription Agreement, executed on behalf
 of UEC and itself, pursuant to which UEC is subscribing for URC Subscription Receipts in
 consideration for aggregate net cash proceeds of at least $40,000,000, on and subject to
 the terms of the Concurrent Private Placement Subscription Agreement.

(2) From
 the date hereof through and following the Effective Date, or until the termination of this
 Agreement in accordance with its terms, URC shall use reasonable best efforts to take, and
 cause to be taken, all actions and to do, and to cause to be done, all things necessary,
 proper or advisable to arrange, consummate and obtain the Concurrent Private Placement on
 the terms and conditions described in the Concurrent Private Placement Subscription Agreement.
 URC shall not, from the date hereof until the termination of this Agreement in accordance
 with its terms, amend, amend and restate, replace, supplement or otherwise modify or waive
 any of its rights or obligations under, or terminate, the Concurrent Private Placement Subscription
 Agreement without the prior written consent of the Sweetwater Investors, provided that, for
 the avoidance of doubt, URC may amend, waive, supplement or otherwise modify the Concurrent
 Private Placement Subscription Agreement or the URC Subscription Receipts so long as such
 amendment, waiver, supplementation or modification would not (A) reduce the aggregate amount
 of the Concurrent Private Placement or (B) impose any new or additional conditions or otherwise
 amend or modify the Concurrent Private Placement Subscription Agreement or the URC Subscription
 Receipts in a manner that would reasonably be expected to materially delay the release of
 the escrowed proceeds or the completion of the Transactions. Without limiting the foregoing,
 the Parties acknowledge and agree that URC may amend the Concurrent Private Placement Subscription
 Agreement to make administrative changes, including replacing the Escrow Agent (as such term
 is defined in the Concurrent Private Placement Subscription Agreement) with URC's existing
 securities transfer agent or other reputable agent.

**ARTICLE 6**

**COVENANTS REGARDING NON-SOLICITATION**

**Section 6.1 Non-Solicitation.**

(1) Except
 as otherwise expressly provided in this Article 6, during the Interim Period, each Party
 shall not, directly or indirectly, through any officer, director, employee or representative
 (including any financial or other advisor) or agent of such Party or any of its Subsidiaries
 (collectively, the "**Representatives** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) solicit,
 assist, initiate, knowingly encourage or otherwise knowingly facilitate any inquiries, proposals
 or offers that constitute or may reasonably be expected to constitute or lead to an Acquisition
 Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) enter
 into, engage in, continue or otherwise participate in any discussions or negotiations with
 any Person (other than the other Party and its Representatives) in respect of any inquiry,
 proposal or offer that constitutes or may reasonably be expected to constitute or lead to
 an Acquisition Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) remain
 neutral (whether by taking no position or otherwise) with respect to, agree to, approve or
 recommend, or propose publicly to remain neutral (whether by taking no position or otherwise)
 with respect to, agree to, approve or recommend any Acquisition Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) announce,
 accept, approve, endorse, give any consent or make any request in relation to or recommend,
 or propose publicly to accept, approve, endorse, give any consent or make any request in
 relation to or recommend, any Acquisition Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) accept
 or enter into, or publicly propose to accept or enter into, any agreement providing for any
 Acquisition Proposal; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) make
 a URC Change in Recommendation.

(2) Each
 Party shall, and shall cause its Subsidiaries and Representatives to, immediately cease and
 cause to be terminated any existing solicitation, encouragement, discussion or negotiation
 with any Person (other than the other Party and its Representatives) conducted by such Party
 or any of its Subsidiaries or Representatives with respect to any Acquisition Proposal or
 any inquiry, proposal or offer that constitutes, or may reasonably be expected to constitute
 or lead to, an Acquisition Proposal and, in connection therewith, such Party will discontinue
 access to and disclosure of any of its confidential information, including any data room
 and access to properties, facilities, books and records of such Party of any of its Subsidiaries,
 to any such Person or any other Person (other than the other Party and its Representatives)
 and request the return or destruction of all copies of any confidential information regarding
 such Party or any of its Subsidiaries provided to any Person (other than the other Party
 and its Representatives) since January 1, 2025 in respect of a possible Acquisition Proposal,
 in each case subject to applicable Law and customary record retention policies.

(3) Each
 Party covenants and agrees not to release, and cause its Subsidiaries not to release, any
 Person from, or waive, amend, suspend or otherwise modify such Person's obligations
 to such Party or its Subsidiaries under any confidentiality, standstill, non-disclosure,
 use, business purpose or similar agreement or covenant to which such Party or any of its
 Subsidiaries is a party, without the prior written consent of the other Party (it being acknowledged
 by both Parties that the automatic termination or release of any standstill restrictions
 of any such agreements as a result of entering into and announcing this Agreement shall not
 be a violation of this Section 6.1(3)).

**Section 6.2 Notification of Acquisition Proposals.**

If a Party or any of its Representatives receives any inquiry, proposal or offer that constitutes, or could reasonably be expected to constitute or lead to, an Acquisition Proposal, or any request in connection with any inquiry, proposal or offer that constitutes, or could reasonably be expected to constitute or lead to, an Acquisition Proposal for copies of, access to, or disclosure of, confidential information relating to such Party or any of its Subsidiaries or in the case of the Sweetwater Investors, the Sweetwater Joint Ventures, such Party shall promptly notify the other Party, at first orally, and then promptly (and in any event within twenty-four (24) hours) in writing, of such Acquisition Proposal, inquiry, proposal, offer or request, including a description of the material terms and conditions of the Acquisition Proposal, inquiry, proposal, offer or request and the identity of all Persons making the Acquisition Proposal, inquiry, proposal, offer or request and shall provide the other Party with copies of any material agreements, documents or correspondence (if not delivered in writing or electronic form, then by way of a description of the material terms of the matters communicated), in respect thereof, from or on behalf of any such Persons, in each case to the extent permitted by applicable Law and subject to the preservation of solicitor-client privilege and any contractual confidentiality obligations owed to such Person.

**Section 6.3 Shareholder Meetings.**

Unless this Agreement has been terminated by any Party in accordance with Article 8, URC shall cause the URC Meeting to occur and the Arrangement Resolution to be voted upon by the URC Shareholders thereat in accordance with this Agreement, and URC shall not submit to a vote of its shareholders any Acquisition Proposal other than the Arrangement Resolution, or any resolution to amend, cancel, revoke or withdraw the Arrangement Resolution prior to the termination of this Agreement in accordance with its terms.

**Section 6.4 Subsidiaries; Compliance with Law; Other Matters.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Nothing
 in this Agreement shall prohibit the URC Board from making any disclosure to any securityholders
 of URC prior to the Effective Time, if, in the good faith judgment of the URC Board, after
 consultation with its legal advisors, failure to make such disclosure would be inconsistent
 with the URC Board's exercise of its fiduciary duties or is otherwise required under
 applicable Law or pursuant to a Contract of URC existing as of the date hereof, <u>provided</u> that the URC Board shall not make a URC Change in Recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Each
 Party shall ensure that its Subsidiaries and Representatives are aware of the provisions
 of this Article 6, and, notwithstanding Section 5.3(2), as applicable, each Party shall be
 responsible for any breach of this Article 6 by its Subsidiaries or Representatives who (a)
 are directors, officers or employees, or (b) are acting at the direction of such Party and
 any breach of this Article 6 by a Party's Subsidiaries or such Representatives is deemed
 to be a breach of this Article 6 by such Party.

**ARTICLE 7**

**CONDITIONS**

**Section 7.1 Mutual Conditions Precedent.**

The obligations of the Parties to complete the Transactions are subject to the fulfillment of each of the following conditions precedent, each of which may only be waived with the mutual consent of the Parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 URC Shareholder Approval shall have been obtained in accordance with the Interim Order, applicable
 Law and this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Interim Order and the Final Order shall each have been obtained on terms consistent with
 this Agreement, and shall not have been set aside or modified in a manner unacceptable to
 URC and the Sweetwater Investors, acting reasonably, on appeal or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Key Regulatory Approvals shall have been obtained and remain in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Nasdaq Approval shall have been obtained and remain in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Investor Rights Agreement shall have been duly executed and delivered by the parties thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) no
 applicable Law shall be in effect that makes the consummation of the Arrangement illegal
 or otherwise prohibits or enjoins the Sweetwater Investors or URC from consummating the Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) no
 injunction, restraining order or other decision, ruling or order of any court or administrative
 tribunal of competent jurisdiction shall be in effect that prohibits, restrains, limits or
 imposes conditions on the Transactions, and no proceeding shall have been instituted, remain
 pending or, to the knowledge of the Parties, be threatened before any such court or administrative
 tribunal to restrain, prohibit, limit or impose conditions on the Transactions or that would
 reasonably be expected to result in a Sweetwater Material Adverse Effect or a URC Material
 Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the
 Intercompany Loan Agreement (as defined in the Plan of Arrangement) shall have been duly
 executed by URC and CallCo and delivered to the Parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Pre-Closing Sweetwater Reorganization shall have been consummated.

**Section 7.2 Conditions Precedent to the Obligations of the Sweetwater Investors.**

The obligation of the Sweetwater Investors to complete the Transactions is subject to the fulfillment of each of the following conditions precedent, each of which is for the exclusive benefit of the Sweetwater Investors and may be jointly waived by the Sweetwater Investors in whole or in part at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 covenants of URC under this Agreement to be performed or complied with on or before the Effective
 Date which have not been waived by the Sweetwater Investors shall have been duly performed
 or complied with by URC in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 representations and warranties of URC:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) set
 forth in paragraphs (a) (*Organization and Qualification*), (c) (*Authority Relative this Agreement*) and (d) (*Board Approval*) of Schedule D shall be true and correct
 in all material respects as of the Effective Date as if made at and as of such date (except
 that any such representation and warranty that by its terms speaks specifically as of the
 date of this Agreement or another date shall be true and correct in all material respects
 as of such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) set
 forth in paragraph (j) (*Capitalization of URC*) of Schedule D shall be true and correct
 (other than *de minimis* inaccuracies) in all respects as of the date of this Agreement
 and as of the Effective Date as if made at and as of such date (except that any such representation
 and warranty that by its terms speaks specifically as of the date of this Agreement or another
 date shall be true and correct in all respects as of such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) set
 forth in paragraphs (i) (*Winding Up*) and (r)(ii) (*Absence of Changes*) of Schedule
 D shall be true and correct in all respects as of the date of this Agreement and as of the
 Effective Date as if made at and as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) set
 forth in Schedule D other than those to which Section 7.2(b)(i), Section 7.2(b)(ii) or Section
 7.2(b)(iii) applies, shall be true and correct in all respects (disregarding for purposes
 of this any materiality, URC Material Adverse Effect or similar qualifications contained
 in any such representation or warranty) as of the Effective Date as if made at and as of
 such date (except that any such representation and warranty that by its terms speaks specifically
 as of the date of this Agreement or another date shall be true and correct in all respects
 as of such date), except in each case where the failure to be so true and correct has not
 had, and would not reasonably be expected to have, a URC Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) since
 the date of this Agreement, there has not been any event, change, occurrence, effect or state
 of facts that, individually or in the aggregate, has, or would reasonably be expected to
 have a URC Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) URC
 Shareholders shall not have properly exercised and not validly withdrawn their Dissent Rights
 in connection with the Arrangement with respect to more than five percent (5%) of the issued
 and outstanding URC Shares as of the Effective Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Sweetwater Investors shall have received a certificate of URC addressed to the Sweetwater
 Investors and dated the Effective Date, signed on behalf of URC by two (2) senior executive
 officers of URC (on URC's behalf and without personal liability), confirming the matters
 in Section 7.2(a), Section 7.2(b), Section 7.2(c) and Section 7.2(d) as of the Effective
 Date.

**Section 7.3 Conditions Precedent to the Obligations of URC.**

The obligation of URC to complete the Transactions is subject to the fulfillment of each of the following conditions precedent, each of which is for the exclusive benefit of URC and may be waived by URC in whole or in part at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 covenants of the Sweetwater Investors under this Agreement to be performed or complied with
 on or before the Effective Date which have not been waived by URC shall have been duly performed
 or complied with by the Sweetwater Investors in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 representations and warranties of the Sweetwater Investors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) set
 forth in paragraphs (a) (*Organization and Qualification*), (b) (*Authority Relative this Agreement*), (c) (*Organizational Approval*) and (z) (*Issuable Shares*)
 of Schedule E shall be true and correct in all material respects as of the Effective Date
 as if made at and as of such date (except that any such representation and warranty that
 by its terms speaks specifically as of the date of this Agreement or another date shall be
 true and correct in all material respects as of such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) set
 forth in paragraphs (e) (*Ownership of Sweetwater Entities and Sweetwater Joint Ventures*),
 (g) (*Winding Up*), (h) (*Capitalization of New ParentCo*) and (l)(ii) (*Absence of Changes*) of Schedule E shall be true and correct (other than *de minimis* inaccuracies)
 in all respects as of the date of this Agreement and as of the Effective Date as if made
 at and as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) set
 forth in Schedule E other than those to which Section 7.3(b)(i) or Section 7.3(b)(ii) applies,
 or those given solely by HRG, shall be true and correct in all respects (disregarding for
 purposes of this any materiality, Sweetwater Material Adverse Effect or similar qualifications
 contained in any such representation or warranty) as of the Effective Date as if made at
 and as of such date (except that any such representation and warranty that by its terms speaks
 specifically as of the date of this Agreement or another date shall be true and correct in
 all respects as of such date), except in each case where the failure to be so true and correct
 has not had, and would not reasonably be expected to have, a Sweetwater Material Adverse
 Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 representations and warranties of HRG:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) set
 forth in paragraph (ii) (*Organization and Qualification*) shall be true and correct
 in all material respects as of the Effective Date as if made at and as of such date (except
 that any such representation and warranty that by its terms speaks specifically as of the
 date of this Agreement or another date shall be true and correct in all material respects
 as of such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) set
 forth in paragraphs (jj) (*Ownership of Spur*) and (kk) (*Winding Up*), of Schedule
 E shall be true and correct (other than de minimis inaccuracies) in all respects as of the
 date of this Agreement and as of the Effective Date as if made at and as of such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) set
 forth in paragraph (ll) (*No Other Assets*), (mm) (*Litigation*) and (nn) (*Tax Returns*) shall be true and correct in all respects (disregarding for purposes of this
 any materiality, Sweetwater Material Adverse Effect or similar qualifications contained in
 any such representation or warranty) as of the Effective Date as if made at and as of such
 date (except that any such representation and warranty that by its terms speaks specifically
 as of the date of this Agreement or another date shall be true and correct in all respects
 as of such date), except in each case where the failure to be so true and correct has not
 had, and would not reasonably be expected to have, a Sweetwater Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) since
 the date of this Agreement, there has not been any event, change, occurrence, effect or state
 of facts that, individually or in the aggregate, has, or would reasonably be expected to
 have a Sweetwater Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) URC
 shall have received a certificate of the Sweetwater Investors addressed to URC and dated
 the Effective Date, signed on behalf of the Sweetwater Investors by one senior representative
 of the Orion Sellers and one senior representative of OTPP (on the Sweetwater Investors'
 behalf and without personal liability), confirming the matters in Section 7.3(a), Section
 7.3(b), Section 7.3(c) and Section 7.3(d) as of the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all
 filings, registrations, recordings and other actions required to be made or taken to evidence,
 effect, register or perfect the transfer, assignment or conveyance, in accordance with the
 Plan of Arrangement, of the Sweetwater Investors' direct and indirect interests in
 the Sweetwater Entities to URC and New ParentCo, as contemplated by the Arrangement, shall
 have been duly made or taken, in each case in form and substance satisfactory to URC, acting
 reasonably; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) URC
 shall have received a certificate of the Sweetwater Entities addressed to URC and dated the
 Effective Date, signed on behalf of the Sweetwater Entities by one senior representative
 of the Sweetwater Entities, confirming that the Sweetwater Entities have retained, as of
 immediately prior to the Effective Time, not less than *[Redacted: dollar value]* in
 unrestricted cash, and including reasonably satisfactory evidence or confirmation of account
 balances as of the Effective Date.

**Section 7.4 Satisfaction of Conditions.**

The conditions precedent set out in Section 7.1, Section 7.2 and Section 7.3 shall be conclusively deemed to have been satisfied, waived or released when the Certificate of Arrangement is issued by the Director following filing of the Articles of Arrangement with the consent of the Parties in accordance with the terms of this Agreement.

**ARTICLE 8**

**TERM, TERMINATION, AMENDMENT AND WAIVER**

**Section 8.1 Term.**

This Agreement shall be effective from the date hereof until the earlier of the Effective Time and the termination of this Agreement in accordance with its terms.

**Section 8.2 Termination.**

(1) This
 Agreement may be terminated at any time prior to the Effective Time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 mutual written agreement of URC and of the Sweetwater Investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 either URC or the Sweetwater Investors, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Effective Time shall not have occurred on or before the Outside Date; <u>provided</u> that
 a Party may not terminate this Agreement under this Section 8.2(1)(b)(i) if it is in breach
 of any representation, warranty, covenant or obligation set forth in this Agreement and such
 breach has been the primary cause of, or primarily resulted in, the Effective Time not occurring
 on or before the Outside Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 applicable Law is enacted or made (or any Law is amended) that permanently prohibits, enjoins
 or renders illegal the consummation of the Transactions, and such Law shall have become final
 and non-appealable; <u>provided</u> that a Party may not terminate this Agreement under this
 Section 8.2(1)(b)(ii) if it is in breach of any representation, warranty, covenant or obligation
 set forth in this Agreement and such breach has been the primary cause of, or primarily resulted
 in, the event giving rise to a right to terminate pursuant to this Section 8.2(1)(b)(ii)
 occurring; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 URC Shareholder Approval shall not have been obtained at the URC Meeting in accordance with
 the Interim Order, applicable Law and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by
 the Sweetwater Investors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject
 to Section 5.9, if a breach of any representation or warranty or failure to perform any covenant
 or agreement on the part of URC set forth in this Agreement shall have occurred that would
 cause any of the conditions set forth in Section 7.2(a) (*URC Covenants Condition*)
 or Section 7.2(b) (*URC Representations and Warranties Condition*) not to be satisfied,
 and any such breach or failure is incapable of being cured, or is not cured in accordance
 with Section 5.9, and <u>provided</u> that the Sweetwater Investors are not then in breach
 of this Agreement so as to cause any of the conditions in Section 7.3(a) (*the Sweetwater Investors Covenants Condition*) or Section 7.3(b) (*the Sweetwater Investors Representations and Warranties Condition*) not to be satisfied; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by
 URC:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject
 to Section 5.9, if a breach of any representation or warranty or failure to perform any covenant
 or agreement on the part of the Sweetwater Investors set forth in this Agreement shall have
 occurred that would cause any of the conditions set forth in Section 7.3(a) (*the Sweetwater Investors Covenants Condition*) or Section 7.3(b) (*the Sweetwater Investors Representations and Warranties Condition*) not to be satisfied, and any such breach or failure is incapable
 of being cured, or is not cured in accordance with Section 5.9, and <u>provided</u> that
 URC is not then in breach of this Agreement so as to cause any of the conditions in Section
 7.2(a) (*URC Covenants Condition*) or Section 7.2(b) (*URC Representations and Warranties Condition*) not to be satisfied.

(2) The
 Party desiring to terminate this Agreement pursuant to this Section 8.2 (other than pursuant
 to Section 8.2(1)(a)) shall give notice of such termination to the other Party, specifying
 in reasonable detail the basis for such Party's exercise of its termination right.

(3) If
 this Agreement is terminated pursuant to this Section 8.2, this Agreement shall become void
 and be of no further force or effect without liability of any Party (or any shareholder,
 director, officer, employee, agent, consultant or representative of such Party) to any other
 Party hereto, except that the provisions of this Section 8.2(3) and Sections 8.3, 9.1, 9.2,
 9.5, 9.6 and 9.7 and all related definitions set forth in Section 1.1 and the provisions
 of the Confidentiality Agreement shall survive any termination hereof pursuant to Section
 8.2(1); <u>provided</u> that nothing in this Agreement shall relieve any Party from liability
 for Fraud or Willful Breach of this Agreement by any Party or its Representatives.

**Section 8.3 Expenses and Termination Payments.**

(1) Except
 as otherwise provided herein (including this Section 8.3), all fees, costs and expenses incurred
 in connection with, in anticipation of and relating to the negotiation and execution of this
 Agreement and the Plan of Arrangement and the Transactions shall be paid by the Party incurring
 such fees, costs or expenses. For the avoidance of doubt, other than as set out in Section
 8.3(8), no Sweetwater Investor or any of its affiliates shall have any obligation or liability
 for any such fees, costs or expenses of URC or its affiliates incurred in connection with,
 in anticipation of and relating to the negotiation and execution of this Agreement and the
 Plan of Arrangement and the Transactions.

(2) For
 the purposes of this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Shareholder Approval Termination Payment**" means $17,000,000 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Sweetwater Investor Expenses Amount**" means an amount equal to any and all reasonable and documented
 out-of-pocket fees, costs and expenses incurred by the Sweetwater Investors in connection
 with the preparation and negotiation of this Agreement, the Plan of Arrangement and any other
 agreement contemplated hereby and thereby, provided that such amount shall not exceed $3,000,000.

(3) For
 the purposes of this Agreement, "**URC Termination Payment Event**" means
 the termination of this Agreement by either the Sweetwater Investors or URC pursuant to Section
 8.2(1)(b)(iii) (*URC Shareholder Vote Failure*) provided that such termination did not
 result primarily from a breach by the Sweetwater Investors of this Agreement.

(4) If
 a URC Termination Payment Event occurs as a result of Section 8.3(3), URC shall pay an amount
 equal to the Sweetwater Investor Expenses Amount to the Sweetwater Investors, by wire transfer
 of immediately available funds, within two (2) Business Days following such termination; <u>provided</u> that, if: (I) a *bona fide* Acquisition Proposal in respect of URC shall
 have been made or publicly announced or otherwise publicly disclosed by any Person or group
 of Persons, or any Person or group of Persons shall have made, publicly announced or otherwise
 publicly disclosed, an intention to make an Acquisition Proposal in respect of URC, and (II)
 within twelve (12) months following the date of such URC Termination Event, either: (x) URC
 or one or more of its Subsidiaries, directly or indirectly, in one or more related transactions,
 accepts, approves or enters into a definitive Contract providing for such an Acquisition
 Proposal; or (y) any Acquisition Proposal in respect of URC is consummated, then in addition
 to payment of the Sweetwater Investor Expenses Amount, URC shall pay an amount equal to the
 Shareholder Approval Termination Payment to the Sweetwater Investors in accordance with their
 relative share of the ownership of New ParentCo after giving effect to the Pre-Closing Sweetwater
 Reorganization (which Pre-Closing Sweetwater Reorganization shall be deemed to have occurred
 for purposes of this clause), by wire transfer of immediately available funds, upon the earlier
 of the occurrence of the events specified in clause (x) or (y) this Section 8.3(4). For purposes
 of this Section 8.3(4), the term "**Acquisition Proposal**" shall have the
 meaning ascribed to such term in Section 1.1, except that each reference to "20%"
 therein shall be deemed to be a reference to "50%".

(5) For
 greater certainty, neither of the Shareholder Approval Termination Payment nor the Sweetwater
 Investor Expenses Amount shall be required to be paid more than once and in no event shall
 more than one of the Shareholder Approval Termination Payment be payable.

(6) Any
 payment payable by URC pursuant to this Agreement shall be paid free and clear of and without
 deduction or withholding for, or on account of, any present or future Taxes, unless such
 deduction or withholding is required by Law. If URC is required by applicable Laws to deduct
 or withhold any Taxes from any payment, URC shall make such required deductions or withholdings,
 and URC shall remit the full amount deducted or withheld to the appropriate Tax Authority
 in accordance with applicable Laws. To the extent that such amounts are remitted to the relevant
 Tax Authority in accordance with applicable Law, such amounts shall be treated for all purposes
 under this Agreement and the Arrangement as having been paid to the Sweetwater Investors
 the relevant portion of the payment would otherwise have been provided and the obligation
 to provide the payment shall be treated as discharged to the same extent. URC shall promptly
 provide reasonable evidence of such remittance of any such withholding to Sweetwater Investors.
 Notwithstanding the foregoing, URC shall provide the Sweetwater Investors with notice of
 its intent to withhold at least ten (10) days prior to making such payment, and URC and the
 Sweetwater Investors shall each cooperate in good faith to mitigate any such withholding
 in a manner consistent with applicable Law. For the avoidance of doubt, URC shall not withhold
 if the applicable tax forms or certificates are provided by the applicable recipient of any
 applicable payment.

(7) The
 Parties acknowledge that the agreements contained in this Section 8.3 are an integral part
 of this Agreement and that, without these agreements, the Parties would not enter into this
 Agreement. Accordingly, if URC fails to promptly pay any payment due pursuant to Section
 8.3(4) and, in order to obtain such payment, the Sweetwater Investors commence any action,
 suit, litigation or other legal proceeding that results in a judgment against URC for a Shareholder
 Approval Termination Payment or the Sweetwater Investor Expenses Amount, as applicable, or
 any portion thereof, URC will pay to the Sweetwater Investors (or as directed by the Sweetwater
 Investors) its reasonable and documented out-of-pocket costs and expenses (including reasonable
 and documented attorneys' fees) in connection with such action, suit, litigation or
 other legal proceeding, together with interest on such amount or portion thereof at the annual
 rate of five percent (5%) plus the prime rate as published in *The Wall Street Journal* in effect on the date that such payment or portion thereof was required to be made through
 the date that such payment or portion thereof was actually received, or a lesser rate that
 is the maximum permitted by applicable Law.

(8) Each
 Party acknowledges that all of the payment amounts set out in this Section 8.3 are payments
 of liquidated damages which are a genuine pre-estimate of the damages which the Sweetwater
 Investors entitled to such damages will suffer or incur as a result of the event giving rise
 to such payment and the resultant termination of this Agreement and are not penalties. URC
 irrevocably waives any right it may have to raise as a defence that any such liquidated damages
 are excessive or punitive. For greater certainty, the Sweetwater Investors agree that, upon
 any termination of this Agreement under circumstances where the Sweetwater Investors are
 entitled to a Shareholder Approval Termination Payment (but subject to Sweetwater Investors'
 right prior to such termination of this Agreement to obtain an order of specific performance
 in accordance with Section 9.3), and such payment (plus any interest and any amounts payable
 pursuant to Section 8.3(7) to the Sweetwater Investors, the "**Applicable Payment Cap**") is paid in full, the Sweetwater Investors and their Related Parties (as defined
 below) shall be precluded from any other remedy against URC or its Related Parties at Law,
 in equity, in Contract or otherwise (including, without limitation, an order for specific
 performance) (other than in the event of Fraud or Willful Breach), and shall not (other than
 in the event of Fraud or Willful Breach) seek to obtain any recovery, judgment, or damages
 of any kind, including consequential, indirect, or punitive damages, against URC or any of
 its affiliates or any of its or their respective directors, officers, employees, partners,
 managers, members, securityholders or other Representatives (the foregoing Persons with respect
 to any Party, collectively, the "**Related Parties**" of such Party) in connection
 with this Agreement or the Transactions; <u>provided</u> that nothing in this Agreement shall
 relieve any Party from liability for Fraud or Willful Breach of this Agreement by any Party
 or its Representatives. For greater certainty, nothing in this Section 8.3(8) or elsewhere
 in this Agreement shall limit, restrict or otherwise impair the right of URC to bring any
 claim, action or proceeding against the Sweetwater Investors for breach of this Agreement
 (including any Fraud or Willful Breach), or to seek and recover any and all damages, losses,
 costs and expenses suffered or incurred by URC arising out of or relating to such breach,
 and URC shall be entitled to pursue any and all remedies available at law or in equity in
 respect thereof.

**Section 8.4 Amendment.**

Subject to the provisions of the Interim Order, the Plan of Arrangement and applicable Laws, this Agreement and the Plan of Arrangement may, at any time and from time to time before or after the holding of the URC Meeting but not later than the Effective Time, be amended by mutual written agreement of the Parties, without further notice to or authorization on the part of the URC Shareholders, and any such amendment may, subject to the Interim Order and the Final Order and applicable Law, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change
 the time for performance of any of the obligations or acts of the Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) waive
 any inaccuracies or modify any representation or warranty contained herein or in any document
 delivered pursuant hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) waive
 compliance with or modify any of the covenants herein contained and waive or modify performance
 of any of the obligations of the Parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) waive
 compliance with or modify any mutual conditions precedent herein contained.

**Section 8.5 Waiver.**

Any Party may (a) extend the time for the performance of any of the obligations or acts of the other Party, (b) waive compliance, except as provided herein, with any of the other Party's agreements or the fulfilment of any conditions to its own obligations contained herein, or (c) waive inaccuracies in any of the other Party's representations or warranties contained herein or in any document delivered by the other Party; <u>provided</u>, <u>however</u>, that any such extension or waiver shall be valid only if set forth in an instrument in writing signed on behalf of such Party and, unless otherwise provided in the written waiver, will be limited to the specific breach or condition waived.

**ARTICLE 9**

**GENERAL PROVISIONS**

**Section 9.1 Notices.**

All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed to have been duly given and received on the day it is delivered, <u>provided</u> that it is delivered on a Business Day prior to 5:00 p.m. local time in the place of delivery or receipt. However, if notice is delivered after 5:00 p.m. local time or if such day is not a Business Day then the notice shall be deemed to have been given and received on the next Business Day. Notice shall be sufficiently given if delivered (either in person, by courier service or other personal method of delivery), or if transmitted by email to the Parties at the following addresses (or at such other addresses as shall be specified by any Party by notice to the other given in accordance with these provisions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 to URC:

Uranium Royalty Corp.

1188 West Georgia Street, Suite 1830

Vancouver, British Columbia V6E 4A2

Attention: Andrew Marshall, Chief Financial Officer <br> Email: *[Redacted: personal information]*

 

with a copy (which shall not constitute notice) to:

Sangra Moller LLP

1021 West Hastings Street, Suite 2200

Vancouver, British Columbia V6E 0C3

Attention: Rod Talaifar <br> Email: *[Redacted: personal information]*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 to the Orion Sellers:

Orion Resource Partners (USA) LP

7 Bryant Park, 1045 Avenue of the Americas, Floor 25

New York, NY 10018

Attention: Legal <br> Email: *[Redacted: personal information]*

 

 

with a copy (which shall not constitute notice) to:

Sidley Austin LLP

787 Seventh Avenue

New York, NY 10019

Attention: Andrew Fadale <br> Email: *[Redacted: personal information]*

 

with a copy (which shall not constitute notice) to:

Torys LLP

79 Wellington St. West

Suite 3000, P.O. Box 270, TD Centre

Toronto, ON M5K 1N2

Attention: Michael Pickersgill <br> Email: *[Redacted: personal information]*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 to OTPP:

Ontario Teachers' Pension Plan

160 Front Street West, Suite 3200, Toronto, Ontario

M5J 0G4, Canada

Attention: James Sikora and Legal <br> Email: *[Redacted: personal information]*

 

with a copy (which shall not constitute notice) to:

Torys LLP

79 Wellington St. West

Suite 3000, P.O. Box 270, TD Centre

Toronto, ON M5K 1N2

Attention: Michael Pickersgill <br> Email: *[Redacted: personal information]*

 

With a copy (which shall not constitute notice) to:

Weil, Gotshal & Manges LLP

200 Crescent Court, Suite 300

Dallas, Texas, United States 75201

Attention: James R. Griffin <br> Email: *[Redacted: personal information]*

 

and

Weil, Gotshal & Manges LLP

767 5th Ave, New York

NY 10153, United States

Attention: Alex Lynch <br> Email: *[Redacted: personal information]*

 

**Section 9.2 Governing Law.**

This Agreement shall be governed, including as to validity, interpretation and effect, by the laws of the Province of British Columbia and the federal laws of Canada applicable therein, and shall be construed and treated in all respects as a British Columbia contract. Each of the Parties hereby irrevocably attorns to the non-exclusive jurisdiction of the Courts of the Province of British Columbia in respect of all matters arising under and in relation to this Agreement and the Arrangement.

**Section 9.3 Injunctive Relief.**

(1) Subject
 to Section 8.3, the Parties agree that irreparable harm would occur for which money damages
 would not be an adequate remedy at Law in the event that any of the provisions of this Agreement
 were not performed in accordance with their specific terms or were otherwise breached. Accordingly,
 the Parties agree that, subject to Section 8.3, in the event of any breach or threatened
 breach of this Agreement by a Party, the non-breaching Party will be entitled, without the
 requirement of posting a bond or other security, to equitable relief, including injunctive
 relief and specific performance, and the Parties shall not object to the granting of injunctive
 or other equitable relief on the basis that there exists an adequate remedy at Law. Subject
 to Section 8.3, such remedies will not be the exclusive remedies for any breach of this Agreement
 but will be in addition to all other remedies available at Law or equity to each of the Parties.
 To the extent any Party brings any action or other legal proceeding to enforce specifically
 the performance of the terms and provisions of this Agreement when expressly available to
 such Party pursuant to the terms of this Agreement, the Outside Date shall automatically
 be extended by (i) (A) the amount of time during which such action or other legal proceeding
 is pending, plus (B) twenty (20) Business Days, or (ii) such other time period established
 by the court presiding over such action, dispute, litigation or other legal proceeding.

(2) Without
 limiting the foregoing, the Sweetwater Investors shall be entitled to specific performance
 hereunder to cause the Concurrent Private Placement to be funded and to cause the consummation
 of the Transactions if (i) all of the conditions to URC's obligations to consummate
 the Transactions set forth in Section 7.1 and Section 7.3 have been satisfied (other than
 conditions that, by their terms, are to be satisfied by deliveries made at the Effective
 Date (and which are capable of being satisfied on such date if it were the Effective Date))
 or waived and URC has failed to consummate the Transactions within 5 Business Days of such
 conditions being satisfied or waived; and (ii) the Sweetwater Investors have notified URC
 in writing that if specific performance is granted and the Concurrent Private Placement is
 funded the consummation of the Transactions will occur. Nothing in this Section 9.3 shall
 limit in any way the obligations of UEC under the Concurrent Private Placement Subscription
 Agreement.

**Section 9.4 Third-Party Beneficiaries.**

The Parties intend that this Agreement will not benefit or create any right or cause of action in favour of any Person, other than the Parties and that no Person, other than the Parties, shall be entitled to rely on the provisions of this Agreement in any action, suit, proceeding, hearing or other forum, except as provided in Section 5.10 (*Insurance and Indemnification*) which, without limiting its terms, is intended as stipulations for the irrevocable benefit of, and shall be enforceable by, the third Persons mentioned in such provisions.

**Section 9.5 Entire Agreement, Binding Effect and Assignment.**

This Agreement (including the exhibits and schedules hereto) and the Confidentiality Agreement constitute the entire agreement, and supersede all other prior agreements and understandings, both written and oral, between the Parties, or any of them, with respect to the subject matter hereof and thereof and, except as expressly provided herein, this Agreement is not intended to and shall not confer upon any Person other than the Parties any rights or remedies hereunder. This Agreement shall be binding upon and shall enure to the benefit of the Parties and their respective successors and permitted assigns. Neither this Agreement nor any of the rights, interests or obligations hereunder may be assigned by any of the Parties without the prior written consent of the other Party; <u>provided</u> that, HRG shall be permitted to transfer its rights to any Shareholder Approval Termination Payment and Sweetwater Investor Expenses Amount due pursuant to Section 8.3 to any of its affiliates.

**Section 9.6 No Liability.**

No Representatives of the Sweetwater Investors or Sweetwater Entities, in their capacity as such, shall have any personal liability whatsoever to URC or its affiliates under this Agreement, or any other document delivered in connection with the Transactions hereby on behalf of the Sweetwater Investors or any of its Subsidiaries. No director or officer of URC, in their capacity as such, shall have any personal liability whatsoever to the Sweetwater Investors or its affiliates under this Agreement, or any other document delivered in connection with the Transactions hereby on behalf of URC or any of its Subsidiaries.

**Section 9.7 Severability.**

If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule or Law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the Transactions hereby is not affected in any manner materially adverse to any Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that the Transactions are fulfilled to the fullest extent possible.

**Section 9.8 Counterparts, Execution.**

This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. The Parties shall be entitled to rely upon delivery of an executed electronic copy of this Agreement, and such executed electronic copy shall be legally effective to create a valid and binding agreement between the Parties.

**[Remainder of page intentionally left blank]**

 ****

**IN WITNESS WHEREOF** the Sweetwater Investors and URC have caused this Agreement to be executed as of the date first written above by their respective officers thereunto duly authorized.

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| | |
|:---|:---|
| **URANIUM ROYALTY CORP.** | **URANIUM ROYALTY CORP.** |
| By: | /s/ "*Scott Melbye*" |
| Name: | Scott Melbye |
| Title: | Chief Executive Officer, President |

---

[*Signature Page to the Arrangement Agreement*]

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| | |
|:---|:---|
| **HRG METALS LP** by its general partner **HRG METALS GP INC.** | **HRG METALS LP** by its general partner **HRG METALS GP INC.** |
| By: | /s/ "*Jim Sikora*" |
| Name: | Jim Sikora |
| Title: | Authorized Signatory |

---

[*Signature Page to the Arrangement Agreement*]

---

| | |
|:---|:---|
| **OMF II ONSHORE GAMMA HOLDINGS LLC** | **OMF II ONSHORE GAMMA HOLDINGS LLC** |
| By: | /s/ "*Istvan Zollei*" |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |
| **OMF II INTERMEDIATE HOLDINGS LLC** | **OMF II INTERMEDIATE HOLDINGS LLC** |
| By: | /s/ "*Istvan Zollei*" |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |
| **OMF III ONSHORE GAMMA HOLDINGS LLC** | **OMF III ONSHORE GAMMA HOLDINGS LLC** |
| By: | /s/ "*Istvan Zollei*" |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |
| **OMF ONSHORE OMEGA HOLDINGS LLC** | **OMF ONSHORE OMEGA HOLDINGS LLC** |
| By: | /s/ "*Istvan Zollei*" |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |
| **OMF CO-FUND II HOLDINGS LLC** | **OMF CO-FUND II HOLDINGS LLC** |
| By: | /s/ "*Istvan Zollei*" |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

*Signature Page to the Arrangement Agreement*]

---

| | |
|:---|:---|
| **OMF II ONSHORE ALPHA HOLDINGS LLC** | **OMF II ONSHORE ALPHA HOLDINGS LLC** |
| By: | /s/ "*Istvan Zollei*" |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |
| **OMF II ONSHORE BETA HOLDINGS LLC** | **OMF II ONSHORE BETA HOLDINGS LLC** |
| By: | /s/ "*Istvan Zollei*" |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |
| **OMF III ONSHORE ALPHA HOLDINGS LLC** | **OMF III ONSHORE ALPHA HOLDINGS LLC** |
| By: | /s/ "*Istvan Zollei*" |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |
| **OMF III ONSHORE BETA HOLDINGS LLC** | **OMF III ONSHORE BETA HOLDINGS LLC** |
| By: | /s/ "*Istvan Zollei*" |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |
| **OMF III INTERMEDIATE HOLDINGS LLC** | **OMF III INTERMEDIATE HOLDINGS LLC** |
| By: | /s/ "*Istvan Zollei*" |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

[*Signature Page to the Arrangement Agreement*]

---

| | |
|:---|:---|
| **ORION MINE FINANCE GP III LP** by its general partner **ORION MINE FINANCE GP III LLC** | **ORION MINE FINANCE GP III LP** by its general partner **ORION MINE FINANCE GP III LLC** |
| By: | /s/ "*Istvan Zollei*" |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

[*Signature Page to the Arrangement Agreement*]

**Schedule A**

**List of Orion Sellers**

*[Redacted : commercially sensitive information].*

 

 

**Schedule B**

**Form of Plan of Arrangement**

See attached.

**SCHEDULE B**

**PLAN OF ARRANGEMENT**

**UNDER SECTION 192 OF THE**

***CANADA BUSINESS CORPORATIONS ACT***

**ARTICLE 1**

**DEFINITIONS AND INTERPRETATION**

**1.1** **Defined Terms.** 

In this Plan of Arrangement, unless there is something in the subject matter or context inconsistent therewith, the following terms shall have the respective meanings set out below and grammatical variations of those terms shall have corresponding meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Aggie Consideration**" has the meaning ascribed thereto in Section 2.4 **;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Aggie LLC**" means Aggie Grazing Block LLC, a limited liability company existing pursuant
 to the laws of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Aggie LLC Interests**" means the issued and outstanding membership interests in Aggie LLC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Aggie LP**" means Aggie Grazing Fund LP, a limited partnership existing pursuant to the
 laws of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Aggie LP Interests**" means the issued and outstanding partnership interests in Aggie LP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Aggie Valuation**" means *[Redacted: dollar value]*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Arrangement** "
 means the arrangement of URC under section 192 of the CBCA on the terms and subject to the
 conditions set out in this Plan of Arrangement, subject to any amendments or variations thereto
 made in accordance with the terms of the Arrangement Agreement, this Plan of Arrangement
 or made at the direction of the Court in the Final Order (provided that any such amendment
 or variation is acceptable to both URC and the Sweetwater Investors, each acting reasonably);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Arrangement Agreement**" means the arrangement agreement dated as of April 16, 2026, between
 URC and the Sweetwater Investors, including all schedules annexed thereto, as the same may
 be amended, supplemented or otherwise modified from time to time in accordance with the terms
 thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Arrangement Resolution**" means the special resolution of the URC Shareholders approving the
 Arrangement which was considered at the URC Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Articles of Arrangement**" means the articles of arrangement of URC in respect of the Arrangement,
 to be filed with the Director after the Final Order is made, which shall be in form and content
 satisfactory to URC and the Sweetwater Investors, each acting reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Authorization** "
 means any authorization, order, permit, approval, grant, licence, registration, consent,
 allowance, exemption, waiver, right, notification, condition, franchise, privilege, certificate,
 judgment, writ, injunction, award, determination, direction, decision, decree, by-law, rule
 or regulation, of, from or required by any Governmental Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Business Day**" means any day, other than a Saturday, a Sunday or a statutory or civic holiday
 in Vancouver, British Columbia, Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**CallCo** "
 means an unlimited liability company to be incorporated under the Laws of British Columbia
 as a wholly-owned Subsidiary of New ParentCo prior to the Effective Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**CallCo Share**" means a common share without par value in the capital of CallCo, and collectively
 the "**CallCo Shares** ";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Cash Consideration**" means $330,000,000, plus (if the Concurrent Financing occurs on
 the Effective Date) an amount equal to the first $52,000,000 of net cash proceeds received
 in connection with the Concurrent Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**CBCA** "
 means the *Canada Business Corporations Act*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Certificate of Arrangement**" means the certificate of arrangement to be issued by the Director
 pursuant to Section 192(7) of the CBCA in respect of the Articles of Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Consideration** "
 means the consideration to be received by the URC Shareholders pursuant to the Plan of Arrangement
 as consideration for their URC Shares, consisting of: (a) in the case of each Exchangeable
 Elected Share, the Exchange Ratio of an Exchangeable Share per Exchangeable Elected Share
 (collectively, the "**Exchangeable Consideration Shares** "); and (b) in the
 case of each other URC Share, the Exchange Ratio of New ParentCo Share per URC Share (the
 "**New ParentCo Consideration Shares** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Court** "
 means the Supreme Court of British Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**CRA** "
 means the Canada Revenue Agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Depositary** "
 means Computershare Trust Company, N.A. or such other Person as URC may appoint to act as
 depositary in connection with the Arrangement, with the approval of URC and the Sweetwater
 Investors, acting reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Director** "
 means the Director appointed pursuant to section 260 of the CBCA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Dissent Rights**" means the rights of dissent in respect of the Arrangement described in
 Article 5 of this Plan of Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Dissenting URC Shareholder**" means any registered URC Shareholder who has duly and validly
 exercised its Dissent Rights pursuant to Article 5 of this Plan of Arrangement and the Interim
 Order and has not withdrawn or been deemed to have withdrawn such exercise of Dissent Rights
 prior to the Effective Time, but only in respect of Dissenting URC Shares held by such Dissenting
 URC Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Dissenting URC Shares**" means URC Shares held by Dissenting URC Shareholders and in respect
 of which Dissent Rights have been and remain validly exercised at the Effective Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Effective Date**" means the date shown on the Certificate of Arrangement giving effect to the
 Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Effective Time**" means 12:01 a.m. on the Effective Date, or such other time as the Parties
 agree to in writing before the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Election Deadline**" means the date and time as agreed by the Sweetwater Investors and URC
 (acting reasonably) and set in accordance with Section 3.1(b) as the deadline for Eligible
 Holders to make the Exchangeable Share Election; provided that, for greater certainty, the
 Election Deadline shall be prior to the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**Eligible Holder**" means a URC Shareholder that is: (i) a Person, other than a partnership,
 that is a resident of Canada for purposes of the Tax Act and not exempt from Tax under Part
 I of the Tax Act; or (ii) a partnership, any direct or indirect member of which is a Person,
 other than a partnership, that is a resident of Canada for purposes of the Tax Act and not
 exempt from Tax under Part I of the Tax Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Excess Amount** "
 has the meaning ascribed thereto in Section 2.4(n)(i);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**Exchange Ratio** "
 means 1.0;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**Exchangeable Consideration Shares**" has the meaning ascribed thereto in the definition of "Consideration";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**Exchangeable Elected Share**" means each URC Share in respect of which an Eligible Holder shall
 have validly made an Exchangeable Share Election to receive Exchangeable Consideration Shares
 in accordance with Section 3.1 and the Letter of Transmittal and Election Form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**Exchangeable Elected Shareholder**" means, solely in respect of an Eligible Holder's Exchangeable
 Elected Shares, each Eligible Holder who has validly made an Exchangeable Share Election;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Exchangeable Share Election**" has the meaning ascribed thereto in Section 3.1(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "**Exchangeable Share Provisions**" means the rights, privileges, restrictions and conditions attaching to the Exchangeable Shares, which rights,
 privileges, restrictions and conditions shall be in the form agreed to by the Sweetwater Investors and URC pursuant to the Arrangement
 Agreement and set out in Schedule H to the Arrangement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "**Exchangeable Share Support Agreement**" means the exchangeable share support agreement among New
 ParentCo, ExchangeCo and CallCo, in the form agreed to by the Sweetwater Investors and URC
 pursuant to the Arrangement Agreement, to be entered into in connection with and pursuant
 to this Plan of Arrangement, as the same may be amended, supplemented or otherwise modified
 from time to time in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "**Exchangeable Shares**" means the redeemable preferred shares in the capital of ExchangeCo, having
 the rights, privileges, restrictions and conditions set forth in the Exchangeable Share Provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "**ExchangeCo** "
 means a wholly-owned subsidiary of CallCo to be incorporated under the Laws of British Columbia prior to the Effective Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) "**ExchangeCo Shares** "
 means the common shares without par value in the capital of ExchangeCo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) **"Fair Market Value**" means, in respect of any property or ownership interests, the price
 that would be agreed upon in an open and unrestricted market between informed and prudent
 parties dealing at arm's length (within the meaning of the Tax Act), neither being
 under any compulsion to act and each having reasonable knowledge of the relevant facts, determined
 as of the applicable time and in accordance with generally accepted valuation principles
 applicable to comparable arm's-length transactions, and without giving effect to any
 minority discount, liquidity discount or control premium **.**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) "**Final Order**" means the order of the Court approving the Arrangement in the form acceptable
 to URC and the Sweetwater Investors, each acting reasonably, as such order may be amended
 by the Court (with prior written consent of both the Sweetwater Investors and URC, each acting
 reasonably) at any time prior to the Effective Date or, if appealed, then, unless such appeal
 is withdrawn or denied, as affirmed or as amended (provided that any such amendment is acceptable
 to the Sweetwater Investors and URC, each acting reasonably) on appeal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) "**final proscription date**" has the meaning ascribed thereto in Section 4.8;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) "**Governmental Entity**" means: (a) any multinational, federal, provincial, territorial, state,
 regional, municipal, local or other government, governmental or public department, central
 bank, Tax Authority, court, tribunal, arbitral body, commission, board, ministry, bureau
 or agency, domestic or foreign; (b) any stock exchange, including the TSX and Nasdaq; (c)
 any subdivision, agent, commission, board or authority of any of the foregoing; or (d) any
 quasi-governmental or private body, including any tribunal, commission, regulatory agency
 or self-regulatory organization, exercising any regulatory, antitrust, foreign investment,
 expropriation or taxing authority under or for the account of any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) "**HRG** "
 means HRG Metals LP, a limited partnership existing pursuant to the laws of Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) "**In-The-Money Amount**" means, in respect of a URC Option or a URC Replacement Option at a point
 in time, the amount, if any, by which the aggregate fair market value at such time of the
 securities subject to such URC Option or URC Replacement Option, as applicable, exceeds the
 aggregate exercise price of such stock option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) "**Intercompany Loan Agreement**" has the meaning ascribed thereto in Section 2.4(k);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) "**Interim Order**" means an order of the Court, in a form acceptable to the Sweetwater Investors
 and URC, each acting reasonably, containing declarations and directions in respect of the
 notices to be given and the conduct of the URC Meeting with respect to the Arrangement as
 more fully set out herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) "**Law** "
 means all laws (including common law), by-laws, statutes, rules, regulations, principles
 of law and equity, orders, writs, decrees, declarations, treaties, rulings, ordinances, judgments,
 injunctions, determinations, awards, decrees or other requirements, whether domestic, foreign,
 or supranational and the terms and conditions of any Authorization of or from any Governmental
 Entity, including for this purpose a self-regulatory authority (including TSX and Nasdaq),
 and the term "applicable" with respect to such Laws and in a context that refers
 to a Party, means such Laws as are applicable to such Party and/or its Subsidiaries or their
 business, undertaking, assets, property or securities and emanate from a Person having jurisdiction
 over the Party and/or its Subsidiaries or its or their business, undertaking, assets, property
 or securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) "**Letter of Transmittal and Election Form**" means the letter of transmittal and election
 form(s) to be delivered by URC to registered URC Shareholders providing for (i) Eligible
 Holders' Exchangeable Share Election with respect to the Consideration and (ii) delivery
 of registered URC Shareholders' URC Shares and certificates (if any) representing such
 URC Shareholders' URC Shares to the Depositary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) "**Liens** "
 means any hypothecs, mortgages, pledges, assignments, liens, charges, security interests,
 conditional sale agreement, capital lease or title retention agreement, encumbrances and
 adverse rights or claims, other third party interest or encumbrance of any kind, whether
 contingent or absolute, and any agreement, option, right or privilege (whether by Law, Contract
 or otherwise) that has a similar economic effect as, or that is capable of becoming, any
 of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) "**Loan Cap** "
 has the meaning ascribed thereto in Section 2.4(k);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) "**Nasdaq** "
 means The Nasdaq Stock Market LLC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) "**New ParentCo**" means a corporation to be formed under the laws of Delaware in accordance
 with the terms of the Arrangement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) "**New ParentCo Consideration Shares**" has the meaning ascribed thereto in the definition
 of "Consideration";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd) "**New ParentCo Incentive Plan**" means any equity compensation, incentive, option or other
 share-based compensation plan adopted, maintained or assumed by New ParentCo from time to
 time, including any amendment, modification or successor thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee) "**New ParentCo Preferred Shares**" means the Class A Preferred Share and the Class B Preferred Share (as each such term is defined in Schedule K to
 the Arrangement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff) "**New ParentCo Shares** "
 means shares of common stock, having a par value of $0.001, in the
 capital of New ParentCo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg) "**New ParentCo Special Voting Share**" means the one special voting share in the capital
 of New ParentCo to be allotted and issued by New ParentCo to the Trustee pursuant to this
 Plan of Arrangement and in accordance with the Voting and Exchange Trust Agreement, which
 shall be redeemable and shall, at any time, entitle the holder of record to that number of
 votes at meetings of holders of New ParentCo Shares equal to the number of Exchangeable Shares
 outstanding at such time (excluding Exchangeable Shares held by New ParentCo and its affiliates),
 all as more particularly set out in the articles of New ParentCo and the Voting and Exchange
 Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhh) "**Orion Sellers** "
 means each entity listed in Schedule A to the Arrangement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "**OTPP** "
 means, collectively, HRG and Spur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjj) "**Parties** "
 means any of the parties to the Arrangement Agreement, and "**Party**" means any
 of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkk) "**Person** "
 includes an individual, partnership, association, body corporate, trustee, executor, administrator, legal representative, government
 (including any Governmental Entity) or any other entity, whether or not having legal status;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(lll) "**Plan of Arrangement** ", "**hereof** ", "**herein** ", "**hereunder** "
 and similar expressions means this Plan of Arrangement, including the annex hereto, and any
 amendments, variations or supplements hereto made from time to time in accordance with the
 terms hereof, the Arrangement Agreement or made at the direction of the Court in the Final
 Order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmm) "**Redemption Purchase Price**" has the meaning ascribed to it in Schedule K to the Arrangement Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnn) "**Seller Share of Sweetwater Cash Amount**" has the meaning set forth in Section 2.4(m)(iii)D;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ooo) "**Shortfall Amount** "
 has the meaning ascribed thereto in Section 2.4(n)(ii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ppp) "**Spur** "
 means Spur Holdco LLC, a limited liability company existing pursuant to the laws of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qqq) "**Subsidiary** "
 means, with respect to a Person, any body corporate, partnership, joint venture or other non-natural Person: (a) of which more than
 fifty percent (50%) of the outstanding shares or other voting securities ordinarily entitled to elect a majority of the board of directors
 (or equivalent governing body) thereof (whether or not shares or other securities of any other class or classes shall or might be entitled
 to vote upon the happening of any event or contingency) are at the time owned directly or indirectly by such Person; or (b) over which
 such Person exercises control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rrr) "**Sweetwater Cash Amount**" means an amount equal to the sum of all cash of the Sweetwater Entities as of immediately prior to the Effective
 Time, less: (i) [Redacted: *dollar value]* and (ii) an amount sufficient to ensure that the Sweetwater Entities retain not less
 than *[Redacted: dollar value]* in unrestricted cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(sss) **"Sweetwater Investors** "
 means, collectively, the Orion Sellers and OTPP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ttt) "**Tax** "
 means any taxes, duties, fees, premiums, assessments, imposts, levies and other charges in the nature of taxation and all related withholdings
 or deductions of any nature imposed by any Governmental Entity, including all interest, penalties, fines, additions to tax or other
 additional amounts imposed by any Governmental Entity in respect thereof, and including, but not limited to, those levied on, or measured
 by, or referred to as, income, gross receipts, profits, windfall, royalty, capital, capital gain, minimum, large corporation, transfer,
 land transfer, sales, goods and services, harmonized sales, use, value-added, excise, withholding, business, franchising, property,
 development, occupancy, employer health, payroll, employment, health, social services, education and social security taxes, all surtaxes,
 all customs duties and import and export taxes, countervail and anti-dumping, all licence, franchise and registration fees and all
 employment insurance, health insurance and Canada and other pension plan premiums or contributions imposed by any Governmental Entity,
 and any transferee or secondary liability in respect of any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uuu) "**Tax Act** "
 means the *Income Tax Act* (Canada);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vvv) "**Tax Authority** "
 means any taxing or other authority (whether within or outside Canada) competent to impose any Tax liability, or assess or collect
 any Tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(www) "**Tax Election Package** "
 means two (2) copies of CRA form T-2057 (or, if the URC Shareholder is a partnership, two (2) copies of CRA form T-2058) and two (2)
 copies of any applicable equivalent provincial or territorial election form, which forms have been duly and properly completed and
 executed by the URC Shareholder in accordance with the rules contained in the Tax Act or the relevant provincial legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) "**Trustee** "
 means the trustee chosen by the Sweetwater Investors and URC each acting reasonably, to act as trustee under the Voting and Exchange
 Trust Agreement, being a corporation organized and existing under the laws of Canada or any Province thereof and authorized to carry
 on the business of a trust company in all the provinces of Canada, and any successor trustee appointed under the Voting and Exchange
 Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yyy) "**TSX** "
 means Toronto Stock Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zzz) "**URC** "
 means Uranium Royalty Corp., a corporation existing pursuant to the laws of Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaaa) "**URC Incentive Plan** "
 means the amended and restated long-term incentive plan of URC dated November 22, 2019, as amended August 29, 2023 and August 13, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbbb) "**URC Meeting** "
 means the special meeting of URC Shareholders, including any adjournment or postponement thereof, called and held in accordance with
 the Interim Order to consider the Arrangement Resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cccc) "**URC Options** "
 means any outstanding options to purchase URC Shares issued pursuant to the URC Incentive Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dddd) "**URC Replacement Options**" means the options to acquire New ParentCo Shares, to be governed by the New ParentCo Incentive Plan, to be issued
 in exchange for URC Options pursuant to this Plan of Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eeee) "**URC Shareholders** "
 means the holders of URC Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ffff) "**URC Shares** "
 means the common shares in the capital of URC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gggg) "**URC US** "
 means Uranium Royalty (USA) Corp., a corporation existing pursuant to the laws of Delaware, and a wholly-owned Subsidiary of URC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhhh) "**URC US Shares** "
 means the common stock in URC US; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "**Voting and Exchange Trust Agreement**" means the voting and exchange trust agreement made
 among New ParentCo, ExchangeCo, CallCo and the Trustee, in the form agreed to by the Sweetwater
 Investors and URC pursuant to the Arrangement Agreement, to be entered into in connection
 with and pursuant to this Plan of Arrangement, as the same may be amended, supplemented or
 otherwise modified from time to time in accordance with its terms.

Capitalized terms used in this Plan of Arrangement but not otherwise defined herein shall have the meaning ascribed thereto in the Arrangement Agreement.

1.2 Interpretation
 Not Affected by Headings, etc.

The division of this Plan of Arrangement into Articles, Sections, subsections and paragraphs and the insertion of headings are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Plan of Arrangement. Unless the contrary intention appears, references in this Plan of Arrangement to an Article, Section, subsection, paragraph or Annex by number or letter or both refer to the Article, Section, subsection, paragraph or Annex, respectively, bearing that designation in this Plan of Arrangement.

1.3 Number
 and Gender.

In this Plan of Arrangement, unless the contrary intention appears, words importing the singular include the plural and vice versa, and words importing gender include all genders.

1.4 Date
 for Any Action and Computation of Time.

If the date on which any action is required to be taken hereunder is not a Business Day, such action shall be required to be taken on the next succeeding day which is a Business Day. A period of time is to be computed as beginning on the day following the event that began the period and ending at 5:00 p.m. on the last day of the period, if the last day of the period is a Business Day, or at 5:00 p.m. on the next Business Day if the last day of the period is not a Business Day. References to time are to local time, Vancouver, British Columbia, Canada.

1.5 Currency.

Unless otherwise stated, all references in this Agreement to sums of money are expressed in United States dollars and "$" refers to United States dollars.

1.6 Other
 Definitional and Interpretive Provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) References
 in this Agreement to the words "include", "includes" or "including"
 shall be deemed to be followed by the words "without limitation" whether or not
 they are in fact followed by those words or words of like import.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) References
 in this Agreement to any Contract are to that Contract as amended, modified or supplemented
 from time to time in accordance with the terms hereof and thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) References
 in this Agreement to a Person includes the heirs, administrators, executors, legal personal
 representatives, predecessors, successors and permitted assigns of that Person, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) References
 to a particular statute shall be to such statute and the rules, regulations and published
 policies made thereunder, as now in effect and as it and they may be promulgated thereunder
 or amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A
 Person is considered to "control" another Person if (a) the first Person beneficially
 owns or directly or indirectly exercises control or direction over securities of the second
 Person carrying votes which, if exercised, would entitle the first Person to elect a majority
 of the directors of the second Person, unless that first Person holds the voting securities
 only to secure an obligation, or (b) the second Person is a partnership, other than a limited
 partnership, and the first Person holds more than 50% of the interests of the partnership,
 or (c) the second Person is a limited partnership, and the general partner of the limited
 partnership is the first Person.

**ARTICLE 2**

**EFFECT OF THE ARRANGEMENT**

2.1 Arrangement
 Agreement.

This Plan of Arrangement constitutes an arrangement under Section 192 of the CBCA and is made pursuant to and forms an integral part of the Arrangement Agreement. This Plan of Arrangement sets out the steps and transactions by which the Arrangement and the other transactions contemplated by the Arrangement Agreement are to be effected. At the Effective Time, the steps and transactions set out herein shall occur and be deemed to occur in the sequence set forth herein and shall be effective and binding in accordance with the terms hereof. In the event of any inconsistency or conflict between this Plan of Arrangement and the Arrangement Agreement, the provisions of this Plan of Arrangement shall govern.

2.2 Binding
 Effect.

This Plan of Arrangement, upon the filing of the Articles of Arrangement and the issuance of the Certificate of Arrangement, shall become effective at the Effective Time and be binding at and after the Effective Time on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) URC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) URC
 US;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each
 of the Sweetwater Investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) New
 ParentCo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ExchangeCo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) CallCo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Aggie
 LLC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Aggie
 LP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all
 registered and beneficial holders of the URC Shares (including all Dissenting URC Shareholders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) all
 holders of URC Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the
 registrar and transfer agent of the URC Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the
 Depositary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the
 Trustee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) all
 other Persons,

in each case without any further authorization, act or formality on the part of the Court or any Person from and after the Effective Date.

2.3 Filing
 of Articles of Arrangement.

The Articles of Arrangement and the Certificate of Arrangement shall be filed and issued, respectively, with respect to the Arrangement in its entirety. The Certificate of Arrangement shall be conclusive evidence that the Arrangement has become effective and that each of the provisions of Section 2.4 has become effective in the sequence and at the times set out therein.

2.4 Arrangement.

In connection with the Arrangement and to give effect to the transactions contemplated hereby, including the combination of URC and the Sweetwater Entities and the exchange of URC Shares for the Consideration, the following events shall occur and shall be deemed to occur in the order set out below commencing at the Effective Time (except as otherwise expressly indicated), and each such event shall occur automatically and without any further authorization, act or formality on the part of any Person. Each of the following steps shall be effective and binding upon all Persons set out in Section 2.2 from and after the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *URC Capital Contribution*. URC shall contribute an amount equal to the Aggie Consideration
 to the capital of URC US, or such other amount as to be determined by the Sweetwater Investors
 and URC, acting reasonably and in consultation with their legal, financial and tax counsel,
 in order to give effect to the Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Acquisition of Aggie Interests*: URC shall cause URC US to acquire:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) from
 HRG, 25.00% of the Aggie LLC Interests; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) from
 Orion Sellers, a portion of the Aggie LLC Interests and a portion of the Aggie LP Interests,
 in each case, determined by the Orion Sellers in their sole discretion; <u>provided</u> that
 (x) if the Concurrent Financing does not occur by the Effective Date, the Orion Sellers shall
 not sell to URC US more than an aggregate amount of Aggie LLC Interests and Aggie LP Interests
 equal to 61.62% of the Aggie LP Interests (inclusive of the Aggie LLC Interests on a look
 through basis) and (y) if the Concurrent Financing occurs by the Effective Date and (1) the
 aggregate net cash proceeds received by URC in connection with the Concurrent Financing is
 equal to at least $52,000,000, then the Orion Sellers shall sell to URC US all of their respective
 Aggie LLC Interests and all of their Aggie LP Interests or (2) the aggregate net cash proceeds
 received URC in connection with the Concurrent Financing is less than $52,000,000, then the
 Orion Sellers and OTPP shall cooperate in good faith to determine the appropriate portion
 of the Aggie LLC Interests and the Aggie LP Interests to be sold by the Orion Sellers to
 URC US in a manner to ensure that the Cash Consideration is allocated among the Orion Sellers
 and OTPP in accordance with their relative share of the ownership of New ParentCo after giving
 effect to the Pre- Closing Sweetwater Reorganization (which Pre-Closing Sweetwater Reorganization
 shall be deemed to have occurred for purposes of this clause) and in a tax efficient manner.

and, in consideration therefor, URC US shall pay to the Orion Sellers and HRG an amount in cash equal to the Aggie Valuation multiplied by a fraction (expressed as a percentage) the numerator of which is the number of Aggie LP Interests actually acquired by URC US pursuant to this Section 2.4(b) (inclusive of the Aggie LLC Interests acquired by URC US on a look through basis) and the denominator of which is all Aggie LP Interests that are issued and outstanding (such amount, the "**Aggie Consideration**"). Each applicable Sweetwater Investor's applicable share of the Aggie Consideration shall be determined based on the proportion of the Aggie LP Interests (inclusive of the Aggie LLC Interests acquired by URC US on a look through basis) sold to URC US pursuant to this Section 2.4(b) by such Sweetwater Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Issuance of New ParentCo Shares*: Commencing immediately after the steps set out in Section 2.4(a):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) New
 ParentCo shall issue to CallCo a number of New ParentCo Shares equal to the aggregate number
 of New ParentCo Consideration Shares to be issued pursuant to Section 2.4(e) (and, if applicable,
 such amounts of cash as is necessary to fund the payment of any claim against URC for an
 amount determined in accordance with Section 5.1);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) CallCo
 shall issue to New ParentCo such number of CallCo Shares having an aggregate Fair Market
 Value equal to the aggregate Fair Market Value of the New ParentCo Shares issued pursuant
 to Section 2.4(c)(i);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) CallCo
 shall be the legal and beneficial owner of the New ParentCo Shares issued pursuant to Section
 2.4(c)(i), and New ParentCo shall be the legal and beneficial owner of the CallCo Shares
 issued pursuant Section 2.4(c)(ii); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) upon
 the issuance by CallCo of the CallCo Shares to New ParentCo pursuant to Section 2.4(c)(ii),
 an amount equal to the aggregate Fair Market Value of the New ParentCo Shares issued in consideration
 therefor shall be added to the legal stated capital (or equivalent capital account) maintained
 in respect of such CallCo Shares, in accordance with applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Dissenting URC Shares for Fair Value:* Subject to Section 5.1, each issued and outstanding Dissenting
 URC Share held by a Dissenting URC Shareholder described in Section 5.1(i) shall be transferred
 to and acquired by URC for cancellation solely in exchange for, subject to Section 4.6, a
 debt claim against URC for an amount determined in accordance with Section 5.1, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each
 such Dissenting URC Shareholder shall cease to be the holder of each such Dissenting URC
 Share and to have any rights as a holder of each such Dissenting URC Share other than a claim
 against URC for an amount determined in accordance with Section 5.1; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each
 such Dissenting URC Share acquired by URC pursuant to this Section 2.4(d) shall be cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Exchange of URC Shares for New ParentCo Consideration Shares:* Immediately after the step set out
 in Section 2.4(d) and simultaneously with the steps set out in Sections 2.4(f) through (i)
 (inclusive), each issued and outstanding URC Share (other than Exchangeable Elected Shares,
 and, for greater certainty, Dissenting URC Shares held by a Dissenting URC Shareholder described
 in Section 5.1(i)), shall be transferred by the relevant URC Shareholder of such URC Share
 to, and acquired by, CallCo solely in exchange for a New ParentCo Consideration Share delivered
 by CallCo in respect of such URC Share, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each
 URC Shareholder of each such URC Share shall cease to be the holder of each such URC Share
 and to have any rights as a holder of each such URC Share other than the right to the allotment
 and issue of the New ParentCo Consideration Shares to which such URC Shareholder is entitled
 pursuant to this Section 2.4(e) and the other rights as set out in Article 4; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) CallCo
 shall be the legal and beneficial owner of each such URC Share acquired by CallCo pursuant
 to this Section 2.4(e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Exchange of Exchangeable Elected Shares for Exchangeable Consideration Shares:* Simultaneously
 with the step set out in Section 2.4(e), each issued and outstanding Exchangeable Elected
 Share (for greater certainty, other than Dissenting URC Shares held by a Dissenting URC Shareholder
 described in Section 5.1(i)) shall be transferred by the relevant Exchangeable Elected Shareholder
 to, and acquired by, ExchangeCo solely in exchange for the issue and delivery of the Exchangeable
 Consideration Shares in respect of such Exchangeable Elected Share by ExchangeCo and certain
 ancillary rights receivable hereunder, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each
 Exchangeable Elected Shareholder shall cease to be the holder of each such Exchangeable Elected
 Share and to have any rights as a holder of each such Exchangeable Elected Share other than
 the right to the delivery of the Exchangeable Consideration Shares to which such Exchangeable
 Elected Shareholder is entitled pursuant to this Section 2.4(f), certain ancillary rights
 receivable hereunder and the other rights as set out in Article 4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) ExchangeCo
 shall be the legal and beneficial owner of each such Exchangeable Elected Share acquired
 by ExchangeCo pursuant to this Section 2.4(f); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) ExchangeCo
 shall add to the stated capital maintained in respect of the Exchangeable Shares an amount
 equal to the aggregate "cost" to ExchangeCo of all of the Exchangeable Elected
 Shares acquired by ExchangeCo in this step, determined for purposes of the Tax Act (including
 under Section 85, if applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Exchangeable Share Matters*. Simultaneously with the step set out in Section 2.4(e):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) New
 ParentCo, CallCo and ExchangeCo shall execute the Exchangeable Share Support Agreement and
 such agreement shall become binding on New ParentCo, CallCo and ExchangeCo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) New
 ParentCo, CallCo, ExchangeCo, and the Trustee shall execute the Voting and Exchange Trust
 Agreement and such agreement shall become binding on New ParentCo, CallCo, ExchangeCo and
 the Trustee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) concurrently
 with the issue of the Exchangeable Consideration Shares pursuant to Section 2.4(f), New ParentCo
 shall, in accordance with the Voting and Exchange Trust Agreement, allot and issue to the
 Trustee one New ParentCo Special Voting Share, which shall carry such number of votes as
 is equal to the number of Exchangeable Shares outstanding from time to time, to be held by
 the Trustee on behalf of the Exchangeable Elected Shareholders in accordance with the terms
 thereof, and all rights of the Exchangeable Elected Shareholders under the Voting and Exchange
 Trust Agreement shall be received by them as part of the ancillary rights receivable by them
 under Section 2.4(f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Addition to New ParentCo Share Capital:* Simultaneously with the steps set out in Sections 2.4(e),
 an amount equal to the aggregate Fair Market Value of the New ParentCo Consideration Shares
 shall be reflected in the legal stated capital (or equivalent capital account) of New ParentCo
 and, for greater certainty, no amount shall be reflected in respect of the issuance of the
 New ParentCo Special Voting Share pursuant to Section 2.4(g)(iii) other than any nominal
 amount required under applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *URC Options:* Simultaneously with the step set out in Section 2.4(e):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each
 URC Option (whether vested or unvested) outstanding and unexercised immediately prior to
 the Effective Time will be exchanged for a URC Replacement Option to acquire a number of
 New ParentCo Shares equal to the product of (A) the number of URC Shares subject to the URC
 Option immediately before the Effective Time, *multiplied by* (B) the Exchange Ratio,
 provided that if the foregoing would result in the issuance or transfer of a fraction of
 a New ParentCo Share on any particular exercise of URC Replacement Options, then the number
 of New ParentCo Shares otherwise issued or transferred upon such exercise shall be rounded
 down to the nearest whole number of New ParentCo Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 exercise price per New ParentCo Share subject to any such URC Replacement Option shall be
 an amount equal to the quotient of (X) the exercise price per URC Share under the exchanged
 URC Option immediately prior to the Effective Time *divided by* (Y) the Exchange Ratio
 (rounded up to the nearest whole cent). It is intended that the provisions of subsection
 7(1.4) of the Tax Act apply to the aforesaid exchange of URC Options for URC Replacement
 Options. Accordingly, and notwithstanding the foregoing, if required in order that this exchange
 be made pursuant to (and qualify under) subsection 7(1.4) of the Tax Act, the exercise price
 of a URC Replacement Option will be adjusted as necessary to ensure that the In-The-Money
 Amount of the URC Replacement Option immediately after such exchange does not exceed the
 In-The-Money Amount of the URC Option immediately before such exchange; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 terms and conditions of any URC Replacement Option, including the term to expiry and conditions
 to and manner of exercising and vesting schedule, will be the same as the URC Option for
 which it was exchanged, each URC Replacement Option shall be governed by the terms of the
 URC Incentive Plan (which shall be assumed by and continued under New ParentCo) and any document
 evidencing a URC Option shall thereafter evidence such URC Replacement Option (in each case,
 subject to any adjustments contemplated by this Section 2.4(i)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Contribution of URC Shares by CallCo to ExchangeCo.* Immediately following the completion of the steps
 set out in Section 2.4(e) and Section 2.4(f), CallCo shall transfer and contribute to ExchangeCo
 all of the URC Shares acquired by CallCo pursuant to Section 2.4(e), and in consideration
 therefor ExchangeCo shall issue to CallCo such number of newly issued ExchangeCo Shares having
 an aggregate Fair Market Value equal to the aggregate Fair Market Value of the URC Shares
 so transferred and contributed, and an amount equal to such Fair Market Value shall be added
 to the stated capital maintained in respect of such ExchangeCo Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Intercompany Loans.* Immediately following the completion of the step set out in Section 2.4(j), URC
 shall advance to CallCo (i) if the Concurrent Financing has not occurred by the Effective
 Date, an amount of cash equal to $330,000,000 less the Aggie Consideration paid to HRG and
 the applicable Orion Sellers pursuant to Section 2.4(b) and (ii) if the Concurrent Financing
 has occurred by the Effective Date, an amount of cash equal to the portion of the first $52,000,000
 of net cash proceeds received in connection with the Concurrent Financing that is not allocated
 to pay the Aggie Consideration (if any), plus 80% of the excess of the aggregate amount of
 net cash received by URC in connection with the Concurrent Financing (which, for the avoidance
 of doubt, includes any proceeds attributable to any green shoe or similar provision exercised
 in connection with such Concurrent Financing) over $92,000,000 by way of an interest-bearing
 loan on arm's length terms to be evidenced by a promissory note or loan agreement (the
 "**Intercompany Loan Agreement** "); <u>provided</u> that, the aggregate principal
 amount of the Intercompany Loan Agreement shall not exceed the higher of *[Redacted: dollar value]* and an amount to be determined by URC's tax advisors in writing to the Sweetwater
 Investors and URC based on a transfer pricing study (the "**Loan Cap** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *Reduction of Stated Capital of CallCo.* Immediately following the completion of the step set out
 in Section 2.4(k), CallCo shall distribute to New ParentCo, by way of a reduction of the
 stated capital (or equivalent capital account) maintained in respect of the CallCo Shares,
 an amount equal to the principal amount of the loan advanced to CallCo pursuant to Section
 2.4(k).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *Redemption of New ParentCo Preferred Shares*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Following
 the completion of the step set out in Section 2.4(l), New ParentCo shall redeem, in accordance
 with its articles and the terms of such shares, the New ParentCo Preferred Shares in exchange
 for payment of the Redemption Purchase Price (as such term is defined in Schedule K to the
 Arrangement Agreement) to the holders of such New ParentCo Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 payment of the Redemption Purchase Price to the holders of the New ParentCo Preferred shall
 be accomplished by the following steps: (A) a distribution of cash to the holders of the
 New ParentCo Preferred Shares equal to the cash proceeds received pursuant to Section 2.4(l),
 (B) a distribution of cash to the holders of the New ParentCo Preferred Shares equal to the
 first $52,000,000 of net cash proceeds received in connection with the Concurrent Financing
 that is not allocated to pay the Aggie Consideration (if any) less the portion of such proceeds
 that is allocated to the principal amount of the Intercompany Loan Agreement contemplated
 by Section 2.4(k)(ii) after giving effect to the proviso of Section 2.4(k); provided that,
 if the Concurrent Funding has not occurred by the Effective Date, the payment contemplated
 by this clause (B) shall be deemed to be $0, (C) a distribution of cash to the holders of
 the New ParentCo Preferred Shares equal to 80% of the excess of the aggregate amount of net
 cash received by URC in connection with the Concurrent Financing (which, for the avoidance
 of doubt, includes any proceeds attributable to any green shoe or similar provision exercised
 in connection with such Concurrent Financing) over $92,000,000; provided that such amount
 shall not exceed *[Redacted: dollar value]*, provided further that, if the Concurrent
 Funding has not occurred by the Effective Date, the payment contemplated by this clause (C)
 shall be deemed to be $0 and (D) completion of the distributions contemplated by Section
 2.4(m)(iii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) On
 the date upon which distributions of available cash of the Sweetwater Entities are made in
 accordance with past practice, the Parties shall cause the following actions to occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Sweetwater
 Royalties LLC to make a distribution of cash to Sweetwater Trona OpCo LLC in an amount equal
 to the Sweetwater Cash Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. immediately
 following the distribution contemplated by clause (m)(iii)(A), Sweetwater Trona OpCo LLC
 to make a distribution of cash to Sweetwater Trona HoldCo LLC in an amount equal to the Sweetwater
 Cash Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. immediately
 following the distribution contemplated by clause (m)(iii)(B), Sweetwater Trona HoldCo LLC
 to make a distribution of cash to Sweetwater Trona Fund LP in an amount equal to the Sweetwater
 Cash Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. immediately
 following the distribution contemplated by clause (m)(iii)(C), Sweetwater Trona Fund LP to
 make a distribution of cash (A) to Rife Holdings (USA) LLC (or any successor in interest
 thereto) in an amount equal to 5.531661% of the Sweetwater Cash Amount and (B) to New ParentCo,
 in an amount equal to the Sweetwater Cash Amount less the amount distributed to Rife Holdings
 (USA) LLC pursuant to clause (A) (such amount contemplated by this clause (B), the "**Seller Share of Sweetwater Cash Amount** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. immediately
 following the distribution contemplated by clause (m)(iii)(D), New ParentCo to make a distribution
 of cash (A) to the Orion Sellers in an amount equal to *[Redacted: commercially sensitive information]* of the Seller Share of the Sweetwater Cash Amount and (B) to OTPP in an
 amount equal to *[Redacted: commercially sensitive information]* of the Seller Share
 of the Sweetwater Cash Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Notwithstanding
 anything in Section 2.4(m)(ii) to the contrary, at the election of URC acting reasonably
 and in good faith and in consultation with its tax advisors, the distributions contemplated
 by clauses (B) and (C) of Section 2.4(m)(ii) may be satisfied by causing New ParentCo to
 periodically make special distributions of 40% of available cash from the Sweetwater Entities
 to the holders of the New ParentCo Preferred Shares at such times upon which distributions
 are made by the Sweetwater Entities in accordance with past practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) *Adjustment of Sweetwater Investors' New ParentCo Shares*: Immediately following the completion
 of the step set out in Section 2.4(l), to the extent that the aggregate amount of proceeds
 received by the Sweetwater Investors pursuant to Section 2.4(b) and Section 2.4(m) exceed
 an amount equal to $330,000,000 but is less than *[Redacted: dollar value]* (the amount
 of such excess, the "**Excess Amount"**), the aggregate number of New ParentCo
 Shares issued to the Sweetwater Investors shall be reduced on a pro rata basis by an aggregated
 number of New ParentCo Shares corresponding in value to the Excess Amount, divided by a price
 per share of $3.64 and such reduction will be done ratably among the Sweetwater Investors
 based on the proportion of New ParentCo Shares held by each Sweetwater Investor to the aggregate
 amount of New ParentCo Shares held by all Sweetwater Investors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) *Securities Registers*. Following the foregoing steps, on the Effective Date, each of URC, New ParentCo,
 ExchangeCo and CallCo shall make the appropriate entries in its applicable securities registers
 to reflect the matters referred to in this Section 2.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) *Retention of Certain Financing Proceeds*. If the Concurrent Financing has occurred, the Sweetwater
 Investors shall be entitled to the first $52,000,000 of the net proceeds received in connection
 with the Concurrent Financing and, thereafter, URC shall be entitled to retain $40,000,000
 of the net proceeds received in connection with the Concurrent Financing.

For greater certainty, none of the foregoing steps shall occur unless all of the foregoing steps occur.

2.5 Fully Paid and Non-Assessable
 Shares.

All Exchangeable Shares, ExchangeCo Shares, CallCo Shares and New ParentCo Shares issued pursuant hereto shall be validly issued and outstanding as fully paid and non-assessable shares.

**ARTICLE 3**

**EXCHANGEABLE SHARE ELECTION**

3.1 Exchangeable
 Share Election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 beneficial owner of URC Shares who, as at the Effective Time, is an Eligible Holder may elect
 with respect to any and all URC Shares (other than a Dissenting URC Share) held by such holder
 immediately before the Effective Time to receive the Consideration to which he, she or it
 is entitled in the form of New ParentCo Consideration Shares, Exchangeable Consideration
 Shares or a combination of New ParentCo Consideration Shares and Exchangeable Consideration
 Shares (the "**Exchangeable Share Election** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Exchangeable Share Election shall be made by a URC Shareholder (or if applicable, by the
 registered holder of URC Shares on such beneficial owner's behalf) by depositing with
 the Depositary, prior to the Election Deadline, a duly completed Letter of Transmittal and
 Election Form indicating such URC Shareholder's election, together with certificates
 (if any) representing such Eligible Holder's URC Shares. URC shall provide at least
 five (5) Business Days' notice of the Election Deadline to URC Shareholders by means
 of a news release disseminated on a newswire; provided that the Election Deadline, once set,
 may be extended by URC to a subsequent date prior to the Effective Date and URC shall promptly
 announce any such extension and, when determined, the rescheduled Election Deadline, which
 rescheduled deadline if necessary shall be as agreed by the Sweetwater Investors and URC
 (acting reasonably), provided that at least one (1) Business Day of advance notice thereof
 shall have been provided by URC to URC Shareholders by means of a news release disseminated
 on a newswire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any
 URC Shareholder who does not deposit with the Depositary a duly completed Letter of Transmittal
 and Election Form prior to the Election Deadline, or otherwise fails to comply with the requirements
 of this Section 3.1 or of the Letter of Transmittal and Election Form, shall be treated as
 not having made the Exchangeable Share Election and shall not be entitled to exchange the
 URC Shares held by such URC Shareholder for Exchangeable Consideration Shares under the Arrangement
 and shall receive New ParentCo Consideration Shares in respect of such URC Shares in accordance
 with Section 2.4(e).

3.2 Tax
 Election.

Each beneficial owner of URC Shares who is an Eligible Holder, and who has made a valid Exchangeable Share Election (or for whom the registered holder has made a valid Exchangeable Share Election on such beneficial owner's behalf) to receive Exchangeable Consideration Shares for any of its URC Shares shall be entitled to make an income tax election pursuant to subsection 85(1) of the Tax Act, or subsection 85(2) of the Tax Act if such beneficial owner is a partnership (and in each case, where applicable, the analogous provisions of provincial income tax law), with respect to the transfer of its Exchangeable Elected Shares to ExchangeCo and the receipt of Exchangeable Consideration Shares in respect thereof by providing the Tax Election Package to ExchangeCo within seventy-five (75) days following the Effective Date, duly completed with the details of the number of Exchangeable Elected Shares transferred and the applicable agreed amounts for the purposes of such elections. Thereafter, subject to the Tax Election Package being correct and complete and complying with the provisions of the Tax Act (and applicable provincial income tax law), the relevant forms shall be signed by ExchangeCo and returned to such former beneficial owner of URC Shares within seventy-five (75) days after the receipt thereof by ExchangeCo for filing with the CRA (or the applicable Tax Authority) by such former beneficial owner. ExchangeCo shall not be responsible for the proper or accurate completion of the Tax Election Package and, except for ExchangeCo's obligation to return (within seventy-five (75) days after the receipt thereof by ExchangeCo) duly completed election forms which are received by ExchangeCo within seventy-five (75) days of the Effective Date, ExchangeCo shall not be responsible for any taxes, interest or penalties resulting from the failure by a former beneficial owner of URC Shares to properly and accurately complete or file the election forms in the form and manner and within the time prescribed by the Tax Act (or any applicable provincial legislation). ExchangeCo has no obligation to sign and return any Tax Election Packages received more than seventy-five (75) days following the Effective Date, other than in its sole and absolute discretion.

**ARTICLE 4**

**EXCHANGE OF SHARES; URC SHARE CERTIFICATES; FRACTIONAL SHARES**

4.1 Exchange
 of Exchangeable Elected Shares for Exchangeable Consideration Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On
 the Effective Date, ExchangeCo shall deliver or cause to be delivered to the Depositary the
 aggregate number of Exchangeable Consideration Shares to be delivered pursuant to Section
 2.4(f), which Exchangeable Consideration Shares shall be held by the Depositary for the benefit
 of, and as agent and nominee for, the Exchangeable Elected Shareholders for distribution
 to such Exchangeable Elected Shareholders in accordance with the provisions of this Article

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon
 delivery to the Depositary of a duly completed Letter of Transmittal and Election Form in
 respect of any Exchangeable Elected Shares to be exchanged for Exchangeable Consideration
 Shares under the Arrangement and such other documents and instruments as the Depositary may
 reasonably require, and upon surrender to the Depositary of any certificate(s) which immediately
 prior to the Effective Time represented such Exchangeable Elected Shares, such former holder
 of Exchangeable Elected Shares shall be entitled to receive in exchange therefor in respect
 of such Exchangeable Elected Shares, and the Depositary shall deliver to such Exchangeable
 Elected Shareholder (in each case, without interest and as adjusted for any rounding or withholding
 pursuant to Section 4.4 or Section 4.6), the relevant number of Exchangeable Consideration
 Shares which such Exchangeable Elected Shareholder has the right to receive (together with
 any dividends payable in respect thereof pursuant to Section 4.7) and the certificate (if
 any) so surrendered shall forthwith be cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Until
 surrendered as contemplated by this Section 4.1, any certificate which immediately prior
 to the Effective Time represented one or more outstanding Exchangeable Elected Shares shall
 be deemed at all times after the Effective Time to represent (in respect of the Exchangeable
 Elected Shares that were represented by such certificate immediately prior to the Effective
 Time) only the right to receive upon such surrender (in each case, without interest and as
 adjusted for any rounding or withholding pursuant to Section 4.4 or Section 4.6), (i) the
 relevant number of Exchangeable Consideration Shares as contemplated by this Section 4.1
 and certain ancillary rights receivable hereunder, and (ii) on the appropriate payment date,
 (A) any dividends with a record date after the Effective Time declared, paid or payable with
 respect to Exchangeable Shares as contemplated by Section 4.7 and (B) any dividends with
 a record date prior to the Effective Time declared, paid or payable with respect to URC Shares.

4.2 Exchange
 of URC Shares for New ParentCo Consideration Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On
 the Effective Date, New ParentCo shall deliver or cause to be delivered to the Depositary
 the aggregate number of New ParentCo Consideration Shares to be delivered pursuant to Section
 2.4(e), which New ParentCo Consideration Shares shall be held by the Depositary for the benefit
 of, and as agent and nominee for, such former URC Shareholders who shall receive New ParentCo
 Consideration Shares in connection with the Arrangement for distribution to such former URC
 Shareholders in accordance with the provisions of this Article 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon
 delivery to the Depositary of a duly completed Letter of Transmittal and Election Form in
 respect of any URC Shares to be exchanged for New ParentCo Consideration Shares under the
 Arrangement and such other documents and instruments as the Depositary may reasonably require,
 and upon surrender to the Depositary of any certificate(s) which immediately prior to the
 Effective Time represented such URC Shares, such former holder of URC Shares shall be entitled
 to receive in exchange therefor in respect of such URC Shares, and the Depositary shall deliver
 to such former URC Shareholder (in each case, without interest and as adjusted for any rounding
 or withholding pursuant to Section 4.4 or Section 4.6), the relevant number of New ParentCo
 Consideration Shares which such former URC Shareholder has the right to receive (together
 with any dividends with respect thereto pursuant to Section 4.7), and the certificate (if
 any) so surrendered shall forthwith be cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Until
 surrendered as contemplated by this Section 4.2, any certificate which immediately prior
 to the Effective Time represented one or more outstanding URC Shares that were exchanged
 for the New ParentCo Consideration Shares under the Arrangement shall be deemed at all times
 after the Effective Time to represent (in respect of the URC Shares that were exchanged for
 New ParentCo Consideration Shares under the Arrangement that were represented by such certificate
 or that were uncertificated immediately prior to the Effective Time) only the right to receive
 upon such surrender (in each case, without interest and as adjusted for any rounding or withholding
 pursuant to Section 4.4 or Section 4.6), (i) the relevant number of New ParentCo Consideration
 Shares as contemplated by this Section 4.2, and (ii) on the appropriate payment date, (A)
 any dividends with a record date after the Effective Time declared, paid or payable with
 respect to New ParentCo Consideration Shares as contemplated by Section 4.7 and (B) any dividends
 with a record date prior to the Effective Time declared, paid or payable with respect to
 URC Shares.

4.3 Lost
 Certificates.

In the event any certificate which immediately prior to the Effective Time represented one or more outstanding URC Shares that were transferred or exchanged, as applicable, pursuant to Section 2.4 of this Plan of Arrangement shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the Person claiming such certificate to be lost, stolen or destroyed, the Depositary shall (a) issue and deliver in exchange for such lost, stolen or destroyed certificate, the Consideration to which the holder is entitled pursuant to this Plan of Arrangement and (b) deliver any other amounts such holder is entitled to receive pursuant to Sections 4.4 and 4.7. When authorizing such issuance and delivery in exchange for any lost, stolen or destroyed certificate, the Person to whom such Consideration is to be issued and delivered shall, as a condition precedent to the delivery of such Consideration, give a bond satisfactory to URC, New ParentCo and the Depositary (acting reasonably) in such sum as URC or New ParentCo may direct, or otherwise indemnify URC, ExchangeCo and New ParentCo in a manner satisfactory to New ParentCo, ExchangeCo and URC acting reasonably, against any claim that may be made against New ParentCo, ExchangeCo and URC with respect to the certificate alleged to have been lost, stolen or destroyed.

4.4 No
 Fractional Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In
 the event that a URC Shareholder is entitled to receive a fractional interest in a New ParentCo
 Consideration Share pursuant to Section 2.4(e), the number of New ParentCo Consideration
 Shares to be delivered to such URC Shareholder pursuant to Section 4.2 shall be rounded down
 to the nearest whole New ParentCo Consideration Share. No fractional New ParentCo Consideration
 Shares shall be issued and no cash or other consideration shall be paid in lieu thereof.
 Any entitlement to a fractional New ParentCo Consideration Share shall be cancelled and forfeited
 without compensation, and each URC Shareholder shall be deemed to have irrevocably waived,
 released and renounced any right or claim to receive such fractional interest or any cash
 or other consideration in respect thereof. No dividend, distribution, voting right or other
 right of a holder of New ParentCo Shares shall accrue or attach in respect of any such fractional
 interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 the event that an Exchangeable Elected Shareholder is entitled to receive a fractional interest
 in an Exchangeable Consideration Share pursuant to Section 2.4(f), the number of Exchangeable
 Consideration Shares to be delivered to such Exchangeable Elected Shareholder pursuant to
 Section 4.1 shall be rounded down to the nearest whole Exchangeable Consideration Share.
 No fractional Exchangeable Consideration Shares shall be issued and no cash or other consideration
 shall be paid in lieu thereof. Any entitlement to a fractional Exchangeable Consideration
 Share shall be cancelled and forfeited without compensation, and each Exchangeable Elected
 Shareholder shall be deemed to have irrevocably waived, released and renounced any right
 or claim to receive such fractional interest or any cash or other consideration in respect
 thereof. No dividend, distribution, voting right or other right of a holder of Exchangeable
 Shares shall accrue or attach in respect of any such fractional interest.

4.5 No
 Liens.

Any exchange or transfer of URC Shares pursuant to this Plan of Arrangement shall be free and clear of any Liens or other claims of third parties of any kind.

4.6 Withholding
 Taxes.

New ParentCo, ExchangeCo, CallCo, URC and the Depositary shall be entitled to deduct and withhold from any amounts payable or otherwise deliverable to any Person under this Plan of Arrangement and from all consideration, dividends, interest or other amounts payable or distributed to any former URC Shareholder or former holder of URC Options such amounts as New ParentCo, ExchangeCo, CallCo, URC or the Depositary are required to deduct and withhold therefrom under any provision of any applicable Laws in respect of Taxes. To the extent that such amounts are so deducted, withheld and remitted to the relevant Governmental Entity, such amounts shall be treated for all purposes under this Plan of Arrangement as having been paid to the Person to whom such amounts would otherwise have been paid. To the extent that the amount so required to be deducted or withheld from any payment or delivery of consideration to a former URC Shareholder or former holder of URC Options is not satisfied in cash, New ParentCo, ExchangeCo, CallCo, URC and the Depositary are hereby authorized to sell or otherwise dispose of such portion of the consideration otherwise deliverable to such holder as is necessary to provide sufficient funds to enable compliance with such deduction or withholding requirement, and New ParentCo, ExchangeCo, CallCo, URC or the Depositary shall notify the holder thereof and remit any unapplied balance of the net proceeds of such sale.

4.7 Post-Effective
 Time Dividends and Distributions.

No dividends payable on or in respect of New ParentCo Consideration Shares or Exchangeable Consideration Shares with a record date after the Effective Time shall be paid to the holder of any certificate or certificates which, immediately prior to the Effective Time, represented outstanding URC Shares that were transferred pursuant to Section 2.4 in respect of which New ParentCo Consideration Shares or Exchangeable Consideration Shares were issued pursuant to the Arrangement. All dividends payable on or in respect of New ParentCo Consideration Shares or Exchangeable Consideration Shares held by the Depositary with a record date after the Effective Time shall be paid by New ParentCo or ExchangeCo as applicable to the Depositary and shall be held by the Depositary in trust for the former holders of URC Shares entitled to receive such New ParentCo Consideration Shares or Exchangeable Consideration Shares pursuant to the Arrangement, in each case until delivery to the Depositary of a duly completed Letter of Transmittal and Election Form in respect of such URC Shares and such other documents and instruments as the Depositary may reasonably require and the surrender of any such certificate or certificates (or affidavit in accordance with Section 4.3) which, immediately prior to the Effective Time, represented such URC Shares in accordance with Sections 4.1 or 4.2, as applicable, or until surrendered and/or forfeited in accordance with Section 4.8. Subject to applicable Laws, following the delivery to the Depositary of a duly completed Letter of Transmittal and Election Form in respect of such URC Shares and such other documents and instruments as the Depositary may reasonably require and the surrender of any certificate or certificates (or affidavit in accordance with Section 4.3) which, immediately prior to the Effective Time, represented such URC Shares, in accordance with Sections 4.1 or 4.2, as applicable, the Depositary shall pay to the applicable former holder of URC Shares, without interest, the amount of dividends with a record date after the Effective Time theretofore paid with respect to such New ParentCo Consideration Shares or Exchangeable Consideration Shares to which such holder is entitled pursuant to the Arrangement.

4.8 Limitation
 and Proscription.

To the extent that a former URC Shareholder shall not have complied with the provisions of Sections 4.1 and 4.2 on or before the date that is three (3) years after the Effective Date (the "**final proscription date**"), then the Consideration that such former URC Shareholder was entitled to receive shall be deemed to have been surrendered to ExchangeCo (in the case of the Exchangeable Consideration Shares) and New ParentCo (in the case of New ParentCo Consideration Shares) in each case for cancellation for no consideration and shall be delivered to ExchangeCo or New ParentCo, as applicable, by the Depositary and the interest of the former URC Shareholder in such Consideration (and any dividend referred to in Section 4.7) to which it was entitled shall be terminated as of the final proscription date, and the certificates formerly representing URC Shares, if any, shall cease to represent a right or claim of any kind or nature as of the final proscription date. The right of any URC Shareholder to receive the Consideration for URC Shares pursuant to this Plan of Arrangement shall terminate and be deemed to be surrendered and forfeited to ExchangeCo. For greater certainty, no former URC Shareholder shall have any right, claim or interest of any kind or nature whatsoever in respect of URC Shares from and after the final proscription date, including, any entitlement to receive any Consideration for any reason, or any entitlement to dividends on or in respect of URC Shares or the Consideration, and in accordance with this Section 4.8 all such rights and interests of former URC Shareholders shall be deemed to have been surrendered to New ParentCo or ExchangeCo, as applicable, and forfeited by such former URC Shareholders for no consideration as of the final proscription date.

**ARTICLE 5**

**DISSENT RIGHTS**

5.1 Dissent
 Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In
 connection with the Arrangement, registered URC Shareholders as at the record date for the
 URC Meeting may exercise Dissent Rights with respect to URC Shares held by such holders in
 connection with the Arrangement pursuant to the procedure set forth in section 190 of the
 CBCA, as modified by the Interim Order and this Section 5.1, provided that, notwithstanding
 subsection 190(5) of the CBCA, the written objection to the Arrangement Resolution referred
 to in subsection 190(5) of the CBCA must be received by URC not later than 5:00 p.m. two
 (2) days (other than a Saturday, a Sunday or a statutory or civic holiday in Vancouver, British
 Columbia, Canada) immediately preceding the date of the URC Meeting (as such meeting may
 be adjourned or postponed from time to time). Registered URC Shareholders who exercise such
 Dissent Rights and who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) are
 ultimately determined to be entitled to be paid fair value for their Dissenting URC Shares
 (A) shall be deemed not to have participated in the transactions in Section 2.4 (other than
 Section 2.4(d)), (B) shall be paid an amount equal to such fair value by CallCo which fair
 value, notwithstanding anything to the contrary contained in Part XV of the CBCA, shall be
 determined as of the close of business on the day (other than a Saturday, a Sunday or a statutory
 or civic holiday in Vancouver, British Columbia, Canada) before the Arrangement Resolution
 was adopted and (C) shall not be entitled to any other payment or consideration, including
 any payment that would be payable under the Arrangement had such URC Shareholders not exercised
 their Dissent Rights in respect of such URC Shares and such URC Shareholders shall be deemed
 to have transferred their Dissenting URC Shares to URC pursuant to Section 2.4(d), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) are
 ultimately determined not to be entitled, for any reason, to be paid fair value for their
 Dissenting URC Shares shall be deemed to have participated in the Arrangement, as of the
 Effective Time, on the same basis as a non-dissenting holder of URC Shares and shall be entitled
 to receive only the New ParentCo Consideration Shares pursuant to Section 2.4(e) and other
 rights as set out in Article 4 that such URC Shareholder would have received pursuant to
 the Arrangement if such URC Shareholder had not exercised Dissent Rights and did not make
 a valid Exchangeable Share Election, but further provided that in no case shall URC, New
 ParentCo, ExchangeCo, CallCo or any other Person be required to recognize URC Shareholders
 who exercise Dissent Rights as URC Shareholders after the Effective Time, and the names of
 such URC Shareholders who exercise Dissent Rights shall be removed from the registers of
 URC Shares at the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For
 greater certainty, in addition to any other restrictions in the Interim Order, none of the
 following Persons shall be entitled to exercise Dissent Rights: (a) any holder of URC Options;
 (b) any Person (including any beneficial owner of URC Shares) who is not a registered holder
 of URC Shares; and (c) any URC Shareholder who votes or has instructed a proxyholder to vote
 its URC Shares in favour of the Arrangement Resolution.

**ARTICLE 6**

**AMENDMENT**

6.1 Amendment
 of this Plan of Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) URC
 and the Sweetwater Investors reserve the right to amend, modify and/or supplement this Plan
 of Arrangement at any time and from time to time prior to the Effective Time, provided that
 any amendment, modification or supplement must be contained in a written document which is:
 (i) approved by the Sweetwater Investors and URC in writing; (ii) if made following the URC
 Meeting, approved by the Court; and (iii) communicated to URC Shareholders if and as required
 by the Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 amendment, modification or supplement to this Plan of Arrangement, if agreed to by URC and
 the Sweetwater Investors, may be proposed by URC or the Sweetwater Investors at any time
 prior to or at the URC Meeting with or without any other prior notice or communication and,
 if so proposed and accepted, in the manner contemplated and to the extent required by the
 Arrangement Agreement, by the URC Shareholders shall become part of this Plan of Arrangement
 for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any
 amendment, modification or supplement to this Plan of Arrangement which is approved or directed
 by the Court following the URC Meeting shall be effective only: (i) if it is consented to
 by URC and the Sweetwater Investors (each acting reasonably); and (ii) if required by the
 Court or applicable Law, it is consented to by some or all of the URC Shareholders voting
 in the manner directed by the Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 Plan of Arrangement may be amended, modified or supplemented following the Effective Time
 unilaterally by the Sweetwater Investors and URC, provided that it concerns a matter that,
 in the reasonable opinion of the Sweetwater Investors and URC, is of an administrative nature
 required to better give effect to the implementation of this Plan of Arrangement and is not
 adverse to the economic interest of any URC Shareholders or holders of URC Options.

**ARTICLE 7**

**TERMINATION**

7.1 Termination.

This Plan of Arrangement may be withdrawn prior to the Effective Time in accordance with the terms of the Arrangement Agreement. Upon the termination of this Plan of Arrangement pursuant to Section **8.2** of the Arrangement Agreement, no Party shall have any liability or further obligation to any other Party or Person hereunder other than as set out in the Arrangement Agreement.

**ARTICLE 8**

**U.S. SECURITIES LAWS**

8.1 U.S. Securities Laws.

URC and the Sweetwater Investors intend that the issuance of the Exchangeable Consideration Shares and the New ParentCo Consideration Shares under this Plan of Arrangement and the exchange of URC Options for URC Replacement Options under this Plan of Arrangement shall be exempt from the registration requirements of the U.S. Securities Act pursuant to the exemption provided by Section 3(a)(10) thereof, and each of URC and the Sweetwater Investors shall take such reasonable actions as shall be required to facilitate reliance on such exemption in connection with the Arrangement.

**ARTICLE 9**

**CALL RIGHTS**

9.1 Call
 Rights.

Each of New ParentCo and CallCo shall be entitled to exercise certain call rights in accordance with the terms of the Exchangeable Share Provisions and the Voting and Exchange Trust Agreement.

**ARTICLE 10**

**FURTHER ASSURANCES**

10.1 Further
 Assurances.

Notwithstanding that the transactions and events set out herein will occur and be deemed to occur in the order set out in this Plan of Arrangement without any further authorization, act or formality, each of URC and the Sweetwater Investors will make, do and execute, or cause to be made, done and executed, any such further acts, deeds, agreements, transfers, assurances, instruments or documents as may reasonably be required by any of them in order to further document or evidence any of the transactions or events set out herein.

10.2 Paramountcy.

From and after the Effective Time: (a) this Plan of Arrangement shall take precedence and priority over any and all URC Shares and URC Options issued prior to the Effective Time; (b) the rights and obligations of the registered and beneficial holders of URC Shares, the holders of URC Options, URC, New ParentCo, ExchangeCo, CallCo, the Depositary, the Trustee, and any transfer agent or other depositary in relation thereto, shall be solely as provided for in this Plan of Arrangement and the Arrangement Agreement; and (c) all actions, causes of action, claims or proceedings (actual or contingent and whether or not previously asserted) based on or in any way relating to any URC Shares and URC Options shall be deemed to have been settled, compromised, released and determined without liability except as set forth herein.

**Schedule C**

**Form of Arrangement Resolution**

BE IT RESOLVED THAT:

(i) The arrangement (the "**Arrangement**") under Section 192 of the *Canada Business Corporations Act* (the "**CBCA**") of Uranium Royalty Corp. (the "**Corporation** "), as more particularly described and set forth in the management proxy circular of the Corporation (the "**Circular**") dated **[●]**, 2026 accompanying the notice of this meeting, and as the Arrangement may be amended, modified or supplemented in accordance with the arrangement agreement dated April 16, 2026 among the Orion Sellers (as such term is defined in the Arrangement Agreement), HRG Metals LP and the Corporation (as it may from time to time be amended, modified or supplemented, the "**Arrangement Agreement** "), is hereby authorized, approved and adopted.

(ii) The plan of arrangement of the Corporation (as it may be amended, modified or supplemented in accordance with its terms and the terms of the Arrangement Agreement, the "**Plan of Arrangement** "), the full text of which is set out in Appendix **[●]** to the Circular, is hereby authorized, approved and adopted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 Arrangement Agreement and related transactions, the actions of the directors of the Corporation
 in approving the Arrangement Agreement, the actions of the directors and officers of the
 Corporation in executing and delivering the Arrangement Agreement and any amendments, modifications
 or supplements thereto, and causing the Corporation to perform its obligations thereunder,
 as well as the Corporation's application for an interim order from the Supreme Court
 of British Columbia, are hereby ratified and approved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The
 Corporation is hereby authorized to apply for a final order from the Supreme Court of British
 Columbia to approve the Arrangement on the terms set forth in the Arrangement Agreement and
 the Plan of Arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding
 that this resolution has been passed (and the Arrangement adopted) by the shareholders of
 the Corporation or that the Arrangement has been approved by the Supreme Court of British
 Columbia, the directors of the Corporation are hereby authorized and empowered to, at their
 discretion, without notice to or approval of the shareholders of the Corporation, (i) amend,
 modify or supplement the Arrangement Agreement or the Plan of Arrangement to the extent permitted
 thereby and (ii) subject to the terms of the Arrangement Agreement, not to proceed with the
 Arrangement and related transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Any
 officer or director of the Corporation is hereby authorized and directed, for and on behalf
 of the Corporation, to execute and deliver for filing with the Director under the CBCA articles
 of arrangement and such other documents as may be necessary or desirable to give effect to
 the Arrangement in accordance with the Arrangement Agreement, such determination to be conclusively
 evidenced by the execution and delivery of such articles of arrangement and any such other
 documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Any
 officer or director of the Corporation is hereby authorized and directed, for and on behalf
 of the Corporation, to execute or cause to be executed and to deliver or cause to be delivered
 all such other documents and instruments and to perform or cause to be performed all such
 other acts and things as such person determines may be necessary or desirable to give full
 effect to the foregoing resolutions and the matters authorized thereby, such determination
 to be conclusively evidenced by the execution and delivery of such document or instrument
 or the doing of any such act or thing.

**Schedule D**

**URC Representations and Warranties**

(a) <u>Organization and Qualification</u>. Each of URC and its Subsidiaries is a corporation duly incorporated
 or formed, validly existing and in good standing under the Laws of its jurisdiction of incorporation,
 formation or continuance and has the requisite corporate power and authority to own its assets
 and properties as now owned and to carry on its business as it is now being conducted. URC
 is, and its Subsidiaries are, duly registered to do business and each is in good standing
 in each jurisdiction in which the character of its assets and properties, owned or leased,
 or the nature of its activities makes such registration necessary, except where the failure
 to be so registered or in good standing would not result in a URC Material Adverse Effect.
 Since January 10, 2025, no action has been taken to materially amend or supersede the Constating
 Documents of URC.

(b) <u>Shareholder and Similar Agreements.</u> Neither URC nor any of its Subsidiaries is party to any shareholder,
 pooling, proxy, voting, voting trust or other similar agreement or arrangement relating to
 the capital stock or other equity interests of URC or any of its Subsidiaries or pursuant
 to which any Person may have any right or claim in connection with any existing or past equity
 interest in URC or any of its Subsidiaries or providing for registration rights with respect
 to URC or any of its Subsidiaries, and URC has not adopted a shareholder rights plan or any
 other similar plan or agreement.

(c) <u>Authority Relative this Agreement</u>. URC has the requisite corporate authority to enter into this
 Agreement and the agreements and other documents to be entered into by it hereunder and to
 carry out its obligations hereunder and thereunder. Subject to the URC Shareholder Approval
 being obtained at the URC Meeting as stipulated by the Court in the Interim Order, no other
 corporate approvals on the part of URC are necessary to authorize the execution and delivery
 and performance of this Agreement, the Arrangement and the agreements and other documents
 to be entered into by it hereunder and the consummation by URC of the Transactions. This
 Agreement has been duly executed and delivered by URC and constitutes a legal, valid and
 binding obligation of URC enforceable against it in accordance with its terms, subject to
 the qualification that such enforceability may be limited by bankruptcy, insolvency, reorganization
 or other Laws of general application relating to or affecting rights of creditors and that
 equitable remedies, including specific performance, are discretionary and may not be ordered.

(d) <u>Board Approval</u>. The URC Board has unanimously: (i) determined that the Arrangement is in the
 best interests of URC and is fair to URC Shareholders; (ii) resolved to make the URC Board
 Recommendation and to include such recommendation in the URC Circular; and (iii) authorized
 the entering into of this Agreement (and approved the Arrangement pursuant to the Plan of
 Arrangement) and the performance by URC of its obligations under this Agreement and, at the
 date of this Agreement, no action has been taken to amend, or supersede such determinations,
 resolutions, or authorizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Violation; Absence of Defaults and Conflicts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) URC
 is not in violation of its Constating Documents or in default in the performance or observance
 of any obligation, agreement, covenant or condition contained in any note, bond, mortgage,
 indenture, loan agreement, deed of trust, agreement, Lien, Contract or other instrument or
 obligation to which URC is a party or to which URC, or any of its properties or assets, may
 be subject or by which URC is bound, except for such violations or defaults which would not
 result in a URC Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Neither
 the execution and delivery of this Agreement by URC nor the consummation of the Arrangement
 and the Transactions nor compliance by URC with any of the provisions hereof: (A) violate,
 conflict with, or result in a breach of any provision of, require any consent, approval or
 notice under, or constitute a default (or an event which, with notice or lapse of time or
 both, would constitute a default) or result in a right of termination or acceleration under,
 or result in the creation of any Lien upon any of the properties or assets of URC, under
 any of the terms, conditions or provisions of (1) its Constating Documents, or (2) material
 Contract of URC; or (B) subject to compliance with the statutes and regulations referred
 to in paragraph (d)(iii), below, violate any Laws, judgment, ruling, order, writ, injunction,
 determination, award, decree, statute, ordinance, rule or regulation applicable to URC or
 any of its properties or assets (except, in the case of each of clauses (A) and (B) above,
 for such violations, conflicts, breaches, defaults, terminations, accelerations or creations
 of Liens which, or any consents, approvals or notices which if not given or received, would
 not result in a URC Material Adverse Effect or significantly impede the ability of URC to
 consummate the Arrangement); or (C) cause the suspension or revocation of any authorization,
 consent, approval or license currently in effect which would result in a URC Material Adverse
 Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Other
 than in connection with or in compliance with the provisions of applicable Canadian Securities
 Laws, U.S. Securities Laws, the CBCA, the Key Regulatory Approvals, the terms of the Interim
 Order and the Final Order in respect of the Arrangement and the filing of the Articles of
 Arrangement, (A) there is no legal impediment to URC's consummation of the Arrangement,
 and (B) no filing or registration with, or Authorization, consent or approval of, any domestic
 or foreign public body or authority is required of URC in connection with the consummation
 of the Arrangement, except for such filings or registrations which, if not made, or for such
 authorizations, consents or approvals which, if not received, would not result in a URC Material
 Adverse Effect or significantly impede the ability of URC to consummate the Arrangement.

(f) <u>Ownership of Subsidiaries</u>. URC is, except pursuant to restrictions on transfer contained in the
 applicable Constating Documents, the sole legal and beneficial direct or indirect owner of
 all of the outstanding shares and other ownership of URC's Subsidiaries, with good
 title thereto free and clear of any and all Liens, except for Permitted Liens. Other than
 as set out in the applicable Constating Documents, there are no outstanding options, rights,
 entitlements, understandings or commitments (contingent or otherwise) regarding the right
 to acquire any such shares of capital stock or other ownership in any of URC's Subsidiaries.
 All of the outstanding shares of capital stock and other ownership interests in URC's
 Subsidiaries are validly issued, fully paid and non-assessable and are not subject to, nor
 were they issued in violation of, any pre-emptive rights.

(g) <u>URC Authorizations</u>. URC and its Subsidiaries have obtained all Authorizations necessary for
 the ownership, operation, development, maintenance or use of the material assets of URC and
 its Subsidiaries or otherwise in connection with the material business or operations of URC
 and its Subsidiaries and such Authorizations are in full force and effect. URC and its Subsidiaries
 have fully complied with and are in compliance with all Authorizations, except, in each case,
 for such non-compliance which, individually or in the aggregate, would not result in a URC
 Material Adverse Effect. There is no action, investigation or proceeding pending or, to the
 knowledge of URC, threatened regarding any of such Authorizations. Neither URC nor any of
 its Subsidiaries has received any notice, whether written or oral, of revocation or non-renewal
 of any such Authorizations, or of any intention of any Person to revoke or refuse to renew
 any of such Authorizations, except, in each case, for revocations or non-renewals which,
 individually or in the aggregate, would not have a URC Material Adverse Effect and all such
 Authorizations continue to be effective in order for URC and its Subsidiaries to continue
 to conduct their respective businesses as they are currently being conducted. No Person other
 than URC or any of its Subsidiaries owns or has any proprietary, financial or other interest
 (direct or indirect) in any of such Authorizations.

(h) <u>Litigation</u>.
 There are no actions, claims, suits, proceedings or investigations by Governmental Entities
 or other Persons pending or, to the knowledge of URC, threatened, affecting or that would
 reasonably be expected to affect URC or its Subsidiaries or affecting or that would reasonably
 be expected to affect any of its or their property or assets at Law or equity or before or
 by any court, tribunal or Governmental Entity which action, claim, suit, proceeding or investigation
 involves a possibility of any judgment against or liability of URC or its Subsidiaries, which,
 if successful, could reasonably be expected to result in a URC Material Adverse Effect. None
 of URC or its Subsidiaries are subject to any outstanding order, writ, injunction or decree
 that has had or could reasonably be expected to result in a URC Material Adverse Effect.

(i) <u>Winding Up</u>. No order has been made, petition presented or meeting convened for the purpose of
 winding up of URC or any of its Subsidiaries, or for the appointment of any provisional liquidator
 or in relation to any other process whereby the business is terminated and the assets of
 URC or any of its Subsidiaries are distributed amongst the creditors, shareholders or other
 contributors, and there are no proceedings under any applicable insolvency, bankruptcy, reorganization
 or similar laws in any relevant jurisdiction, and no events have occurred which, under applicable
 Laws, would be reasonably likely to justify any such cases or proceedings, that would, individually
 or in the aggregate, reasonably be expected to cause a URC Material Adverse Effect. To the
 knowledge of the URC, no Person has taken any step, legal proceeding or other procedure with
 a view to the appointment of an administrator, whether out of court or otherwise, in relation
 to URC or any of its Subsidiaries, and no receiver (including any administrative receiver)
 has been appointed in respect of the whole or any part of any of the property, assets or
 undertaking of URC or any of its Subsidiaries nor has any such order been made (including,
 in any relevant jurisdiction, any other order by which, during the period it is in force,
 the affairs, business and assets of the company concerned are managed by a person appointed
 by any Governmental Entity). Neither URC nor any of its Subsidiaries have made any voluntary
 arrangement with any of its creditors or is insolvent or unable to pay its debts as they
 fall due.

(j) <u>Capitalization of URC</u>. The authorized share capital of URC consists of an unlimited number of URC Shares
 and an unlimited number of preferred shares. As of the date hereof, there are 146,482,507
 URC Shares issued and outstanding and up to 2,080,650 URC Shares issuable upon the exercise
 of URC Options, and there are no other preferred shares outstanding. As of the date hereof,
 there are 8,228,635 URC Shares reserved for issuance under the URC Incentive Plan. Except
 as set forth above or pursuant to the Concurrent Private Placement, there are no issued,
 outstanding or authorized options, restricted share unit awards, restricted share awards,
 appreciation rights, phantom shares, profit participation rights, warrants or other rights,
 shareholder rights plans, agreements or commitments of any character whatsoever requiring
 the issuance, sale or transfer by URC of any shares of URC or any securities convertible
 into, or exchangeable or exercisable for, or otherwise evidencing a right to acquire, any
 shares of URC. All outstanding URC Shares have been duly authorized and validly issued, are
 fully paid and non-assessable and are not subject to, nor were they issued in violation of,
 any pre-emptive rights, and all URC Shares issuable upon the exercise or settlement, as applicable
 of outstanding URC Options in accordance with their respective terms will be duly authorized
 and validly issued as fully paid and non-assessable and will not be subject to or issued
 in violation of any pre-emptive rights.

(k) <u>URC Incentive Plan</u>. Other than the URC Incentive Plan, there are no other security or security-based
 incentive plans, including, without limitation, any plans to grant options, conditional stock
 awards, restricted stock awards, phantom stocks, stock appreciation or other right to acquire
 URC Shares, applicable to the URC Employees, former employees, directors or officers of URC
 or any of the Subsidiaries of URC, individuals working on contract with URC or any of the
 Subsidiaries of URC or other individuals providing services to URC or any of the Subsidiaries
 of URC, and no commitments have been made to introduce such plans. Each URC Option was issued
 in compliance in all material respects with applicable Law.

(l) <u>Securities Laws</u>. URC is in compliance in all material respects with all applicable Canadian Securities
 Laws and U.S. Securities Laws. The URC Shares are listed and posted for trading on the TSX
 and Nasdaq, there is no order delisting, suspending or cease trading any securities of URC
 and URC is in compliance in all material respects with the rules of such stock exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>United States Relationships</u>. URC is (i) a "foreign private issuer" as defined in
 Rule 405 under the U.S. Securities Act, and (ii) is not registered or required to register
 as an investment company under the United States Investment Company Act of 1940.

(n) <u>Reports</u>.
 The URC Public Documents, as of their respective dates or if amended, as of the date of such
 amendment, did not contain any material untrue statement of a material fact or omit to state
 a material fact required to be stated therein or necessary to make the statements therein,
 in light of the circumstances in which they were made, not misleading and complied in all
 material respects with all applicable Laws. URC has filed with the securities authorities,
 the SEC, the TSX, Nasdaq and all applicable self-regulatory authorities a true and complete
 copy of all forms, reports, schedules, statements, certifications, material change reports
 and other documents required to be filed by it. Such forms, reports, schedules, statements,
 certifications, material change reports and other documents, at the time filed or, if amended,
 as of the date of such amendment: (i) did not contain any material misrepresentation (as
 defined by securities Laws) and did not contain an untrue statement of a material fact or
 omit to state a material fact necessary in order to make the statements made, in light of
 the circumstances under which they were made, not misleading in any material respect; and
 (ii) complied in all material respects with the requirements of applicable securities legislation
 and the rules, policies and instruments of all securities authorities, the SEC, the TSX,
 Nasdaq or other self-regulatory authority having jurisdiction over URC except where such
 non-compliance has not had, or would not reasonably be expected to have, a URC Material Adverse
 Effect on URC. URC has not filed any confidential material change or other report or other
 document with any securities authorities, the TSX or other self-regulatory authority which
 at the date hereof remains confidential. None of its Subsidiaries are required to file any
 reports or other documents with any of the securities authorities, the SEC, the TSX or Nasdaq.
 As of the date hereof, URC has made available to the Sweetwater Investors true, complete
 and correct copies of all comment letters, inquiries and other correspondence with all securities
 authorities, the SEC, the TSX, Nasdaq or other self-regulatory authorities having jurisdiction
 over URC since January 1, 2025.

(o) <u>No Orders</u>. No order, ruling or determination having the effect of suspending the sale of,
 or ceasing the trading of, the URC Shares or any other securities of URC has been issued
 by any regulatory authority and is continuing in effect and no proceedings for that purpose
 have been instituted, are pending or, to the knowledge of URC, are contemplated or threatened
 under any applicable Laws or by any other Governmental Entity.

(p) <u>Financial Statements</u>. The audited consolidated financial statements of URC as at and for the years
 ended April 30, 2025 and 2024 and the unaudited condensed consolidated financial statements
 of URC as at and for the three (3) and nine (9) month periods ended January 31, 2026 and
 2025 (collectively, the "**URC Financial Statements**") were prepared in accordance
 with IFRS (except (i) as otherwise indicated in such financial statements and the notes thereto
 or, in the case of audited statements, in the related report of URC's independent auditor,
 or (ii) in the case of unaudited interim statements, to the extent they are subject to normal
 year-end adjustments), and fairly present in all material respects the consolidated financial
 position, results of operations and changes in financial position of URC and its Subsidiaries
 as of the dates thereof and for the periods indicated therein (subject, in the case of any
 unaudited interim financial statements, to normal year-end audit adjustments).

(q) <u>Absence of Undisclosed Liabilities</u>. URC has no liabilities that are required by IFRS to be set
 forth on a consolidated balance sheet of URC, other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) those
 set forth or adequately provided for in the URC Financial Statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) those
 incurred in the Ordinary Course since the date of the most recent URC Financial Statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) those
 incurred in connection with the execution of this Agreement or the Transactions or expressly
 permitted hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) those
 that would not result in, individually or in the aggregate, a URC Material Adverse Effect.

(r) <u>Absence of Changes.</u> Except as set forth in the URC Public Documents, since January 31, 2026:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) URC
 and each of its Subsidiary has conducted its business only in the Ordinary Course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there
 has not occurred, and there exists no change, event, occurrence or state of facts which has
 been or is reasonably likely to be a URC Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) there
 has not been any acquisition or sale or any agreement for the acquisition or sale by URC
 and any if its Subsidiaries of any material property or assets thereof other than the sale
 of uranium concentrates (U₃O₈) or other uranium products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) other
 than in the Ordinary Course, there has not been: (A) any creation, incurrence, assumption
 or guarantee by URC or its Subsidiaries of any (i) encumbrance or any other obligation of
 any nature, or (ii) financial indebtedness; (B) any making by URC or any of its Subsidiaries
 of any loan, advance or capital contribution to or investment in any other Person (other
 than loans made to other Subsidiaries); (C) any entering into, amendment of, relinquishment,
 termination or non-renewal by URC or any of its Subsidiaries, of any Contract or other right
 or obligation that would, individually or in the aggregate, which has had, or is reasonably
 likely to have, a URC Material Adverse Effect on URC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) URC
 has not declared or paid any dividends or made any other distribution on any of the URC Shares,
 preferred shares or made any redemption or other acquisition of the URC Shares or preferred
 shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) URC
 has not effected or passed any resolution to approve a split, consolidation or reclassification
 of any of the outstanding URC Shares or preferred shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) except
 as required by applicable Law or as required under any URC Benefit Plan, there has not been
 any material increase in or modification of the compensation or benefits payable or provided
 to or to become payable or provided by URC or any of its Subsidiaries to any of their respective
 directors, officers, employees or consultants, or any grant to any such director, officer,
 employee or consultant of any material increase in severance or termination entitlements
 or any material increase or modification of any bonus, pension, insurance or benefit entitlement
 (including grants of awards under any URC Incentive Plan) made to, for or with any of such
 directors, officers, employees or consultants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) URC
 has not effected any material change in its accounting methods, principles or practices;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) neither
 URC nor any of its Subsidiaries have adopted or terminated any, or materially amended any,
 collective bargaining agreement (or similar agreement), bonus, pension, profit sharing, equity
 (including without limitation, stock purchase or stock option) or other URC Incentive Plan
 or shareholder rights plan.

(s) <u>Long-Term and Derivative Transactions</u>. URC has no material obligations or liabilities, direct or
 indirect, vested or contingent in respect of any rate swap transactions, basis swaps, forward
 rate transactions, commodity swaps, commodity options, equity or equity index swaps, equity
 or equity index options, bond options, interest rate options, foreign exchange transactions,
 cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency
 rate swap transactions, currency options, production sales transactions having terms greater
 than ninety (90) days or any other similar transactions (including any option with respect
 to any of such transactions) or any combination of such transactions, except as were entered
 into for *bona fide* hedging purposes, speculative proprietary trading purposes or in
 the Ordinary Course.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Tax Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each
 of URC and its Subsidiaries has duly and timely made or prepared all Tax Returns required
 to be made or prepared by it, has duly and timely filed all Tax Returns required to be filed
 by it with the appropriate Governmental Entity and such Tax Returns are true, complete and
 correct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each
 of URC and its Subsidiaries has: (A) duly and timely paid all Taxes due and payable by it;
 (B) duly and timely withheld all Taxes and other amounts required by Law to be withheld by
 it and has duly and timely remitted to the appropriate Governmental Entity such Taxes and
 other amounts required by applicable Laws to be remitted by it; and (C) duly and timely collected
 all amounts on account of sales or transfer taxes, including goods and services, harmonized
 sales, sales, value added, federal, provincial, state or territorial sales taxes, required
 by applicable Laws to be collected by it and has duly and timely remitted to the appropriate
 Governmental Entity any such amounts required by applicable Laws to be remitted by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each
 of URC and its Subsidiaries has no waiver of any statute of limitations relating to Taxes
 for which URC or any Subsidiary may be liable is in effect, and no written request for such
 a waiver is outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each
 of URC and its Subsidiaries has no extension of time within which to file any such Tax Return
 is still in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) There
 are no liens for Taxes upon the assets of URC and its Subsidiaries except liens relating
 to current Taxes not yet due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Neither
 URC nor any Subsidiary will be required to include or accelerate the recognition of any item
 in income, or exclude or defer any deduction or other tax benefit, in each case in any taxable
 period (or portion thereof) after the Effective Time, as a result of any change in method
 of accounting, closing agreement, intercompany transaction, installment sale, the receipt
 of any prepaid amount, in each case, occurring prior to the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Neither
 URC nor any Subsidiary (i) has or has ever had a permanent establishment in any country other
 than the country of its organization; or (ii) is, or has ever been, subject to Tax in a jurisdiction
 outside the country in which it is organized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Neither
 URC nor any Subsidiary has participated in any "listed transaction" within the
 meaning of Treasury Regulation Section 1.6011-4(b)(2) and, with respect to each transaction
 in which URC or any Subsidiary has participated that is a "reportable transaction"
 within the meaning of Treasury Regulation Section 1.6011-4(b)(1), such participation has
 been properly disclosed on IRS Form 8886 (Reportable Transaction Disclosure Statement) and
 on any corresponding form required under state, local or other law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Neither
 URC nor any Subsidiary is party to or bound by any Tax sharing agreement, Tax indemnity or
 similar agreement in favor of any Person with respect to Taxes (including any advance pricing
 agreement or other similar agreement relating to Taxes with any Taxing Authority) other than
 commercial agreements the primary purpose of which does not relate to Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) There
 are no investigations, audits or Claims now pending or, to the knowledge of URC, threatened
 against URC or any of its Subsidiaries in respect of any Taxes and there are no matters under
 discussion, audit or appeal with any Governmental Entity relating to Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) For
 purposes of the Tax Act, URC is a "taxable Canadian corporation" and is not a
 non-resident of Canada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) The
 URC Shares do not derive more than 75% of their fair market value from shares of foreign
 affiliates of URC (determined without reference to debt obligations of any corporation resident
 in Canada in which URC has a direct or indirect interest) that are held directly or indirectly
 by URC (all within the meaning of paragraph 212.3(10)(f) of the Tax Act).

(u) <u>URC Material Contracts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) URC
 is not a party to any Material Contract other than the URC Material Contracts. Paragraph
 (u) of the URC Disclosure Letter sets out the list of URC Material Contracts and URC Material
 Royalty Agreements. Except for such of the following as would not have a URC Material Adverse
 Effect, as of the date hereof, each URC Material Contract is in full force and effect and
 is a valid and binding obligation of URC or one of its Subsidiaries and, to the knowledge
 of URC, the other parties thereto, and is enforceable against URC or such Subsidiary in accordance
 with its respective terms, except as may be limited by bankruptcy, insolvency and other Laws
 affecting the enforcement of creditors' rights generally and subject to the qualification
 that equitable remedies may only be granted in the discretion of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No
 URC Material Contract in effect as of the date hereof may be lawfully terminated by any party
 thereto in accordance with its terms as a result of the Transaction, where such termination
 would, individually or in the aggregate, result in a URC Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) URC
 or its applicable Subsidiary, as applicable, has performed in all material respects all respective
 obligations required to be performed by it prior to the date hereof under URC's Material
 Contracts, and none of URC or such Subsidiary or, to the knowledge of URC, the other parties
 thereto, is in material breach or violation of or in material default under (in each case,
 with or without notice or lapse of time or both) any URC Material Contract. To the knowledge
 of URC, there exists no state of acts which after notice or lapse of time or both would constitute
 a default under or breach of any URC Material Contract that would, individually or in the
 aggregate, result in a URC Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Neither
 URC nor any of its Subsidiaries has received any written notice or, to the knowledge of URC,
 other notice that any party to a URC Material Contract intends to cancel, terminate or modify
 or not renew its relationship with URC or with such Subsidiary and, to the knowledge of URC,
 no such action has been threatened, in each case, where such cancellation, termination or
 modification would, individually or in the aggregate, result in a URC Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) URC
 has furnished to the Sweetwater Investors a true, correct and complete copy of each URC Material
 Contract described in clause (i) of the "Material Contracts" definition that
 is in effect as of the date hereof.

(v) <u>URC Material Royalty Interests</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) URC
 has set forth in paragraph (v) of the URC Disclosure Letter a true, complete and correct
 list of all material royalty interests (including material overriding royalty interests)
 held by URC or any of its Subsidiaries (collectively, the "**URC Material Royalty Interests**") and URC has provided the Sweetwater Investors with true copies of URC
 Material Royalty Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) There
 is no agreement, Contract, option, commitment or other right in favour of, or held by, any
 person to acquire all or any part of the URC Material Royalty Interests including any buyback
 rights, rights of first refusal or rights of first offer held by any counterparties to any
 Contract underlying the URC Material Royalty Interests, except as would not reasonably be
 expected to have a URC Material Adverse Effect. URC and its Subsidiaries are the sole legal
 and beneficial owners, and have valid and sufficient right, title and interest, free and
 clear of any defect or Lien (other than Permitted Liens) to each of the URC Material Royalty
 Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) None
 of the URC Material Royalty Interests or any Contract relating thereto prohibits or restricts
 URC from entering into this Agreement or completing the Arrangement and the entering into
 of this Agreement or the completion of the transactions contemplated herein will not give
 rise to any rights of first refusal or trigger any change in control provisions or any restrictions
 or limitations thereunder, except as would not reasonably be expected to have a URC Material
 Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) None
 of URC or any of its Subsidiaries is in material breach of the term of any Contract relating
 to any of the URC Material Royalty Interests that would reasonably be expected to have a
 URC Material Adverse Effect, and, to the knowledge of URC, no other party to any Contract
 relating to the URC Material Royalty Interests is in material breach of the terms of any
 such Contract, except as would not reasonably be expected to have a URC Material Adverse
 Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Each
 Contract relating to the URC Material Royalty Interests is valid and binding on URC and,
 to the knowledge of URC, the other parties thereto, subject to applicable bankruptcy, insolvency
 and other Laws affecting creditors' rights generally and to general principles of equity,
 and none of URC or any of its Subsidiaries has received any written notice of any default,
 breach or termination of any Contract relating to the URC Material Royalty Interests that
 remains uncured. URC and its Subsidiaries have not, directly or indirectly, assigned any
 of their rights or obligations under and retain their full original economic interest in
 the URC Material Royalty Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) There
 are no adverse claims (i) directly against URC or any of its Subsidiaries pending, (ii) which
 have not been asserted directly against URC or any of its Subsidiaries which to the knowledge
 of URC are pending, (iii) to the knowledge of URC, threatened against URC or any of its Subsidiaries
 or (iv) to the knowledge of URC, that have been commenced, or are pending or threatened,
 relating to the underlying mineral properties which could affect URC's or its Subsidiaries'
 right, title or interest in URC's assets or the ability of URC or its Subsidiaries
 to receive the benefits associated with URC's assets, including the title to or ownership
 by URC or any of its Subsidiaries of the foregoing, or which might involve the possibility
 of any judgement or liability affecting the URC Material Royalty Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) None
 of the directors or officers of URC holds any right, title or interest in, nor has taken
 any action to obtain, directly or indirectly, any right, title and interest in any of URC's
 assets or in any Authorization, concession, claim, lease, licence or other right with respect
 to URC's assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The
 execution, delivery and performance by URC of its obligations under this Agreement and the
 consummation of the Arrangement and the other transactions contemplated hereby do not and
 will not (or would not with the giving of notice, the lapse of time or the happening of any
 other event or condition):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) contravene,
 conflict with or result in a violation or breach of any Law applicable to URC or any of its
 Subsidiaries with respect to any URC Material Royalty Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) contravene,
 conflict with, or result in a violation or breach of, or allow any Person to exercise any
 rights, require any consent or approval to be obtained or notice to be given under, or constitute
 a default under, or cause or give rise to a third party right of termination, cancellation,
 suspension, acceleration, penalty or payment obligation or right to purchase or sale under,
 or other change of any right or obligation or the loss of any benefit to which the URC of
 any of its Subsidiaries are entitled (including by triggering any rights of first refusal
 or first offer, change in control provision or other restriction or limitation) with respect
 to any URC Material Royalty Interests; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) result
 in the creation or imposition of any Lien (other than Permitted Liens) in respect of any
 URC Material Royalty Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) URC
 does not have any knowledge of any fact relating to any of its URC Material Royalty Interests,
 which would reasonably be expected to materially and adversely affect the business, operations
 or condition (financial or otherwise) or prospects of the URC or any of its Subsidiaries,
 taken as a whole. To the knowledge of URC, in respect of the underlying mineral properties
 in respect of the URC Material Royalty Interests:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The
 owner or operator (for the purposes of this Section (ix), an "**Operator** "
 or the "**Operators**") of each underlying mineral property holds all material
 requisite Authorizations necessary or appropriate for carrying on its respective business
 as currently carried on with respect to the underlying mineral property and that such Authorizations
 are not invalid and are subsisting and in good standing in accordance with applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) No
 Operator has received any notice of any claims relating to the revocation or adverse modification
 of any material mining license, registration, qualification or Authorization, and no Operator
 has received notice of the revocation or cancellation of, or any intention to revoke or cancel,
 any mining rights, exploration or prospecting rights, concessions or licenses with respect
 to any underlying mineral property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) To
 the knowledge of URC, no part of the underlying mineral properties has been taken, revoked,
 condemned or expropriated by any Governmental Entity nor has any written notice or claim
 in respect thereof been given, commenced or threatened or is pending, nor does URC have any
 knowledge of the intent or proposal to give any such notice or commence any such claim.

(w) <u>Technical Matters</u>. Since May 1, 2025, URC is in material compliance with the applicable provisions
 of NI 43-101 and has duly filed with the applicable regulatory authorities all reports required
 by NI 43-101, and all such reports complied in all material respects with the requirements
 of NI 43-101 at the time of filing thereof. The scientific and technical information set
 forth in the URC Public Documents relating to mineral resources and mineral reserves required
 to be disclosed therein pursuant to NI 43-101 has been prepared by URC and/or, to the knowledge
 of URC, the Operators and their respective consultants, as applicable, in accordance with
 methods generally applied in the mining industry and conforms in all material respects with
 the requirements of NI 43-101 and securities Laws. At the date hereof, there are no outstanding
 unresolved comments of any securities authority or any stock exchange in respect of the technical
 disclosure made in the URC Public Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Environmental</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except
 as would not, individually or in the aggregate, result in a URC Material Adverse Effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) URC
 is not nor has been in violation of or non-compliance with any Environmental Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) URC
 and its Subsidiaries have all Authorizations required under all applicable Environmental
 Laws and are in compliance in all material respects with requirements thereof and, to the
 knowledge of URC, there are no facts, matters, or circumstances (including this Transaction)
 that are reasonably likely to result in the revocation, suspension, adverse variation or
 non-renewal of any such Authorizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) there
 are no pending or, to the knowledge of URC, threatened administrative, regulatory or judicial
 actions, suits, demands, demand letters, claims, Liens (other than Permitted Liens), notices
 of non-compliance or violation, orders, investigations, or proceedings against URC or its
 Subsidiaries, involving or affecting URC or any of its Subsidiaries relating to any Hazardous
 Substances or Environmental Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) to
 the knowledge of URC, there are no events or circumstances that would reasonably be expected
 to form the basis of (X) an order for clean-up or remediation, (Y) an action, suit or proceeding
 by any private party or Governmental Entity, or (Z) liability, in each case, against or affecting
 (directly or indirectly) URC or any of its Subsidiaries relating to Hazardous Substances
 or any Environmental Laws.

(y) <u>Employee Matters.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) URC
 has set forth in paragraph (y) of the URC Disclosure Letter a true, complete and correct
 list of each URC Employee and each existing employment agreement with any URC Employee, together
 with a summary for each such URC Employee setting forth the employee's position or
 title, status (full-time, part-time or contractor), and current base salary or wage and target
 bonus or other incentive compensation (if applicable), and each existing Collective Agreement
 covering URC Employees, and if applicable, have provided URC with a true and complete copy
 of each existing Collective Agreement and each URC Employee employment agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) URC
 has set forth in paragraph (y) of the URC Disclosure Letter a true, complete and correct
 list of each independent contractor engaged by URC, including each such independent contractor's:
 (i) name; (ii) services provided; (iii) work location (i.e., city and state/province, and
 country); (iv) engagement date and duration of engagement (i.e., fixed term or indefinite
 term); (v) fees for services; and (vi) whether the independent contractor is subject to a
 written independent contractor agreement. Each such independent contractor is properly classified
 as an independent contractor in accordance with applicable Law and, to the knowledge of the
 Seller, no such Person or any Governmental Entity has disputed such classification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Other
 than as set forth in paragraph (y) of the URC Disclosure Letter, neither the execution, delivery
 or performance of this Agreement nor the consummation of the transactions contemplated hereby
 will (either alone or in combination with any other event) result in any payment (including
 any bonus, retention, severance, change-of-control, transaction, stay-pay or similar payment)
 becoming due or payable to any URC Employee or independent contractor engaged by URC, or
 result in the acceleration of the time of payment or vesting of any compensation or benefits,
 under any URC Employee employment agreement, URC Benefit Plan, agreement with any independent
 contractor engaged by URC or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Except
 for such of the following as would not have an URC Material Adverse Effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) There
 is no (and has not been in the past three (3) years any) pending or threatened (I) unfair
 labor practice charge, labor arbitration, grievance, strike, slowdown, work stoppage, lockout,
 job action, picketing, labor dispute, question concerning labor representation, union organizing
 activity, or any similar activity or dispute, affecting URC or any of the URC Employees,
 or (II) unfair labor practice charge, labor arbitration, grievance, strike, slowdown, work
 stoppage, lockout, job action, picketing, labor dispute, question regarding labor representation
 or union organizing activity, or any similar activity or dispute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) URC
 is, and has at all relevant times been, in compliance in all material respects with all applicable
 Laws related to labor or employment, including terms and conditions of employment, employment
 practices, pensions obligations, wages and hours, collective bargaining, worker classification
 (including the proper classification of workers as independent contractors and of employees
 as exempt or non-exempt), background checks, privacy rights, human rights, labor relations,
 immigration, and health and safety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) URC
 is not subject to any current, pending or, to the knowledge of URC, threatened claims, suits,
 actions, investigations, examinations or proceedings against or otherwise involving URC,
 for wrongful dismissal, constructive dismissal or any other claim relating to employment
 or termination of employment of employees or independent contractors, or under any applicable
 Law with respect to employment and labor.

(z) <u>Health and Safety.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) URC
 has not received any demand or notice with respect to a material breach of any applicable
 health and safety Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To
 the knowledge of URC, there are no claims, investigations or inquiries pending against URC
 (or naming URC as a potentially responsible party) based on material non-compliance with
 any applicable health and safety Laws.

(aa) <u>Employee Benefit Plans.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) URC
 has set forth in paragraph (aa) of the URC Disclosure Letter a true, complete and correct
 list of each URC Benefit Plan and has provided URC with the following with respect to the
 foregoing (if applicable):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) such
 URC Benefit Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the
 most recent audited financial statements and actuarial or other valuation reports prepared
 with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each
 URC Benefit Plan and each Statutory Plan contributed to, funded by or binding upon URC has
 been maintained, administered and funded in compliance with its terms and in accordance with
 applicable Laws, in each case, in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) No
 URC Benefit Plan provides post-termination or retiree welfare benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) All
 contributions, premiums and other amounts required to be collected and remitted or paid by
 URC under each URC Benefit Plan and each Statutory Plan contributed to, funded or binding
 upon URC have been timely made in accordance with its terms and all applicable Laws and all
 obligations in respect of URC Benefit Plans have been properly accrued and are accurately
 reflected in the URC Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) To
 the knowledge of URC, there are no (and for the past three (3) years have been no) current,
 pending, threatened or anticipated claims, suits, actions, investigations, examinations or
 proceedings against or otherwise involving (i) any of the URC Benefit Plans (excluding claims
 for benefits incurred in the Ordinary Course of URC Benefit Plan activities), or (ii) the
 participation of any of URC in any Statutory Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Each
 URC Benefit Plan that is required or intended to be qualified under applicable Law (including,
 without limitation, Section 401(a) of the U.S. Tax Code) is so qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) To
 the knowledge of URC, no fact or circumstance exists that could reasonably be expected to
 adversely affect the tax-preferred or tax-exempt status of any URC Benefit Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) No
 URC Benefit Plan is subject to Title IV of ERISA, Section 302 of ERISA or Section 412 of
 the U.S. Tax Code and there is no other defined benefit plan which is established and governed
 under U.S. Law with respect to which URC or any of their respective ERISA Affiliates contributes,
 or has or could reasonably be expected to have any direct or indirect liability (contingent
 or otherwise) (each, a "**U.S. URC Pension Plan**") and with respect to each
 U.S. URC Pension Plan (i) no such U.S. URC Pension Plan has failed to meet minimum funding
 standards set forth in Sections 412 and 430 of the U.S. Tax Code or Sections 302 and 303
 of ERISA, (ii) no such U.S. URC Pension Plan has been determined to be in "at-risk"
 status, within the meaning of Section 430 of the U.S. Tax Code or Section 303 or Title IV
 of ERISA, (iii) no unsatisfied liability to the PBGC has been incurred (other than for non-delinquent
 premiums), (iv) there has been no "reportable event" within the meaning of Section
 4043 of ERISA for which any of the URC Entities has failed to timely report to the PBGC,
 (v) no notice of intent to terminate such U.S. URC Pension Plan has been filed with the PBGC
 and no amendment terminating such U.S. URC Pension Plan has been adopted and no proceedings
 to terminate such U.S. URC Pension Plan instituted by the PBGC are pending or, to the knowledge
 of the Sellers, threatened, (vi) no event or condition has occurred which would reasonably
 be expected to constitute grounds under Section 4042 of ERISA for the termination of, or
 the appointment of a trustee to administer, such U.S. URC Pension Plan, and (vii) no Lien
 has arisen or would reasonably be expected to arise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) URC
 is not obligated to provide, for the gross-up, indemnification or reimbursement of any Taxes
 required by Section 4999 of the U.S. Tax Code or Section 409A of the U.S. Tax Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All
 material data necessary to administer the URC Benefit Plans in respect of the current year
 is in the possession or control of URC or its agents (or the trustees or administrators of
 any relevant URC Benefit Plan).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 execution and delivery of this Agreement or the consummation of the Transactions will not
 (alone or in combination with any other event) (i) result in, cause the accelerated vesting
 of, funding or delivery of, or increase the amount or value of, any payment or benefit to
 any current or former employee, officer, director or individual independent contractor of
 URC; (ii) limit the right of any of URC to amend, merge, terminate or receive a reversion
 of assets from any URC Benefit Plan or related trust; or (iii) result in any payment that,
 individually or in combination with any other such payment, would reasonably be expected
 to constitute a "parachute payment" (as defined in Section 280G(b)(2) of the
 U.S. Tax Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) URC
 and any ERISA Affiliate of URC does not maintain, contribute to, or participate in, or have
 not ever during the past six (6) years maintained, contributed to, or participated in, or
 does not have any obligation or liability with respect to a single employer plan or other
 pension plan that is subject to Title IV of ERISA or Section 302 of ERISA or Section 412
 of the U.S. Tax Code, a "multiple employer welfare arrangement" (as defined in,
 and which is subject to, Section 3(40) of ERISA), a "multiple employer plan"
 (as defined in, and which is subject to, Section 413(c) of the U.S. Tax Code) or a "multiemployer
 plan" (as defined in, and which is subject to, Section 3(37) of ERISA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) There
 are no unfunded liabilities in respect of any URC Benefit Plan which provides pension benefits,
 superannuation benefits or retirement savings, including any "registered pension plans"
 as that term is defined in the Tax Act, or any supplemental pension plans (including going
 concern unfunded liabilities, solvency deficiencies or wind-up deficiencies, where applicable)
 in each case, where any such Benefit Plan is established and governed under Canadian law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) No
 URC Benefit Plan (i) is a self-insured arrangement; (ii) is a defined benefit pension plan;
 (iii) is a "multi-employer plan", a "registered retirement savings plan"
 or a "retirement compensation arrangement" as such terms are defined in the Tax
 Act; or (iv) is an unregistered or unfunded pension plan, in each case, where any such Benefit
 Plan is established and governed under Canadian law.

(bb) <u>Intellectual Property</u>. Each of URC and its Subsidiaries owns or has the right to use all Intellectual
 Property required to carry on its business as currently conducted and proposed to be conducted.
 To the knowledge of URC, there has been no claim of infringement by any of URC or its Subsidiaries
 or breach by URC or its Subsidiaries of any Intellectual Property rights or industrial rights
 of any other Person, and neither URC nor its Subsidiaries have received any notice that the
 conduct of its business infringes on any Intellectual Property rights or industrial rights
 of any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) <u>Insurance</u>.
 As of the date hereof policies of insurance are in force naming URC (or one of its Subsidiaries)
 as an insured that URC's executive officers believe in good faith adequately cover
 risks customarily covered by participants in the industries in which URC and its Subsidiaries
 operates, and URC and its Subsidiaries are not in default under the terms of any such policy,
 except any such default that would not individually or in the aggregate result in a URC Material
 Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) <u>Non-Arm's Length Transactions</u>. Except as disclosed in the URC Public Documents, pursuant to the
 Concurrent Private Placement, or for employment or employment compensation agreements entered
 into in the ordinary course of business, there are no current Contracts, arrangements or
 other transactions (including relating to indebtedness by URC or any of its Subsidiaries)
 between URC or any of its Subsidiaries on the one hand, and any: (i) consultant, officer
 or director of URC or any of its Subsidiaries; (ii) any holder of record or, to the knowledge
 of URC, beneficial owner of 5% percent or more of the voting securities of URC; or (iii)
 any affiliate or associate of any such consultant, officer, director or beneficial owner,
 on the other hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) <u>Compliance with Laws.</u> The business and operations of URC and its Subsidiaries have been since April
 30, 2025 and are now being conducted in accordance with good industry practices and in material
 compliance with all Laws applicable to the business and operations of URC and its Subsidiaries,
 and none of URC or any of its Subsidiaries have received any notice of any alleged violation
 of any such Laws, other than non-compliance or violations which have not had and would not,
 individually or in the aggregate, result in a URC Material Adverse Effect.

(ff) <u>Anti-Corruption, Anti-Money Laundering and Sanctions Laws</u>. Except for such of the following clauses (i)
 through (iii), as would not reasonably be expected to result in a URC Material Adverse Effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 the knowledge of URC, URC, its Subsidiaries, its joint ventures, any director, officer, employee,
 agent, representative, consultant or any other Person acting on behalf of URC or its Subsidiaries
 has not, for the past five (5) years, violated Anti-Corruption Laws or directly or indirectly,
 (A) corruptly made, offered, paid, promised to pay, solicited, received, or authorized any
 contribution, payment or gift of funds or property or anything of value to or from any official,
 employee or agent of any Governmental Entity of any jurisdiction or any official of any public
 international organization or any Person or (B) made any contribution to any candidate for
 public office, in either case, where either the payment or the purpose of such contribution,
 payment, solicitation, promise, offer, receipt or gift was, is, or would be prohibited under
 Anti-Corruption Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for
 the past five (5) years, the operations of URC, its Subsidiaries and its joint ventures are
 and have been conducted at all times in compliance with applicable Anti-Money Laundering
 Laws. To the knowledge of URC, no action, suit or proceeding by or before any court or Governmental
 Entity or any arbitrator involving URC, and its Subsidiaries with respect to the Anti-Money
 Laundering Laws is pending or threatened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) neither
 URC, its Subsidiaries nor, to the knowledge of URC, any director, officer, agent, employee
 or affiliate of URC or its Subsidiaries has been a Sanctioned Person; and to URC's
 knowledge, URC and its Subsidiaries are not in, and for the past five (5) years have not
 been in, violation of any Sanctions Laws, or conducting business directly or, to the knowledge
 of URC, indirectly with any Person that is a Sanctioned Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) neither
 URC nor any of its Subsidiaries are, or have been, organized, operating, or ordinarily resident
 in, or have engaged in a transaction or dealing, directly or knowingly indirectly with a
 Sanctioned Country; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) neither
 URC nor its Subsidiaries are the subject of any actual or, to the knowledge of URC, threatened
 litigation, investigations, enforcement proceedings, voluntary, involuntary or directed disclosures
 to any Governmental Entity, whistleblower reports, or other issues in any way related to
 the Anti-Corruption Laws, Sanctions Laws, or Anti-Money Laundering Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) URC
 and its Subsidiaries have maintained and enforced policies, procedures and internal controls
 reasonably designed to ensure compliance by their respective managers, officers, directors,
 employees, agents and representatives with Anti-Corruption Laws, Sanctions Laws, and Anti-Money
 Laundering Laws.

(gg) <u>Fairness Opinion</u>. As of the date hereof, URC has received the URC Financial Advisor Opinion. It
 is expressly understood and agreed that each such opinion is solely for the benefit of the
 URC Board and may not be relied upon by any other party for any purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) <u>Data Room</u>. All URC Data Room Information provided by URC to the Sweetwater Investors was accurate
 in all material respects as at its respective date as stated therein, or, if any such URC
 Data Room Information is undated, as of the date of its delivery to the URC Data Room Information
 website. Additionally, all information provided to the Sweetwater Investors in relation to
 the Sweetwater Investors' due diligence requests, including information not provided
 in the URC Data Room Information, is true and correct in all material respects as at its
 respective date as stated therein. There has been no change to the URC Data Room Information
 or any other information provided to the Sweetwater Investors since the date posted to the
 URC Data Room Information website or provided to the Sweetwater Investors, as the case may
 be that is material to URC, except as been disclosed in the URC Public Documents or in a
 more recently posted document in the URC Data Room Information or other information provided
 to the Sweetwater Investors.

(ii) <u>Accuracy of Disclosure Letter.</u> The information set forth in the URC Disclosure Letter is true,
 complete and correct in all material respects as of the date hereof and does not omit to
 state any material information necessary to make the information contained therein not misleading
 in light of the circumstances in which it was provided.

**Schedule E**

**The Sweetwater Investors Representations and Warranties**

(a) <u>Organization and Qualification</u>. Each of the Sweetwater Investors and the Sweetwater Entities and,
 to the knowledge of the Sweetwater Investors, the Sweetwater Joint Ventures, is duly incorporated,
 formed or organized, as applicable, and is validly existing and, where such concept is recognized
 under applicable Law, in good standing under the Laws of its jurisdiction of incorporation,
 formation, or continuance and has the requisite organizational power and authority to own
 its assets and properties as now owned and to carry on its business as it is now being conducted.
 All of the Sweetwater Investors and the Sweetwater Entities are, and, to the knowledge of
 the Sweetwater Investors, the Sweetwater Joint Ventures are, duly registered to do business
 and each is in good standing in each jurisdiction in which the character of its assets and
 properties, owned or leased, or the nature of its activities makes such registration necessary,
 except where the failure to be so registered or in good standing would not result in a Sweetwater
 Material Adverse Effect. Since January 10, 2025, no action has been taken to materially amend
 or supersede the Constating Documents of any of the Sweetwater Entities.

(b) <u>Authority Relative this Agreement</u>. Each of the Sweetwater Investors has the requisite organizational
 authority to enter into this Agreement and the agreements and other documents to be entered
 into by each of them hereunder and to carry out their respective obligations hereunder and
 thereunder. No other organizational or equityholder approvals on the part of any Sweetwater
 Investors are necessary to authorize the execution and delivery and performance of this Agreement,
 the Arrangement and the agreements and other documents to be entered into by them hereunder
 and the consummation by the Sweetwater Investors of the Transactions, including, in the case
 of any Seller that is a limited partnership, any approval of its limited partners or other
 equityholders. This Agreement has been duly executed and delivered by each of the Sweetwater
 Investors and constitutes a legal, valid and binding obligation each of the Sweetwater Investors
 enforceable against each of them in accordance with its terms, subject to the qualification
 that such enforceability may be limited by bankruptcy, insolvency, reorganization or other
 Laws of general application relating to or affecting rights of creditors and that equitable
 remedies, including specific performance, are discretionary and may not be ordered.

(c) <u>Organizational Approval</u>. Each of the Sweetwater Investors' governing bodies (or, in the case of
 any Seller that is a limited partnership, its general partner or other managing entity) has
 authorized the entering into of this Agreement (and approved the Transactions and Arrangement
 pursuant to the Plan of Arrangement) and the performance by all of the Sweetwater Investors
 of their respective obligations under this Agreement and, at the date of this Agreement,
 no action has been taken to amend, or supersede such determinations, resolutions, or authorizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Violation; Absence of Defaults and Conflicts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each
 of the Sweetwater Investors is not in violation of its Constating Documents or in default
 in the performance or observance of any obligation, agreement, covenant or condition contained
 in a Material Contract to which it is a party, except for such violations or defaults which
 would not materially impair the ability of such Person to consummate the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Neither
 the execution and delivery of this Agreement by the Sweetwater Investors nor the consummation
 of the Arrangement and the Transactions nor compliance by the Sweetwater Investors with any
 of the provisions hereof: (A) violate, conflict with, or result in a breach of any provision
 of, require any consent, approval or notice under, or constitute a default (or an event which,
 with notice or lapse of time or both, would constitute a default) or result in a right of
 termination under any of the terms, conditions or provisions of (1) their respective Constating
 Documents of the Sweetwater Investors, or (2) any material Contract of the Sweetwater Investors;
 or (B) subject to compliance with the statutes and regulations referred to below, violate
 any Laws, judgment, ruling, order, writ, injunction, determination, award, decree, statute,
 ordinance, rule or regulation applicable to the Sweetwater Investors or any of their respective
 properties or assets (except, in the case of each of clauses (A) and (B) above, for such
 violations, conflicts, breaches, defaults, terminations or any consents, approvals or notices
 which if not given or received, would not materially impair the ability of the Sweetwater
 Investors, as applicable, to consummate the Arrangement and the Transactions); or (C) cause
 the suspension or revocation of any authorization, consent, approval or license currently
 in effect in a manner that would materially impair the ability of the Sweetwater Investors
 to consummate the Arrangement and the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Neither
 the execution and delivery of this Agreement nor the consummation of the Arrangement and
 the Transactions nor compliance with any of the provisions hereof: (A) violate, conflict
 with, or result in a breach of any provision of, require any consent, approval or notice
 under, or constitute a default (or an event which, with notice or lapse of time or both,
 would constitute a default) or result in a right of termination or acceleration under, or
 result in the creation of any Lien upon any of the properties or assets of the Sweetwater
 Entities, or cause any Sweetwater Existing Indebtedness of the Sweetwater Entities to come
 due before its stated maturity or cause any credit to cease to be available, under any of
 the terms, conditions or provisions of: (1) the Constating Documents of the Sweetwater Entities;
 or (2) any Sweetwater Material Contract of the Sweetwater Entities; or (B) subject to compliance
 with the statutes and regulations referred to below, violate any Laws, judgment, ruling,
 order, writ, injunction, determination, award, decree, statute, ordinance, rule or regulation
 applicable to the Sweetwater Entities or any of their respective properties or assets; except,
 in the case of each of clauses (A) and (B) above, for such violations, conflicts, breaches,
 defaults, terminations, accelerations or creations of Liens, or any consents, approvals or
 notices which if not given or received, would not result in a Sweetwater Material Adverse
 Effect or impair materially the ability of the Sweetwater Investors to consummate the Transactions;
 or (C) cause the suspension or revocation of any authorization, consent, approval or license
 currently in effect which would result in a Sweetwater Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Other
 than in connection with or in compliance with the provisions of applicable U.S Securities
 Laws and Canadian Securities Laws, the Laws of the United States, the Key Regulatory Approvals,
 the terms of the Interim Order and the Final Order in respect of the Arrangement and the
 filing of the Articles of Arrangement, (A) there is no legal impediment to any of the Sweetwater
 Investors' consummation of the Arrangement, and (B) no filing or registration with,
 or Authorization of any domestic or foreign public body or authority is required of the Sweetwater
 Investors in connection with the consummation of the Arrangement, except for such filings
 or registrations which, if not made, or for such Authorizations which, if not received, would
 not materially impair the ability of the Sweetwater Investors, as applicable, to consummate
 the Arrangement and the Transactions.

(e) <u>Ownership of Sweetwater Entities and Sweetwater Joint Ventures</u>. The Sweetwater Investors have set
 forth in paragraph (e) of the Sweetwater Disclosure Letter a true, complete and correct list
 of: (i) each Sweetwater Entity; (ii) each Subsidiary of each Sweetwater Entity; (iii) each
 Sweetwater Joint Venture; and (iv) the ownership interests and ownership percentages held
 by each of the Sweetwater Investors in each of the foregoing. Each of the Sweetwater Investors
 or Sweetwater Entities, as applicable, is the sole legal and beneficial owner of the ownership
 interests in the Sweetwater Entities and the Sweetwater Joint Ventures set forth opposite
 its name in paragraph (e) of the Sweetwater Disclosure Letter, with good and valid title
 thereto, free and clear of any and all Liens other than Permitted Liens and restrictions
 on transfer contained in the applicable Constating Documents. All of the issued and outstanding
 shares, partnership interests or other ownership interests of each Sweetwater Entity and
 each Subsidiary thereof: (A) have been duly authorized and validly issued (or duly formed,
 in the case of partnership interests); (B) are fully paid and non-assessable, to the extent
 applicable; (C) were not issued in violation of any pre-emptive rights; and (D) are owned,
 directly or indirectly, as set forth in paragraph (e) of the Sweetwater Disclosure Letter.
 Except as set forth in paragraph (e) of the Sweetwater Disclosure Letter: (i) there are no
 other issued, outstanding or authorized shares, partnership interests or other ownership
 interests in any Sweetwater Entity; (ii) there are no outstanding options, warrants, conversion
 rights, profit interests, carried interests, phantom equity, equity commitments, subscription
 rights, calls, rights of first refusal, rights of first offer, co-sale rights, drag-along
 rights, tag-along rights, or other agreements, arrangements or understandings (contingent
 or otherwise) relating to the issuance, sale, transfer or acquisition of any ownership interests
 in any Sweetwater Entity; (iii) no Person has any right to require any Sweetwater Investor
 to sell, transfer or otherwise dispose of any ownership interest in any Sweetwater Entity;
 and (iv) no consent of any minority owner that is not a Sweetwater Investor is required in
 connection with the transfer or contribution of the ownership interests contemplated by the
 Transactions, other than as disclosed. The ownership interests in the Sweetwater Entities
 to be transferred directly to URC pursuant to this Agreement, and the ownership interests
 in the Sweetwater Entities to be contributed or transferred to New ParentCo in connection
 with the Transactions, constitute all of the Sweetwater Investors' direct and indirect
 ownership interests in the Sweetwater Entities and the Sweetwater Joint Ventures. There are
 no outstanding contractual obligations of the Sweetwater Entities to redeem, repurchase,
 or otherwise acquire any shares of its capital stock or any of its outstanding securities
 (including pursuant to any security repurchase program), other than (A) by or among any the
 Sweetwater Entities' wholly-owned Subsidiaries, or (B) by any Sweetwater Joint Venture
 to the extent required pursuant to the Sweetwater JV Documents.

(f) <u>Litigation</u>.
 Except as disclosed in paragraph (f) of the Sweetwater Disclosure Letter, there are no actions,
 claims, suits, proceedings or investigations by Governmental Entities or other Persons pending
 or, to the knowledge of the Sweetwater Investors, threatened, affecting or that would reasonably
 be expected to affect the Sweetwater Entities or, to the Sweetwater Investors' knowledge,
 the Sweetwater Joint Ventures, or affecting or that would reasonably be expected to affect
 any of its or their property or assets at Law or equity or before or by any court, tribunal
 or Governmental Entity which action, claim, suit, proceeding or investigation involves a
 possibility of any judgment against or liability of the Sweetwater Entities or, to the Sweetwater
 Investors' knowledge, the Sweetwater Joint Ventures which, if successful, could reasonably
 be expected to result in a Sweetwater Material Adverse Effect. None of the Sweetwater Entities
 or, to the Sweetwater Investors' knowledge, the Sweetwater Joint Ventures are subject
 to any outstanding order, writ, injunction or decree that has had or could reasonably be
 expected to result in a Sweetwater Material Adverse Effect.

(g) <u>Winding Up</u>. No order has been made, petition presented or meeting convened for the purpose of
 winding up of any of the Sweetwater Investors or the Sweetwater Entities, or for the appointment
 of any provisional liquidator or in relation to any other process whereby the business is
 terminated and the assets of any of the Sweetwater Investors or the Sweetwater Entities are
 distributed amongst the creditors, shareholders or other contributors, and there are no proceedings
 under any applicable insolvency, bankruptcy, reorganization or similar laws in any relevant
 jurisdiction, and no events have occurred which, under applicable Laws, would be reasonably
 likely to justify any such cases or proceedings, that would, individually or in the aggregate,
 reasonably be expected to cause a Sweetwater Material Adverse Effect or to prevent the consummation
 of the Transactions. To the knowledge of the Sweetwater Investors, no Person has taken any
 step, legal proceeding or other procedure with a view to the appointment of an administrator,
 whether out of court or otherwise, in relation to any of the Sweetwater Entities, and no
 receiver (including any administrative receiver) has been appointed in respect of the whole
 or any part of any of the property, assets or undertaking of any of the Sweetwater Entities
 nor has any such order been made (including, in any relevant jurisdiction, any other order
 by which, during the period it is in force, the affairs, business and assets of the company
 concerned are managed by a person appointed by any Governmental Entity). None of the Sweetwater
 Entities have made any voluntary arrangement with any of its creditors or is insolvent or
 unable to pay its debts as they fall due.

(h) <u>Capitalization of New ParentCo</u>. Immediately after giving effect to the Pre-Closing Reorganization, but
 prior to the consummation of the Arrangement, there will be 223,252,749 New ParentCo Shares
 and two (2) New ParentCo Preferred Shares issued and outstanding, and there will be no other
 shares of any class or series outstanding. Except as set forth above and as contemplated
 by this Agreement, the Plan of Arrangement and the Arrangement, there are no issued, outstanding
 or authorized options, restricted share unit awards, restricted share awards, share appreciation
 rights, phantom shares, profit participation rights, warrants or other rights, shareholder
 rights plans, agreements or commitments of any character whatsoever requiring the issuance,
 sale or transfer by New ParentCo of any New ParentCo Shares or any securities convertible
 into, or exchangeable or exercisable for, or otherwise evidencing a right to acquire, any
 New ParentCo Shares. All outstanding New ParentCo Shares and New ParentCo Preferred Shares
 will be duly authorized and validly issued, fully paid and non-assessable and will not be
 subject to, nor issued in violation of, any pre-emptive rights. Paragraph (h) of the Sweetwater
 Disclosure Letter sets forth, immediately after giving effect to the Pre-Closing Reorganization,
 prior to the consummation of the Arrangement, the names and holdings of each Person who hold
 outstanding New ParentCo Shares.

(i) <u>No Orders</u>. No order, ruling or determination having the effect of suspending the sale of,
 prohibiting the issuance of, or ceasing the trading in, any securities of New ParentCo has
 been issued by any regulatory authority or other Governmental Entity and is continuing in
 effect and no proceedings for that purpose have been instituted, are pending or, to the knowledge
 of the Sweetwater Investors, are contemplated or threatened under any applicable Laws or
 by any other Governmental Entity. There is no order, ruling or determination in effect that
 would prevent New ParentCo from becoming a reporting issuer in connection with the Transactions.

(j) <u>Financial Statements</u>. The audited consolidated financial statements of the Sweetwater Entities
 as at and for the years ended December 31, 2025 and 2024 and the unaudited condensed consolidated
 financial statements of the Sweetwater Entities as at and for the three (3) month periods
 ended March 31, 2025 and 2024 (collectively, the "**Sweetwater Financial Statements** ")
 were prepared in accordance with U.S. GAAP (except (i) as otherwise indicated in such financial
 statements and the notes thereto or, in the case of audited statements, in the related report
 of the Sweetwater Entities' independent auditor, or (ii) in the case of unaudited interim
 statements, to the extent they are subject to normal year-end adjustments), and fairly present
 in all material respects the consolidated financial position, results of operations and changes
 in financial position of the Sweetwater Investors and its Subsidiaries as of the dates thereof
 and for the periods indicated therein (subject, in the case of any unaudited interim financial
 statements, to normal year-end audit adjustments).

(k) <u>Absence of Undisclosed Liabilities</u>. The Sweetwater Entities have no liabilities that are required
 by U.S. GAAP to be set forth on a consolidated balance sheet of the Sweetwater Entities,
 other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) those
 set forth or adequately provided for in the Sweetwater Financial Statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) those
 incurred in the Ordinary Course since the date of the most recent Sweetwater Financial Statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) those
 incurred in connection with the execution of this Agreement or the Transactions or expressly
 permitted hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) those
 that would not result in, individually or in the aggregate, a Sweetwater Material Adverse
 Effect.

(l) <u>Absence of Changes.</u> Except as set forth in the Sweetwater Disclosure Letter, since December 31,
 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each
 of the Sweetwater Entities has conducted its business only in the Ordinary Course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there
 has not occurred, and there exists no change, event, occurrence or state of facts which has
 been or is reasonably likely to be a Sweetwater Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) there
 has not been any acquisition or sale or any agreement for the acquisition or sale by the
 Sweetwater Entities of any material property or assets thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) other
 than in the Ordinary Course, there has not been: (A) any creation, incurrence, assumption
 or guarantee by the Sweetwater Entities of any (i) encumbrance or any other obligation of
 any nature, or (ii) financial indebtedness; (B) any making by the Sweetwater Entities of
 any loan, advance or capital contribution to or investment in any other Person (other than
 loans made to other Subsidiaries); (C) any entering into, amendment of, relinquishment, termination
 or non-renewal by the Sweetwater Entities, of any Contract or other right or obligation that
 would, individually or in the aggregate, which has had, or is reasonably likely to have,
 a Sweetwater Material Adverse Effect on the Sweetwater Entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) except
 as required by applicable Law or as required under any Sweetwater Benefit Plan, there has
 not been any material increase in or modification of the compensation or benefits payable
 or provided to or to become payable or provided by the Sweetwater Entities to any of their
 respective managers, officers, employees or consultants, or any grant to any such manager,
 officer, employee or consultant of any material increase in severance or termination entitlements
 or any material increase or modification of any bonus, pension, insurance or benefit entitlement
 made to, for or with any of such manager, officers, employees or consultants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the
 Sweetwater Entities have not effected any material change in its accounting methods, principles
 or practices; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) none
 of the Sweetwater Entities have adopted or terminated any, or materially amended any, collective
 bargaining agreement (or similar agreement), bonus, pension, profit sharing, equity (including
 without limitation, stock purchase or stock option) or shareholder rights plan.

(m) <u>Long-Term and Derivative Transactions</u>. The Sweetwater Entities have no material obligations or
 liabilities, direct or indirect, vested or contingent in respect of any rate swap transactions,
 basis swaps, forward rate transactions, commodity swaps, commodity options, equity or equity
 index swaps, equity or equity index options, bond options, interest rate options, foreign
 exchange transactions, cap transactions, floor transactions, collar transactions, currency
 swap transactions, cross-currency rate swap transactions, currency options, production sales
 transactions having terms greater than ninety (90) days or any other similar transactions
 (including any option with respect to any of such transactions) or any combination of such
 transactions, except as were entered into for *bona fide* hedging purposes, speculative
 proprietary trading purposes or in the Ordinary Course.

(n) <u>Books and Records.</u> The financial books, records and accounts of the Sweetwater Entities, in
 all material respects: (i) have been maintained with generally accepted accounting principles
 of their respective governing jurisdictions; (ii) are stated in reasonable detail and accurately
 and fairly reflect the material transactions and dispositions of the assets of the Sweetwater
 Entities; and (iii) accurately and fairly reflect the basis for the Sweetwater Financial
 Statements. The corporate records and minute books for each of the Sweetwater Entities and
 contain, in all material respects, complete and accurate minutes of all meetings and resolutions
 of each of the Sweetwater Entities held and/or passed, as applicable, since their organization,
 incorporation or amalgamation, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Tax Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each
 of the Sweetwater Entities has duly and timely made or prepared all material Tax Returns
 required to be made or prepared by it, has duly and timely filed all material Tax Returns
 required to be filed by it with the appropriate Governmental Entity and such Tax Returns
 are true, complete and correct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each
 of the Sweetwater Entities has: (A) duly and timely paid all material Taxes due and payable
 by it; (B) duly and timely withheld all material Taxes and other amounts required by Law
 to be withheld by it and has duly and timely remitted to the appropriate Governmental Entity
 such Taxes and other amounts required by applicable Laws to be remitted by it; and (C) duly
 and timely collected all material amounts on account of sales or transfer taxes, including
 goods and services, harmonized sales, sales, value added, federal, provincial, state or territorial
 sales taxes, required by applicable Laws to be collected by it and has duly and timely remitted
 to the appropriate Governmental Entity any such amounts required by applicable Laws to be
 remitted by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each
 of the Sweetwater Entities has no waiver of any statute of limitations relating to Taxes
 for which the Sweetwater Entities may be liable is in effect, and no written request for
 such a waiver is outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each
 of the Sweetwater Entities has no extension of time within which to file any such Tax Return
 is still in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) There
 are no liens for Taxes upon the assets of the Sweetwater Entities except liens relating to
 current Taxes not yet due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) None
 of the Sweetwater Entities will be required to include or accelerate the recognition of any
 item in income, or exclude or defer any deduction or other tax benefit, in each case in any
 taxable period (or portion thereof) after the Effective Time, as a result of any change in
 method of accounting, closing agreement, intercompany transaction, installment sale, the
 receipt of any prepaid amount, in each case, occurring prior to the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) None
 of the Sweetwater Entities (i) has or has ever had a permanent establishment in any country
 other than the country of its organization or (ii) is, or has ever been, subject to Tax in
 a jurisdiction outside the country in which it is organized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) None
 of the Sweetwater Entities has participated in any "listed transaction" within
 the meaning of Treasury Regulation Section 1.6011-4(b)(2) and, with respect to each transaction
 in which the Sweetwater Entities have participated that is a "reportable transaction"
 within the meaning of Treasury Regulation Section 1.6011-4(b)(1), such participation has
 been properly disclosed on IRS Form 8886 (Reportable Transaction Disclosure Statement) and
 on any corresponding form required under state, local or other law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) None
 of the Sweetwater Entities is party to or bound by any Tax sharing agreement, Tax indemnity
 or similar agreement in favor of any Person with respect to Taxes (including any advance
 pricing agreement or other similar agreement relating to Taxes with any Taxing Authority)
 other than commercial agreements the primary purpose of which does not relate to Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) There
 are no investigations, audits or Claims now pending or, to the knowledge of the Sweetwater
 Investors, threatened against the Sweetwater Entities in respect of any Taxes and there are
 no matters under discussion, audit or appeal with any Governmental Entity relating to Taxes.

(p) <u>Environmental</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except
 as would not, individually or in the aggregate, result in a Sweetwater Material Adverse Effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Neither
 any of the Sweetwater Entities nor, to the knowledge of the Sweetwater Investors, any of
 the Sweetwater Joint Ventures, is or has been in violation of or non-compliance with any
 Environmental Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) each
 of the Sweetwater Entities and, to the knowledge of the Sweetwater Investors, each of the
 Sweetwater Joint Ventures, has all Authorizations required under all applicable Environmental
 Laws and is in compliance in all material respects with requirements thereof and, to the
 knowledge of the Sweetwater Investors, there are no facts, matters, or circumstances (including
 this Transaction) that are reasonably likely to result in the revocation, suspension, adverse
 variation or non-renewal of any such Authorizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) there
 are no pending or, to the knowledge of the Sweetwater Investors, threatened administrative,
 regulatory or judicial actions, suits, demands, demand letters, claims, Liens (other than
 Permitted Liens), notices of non-compliance or violation, orders, investigations or proceedings
 against any of the Sweetwater Entities, involving or affecting any of the Sweetwater Entities
 or the Sweetwater Joint Ventures relating to any Hazardous Substances or Environmental Laws;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) to
 the knowledge of the Sweetwater Investors, there are no events or circumstances that would
 reasonably be expected to form the basis of (X) an order for clean-up or remediation, (Y)
 an action, suit or proceeding by any private party or Governmental Entity, or (Z) liability,
 in each case, against or affecting (directly or indirectly) any of the Sweetwater Entities
 or the Sweetwater Joint Ventures relating to Hazardous Substances or any Environmental Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except
 as would not, individually or in the aggregate, result in a Sweetwater Material Adverse Effect,
 each of the Sweetwater Entities has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) posted
 the full amount of any mine reclamation and rehabilitation financial assurance required by
 applicable Laws and any Authorizations and does not anticipate (including as a result of
 this Transaction) any material increase in the amount of such financial assurance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) completed
 all progressive mine reclamation and rehabilitation required by applicable Laws and any Authorizations.

(q) <u>Sweetwater Material Contracts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Sweetwater Entities are not party to any Material Contract other than the Sweetwater Material
 Contracts. Paragraph (q)(i) of the Sweetwater Disclosure Letter sets out the list of Sweetwater
 Material Contracts. Except for such of the following as would not have a Sweetwater Material
 Adverse Effect, as of the date hereof, each Material Contract of the Sweetwater Entities
 (each a "**Sweetwater Material Contract**" and collectively the "**Sweetwater Material Contracts**") is in full force and effect and is a valid and binding obligation
 of the Sweetwater Entity party thereto and, to the knowledge of the Sweetwater Investors,
 the other parties thereto, and is enforceable against the applicable Sweetwater Entity in
 accordance with its respective terms, except as may be limited by bankruptcy, insolvency
 and other Laws affecting the enforcement of creditors' rights generally and subject
 to the qualification that equitable remedies may only be granted in the discretion of a court
 of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except
 as disclosed in paragraph (q)(ii) of the Sweetwater Disclosure Letter, no Sweetwater Material
 Contract in effect as of the date hereof may be lawfully terminated by any party thereto
 in accordance with its terms as a result of the Transaction, where such termination would,
 individually or in the aggregate, result in a Sweetwater Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Except
 as disclosed in paragraph (q)(iii) of the Sweetwater Disclosure Letter or as would not individually
 or in the aggregate result in a Sweetwater Material Adverse Effect, to the knowledge of the
 Sweetwater Investors, there are no adverse claims, demands, actions, suits or proceedings
 that have been commenced or are pending or that are threatened, relating to the Material
 Contracts, in each case which would reasonably be expected to affect the Sweetwater Entities'
 right, title or interest in such Material Contract or the ability of the Sweetwater Entities
 to receive the benefits associated with such Material Contracts, including the title to or
 ownership by the Sweetwater Entities of the foregoing, or which would reasonably be expected
 to involve the possibility of (A) any judgement or liability affecting the Material Contracts
 or (B) any judicial liens or attachments over any payments under, or monies received under,
 any of the Material Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each
 of the Sweetwater Entities, as applicable, has performed in all material respects all respective
 obligations required to be performed by it prior to the date hereof under the Sweetwater
 Material Contracts, is in compliance with all ongoing material terms, conditions and covenants
 contained therein, and none of the Sweetwater Entities or, to the knowledge of the Sweetwater
 Investors, the other parties thereto, is in material breach or violation of or in material
 default under (in each case, with or without notice or lapse of time or both) any Sweetwater
 Material Contract. To the knowledge of the Sweetwater Investors, there exists no state of
 acts which after notice or lapse of time or both would constitute a default under or breach
 of any Sweetwater Material Contract that would, individually or in the aggregate, result
 in a Sweetwater Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) None
 of the Sweetwater Entities have received any written notice or, to the knowledge of the Sweetwater
 Investors, other notice that any party to a Sweetwater Material Contract intends to cancel,
 terminate or modify or not renew its relationship with such Sweetwater Entities and, to the
 knowledge of the Sweetwater Investors, no such action has been threatened, in each case,
 where such cancellation, termination or modification would, individually or in the aggregate,
 result in a Sweetwater Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The
 Sweetwater Investors have furnished to URC a true, correct and complete copy of each Sweetwater
 Material Contract, and any material ancillary documentation (including applicable guarantees
 and security documents) and all amendments entered into in connection with any thereof, described
 in clause (i) of the "Material Contracts" definition that is in effect as of
 the date hereof.

(r) <u>Sweetwater Real Property</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Paragraph
 (r)(i) of the Sweetwater Disclosure Letter discloses, as of the date of this Agreement, all
 Real Property Leases of Sweetwater Entities ()"**Sweetwater Real Property Leases** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No
 Sweetwater Entity or any of its respective Subsidiaries has sent or received any written,
 but unresolved notice of a dispute regarding the payment or calculation of royalties in any
 material amounts under the Sweetwater Real Property Leases and no Sweetwater Entity or any
 of its Subsidiaries has requested to perform or is currently performing, an audit regarding
 the payment of any royalties under the Sweetwater Real Property Leases or any similar payment.
 To the knowledge of the Sweetwater Investors, each Sweetwater Entity (or applicable Subsidiary
 thereof) has properly and timely paid all royalties owed under the Real Property Leases in
 all material respects. For the past two (2) years from the date hereof, no Sweetwater Entity
 or Subsidiary of a Sweetwater Entity has received written notice of any default under any
 Sweetwater Real Property Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Except
 as disclosed in paragraph (r)(iii) of the Sweetwater Disclosure Letter, there are no pending,
 or to the knowledge of the Sweetwater Investors, threatened proceeding with respect to any
 condemnation, expropriation, or other taking under the right of eminent domain of any Real
 Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) No
 Sweetwater Entity or any of their Subsidiaries has received written notice of any action,
 and to the knowledge of the Sweetwater Investors, there are no pending actions by any third
 party that, if determined adversely to the Sweetwater Entities, would reasonably be expected
 to impair, the Sweetwater Entities' (i) good and marketable record title to Real Property
 that is purported to be leased pursuant to, or otherwise made subject to, the Real Property
 Leases (ii) good record title to, or valid easement or other real property interests in all
 other Real Property, including surface rights, necessary for the ordinary conduct of the
 business and operations of Sweetwater and its Subsidiaries and each lessee under the Real
 Property Leases (but with respect to such lessees, solely to the extent that such lessees
 rely on a lease, easement, or other right to use any such Real Property by or through Sweetwater
 or its Subsidiaries), in each case of each of clauses (i) and (ii), as presently conducted,
 subject to such defects in title as could not reasonably be expected to materially interfere
 with the ordinary conduct of the business and operations of the Sweetwater Entities and their
 Subsidiaries or such lessees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Except
 as disclosed in paragraph (r)(v) of the Sweetwater Disclosure Letter, the Sweetwater Entities,
 together with their Subsidiaries, warrant good and defensible title that, on the date hereof,
 is free and clear of all Liens to the fee mineral interests acquired by such Persons pursuant
 to the Occidental Purchase Agreement by virtue of any Liens made, done or suffered by the
 Sweetwater Entities from and after the acquisition of such fee mineral interests pursuant
 to the Occidental Purchase Agreement.

(s) <u>Expropriation</u>.
 Except as would not, individually or in the aggregate, reasonably be expected to result in
 a Sweetwater Material Adverse Effect, no Real Property has been taken or expropriated by
 any Governmental Entity, nor has any written notice or proceeding in respect thereof been
 given or commenced, nor, to the knowledge of the Sweetwater Investors, is there any intent
 or proposal to give any such notice or to commence any such proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Royalties and Rentals</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All
 rentals, royalties (whether statutory or contractual), overriding royalty interests, earn-outs,
 streaming agreements, pre-payment or similar agreements, production payments, net profits,
 interest burdens, payments and obligations due and payable, or performable, as the case may
 be, on or prior to the date of this Agreement under, with respect to, or on account of, any
 direct or indirect assets of the Sweetwater Entities, or, to the Sweetwater Investors'
 knowledge, any assets of the Sweetwater Joint Ventures, have been: (i) duly paid; (ii) duly
 performed; or (iii) provided for prior to the date of this Agreement, except to the extent
 that such non-payment, non-performance or non-provision would not in the aggregate result
 in a Sweetwater Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) There
 is no agreement, Contract, option, commitment or other right in favour of, or held by, any
 Person to acquire all or any part of such royalty interests including any buyback rights,
 rights of first refusal or rights of first offer held by any counterparties to any Contract
 underlying such royalty interests, except as would not reasonably be expected to have a Sweetwater
 Material Adverse Effect. The Sweetwater Entities are the sole legal and beneficial owners,
 and have valid and sufficient right, title and interest, free and clear of any defect or
 Lien (other than Permitted Liens) to such royalty interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 Sweetwater Entities have not, directly or indirectly, assigned any of their rights or obligations
 under and retain their full original economic interest in such royalty interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The
 Sweetwater Entities do not have any knowledge of any fact relating to any of their royalty
 interests (including overriding royalty interests), which would reasonably be expected to
 materially and adversely affect the business, operations or condition (financial or otherwise)
 or prospects of the Sweetwater Entities, taken as a whole. To the knowledge of the Sweetwater
 Investors, in respect of the underlying mineral properties in respect of such royalty interests:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the
 owner or operator (for the purposes of this Section (iv), an "**Operator** "
 or the "**Operators**") of each underlying mineral property holds all material
 requisite Authorizations necessary or appropriate for carrying on its respective business
 as currently carried on with respect to the underlying mineral property and that such Authorizations
 are not invalid and are subsisting and in good standing in accordance with applicable Laws;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) no
 Operator has received any notice of any claims relating to the revocation or adverse modification
 of any material mining license, registration, qualification or Authorization, and no Operator
 has received notice of the revocation or cancellation of, or any intention to revoke or cancel,
 any mining rights, exploration or prospecting rights, concessions or licenses with respect
 to any underlying mineral property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Employee Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Sweetwater Investors have set forth in paragraph (u)(i) of the Sweetwater Disclosure Letter
 a true, complete and correct list of each Sweetwater employee and each existing employment
 agreement with any Sweetwater employee, together with a summary for each such Sweetwater
 employee setting forth the employee's position or title, status (full-time, part-time
 or contractor), and current base salary or wage and target bonus or other incentive compensation
 (if applicable), and each existing Collective Agreement covering Sweetwater employees, and
 if applicable, have provided URC with a true and complete copy of each existing Collective
 Agreement and each Sweetwater employee employment agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 Sweetwater Investors have set forth in paragraph (u)(ii) of the Sweetwater Disclosure Letter
 a true, complete and correct list of each independent contractor engaged by the Sweetwater
 Entities, including each such independent contractor's: (i) name; (ii) services provided;
 (iii) work location (i.e., city and state/province, and country); (iv) engaging entity, engagement
 date and duration of engagement (i.e., fixed term or indefinite term); (v) fees for services;
 and (vi) whether the independent contractor is subject to a written independent contractor
 agreement. Each such independent contractor is properly classified as an independent contractor
 in accordance with applicable Law and, to the knowledge of the Seller, no such Person or
 any Governmental Entity has disputed such classification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Except
 for such of the following as would not have a Sweetwater Material Adverse Effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) there
 is no (and has not been in the past three (3) years any) pending or threatened (I) unfair
 labor practice charge, labor arbitration, grievance, strike, slowdown, work stoppage, lockout,
 job action, picketing, labor dispute, question concerning labor representation, union organizing
 activity, or any similar activity or dispute, affecting any of the Sweetwater Entities or
 any Sweetwater employees, or (II) unfair labor practice charge, labor arbitration, grievance,
 strike, slowdown, work stoppage, lockout, job action, picketing, labor dispute, question
 regarding labor representation or union organizing activity, or any similar activity or dispute;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) each
 of the Sweetwater Entities is, and has at all relevant times been, in compliance in all material
 respects with all applicable Laws related to labor or employment, including terms and conditions
 of employment, employment practices, pensions obligations, wages and hours, collective bargaining,
 worker classification (including the proper classification of workers as independent contractors
 and of employees as exempt or non-exempt), background checks, privacy rights, human rights,
 labor relations, immigration, and health and safety; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) none
 of the Sweetwater Entities is subject to any current, pending or, to the knowledge of the
 Sweetwater Investors, threatened claims, suits, actions, investigations, examinations or
 proceedings against or otherwise involving the Sweetwater Entities, for wrongful dismissal,
 constructive dismissal or any other claim relating to employment or termination of employment
 of employees or independent contractors, or under any applicable Law with respect to employment
 and labor.

(v) <u>Health and Safety</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) None
 of the Sweetwater Entities have received any demand or notice with respect to a material
 breach of any applicable health and safety Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To
 the knowledge of the Sweetwater Investors, there are no claims, investigations or inquiries
 pending against any of the Sweetwater Entities (or naming any of the Sweetwater Entities
 as a potentially responsible party) based on material non-compliance with any applicable
 health and safety Laws.

(w) <u>Employee Benefit Plans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Sweetwater Investors have set forth in paragraph (w) of the Sweetwater Disclosure Letter
 a true, complete and correct list of each material Sweetwater Benefit Plan and have provided
 URC with the following with respect to each such Sweetwater Benefit Plan (if applicable):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the
 plan document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the
 most recent audited financial statements and actuarial reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each
 Sweetwater Benefit Plan contributed to, funded by or binding upon the Sweetwater Entities
 has been maintained, administered and funded in compliance with its terms and in accordance
 with applicable Laws, in each case, in all material respects and all obligations accrued
 on or prior to the date of this Agreement in respect of Sweetwater Benefit Plans have been
 made or have been properly accrued in the Sweetwater Financial Statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no
 Sweetwater Benefit Plan which is established and governed under U.S. Law provides post-termination
 or retiree welfare benefits other than those required by Part 6 of Subtitle B of Title I
 of ERISA, Section 490B of the Code, or similar state or local Law or through the end of the
 month in which a termination occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to
 the knowledge of the Sweetwater Investors, there are no (and for the past three (3) years
 have been no) current, pending, threatened claims, suits, actions, investigations, examinations
 or proceedings against or otherwise involving (i) any of the Sweetwater Benefit Plans (excluding
 claims for benefits incurred in the Ordinary Course of Sweetwater Benefit Plan activities),
 or (ii) the participation of any of the Sweetwater Entities in any Statutory Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) each
 Sweetwater Benefit Plan that is required or intended to be qualified under applicable Law
 (including, without limitation, Section 401(a) of the U.S. Tax Code) has either received
 a favorable and currently effective determination letter from the Internal Revenue Service
 or is in the form of a preapproved plan document that is the subject of a favorable opinion
 or advisory letter from the Internal Revenue Service on which it is entitled to rely and
 no circumstances exist which would reasonably be expected to result in loss of such qualification
 under Section 401(a) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) no
 Sweetwater Benefit Plan is subject to Title IV of ERISA, Section 302 of ERISA or Section
 412 of the U.S. Tax Code and there is no other defined benefit plan (including any "multiemployer
 plan" (as defined in, and which is subject to, Section 3(37) of ERISA)) which is established
 and governed under U.S. Law with respect to which any of the Sweetwater Entities or any of
 their respective ERISA Affiliates contributes, or has any direct or indirect liability (contingent
 or otherwise);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) None
 of the Sweetwater Entities are obligated to provide, for the gross-up, indemnification or
 reimbursement of any Taxes required by Section 4999 of the U.S. Tax Code or Section 409A
 of the U.S. Tax Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) all
 material data necessary to administer the Sweetwater Benefit Plans in respect of the current
 year is in the possession or control of the Sweetwater Entities or their agents (or the trustees,
 administrators or other service provider engaged by the Sweetwater Entities or the trustee
 or administrator of any relevant Sweetwater Benefit Plan);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the
 execution and delivery of this Agreement or the consummation of the Transactions will not
 (alone or in combination with any other event) (i) result in, cause the accelerated vesting
 of, funding or delivery of, or increase the amount or value of, any payment or benefit to
 any current or former employee, officer, director or individual independent contractor of
 any of the Sweetwater Entities; (ii) limit the right of any of the Sweetwater Entities to
 amend, merge, terminate or receive a reversion of assets from any Sweetwater Benefit Plan
 or related trust; or (iii) result in any payment that, individually or in combination with
 any other such payment, would reasonably be expected to constitute an "parachute payment"
 (as defined in Section 280G(b)(2) of the U.S. Tax Code); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) none
 of the Sweetwater Entities or any other ERISA Affiliate of any of the Sweetwater Entities
 maintains, contributes to, or participates in, or has ever during the past six (6) years
 maintained, contributed to, or participated in, or has any obligation or liability with respect
 to a "multiple employer welfare arrangement" (as defined in, and which is subject
 to, Section 3(40) of ERISA) or a "multiple employer plan" (as defined in, and
 which is subject to, Section 413(c) of the U.S. Tax Code).

(x) <u>Insurance</u>.
 As of the date hereof policies of insurance are in force naming the Sweetwater Entities or,
 to the knowledge of the Sweetwater Investors, a Sweetwater Joint Venture, as an insured that
 the Sweetwater Investors' management believe in good faith adequately cover risks customarily
 covered by participants in the industries in which the Sweetwater Entities and the Sweetwater
 Joint Ventures operate, and the Sweetwater Entities, or to the knowledge of the Sweetwater
 Investors the Sweetwater Joint Ventures, are not in default under the terms of any such policy,
 except any such default that would not individually or in the aggregate result in a Sweetwater
 Material Adverse Effect.

(y) <u>Compliance with Permits and Laws</u>. Except for such of the following as would not have a Sweetwater
 Material Adverse Effect: (i) all of the Sweetwater Entities and, to the knowledge of the
 Sweetwater Investors, the Sweetwater Joint Ventures are in possession of all franchises,
 grants, licenses, permits, easements, variances, exemptions, consents, certificates, approvals,
 registrations, clearances, orders and other Authorizations necessary for the Sweetwater Entities
 and, to the knowledge of the Sweetwater Investors, the Sweetwater Joint Ventures to own and
 lease their respective properties and assets and to carry on their respective businesses
 as now being conducted, under and pursuant to all applicable Laws (the "**Sweetwater Permits** "); (ii) all such Sweetwater Permits are in full force and effect; and (iii)
 as of the date of this Agreement, no suspension, cancelation, withdrawal or revocation thereof
 is pending or, to the knowledge of the Sweetwater Investors, threatened. Each of the Sweetwater
 Entities has complied with and is not in violation of any applicable Laws or Sweetwater Permits
 other than non-compliance or violations which would not, individually or in the aggregate,
 result in a Sweetwater Material Adverse Effect. None of the Sweetwater Entities has received
 any notice of any alleged violation of any applicable Law or any Sweetwater Permit, other
 than any such notice relating to matters that would not, individually or in the aggregate,
 result in a Sweetwater Material Adverse Effect.

(z) <u>Issuable Shares</u>. The New ParentCo Consideration Shares and the New ParentCo Exchange Shares to
 be issued by New ParentCo will, in all cases, when issued be duly and validly issued by New
 ParentCo, fully paid and free of pre-emptive rights and Liens other than restrictions contained
 in the applicable Constating Documents and rank *pari passu* in all respects with the
 other New ParentCo Shares in issue including with regard to the right to receive any dividends,
 distributions and other entitlements, made, paid or declared thereon which have a record
 date for payment that is after the Effective Time. The Exchangeable Shares and ExchangeCo
 Shares to be issued by ExchangeCo will, in all cases, when issued be duly and validly issued
 by ExchangeCo, fully paid and free of pre-emptive rights and Liens (other than restrictions
 contained in the applicable Constating Documents and other than in respect of the terms of
 the Exchangeable Shares as to exchange and redemption thereof for New ParentCo Exchange Shares)
 and ExchangeCo will have, once incorporated and until the Effective Time, an authorized capital
 consisting of the Exchangeable Shares (with the Exchangeable Share Provisions) and the ExchangeCo
 Shares (with the rights, privileges, restrictions and conditions that are consistent with
 the Exchangeable Share Provisions). The CallCo Shares to be issued by CallCo will, in all
 cases, when issued be duly and validly issued by CallCo, fully paid and free of pre-emptive
 rights and Liens (other than restrictions contained in the applicable Constating Documents)
 and rank *pari passu* in all respects with the other CallCo Shares in issue including
 with regard to the right to receive any dividends, distributions and other entitlements,
 made, paid or declared thereon which have a record date for payment that is after the Effective
 Time.

(aa) <u>Possession of Intellectual Property</u>. Each of Sweetwater Entity owns or has the right to use all Intellectual Property required to carry on its business as
 currently conducted and proposed to be conducted. To the knowledge of the Sweetwater Investors, there has been no claim of infringement
 by any Sweetwater Entity or breach by any Sweetwater Entity of any Intellectual Property rights or industrial rights of any other Person,
 and no Sweetwater Entity has received any notice that the conduct of its business infringes on any Intellectual Property rights or
 industrial rights of any other Person.

(bb) <u>Privacy Laws</u>. Except
 as would not have a Sweetwater Material Adverse Effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All
 of the Sweetwater Entities comply in all material respects with all applicable Privacy Laws,
 including in connection with the collection, use, storage and disclosure of Personal Information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there
 has been no actual or suspected, unauthorized use, access or disclosure of any of the Sweetwater
 Entities' Personal Information.

(cc) <u>Anti-Corruption, Anti-Money Laundering and Sanctions Laws</u>. Except for such of the following clauses (i) through (iii) as would not reasonably be expected to
 result in a Sweetwater Material Adverse Effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 the knowledge of the Sweetwater Investors, the Sweetwater Entities, the Sweetwater Joint
 Ventures, any manager, director, officer, employee, agent, representative, consultant or
 any other Person acting on behalf of the Sweetwater Entities has not, for the past five (5)
 years, violated Anti-Corruption Laws or directly or indirectly (A) corruptly made, offered,
 paid, promised to pay, solicited, received, or authorized any contribution, payment or gift
 of funds or property or anything of value to or from any official, employee or agent of any
 Governmental Entity of any jurisdiction or any official of any public international organization
 or any Person; or (B) made any contribution to any candidate for public office, in either
 case, where either the payment or the purpose of such contribution, payment, solicitation,
 promise, offer, receipt, or gift was, is, or would be prohibited under Anti-Corruption Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for
 the past five (5) years, the operations of the Sweetwater Entities and, to the knowledge
 of the Sweetwater Investors, the Sweetwater Joint Ventures are and have been conducted at
 all times in compliance with applicable Anti-Money Laundering Laws. To the knowledge of the
 Sweetwater Investors, no action, suit or proceeding by or before any court or Governmental
 Entity or any arbitrator involving any of the Sweetwater Entities and, to its knowledge,
 the Sweetwater Joint Ventures with respect to the Anti-Money Laundering Laws is pending or
 threatened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) neither
 any of the Sweetwater Entities nor, to the knowledge of the Sweetwater Investors, any manager,
 director, officer, agent, employee or affiliate of the Sweetwater Entities has been a Sanctioned
 Person; and, to the Sweetwater Investors' knowledge, the Sweetwater Entities are not
 in, and for the past five (5) years have not been in, violation of any Sanctions Laws, or
 conducting business directly or, to the knowledge of the Sweetwater Investors, indirectly
 with any Person that is a Sanctioned Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) neither
 the Sweetwater Investors nor any of its Subsidiaries, joint ventures or affiliates are organized,
 operating, or ordinarily resident in, or have engaged in a transaction or dealing, directly
 or knowingly indirectly with a Sanctioned Country;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) none
 of the Sweetwater Entities are the subject of any actual, or to the knowledge of the Sweetwater
 Investors, threatened litigation, investigations, voluntary or directed disclosures to any
 Governmental Entity, whistleblower reports, or other issues in any way related to the Anti-Corruption
 Laws, Sanctions Laws, or Anti-Money Laundering Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the
 Sweetwater Entities have maintained and enforced policies, procedures and internal controls
 designed to ensure compliance by Sweetwater Entities, its mangers, officers, directors, employees,
 agents, and representatives with Anti-Corruption Laws, Sanctions Laws, and Anti-Money Laundering
 Laws.

(dd) <u>Community Matters</u>. As of the date hereof, none of the Sweetwater Entities, to the knowledge of
 the Sweetwater Investors, the Sweetwater Joint Ventures, has received any written notice
 of a Community Claim, which relates to mineral rights of the Sweetwater Entities or to their
 respective operations and businesses and which, if successful, could reasonably be expected
 to result in Sweetwater Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) <u>Investment Canada Act</u>. Each of the Sweetwater Investors are either "Canadian" or "WTO
 Investors", as defined in the ICA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) <u>Ownership of URC Shares or other Securities</u>. None of the Sweetwater Investors nor any of their
 affiliates own any URC Shares or any other securities of URC.

(gg) <u>Data Room.</u> All Sweetwater Investors Data Room Information provided by the Sweetwater Investors
 to URC was accurate in all material respects as at its respective date as stated therein,
 or, if any such Sweetwater Investors Data Room Information is undated, as of the date of
 its delivery to the Sweetwater Investors Data Room Information website. In addition, all
 information provided by the Sweetwater Investors to URC in response to URC's due diligence
 requests, including information not contained in the Sweetwater Investors Data Room Information,
 was accurate and complete in all material respects as at its respective date as stated therein.
 There has been no change to the Sweetwater Investors Data Room Information or any other information
 provided to URC since the date posted to the Sweetwater Investors Data Room website or provided
 to URC, as applicable, that is material to the Sweetwater Investors, except as in a more
 recently posted document in the Sweetwater Investors Data Room Information or other information
 provided to URC.

(hh) <u>Accuracy of Disclosure Letter.</u> The information set forth in the Sweetwater Disclosure Letter is
 true, complete and correct in all material respects as of the date hereof and does not omit
 to state any material information necessary to make the information contained therein not
 misleading in light of the circumstances in which it was provided.

(ii) <u>Organization and Qualification of Spur</u>. Spur is duly incorporated, formed or organized, and is validly
 existing and, where such concept is recognized under applicable Law, in good standing under
 the Laws of its jurisdiction of incorporation, formation, or continuance and has the requisite
 organizational power and authority to own its assets and properties as now owned and to carry
 on its business as it is now being conducted.

(jj) <u>Ownership of Spur</u>. OTPP is the sole legal and beneficial owner of all of the ownership interests
 in Spur with good and valid title thereto, free and clear of any and all Liens (other than
 Permitted Liens) and restrictions on transfer contained in the applicable Constating Documents.
 All of the issued and outstanding units of Spur: (A) have been duly authorized and validly
 issued; (B) are fully paid and non-assessable, to the extent applicable; and (C) were not
 issued in violation of any pre-emptive rights. The ownership interests in Spur to be contributed
 or transferred to New Parent Co in connection with the Transactions, constitute all of OTPP's
 direct and indirect ownership interests in Spur.

(kk) <u>Winding Up of Spur</u>. No order has been made, petition presented or meeting convened for the purpose
 of winding up of Spur, or for the appointment of any provisional liquidator or in relation
 to any other process whereby the business is terminated and the assets of Spur are distributed
 amongst the creditors, shareholders or other contributors, and there are no proceedings under
 any applicable insolvency, bankruptcy, reorganization or similar laws in any relevant jurisdiction,
 and no events have occurred which, under applicable Laws, would be reasonably likely to justify
 any such cases or proceedings, that would, individually or in the aggregate, reasonably be
 expected to cause a Sweetwater Material Adverse Effect or to prevent the consummation of
 the Transactions. To the knowledge of OTPP, no Person has taken any step, legal proceeding
 or other procedure with a view to the appointment of an administrator, whether out of court
 or otherwise, in relation to Spur, and no receiver (including any administrative receiver)
 has been appointed in respect of the whole or any part of any of the property, assets or
 undertaking of Spur nor has any such order been made (including, in any relevant jurisdiction,
 any other order by which, during the period it is in force, the affairs, business and assets
 of the company concerned are managed by a person appointed by any Governmental Entity). Spur
 has not made any voluntary arrangement with any of its creditors nor is insolvent or unable
 to pay its debts as they fall due.

(ll) <u>No Other Assets of Spur</u>. Other than their direct or indirect ownership of the equity interests
 of Sweetwater Trona Fund LP, Cougar Utah Fund LP and Aggie Grazing Fund LP, Spur has no,
 and has never had, any assets or operations and Spur has no liabilities outstanding other
 than liabilities directly related to their ownership of such entities or that certain promissory
 note, originally dated as of March 13, 2023, by and between Spur and HRG.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) <u>Litigation</u>.
 There are no actions, claims, suits, proceedings or investigations by Governmental Entities
 or other Persons pending or, to the knowledge of OTPP, threatened, affecting or that would
 reasonably be expected to affect Spur or affecting or that would reasonably be expected to
 affect any of its or their property or assets at Law or equity or before or by any court,
 tribunal or Governmental Entity which action, claim, suit, proceeding or investigation involves
 a possibility of any judgment against or liability of Spur which, if successful, could reasonably
 be expected to result in a Sweetwater Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) <u>Tax Returns</u>. The IRS e-file returns of Spur for the years ended December 31, 2024 and December
 31, 2023 made available by HRG to URC's advisors are true, correct and complete copies
 of such IRS e-file returns.

**Schedule F**

**Key Regulatory Approvals**

*[Redacted: regulatory approvals].*

 

 

**Schedule G**

**Governance Arrangements**

*[Redacted: commercially sensitive information].*

 

Schedule G

 

**Schedule H**

**Exchangeable Shares Term Sheet**

See attached.

Schedule H

***Final Form***

 ****

**EXCHANGEABLE SHARES TERM SHEET**

Capitalized terms used and not otherwise defined in this term sheet have the meanings given to them in the arrangement agreement (the "**Arrangement Agreement**") dated April 16, 2026, among URC and the Sweetwater Investors.

---

| | |
|:---|:---|
| **Issuer:** | ExchangeCo, a corporation incorporated under the laws of British Columbia ("**ExchangeCo**"), is an indirect subsidiary of New ParentCo and a direct subsidiary of CallCo. |

---

---

| | |
|:---|:---|
| **CallCo:** | CallCo ULC**,** an unlimited liability corporation incorporated under the laws of British Columbia ("**CallCo**"), is a direct subsidiary of New ParentCo. |
| **Exchangeable Shares:** | The exchangeable shares, being redeemable preferred shares in the capital of ExchangeCo (the "**Exchangeable Shares**") will at all times carry, as nearly as possible, equivalent economic entitlements to the common shares without par value in the capital of New ParentCo (the "**New ParentCo Shares**"), for which they are exchangeable on a one-for-one basis (subject to adjustment as outlined below) and will be retractable or redeemable on the terms described herein. |
| **Initial Holders:** | Eligible Holders (as defined below) who elect and are permitted to receive Exchangeable Shares in lieu of New ParentCo Shares pursuant to the Arrangement shall be the Initial Holders.<br>"**Eligible Holder**" means a former holder of URC Shares that is (a) a Person, other than a partnership, that is a resident of Canada for purposes of the Income Tax Act (Canada), as amended (the "**Tax Act**") and not exempt from tax under Part I of the Tax Act; or (b) a partnership, any direct or indirect member of which is a Person, other than a partnership, that is a resident of Canada for purposes of the Tax Act and not exempt from tax under Part I of the Tax Act. |
| **Ranking:** | The Exchangeable Shares shall be entitled to a preference over the ExchangeCo common shares and any other shares ranking junior to the Exchangeable Shares with respect to (i) the payment of dividends or other distributions, and (ii) the distribution of assets in the event of the liquidation, dissolution or winding-up of ExchangeCo, whether voluntary or involuntary, or any other distribution of the assets of ExchangeCo among its shareholders for the purpose of winding up its affairs, in each case, as and to the extent provided therefore in the terms attaching to the Exchangeable Shares. |
| **Dividends:** | Upon the declaration of any dividend or distribution or return of capital on or in respect of New ParentCo Shares, the board of directors of ExchangeCo (the "**ExchangeCo Board**") will declare, and the Holders (as defined below) will be entitled to receive, a dividend or distribution or return of capital on each Exchangeable Share as follows: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of any cash dividend or other cash distribution or return of capital declared by
 New ParentCo on the New ParentCo Shares, each Exchangeable Share shall entitle the Holder
 to receive an equivalent cash amount, provided that if the cash distribution by New ParentCo
 is declared in a currency other than Canadian dollars, the Holder shall receive the Canadian
 dollar equivalent, determined using the applicable exchange rate published by the Bank of
 Canada on the payment date (or such other date as specified) or, if no such rate is available,
 an exchange rate as may be deemed appropriate by the ExchangeCo Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the case of a stock or share dividend or other distribution declared on or in respect of
 the New ParentCo Shares to be paid in New ParentCo Shares, the issue or transfer by ExchangeCo
 of such number of Exchangeable Shares for each Exchangeable Share as is equal to the number
 of New Parentco Shares to be paid on each New ParentCo Share; provided that ExchangeCo may,
 in lieu of such stock or share dividend or other distribution, elect to effect a contemporaneous
 and economically equivalent (as determined by the ExchangeCo Board) subdivision of the outstanding
 Exchangeable Shares on the terms set out herein; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 the case of a dividend or other distribution or return of capital declared on or in respect
 of New ParentCo Shares to be paid or otherwise satisfied in any other type of property other
 than cash or New ParentCo Shares, the type and amount of property for each Exchangeable Share
 as is the same as or economically equivalent (as determined by the ExchangeCo Board in good
 faith and in its sole discretion) to the type and amount of property declared as a dividend
 or other distribution or return of capital on or in respect of each New ParentCo Share.

---

| | |
|:---|:---|
|  | The record date and payment date for such dividends, distributions or returns of capital on the Exchangeable Shares will be the same as the relevant dates for the corresponding dividends or other distributions or returns of capital declared on or in respect of New ParentCo Shares. |
| **Retraction:** | Subject to the overriding call rights described under 'Call Rights' below, each holder of Exchangeable Shares (each a "**Holder**") will be entitled to redeem such Holder's Exchangeable Shares, in whole or in part, at any time and from time to time (including at a time immediately prior to an insolvency event of New ParentCo, liquidation event of New ParentCo, or certain fundamental transactions involving New ParentCo), for the Exchange Price, to be satisfied by the delivery of New ParentCo Shares. Any retraction request will be fulfilled within 10 business days (or such additional period as may be mutually agreed) of being received by ExchangeCo. |

---

The "**Exchange Price**" for each Exchangeable Share will be (i) the fair market value at the time of the retraction event of that number of New ParentCo Shares equal to the Exchange Ratio (subject to adjustment), plus (ii) any Unpaid Dividends per Exchangeable Share. The fair market value of a New ParentCo Share will be based on the Canadian dollar equivalent of the average closing price of the New ParentCo Share on the Nasdaq during the period of 20 consecutive trading days ending on the third trading day immediately before such date or, if the New ParentCo Shares are not then listed on the Nasdaq, then any of the other stock exchanges or automated quotation systems on which the New ParentCo Shares are listed or quoted, as the case may be, as may be selected by the ExchangeCo Board for such purpose; provided, however, that if in the opinion of the ExchangeCo Board the public distribution or trading activity of New ParentCo Shares during such period does not reflect the fair market value of a New ParentCo Share (or if the Exchangeable Shares are not listed or quoted on other stock exchanges or automated quotation systems), then as determined by the ExchangeCo Board, acting in good faith and based upon the advice of such qualified independent financial advisors as the ExchangeCo Board may deem to be appropriate; provided that such amounts shall only be satisfied by the delivery of one New ParentCo Share for each Exchangeable Share outstanding, plus Unpaid Dividends.

"**Unpaid Dividends**" means, in respect of an Exchangeable Share, and without duplication: (i) any dividend declared by ExchangeCo on an Exchangeable Share with a record date on or prior to the relevant retraction, redemption or liquidation date that remains unpaid as of the relevant retraction, redemption or liquidation date; and (ii) any dividend declared by New ParentCo with a record date on or prior to the relevant retraction, redemption or liquidation date to the extent that ExchangeCo has not declared and paid an economically equivalent dividend on or before the relevant retraction, redemption or liquidation date.

The "**Exchange Ratio**" shall be equal to 1.00000 at the time of initial issuance of the Exchangeable Shares and shall be, subject to the following paragraph, cumulatively adjusted from time to time thereafter if any of the following events occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) New
 ParentCo declares or pays a dividend on its outstanding New ParentCo Shares, splits or subdivides
 its outstanding New ParentCo Shares or effects a reverse share split or otherwise combines
 or reclassifies its outstanding New ParentCo Shares into a smaller number of New ParentCo
 Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) New
 ParentCo distributes any rights, options or warrants to all or substantially all holders
 of New ParentCo Shares to convert into, exchange for or subscribe for or to purchase or to
 otherwise acquire New ParentCo Shares (or other securities convertible into, exchangeable
 for or exercisable for New ParentCo Shares); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 other event occurs that, in the determination of the board of directors of ExchangeCo (the
 "**ExchangeCo Board** "), would otherwise result in dilution or a change in
 the economic equivalence between the Exchangeable Shares and the New ParentCo Shares.

Notwithstanding the foregoing, the Exchange Ratio shall not be adjusted in connection with any event described in clauses (a) through (c) above if, in connection with such event, ExchangeCo makes a distribution of cash, Exchangeable Shares and/or rights, options or warrants to acquire New ParentCo Shares with respect to all applicable Exchangeable Shares, splits or subdivides the Exchangeable Shares, as applicable, or that, in the determination of the ExchangeCo Board, is comparable as a whole in all material respects with such event.

---

| | |
|:---|:---|
| **Redemption Rights:** | Subject to the overriding call rights described under 'Call Rights' below, and applicable law, ExchangeCo will have the right, exercisable without any approval, consent, or action by the holders of Exchangeable Shares, to redeem all but not less than all of the outstanding Exchangeable Shares (other than those held by New ParentCo or its affiliates) upon proper notice and payment of the Liquidation Entitlement (as defined below) per share, satisfied by the delivery of New ParentCo Shares, on such date established by the ExchangeCo Board, which date (a "**Redemption Date**") shall not be earlier than 10 years from the effective date of the Arrangement, other than with respect to the acceleration events described below. Where there is a Redemption Date, unless a holder otherwise elects by providing notice to ExchangeCo, the holders thereof shall be deemed without further action to exercise their retraction rights immediately prior to any such Redemption Date. |

---

The ExchangeCo Board may accelerate the redemption date upon any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) fewer
 than 10% of the total number of Exchangeable Shares issued and outstanding on the effective
 date of the Arrangement are outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 person acquires 90% of New ParentCo Shares in a take-over bid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) shareholders
 of New ParentCo approve an acquisition of New ParentCo by way of arrangement or amalgamation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) shareholders
 of New ParentCo approve a liquidation of New ParentCo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a
 sale of all or substantially all of the assets of New ParentCo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any
 change or imminent change in applicable laws (including tax laws) in respect of which maintaining
 the structure associated with the Exchangeable Shares would be materially adverse to New
 ParentCo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (i)
 a matter arises on which the holders of Exchangeable Shares are entitled to vote as shareholders
 of ExchangeCo (other than an Exempt Exchangeable Share Voting Event (as defined below)),
 (ii) the ExchangeCo Board has determined, in good faith and its sole discretion, that it
 is not reasonably practicable to accomplish the business purpose intended by the matter contemplated
 by the voting event (which business purpose must be bona fide and not for the primary purpose
 of redeeming the Exchangeable Shares) in any other commercially reasonable manner that does
 not result in holders of Exchangeable Shares being entitled to vote as shareholders of ExchangeCo
 in respect of such matter, and (iii) the holders of Exchangeable Shares fail to take the
 necessary action at a meeting of ExchangeCo shareholders or other vote of the holders of
 Exchangeable Shares to approve or disapprove, as applicable, such voting event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (i)
 a matter arises on which the holders of Exchangeable Shares are entitled to vote as shareholders
 of ExchangeCo in order to approve or disapprove, as applicable, any change to, or in the
 rights of the holders of, the Exchangeable Shares (an "**Exempt Exchangeable Share Voting Event** "), (ii) the change is necessary to maintain the economic equivalence
 of the Exchangeable Shares and the New ParentCo Shares; and (iii) the holders of Exchangeable
 Shares fail to take the necessary action at a meeting of ExchangeCo shareholders or other
 vote of the holders of Exchangeable Shares to approve or disapprove, as applicable, the change;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 amendment is made to the Tax Act and other applicable provincial income tax laws that permits
 Holders who: (a) are resident in Canada; (b) hold their Exchangeable Shares as capital property;
 and (c) deal at arm's length with New ParentCo, to exchange their Exchangeable Shares
 without requiring such Holders to recognize any gain or loss or any actual or deemed dividend
 in respect of such exchange for the purposes of the Tax Act or applicable provincial income
 tax laws.

---

| | |
|:---|:---|
| **Liquidation of ExchangeCo:** | In the event of the liquidation, dissolution or winding-up of ExchangeCo or any other distribution of its assets among its shareholders for the purpose of winding-up its affairs (voluntary or involuntary), the Holders of Exchangeable Shares will be entitled to receive the amount from ExchangeCo on liquidation, dissolution or winding-up of ExchangeCo they would have received from New ParentCo had the Holders of Exchangeable Shares exercised their retraction rights to receive New ParentCo Shares and New ParentCo was being liquidated (the "**Liquidation Entitlement**"). The Holders of Exchangeable Shares will, subject to applicable law and the overriding call rights described under "*Call Rights*" below, be deemed to have exercised their retraction right immediately prior to the effective date of such liquidation event. |
| **Liquidation of New ParentCo:** | In the event of the liquidation, dissolution or winding-up of New ParentCo or any other distribution of its assets among its shareholders for the purpose of winding-up its affairs (voluntary or involuntary), immediately prior to such event, each of the then outstanding Exchangeable Shares (other than Exchangeable Shares held by New ParentCo and its affiliates) shall be, subject to applicable law and the overriding call rights described under "*Call Rights*" below, deemed to have exercised their retraction right for the Exchange Price immediately prior to the effective date of the New ParentCo liquidation event. |
| **Call Rights:** | New ParentCo and CallCo shall have the overriding right (the "**Call Right**") to acquire the Exchangeable Shares that are the subject of a retraction request or redemption prior to the completion of the retraction or redemption. Where such Call Right is exercised, New ParentCo or CallCo, as applicable, will acquire the relevant Exchangeable Shares from the relevant Holder in exchange for, in the case of a retraction, the Exchange Price, satisfied by the delivery of New ParentCo Shares and cash in respect of any Unpaid Dividends, and in case of a redemption, the Liquidation Entitlement, satisfied by the delivery of New ParentCo Shares. New ParentCo shall only be entitled to exercise the Call Right to acquire the Exchangeable Shares if CallCo has not exercised such Call Right for such Exchangeable Shares. |
| **Voting in ExchangeCo:** | Except as required by applicable law, Holders shall not be entitled to receive notice of or attend any meeting of the shareholders of ExchangeCo or vote at any such meeting. The rights, privileges, restrictions and conditions attaching to the Exchangeable Shares may be amended, added to, changed or removed only with the approval of the Holders of two-thirds of the Exchangeable Shares. |
| **Voting in New ParentCo:** | New ParentCo, ExchangeCo and, as applicable, CallCo shall enter into a voting trust agreement with a voting trustee (the "**Trustee**") for the purpose of creating a trust for the benefit of Holders of Exchangeable Shares (the "**Beneficiaries**"). The Trustee will hold 1 special voting share in the capital of New ParentCo (the "**Special Voting Share**"), which will enable the Trustee to exercise voting rights on any matters that come before shareholders of New ParentCo. |

---

With respect to all meetings of shareholders of New ParentCo at which holders of New ParentCo Shares are entitled to vote, each Beneficiary shall be entitled to instruct the Trustee to cast, and the Trustee shall be obligated to cast, the number of votes equal to the product of the number of outstanding Exchangeable Shares held by such Beneficiary as at the record date for the relevant meeting and the Exchange Ratio in effect at that time.

The number of voting rights attached to the 1 Special Voting Share at a meeting of shareholders of New ParentCo shall consist of a number of votes equal to, in the aggregate, the product of the number of outstanding Exchangeable Shares for which it has received voting instructions from the Beneficiaries and the Exchange Ratio in effect at the relevant time. The Trustee will exercise each vote attached to the Special Voting Share only as directed by the relevant Beneficiary and, in the absence of any instructions, will not exercise voting rights with respect to the applicable Exchangeable Shares.

The Trustee will send the Beneficiaries notice of each meeting of New ParentCo at which shareholders of New ParentCo are entitled to vote, together with the related meeting materials and a statement as to the manner in which the Beneficiaries may instruct the Trustee to exercise votes attaching to the Special Voting Share, promptly after receiving such notice materials from New ParentCo.

---

| | |
|:---|:---|
| **Term of Special Voting Share:** | The Special Voting Share shall not be entitled to receive any dividends or other distributions from New ParentCo. The Special Voting Share shall remain outstanding solely for the purpose of enabling the Trustee (or any holder of the Special Voting Share) to exercise voting rights on behalf of the Beneficiaries of Exchangeable Shares as described above. The Special Voting Share shall be automatically redeemed and cancelled, for a nominal amount of $1.00, at such time as no Exchangeable Shares (other than those held by New ParentCo and its subsidiaries) remain outstanding. Upon such redemption and cancellation, the Special Voting Share shall have no further rights or entitlements. |
| **Fractional Shares:** | No fractional New ParentCo Shares shall be issued to satisfy the Exchange Price in connection with any retraction or redemption of the Exchangeable Shares, or in connection with any liquidation, dissolution or winding-up of ExchangeCo or New ParentCo. In lieu of issuing fractional New ParentCo Shares, holders shall receive a cash payment corresponding to the value of any such fractional entitlement. |
| **Stock Exchange Listing:** | The Exchangeable Shares will not be listed on any stock exchange. |
| **Successorship Transaction:** | In the event that New ParentCo merges, amalgamates with, or is acquired by another corporation, or in the event that all or substantially all of the outstanding New ParentCo Shares are converted into or exchanged for shares or rights to receive shares of another corporation (the "**Successor Corporation**"), and provided that the redemption right is not exercised by New ParentCo in connection with such transaction, all references to New ParentCo and New ParentCo Shares in the Exchangeable Share terms shall thereafter be deemed to refer to the Successor Corporation and the equivalent class of shares of the Successor Corporation, with appropriate adjustments to ensure that holders of Exchangeable Shares continue to receive shares or rights that are economically equivalent to those previously provided under these terms. |

---

---

| | |
|:---|:---|
| **U.S. Registration:** | To the extent required under U.S. securities laws to avoid New ParentCo Shares issued upon exchange of Exchangeable Shares being restricted for U.S. securities law purposes (if issued to a U.S. Holder (as defined below)) or subject to a U.S. distribution compliance period (if issued to a non-U.S. Holder), New ParentCo shall use its commercially reasonable efforts to (a) file a registration statement (the "**U.S. Registration Statement**"), on an appropriate form, under the U.S. Securities Act of 1933 (the "**U.S. Securities Act**") to register the New ParentCo Shares that may be issued or delivered to holders of the Exchangeable Shares by New ParentCo or CallCo, (b) cause the U.S. Registration Statement to become effective as soon as reasonably practicable after the initial filing thereof with the U.S. Securities and Exchange Commission (the "**SEC**"), and (c) following such effectiveness, cause the U.S. Registration Statement (or a successor registration statement) to remain effective at all times that any Exchangeable Shares remain outstanding. "**U.S. Holder**" means a holder of securities who is a U.S. person as defined under Regulation S ("**Regulation S**") under the U.S. Securities Act. |

---

None of New ParentCo, ExchangeCo or CallCo shall be required to issue or deliver any New ParentCo Shares to a U.S. Holder of Exchangeable Shares until the U.S. Registration Statement has been declared effective by the SEC.

Unless the U.S. Registration Statement is effective, during the 40-day distribution compliance following the date of such delivery, any New ParentCo Shares issued or delivered to a non-U.S. Holder upon exchange of Exchangeable Shares may not be resold over the Nasdaq or otherwise into the United States, and procedures will be established to ensure a non-U.S. Holder complies with this limitation on resale.

---

| | |
|:---|:---|
| **Tax Matters** | ExchangeCo shall make an election under section 191.2 of the Tax Act in respect of the Exchangeable Shares. |

---

The terms of the Exchangeable Shares will contain an amount specified in respect of each Exchangeable Share for the purposes of subsection 191(4) of the Tax Act.

---

| | |
|:---|:---|
| **Documentation** | The documentation to be entered into in connection with the issuance of the Exchangeable Shares shall include: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Exchange
 and Support Agreement – an exchange and support agreement among New ParentCo, CallCo
 and ExchangeCo, on customary terms for exchangeable share transactions involving Canada and
 the U.S. companies, that will include support covenants from Parent, CallCo and ExchangeCo
 to, among other things, (i) ensure the various rights and obligations can be performed in
 respect of the Exchangeable Shares and (ii) maintain the economic equivalence of the Exchangeable
 Shares to New ParentCo Shares at all times (or otherwise preserve the economic benefits of
 the Exchangeable Shares for such holders, including through the provision of cash or other
 consideration), in a form acceptable to each of the Sweetwater Investors and URC, each acting
 reasonably; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Voting
 Trust Agreement – the Voting Trust Agreement on the terms set out herein and otherwise
 on customary terms for exchangeable share transactions involving Canada and the U.S. companies,
 in a form acceptable to each of the Sweetwater Investors and URC, each acting reasonably.

**Schedule I**

**Investor Rights Term Sheet**

See attached.

Schedule I

***Final Form***

 ****

**INVESTOR AND SUPPORT RIGHTS TERM SHEET**

Capitalized terms that are not otherwise defined herein have the meanings ascribed to them in the arrangement agreement (the "**Arrangement Agreement**"), dated April 16, 2026, among URC and the Sweetwater Investors.

---

| | |
|:---|:---|
| **Voting Support** | For two years after Closing (the "**Support Period**"), each of the Orion Sellers and HRG (together with its parent, Ontario Teachers' Pension Plan Board ("**OTPPB**"), the "**OTPPB Parties**" and the OTPPB Parties together with the Orion Sellers, the "**Sellers**") will vote their New ParentCo shares in accordance with the recommendations of the board of directors of New ParentCo (the "**Board**"), other than in the case of any shareholder vote relating to (i) any Extraordinary Transaction, (ii) any related party transaction, (iii) any matter that would constitute a violation of OTTPB's proxy voting guidelines contained in its published *Corporate Governance Principles and Proxy Voting Guidelines* (as may be revised, modified, amended, restated or amended and restated from time to time during the Support Period); or (iv) modifications to New ParentCo's organizational documents. |

---

"**Extraordinary Transaction**" means any tender offer, exchange offer, share exchange, merger, consolidation, acquisition, business combination, sale, recapitalization, restructuring, or other matters involving a corporate transaction that require a shareholder vote.

---

| | |
|:---|:---|
| **Standstill** | For the duration of the Support Period, each of the Sellers and their direct and indirect controlled subsidiaries (excluding, for the avoidance of doubt, any portfolio company of the Sellers or any Permitted Transferee (as defined below) of the Sellers) will not: (a) acquire or offer to acquire, directly or indirectly, any additional voting or debt securities of New ParentCo or its subsidiaries or securities convertible into any voting or debt securities of New ParentCo or its subsidiaries; (b) seek to requisition join in any requisition or call a meeting of shareholders of New ParentCo; (c) other than as described under "*Board Representation*" herein, nominate or propose to nominate any candidate for election to, the Board or attempt to effect the removal of any member of the Board or otherwise alter the composition of the Board; (d) submit or induce any person to submit any shareholder proposal in respect of New ParentCo; (e) advise, assist, encourage or otherwise act jointly or in concert with any other person (including, for clarity, any non-controlled subsidiary or portfolio company) in connection with any of the foregoing; or (f) make any public disclosure of any consideration, intention, plan or arrangement inconsistent with any of the foregoing. |
| **Board Representation** | For the duration of the Support Period, and for so long as the applicable Seller continues to hold 10% or more of the outstanding voting securities of New ParentCo, each Seller will have the right to cause to be appointed to the Board such number of directors as follows: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Orion
 Sellers will be entitled to designate nominees proportionate to its ownership of voting securities
 of New ParentCo; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) OTPP
 will be entitled to designate 1 nominee, provided that under no circumstance will the number
 of directors appointed by the Sellers, in the aggregate, be equal to or greater than 50%
 of the total number of directors on the Board.

---

| | |
|:---|:---|
| **Participation** | For the duration of the Support Period, the Sellers will be entitled to customary anti-dilution rights to participate in any equity financings of New ParentCo in order to maintain their respective proportionate ownership interests. |

---

---

| | |
|:---|:---|
| **Lock-Up** | Each Seller will agree not to, directly or indirectly, sell or transfer any New ParentCo securities held by it for a period of 180 days following Closing; *provided that*, if the volume-weighted average closing price of the New ParentCo common stock equals or exceeds $7.50 (Canadian dollars) during any consecutive 20-day trading period (with any such period beginning on or after 90 days following Closing), then the foregoing restriction shall no longer apply. Early release may occur only with the prior written consent of New ParentCo (and, as applicable, underwriters), except in the case of the foregoing proviso. The Sellers may, without the consent of New ParentCo, transfer or sell their New ParentCo shares to any affiliate (including affiliated funds) or limited partners thereof (each such affiliate or limited partner thereof, a "**Permitted Transferee**"), provided the recipient thereof first agrees in writing with New ParentCo to be bound by the same obligations as the Sellers under the Investor Rights Agreement. New ParentCo will provide reasonable assistance to the Sellers in connection with any such transfer. |

---

**Resales**

---

| | |
|:---|:---|
| ***Resale*** | ***Notices*** For a period ending on the earlier of: (a) the Support Period; and (b) such time as the applicable Seller ceases to hold (directly or indirectly) more than 10% of the outstanding shares of New ParentCo, the Sellers will not, directly or indirectly, sell, dispose of or otherwise transfer any New ParentCo securities: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) without
 first providing New ParentCo at least three business days prior written notice ()"**Sale Notice**") of such intention to sell, which notice will include details of the proposed
 sale, including proposed number of securities to be sold, *provided that*, the foregoing
 restriction in this clauses (a) shall not apply to: (i) underwritten offerings or underwritten
 block trades pursuant to registration rights provisions provided for herein or sales made
 pursuant to Rule 144 in compliance with the manner of sale provisions of Rule 144(f); or
 (ii) distributions, assignments or transfers to affiliates (including affiliated funds) or
 limited partners of the applicable Seller; *provided further*, that the foregoing restriction
 in this clause (a) shall not apply to any sales involving less than 2% of the issued and
 outstanding New ParentCo common stock during any 30-day period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 any person or group, or any affiliate of such person or group, that, to the actual knowledge
 of the Sellers (after reasonable inquiry), would beneficially own or control, directly or
 indirectly (including through joint actors), more than 10% of the outstanding New ParentCo
 shares as a result of such transaction or series of transactions; *provided* that the
 foregoing restriction in this clause (b) shall not apply to sales effected through an underwritten
 public offering or Rule 144 sale where the Sellers do not have actual knowledge (after reasonable
 inquiry) of the identity of the ultimate purchasers of the shares from the underwriters or
 the broker or market maker in a Rule 144 sale or that such ultimate purchasers would own
 or control more than 10% of the outstanding New ParentCo shares as a result of such transaction
 or series of transactions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *[Redacted: commercially sensitive information].* 

 

To the extent that a Seller assigns, disposes of, or transfers any New Parentco securities to any Permitted Transferees or affiliates (including affiliated funds), such Seller must ensure that such Permitted Transferee or affiliate first agrees in writing with New ParentCo to be bound by the same obligations as the Sellers under the Investor Rights Agreement.

Prior to completing any sale or disposition of New ParentCo securities conducted through an underwriter, broker or other agent, the applicable Seller must provide such party with the Investor Rights Agreement and request that they conduct the offering and any related allocation process in compliance with its provisions. Where the applicable Seller has the right to participate in or direct the allocation of New ParentCo securities in connection with any underwritten or other offering, the Seller shall ensure that New ParentCo is given the right to participate in the final allocation process.

---

| | |
|:---|:---|
| **Registration Rights** |  |
| **Registrable Securities** | "**Registrable Securities**" shall include any common shares of New ParentCo owned by the Sellers including shares issuable to them as a result of (a) a conversion, exchange of such common shares or by way of consolidation, split, business combination, amalgamation, merger of similar transaction or (b) the applicable Seller's exercise of their rights set forth under *Participation* hereunder. Registrable Securities will cease being Registrable Securities when (i) such securities have been disposed of pursuant to an effective Registration Statement or (ii) such securities have been disposed of under Rule 144 or any other exemption from the registration requirements of the Securities Act of 1933, as amended (the "**Securities Act**"), as a result of which the transferee thereof does not receive "restricted securities" as defined in Rule 144 under the Securities Act. |
| **Shelf Registration** ***Statement*** | Within 60 days of the Closing, New ParentCo will prepare and file with the United States Securities and Exchange Commission a shelf registration for the Registrable Securities (the "**Shelf Registration Statement**") on (a) Form S-3 or a successor form, if New UROY is then eligible to file a registration statement on Form S-3 ("**S-3 Eligible**"), or (b) if New ParentCo is not then S-3 Eligible, any other appropriate form under the Securities Act, including Form S-1, providing for an offering to be made on a delayed or continuous basis pursuant to Rule 415 under the Securities Act or any successor rule thereto, which covers all Registrable Securities then outstanding held by the Sellers for an offering to be made on a delayed or continuous basis pursuant to Rule 415 under the Securities Act or any successor rule thereto. New ParentCo shall use reasonable best efforts to cause the Shelf Registration Statement to be declared effective under the Securities Act as promptly as possible after the filing thereof and no later than 90 days following the Closing, and shall cause the Shelf Registration Statement to remain effective, and to be supplemented and amended as promptly as practicable to the extent necessary to ensure that the Shelf Registration Statement is available or, if not available, that another Registration Statement is available (which Registration Statement shall also be referred to herein as the Shelf Registration Statement), for the resale of all the Registrable Securities until all of the Registrable Securities have ceased to be Registrable Securities. |

---

---

| | |
|:---|:---|
| **Demand Registration *Rights*** | Sellers will be entitled to demand rights (including for underwritten offerings, underwritten block trades and shelf-takedowns) with respect to all or a portion of the Seller's Registrable Securities and the right to cause New ParentCo to use its commercially reasonable efforts to effect the registration of such Registrable Securities, including while New ParentCo remains a reporting issuer and a Seller is a "control person" within the meaning of Canadian applicable securities laws, filing and qualifying for distribution in Canada the Registrable Securities pursuant to the multijurisdictional disclosure system established by the United States and Canada, and provide customary cooperation with respect to the intended method of distribution, including, if a proposed offering is to be underwritten, executing customary underwriting agreements and "lock up" agreements, providing customary comfort letters and legal opinions and making appropriate personnel of New ParentCo available to participate in customary road shows. The Sellers will be entitled to make such demand no more than once in any 120-day period and with a minimum expected offering proceeds of *[Redacted: dollar value]*. Demands will be subject to customary deferral rights of New ParentCo and may only be made by Sellers representing a majority of the Seller's outstanding Registrable Securities. |
| **Piggyback Rights** | Sellers will have customary "Piggyback Rights" on any registered offering of common stock (other than in connection with registrations on Form S-4 or S-8) by New ParentCo on behalf of itself or any other person. |
| ***Cooperation*** | Sellers will cooperate and provide any necessary information and customary further assurances in connection with the registration rights in the Investor Rights Agreement. |
| ***Expenses*** | New UROY will bear all expenses incident to New ParentCo 's performance of or compliance with the registration rights in the Investor Rights Agreement. New ParentCo will not be required to pay any underwriting discounts and commissions and transfer taxes, if any, attributable to the sale of Registrable Securities or any fees of advisors or counsel of any Sellers in connection therewith, each of which will be borne by the applicable Sellers. |
| ***Misc.*** | New ParentCo will not grant senior or *pari passu* registration rights to other third parties without the Sellers' consent. New ParentCo will covenant to provide customary cooperation with Rule 144 sales and legend removals. Investor Rights Agreement to provide customary indemnification and contribution provisions relating to registration rights. |

---

**Schedule J**

**Specified Individuals**

See attached.

Schedule J

**SCHEDULE J**

**SPECIFIED INDIVIDUALS**

(a) Sweetwater
 Investors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Orion
 Sellers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) *[Redacted: personal information]* 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) *[Redacted: personal information]* 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) OTPP

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) *[Redacted: personal information]* 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) *[Redacted: personal information]* 

 

(b) URC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *[Redacted: personal information]* 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *[Redacted: personal information]* 

 

**Schedule K**

**Pre-Closing Sweetwater Reorganization Steps**

The following steps and actions are to be taken prior to the Effective Time on the Effective Date at the direction of the Sweetwater Investors and, unless otherwise indicated, the steps will occur concurrently:

1. <u>Repayment of Spur Holdco LLC Debt</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) *[Redacted: commercially sensitive]* 

 

2. Distribution
 of UPX Minerals Inc.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Sweetwater
 Trona Fund LP shall distribute all of its right, title, and interest in all of the shares
 of common stock (the "**Common Shares**") of UPX Minerals Inc., a Michigan
 corporation ()"**UPX Minerals** "), to its limited partners (the "**Trona LPs** "), pro rata, based on the percentages set forth on Appendix I.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Immediately
 following Trona LPs' receipt of the Common Shares contemplated by clause 1(a) above,
 the following steps and actions are to be taken and, unless otherwise indicated, the steps
 will occur concurrently:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Spur
 Holdco LLC shall distribute all of its right, title and interest in all of the Common Shares
 it received pursuant to clause 2(a) above to HRG Metals LP; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Sweetwater
 Trona Block LLC shall distribute all of its right, title and interest in all of the Common
 Shares it received pursuant to clause 2(a) above to its members, pro rata, based on the percentages
 set forth on <u>Appendix II</u>.

3. <u>Formation of New ParentCo</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) New
 ParentCo will be formed as a Delaware corporation pursuant to and in accordance with the
 Delaware General Corporate Law and will be a wholly owned subsidiary of the Sweetwater Investors.
 The certificate of incorporation and bylaws of New ParentCo will be substantially similar
 as is practical to the articles and notice of articles of URC, with such adjustments as are
 necessary to comply with applicable Laws and the terms of the Agreements and the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 Sweetwater Investor will contribute all of their respective right, title, and interest in
 the equity interests of Green River Management Holdings LLC, Sweetwater Trona Fund LP, Sweetwater
 Trona Block LLC, Cougar Utah Block LLC, Cougar Utah Fund LP and Spur HoldCo LLC to New ParentCo
 (collectively, the "**Contribution** "). In addition, the applicable Orion
 Sellers shall contribute to New ParentCo all of their respective right, title, and interest
 in that portion of the equity interests of Aggie Grazing Fund LP and Aggie Grazing Block
 LLC not sold to URC US in accordance with Section 2.4 of the Plan of Arrangement, if any
 (the "**Additional Aggie Contribution** ").

&nbsp;&nbsp;&nbsp;&nbsp;(c) New
 ParentCo will be authorized to issue an aggregate number of New ParentCo Shares equal to *[Redacted: commercially sensitive information]*. In consideration of the Contribution,
 New ParentCo will issue the number of New ParentCo Shares to each of the Sweetwater Investors
 as set forth on <u>Appendix III</u>. In consideration of the Additional Aggie Consideration
 (if applicable), New ParentCo will issue additional New ParentCo Shares to each applicable
 Orion Seller in an aggregate number determined based on (1) the Aggie Valuation (as defined
 in the Plan of Arrangement) multiplied by a fraction (expressed as a percentage) the numerator
 of which is the number of units of Aggie Grazing Fund LP contributed to New ParentCo as part
 of the Additional Aggie Contribution (inclusive of the units of Aggie Grazing Block LLC contributed
 as part of the Additional Aggie Contribution, on a look through basis) and the denominator
 of which is all units of Aggie Grazing Fund LP that are issued and outstanding (inclusive
 of all Aggie Grazing Block LLC units that are issued and outstanding, on a look through basis)
 divided by (2) $3.64. The aggregate number of New ParentCo shares issued to the applicable
 Orion Sellers in connection with the Additional Aggie Contribution shall be issued ratably
 among each Orion Seller based on such Orion Seller's pro rata share of the units contributed
 to New ParentCo as part of the Additional Aggie Contribution. The New ParentCo Shares held
 by the Sweetwater Investors will be subject to adjustment in accordance with Section 2.4(n)
 of the Plan of Arrangement. The New ParentCo Shares shall have the rights and privileges
 as set forth in the certificate of incorporation and bylaws of New ParentCo (the "**Parent Constituent Documents** ").

&nbsp;&nbsp;&nbsp;&nbsp;(d) New
 ParentCo will be authorized to issue no more than two New ParentCo Preferred Shares. In consideration
 of the Contribution, New ParentCo will issue one Class A non-voting preferred share of New
 ParentCo (the "**Class A Preferred Share**") to an entity designated by the
 Orion Sellers and one Class B non-voting preferred share of New ParentCo (the "**Class B Preferred Share**") to an entity designated by OTPP. The New ParentCo Preferred
 Shares shall have the rights and privileges as set forth in the Parent Constituent Documents,
 which shall include that such interests are mandatorily redeemable by New ParentCo for cash
 in an amount in the aggregate equal to (I) an amount equal to the principal amount of the
 Intercompany Loan Agreements (as defined in the Plan of Arrangement), plus (II) the first
 $52,000,000 of net cash proceeds received in connection with the Concurrent Financing that
 is not allocated to pay the Aggie Consideration (as defined in the Plan of Arrangement) (if
 any) less the portion of such proceeds that is allocated to the principal amount of the Intercompany
 Loan Agreement (as defined in the Plan of Arrangement) after giving effect to the proviso
 of Section 2.4(k) of the Plan of Arrangement; provided that, if the Concurrent Funding has
 not occurred by the Effective Date, the amount contemplated by this clause (II) shall be
 deemed to be $0, plus (III) 80% of the excess of the aggregate amount of net cash (after
 deduction of the expenses of the Concurrent Financing) received by URC in connection with
 the Concurrent Financing (which, for the avoidance of doubt, includes any proceeds attributable
 to any green shoe or similar provision exercised in connection with such Concurrent Financing)
 over $92,000,000, provided that such amount shall not exceed *[Redacted: dollar value]*; <u>provided</u> further that, if the Concurrent Funding has not occurred by the Effective
 Date the amount contemplated by this clause (III) shall be deemed to be $0, plus (IV) the
 Seller Share of the Sweetwater Cash Amount (as defined in the Plan of Arrangement) (collectively,
 the "**Redemption Purchase Price** "). Upon payment in full to the holders
 of New ParentCo Preferred Shares of the Redemption Purchase Price, the New ParentCo Preferred
 Shares shall be deemed redeemed, and shall no longer be issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Redemption Purchase Price shall be allocated among the holders of the New ParentCo Preferred
 Shares as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) First,
 (x) the holder of the Class A Preferred Share shall receive a portion of the Redemption Purchase
 Price equal to *[Redacted: dollar value]* less the portion of the Aggie Consideration
 received by the applicable Orion Sellers pursuant to Section 2.4(b) of the Plan of Arrangement
 and (y) the holder of the Class B Preferred Share shall receive a portion of the Redemption
 Purchase Price equal to *[Redacted: dollar value]* less the portion of the Aggie Consideration
 received by HRG pursuant to Section 2.4(b) of the Plan of Arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Second,
 any additional portion of the Redemption Purchase Price shall be distributed *[Redacted: commercially sensitive information]* to the holder of the Class A Preferred Share and *[Redacted: commercially sensitive information]* to the holder of the Class B Preferred
 Share.

4. <u>Formation of CallCo and ExchangeCo</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) CallCo
 will be formed as a British Columbia unlimited liability company pursuant to and in accordance
 with the Business Corporations Act (British Columbia) and will be a wholly owned subsidiary
 of New ParentCo.

&nbsp;&nbsp;&nbsp;&nbsp;(b) ExchangeCo
 will be formed as a British Columbia corporation pursuant to and in accordance with the Business
 Corporations Act (British Columbia) and will be a wholly owned subsidiary of CallCo.

5. <u>Tax Refund Distribution</u>.

*[Redacted: commercially sensitive]*

**Appendix I**

**to**

**Schedule K**

*[Redacted : commercially sensitive information].*

 

**Appendix II**

**to**

**Schedule K**

*[Redacted : commercially sensitive information].*

 

**Appendix III**

**to**

**Schedule K**

*[Redacted : commercially sensitive information].*

## Exhibit 99.3

**Exhibit 99.3**

![](ex99-3_001.jpg)

***Execution Version***

**<u>VOTING SUPPORT AGREEMENT</u>**

This voting support agreement between HRG Metals LP ("**HRG**"), certain affiliated entities of Orion Resources Partners (USA) LP ("**Orion**", together with HRG, the "**Sweetwater Investors**"), and Uranium Energy Corp. (the "**Shareholder**", and together with the Sweetwater Investors, the "**Parties**" and each a "**Party**") is made this 16th day of April, 2026.

**<u>RECITALS</u>**

Uranium Royalty Corp. (the "**Company**") and the Sweetwater Investors are concurrently entering into an arrangement agreement dated as of even date herewith (together with any amendments or modifications, the "**Arrangement Agreement**") pursuant to which, among other things, the Company will combine with New ParentCo, and the combined company will hold the Sweetwater Investors' interests in the Sweetwater Assets, in accordance with and pursuant to the terms and conditions of the Arrangement Agreement and the plan of arrangement contemplated therein (the "**Proposed Transaction**").

For the purposes of this voting support agreement (this "**Agreement**"), the term "**Subject Shares**" shall refer to the 17,978,364 URC Shares that the Shareholder beneficially owns or exercises control or direction over, directly or indirectly, as of the date hereof, and any and all URC Shares of which the Shareholder acquires beneficial ownership, or control or direction over, directly or indirectly, after the date hereof.

This Agreement sets out the terms and conditions on which the Shareholder has agreed to support the Proposed Transaction. The Sweetwater Investors are relying on the covenants, representations and warranties of the Shareholder set forth in this Agreement in connection with its execution and delivery of the Arrangement Agreement.

Capitalized terms used in this Agreement and not otherwise defined herein that are defined in the Arrangement Agreement shall have the respective meanings ascribed thereto in the Arrangement Agreement.

**ARTICLE 1**

**<u>COVENANTS OF SHAREHOLDER</u>**

1.1 The
 Shareholder hereby agrees that it shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) vote
 (or cause to be voted) all of the Subject Shares at any meeting of the holders of URC Shares,
 and in any action by written consent of the holders of URC Shares (unless, and only then
 to the extent, prohibited by Law):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 favour of the approval, consent, ratification and adoption of the Proposed Transaction (and
 any actions required in furtherance thereof) and all other resolutions to be put to the meeting
 of holders of URC Shares in respect of the Proposed Transaction as contained in the Arrangement
 Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) against
 any proposed action by the Company, the holders of URC Shares, any Subsidiary of the Company
 or any other Person: (A) in respect of any corporate transaction, such as a merger, amalgamation,
 arrangement, rights offering, reorganization, recapitalization, liquidation or take-over
 bid or similar transaction involving the Company or URC Shares other than the Proposed Transaction;
 and (B) that would reasonably be expected to prevent or delay the implementation or the successful
 completion of the Proposed Transaction, including, without limitation, any Acquisition Proposal;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no
 later than five (5) Business Days prior to the cut-off date for the deposit of votes by proxy
 or voting instruction form in respect of any meeting of the holders of URC Shares to consider
 the Proposed Transaction, duly complete (or cause to be completed) and cause forms of proxy
 or voting instruction forms, as applicable, in respect of all the Subject Shares to be validly
 delivered and cause the Subject Shares to be voted in favour of the Proposed Transaction,
 and such forms of proxy or voting instruction forms, as applicable, shall not be revoked
 or withdrawn, unless the prior written consent of the Sweetwater Investors has been obtained
 or this Agreement has been terminated pursuant to Article 3 of this Agreement.

1.2 The Shareholder hereby agrees that it shall not, directly or indirectly, except in accordance with the terms of this Agreement, as contemplated by the Arrangement Agreement or with the prior written consent of the Sweetwater Investors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) option,
 sell, assign, dispose of, pledge, encumber, grant a security interest in or otherwise convey
 any Subject Shares or any right or interest therein, or agree to do any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) exercise
 any securityholder rights or remedies available at common law or pursuant to applicable Law,
 or take any other action of any kind, in each case that would reasonably be expected to delay
 or prevent the completion of, the Proposed Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) solicit,
 assist, initiate, knowingly encourage or otherwise facilitate (including by way of furnishing
 information, permitting any visit to any facilities or entering into any form of agreement,
 arrangement or understanding) any inquiries or proposals, whether publicly or otherwise,
 regarding an Acquisition Proposal or potential Acquisition Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) enter
 into, engage, continue or participate, directly or indirectly, in any negotiations or discussions
 regarding, or provide any non-public information with respect to the Company or any of its
 Subsidiaries, or offer or provide access to the business, properties, assets, books or records
 of the Company or any of its Subsidiaries or otherwise cooperate in any way with, any Acquisition
 Proposal or potential Acquisition Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) requisition
 or join in a requisition of any meeting of the securityholders of the Company for the purpose
 of considering any resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) solicit
 or arrange for the solicitation of proxies relating to, or purchases of or offers to sell,
 URC Shares or securities convertible into or exchangeable or exercisable for, or representing,
 URC Shares or act in concert or jointly with any other person for the purpose of acquiring
 any URC Shares or securities convertible into or exchangeable or exercisable for, or representing,
 URC Shares for the purpose of influencing the voting of URC Shares or affecting the control
 of the Company, other than, in the case of proxy solicitation, in support of the Proposed
 Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) do
 indirectly, including through any of its wholly-owned Subsidiaries, anything which would
 not be permitted to be done directly pursuant to the foregoing provisions of this Section
 1.2; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) take
 any action to encourage or assist any other Person to do any of the prohibited acts referred
 to in the foregoing provisions of this Section 1.2.

1.3 The
 Shareholder covenants and agrees that the Shareholder will not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) exercise
 any rights of dissent or appraisal provided under any applicable laws or otherwise in connection
 with the Arrangement and not exercise any shareholder rights or remedies available at common
 law or pursuant to applicable securities or corporate laws to delay or prevent the Arrangement;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) make
 any statements against the Arrangement or any aspect thereof and to not bring, or threaten
 to bring, any suits or proceeding for the purpose of, or which has the effect of, directly
 or indirectly, frustrating, stopping, preventing, impeding, delaying or varying the Arrangement.

1.4 The Shareholder covenants to, at the expense of the Company, use commercially reasonable efforts to take all actions and do all things as are reasonably necessary to co-operate with the Sweetwater Investors and the Company in making all requisite regulatory filings in connection with the Proposed Transaction.

1.5 The Shareholder shall at all times cause any wholly-owned Subsidiaries through which it beneficially owns or exercises control or direction over, directly or indirectly, Subject Shares to act in accordance with the terms of this Agreement, to the extent applicable thereto.

**ARTICLE 2**

**<u>REPRESENTATIONS AND WARRANTIES</u>**

2.1 The Shareholder represents and warrants as follows and acknowledges that each of the Sweetwater Investors are relying upon such representations and warranties in connection with entering into this Agreement and the Arrangement Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i)
 the Shareholder beneficially owns, directly or indirectly, or has control or direction over,
 the Subject Shares comprised of 17,978,364 URC Shares; and (ii) the Shareholder has no agreement
 or options, or rights or privilege (whether by Law, pre-emptive or contractual) capable of
 becoming an agreement or option, for the purchase or acquisition by it or transfer to it
 of additional securities of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Shareholder has the sole right to vote (or cause to be voted) all the Subject Shares now
 held, and will have the right to vote (or cause to be voted) all the Subject Shares hereafter
 acquired by it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no
 Person has any agreement, option, or any right or privilege (whether by Law, pre-emptive
 or contractual) capable of becoming an agreement or option, for the purchase, acquisition
 or transfer from the Shareholder of any of the Subject Shares or any interest therein or
 right thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 execution and delivery by the Shareholder of this Agreement, the authorization of this Agreement
 by the Shareholder, and the performance by the Shareholder of its obligations under this
 Agreement, will not result (with or without notice or the passage of time) in a material
 violation or breach of or constitute a material default under any provision of: (i) its constating
 documents or by-laws; (ii) any applicable Law; (iii) any note, bond, mortgage, indenture
 or contract or agreement to which the Shareholder is party or by which it is bound; or (iv)
 any judgment, decree, order or award of any Governmental Entity or arbitrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Shareholder is a corporation duly organized under the Law of its jurisdiction of incorporation
 and is validly existing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 Shareholder has the necessary corporate power and authority to enter into this Agreement
 and to perform its obligations hereunder, and its execution and delivery of this Agreement
 and the performance by it of its obligations under this Agreement have been duly authorized
 and no other corporate proceedings on its part are necessary to authorize this Agreement;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) this
 Agreement has been duly executed and delivered by the Shareholder and constitutes a legal,
 valid and binding obligation of it, enforceable against it in accordance with its terms,
 subject to bankruptcy, insolvency and other applicable Law affecting creditors' rights
 generally, and to general principles of equity.

2.2 Each of Orion and OTPP, solely on its own behalf and not jointly with the other, represents and warrants as follows and acknowledges that the Shareholder is relying upon such representations and warranties in connection with the entering into of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each
 of the Sweetwater Investors are duly incorporated, formed or organized, as applicable, and
 validly existing and, where such concept is recognized under applicable Law, in good standing
 under the Laws of its jurisdiction of incorporation, formation, or continuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Sweetwater Investors have the necessary corporate power and authority to enter into this
 Agreement and to perform its obligations hereunder and, its execution and delivery of this
 Agreement and the consummation by the Sweetwater Investors of the Proposed Transaction have
 been duly authorized and no other corporate proceedings on its part are necessary to authorize
 this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this
 Agreement has been duly executed and delivered by the Sweetwater Investors and constitutes
 a legal, valid and binding obligation of the Sweetwater Investors, enforceable against it
 in accordance with its terms, subject to bankruptcy, insolvency and other applicable Law
 affecting creditors' rights generally, and to general principles of equity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 authorization of this Agreement, the execution and delivery by the Sweetwater Investors of
 this Agreement and the performance by it of its obligations under this Agreement, will not
 result (with or without notice or the passage of time) in a violation or breach of or constitute
 a default under any provision of (i) its constating documents or by-laws; (ii) any applicable
 Law; (iii) any note, bond, mortgage, indenture or contract or agreement to which the Sweetwater
 Investors is party or by which it is bound; or (iv) any judgment, decree, order or award
 of any Governmental Entity or arbitrator.

**ARTICLE 3**

**<u>TERMINATION</u>**

3.1 This Agreement shall terminate automatically upon the earlier of: (a) the termination of this Agreement by the written consent of each of the Sweetwater Investors and Shareholder; (b) the Arrangement Agreement's valid termination in accordance with its terms prior to the Effective Time; (c) the Effective Time, and (d) with respect to the Shareholder, by written notice by the Shareholder to the Sweetwater Investors if, without the prior written consent of the Shareholder, the Arrangement Agreement is amended, modified or waived in any manner that decreases the amount of the Consideration to be received by the Shareholder pursuant to the Arrangement Agreement (including the Plan of Arrangement).

3.2 If this Agreement is terminated in accordance with Section 3.1, the provisions of this Agreement will become void and no Party shall have liability to any other Party, except in respect of a breach of this Agreement which occurred prior to such termination.

**ARTICLE 4**

**<u>GENERAL</u>**

4.1 The division of this Agreement into Articles, Sections, subsections and paragraphs and the insertion of headings herein are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. The terms "**this Agreemen**t", "**hereof**", "**herein**", "**hereto**", "**hereunder**" and similar expressions refer to this Agreement and not to any particular article, section or other portion hereof and include any agreement, schedule or instrument supplementary or ancillary hereto or thereto. Unless the contrary intention appears, references in this Agreement to an Article, Section, subsection, paragraph or Schedule by number or letter or both refer to the Article, Section, subsection, paragraph or Schedule, respectively, bearing that designation in this Agreement.

4.2 In this Agreement, unless the context otherwise requires, words importing the singular only shall include the plural and vice versa, words importing the use of either gender shall include both genders and neuter.

4.3 The Shareholder hereby consents to the disclosure of the substance of this Agreement in any press release or the URC Circular and to the filing of this Agreement as may be required pursuant to applicable Laws. The parties shall co-ordinate in the making and dissemination of any public announcement relating to the subject matter of this Agreement. A copy of this Agreement may be provided to the trustees or directors of each of the parties hereto.

4.4 This Agreement shall not be assigned by any Party hereto without the prior written consent of the other Parties hereto. This Agreement shall enure to the benefit of the Parties and their respective successors and permitted assigns and shall be binding upon the Parties and their respective successors.

4.5 Time shall be of the essence of this Agreement.

4.6 Each of the provisions contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such provision or part thereof by a court of competent jurisdiction shall not affect the validity or enforceability of any other provision hereof. To the extent permitted by applicable Laws, the Parties hereto waive any provision of Law that renders any provision of this Agreement or any part thereof invalid or unenforceable in any respect. The Parties hereto will engage in good faith negotiations to replace any provision hereof or any part thereof that is declared invalid or unenforceable with a valid and enforceable provision or part thereof, the economic effect of which approximates as much as possible the invalid or unenforceable provision or part thereof that it replaces.

4.7 Any notice, consent, waiver, direction or other communication required or permitted to be given under this Agreement by a Party hereto shall be in writing and shall be delivered by hand to the Party hereto to which the notice is to be given, sent by electronic mail to the following address, or to such other address or number as shall be specified by a Party hereto by like notice. Any notice, consent, waiver, direction or other communication aforesaid shall, if delivered, be deemed to have been given and received on the date on which it was delivered to the address provided herein (if a Business Day or, if not, then the next succeeding Business Day) and if sent by electronic mail be deemed to have been given and received at the time of receipt (if a Business Day or, if not, then the next succeeding Business Day) unless actually received after 5:00 p.m. (Toronto time) at the point of delivery in which case it shall be deemed to have been given and received on the next Business Day.

The addresses and numbers for service of each of the Parties hereto shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 to the Shareholder

Uranium Energy Corp.

1830 – 1188 West Georgia Street,

Vancouver, British Columbia V6E 4A2

Attention: Amir Adnani, Chief Executive Officer <br> Email: *[Redacted: personal information]*

With a copy (which shall not constitute notice) to:

Sangra Moller LLP

1021 West Hastings Street, Suite 2200

Vancouver, British Columbia V6C 0C3

Attention: Rod Talaifar <br> Email: *[Redacted: personal information]*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 to the Sweetwater Investors:

Orion Resource Partners (USA) LP

7 Bryant Park, 1045 Avenue of the Americas, Floor 25

New York, NY 10018

Attention: Legal <br> Email: *[Redacted: personal information]*

 

and

Ontario Teachers' Pension Plan

160 Front Street West, Suite 3200

Toronto, Ontario, M5J 0G4

Attention: James Sikora and Legal <br> Email: *[Redacted: personal information]*

 

With a copy (which shall not constitute notice) to:

Torys LLP

79 Wellington St. West

Suite 3000, P.O. Box 270, TD Centre

Toronto, ON M5K 1N2

Attention: Michael Pickersgill <br> Email: *[Redacted: personal information]*

With a copy (which shall not constitute notice) to:

Sidley Austin LLP

787 7<sup>th</sup> Ave, New York

NY 10019, United States

Attention: Andrew J. Fadale <br> Email: *[Redacted: personal information]*

 

With a copy (which shall not constitute notice) to:

Weil, Gotshal & Manges LLP

200 Crescent Court, Suite 300

Dallas, Texas, United States 75201

Attention: James R. Griffin <br> Email: *[Redacted: personal information]*

 

 

With a copy (which shall not constitute notice) to:

Weil, Gotshal & Manges LLP

767 Fifth Avenue

New York, New York, United States 10153

Attention: Alex Lynch <br> Email: *[Redacted: personal information]*

 

4.8 This Agreement, together with the agreements and other documents herein or therein referred to, constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof and supersede all prior agreements, understandings, negotiations and discussions, whether oral or written, between the Parties with respect to the subject matter hereof. There are no representations, warranties, covenants or conditions with respect to the subject matter hereof except as contained herein.

4.9 This Agreement shall be governed by, and be construed in accordance with, the laws of the Province of British Columbia and the laws of Canada applicable therein but the reference to such laws shall not, by conflict of laws rules or otherwise, require the application of the law of any jurisdiction other than the Province of British Columbia.

4.10 Each Party irrevocably attorns and submits to the non-exclusive jurisdiction of the Ontario courts situated in the City of Vancouver and waives objection to the venue of any proceeding in such court or that such court provides an inconvenient forum.

4.11 Unless otherwise stated, all references in this Agreement to amounts of money are expressed in lawful money of Canada.

4.12 The Shareholder recognizes and acknowledges that this Agreement is an integral part of the Sweetwater Investors entering into the Arrangement Agreement, and that the Sweetwater Investors would not contemplate proceeding with the transactions contemplated by the Arrangement Agreement unless this Agreement was entered into by the Shareholder, and that a breach by the Shareholder of any covenants or other commitments contained in this Agreement will cause the Sweetwater Investors to sustain injury for which money damages would not be an adequate remedy at law. Therefore, the Shareholder agrees that, in the event of any such breach, each of the Sweetwater Investors shall be entitled to the remedy of specific performance of such covenants or commitments and preliminary and permanent injunctive and other equitable relief in addition to any other remedy to which it may be entitled, at law or in equity.

4.13 This Agreement may be executed in one or more counterparts, each of which shall conclusively be deemed to be an original and all such counterparts collectively shall be conclusively deemed to be one and the same. Delivery of an executed counterpart of the signature page to this Agreement by electronic mail shall be as effective as delivery of a manually executed counterpart of this Agreement.

*[Remainder of page intentionally left blank]*

 

 

IN WITNESS WHEREOF the Parties have signed this Voting Support Agreement.

---

| | |
|:---|:---|
| **HRG METALS LP by its general partner**<br> **HRG METALS GP INC.** | **HRG METALS LP by its general partner**<br> **HRG METALS GP INC.** |
| By: | */s/ "James Sikora"* |
| Name: | James Sikora |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF II ONSHORE GAMMA HOLDINGS LLC** | **OMF II ONSHORE GAMMA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF II INTERMEDIATE HOLDINGS LLC** | **OMF II INTERMEDIATE HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF III ONSHORE GAMMA HOLDINGS LLC** | **OMF III ONSHORE GAMMA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF ONSHORE OMEGA HOLDINGS LLC** | **OMF ONSHORE OMEGA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF CO-FUND II HOLDINGS LLC** | **OMF CO-FUND II HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF II ONSHORE ALPHA HOLDINGS LLC** | **OMF II ONSHORE ALPHA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF II ONSHORE BETA HOLDINGS LLC** | **OMF II ONSHORE BETA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF III ONSHORE ALPHA HOLDINGS LLC** | **OMF III ONSHORE ALPHA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF III ONSHORE BETA HOLDINGS LLC** | **OMF III ONSHORE BETA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF III INTERMEDIATE HOLDINGS LLC** | **OMF III INTERMEDIATE HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **ORION MINE FINANCE GP III LP, by its**<br> **general partner ORION MINE FINANCE GP III LLC** | **ORION MINE FINANCE GP III LP, by its**<br> **general partner ORION MINE FINANCE GP III LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

**SHAREHOLDER:**

---

| | |
|:---|:---|
| **URANIUM ENERGY CORP.** | **URANIUM ENERGY CORP.** |
| By: | */s/ "Josephine Man"* |
| Name: | Josephine Man |
| Title: | Chief Financial Officer |

---

*[Signature page to Shareholder Voting Support Agreement]*

## Exhibit 99.4

**Exhibit 99.4**

![](ex99-4_001.jpg)

***Execution Version***

**<u>VOTING SUPPORT AGREEMENT</u>**

This voting support agreement between HRG Metals LP ("**HRG**"), certain affiliated entities of Orion Resources Partners (USA) LP ("**Orion**", together with HRG, the "**Sweetwater Investors**"), and Donna Wichers (the "**Holder**", and together with the Sweetwater Investors, the "**Parties**" and each a "**Party**") is made this 16th day of April, 2026.

**<u>RECITALS</u>**

Uranium Royalty Corp. (the "**Company**") and the Sweetwater Investors are concurrently entering into an arrangement agreement dated as of even date herewith (together with any amendments or modifications, the "**Arrangement Agreement**") pursuant to which, among other things, the Company will combine with New ParentCo, and the combined company will hold the Sweetwater Investors' interests in the Sweetwater Assets, in accordance with and pursuant to the terms and conditions of the Arrangement Agreement and a plan of arrangement (the "**Proposed Transaction**").

The Holder is the owner of, or has the power to control or direct, the URC Shares (the "**Subject Shares**") and the URC Options (the "**Subject Options**" and together with the Subject Shares, the "**Subject Securities**"), as applicable, listed in Schedule A hereto; provided that, for greater certainty, the term "**Subject Shares**" shall include any URC Shares issuable upon the exercise of any Subject Options, and the term "**Subject Securities**" shall include any and all URC Shares, URC Options or any other securities issued under the URC Incentive Plan of which the Holder acquires beneficial ownership, or control or direction over, directly or indirectly, after the date hereof.

The Holder is a director and/or officer of the Company.

This voting support agreement (this "**Agreement**") sets out the terms and conditions on which the Holder has agreed to support the Proposed Transaction. The Sweetwater Investors are relying on the covenants, representations and warranties of the Holder set forth in this Agreement in connection with its execution and delivery of the Arrangement Agreement.

Capitalized terms used in this Agreement and not otherwise defined herein that are defined in the Arrangement Agreement shall have the respective meanings ascribed thereto in the Arrangement Agreement.

**ARTICLE 1**

**<u>COVENANTS OF HOLDER</u>**

1.1 The
 Holder hereby agrees that he or she shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) vote
 (or cause to be voted) all of the Subject Shares at any meeting of the holders of URC Shares,
 and in any action by written consent of the holders of URC Shares (unless, and only then
 to the extent, prohibited by Law):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 favour of the approval, consent, ratification and adoption of the Proposed Transaction (and
 any actions required in furtherance thereof) and all other resolutions to be put to the meeting
 of holders of URC Shares in respect of the Proposed Transaction as contained in the Arrangement
 Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) against
 any proposed action by the Company, the holders of URC Shares, any Subsidiary of the Company
 or any other Person: (A) in respect of any corporate transaction, such as a merger, amalgamation,
 arrangement, rights offering, reorganization, recapitalization, liquidation or take-over
 bid or similar transaction involving the Company or URC Shares other than the Proposed Transaction;
 and (B) that would reasonably be expected to prevent or materially delay the implementation
 or the successful completion of the Proposed Transaction, including, without limitation,
 any Acquisition Proposal; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no
 later than five (5) Business Days prior to the cut-off date for the deposit of votes by proxy
 or voting instruction form in respect of any meeting of the holders of URC Shares to consider
 the Proposed Transaction, duly complete (or cause to be completed) and cause forms of proxy
 or voting instruction forms, as applicable, in respect of all the Subject Shares to be validly
 delivered and cause the Subject Shares to be voted in favour of the Proposed Transaction,
 and such forms of proxy or voting instruction forms, as applicable, shall not be revoked
 or withdrawn, unless the prior written consent of the Sweetwater Investors has been obtained
 or this Agreement has been terminated pursuant to the terms of this Agreement.

1.2 The Holder hereby agrees that he or she shall not, directly or indirectly, except in accordance with the terms of this Agreement, as contemplated by the Arrangement Agreement or with the prior written consent of the Sweetwater Investors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) option,
 sell, assign, dispose of, pledge, encumber, grant a security interest in or otherwise convey
 any Subject Securities or any right or interest therein, or agree to do any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) exercise
 any securityholder rights or remedies available at common law or pursuant to applicable Law,
 or take any other action of any kind, in each case that would reasonably be expected to delay
 or prevent the completion of, the Proposed Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) solicit,
 assist, initiate, knowingly encourage or otherwise facilitate (including by way of furnishing
 information, permitting any visit to any facilities or entering into any form of agreement,
 arrangement or understanding) any inquiries or proposals, whether publicly or otherwise,
 regarding an Acquisition Proposal or potential Acquisition Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) enter
 into, engage, continue or participate, directly or indirectly, in any negotiations or discussions
 regarding, or provide any non-public information with respect to the Company or any of its
 Subsidiaries, or offer or provide access to the business, properties, assets, books or records
 of the Company or any of its Subsidiaries or otherwise cooperate in any way with, any Acquisition
 Proposal or potential Acquisition Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) requisition
 or join in a requisition of any meeting of the securityholders of the Company for the purpose
 of considering any resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) solicit
 or arrange for the solicitation of proxies relating to, or purchases of or offers to sell,
 URC Shares or securities convertible into or exchangeable or exercisable for, or representing,
 URC Shares or act in concert or jointly with any other person for the purpose of acquiring
 any URC Shares or securities convertible into or exchangeable or exercisable for, or representing,
 URC Shares for the purpose of influencing the voting of URC Shares or affecting the control
 of the Company, other than, in the case of proxy solicitation, in support of the Proposed
 Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) do
 indirectly, including through any of its wholly-owned Subsidiaries, anything which would
 not be permitted to be done directly pursuant to the foregoing provisions of this Section;
 or

(c) take
 any action to encourage or assist any other Person to do any of the prohibited acts referred
 to in the foregoing provisions of this Section.

1.3 The Holder covenants to, at the expense of the Company, use commercially reasonable efforts to take all actions and do all things as are reasonably necessary to co-operate with the Sweetwater Investors and the Company in making all requisite regulatory filings in connection with the Proposed Transaction.

1.4 The Holder shall at all times cause any wholly-owned Subsidiaries through which he or she beneficially owns or exercises control or direction over, directly or indirectly, Subject Securities to act in accordance with the terms of this Agreement, to the extent applicable thereto.

**ARTICLE 2**

**<u>FIDUCIARY OBLIGATIONS</u>**

Notwithstanding any other provision of this Agreement, the Sweetwater Investors hereby agree and acknowledge that the Holder is bound hereunder solely in his or her capacity as a securityholder of the Company and that the provisions hereof shall not be deemed or interpreted to bind the Holder in his or her capacity as a director or officer of the Company. For greater certainty, nothing in this Agreement shall restrict or limit the Holder from acting in his or her capacity as a director or officer of the Company in compliance with his or her fiduciary duties or applicable Law, and any actions taken by the Holder in such capacity shall not be deemed to constitute a breach of this Agreement. The Holder acknowledges that the Arrangement Agreement imposes certain restrictions on the actions of the Company and its officers and directors.

**ARTICLE 3**

**<u>REPRESENTATIONS AND WARRANTIES</u>**

3.1 The Holder represents and warrants as follows and acknowledges that each of the Sweetwater Investors are relying upon such representations and warranties in connection with entering into this Agreement and the Arrangement Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Holder beneficially owns, directly or indirectly, or has control or direction over, the Subject
 Securities as listed in Schedule A; and (ii) the Holder has no agreement or options, or rights
 or privilege (whether by Law, pre-emptive or contractual) capable of becoming an agreement
 or option, for the purchase or acquisition by him or her or transfer to him or her of additional
 securities of the Company other than the Subject Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Holder has the sole right to vote (or cause to be voted) all the Subject Shares now held,
 and will have the right to vote (or cause to be voted) all the Subject Shares hereafter acquired
 by him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no
 Person has any agreement, option, or any right or privilege (whether by Law, pre-emptive
 or contractual) capable of becoming an agreement or option, for the purchase, acquisition
 or transfer from the Holder of any of the Subject Securities or any interest therein or right
 thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 execution and delivery by the Holder of this Agreement, the authorization of this Agreement
 by the Holder, and the performance by the Holder of his or her obligations under this Agreement,
 will not result (with or without notice or the passage of time) in a violation or breach
 of or constitute a default under any provision of: (i) any applicable Law; (ii) any note,
 bond, mortgage, indenture or contract or agreement to which the Holder is party or by which
 he or she is bound; or (iii) any judgment, decree, order or award of any Governmental Entity
 or arbitrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Holder has the necessary power, authority, capacity and right to enter into this Agreement
 and to perform his or her obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) this
 Agreement has been duly executed and delivered by the Holder and constitutes a legal, valid
 and binding obligation of it, enforceable against it in accordance with its terms, subject
 to bankruptcy, insolvency and other applicable Law affecting creditors' rights generally,
 and to general principles of equity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 Holder has had adequate opportunity to obtain independent legal advice with respect to this
 Agreement and fully understands the terms contained in this Agreement.

3.2 Each of Orion and OTPP, solely on its own behalf and not jointly with the other, represents and warrants as follows and acknowledges that the Holder is relying upon such representations and warranties in connection with the entering into of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each
 of the Sweetwater Investors are duly incorporated, formed or organized, as applicable, and
 validly existing and, where such concept is recognized under applicable Law, in good standing
 under the Laws of its jurisdiction of incorporation, formation, or continuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Sweetwater Investors have the necessary corporate power and authority to enter into this
 Agreement and to perform their obligations hereunder and, their execution and delivery of
 this Agreement and the consummation by the Sweetwater Investors of the Proposed Transaction
 have been duly authorized and no other corporate proceedings on its part are necessary to
 authorize this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this
 Agreement has been duly executed and delivered by the Sweetwater Investors and constitutes
 a legal, valid and binding obligation of the Sweetwater Investors, enforceable against it
 in accordance with its terms, subject to bankruptcy, insolvency and other applicable Law
 affecting creditors' rights generally, and to general principles of equity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 authorization of this Agreement, the execution and delivery by the Sweetwater Investors of
 this Agreement and the performance by it of its obligations under this Agreement, will not
 result (with or without notice or the passage of time) in a violation or breach of or constitute
 a default under any provision of (i) its constating documents or by-laws; (ii) any applicable
 Law; (iii) any note, bond, mortgage, indenture or contract or agreement to which any of the
 Sweetwater Investors are party or by which it is bound; or (iv) any judgment, decree, order
 or award of any Governmental Entity or arbitrator.

**ARTICLE 4**

**<u>TERMINATION</u>**

4.1 This Agreement shall terminate automatically upon the earlier of: (a) the termination of this Agreement by the written consent of each of the Sweetwater Investors and Holder; (b) the Arrangement Agreement's valid termination in accordance with its terms prior to the Effective Time; and (c) the Effective Time.

4.2 If this Agreement is terminated in accordance with Section 4.1, the provisions of this Agreement will become void and no Party shall have liability to any other Party, except in respect of a breach of this Agreement which occurred prior to such termination.

**ARTICLE 5**

**<u>GENERAL</u>**

5.1 The division of this Agreement into Articles, Sections, subsections and paragraphs and the insertion of headings herein are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. The terms "**this Agreemen**t", "**hereof**", "**herein**", "**hereto**", "**hereunder**" and similar expressions refer to this Agreement and not to any particular article, section or other portion hereof and include any agreement, schedule or instrument supplementary or ancillary hereto or thereto. Unless the contrary intention appears, references in this Agreement to an Article, Section, subsection, paragraph or Schedule by number or letter or both refer to the Article, Section, subsection, paragraph or Schedule, respectively, bearing that designation in this Agreement.

5.2 In this Agreement, unless the context otherwise requires, words importing the singular only shall include the plural and vice versa, words importing the use of either gender shall include both genders and neuter.

5.3 The Holder hereby consents to the disclosure of the substance of this Agreement in any press release or the URC Circular and to the filing of this Agreement as may be required pursuant to applicable Laws.

5.4 This Agreement shall not be assigned by any Party hereto without the prior written consent of the other Parties hereto. This Agreement shall enure to the benefit of the Parties and their respective successors and permitted assigns and shall be binding upon the Parties and their respective successors.

5.5 Time shall be of the essence of this Agreement.

5.6 Each of the provisions contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such provision or part thereof by a court of competent jurisdiction shall not affect the validity or enforceability of any other provision hereof. To the extent permitted by applicable Laws, the Parties hereto waive any provision of Law that renders any provision of this Agreement or any part thereof invalid or unenforceable in any respect. The Parties hereto will engage in good faith negotiations to replace any provision hereof or any part thereof that is declared invalid or unenforceable with a valid and enforceable provision or part thereof, the economic effect of which approximates as much as possible the invalid or unenforceable provision or part thereof that it replaces.

5.7 Any notice, consent, waiver, direction or other communication required or permitted to be given under this Agreement by a Party hereto shall be in writing and shall be delivered by hand to the Party hereto to which the notice is to be given, sent by electronic mail to the following address, or to such other address or number as shall be specified by a Party hereto by like notice. Any notice, consent, waiver, direction or other communication aforesaid shall, if delivered, be deemed to have been given and received on the date on which it was delivered to the address provided herein (if a Business Day or, if not, then the next succeeding Business Day) and if sent by electronic mail be deemed to have been given and received at the time of receipt (if a Business Day or, if not, then the next succeeding Business Day) unless actually received after 5:00

p.m. (Toronto time) at the point of delivery in which case it shall be deemed to have been given and received on the next Business Day.

The addresses and numbers for service of each of the Parties hereto shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 to the Holder

Donna Wichers

1188 West Georgia Street, Suite 1830

Vancouver, BC V6E 4A2

Attention: Donna Wichers <br> Email: *[Redacted: personal information]*

With a copy (which shall not constitute notice) to:

Sangra Moller LLP

1021 West Hastings Street, Suite 2200

Vancouver, British Columbia V6C 0C3

Attention: Rod Talaifar <br> Email: *[Redacted: personal information]*

 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 to the Sweetwater Investors:

Orion Resource Partners (USA) LP

7 Bryant Park, 1045 Avenue of the Americas, Floor 25

New York, NY 10018

Attention: Legal <br> Email: *[Redacted: personal information]*

 

and

Ontario Teachers' Pension Plan

160 Front Street West, Suite 3200

Toronto, Ontario, M5J 0G4

Attention: James Sikora and Legal <br> Email: *[Redacted: personal information]*

 

With a copy (which shall not constitute notice) to:

Torys LLP

79 Wellington St. West

Suite 3000, P.O. Box 270, TD Centre

Toronto, ON M5K 1N2

Attention: Michael Pickersgill <br> Email: *[Redacted: personal information]*

With a copy (which shall not constitute notice) to:

Sidley Austin LLP

787 7<sup>th</sup> Ave, New York

NY 10019, United States

Attention: Andrew J. Fadale <br> Email: *[Redacted: personal information]*

 

With a copy (which shall not constitute notice) to:

Weil, Gotshal & Manges LLP

200 Crescent Court, Suite 300

Dallas, Texas, United States 75201

Attention: James R. Griffin <br> Email: *[Redacted: personal information]*

With a copy (which shall not constitute notice) to:

Weil, Gotshal & Manges LLP

767 Fifth Avenue

New York, New York, United States 10153

Attention: Alex Lynch <br> Email: *[Redacted: personal information]*

 

5.8 This Agreement, together with the agreements and other documents herein or therein referred to, constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof and supersede all prior agreements, understandings, negotiations and discussions, whether oral or written, between the Parties with respect to the subject matter hereof. There are no representations, warranties, covenants or conditions with respect to the subject matter hereof except as contained herein.

5.9 This Agreement shall be governed by, and be construed in accordance with, the laws of the Province of British Columbia and the laws of Canada applicable therein but the reference to such laws shall not, by conflict of laws rules or otherwise, require the application of the law of any jurisdiction other than the Province of British Columbia.

5.10 Each Party irrevocably attorns and submits to the non-exclusive jurisdiction of the Ontario courts situated in the City of Vancouver and waives objection to the venue of any proceeding in such court or that such court provides an inconvenient forum.

5.11 Unless otherwise stated, all references in this Agreement to amounts of money are expressed in lawful money of Canada.

5.12 The Holder recognizes and acknowledges that this Agreement is an integral part of the Sweetwater Investors entering into the Arrangement Agreement, and that the Sweetwater Investors would not contemplate proceeding with the transactions contemplated by the Arrangement Agreement unless this Agreement was entered into by the Holder, and that a breach by the Holder of any covenants or other commitments contained in this Agreement will cause the Sweetwater Investors to sustain injury for which money damages would not be an adequate remedy at law. Therefore, the Holder agrees that, in the event of any such breach, each of the Sweetwater Investors shall be entitled to the remedy of specific performance of such covenants or commitments and preliminary and permanent injunctive and other equitable relief in addition to any other remedy to which it may be entitled, at law or in equity.

5.13 This Agreement may be executed in one or more counterparts, each of which shall conclusively be deemed to be an original and all such counterparts collectively shall be conclusively deemed to be one and the same. Delivery of an executed counterpart of the signature page to this Agreement by electronic mail shall be as effective as delivery of a manually executed counterpart of this Agreement.

*[Remainder of page intentionally left blank]*

 

 

IN WITNESS WHEREOF the Parties have signed this Voting Support Agreement.

---

| | |
|:---|:---|
| **HRG METALS LP by its general partner**<br> **HRG METALS GP INC.** | **HRG METALS LP by its general partner**<br> **HRG METALS GP INC.** |
| By: | */s/ "James Sikora"* |
| Name: | James Sikora |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF II ONSHORE GAMMA HOLDINGS LLC** | **OMF II ONSHORE GAMMA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF II INTERMEDIATE HOLDINGS LLC** | **OMF II INTERMEDIATE HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF III ONSHORE GAMMA HOLDINGS LLC** | **OMF III ONSHORE GAMMA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF ONSHORE OMEGA HOLDINGS LLC** | **OMF ONSHORE OMEGA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF CO-FUND II HOLDINGS LLC** | **OMF CO-FUND II HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF II ONSHORE ALPHA HOLDINGS LLC** | **OMF II ONSHORE ALPHA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF II ONSHORE BETA HOLDINGS LLC** | **OMF II ONSHORE BETA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF III ONSHORE ALPHA HOLDINGS LLC** | **OMF III ONSHORE ALPHA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF III ONSHORE BETA HOLDINGS LLC** | **OMF III ONSHORE BETA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF III INTERMEDIATE HOLDINGS LLC** | **OMF III INTERMEDIATE HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **ORION MINE FINANCE GP III LP, by its**<br> **general partner ORION MINE FINANCE GP III LLC** | **ORION MINE FINANCE GP III LP, by its**<br> **general partner ORION MINE FINANCE GP III LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

**HOLDER:**

---

| |
|:---|
| */s/ "Donna Wichers"* |
| **DONNA WICHERS** |

---

**SCHEDULE A**

**OWNERSHIP OR CONTROL/DIRECTION OF SUBJECT SHARES AND SUBJECT OPTIONS**

---

| | | |
|:---|:---|:---|
| **Name** | **URC Options** | **URC Shares** |
| Donna Wichers | 34850 | Nil |

---

## Exhibit 99.5

**Exhibit 99.5**

![](ex99-5_001.jpg)

***Execution Version***<br>

**<u>VOTING SUPPORT AGREEMENT</u>**

This voting support agreement between HRG Metals LP ("**HRG**"), certain affiliated entities of Orion Resources Partners (USA) LP ("**Orion**", together with HRG, the "**Sweetwater Investors**"), and Amir Adnani (the "**Holder**", and together with the Sweetwater Investors, the "**Parties**" and each a "**Party**") is made this 16th day of April, 2026.

**<u>RECITALS</u>**

Uranium Royalty Corp. (the "**Company**") and the Sweetwater Investors are concurrently entering into an arrangement agreement dated as of even date herewith (together with any amendments or modifications, the "**Arrangement Agreement**") pursuant to which, among other things, the Company will combine with New ParentCo, and the combined company will hold the Sweetwater Investors' interests in the Sweetwater Assets, in accordance with and pursuant to the terms and conditions of the Arrangement Agreement and a plan of arrangement (the "**Proposed Transaction**").

The Holder is the owner of, or has the power to control or direct, the URC Shares (the "**Subject Shares**") and the URC Options (the "**Subject Options**" and together with the Subject Shares, the "**Subject Securities**"), as applicable, listed in Schedule A hereto; provided that, for greater certainty, the term "**Subject Shares**" shall include any URC Shares issuable upon the exercise of any Subject Options, and the term "**Subject Securities**" shall include any and all URC Shares, URC Options or any other securities issued under the URC Incentive Plan of which the Holder acquires beneficial ownership, or control or direction over, directly or indirectly, after the date hereof.

The Holder is a director and/or officer of the Company.

This voting support agreement (this "**Agreement**") sets out the terms and conditions on which the Holder has agreed to support the Proposed Transaction. The Sweetwater Investors are relying on the covenants, representations and warranties of the Holder set forth in this Agreement in connection with its execution and delivery of the Arrangement Agreement.

Capitalized terms used in this Agreement and not otherwise defined herein that are defined in the Arrangement Agreement shall have the respective meanings ascribed thereto in the Arrangement Agreement.

**ARTICLE 1**

**<u>COVENANTS OF HOLDER</u>**

1.1 The
 Holder hereby agrees that he or she shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) vote
 (or cause to be voted) all of the Subject Shares at any meeting of the holders of URC Shares,
 and in any action by written consent of the holders of URC Shares (unless, and only then
 to the extent, prohibited by Law):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 favour of the approval, consent, ratification and adoption of the Proposed Transaction (and
 any actions required in furtherance thereof) and all other resolutions to be put to the meeting
 of holders of URC Shares in respect of the Proposed Transaction as contained in the Arrangement
 Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) against
 any proposed action by the Company, the holders of URC Shares, any Subsidiary of the Company
 or any other Person: (A) in respect of any corporate transaction, such as a merger, amalgamation,
 arrangement, rights offering, reorganization, recapitalization, liquidation or take-over
 bid or similar transaction involving the Company or URC Shares other than the Proposed Transaction;
 and (B) that would reasonably be expected to prevent or materially delay the implementation
 or the successful completion of the Proposed Transaction, including, without limitation,
 any Acquisition Proposal; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no
 later than five (5) Business Days prior to the cut-off date for the deposit of votes by proxy
 or voting instruction form in respect of any meeting of the holders of URC Shares to consider
 the Proposed Transaction, duly complete (or cause to be completed) and cause forms of proxy
 or voting instruction forms, as applicable, in respect of all the Subject Shares to be validly
 delivered and cause the Subject Shares to be voted in favour of the Proposed Transaction,
 and such forms of proxy or voting instruction forms, as applicable, shall not be revoked
 or withdrawn, unless the prior written consent of the Sweetwater Investors has been obtained
 or this Agreement has been terminated pursuant to the terms of this Agreement.

1.2 The Holder hereby agrees that he or she shall not, directly or indirectly, except in accordance with the terms of this Agreement, as contemplated by the Arrangement Agreement or with the prior written consent of the Sweetwater Investors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) option,
 sell, assign, dispose of, pledge, encumber, grant a security interest in or otherwise convey
 any Subject Securities or any right or interest therein, or agree to do any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) exercise
 any securityholder rights or remedies available at common law or pursuant to applicable Law,
 or take any other action of any kind, in each case that would reasonably be expected to delay
 or prevent the completion of, the Proposed Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) solicit,
 assist, initiate, knowingly encourage or otherwise facilitate (including by way of furnishing
 information, permitting any visit to any facilities or entering into any form of agreement,
 arrangement or understanding) any inquiries or proposals, whether publicly or otherwise,
 regarding an Acquisition Proposal or potential Acquisition Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) enter
 into, engage, continue or participate, directly or indirectly, in any negotiations or discussions
 regarding, or provide any non-public information with respect to the Company or any of its
 Subsidiaries, or offer or provide access to the business, properties, assets, books or records
 of the Company or any of its Subsidiaries or otherwise cooperate in any way with, any Acquisition
 Proposal or potential Acquisition Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) requisition
 or join in a requisition of any meeting of the securityholders of the Company for the purpose
 of considering any resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) solicit
 or arrange for the solicitation of proxies relating to, or purchases of or offers to sell,
 URC Shares or securities convertible into or exchangeable or exercisable for, or representing,
 URC Shares or act in concert or jointly with any other person for the purpose of acquiring
 any URC Shares or securities convertible into or exchangeable or exercisable for, or representing,
 URC Shares for the purpose of influencing the voting of URC Shares or affecting the control
 of the Company, other than, in the case of proxy solicitation, in support of the Proposed
 Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) do
 indirectly, including through any of its wholly-owned Subsidiaries, anything which would
 not be permitted to be done directly pursuant to the foregoing provisions of this Section;
 or

(c) take
 any action to encourage or assist any other Person to do any of the prohibited acts referred
 to in the foregoing provisions of this Section.

1.3 The Holder covenants to, at the expense of the Company, use commercially reasonable efforts to take all actions and do all things as are reasonably necessary to co-operate with the Sweetwater Investors and the Company in making all requisite regulatory filings in connection with the Proposed Transaction.

1.4 The Holder shall at all times cause any wholly-owned Subsidiaries through which he or she beneficially owns or exercises control or direction over, directly or indirectly, Subject Securities to act in accordance with the terms of this Agreement, to the extent applicable thereto.

**ARTICLE 2**

**<u>FIDUCIARY OBLIGATIONS</u>**

Notwithstanding any other provision of this Agreement, the Sweetwater Investors hereby agree and acknowledge that the Holder is bound hereunder solely in his or her capacity as a securityholder of the Company and that the provisions hereof shall not be deemed or interpreted to bind the Holder in his or her capacity as a director or officer of the Company. For greater certainty, nothing in this Agreement shall restrict or limit the Holder from acting in his or her capacity as a director or officer of the Company in compliance with his or her fiduciary duties or applicable Law, and any actions taken by the Holder in such capacity shall not be deemed to constitute a breach of this Agreement. The Holder acknowledges that the Arrangement Agreement imposes certain restrictions on the actions of the Company and its officers and directors.

**ARTICLE 3**

**<u>REPRESENTATIONS AND WARRANTIES</u>**

3.1 The Holder represents and warrants as follows and acknowledges that each of the Sweetwater Investors are relying upon such representations and warranties in connection with entering into this Agreement and the Arrangement Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Holder beneficially owns, directly or indirectly, or has control or direction over, the Subject
 Securities as listed in Schedule A; and (ii) the Holder has no agreement or options, or rights
 or privilege (whether by Law, pre-emptive or contractual) capable of becoming an agreement
 or option, for the purchase or acquisition by him or her or transfer to him or her of additional
 securities of the Company other than the Subject Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Holder has the sole right to vote (or cause to be voted) all the Subject Shares now held,
 and will have the right to vote (or cause to be voted) all the Subject Shares hereafter acquired
 by him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no
 Person has any agreement, option, or any right or privilege (whether by Law, pre-emptive
 or contractual) capable of becoming an agreement or option, for the purchase, acquisition
 or transfer from the Holder of any of the Subject Securities or any interest therein or right
 thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 execution and delivery by the Holder of this Agreement, the authorization of this Agreement
 by the Holder, and the performance by the Holder of his or her obligations under this Agreement,
 will not result (with or without notice or the passage of time) in a violation or breach
 of or constitute a default under any provision of: (i) any applicable Law; (ii) any note,
 bond, mortgage, indenture or contract or agreement to which the Holder is party or by which
 he or she is bound; or (iii) any judgment, decree, order or award of any Governmental Entity
 or arbitrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Holder has the necessary power, authority, capacity and right to enter into this Agreement
 and to perform his or her obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) this
 Agreement has been duly executed and delivered by the Holder and constitutes a legal, valid
 and binding obligation of it, enforceable against it in accordance with its terms, subject
 to bankruptcy, insolvency and other applicable Law affecting creditors' rights generally,
 and to general principles of equity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 Holder has had adequate opportunity to obtain independent legal advice with respect to this
 Agreement and fully understands the terms contained in this Agreement.

3.2 Each of Orion and OTPP, solely on its own behalf and not jointly with the other, represents and warrants as follows and acknowledges that the Holder is relying upon such representations and warranties in connection with the entering into of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each
 of the Sweetwater Investors are duly incorporated, formed or organized, as applicable, and
 validly existing and, where such concept is recognized under applicable Law, in good standing
 under the Laws of its jurisdiction of incorporation, formation, or continuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Sweetwater Investors have the necessary corporate power and authority to enter into this
 Agreement and to perform their obligations hereunder and, their execution and delivery of
 this Agreement and the consummation by the Sweetwater Investors of the Proposed Transaction
 have been duly authorized and no other corporate proceedings on its part are necessary to
 authorize this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this
 Agreement has been duly executed and delivered by the Sweetwater Investors and constitutes
 a legal, valid and binding obligation of the Sweetwater Investors, enforceable against it
 in accordance with its terms, subject to bankruptcy, insolvency and other applicable Law
 affecting creditors' rights generally, and to general principles of equity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 authorization of this Agreement, the execution and delivery by the Sweetwater Investors of
 this Agreement and the performance by it of its obligations under this Agreement, will not
 result (with or without notice or the passage of time) in a violation or breach of or constitute
 a default under any provision of (i) its constating documents or by-laws; (ii) any applicable
 Law; (iii) any note, bond, mortgage, indenture or contract or agreement to which any of the
 Sweetwater Investors are party or by which it is bound; or (iv) any judgment, decree, order
 or award of any Governmental Entity or arbitrator.

**ARTICLE 4**

**<u>TERMINATION</u>**

4.1 This Agreement shall terminate automatically upon the earlier of: (a) the termination of this Agreement by the written consent of each of the Sweetwater Investors and Holder; (b) the Arrangement Agreement's valid termination in accordance with its terms prior to the Effective Time; and (c) the Effective Time.

4.2 If this Agreement is terminated in accordance with Section 4.1, the provisions of this Agreement will become void and no Party shall have liability to any other Party, except in respect of a breach of this Agreement which occurred prior to such termination.

**ARTICLE 5**

**<u>GENERAL</u>**

5.1 The division of this Agreement into Articles, Sections, subsections and paragraphs and the insertion of headings herein are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. The terms "**this Agreemen**t", "**hereof**", "**herein**", "**hereto**", "**hereunder**" and similar expressions refer to this Agreement and not to any particular article, section or other portion hereof and include any agreement, schedule or instrument supplementary or ancillary hereto or thereto. Unless the contrary intention appears, references in this Agreement to an Article, Section, subsection, paragraph or Schedule by number or letter or both refer to the Article, Section, subsection, paragraph or Schedule, respectively, bearing that designation in this Agreement.

5.2 In this Agreement, unless the context otherwise requires, words importing the singular only shall include the plural and vice versa, words importing the use of either gender shall include both genders and neuter.

5.3 The Holder hereby consents to the disclosure of the substance of this Agreement in any press release or the URC Circular and to the filing of this Agreement as may be required pursuant to applicable Laws.

5.4 This Agreement shall not be assigned by any Party hereto without the prior written consent of the other Parties hereto. This Agreement shall enure to the benefit of the Parties and their respective successors and permitted assigns and shall be binding upon the Parties and their respective successors.

5.5 Time shall be of the essence of this Agreement.

5.6 Each of the provisions contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such provision or part thereof by a court of competent jurisdiction shall not affect the validity or enforceability of any other provision hereof. To the extent permitted by applicable Laws, the Parties hereto waive any provision of Law that renders any provision of this Agreement or any part thereof invalid or unenforceable in any respect. The Parties hereto will engage in good faith negotiations to replace any provision hereof or any part thereof that is declared invalid or unenforceable with a valid and enforceable provision or part thereof, the economic effect of which approximates as much as possible the invalid or unenforceable provision or part thereof that it replaces.

5.7 Any notice, consent, waiver, direction or other communication required or permitted to be given under this Agreement by a Party hereto shall be in writing and shall be delivered by hand to the Party hereto to which the notice is to be given, sent by electronic mail to the following address, or to such other address or number as shall be specified by a Party hereto by like notice. Any notice, consent, waiver, direction or other communication aforesaid shall, if delivered, be deemed to have been given and received on the date on which it was delivered to the address provided herein (if a Business Day or, if not, then the next succeeding Business Day) and if sent by electronic mail be deemed to have been given and received at the time of receipt (if a Business Day or, if not, then the next succeeding Business Day) unless actually received after 5:00

p.m. (Toronto time) at the point of delivery in which case it shall be deemed to have been given and received on the next Business Day.

The addresses and numbers for service of each of the Parties hereto shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 to the Holder

Amir Adnani

1188 West Georgia Street, Suite 1830

Vancouver, BC V6E 4A2

Attention: Amir Adnani <br> Email: *[Redacted: personal information]*

With a copy (which shall not constitute notice) to:

Sangra Moller LLP

1021 West Hastings Street, Suite 2200

Vancouver, British Columbia V6C 0C3

Attention: Rod Talaifar <br> Email: *[Redacted: personal information]*

 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 to the Sweetwater Investors:

Orion Resource Partners (USA) LP

7 Bryant Park, 1045 Avenue of the Americas, Floor 25

New York, NY 10018

Attention: Legal <br> Email: *[Redacted: personal information]*

 

and

Ontario Teachers' Pension Plan

160 Front Street West, Suite 3200

Toronto, Ontario, M5J 0G4

Attention: James Sikora and Legal <br> Email: *[Redacted: personal information]*

 

With a copy (which shall not constitute notice) to:

Torys LLP

79 Wellington St. West

Suite 3000, P.O. Box 270, TD Centre

Toronto, ON M5K 1N2

Attention: Michael Pickersgill <br> Email: *[Redacted: personal information]*

With a copy (which shall not constitute notice) to:

Sidley Austin LLP

787 7<sup>th</sup> Ave, New York

NY 10019, United States

Attention: Andrew J. Fadale <br> Email: *[Redacted: personal information]*

 

With a copy (which shall not constitute notice) to:

Weil, Gotshal & Manges LLP

200 Crescent Court, Suite 300

Dallas, Texas, United States 75201

Attention: James R. Griffin <br> Email: *[Redacted: personal information]*

With a copy (which shall not constitute notice) to:

Weil, Gotshal & Manges LLP

767 Fifth Avenue

New York, New York, United States 10153

Attention: Alex Lynch <br> Email: *[Redacted: personal information]*

 

5.8 This Agreement, together with the agreements and other documents herein or therein referred to, constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof and supersede all prior agreements, understandings, negotiations and discussions, whether oral or written, between the Parties with respect to the subject matter hereof. There are no representations, warranties, covenants or conditions with respect to the subject matter hereof except as contained herein.

5.9 This Agreement shall be governed by, and be construed in accordance with, the laws of the Province of British Columbia and the laws of Canada applicable therein but the reference to such laws shall not, by conflict of laws rules or otherwise, require the application of the law of any jurisdiction other than the Province of British Columbia.

5.10 Each Party irrevocably attorns and submits to the non-exclusive jurisdiction of the Ontario courts situated in the City of Vancouver and waives objection to the venue of any proceeding in such court or that such court provides an inconvenient forum.

5.11 Unless otherwise stated, all references in this Agreement to amounts of money are expressed in lawful money of Canada.

5.12 The Holder recognizes and acknowledges that this Agreement is an integral part of the Sweetwater Investors entering into the Arrangement Agreement, and that the Sweetwater Investors would not contemplate proceeding with the transactions contemplated by the Arrangement Agreement unless this Agreement was entered into by the Holder, and that a breach by the Holder of any covenants or other commitments contained in this Agreement will cause the Sweetwater Investors to sustain injury for which money damages would not be an adequate remedy at law. Therefore, the Holder agrees that, in the event of any such breach, each of the Sweetwater Investors shall be entitled to the remedy of specific performance of such covenants or commitments and preliminary and permanent injunctive and other equitable relief in addition to any other remedy to which it may be entitled, at law or in equity.

5.13 This Agreement may be executed in one or more counterparts, each of which shall conclusively be deemed to be an original and all such counterparts collectively shall be conclusively deemed to be one and the same. Delivery of an executed counterpart of the signature page to this Agreement by electronic mail shall be as effective as delivery of a manually executed counterpart of this Agreement.

*[Remainder of page intentionally left blank]*

 

 

IN WITNESS WHEREOF the Parties have signed this Voting Support Agreement.

---

| | |
|:---|:---|
| **HRG METALS LP by its general partner**<br> **HRG METALS GP INC.** | **HRG METALS LP by its general partner**<br> **HRG METALS GP INC.** |
| By: | */s/ "James Sikora"* |
| Name: | James Sikora |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF II ONSHORE GAMMA HOLDINGS LLC** | **OMF II ONSHORE GAMMA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF II INTERMEDIATE HOLDINGS LLC** | **OMF II INTERMEDIATE HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF III ONSHORE GAMMA HOLDINGS LLC** | **OMF III ONSHORE GAMMA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF ONSHORE OMEGA HOLDINGS LLC** | **OMF ONSHORE OMEGA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF CO-FUND II HOLDINGS LLC** | **OMF CO-FUND II HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF II ONSHORE ALPHA HOLDINGS LLC** | **OMF II ONSHORE ALPHA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF II ONSHORE BETA HOLDINGS LLC** | **OMF II ONSHORE BETA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF III ONSHORE ALPHA HOLDINGS LLC** | **OMF III ONSHORE ALPHA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF III ONSHORE BETA HOLDINGS LLC** | **OMF III ONSHORE BETA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF III INTERMEDIATE HOLDINGS LLC** | **OMF III INTERMEDIATE HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **ORION MINE FINANCE GP III LP, by its**<br> **general partner ORION MINE FINANCE GP III LLC** | **ORION MINE FINANCE GP III LP, by its**<br> **general partner ORION MINE FINANCE GP III LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

**HOLDER:**

---

| |
|:---|
| */s/ "Amir Adnani"* |
| **AMIR ADNANI** |

---

**SCHEDULE A**

**OWNERSHIP OR CONTROL/DIRECTION OF SUBJECT SHARES AND SUBJECT OPTIONS**

---

| | | |
|:---|:---|:---|
| **Name** | **URC Options** | &nbsp;&nbsp;&nbsp;**URC Shares** |
| Amir Adnani | 172450 | 1000000 |
| Amir Adnani Corp. | Nil | 1363400 |

---

## Exhibit 99.6

**Exhibit 99.6**

![](ex99-6_001.jpg)

***Execution Version***

**<u>VOTING SUPPORT AGREEMENT</u>**

This voting support agreement between HRG Metals LP ("**HRG**"), certain affiliated entities of Orion Resources Partners (USA) LP ("**Orion**", together with HRG, the "**Sweetwater Investors**"), and Neil Gregson (the "**Holder**", and together with the Sweetwater Investors, the "**Parties**" and each a "**Party**") is made this 16th day of April, 2026.

**<u>RECITALS</u>**

Uranium Royalty Corp. (the "**Company**") and the Sweetwater Investors are concurrently entering into an arrangement agreement dated as of even date herewith (together with any amendments or modifications, the "**Arrangement Agreement**") pursuant to which, among other things, the Company will combine with New ParentCo, and the combined company will hold the Sweetwater Investors' interests in the Sweetwater Assets, in accordance with and pursuant to the terms and conditions of the Arrangement Agreement and a plan of arrangement (the "**Proposed Transaction**").

The Holder is the owner of, or has the power to control or direct, the URC Shares (the "**Subject Shares**") and the URC Options (the "**Subject Options**" and together with the Subject Shares, the "**Subject Securities**"), as applicable, listed in Schedule A hereto; provided that, for greater certainty, the term "**Subject Shares**" shall include any URC Shares issuable upon the exercise of any Subject Options, and the term "**Subject Securities**" shall include any and all URC Shares, URC Options or any other securities issued under the URC Incentive Plan of which the Holder acquires beneficial ownership, or control or direction over, directly or indirectly, after the date hereof.

The Holder is a director and/or officer of the Company.

This voting support agreement (this "**Agreement**") sets out the terms and conditions on which the Holder has agreed to support the Proposed Transaction. The Sweetwater Investors are relying on the covenants, representations and warranties of the Holder set forth in this Agreement in connection with its execution and delivery of the Arrangement Agreement.

Capitalized terms used in this Agreement and not otherwise defined herein that are defined in the Arrangement Agreement shall have the respective meanings ascribed thereto in the Arrangement Agreement.

**ARTICLE 1**

**<u>COVENANTS OF HOLDER</u>**

1.1 The
 Holder hereby agrees that he or she shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) vote
 (or cause to be voted) all of the Subject Shares at any meeting of the holders of URC Shares,
 and in any action by written consent of the holders of URC Shares (unless, and only then
 to the extent, prohibited by Law):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 favour of the approval, consent, ratification and adoption of the Proposed Transaction (and
 any actions required in furtherance thereof) and all other resolutions to be put to the meeting
 of holders of URC Shares in respect of the Proposed Transaction as contained in the Arrangement
 Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) against
 any proposed action by the Company, the holders of URC Shares, any Subsidiary of the Company
 or any other Person: (A) in respect of any corporate transaction, such as a merger, amalgamation,
 arrangement, rights offering, reorganization, recapitalization, liquidation or take-over
 bid or similar transaction involving the Company or URC Shares other than the Proposed Transaction;
 and (B) that would reasonably be expected to prevent or materially delay the implementation
 or the successful completion of the Proposed Transaction, including, without limitation,
 any Acquisition Proposal; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no
 later than five (5) Business Days prior to the cut-off date for the deposit of votes by proxy
 or voting instruction form in respect of any meeting of the holders of URC Shares to consider
 the Proposed Transaction, duly complete (or cause to be completed) and cause forms of proxy
 or voting instruction forms, as applicable, in respect of all the Subject Shares to be validly
 delivered and cause the Subject Shares to be voted in favour of the Proposed Transaction,
 and such forms of proxy or voting instruction forms, as applicable, shall not be revoked
 or withdrawn, unless the prior written consent of the Sweetwater Investors has been obtained
 or this Agreement has been terminated pursuant to the terms of this Agreement.

1.2 The Holder hereby agrees that he or she shall not, directly or indirectly, except in accordance with the terms of this Agreement, as contemplated by the Arrangement Agreement or with the prior written consent of the Sweetwater Investors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) option,
 sell, assign, dispose of, pledge, encumber, grant a security interest in or otherwise convey
 any Subject Securities or any right or interest therein, or agree to do any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) exercise
 any securityholder rights or remedies available at common law or pursuant to applicable Law,
 or take any other action of any kind, in each case that would reasonably be expected to delay
 or prevent the completion of, the Proposed Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) solicit,
 assist, initiate, knowingly encourage or otherwise facilitate (including by way of furnishing
 information, permitting any visit to any facilities or entering into any form of agreement,
 arrangement or understanding) any inquiries or proposals, whether publicly or otherwise,
 regarding an Acquisition Proposal or potential Acquisition Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) enter
 into, engage, continue or participate, directly or indirectly, in any negotiations or discussions
 regarding, or provide any non-public information with respect to the Company or any of its
 Subsidiaries, or offer or provide access to the business, properties, assets, books or records
 of the Company or any of its Subsidiaries or otherwise cooperate in any way with, any Acquisition
 Proposal or potential Acquisition Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) requisition
 or join in a requisition of any meeting of the securityholders of the Company for the purpose
 of considering any resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) solicit
 or arrange for the solicitation of proxies relating to, or purchases of or offers to sell,
 URC Shares or securities convertible into or exchangeable or exercisable for, or representing,
 URC Shares or act in concert or jointly with any other person for the purpose of acquiring
 any URC Shares or securities convertible into or exchangeable or exercisable for, or representing,
 URC Shares for the purpose of influencing the voting of URC Shares or affecting the control
 of the Company, other than, in the case of proxy solicitation, in support of the Proposed
 Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) do
 indirectly, including through any of its wholly-owned Subsidiaries, anything which would
 not be permitted to be done directly pursuant to the foregoing provisions of this Section;
 or

(c) take
 any action to encourage or assist any other Person to do any of the prohibited acts referred
 to in the foregoing provisions of this Section.

1.3 The Holder covenants to, at the expense of the Company, use commercially reasonable efforts to take all actions and do all things as are reasonably necessary to co-operate with the Sweetwater Investors and the Company in making all requisite regulatory filings in connection with the Proposed Transaction.

1.4 The Holder shall at all times cause any wholly-owned Subsidiaries through which he or she beneficially owns or exercises control or direction over, directly or indirectly, Subject Securities to act in accordance with the terms of this Agreement, to the extent applicable thereto.

**ARTICLE 2**

**<u>FIDUCIARY OBLIGATIONS</u>**

Notwithstanding any other provision of this Agreement, the Sweetwater Investors hereby agree and acknowledge that the Holder is bound hereunder solely in his or her capacity as a securityholder of the Company and that the provisions hereof shall not be deemed or interpreted to bind the Holder in his or her capacity as a director or officer of the Company. For greater certainty, nothing in this Agreement shall restrict or limit the Holder from acting in his or her capacity as a director or officer of the Company in compliance with his or her fiduciary duties or applicable Law, and any actions taken by the Holder in such capacity shall not be deemed to constitute a breach of this Agreement. The Holder acknowledges that the Arrangement Agreement imposes certain restrictions on the actions of the Company and its officers and directors.

**ARTICLE 3**

**<u>REPRESENTATIONS AND WARRANTIES</u>**

3.1 The Holder represents and warrants as follows and acknowledges that each of the Sweetwater Investors are relying upon such representations and warranties in connection with entering into this Agreement and the Arrangement Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Holder beneficially owns, directly or indirectly, or has control or direction over, the Subject
 Securities as listed in Schedule A; and (ii) the Holder has no agreement or options, or rights
 or privilege (whether by Law, pre-emptive or contractual) capable of becoming an agreement
 or option, for the purchase or acquisition by him or her or transfer to him or her of additional
 securities of the Company other than the Subject Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Holder has the sole right to vote (or cause to be voted) all the Subject Shares now held,
 and will have the right to vote (or cause to be voted) all the Subject Shares hereafter acquired
 by him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no
 Person has any agreement, option, or any right or privilege (whether by Law, pre-emptive
 or contractual) capable of becoming an agreement or option, for the purchase, acquisition
 or transfer from the Holder of any of the Subject Securities or any interest therein or right
 thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 execution and delivery by the Holder of this Agreement, the authorization of this Agreement
 by the Holder, and the performance by the Holder of his or her obligations under this Agreement,
 will not result (with or without notice or the passage of time) in a violation or breach
 of or constitute a default under any provision of: (i) any applicable Law; (ii) any note,
 bond, mortgage, indenture or contract or agreement to which the Holder is party or by which
 he or she is bound; or (iii) any judgment, decree, order or award of any Governmental Entity
 or arbitrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Holder has the necessary power, authority, capacity and right to enter into this Agreement
 and to perform his or her obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) this
 Agreement has been duly executed and delivered by the Holder and constitutes a legal, valid
 and binding obligation of it, enforceable against it in accordance with its terms, subject
 to bankruptcy, insolvency and other applicable Law affecting creditors' rights generally,
 and to general principles of equity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 Holder has had adequate opportunity to obtain independent legal advice with respect to this
 Agreement and fully understands the terms contained in this Agreement.

3.2 Each of Orion and OTPP, solely on its own behalf and not jointly with the other, represents and warrants as follows and acknowledges that the Holder is relying upon such representations and warranties in connection with the entering into of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each
 of the Sweetwater Investors are duly incorporated, formed or organized, as applicable, and
 validly existing and, where such concept is recognized under applicable Law, in good standing
 under the Laws of its jurisdiction of incorporation, formation, or continuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Sweetwater Investors have the necessary corporate power and authority to enter into this
 Agreement and to perform their obligations hereunder and, their execution and delivery of
 this Agreement and the consummation by the Sweetwater Investors of the Proposed Transaction
 have been duly authorized and no other corporate proceedings on its part are necessary to
 authorize this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this
 Agreement has been duly executed and delivered by the Sweetwater Investors and constitutes
 a legal, valid and binding obligation of the Sweetwater Investors, enforceable against it
 in accordance with its terms, subject to bankruptcy, insolvency and other applicable Law
 affecting creditors' rights generally, and to general principles of equity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 authorization of this Agreement, the execution and delivery by the Sweetwater Investors of
 this Agreement and the performance by it of its obligations under this Agreement, will not
 result (with or without notice or the passage of time) in a violation or breach of or constitute
 a default under any provision of (i) its constating documents or by-laws; (ii) any applicable
 Law; (iii) any note, bond, mortgage, indenture or contract or agreement to which any of the
 Sweetwater Investors are party or by which it is bound; or (iv) any judgment, decree, order
 or award of any Governmental Entity or arbitrator.

**ARTICLE 4**

**<u>TERMINATION</u>**

4.1 This Agreement shall terminate automatically upon the earlier of: (a) the termination of this Agreement by the written consent of each of the Sweetwater Investors and Holder; (b) the Arrangement Agreement's valid termination in accordance with its terms prior to the Effective Time; and (c) the Effective Time.

4.2 If this Agreement is terminated in accordance with Section 4.1, the provisions of this Agreement will become void and no Party shall have liability to any other Party, except in respect of a breach of this Agreement which occurred prior to such termination.

**ARTICLE 5**

**<u>GENERAL</u>**

5.1 The division of this Agreement into Articles, Sections, subsections and paragraphs and the insertion of headings herein are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. The terms "**this Agreemen**t", "**hereof**", "**herein**", "**hereto**", "**hereunder**" and similar expressions refer to this Agreement and not to any particular article, section or other portion hereof and include any agreement, schedule or instrument supplementary or ancillary hereto or thereto. Unless the contrary intention appears, references in this Agreement to an Article, Section, subsection, paragraph or Schedule by number or letter or both refer to the Article, Section, subsection, paragraph or Schedule, respectively, bearing that designation in this Agreement.

5.2 In this Agreement, unless the context otherwise requires, words importing the singular only shall include the plural and vice versa, words importing the use of either gender shall include both genders and neuter.

5.3 The Holder hereby consents to the disclosure of the substance of this Agreement in any press release or the URC Circular and to the filing of this Agreement as may be required pursuant to applicable Laws.

5.4 This Agreement shall not be assigned by any Party hereto without the prior written consent of the other Parties hereto. This Agreement shall enure to the benefit of the Parties and their respective successors and permitted assigns and shall be binding upon the Parties and their respective successors.

5.5 Time shall be of the essence of this Agreement.

5.6 Each of the provisions contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such provision or part thereof by a court of competent jurisdiction shall not affect the validity or enforceability of any other provision hereof. To the extent permitted by applicable Laws, the Parties hereto waive any provision of Law that renders any provision of this Agreement or any part thereof invalid or unenforceable in any respect. The Parties hereto will engage in good faith negotiations to replace any provision hereof or any part thereof that is declared invalid or unenforceable with a valid and enforceable provision or part thereof, the economic effect of which approximates as much as possible the invalid or unenforceable provision or part thereof that it replaces.

5.7 Any notice, consent, waiver, direction or other communication required or permitted to be given under this Agreement by a Party hereto shall be in writing and shall be delivered by hand to the Party hereto to which the notice is to be given, sent by electronic mail to the following address, or to such other address or number as shall be specified by a Party hereto by like notice. Any notice, consent, waiver, direction or other communication aforesaid shall, if delivered, be deemed to have been given and received on the date on which it was delivered to the address provided herein (if a Business Day or, if not, then the next succeeding Business Day) and if sent by electronic mail be deemed to have been given and received at the time of receipt (if a Business Day or, if not, then the next succeeding Business Day) unless actually received after 5:00

p.m. (Toronto time) at the point of delivery in which case it shall be deemed to have been given and received on the next Business Day.

The addresses and numbers for service of each of the Parties hereto shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 to the Holder

Neil Gregson

1188 West Georgia Street, Suite 1830

Vancouver, BC V6E 4A2

Attention: Neil Gregson <br> Email: *[Redacted: personal information]*

With a copy (which shall not constitute notice) to:

Sangra Moller LLP

1021 West Hastings Street, Suite 2200

Vancouver, British Columbia V6C 0C3

Attention: Rod Talaifar <br> Email: *[Redacted: personal information]*

 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 to the Sweetwater Investors:

Orion Resource Partners (USA) LP

7 Bryant Park, 1045 Avenue of the Americas, Floor 25

New York, NY 10018

Attention: Legal <br> Email: *[Redacted: personal information]*

 

and

Ontario Teachers' Pension Plan

160 Front Street West, Suite 3200

Toronto, Ontario, M5J 0G4

Attention: James Sikora and Legal <br> Email: *[Redacted: personal information]*

 

With a copy (which shall not constitute notice) to:

Torys LLP

79 Wellington St. West

Suite 3000, P.O. Box 270, TD Centre

Toronto, ON M5K 1N2

Attention: Michael Pickersgill <br> Email: *[Redacted: personal information]*

With a copy (which shall not constitute notice) to:

Sidley Austin LLP

787 7<sup>th</sup> Ave, New York

NY 10019, United States

Attention: Andrew J. Fadale <br> Email: *[Redacted: personal information]*

 

With a copy (which shall not constitute notice) to:

Weil, Gotshal & Manges LLP

200 Crescent Court, Suite 300

Dallas, Texas, United States 75201

Attention: James R. Griffin <br> Email: *[Redacted: personal information]*

With a copy (which shall not constitute notice) to:

Weil, Gotshal & Manges LLP

767 Fifth Avenue

New York, New York, United States 10153

Attention: Alex Lynch <br> Email: *[Redacted: personal information]*

 

5.8 This Agreement, together with the agreements and other documents herein or therein referred to, constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof and supersede all prior agreements, understandings, negotiations and discussions, whether oral or written, between the Parties with respect to the subject matter hereof. There are no representations, warranties, covenants or conditions with respect to the subject matter hereof except as contained herein.

5.9 This Agreement shall be governed by, and be construed in accordance with, the laws of the Province of British Columbia and the laws of Canada applicable therein but the reference to such laws shall not, by conflict of laws rules or otherwise, require the application of the law of any jurisdiction other than the Province of British Columbia.

5.10 Each Party irrevocably attorns and submits to the non-exclusive jurisdiction of the Ontario courts situated in the City of Vancouver and waives objection to the venue of any proceeding in such court or that such court provides an inconvenient forum.

5.11 Unless otherwise stated, all references in this Agreement to amounts of money are expressed in lawful money of Canada.

5.12 The Holder recognizes and acknowledges that this Agreement is an integral part of the Sweetwater Investors entering into the Arrangement Agreement, and that the Sweetwater Investors would not contemplate proceeding with the transactions contemplated by the Arrangement Agreement unless this Agreement was entered into by the Holder, and that a breach by the Holder of any covenants or other commitments contained in this Agreement will cause the Sweetwater Investors to sustain injury for which money damages would not be an adequate remedy at law. Therefore, the Holder agrees that, in the event of any such breach, each of the Sweetwater Investors shall be entitled to the remedy of specific performance of such covenants or commitments and preliminary and permanent injunctive and other equitable relief in addition to any other remedy to which it may be entitled, at law or in equity.

5.13 This Agreement may be executed in one or more counterparts, each of which shall conclusively be deemed to be an original and all such counterparts collectively shall be conclusively deemed to be one and the same. Delivery of an executed counterpart of the signature page to this Agreement by electronic mail shall be as effective as delivery of a manually executed counterpart of this Agreement.

*[Remainder of page intentionally left blank]*

 

 

IN WITNESS WHEREOF the Parties have signed this Voting Support Agreement.

---

| | |
|:---|:---|
| **HRG METALS LP by its general partner**<br> **HRG METALS GP INC.** | **HRG METALS LP by its general partner**<br> **HRG METALS GP INC.** |
| By: | */s/ "James Sikora"* |
| Name: | James Sikora |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF II ONSHORE GAMMA HOLDINGS LLC** | **OMF II ONSHORE GAMMA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF II INTERMEDIATE HOLDINGS LLC** | **OMF II INTERMEDIATE HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF III ONSHORE GAMMA HOLDINGS LLC** | **OMF III ONSHORE GAMMA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF ONSHORE OMEGA HOLDINGS LLC** | **OMF ONSHORE OMEGA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF CO-FUND II HOLDINGS LLC** | **OMF CO-FUND II HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF II ONSHORE ALPHA HOLDINGS LLC** | **OMF II ONSHORE ALPHA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF II ONSHORE BETA HOLDINGS LLC** | **OMF II ONSHORE BETA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF III ONSHORE ALPHA HOLDINGS LLC** | **OMF III ONSHORE ALPHA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF III ONSHORE BETA HOLDINGS LLC** | **OMF III ONSHORE BETA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF III INTERMEDIATE HOLDINGS LLC** | **OMF III INTERMEDIATE HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **ORION MINE FINANCE GP III LP, by its**<br> **general partner ORION MINE FINANCE GP III LLC** | **ORION MINE FINANCE GP III LP, by its**<br> **general partner ORION MINE FINANCE GP III LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

**HOLDER:**

---

| |
|:---|
| */s/ "Neil Gregson"* |
| NEIL GREGSON |

---

**SCHEDULE A**

**OWNERSHIP OR CONTROL/DIRECTION OF SUBJECT SHARES AND SUBJECT OPTIONS**

---

| | | |
|:---|:---|:---|
| **Name** | **URC Options** | &nbsp;&nbsp;&nbsp;**URC Shares** |
| Neil Gregson | 91850 | Nil |

---

## Exhibit 99.7

**Exhibit 99.7**

![](ex99-7_001.jpg)

***Execution Version***<br>

**<u>VOTING SUPPORT AGREEMENT</u>**

This voting support agreement between HRG Metals LP ("**HRG**"), certain affiliated entities of Orion Resources Partners (USA) LP ("**Orion**", together with HRG, the "**Sweetwater Investors**"), and Darcy Hirsekorn (the "**Holder**", and together with the Sweetwater Investors, the "**Parties**" and each a "**Party**") is made this 16th day of April, 2026.

**<u>RECITALS</u>**

Uranium Royalty Corp. (the "**Company**") and the Sweetwater Investors are concurrently entering into an arrangement agreement dated as of even date herewith (together with any amendments or modifications, the "**Arrangement Agreement**") pursuant to which, among other things, the Company will combine with New ParentCo, and the combined company will hold the Sweetwater Investors' interests in the Sweetwater Assets, in accordance with and pursuant to the terms and conditions of the Arrangement Agreement and a plan of arrangement (the "**Proposed Transaction**").

The Holder is the owner of, or has the power to control or direct, the URC Shares (the "**Subject Shares**") and the URC Options (the "**Subject Options**" and together with the Subject Shares, the "**Subject Securities**"), as applicable, listed in Schedule A hereto; provided that, for greater certainty, the term "**Subject Shares**" shall include any URC Shares issuable upon the exercise of any Subject Options, and the term "**Subject Securities**" shall include any and all URC Shares, URC Options or any other securities issued under the URC Incentive Plan of which the Holder acquires beneficial ownership, or control or direction over, directly or indirectly, after the date hereof.

The Holder is a director and/or officer of the Company.

This voting support agreement (this "**Agreement**") sets out the terms and conditions on which the Holder has agreed to support the Proposed Transaction. The Sweetwater Investors are relying on the covenants, representations and warranties of the Holder set forth in this Agreement in connection with its execution and delivery of the Arrangement Agreement.

Capitalized terms used in this Agreement and not otherwise defined herein that are defined in the Arrangement Agreement shall have the respective meanings ascribed thereto in the Arrangement Agreement.

**ARTICLE 1**

**<u>COVENANTS OF HOLDER</u>**

1.1 The
 Holder hereby agrees that he or she shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) vote
 (or cause to be voted) all of the Subject Shares at any meeting of the holders of URC Shares,
 and in any action by written consent of the holders of URC Shares (unless, and only then
 to the extent, prohibited by Law):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 favour of the approval, consent, ratification and adoption of the Proposed Transaction (and
 any actions required in furtherance thereof) and all other resolutions to be put to the meeting
 of holders of URC Shares in respect of the Proposed Transaction as contained in the Arrangement
 Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) against
 any proposed action by the Company, the holders of URC Shares, any Subsidiary of the Company
 or any other Person: (A) in respect of any corporate transaction, such as a merger, amalgamation,
 arrangement, rights offering, reorganization, recapitalization, liquidation or take-over
 bid or similar transaction involving the Company or URC Shares other than the Proposed Transaction;
 and (B) that would reasonably be expected to prevent or materially delay the implementation
 or the successful completion of the Proposed Transaction, including, without limitation,
 any Acquisition Proposal; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no
 later than five (5) Business Days prior to the cut-off date for the deposit of votes by proxy
 or voting instruction form in respect of any meeting of the holders of URC Shares to consider
 the Proposed Transaction, duly complete (or cause to be completed) and cause forms of proxy
 or voting instruction forms, as applicable, in respect of all the Subject Shares to be validly
 delivered and cause the Subject Shares to be voted in favour of the Proposed Transaction,
 and such forms of proxy or voting instruction forms, as applicable, shall not be revoked
 or withdrawn, unless the prior written consent of the Sweetwater Investors has been obtained
 or this Agreement has been terminated pursuant to the terms of this Agreement.

1.2 The Holder hereby agrees that he or she shall not, directly or indirectly, except in accordance with the terms of this Agreement, as contemplated by the Arrangement Agreement or with the prior written consent of the Sweetwater Investors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) option,
 sell, assign, dispose of, pledge, encumber, grant a security interest in or otherwise convey
 any Subject Securities or any right or interest therein, or agree to do any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) exercise
 any securityholder rights or remedies available at common law or pursuant to applicable Law,
 or take any other action of any kind, in each case that would reasonably be expected to delay
 or prevent the completion of, the Proposed Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) solicit,
 assist, initiate, knowingly encourage or otherwise facilitate (including by way of furnishing
 information, permitting any visit to any facilities or entering into any form of agreement,
 arrangement or understanding) any inquiries or proposals, whether publicly or otherwise,
 regarding an Acquisition Proposal or potential Acquisition Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) enter
 into, engage, continue or participate, directly or indirectly, in any negotiations or discussions
 regarding, or provide any non-public information with respect to the Company or any of its
 Subsidiaries, or offer or provide access to the business, properties, assets, books or records
 of the Company or any of its Subsidiaries or otherwise cooperate in any way with, any Acquisition
 Proposal or potential Acquisition Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) requisition
 or join in a requisition of any meeting of the securityholders of the Company for the purpose
 of considering any resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) solicit
 or arrange for the solicitation of proxies relating to, or purchases of or offers to sell,
 URC Shares or securities convertible into or exchangeable or exercisable for, or representing,
 URC Shares or act in concert or jointly with any other person for the purpose of acquiring
 any URC Shares or securities convertible into or exchangeable or exercisable for, or representing,
 URC Shares for the purpose of influencing the voting of URC Shares or affecting the control
 of the Company, other than, in the case of proxy solicitation, in support of the Proposed
 Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) do
 indirectly, including through any of its wholly-owned Subsidiaries, anything which would
 not be permitted to be done directly pursuant to the foregoing provisions of this Section;
 or

(c) take
 any action to encourage or assist any other Person to do any of the prohibited acts referred
 to in the foregoing provisions of this Section.

1.3 The Holder covenants to, at the expense of the Company, use commercially reasonable efforts to take all actions and do all things as are reasonably necessary to co-operate with the Sweetwater Investors and the Company in making all requisite regulatory filings in connection with the Proposed Transaction.

1.4 The Holder shall at all times cause any wholly-owned Subsidiaries through which he or she beneficially owns or exercises control or direction over, directly or indirectly, Subject Securities to act in accordance with the terms of this Agreement, to the extent applicable thereto.

**ARTICLE 2**

**<u>FIDUCIARY OBLIGATIONS</u>**

Notwithstanding any other provision of this Agreement, the Sweetwater Investors hereby agree and acknowledge that the Holder is bound hereunder solely in his or her capacity as a securityholder of the Company and that the provisions hereof shall not be deemed or interpreted to bind the Holder in his or her capacity as a director or officer of the Company. For greater certainty, nothing in this Agreement shall restrict or limit the Holder from acting in his or her capacity as a director or officer of the Company in compliance with his or her fiduciary duties or applicable Law, and any actions taken by the Holder in such capacity shall not be deemed to constitute a breach of this Agreement. The Holder acknowledges that the Arrangement Agreement imposes certain restrictions on the actions of the Company and its officers and directors.

**ARTICLE 3**

**<u>REPRESENTATIONS AND WARRANTIES</u>**

3.1 The Holder represents and warrants as follows and acknowledges that each of the Sweetwater Investors are relying upon such representations and warranties in connection with entering into this Agreement and the Arrangement Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Holder beneficially owns, directly or indirectly, or has control or direction over, the Subject
 Securities as listed in Schedule A; and (ii) the Holder has no agreement or options, or rights
 or privilege (whether by Law, pre-emptive or contractual) capable of becoming an agreement
 or option, for the purchase or acquisition by him or her or transfer to him or her of additional
 securities of the Company other than the Subject Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Holder has the sole right to vote (or cause to be voted) all the Subject Shares now held,
 and will have the right to vote (or cause to be voted) all the Subject Shares hereafter acquired
 by him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no
 Person has any agreement, option, or any right or privilege (whether by Law, pre-emptive
 or contractual) capable of becoming an agreement or option, for the purchase, acquisition
 or transfer from the Holder of any of the Subject Securities or any interest therein or right
 thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 execution and delivery by the Holder of this Agreement, the authorization of this Agreement
 by the Holder, and the performance by the Holder of his or her obligations under this Agreement,
 will not result (with or without notice or the passage of time) in a violation or breach
 of or constitute a default under any provision of: (i) any applicable Law; (ii) any note,
 bond, mortgage, indenture or contract or agreement to which the Holder is party or by which
 he or she is bound; or (iii) any judgment, decree, order or award of any Governmental Entity
 or arbitrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Holder has the necessary power, authority, capacity and right to enter into this Agreement
 and to perform his or her obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) this
 Agreement has been duly executed and delivered by the Holder and constitutes a legal, valid
 and binding obligation of it, enforceable against it in accordance with its terms, subject
 to bankruptcy, insolvency and other applicable Law affecting creditors' rights generally,
 and to general principles of equity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 Holder has had adequate opportunity to obtain independent legal advice with respect to this
 Agreement and fully understands the terms contained in this Agreement.

3.2 Each of Orion and OTPP, solely on its own behalf and not jointly with the other, represents and warrants as follows and acknowledges that the Holder is relying upon such representations and warranties in connection with the entering into of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each
 of the Sweetwater Investors are duly incorporated, formed or organized, as applicable, and
 validly existing and, where such concept is recognized under applicable Law, in good standing
 under the Laws of its jurisdiction of incorporation, formation, or continuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Sweetwater Investors have the necessary corporate power and authority to enter into this
 Agreement and to perform their obligations hereunder and, their execution and delivery of
 this Agreement and the consummation by the Sweetwater Investors of the Proposed Transaction
 have been duly authorized and no other corporate proceedings on its part are necessary to
 authorize this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this
 Agreement has been duly executed and delivered by the Sweetwater Investors and constitutes
 a legal, valid and binding obligation of the Sweetwater Investors, enforceable against it
 in accordance with its terms, subject to bankruptcy, insolvency and other applicable Law
 affecting creditors' rights generally, and to general principles of equity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 authorization of this Agreement, the execution and delivery by the Sweetwater Investors of
 this Agreement and the performance by it of its obligations under this Agreement, will not
 result (with or without notice or the passage of time) in a violation or breach of or constitute
 a default under any provision of (i) its constating documents or by-laws; (ii) any applicable
 Law; (iii) any note, bond, mortgage, indenture or contract or agreement to which any of the
 Sweetwater Investors are party or by which it is bound; or (iv) any judgment, decree, order
 or award of any Governmental Entity or arbitrator.

**ARTICLE 4**

**<u>TERMINATION</u>**

4.1 This Agreement shall terminate automatically upon the earlier of: (a) the termination of this Agreement by the written consent of each of the Sweetwater Investors and Holder; (b) the Arrangement Agreement's valid termination in accordance with its terms prior to the Effective Time; and (c) the Effective Time.

4.2 If this Agreement is terminated in accordance with Section 4.1, the provisions of this Agreement will become void and no Party shall have liability to any other Party, except in respect of a breach of this Agreement which occurred prior to such termination.

**ARTICLE 5**

**<u>GENERAL</u>**

5.1 The division of this Agreement into Articles, Sections, subsections and paragraphs and the insertion of headings herein are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. The terms "**this Agreemen**t", "**hereof**", "**herein**", "**hereto**", "**hereunder**" and similar expressions refer to this Agreement and not to any particular article, section or other portion hereof and include any agreement, schedule or instrument supplementary or ancillary hereto or thereto. Unless the contrary intention appears, references in this Agreement to an Article, Section, subsection, paragraph or Schedule by number or letter or both refer to the Article, Section, subsection, paragraph or Schedule, respectively, bearing that designation in this Agreement.

5.2 In this Agreement, unless the context otherwise requires, words importing the singular only shall include the plural and vice versa, words importing the use of either gender shall include both genders and neuter.

5.3 The Holder hereby consents to the disclosure of the substance of this Agreement in any press release or the URC Circular and to the filing of this Agreement as may be required pursuant to applicable Laws.

5.4 This Agreement shall not be assigned by any Party hereto without the prior written consent of the other Parties hereto. This Agreement shall enure to the benefit of the Parties and their respective successors and permitted assigns and shall be binding upon the Parties and their respective successors.

5.5 Time shall be of the essence of this Agreement.

5.6 Each of the provisions contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such provision or part thereof by a court of competent jurisdiction shall not affect the validity or enforceability of any other provision hereof. To the extent permitted by applicable Laws, the Parties hereto waive any provision of Law that renders any provision of this Agreement or any part thereof invalid or unenforceable in any respect. The Parties hereto will engage in good faith negotiations to replace any provision hereof or any part thereof that is declared invalid or unenforceable with a valid and enforceable provision or part thereof, the economic effect of which approximates as much as possible the invalid or unenforceable provision or part thereof that it replaces.

5.7 Any notice, consent, waiver, direction or other communication required or permitted to be given under this Agreement by a Party hereto shall be in writing and shall be delivered by hand to the Party hereto to which the notice is to be given, sent by electronic mail to the following address, or to such other address or number as shall be specified by a Party hereto by like notice. Any notice, consent, waiver, direction or other communication aforesaid shall, if delivered, be deemed to have been given and received on the date on which it was delivered to the address provided herein (if a Business Day or, if not, then the next succeeding Business Day) and if sent by electronic mail be deemed to have been given and received at the time of receipt (if a Business Day or, if not, then the next succeeding Business Day) unless actually received after 5:00

p.m. (Toronto time) at the point of delivery in which case it shall be deemed to have been given and received on the next Business Day.

The addresses and numbers for service of each of the Parties hereto shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 to the Holder

Darcy Hirsekorn

1188 West Georgia Street, Suite 1830

Vancouver, BC V6E 4A2

Attention: Darcy Hirsekorn <br> Email: *[Redacted: personal information]*

With a copy (which shall not constitute notice) to:

Sangra Moller LLP

1021 West Hastings Street, Suite 2200

Vancouver, British Columbia V6C 0C3

Attention: Rod Talaifar <br> Email: *[Redacted: personal information]*

 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 to the Sweetwater Investors:

Orion Resource Partners (USA) LP

7 Bryant Park, 1045 Avenue of the Americas, Floor 25

New York, NY 10018

Attention: Legal <br> Email: *[Redacted: personal information]*

 

and

Ontario Teachers' Pension Plan

160 Front Street West, Suite 3200

Toronto, Ontario, M5J 0G4

Attention: James Sikora and Legal <br> Email: *[Redacted: personal information]*

 

With a copy (which shall not constitute notice) to:

Torys LLP

79 Wellington St. West

Suite 3000, P.O. Box 270, TD Centre

Toronto, ON M5K 1N2

Attention: Michael Pickersgill <br> Email: *[Redacted: personal information]*

With a copy (which shall not constitute notice) to:

Sidley Austin LLP

787 7<sup>th</sup> Ave, New York

NY 10019, United States

Attention: Andrew J. Fadale <br> Email: *[Redacted: personal information]*

 

With a copy (which shall not constitute notice) to:

Weil, Gotshal & Manges LLP

200 Crescent Court, Suite 300

Dallas, Texas, United States 75201

Attention: James R. Griffin <br> Email: *[Redacted: personal information]*

With a copy (which shall not constitute notice) to:

Weil, Gotshal & Manges LLP

767 Fifth Avenue

New York, New York, United States 10153

Attention: Alex Lynch <br> Email: *[Redacted: personal information]*

 

5.8 This Agreement, together with the agreements and other documents herein or therein referred to, constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof and supersede all prior agreements, understandings, negotiations and discussions, whether oral or written, between the Parties with respect to the subject matter hereof. There are no representations, warranties, covenants or conditions with respect to the subject matter hereof except as contained herein.

5.9 This Agreement shall be governed by, and be construed in accordance with, the laws of the Province of British Columbia and the laws of Canada applicable therein but the reference to such laws shall not, by conflict of laws rules or otherwise, require the application of the law of any jurisdiction other than the Province of British Columbia.

5.10 Each Party irrevocably attorns and submits to the non-exclusive jurisdiction of the Ontario courts situated in the City of Vancouver and waives objection to the venue of any proceeding in such court or that such court provides an inconvenient forum.

5.11 Unless otherwise stated, all references in this Agreement to amounts of money are expressed in lawful money of Canada.

5.12 The Holder recognizes and acknowledges that this Agreement is an integral part of the Sweetwater Investors entering into the Arrangement Agreement, and that the Sweetwater Investors would not contemplate proceeding with the transactions contemplated by the Arrangement Agreement unless this Agreement was entered into by the Holder, and that a breach by the Holder of any covenants or other commitments contained in this Agreement will cause the Sweetwater Investors to sustain injury for which money damages would not be an adequate remedy at law. Therefore, the Holder agrees that, in the event of any such breach, each of the Sweetwater Investors shall be entitled to the remedy of specific performance of such covenants or commitments and preliminary and permanent injunctive and other equitable relief in addition to any other remedy to which it may be entitled, at law or in equity.

5.13 This Agreement may be executed in one or more counterparts, each of which shall conclusively be deemed to be an original and all such counterparts collectively shall be conclusively deemed to be one and the same. Delivery of an executed counterpart of the signature page to this Agreement by electronic mail shall be as effective as delivery of a manually executed counterpart of this Agreement.

*[Remainder of page intentionally left blank]*

 

 

IN WITNESS WHEREOF the Parties have signed this Voting Support Agreement.

---

| | |
|:---|:---|
| **HRG METALS LP by its general partner**<br> **HRG METALS GP INC.** | **HRG METALS LP by its general partner**<br> **HRG METALS GP INC.** |
| By: | */s/ "James Sikora"* |
| Name: | James Sikora |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF II ONSHORE GAMMA HOLDINGS LLC** | **OMF II ONSHORE GAMMA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF II INTERMEDIATE HOLDINGS LLC** | **OMF II INTERMEDIATE HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF III ONSHORE GAMMA HOLDINGS LLC** | **OMF III ONSHORE GAMMA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF ONSHORE OMEGA HOLDINGS LLC** | **OMF ONSHORE OMEGA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF CO-FUND II HOLDINGS LLC** | **OMF CO-FUND II HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF II ONSHORE ALPHA HOLDINGS LLC** | **OMF II ONSHORE ALPHA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF II ONSHORE BETA HOLDINGS LLC** | **OMF II ONSHORE BETA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF III ONSHORE ALPHA HOLDINGS LLC** | **OMF III ONSHORE ALPHA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF III ONSHORE BETA HOLDINGS LLC** | **OMF III ONSHORE BETA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF III INTERMEDIATE HOLDINGS LLC** | **OMF III INTERMEDIATE HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **ORION MINE FINANCE GP III LP, by its**<br> **general partner ORION MINE FINANCE GP III LLC** | **ORION MINE FINANCE GP III LP, by its**<br> **general partner ORION MINE FINANCE GP III LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

**HOLDER:**

---

| |
|:---|
| */s/ "Darcy Hirsekorn"* |
| **DARCY HIRSEKORN** |

---

**SCHEDULE A**

**OWNERSHIP OR CONTROL/DIRECTION OF SUBJECT SHARES AND SUBJECT OPTIONS**

---

| | | |
|:---|:---|:---|
| **Name** | **URC Options** | &nbsp;&nbsp;&nbsp;**URC Shares** |
| Darcy Hirsekorn | 244900 | 90000 |

---

## Exhibit 99.8

**Exhibit 99.8**

![](ex99-8_001.jpg)

***Execution Version***

**<u>VOTING SUPPORT AGREEMENT</u>**

This voting support agreement between HRG Metals LP ("**HRG**"), certain affiliated entities of Orion Resources Partners (USA) LP ("**Orion**", together with HRG, the "**Sweetwater Investors**"), and Andy Marshall (the "**Holder**", and together with the Sweetwater Investors, the "**Parties**" and each a "**Party**") is made this 16th day of April, 2026.

**<u>RECITALS</u>**

Uranium Royalty Corp. (the "**Company**") and the Sweetwater Investors are concurrently entering into an arrangement agreement dated as of even date herewith (together with any amendments or modifications, the "**Arrangement Agreement**") pursuant to which, among other things, the Company will combine with New ParentCo, and the combined company will hold the Sweetwater Investors' interests in the Sweetwater Assets, in accordance with and pursuant to the terms and conditions of the Arrangement Agreement and a plan of arrangement (the "**Proposed Transaction**").

The Holder is the owner of, or has the power to control or direct, the URC Shares (the "**Subject Shares**") and the URC Options (the "**Subject Options**" and together with the Subject Shares, the "**Subject Securities**"), as applicable, listed in Schedule A hereto; provided that, for greater certainty, the term "**Subject Shares**" shall include any URC Shares issuable upon the exercise of any Subject Options, and the term "**Subject Securities**" shall include any and all URC Shares, URC Options or any other securities issued under the URC Incentive Plan of which the Holder acquires beneficial ownership, or control or direction over, directly or indirectly, after the date hereof.

The Holder is a director and/or officer of the Company.

This voting support agreement (this "**Agreement**") sets out the terms and conditions on which the Holder has agreed to support the Proposed Transaction. The Sweetwater Investors are relying on the covenants, representations and warranties of the Holder set forth in this Agreement in connection with its execution and delivery of the Arrangement Agreement.

Capitalized terms used in this Agreement and not otherwise defined herein that are defined in the Arrangement Agreement shall have the respective meanings ascribed thereto in the Arrangement Agreement.

**ARTICLE 1**

**<u>COVENANTS OF HOLDER</u>**

1.1 The
 Holder hereby agrees that he or she shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) vote
 (or cause to be voted) all of the Subject Shares at any meeting of the holders of URC Shares,
 and in any action by written consent of the holders of URC Shares (unless, and only then
 to the extent, prohibited by Law):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 favour of the approval, consent, ratification and adoption of the Proposed Transaction (and
 any actions required in furtherance thereof) and all other resolutions to be put to the meeting
 of holders of URC Shares in respect of the Proposed Transaction as contained in the Arrangement
 Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) against
 any proposed action by the Company, the holders of URC Shares, any Subsidiary of the Company
 or any other Person: (A) in respect of any corporate transaction, such as a merger, amalgamation,
 arrangement, rights offering, reorganization, recapitalization, liquidation or take-over
 bid or similar transaction involving the Company or URC Shares other than the Proposed Transaction;
 and (B) that would reasonably be expected to prevent or materially delay the implementation
 or the successful completion of the Proposed Transaction, including, without limitation,
 any Acquisition Proposal; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no
 later than five (5) Business Days prior to the cut-off date for the deposit of votes by proxy
 or voting instruction form in respect of any meeting of the holders of URC Shares to consider
 the Proposed Transaction, duly complete (or cause to be completed) and cause forms of proxy
 or voting instruction forms, as applicable, in respect of all the Subject Shares to be validly
 delivered and cause the Subject Shares to be voted in favour of the Proposed Transaction,
 and such forms of proxy or voting instruction forms, as applicable, shall not be revoked
 or withdrawn, unless the prior written consent of the Sweetwater Investors has been obtained
 or this Agreement has been terminated pursuant to the terms of this Agreement.

1.2 The Holder hereby agrees that he or she shall not, directly or indirectly, except in accordance with the terms of this Agreement, as contemplated by the Arrangement Agreement or with the prior written consent of the Sweetwater Investors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) option,
 sell, assign, dispose of, pledge, encumber, grant a security interest in or otherwise convey
 any Subject Securities or any right or interest therein, or agree to do any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) exercise
 any securityholder rights or remedies available at common law or pursuant to applicable Law,
 or take any other action of any kind, in each case that would reasonably be expected to delay
 or prevent the completion of, the Proposed Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) solicit,
 assist, initiate, knowingly encourage or otherwise facilitate (including by way of furnishing
 information, permitting any visit to any facilities or entering into any form of agreement,
 arrangement or understanding) any inquiries or proposals, whether publicly or otherwise,
 regarding an Acquisition Proposal or potential Acquisition Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) enter
 into, engage, continue or participate, directly or indirectly, in any negotiations or discussions
 regarding, or provide any non-public information with respect to the Company or any of its
 Subsidiaries, or offer or provide access to the business, properties, assets, books or records
 of the Company or any of its Subsidiaries or otherwise cooperate in any way with, any Acquisition
 Proposal or potential Acquisition Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) requisition
 or join in a requisition of any meeting of the securityholders of the Company for the purpose
 of considering any resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) solicit
 or arrange for the solicitation of proxies relating to, or purchases of or offers to sell,
 URC Shares or securities convertible into or exchangeable or exercisable for, or representing,
 URC Shares or act in concert or jointly with any other person for the purpose of acquiring
 any URC Shares or securities convertible into or exchangeable or exercisable for, or representing,
 URC Shares for the purpose of influencing the voting of URC Shares or affecting the control
 of the Company, other than, in the case of proxy solicitation, in support of the Proposed
 Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) do
 indirectly, including through any of its wholly-owned Subsidiaries, anything which would
 not be permitted to be done directly pursuant to the foregoing provisions of this Section;
 or

(c) take
 any action to encourage or assist any other Person to do any of the prohibited acts referred
 to in the foregoing provisions of this Section.

1.3 The Holder covenants to, at the expense of the Company, use commercially reasonable efforts to take all actions and do all things as are reasonably necessary to co-operate with the Sweetwater Investors and the Company in making all requisite regulatory filings in connection with the Proposed Transaction.

1.4 The Holder shall at all times cause any wholly-owned Subsidiaries through which he or she beneficially owns or exercises control or direction over, directly or indirectly, Subject Securities to act in accordance with the terms of this Agreement, to the extent applicable thereto.

**ARTICLE 2**

**<u>FIDUCIARY OBLIGATIONS</u>**

Notwithstanding any other provision of this Agreement, the Sweetwater Investors hereby agree and acknowledge that the Holder is bound hereunder solely in his or her capacity as a securityholder of the Company and that the provisions hereof shall not be deemed or interpreted to bind the Holder in his or her capacity as a director or officer of the Company. For greater certainty, nothing in this Agreement shall restrict or limit the Holder from acting in his or her capacity as a director or officer of the Company in compliance with his or her fiduciary duties or applicable Law, and any actions taken by the Holder in such capacity shall not be deemed to constitute a breach of this Agreement. The Holder acknowledges that the Arrangement Agreement imposes certain restrictions on the actions of the Company and its officers and directors.

**ARTICLE 3**

**<u>REPRESENTATIONS AND WARRANTIES</u>**

3.1 The Holder represents and warrants as follows and acknowledges that each of the Sweetwater Investors are relying upon such representations and warranties in connection with entering into this Agreement and the Arrangement Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Holder beneficially owns, directly or indirectly, or has control or direction over, the Subject
 Securities as listed in Schedule A; and (ii) the Holder has no agreement or options, or rights
 or privilege (whether by Law, pre-emptive or contractual) capable of becoming an agreement
 or option, for the purchase or acquisition by him or her or transfer to him or her of additional
 securities of the Company other than the Subject Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Holder has the sole right to vote (or cause to be voted) all the Subject Shares now held,
 and will have the right to vote (or cause to be voted) all the Subject Shares hereafter acquired
 by him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no
 Person has any agreement, option, or any right or privilege (whether by Law, pre-emptive
 or contractual) capable of becoming an agreement or option, for the purchase, acquisition
 or transfer from the Holder of any of the Subject Securities or any interest therein or right
 thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 execution and delivery by the Holder of this Agreement, the authorization of this Agreement
 by the Holder, and the performance by the Holder of his or her obligations under this Agreement,
 will not result (with or without notice or the passage of time) in a violation or breach
 of or constitute a default under any provision of: (i) any applicable Law; (ii) any note,
 bond, mortgage, indenture or contract or agreement to which the Holder is party or by which
 he or she is bound; or (iii) any judgment, decree, order or award of any Governmental Entity
 or arbitrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Holder has the necessary power, authority, capacity and right to enter into this Agreement
 and to perform his or her obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) this
 Agreement has been duly executed and delivered by the Holder and constitutes a legal, valid
 and binding obligation of it, enforceable against it in accordance with its terms, subject
 to bankruptcy, insolvency and other applicable Law affecting creditors' rights generally,
 and to general principles of equity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 Holder has had adequate opportunity to obtain independent legal advice with respect to this
 Agreement and fully understands the terms contained in this Agreement.

3.2 Each of Orion and OTPP, solely on its own behalf and not jointly with the other, represents and warrants as follows and acknowledges that the Holder is relying upon such representations and warranties in connection with the entering into of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each
 of the Sweetwater Investors are duly incorporated, formed or organized, as applicable, and
 validly existing and, where such concept is recognized under applicable Law, in good standing
 under the Laws of its jurisdiction of incorporation, formation, or continuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Sweetwater Investors have the necessary corporate power and authority to enter into this
 Agreement and to perform their obligations hereunder and, their execution and delivery of
 this Agreement and the consummation by the Sweetwater Investors of the Proposed Transaction
 have been duly authorized and no other corporate proceedings on its part are necessary to
 authorize this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this
 Agreement has been duly executed and delivered by the Sweetwater Investors and constitutes
 a legal, valid and binding obligation of the Sweetwater Investors, enforceable against it
 in accordance with its terms, subject to bankruptcy, insolvency and other applicable Law
 affecting creditors' rights generally, and to general principles of equity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 authorization of this Agreement, the execution and delivery by the Sweetwater Investors of
 this Agreement and the performance by it of its obligations under this Agreement, will not
 result (with or without notice or the passage of time) in a violation or breach of or constitute
 a default under any provision of (i) its constating documents or by-laws; (ii) any applicable
 Law; (iii) any note, bond, mortgage, indenture or contract or agreement to which any of the
 Sweetwater Investors are party or by which it is bound; or (iv) any judgment, decree, order
 or award of any Governmental Entity or arbitrator.

**ARTICLE 4**

**<u>TERMINATION</u>**

4.1 This Agreement shall terminate automatically upon the earlier of: (a) the termination of this Agreement by the written consent of each of the Sweetwater Investors and Holder; (b) the Arrangement Agreement's valid termination in accordance with its terms prior to the Effective Time; and (c) the Effective Time.

4.2 If this Agreement is terminated in accordance with Section 4.1, the provisions of this Agreement will become void and no Party shall have liability to any other Party, except in respect of a breach of this Agreement which occurred prior to such termination.

**ARTICLE 5**

**<u>GENERAL</u>**

5.1 The division of this Agreement into Articles, Sections, subsections and paragraphs and the insertion of headings herein are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. The terms "**this Agreemen**t", "**hereof**", "**herein**", "**hereto**", "**hereunder**" and similar expressions refer to this Agreement and not to any particular article, section or other portion hereof and include any agreement, schedule or instrument supplementary or ancillary hereto or thereto. Unless the contrary intention appears, references in this Agreement to an Article, Section, subsection, paragraph or Schedule by number or letter or both refer to the Article, Section, subsection, paragraph or Schedule, respectively, bearing that designation in this Agreement.

5.2 In this Agreement, unless the context otherwise requires, words importing the singular only shall include the plural and vice versa, words importing the use of either gender shall include both genders and neuter.

5.3 The Holder hereby consents to the disclosure of the substance of this Agreement in any press release or the URC Circular and to the filing of this Agreement as may be required pursuant to applicable Laws.

5.4 This Agreement shall not be assigned by any Party hereto without the prior written consent of the other Parties hereto. This Agreement shall enure to the benefit of the Parties and their respective successors and permitted assigns and shall be binding upon the Parties and their respective successors.

5.5 Time shall be of the essence of this Agreement.

5.6 Each of the provisions contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such provision or part thereof by a court of competent jurisdiction shall not affect the validity or enforceability of any other provision hereof. To the extent permitted by applicable Laws, the Parties hereto waive any provision of Law that renders any provision of this Agreement or any part thereof invalid or unenforceable in any respect. The Parties hereto will engage in good faith negotiations to replace any provision hereof or any part thereof that is declared invalid or unenforceable with a valid and enforceable provision or part thereof, the economic effect of which approximates as much as possible the invalid or unenforceable provision or part thereof that it replaces.

5.7 Any notice, consent, waiver, direction or other communication required or permitted to be given under this Agreement by a Party hereto shall be in writing and shall be delivered by hand to the Party hereto to which the notice is to be given, sent by electronic mail to the following address, or to such other address or number as shall be specified by a Party hereto by like notice. Any notice, consent, waiver, direction or other communication aforesaid shall, if delivered, be deemed to have been given and received on the date on which it was delivered to the address provided herein (if a Business Day or, if not, then the next succeeding Business Day) and if sent by electronic mail be deemed to have been given and received at the time of receipt (if a Business Day or, if not, then the next succeeding Business Day) unless actually received after 5:00

p.m. (Toronto time) at the point of delivery in which case it shall be deemed to have been given and received on the next Business Day.

The addresses and numbers for service of each of the Parties hereto shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 to the Holder

Andy Marshall

1188 West Georgia Street, Suite 1830

Vancouver, BC V6E 4A2

Attention: Andy Marshall <br> Email: *[Redacted: personal information]*

With a copy (which shall not constitute notice) to:

Sangra Moller LLP

1021 West Hastings Street, Suite 2200

Vancouver, British Columbia V6C 0C3

Attention: Rod Talaifar <br> Email: *[Redacted: personal information]*

 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 to the Sweetwater Investors:

Orion Resource Partners (USA) LP

7 Bryant Park, 1045 Avenue of the Americas, Floor 25

New York, NY 10018

Attention: Legal <br> *[Redacted: personal information]*

 

and

Ontario Teachers' Pension Plan

160 Front Street West, Suite 3200

Toronto, Ontario, M5J 0G4

Attention: James Sikora and Legal <br> Email: *[Redacted: personal information]*

 

With a copy (which shall not constitute notice) to:

Torys LLP

79 Wellington St. West

Suite 3000, P.O. Box 270, TD Centre

Toronto, ON M5K 1N2

Attention: Michael Pickersgill <br> Email: *[Redacted: personal information]*

With a copy (which shall not constitute notice) to:

Sidley Austin LLP

787 7<sup>th</sup> Ave, New York

NY 10019, United States

Attention: Andrew J. Fadale <br> Email: *[Redacted: personal information]*

 

With a copy (which shall not constitute notice) to:

Weil, Gotshal & Manges LLP

200 Crescent Court, Suite 300

Dallas, Texas, United States 75201

Attention: James R. Griffin <br> Email: *[Redacted: personal information]*

With a copy (which shall not constitute notice) to:

Weil, Gotshal & Manges LLP

767 Fifth Avenue

New York, New York, United States 10153

Attention: Alex Lynch <br> Email: *[Redacted: personal information]*

 

5.8 This Agreement, together with the agreements and other documents herein or therein referred to, constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof and supersede all prior agreements, understandings, negotiations and discussions, whether oral or written, between the Parties with respect to the subject matter hereof. There are no representations, warranties, covenants or conditions with respect to the subject matter hereof except as contained herein.

5.9 This Agreement shall be governed by, and be construed in accordance with, the laws of the Province of British Columbia and the laws of Canada applicable therein but the reference to such laws shall not, by conflict of laws rules or otherwise, require the application of the law of any jurisdiction other than the Province of British Columbia.

5.10 Each Party irrevocably attorns and submits to the non-exclusive jurisdiction of the Ontario courts situated in the City of Vancouver and waives objection to the venue of any proceeding in such court or that such court provides an inconvenient forum.

5.11 Unless otherwise stated, all references in this Agreement to amounts of money are expressed in lawful money of Canada.

5.12 The Holder recognizes and acknowledges that this Agreement is an integral part of the Sweetwater Investors entering into the Arrangement Agreement, and that the Sweetwater Investors would not contemplate proceeding with the transactions contemplated by the Arrangement Agreement unless this Agreement was entered into by the Holder, and that a breach by the Holder of any covenants or other commitments contained in this Agreement will cause the Sweetwater Investors to sustain injury for which money damages would not be an adequate remedy at law. Therefore, the Holder agrees that, in the event of any such breach, each of the Sweetwater Investors shall be entitled to the remedy of specific performance of such covenants or commitments and preliminary and permanent injunctive and other equitable relief in addition to any other remedy to which it may be entitled, at law or in equity.

5.13 This Agreement may be executed in one or more counterparts, each of which shall conclusively be deemed to be an original and all such counterparts collectively shall be conclusively deemed to be one and the same. Delivery of an executed counterpart of the signature page to this Agreement by electronic mail shall be as effective as delivery of a manually executed counterpart of this Agreement.

*[Remainder of page intentionally left blank]*

 

 

IN WITNESS WHEREOF the Parties have signed this Voting Support Agreement.

---

| | |
|:---|:---|
| **HRG METALS LP by its general partner**<br> **HRG METALS GP INC.** | **HRG METALS LP by its general partner**<br> **HRG METALS GP INC.** |
| By: | */s/ "James Sikora"* |
| Name: | James Sikora |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF II ONSHORE GAMMA HOLDINGS LLC** | **OMF II ONSHORE GAMMA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF II INTERMEDIATE HOLDINGS LLC** | **OMF II INTERMEDIATE HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF III ONSHORE GAMMA HOLDINGS LLC** | **OMF III ONSHORE GAMMA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF ONSHORE OMEGA HOLDINGS LLC** | **OMF ONSHORE OMEGA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF CO-FUND II HOLDINGS LLC** | **OMF CO-FUND II HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF II ONSHORE ALPHA HOLDINGS LLC** | **OMF II ONSHORE ALPHA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF II ONSHORE GAMMA HOLDINGS LLC** | **OMF II ONSHORE GAMMA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF II INTERMEDIATE HOLDINGS LLC** | **OMF II INTERMEDIATE HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF III ONSHORE GAMMA HOLDINGS LLC** | **OMF III ONSHORE GAMMA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF ONSHORE OMEGA HOLDINGS LLC** | **OMF ONSHORE OMEGA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF CO-FUND II HOLDINGS LLC** | **OMF CO-FUND II HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF II ONSHORE ALPHA HOLDINGS LLC** | **OMF II ONSHORE ALPHA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

**HOLDER:**

---

| |
|:---|
| */s/ "Andy Marshall"* |
| **ANDY MARSHALL** |

---

**SCHEDULE A**

**OWNERSHIP OR CONTROL/DIRECTION OF SUBJECT SHARES AND SUBJECT OPTIONS**

---

| | | |
|:---|:---|:---|
| **Name** | **URC Options** | &nbsp;&nbsp;&nbsp;**URC Shares** |
| Andy Marshall | 33588 | &nbsp;&nbsp;&nbsp;Nil |

---

## Exhibit 99.9

**Exhibit 99.9**

![](ex99-9_001.jpg)

***Execution Version***

**<u>VOTING SUPPORT AGREEMENT</u>**

This voting support agreement between HRG Metals LP ("**HRG**"), certain affiliated entities of Orion Resources Partners (USA) LP ("**Orion**", together with HRG, the "**Sweetwater Investors**"), and Scott Melbye (the "**Holder**", and together with the Sweetwater Investors, the "**Parties**" and each a "**Party**") is made this 16th day of April, 2026.

**<u>RECITALS</u>**

Uranium Royalty Corp. (the "**Company**") and the Sweetwater Investors are concurrently entering into an arrangement agreement dated as of even date herewith (together with any amendments or modifications, the "**Arrangement Agreement**") pursuant to which, among other things, the Company will combine with New ParentCo, and the combined company will hold the Sweetwater Investors' interests in the Sweetwater Assets, in accordance with and pursuant to the terms and conditions of the Arrangement Agreement and a plan of arrangement (the "**Proposed Transaction**").

The Holder is the owner of, or has the power to control or direct, the URC Shares (the "**Subject Shares**") and the URC Options (the "**Subject Options**" and together with the Subject Shares, the "**Subject Securities**"), as applicable, listed in Schedule A hereto; provided that, for greater certainty, the term "**Subject Shares**" shall include any URC Shares issuable upon the exercise of any Subject Options, and the term "**Subject Securities**" shall include any and all URC Shares, URC Options or any other securities issued under the URC Incentive Plan of which the Holder acquires beneficial ownership, or control or direction over, directly or indirectly, after the date hereof.

The Holder is a director and/or officer of the Company.

This voting support agreement (this "**Agreement**") sets out the terms and conditions on which the Holder has agreed to support the Proposed Transaction. The Sweetwater Investors are relying on the covenants, representations and warranties of the Holder set forth in this Agreement in connection with its execution and delivery of the Arrangement Agreement.

Capitalized terms used in this Agreement and not otherwise defined herein that are defined in the Arrangement Agreement shall have the respective meanings ascribed thereto in the Arrangement Agreement.

**ARTICLE 1**

**<u>COVENANTS OF HOLDER</u>**

1.1 The
 Holder hereby agrees that he or she shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) vote
 (or cause to be voted) all of the Subject Shares at any meeting of the holders of URC Shares,
 and in any action by written consent of the holders of URC Shares (unless, and only then
 to the extent, prohibited by Law):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 favour of the approval, consent, ratification and adoption of the Proposed Transaction (and
 any actions required in furtherance thereof) and all other resolutions to be put to the meeting
 of holders of URC Shares in respect of the Proposed Transaction as contained in the Arrangement
 Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) against
 any proposed action by the Company, the holders of URC Shares, any Subsidiary of the Company
 or any other Person: (A) in respect of any corporate transaction, such as a merger, amalgamation,
 arrangement, rights offering, reorganization, recapitalization, liquidation or take-over
 bid or similar transaction involving the Company or URC Shares other than the Proposed Transaction;
 and (B) that would reasonably be expected to prevent or materially delay the implementation
 or the successful completion of the Proposed Transaction, including, without limitation,
 any Acquisition Proposal; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no
 later than five (5) Business Days prior to the cut-off date for the deposit of votes by proxy
 or voting instruction form in respect of any meeting of the holders of URC Shares to consider
 the Proposed Transaction, duly complete (or cause to be completed) and cause forms of proxy
 or voting instruction forms, as applicable, in respect of all the Subject Shares to be validly
 delivered and cause the Subject Shares to be voted in favour of the Proposed Transaction,
 and such forms of proxy or voting instruction forms, as applicable, shall not be revoked
 or withdrawn, unless the prior written consent of the Sweetwater Investors has been obtained
 or this Agreement has been terminated pursuant to the terms of this Agreement.

1.2 The Holder hereby agrees that he or she shall not, directly or indirectly, except in accordance with the terms of this Agreement, as contemplated by the Arrangement Agreement or with the prior written consent of the Sweetwater Investors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) option,
 sell, assign, dispose of, pledge, encumber, grant a security interest in or otherwise convey
 any Subject Securities or any right or interest therein, or agree to do any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) exercise
 any securityholder rights or remedies available at common law or pursuant to applicable Law,
 or take any other action of any kind, in each case that would reasonably be expected to delay
 or prevent the completion of, the Proposed Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) solicit,
 assist, initiate, knowingly encourage or otherwise facilitate (including by way of furnishing
 information, permitting any visit to any facilities or entering into any form of agreement,
 arrangement or understanding) any inquiries or proposals, whether publicly or otherwise,
 regarding an Acquisition Proposal or potential Acquisition Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) enter
 into, engage, continue or participate, directly or indirectly, in any negotiations or discussions
 regarding, or provide any non-public information with respect to the Company or any of its
 Subsidiaries, or offer or provide access to the business, properties, assets, books or records
 of the Company or any of its Subsidiaries or otherwise cooperate in any way with, any Acquisition
 Proposal or potential Acquisition Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) requisition
 or join in a requisition of any meeting of the securityholders of the Company for the purpose
 of considering any resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) solicit
 or arrange for the solicitation of proxies relating to, or purchases of or offers to sell,
 URC Shares or securities convertible into or exchangeable or exercisable for, or representing,
 URC Shares or act in concert or jointly with any other person for the purpose of acquiring
 any URC Shares or securities convertible into or exchangeable or exercisable for, or representing,
 URC Shares for the purpose of influencing the voting of URC Shares or affecting the control
 of the Company, other than, in the case of proxy solicitation, in support of the Proposed
 Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) do
 indirectly, including through any of its wholly-owned Subsidiaries, anything which would
 not be permitted to be done directly pursuant to the foregoing provisions of this Section;
 or

(c) take
 any action to encourage or assist any other Person to do any of the prohibited acts referred
 to in the foregoing provisions of this Section.

1.3 The Holder covenants to, at the expense of the Company, use commercially reasonable efforts to take all actions and do all things as are reasonably necessary to co-operate with the Sweetwater Investors and the Company in making all requisite regulatory filings in connection with the Proposed Transaction.

1.4 The Holder shall at all times cause any wholly-owned Subsidiaries through which he or she beneficially owns or exercises control or direction over, directly or indirectly, Subject Securities to act in accordance with the terms of this Agreement, to the extent applicable thereto.

**ARTICLE 2**

**<u>FIDUCIARY OBLIGATIONS</u>**

Notwithstanding any other provision of this Agreement, the Sweetwater Investors hereby agree and acknowledge that the Holder is bound hereunder solely in his or her capacity as a securityholder of the Company and that the provisions hereof shall not be deemed or interpreted to bind the Holder in his or her capacity as a director or officer of the Company. For greater certainty, nothing in this Agreement shall restrict or limit the Holder from acting in his or her capacity as a director or officer of the Company in compliance with his or her fiduciary duties or applicable Law, and any actions taken by the Holder in such capacity shall not be deemed to constitute a breach of this Agreement. The Holder acknowledges that the Arrangement Agreement imposes certain restrictions on the actions of the Company and its officers and directors.

**ARTICLE 3**

**<u>REPRESENTATIONS AND WARRANTIES</u>**

3.1 The Holder represents and warrants as follows and acknowledges that each of the Sweetwater Investors are relying upon such representations and warranties in connection with entering into this Agreement and the Arrangement Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Holder beneficially owns, directly or indirectly, or has control or direction over, the Subject
 Securities as listed in Schedule A; and (ii) the Holder has no agreement or options, or rights
 or privilege (whether by Law, pre-emptive or contractual) capable of becoming an agreement
 or option, for the purchase or acquisition by him or her or transfer to him or her of additional
 securities of the Company other than the Subject Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Holder has the sole right to vote (or cause to be voted) all the Subject Shares now held,
 and will have the right to vote (or cause to be voted) all the Subject Shares hereafter acquired
 by him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no
 Person has any agreement, option, or any right or privilege (whether by Law, pre-emptive
 or contractual) capable of becoming an agreement or option, for the purchase, acquisition
 or transfer from the Holder of any of the Subject Securities or any interest therein or right
 thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 execution and delivery by the Holder of this Agreement, the authorization of this Agreement
 by the Holder, and the performance by the Holder of his or her obligations under this Agreement,
 will not result (with or without notice or the passage of time) in a violation or breach
 of or constitute a default under any provision of: (i) any applicable Law; (ii) any note,
 bond, mortgage, indenture or contract or agreement to which the Holder is party or by which
 he or she is bound; or (iii) any judgment, decree, order or award of any Governmental Entity
 or arbitrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Holder has the necessary power, authority, capacity and right to enter into this Agreement
 and to perform his or her obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) this
 Agreement has been duly executed and delivered by the Holder and constitutes a legal, valid
 and binding obligation of it, enforceable against it in accordance with its terms, subject
 to bankruptcy, insolvency and other applicable Law affecting creditors' rights generally,
 and to general principles of equity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 Holder has had adequate opportunity to obtain independent legal advice with respect to this
 Agreement and fully understands the terms contained in this Agreement.

3.2 Each of Orion and OTPP, solely on its own behalf and not jointly with the other, represents and warrants as follows and acknowledges that the Holder is relying upon such representations and warranties in connection with the entering into of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each
 of the Sweetwater Investors are duly incorporated, formed or organized, as applicable, and
 validly existing and, where such concept is recognized under applicable Law, in good standing
 under the Laws of its jurisdiction of incorporation, formation, or continuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Sweetwater Investors have the necessary corporate power and authority to enter into this
 Agreement and to perform their obligations hereunder and, their execution and delivery of
 this Agreement and the consummation by the Sweetwater Investors of the Proposed Transaction
 have been duly authorized and no other corporate proceedings on its part are necessary to
 authorize this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this
 Agreement has been duly executed and delivered by the Sweetwater Investors and constitutes
 a legal, valid and binding obligation of the Sweetwater Investors, enforceable against it
 in accordance with its terms, subject to bankruptcy, insolvency and other applicable Law
 affecting creditors' rights generally, and to general principles of equity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 authorization of this Agreement, the execution and delivery by the Sweetwater Investors of
 this Agreement and the performance by it of its obligations under this Agreement, will not
 result (with or without notice or the passage of time) in a violation or breach of or constitute
 a default under any provision of (i) its constating documents or by-laws; (ii) any applicable
 Law; (iii) any note, bond, mortgage, indenture or contract or agreement to which any of the
 Sweetwater Investors are party or by which it is bound; or (iv) any judgment, decree, order
 or award of any Governmental Entity or arbitrator.

**ARTICLE 4**

**<u>TERMINATION</u>**

4.1 This Agreement shall terminate automatically upon the earlier of: (a) the termination of this Agreement by the written consent of each of the Sweetwater Investors and Holder; (b) the Arrangement Agreement's valid termination in accordance with its terms prior to the Effective Time; and (c) the Effective Time.

4.2 If this Agreement is terminated in accordance with Section 4.1, the provisions of this Agreement will become void and no Party shall have liability to any other Party, except in respect of a breach of this Agreement which occurred prior to such termination.

**ARTICLE 5**

**<u>GENERAL</u>**

5.1 The division of this Agreement into Articles, Sections, subsections and paragraphs and the insertion of headings herein are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. The terms "**this Agreemen**t", "**hereof**", "**herein**", "**hereto**", "**hereunder**" and similar expressions refer to this Agreement and not to any particular article, section or other portion hereof and include any agreement, schedule or instrument supplementary or ancillary hereto or thereto. Unless the contrary intention appears, references in this Agreement to an Article, Section, subsection, paragraph or Schedule by number or letter or both refer to the Article, Section, subsection, paragraph or Schedule, respectively, bearing that designation in this Agreement.

5.2 In this Agreement, unless the context otherwise requires, words importing the singular only shall include the plural and vice versa, words importing the use of either gender shall include both genders and neuter.

5.3 The Holder hereby consents to the disclosure of the substance of this Agreement in any press release or the URC Circular and to the filing of this Agreement as may be required pursuant to applicable Laws.

5.4 This Agreement shall not be assigned by any Party hereto without the prior written consent of the other Parties hereto. This Agreement shall enure to the benefit of the Parties and their respective successors and permitted assigns and shall be binding upon the Parties and their respective successors.

5.5 Time shall be of the essence of this Agreement.

5.6 Each of the provisions contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such provision or part thereof by a court of competent jurisdiction shall not affect the validity or enforceability of any other provision hereof. To the extent permitted by applicable Laws, the Parties hereto waive any provision of Law that renders any provision of this Agreement or any part thereof invalid or unenforceable in any respect. The Parties hereto will engage in good faith negotiations to replace any provision hereof or any part thereof that is declared invalid or unenforceable with a valid and enforceable provision or part thereof, the economic effect of which approximates as much as possible the invalid or unenforceable provision or part thereof that it replaces.

5.7 Any notice, consent, waiver, direction or other communication required or permitted to be given under this Agreement by a Party hereto shall be in writing and shall be delivered by hand to the Party hereto to which the notice is to be given, sent by electronic mail to the following address, or to such other address or number as shall be specified by a Party hereto by like notice. Any notice, consent, waiver, direction or other communication aforesaid shall, if delivered, be deemed to have been given and received on the date on which it was delivered to the address provided herein (if a Business Day or, if not, then the next succeeding Business Day) and if sent by electronic mail be deemed to have been given and received at the time of receipt (if a Business Day or, if not, then the next succeeding Business Day) unless actually received after 5:00

p.m. (Toronto time) at the point of delivery in which case it shall be deemed to have been given and received on the next Business Day.

The addresses and numbers for service of each of the Parties hereto shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 to the Holder

Scott Melbye

1188 West Georgia Street, Suite 1830

Vancouver, BC V6E 4A2

Attention: Scott Melbye <br> Email: *[Redacted: personal information]*

With a copy (which shall not constitute notice) to:

Sangra Moller LLP

1021 West Hastings Street, Suite 2200

Vancouver, British Columbia V6C 0C3

Attention: Rod Talaifar <br> Email: *[Redacted: personal information]*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 to the Sweetwater Investors:

Orion Resource Partners (USA) LP

7 Bryant Park, 1045 Avenue of the Americas, Floor 25

New York, NY 10018

Attention: Legal <br> Email: *[Redacted: personal information]*

 

and

Ontario Teachers' Pension Plan

160 Front Street West, Suite 3200

Toronto, Ontario, M5J 0G4

Attention: James Sikora and Legal <br> Email: *[Redacted: personal information]*

 

With a copy (which shall not constitute notice) to:

Torys LLP

79 Wellington St. West

Suite 3000, P.O. Box 270, TD Centre

Toronto, ON M5K 1N2

Attention: Michael Pickersgill <br> Email: *[Redacted: personal information]*

With a copy (which shall not constitute notice) to:

Sidley Austin LLP

787 7<sup>th</sup> Ave, New York

NY 10019, United States

Attention: Andrew J. Fadale <br> Email: *[Redacted: personal information]*

 

With a copy (which shall not constitute notice) to:

Weil, Gotshal & Manges LLP

200 Crescent Court, Suite 300

Dallas, Texas, United States 75201

Attention: James R. Griffin <br> Email: *[Redacted: personal information]*

With a copy (which shall not constitute notice) to:

Weil, Gotshal & Manges LLP

767 Fifth Avenue

New York, New York, United States 10153

Attention: Alex Lynch <br> Email: *[Redacted: personal information]*

 

5.8 This Agreement, together with the agreements and other documents herein or therein referred to, constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof and supersede all prior agreements, understandings, negotiations and discussions, whether oral or written, between the Parties with respect to the subject matter hereof. There are no representations, warranties, covenants or conditions with respect to the subject matter hereof except as contained herein.

5.9 This Agreement shall be governed by, and be construed in accordance with, the laws of the Province of British Columbia and the laws of Canada applicable therein but the reference to such laws shall not, by conflict of laws rules or otherwise, require the application of the law of any jurisdiction other than the Province of British Columbia.

5.10 Each Party irrevocably attorns and submits to the non-exclusive jurisdiction of the Ontario courts situated in the City of Vancouver and waives objection to the venue of any proceeding in such court or that such court provides an inconvenient forum.

5.11 Unless otherwise stated, all references in this Agreement to amounts of money are expressed in lawful money of Canada.

5.12 The Holder recognizes and acknowledges that this Agreement is an integral part of the Sweetwater Investors entering into the Arrangement Agreement, and that the Sweetwater Investors would not contemplate proceeding with the transactions contemplated by the Arrangement Agreement unless this Agreement was entered into by the Holder, and that a breach by the Holder of any covenants or other commitments contained in this Agreement will cause the Sweetwater Investors to sustain injury for which money damages would not be an adequate remedy at law. Therefore, the Holder agrees that, in the event of any such breach, each of the Sweetwater Investors shall be entitled to the remedy of specific performance of such covenants or commitments and preliminary and permanent injunctive and other equitable relief in addition to any other remedy to which it may be entitled, at law or in equity.

5.13 This Agreement may be executed in one or more counterparts, each of which shall conclusively be deemed to be an original and all such counterparts collectively shall be conclusively deemed to be one and the same. Delivery of an executed counterpart of the signature page to this Agreement by electronic mail shall be as effective as delivery of a manually executed counterpart of this Agreement.

*[Remainder of page intentionally left blank]*

 

 

IN WITNESS WHEREOF the Parties have signed this Voting Support Agreement.

---

| | |
|:---|:---|
| **HRG METALS LP by its general partner**<br> **HRG METALS GP INC.** | **HRG METALS LP by its general partner**<br> **HRG METALS GP INC.** |
| By: | */s/ "Jim Sikora"* |
| Name: | James Sikora |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF II ONSHORE GAMMA HOLDINGS LLC** | **OMF II ONSHORE GAMMA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF II INTERMEDIATE HOLDINGS LLC** | **OMF II INTERMEDIATE HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF III ONSHORE GAMMA HOLDINGS LLC** | **OMF III ONSHORE GAMMA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF ONSHORE OMEGA HOLDINGS LLC** | **OMF ONSHORE OMEGA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF CO-FUND II HOLDINGS LLC** | **OMF CO-FUND II HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF II ONSHORE ALPHA HOLDINGS LLC** | **OMF II ONSHORE ALPHA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF II ONSHORE BETA HOLDINGS LLC** | **OMF II ONSHORE BETA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF III ONSHORE ALPHA HOLDINGS LLC** | **OMF III ONSHORE ALPHA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF III ONSHORE BETA HOLDINGS LLC** | **OMF III ONSHORE BETA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF III INTERMEDIATE HOLDINGS LLC** | **OMF III INTERMEDIATE HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **ORION MINE FINANCE GP III LP, by its**<br> **general partner ORION MINE FINANCE GP III LLC** | **ORION MINE FINANCE GP III LP, by its**<br> **general partner ORION MINE FINANCE GP III LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

**HOLDER:**

---

| |
|:---|
| */s/ "Scott Melbye"* |
| **SCOTT MELBYE** |

---

**SCHEDULE A**

**OWNERSHIP OR CONTROL/DIRECTION OF SUBJECT SHARES AND SUBJECT OPTIONS**

---

| | | |
|:---|:---|:---|
| **Name** | **URC Options** | **URC Shares** |
| Scott Melbye | 432650 | 550000 |

---

## Exhibit 99.10

**Exhibit 99.10**

![](ex99-10_001.jpg)

***Execution Version***<br>

**<u>VOTING SUPPORT AGREEMENT</u>**

This voting support agreement between HRG Metals LP ("**HRG**"), certain affiliated entities of Orion Resources Partners (USA) LP ("**Orion**", together with HRG, the "**Sweetwater Investors**"), and Vina Patel (the "**Holder**", and together with the Sweetwater Investors, the "**Parties**" and each a "**Party**") is made this 16th day of April, 2026.

**<u>RECITALS</u>**

Uranium Royalty Corp. (the "**Company**") and the Sweetwater Investors are concurrently entering into an arrangement agreement dated as of even date herewith (together with any amendments or modifications, the "**Arrangement Agreement**") pursuant to which, among other things, the Company will combine with New ParentCo, and the combined company will hold the Sweetwater Investors' interests in the Sweetwater Assets, in accordance with and pursuant to the terms and conditions of the Arrangement Agreement and a plan of arrangement (the "**Proposed Transaction**").

The Holder is the owner of, or has the power to control or direct, the URC Shares (the "**Subject Shares**") and the URC Options (the "**Subject Options**" and together with the Subject Shares, the "**Subject Securities**"), as applicable, listed in Schedule A hereto; provided that, for greater certainty, the term "**Subject Shares**" shall include any URC Shares issuable upon the exercise of any Subject Options, and the term "**Subject Securities**" shall include any and all URC Shares, URC Options or any other securities issued under the URC Incentive Plan of which the Holder acquires beneficial ownership, or control or direction over, directly or indirectly, after the date hereof.

The Holder is a director and/or officer of the Company.

This voting support agreement (this "**Agreement**") sets out the terms and conditions on which the Holder has agreed to support the Proposed Transaction. The Sweetwater Investors are relying on the covenants, representations and warranties of the Holder set forth in this Agreement in connection with its execution and delivery of the Arrangement Agreement.

Capitalized terms used in this Agreement and not otherwise defined herein that are defined in the Arrangement Agreement shall have the respective meanings ascribed thereto in the Arrangement Agreement.

**ARTICLE 1**

**<u>COVENANTS OF HOLDER</u>**

1.1 The
 Holder hereby agrees that he or she shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) vote
 (or cause to be voted) all of the Subject Shares at any meeting of the holders of URC Shares,
 and in any action by written consent of the holders of URC Shares (unless, and only then
 to the extent, prohibited by Law):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 favour of the approval, consent, ratification and adoption of the Proposed Transaction (and
 any actions required in furtherance thereof) and all other resolutions to be put to the meeting
 of holders of URC Shares in respect of the Proposed Transaction as contained in the Arrangement
 Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) against
 any proposed action by the Company, the holders of URC Shares, any Subsidiary of the Company
 or any other Person: (A) in respect of any corporate transaction, such as a merger, amalgamation,
 arrangement, rights offering, reorganization, recapitalization, liquidation or take-over
 bid or similar transaction involving the Company or URC Shares other than the Proposed Transaction;
 and (B) that would reasonably be expected to prevent or materially delay the implementation
 or the successful completion of the Proposed Transaction, including, without limitation,
 any Acquisition Proposal; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no
 later than five (5) Business Days prior to the cut-off date for the deposit of votes by proxy
 or voting instruction form in respect of any meeting of the holders of URC Shares to consider
 the Proposed Transaction, duly complete (or cause to be completed) and cause forms of proxy
 or voting instruction forms, as applicable, in respect of all the Subject Shares to be validly
 delivered and cause the Subject Shares to be voted in favour of the Proposed Transaction,
 and such forms of proxy or voting instruction forms, as applicable, shall not be revoked
 or withdrawn, unless the prior written consent of the Sweetwater Investors has been obtained
 or this Agreement has been terminated pursuant to the terms of this Agreement.

1.2 The Holder hereby agrees that he or she shall not, directly or indirectly, except in accordance with the terms of this Agreement, as contemplated by the Arrangement Agreement or with the prior written consent of the Sweetwater Investors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) option,
 sell, assign, dispose of, pledge, encumber, grant a security interest in or otherwise convey
 any Subject Securities or any right or interest therein, or agree to do any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) exercise
 any securityholder rights or remedies available at common law or pursuant to applicable Law,
 or take any other action of any kind, in each case that would reasonably be expected to delay
 or prevent the completion of, the Proposed Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) solicit,
 assist, initiate, knowingly encourage or otherwise facilitate (including by way of furnishing
 information, permitting any visit to any facilities or entering into any form of agreement,
 arrangement or understanding) any inquiries or proposals, whether publicly or otherwise,
 regarding an Acquisition Proposal or potential Acquisition Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) enter
 into, engage, continue or participate, directly or indirectly, in any negotiations or discussions
 regarding, or provide any non-public information with respect to the Company or any of its
 Subsidiaries, or offer or provide access to the business, properties, assets, books or records
 of the Company or any of its Subsidiaries or otherwise cooperate in any way with, any Acquisition
 Proposal or potential Acquisition Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) requisition
 or join in a requisition of any meeting of the securityholders of the Company for the purpose
 of considering any resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) solicit
 or arrange for the solicitation of proxies relating to, or purchases of or offers to sell,
 URC Shares or securities convertible into or exchangeable or exercisable for, or representing,
 URC Shares or act in concert or jointly with any other person for the purpose of acquiring
 any URC Shares or securities convertible into or exchangeable or exercisable for, or representing,
 URC Shares for the purpose of influencing the voting of URC Shares or affecting the control
 of the Company, other than, in the case of proxy solicitation, in support of the Proposed
 Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) do
 indirectly, including through any of its wholly-owned Subsidiaries, anything which would
 not be permitted to be done directly pursuant to the foregoing provisions of this Section;
 or

(c) take
 any action to encourage or assist any other Person to do any of the prohibited acts referred
 to in the foregoing provisions of this Section.

1.3 The Holder covenants to, at the expense of the Company, use commercially reasonable efforts to take all actions and do all things as are reasonably necessary to co-operate with the Sweetwater Investors and the Company in making all requisite regulatory filings in connection with the Proposed Transaction.

1.4 The Holder shall at all times cause any wholly-owned Subsidiaries through which he or she beneficially owns or exercises control or direction over, directly or indirectly, Subject Securities to act in accordance with the terms of this Agreement, to the extent applicable thereto.

**ARTICLE 2**

**<u>FIDUCIARY OBLIGATIONS</u>**

Notwithstanding any other provision of this Agreement, the Sweetwater Investors hereby agree and acknowledge that the Holder is bound hereunder solely in his or her capacity as a securityholder of the Company and that the provisions hereof shall not be deemed or interpreted to bind the Holder in his or her capacity as a director or officer of the Company. For greater certainty, nothing in this Agreement shall restrict or limit the Holder from acting in his or her capacity as a director or officer of the Company in compliance with his or her fiduciary duties or applicable Law, and any actions taken by the Holder in such capacity shall not be deemed to constitute a breach of this Agreement. The Holder acknowledges that the Arrangement Agreement imposes certain restrictions on the actions of the Company and its officers and directors.

**ARTICLE 3**

**<u>REPRESENTATIONS AND WARRANTIES</u>**

3.1 The Holder represents and warrants as follows and acknowledges that each of the Sweetwater Investors are relying upon such representations and warranties in connection with entering into this Agreement and the Arrangement Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Holder beneficially owns, directly or indirectly, or has control or direction over, the Subject
 Securities as listed in Schedule A; and (ii) the Holder has no agreement or options, or rights
 or privilege (whether by Law, pre-emptive or contractual) capable of becoming an agreement
 or option, for the purchase or acquisition by him or her or transfer to him or her of additional
 securities of the Company other than the Subject Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Holder has the sole right to vote (or cause to be voted) all the Subject Shares now held,
 and will have the right to vote (or cause to be voted) all the Subject Shares hereafter acquired
 by him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no
 Person has any agreement, option, or any right or privilege (whether by Law, pre-emptive
 or contractual) capable of becoming an agreement or option, for the purchase, acquisition
 or transfer from the Holder of any of the Subject Securities or any interest therein or right
 thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 execution and delivery by the Holder of this Agreement, the authorization of this Agreement
 by the Holder, and the performance by the Holder of his or her obligations under this Agreement,
 will not result (with or without notice or the passage of time) in a violation or breach
 of or constitute a default under any provision of: (i) any applicable Law; (ii) any note,
 bond, mortgage, indenture or contract or agreement to which the Holder is party or by which
 he or she is bound; or (iii) any judgment, decree, order or award of any Governmental Entity
 or arbitrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Holder has the necessary power, authority, capacity and right to enter into this Agreement
 and to perform his or her obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) this
 Agreement has been duly executed and delivered by the Holder and constitutes a legal, valid
 and binding obligation of it, enforceable against it in accordance with its terms, subject
 to bankruptcy, insolvency and other applicable Law affecting creditors' rights generally,
 and to general principles of equity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 Holder has had adequate opportunity to obtain independent legal advice with respect to this
 Agreement and fully understands the terms contained in this Agreement.

3.2 Each of Orion and OTPP, solely on its own behalf and not jointly with the other, represents and warrants as follows and acknowledges that the Holder is relying upon such representations and warranties in connection with the entering into of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each
 of the Sweetwater Investors are duly incorporated, formed or organized, as applicable, and
 validly existing and, where such concept is recognized under applicable Law, in good standing
 under the Laws of its jurisdiction of incorporation, formation, or continuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Sweetwater Investors have the necessary corporate power and authority to enter into this
 Agreement and to perform their obligations hereunder and, their execution and delivery of
 this Agreement and the consummation by the Sweetwater Investors of the Proposed Transaction
 have been duly authorized and no other corporate proceedings on its part are necessary to
 authorize this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this
 Agreement has been duly executed and delivered by the Sweetwater Investors and constitutes
 a legal, valid and binding obligation of the Sweetwater Investors, enforceable against it
 in accordance with its terms, subject to bankruptcy, insolvency and other applicable Law
 affecting creditors' rights generally, and to general principles of equity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 authorization of this Agreement, the execution and delivery by the Sweetwater Investors of
 this Agreement and the performance by it of its obligations under this Agreement, will not
 result (with or without notice or the passage of time) in a violation or breach of or constitute
 a default under any provision of (i) its constating documents or by-laws; (ii) any applicable
 Law; (iii) any note, bond, mortgage, indenture or contract or agreement to which any of the
 Sweetwater Investors are party or by which it is bound; or (iv) any judgment, decree, order
 or award of any Governmental Entity or arbitrator.

**ARTICLE 4**

**<u>TERMINATION</u>**

4.1 This Agreement shall terminate automatically upon the earlier of: (a) the termination of this Agreement by the written consent of each of the Sweetwater Investors and Holder; (b) the Arrangement Agreement's valid termination in accordance with its terms prior to the Effective Time; and (c) the Effective Time.

4.2 If this Agreement is terminated in accordance with Section 4.1, the provisions of this Agreement will become void and no Party shall have liability to any other Party, except in respect of a breach of this Agreement which occurred prior to such termination.

**ARTICLE 5**

**<u>GENERAL</u>**

5.1 The division of this Agreement into Articles, Sections, subsections and paragraphs and the insertion of headings herein are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. The terms "**this Agreemen**t", "**hereof**", "**herein**", "**hereto**", "**hereunder**" and similar expressions refer to this Agreement and not to any particular article, section or other portion hereof and include any agreement, schedule or instrument supplementary or ancillary hereto or thereto. Unless the contrary intention appears, references in this Agreement to an Article, Section, subsection, paragraph or Schedule by number or letter or both refer to the Article, Section, subsection, paragraph or Schedule, respectively, bearing that designation in this Agreement.

5.2 In this Agreement, unless the context otherwise requires, words importing the singular only shall include the plural and vice versa, words importing the use of either gender shall include both genders and neuter.

5.3 The Holder hereby consents to the disclosure of the substance of this Agreement in any press release or the URC Circular and to the filing of this Agreement as may be required pursuant to applicable Laws.

5.4 This Agreement shall not be assigned by any Party hereto without the prior written consent of the other Parties hereto. This Agreement shall enure to the benefit of the Parties and their respective successors and permitted assigns and shall be binding upon the Parties and their respective successors.

5.5 Time shall be of the essence of this Agreement.

5.6 Each of the provisions contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such provision or part thereof by a court of competent jurisdiction shall not affect the validity or enforceability of any other provision hereof. To the extent permitted by applicable Laws, the Parties hereto waive any provision of Law that renders any provision of this Agreement or any part thereof invalid or unenforceable in any respect. The Parties hereto will engage in good faith negotiations to replace any provision hereof or any part thereof that is declared invalid or unenforceable with a valid and enforceable provision or part thereof, the economic effect of which approximates as much as possible the invalid or unenforceable provision or part thereof that it replaces.

5.7 Any notice, consent, waiver, direction or other communication required or permitted to be given under this Agreement by a Party hereto shall be in writing and shall be delivered by hand to the Party hereto to which the notice is to be given, sent by electronic mail to the following address, or to such other address or number as shall be specified by a Party hereto by like notice. Any notice, consent, waiver, direction or other communication aforesaid shall, if delivered, be deemed to have been given and received on the date on which it was delivered to the address provided herein (if a Business Day or, if not, then the next succeeding Business Day) and if sent by electronic mail be deemed to have been given and received at the time of receipt (if a Business Day or, if not, then the next succeeding Business Day) unless actually received after 5:00

p.m. (Toronto time) at the point of delivery in which case it shall be deemed to have been given and received on the next Business Day.

The addresses and numbers for service of each of the Parties hereto shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 to the Holder

Vina Patel

1188 West Georgia Street, Suite 1830

Vancouver, BC V6E 4A2

Attention: Vina Patel <br> Email: *[Redacted: personal information]*

With a copy (which shall not constitute notice) to:

Sangra Moller LLP

1021 West Hastings Street, Suite 2200

Vancouver, British Columbia V6C 0C3

Attention: Rod Talaifar <br> Email: *[Redacted: personal information]*

 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 to the Sweetwater Investors:

Orion Resource Partners (USA) LP

7 Bryant Park, 1045 Avenue of the Americas, Floor 25

New York, NY 10018

Attention: Legal <br> Email: *[Redacted: personal information]*

 

and

Ontario Teachers' Pension Plan

160 Front Street West, Suite 3200

Toronto, Ontario, M5J 0G4

Attention: James Sikora and Legal <br> Email: *[Redacted: personal information]*

 

With a copy (which shall not constitute notice) to:

Torys LLP

79 Wellington St. West

Suite 3000, P.O. Box 270, TD Centre

Toronto, ON M5K 1N2

Attention: Michael Pickersgill <br> Email: *[Redacted: personal information]*

With a copy (which shall not constitute notice) to:

Sidley Austin LLP

787 7<sup>th</sup> Ave, New York

NY 10019, United States

Attention: Andrew J. Fadale <br> Email: *[Redacted: personal information]*

 

With a copy (which shall not constitute notice) to:

Weil, Gotshal & Manges LLP

200 Crescent Court, Suite 300

Dallas, Texas, United States 75201

Attention: James R. Griffin <br> Email: *[Redacted: personal information]*

With a copy (which shall not constitute notice) to:

Weil, Gotshal & Manges LLP

767 Fifth Avenue

New York, New York, United States 10153

Attention: Alex Lynch <br> Email: *[Redacted: personal information]*

 

5.8 This Agreement, together with the agreements and other documents herein or therein referred to, constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof and supersede all prior agreements, understandings, negotiations and discussions, whether oral or written, between the Parties with respect to the subject matter hereof. There are no representations, warranties, covenants or conditions with respect to the subject matter hereof except as contained herein.

5.9 This Agreement shall be governed by, and be construed in accordance with, the laws of the Province of British Columbia and the laws of Canada applicable therein but the reference to such laws shall not, by conflict of laws rules or otherwise, require the application of the law of any jurisdiction other than the Province of British Columbia.

5.10 Each Party irrevocably attorns and submits to the non-exclusive jurisdiction of the Ontario courts situated in the City of Vancouver and waives objection to the venue of any proceeding in such court or that such court provides an inconvenient forum.

5.11 Unless otherwise stated, all references in this Agreement to amounts of money are expressed in lawful money of Canada.

5.12 The Holder recognizes and acknowledges that this Agreement is an integral part of the Sweetwater Investors entering into the Arrangement Agreement, and that the Sweetwater Investors would not contemplate proceeding with the transactions contemplated by the Arrangement Agreement unless this Agreement was entered into by the Holder, and that a breach by the Holder of any covenants or other commitments contained in this Agreement will cause the Sweetwater Investors to sustain injury for which money damages would not be an adequate remedy at law. Therefore, the Holder agrees that, in the event of any such breach, each of the Sweetwater Investors shall be entitled to the remedy of specific performance of such covenants or commitments and preliminary and permanent injunctive and other equitable relief in addition to any other remedy to which it may be entitled, at law or in equity.

5.13 This Agreement may be executed in one or more counterparts, each of which shall conclusively be deemed to be an original and all such counterparts collectively shall be conclusively deemed to be one and the same. Delivery of an executed counterpart of the signature page to this Agreement by electronic mail shall be as effective as delivery of a manually executed counterpart of this Agreement.

*[Remainder of page intentionally left blank]*

 

 

IN WITNESS WHEREOF the Parties have signed this Voting Support Agreement.

---

| | |
|:---|:---|
| **HRG METALS LP by its general partner**<br> **HRG METALS GP INC.** | **HRG METALS LP by its general partner**<br> **HRG METALS GP INC.** |
| By: | */s/ "Jim Sikora"* |
| Name: | James Sikora |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF II ONSHORE GAMMA HOLDINGS LLC** | **OMF II ONSHORE GAMMA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF II INTERMEDIATE HOLDINGS LLC** | **OMF II INTERMEDIATE HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF III ONSHORE GAMMA HOLDINGS LLC** | **OMF III ONSHORE GAMMA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF ONSHORE OMEGA HOLDINGS LLC** | **OMF ONSHORE OMEGA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF CO-FUND II HOLDINGS LLC** | **OMF CO-FUND II HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF II ONSHORE ALPHA HOLDINGS LLC** | **OMF II ONSHORE ALPHA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF II ONSHORE BETA HOLDINGS LLC** | **OMF II ONSHORE BETA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF III ONSHORE ALPHA HOLDINGS LLC** | **OMF III ONSHORE ALPHA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF III ONSHORE BETA HOLDINGS LLC** | **OMF III ONSHORE BETA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF III INTERMEDIATE HOLDINGS LLC** | **OMF III INTERMEDIATE HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **ORION MINE FINANCE GP III LP, by its**<br> **general partner ORION MINE FINANCE GP III LLC** | **ORION MINE FINANCE GP III LP, by its**<br> **general partner ORION MINE FINANCE GP III LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

**HOLDER:**

---

| |
|:---|
| */s/ "Vina Patel"* |
| **VINA PATEL** |

---

**SCHEDULE A**

**OWNERSHIP OR CONTROL/DIRECTION OF SUBJECT SHARES AND SUBJECT OPTIONS**

---

| | | |
|:---|:---|:---|
| **Name** | **URC Options** | &nbsp;&nbsp;&nbsp;**URC Shares** |
| Vina Patel | 91850 | Nil |
| Night Star Consulting Ltd. | Nil | 70000 |

---

## Exhibit 99.11

**Exhibit 99.11**

![](ex99-11_001.jpg)

***Execution Version***

**<u>VOTING SUPPORT AGREEMENT</u>**

This voting support agreement between HRG Metals LP ("**HRG**"), certain affiliated entities of Orion Resources Partners (USA) LP ("**Orion**", together with HRG, the "**Sweetwater Investors**"), and Ken Robertson (the "**Holder**", and together with the Sweetwater Investors, the "**Parties**" and each a "**Party**") is made this 16th day of April, 2026.

**<u>RECITALS</u>**

Uranium Royalty Corp. (the "**Company**") and the Sweetwater Investors are concurrently entering into an arrangement agreement dated as of even date herewith (together with any amendments or modifications, the "**Arrangement Agreement**") pursuant to which, among other things, the Company will combine with New ParentCo, and the combined company will hold the Sweetwater Investors' interests in the Sweetwater Assets, in accordance with and pursuant to the terms and conditions of the Arrangement Agreement and a plan of arrangement (the "**Proposed Transaction**").

The Holder is the owner of, or has the power to control or direct, the URC Shares (the "**Subject Shares**") and the URC Options (the "**Subject Options**" and together with the Subject Shares, the "**Subject Securities**"), as applicable, listed in Schedule A hereto; provided that, for greater certainty, the term "**Subject Shares**" shall include any URC Shares issuable upon the exercise of any Subject Options, and the term "**Subject Securities**" shall include any and all URC Shares, URC Options or any other securities issued under the URC Incentive Plan of which the Holder acquires beneficial ownership, or control or direction over, directly or indirectly, after the date hereof.

The Holder is a director and/or officer of the Company.

This voting support agreement (this "**Agreement**") sets out the terms and conditions on which the Holder has agreed to support the Proposed Transaction. The Sweetwater Investors are relying on the covenants, representations and warranties of the Holder set forth in this Agreement in connection with its execution and delivery of the Arrangement Agreement.

Capitalized terms used in this Agreement and not otherwise defined herein that are defined in the Arrangement Agreement shall have the respective meanings ascribed thereto in the Arrangement Agreement.

**ARTICLE 1**

**<u>COVENANTS OF HOLDER</u>**

1.1 The
 Holder hereby agrees that he or she shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) vote
 (or cause to be voted) all of the Subject Shares at any meeting of the holders of URC Shares,
 and in any action by written consent of the holders of URC Shares (unless, and only then
 to the extent, prohibited by Law):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 favour of the approval, consent, ratification and adoption of the Proposed Transaction (and
 any actions required in furtherance thereof) and all other resolutions to be put to the meeting
 of holders of URC Shares in respect of the Proposed Transaction as contained in the Arrangement
 Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) against
 any proposed action by the Company, the holders of URC Shares, any Subsidiary of the Company
 or any other Person: (A) in respect of any corporate transaction, such as a merger, amalgamation,
 arrangement, rights offering, reorganization, recapitalization, liquidation or take-over
 bid or similar transaction involving the Company or URC Shares other than the Proposed Transaction;
 and (B) that would reasonably be expected to prevent or materially delay the implementation
 or the successful completion of the Proposed Transaction, including, without limitation,
 any Acquisition Proposal; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no
 later than five (5) Business Days prior to the cut-off date for the deposit of votes by proxy
 or voting instruction form in respect of any meeting of the holders of URC Shares to consider
 the Proposed Transaction, duly complete (or cause to be completed) and cause forms of proxy
 or voting instruction forms, as applicable, in respect of all the Subject Shares to be validly
 delivered and cause the Subject Shares to be voted in favour of the Proposed Transaction,
 and such forms of proxy or voting instruction forms, as applicable, shall not be revoked
 or withdrawn, unless the prior written consent of the Sweetwater Investors has been obtained
 or this Agreement has been terminated pursuant to the terms of this Agreement.

1.2 The Holder hereby agrees that he or she shall not, directly or indirectly, except in accordance with the terms of this Agreement, as contemplated by the Arrangement Agreement or with the prior written consent of the Sweetwater Investors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) option,
 sell, assign, dispose of, pledge, encumber, grant a security interest in or otherwise convey
 any Subject Securities or any right or interest therein, or agree to do any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) exercise
 any securityholder rights or remedies available at common law or pursuant to applicable Law,
 or take any other action of any kind, in each case that would reasonably be expected to delay
 or prevent the completion of, the Proposed Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) solicit,
 assist, initiate, knowingly encourage or otherwise facilitate (including by way of furnishing
 information, permitting any visit to any facilities or entering into any form of agreement,
 arrangement or understanding) any inquiries or proposals, whether publicly or otherwise,
 regarding an Acquisition Proposal or potential Acquisition Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) enter
 into, engage, continue or participate, directly or indirectly, in any negotiations or discussions
 regarding, or provide any non-public information with respect to the Company or any of its
 Subsidiaries, or offer or provide access to the business, properties, assets, books or records
 of the Company or any of its Subsidiaries or otherwise cooperate in any way with, any Acquisition
 Proposal or potential Acquisition Proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) requisition
 or join in a requisition of any meeting of the securityholders of the Company for the purpose
 of considering any resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) solicit
 or arrange for the solicitation of proxies relating to, or purchases of or offers to sell,
 URC Shares or securities convertible into or exchangeable or exercisable for, or representing,
 URC Shares or act in concert or jointly with any other person for the purpose of acquiring
 any URC Shares or securities convertible into or exchangeable or exercisable for, or representing,
 URC Shares for the purpose of influencing the voting of URC Shares or affecting the control
 of the Company, other than, in the case of proxy solicitation, in support of the Proposed
 Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) do
 indirectly, including through any of its wholly-owned Subsidiaries, anything which would
 not be permitted to be done directly pursuant to the foregoing provisions of this Section;
 or

(c) take
 any action to encourage or assist any other Person to do any of the prohibited acts referred
 to in the foregoing provisions of this Section.

1.3 The Holder covenants to, at the expense of the Company, use commercially reasonable efforts to take all actions and do all things as are reasonably necessary to co-operate with the Sweetwater Investors and the Company in making all requisite regulatory filings in connection with the Proposed Transaction.

1.4 The Holder shall at all times cause any wholly-owned Subsidiaries through which he or she beneficially owns or exercises control or direction over, directly or indirectly, Subject Securities to act in accordance with the terms of this Agreement, to the extent applicable thereto.

**ARTICLE 2**

**<u>FIDUCIARY OBLIGATIONS</u>**

Notwithstanding any other provision of this Agreement, the Sweetwater Investors hereby agree and acknowledge that the Holder is bound hereunder solely in his or her capacity as a securityholder of the Company and that the provisions hereof shall not be deemed or interpreted to bind the Holder in his or her capacity as a director or officer of the Company. For greater certainty, nothing in this Agreement shall restrict or limit the Holder from acting in his or her capacity as a director or officer of the Company in compliance with his or her fiduciary duties or applicable Law, and any actions taken by the Holder in such capacity shall not be deemed to constitute a breach of this Agreement. The Holder acknowledges that the Arrangement Agreement imposes certain restrictions on the actions of the Company and its officers and directors.

**ARTICLE 3**

**<u>REPRESENTATIONS AND WARRANTIES</u>**

3.1 The Holder represents and warrants as follows and acknowledges that each of the Sweetwater Investors are relying upon such representations and warranties in connection with entering into this Agreement and the Arrangement Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Holder beneficially owns, directly or indirectly, or has control or direction over, the Subject
 Securities as listed in Schedule A; and (ii) the Holder has no agreement or options, or rights
 or privilege (whether by Law, pre-emptive or contractual) capable of becoming an agreement
 or option, for the purchase or acquisition by him or her or transfer to him or her of additional
 securities of the Company other than the Subject Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Holder has the sole right to vote (or cause to be voted) all the Subject Shares now held,
 and will have the right to vote (or cause to be voted) all the Subject Shares hereafter acquired
 by him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no
 Person has any agreement, option, or any right or privilege (whether by Law, pre-emptive
 or contractual) capable of becoming an agreement or option, for the purchase, acquisition
 or transfer from the Holder of any of the Subject Securities or any interest therein or right
 thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 execution and delivery by the Holder of this Agreement, the authorization of this Agreement
 by the Holder, and the performance by the Holder of his or her obligations under this Agreement,
 will not result (with or without notice or the passage of time) in a violation or breach
 of or constitute a default under any provision of: (i) any applicable Law; (ii) any note,
 bond, mortgage, indenture or contract or agreement to which the Holder is party or by which
 he or she is bound; or (iii) any judgment, decree, order or award of any Governmental Entity
 or arbitrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Holder has the necessary power, authority, capacity and right to enter into this Agreement
 and to perform his or her obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) this
 Agreement has been duly executed and delivered by the Holder and constitutes a legal, valid
 and binding obligation of it, enforceable against it in accordance with its terms, subject
 to bankruptcy, insolvency and other applicable Law affecting creditors' rights generally,
 and to general principles of equity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 Holder has had adequate opportunity to obtain independent legal advice with respect to this
 Agreement and fully understands the terms contained in this Agreement.

3.2 Each of Orion and OTPP, solely on its own behalf and not jointly with the other, represents and warrants as follows and acknowledges that the Holder is relying upon such representations and warranties in connection with the entering into of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each
 of the Sweetwater Investors are duly incorporated, formed or organized, as applicable, and
 validly existing and, where such concept is recognized under applicable Law, in good standing
 under the Laws of its jurisdiction of incorporation, formation, or continuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Sweetwater Investors have the necessary corporate power and authority to enter into this
 Agreement and to perform their obligations hereunder and, their execution and delivery of
 this Agreement and the consummation by the Sweetwater Investors of the Proposed Transaction
 have been duly authorized and no other corporate proceedings on its part are necessary to
 authorize this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this
 Agreement has been duly executed and delivered by the Sweetwater Investors and constitutes
 a legal, valid and binding obligation of the Sweetwater Investors, enforceable against it
 in accordance with its terms, subject to bankruptcy, insolvency and other applicable Law
 affecting creditors' rights generally, and to general principles of equity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 authorization of this Agreement, the execution and delivery by the Sweetwater Investors of
 this Agreement and the performance by it of its obligations under this Agreement, will not
 result (with or without notice or the passage of time) in a violation or breach of or constitute
 a default under any provision of (i) its constating documents or by-laws; (ii) any applicable
 Law; (iii) any note, bond, mortgage, indenture or contract or agreement to which any of the
 Sweetwater Investors are party or by which it is bound; or (iv) any judgment, decree, order
 or award of any Governmental Entity or arbitrator.

**ARTICLE 4**

**<u>TERMINATION</u>**

4.1 This Agreement shall terminate automatically upon the earlier of: (a) the termination of this Agreement by the written consent of each of the Sweetwater Investors and Holder; (b) the Arrangement Agreement's valid termination in accordance with its terms prior to the Effective Time; and (c) the Effective Time.

4.2 If this Agreement is terminated in accordance with Section 4.1, the provisions of this Agreement will become void and no Party shall have liability to any other Party, except in respect of a breach of this Agreement which occurred prior to such termination.

**ARTICLE 5**

**<u>GENERAL</u>**

5.1 The division of this Agreement into Articles, Sections, subsections and paragraphs and the insertion of headings herein are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement. The terms "**this Agreemen**t", "**hereof**", "**herein**", "**hereto**", "**hereunder**" and similar expressions refer to this Agreement and not to any particular article, section or other portion hereof and include any agreement, schedule or instrument supplementary or ancillary hereto or thereto. Unless the contrary intention appears, references in this Agreement to an Article, Section, subsection, paragraph or Schedule by number or letter or both refer to the Article, Section, subsection, paragraph or Schedule, respectively, bearing that designation in this Agreement.

5.2 In this Agreement, unless the context otherwise requires, words importing the singular only shall include the plural and vice versa, words importing the use of either gender shall include both genders and neuter.

5.3 The Holder hereby consents to the disclosure of the substance of this Agreement in any press release or the URC Circular and to the filing of this Agreement as may be required pursuant to applicable Laws.

5.4 This Agreement shall not be assigned by any Party hereto without the prior written consent of the other Parties hereto. This Agreement shall enure to the benefit of the Parties and their respective successors and permitted assigns and shall be binding upon the Parties and their respective successors.

5.5 Time shall be of the essence of this Agreement.

5.6 Each of the provisions contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such provision or part thereof by a court of competent jurisdiction shall not affect the validity or enforceability of any other provision hereof. To the extent permitted by applicable Laws, the Parties hereto waive any provision of Law that renders any provision of this Agreement or any part thereof invalid or unenforceable in any respect. The Parties hereto will engage in good faith negotiations to replace any provision hereof or any part thereof that is declared invalid or unenforceable with a valid and enforceable provision or part thereof, the economic effect of which approximates as much as possible the invalid or unenforceable provision or part thereof that it replaces.

5.7 Any notice, consent, waiver, direction or other communication required or permitted to be given under this Agreement by a Party hereto shall be in writing and shall be delivered by hand to the Party hereto to which the notice is to be given, sent by electronic mail to the following address, or to such other address or number as shall be specified by a Party hereto by like notice. Any notice, consent, waiver, direction or other communication aforesaid shall, if delivered, be deemed to have been given and received on the date on which it was delivered to the address provided herein (if a Business Day or, if not, then the next succeeding Business Day) and if sent by electronic mail be deemed to have been given and received at the time of receipt (if a Business Day or, if not, then the next succeeding Business Day) unless actually received after 5:00

p.m. (Toronto time) at the point of delivery in which case it shall be deemed to have been given and received on the next Business Day.

The addresses and numbers for service of each of the Parties hereto shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 to the Holder

Ken Robertson

1188 West Georgia Street, Suite 1830

Vancouver, BC V6E 4A2

Attention: Ken Robertson <br> Email: *[Redacted: personal information]*

With a copy (which shall not constitute notice) to:

Sangra Moller LLP

1021 West Hastings Street, Suite 2200

Vancouver, British Columbia V6C 0C3

Attention: Rod Talaifar <br> Email: *[Redacted: personal information]*

 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 to the Sweetwater Investors:

Orion Resource Partners (USA) LP

7 Bryant Park, 1045 Avenue of the Americas, Floor 25

New York, NY 10018

Attention: Legal <br> Email: *[Redacted: personal information]*

 

and

Ontario Teachers' Pension Plan

160 Front Street West, Suite 3200

Toronto, Ontario, M5J 0G4

Attention: James Sikora and Legal <br> Email: *[Redacted: personal information]*

 

With a copy (which shall not constitute notice) to:

Torys LLP

79 Wellington St. West

Suite 3000, P.O. Box 270, TD Centre

Toronto, ON M5K 1N2

Attention: Michael Pickersgill <br> Email: *[Redacted: personal information]*

With a copy (which shall not constitute notice) to:

Sidley Austin LLP

787 7<sup>th</sup> Ave, New York

NY 10019, United States

Attention: Andrew J. Fadale <br> Email: *[Redacted: personal information]*

 

With a copy (which shall not constitute notice) to:

Weil, Gotshal & Manges LLP

200 Crescent Court, Suite 300

Dallas, Texas, United States 75201

Attention: James R. Griffin <br> Email: *[Redacted: personal information]*

With a copy (which shall not constitute notice) to:

Weil, Gotshal & Manges LLP

767 Fifth Avenue

New York, New York, United States 10153

Attention: Alex Lynch <br> Email: *[Redacted: personal information]*

 

5.8 This Agreement, together with the agreements and other documents herein or therein referred to, constitute the entire agreement between the Parties hereto pertaining to the subject matter hereof and supersede all prior agreements, understandings, negotiations and discussions, whether oral or written, between the Parties with respect to the subject matter hereof. There are no representations, warranties, covenants or conditions with respect to the subject matter hereof except as contained herein.

5.9 This Agreement shall be governed by, and be construed in accordance with, the laws of the Province of British Columbia and the laws of Canada applicable therein but the reference to such laws shall not, by conflict of laws rules or otherwise, require the application of the law of any jurisdiction other than the Province of British Columbia.

5.10 Each Party irrevocably attorns and submits to the non-exclusive jurisdiction of the Ontario courts situated in the City of Vancouver and waives objection to the venue of any proceeding in such court or that such court provides an inconvenient forum.

5.11 Unless otherwise stated, all references in this Agreement to amounts of money are expressed in lawful money of Canada.

5.12 The Holder recognizes and acknowledges that this Agreement is an integral part of the Sweetwater Investors entering into the Arrangement Agreement, and that the Sweetwater Investors would not contemplate proceeding with the transactions contemplated by the Arrangement Agreement unless this Agreement was entered into by the Holder, and that a breach by the Holder of any covenants or other commitments contained in this Agreement will cause the Sweetwater Investors to sustain injury for which money damages would not be an adequate remedy at law. Therefore, the Holder agrees that, in the event of any such breach, each of the Sweetwater Investors shall be entitled to the remedy of specific performance of such covenants or commitments and preliminary and permanent injunctive and other equitable relief in addition to any other remedy to which it may be entitled, at law or in equity.

5.13 This Agreement may be executed in one or more counterparts, each of which shall conclusively be deemed to be an original and all such counterparts collectively shall be conclusively deemed to be one and the same. Delivery of an executed counterpart of the signature page to this Agreement by electronic mail shall be as effective as delivery of a manually executed counterpart of this Agreement.

*[Remainder of page intentionally left blank]*

 

 

IN WITNESS WHEREOF the Parties have signed this Voting Support Agreement.

---

| | |
|:---|:---|
| **HRG METALS LP by its general partner**<br> **HRG METALS GP INC.** | **HRG METALS LP by its general partner**<br> **HRG METALS GP INC.** |
| By: | */s/ "James Sikora"* |
| Name: | James Sikora |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF II ONSHORE GAMMA HOLDINGS LLC** | **OMF II ONSHORE GAMMA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF II INTERMEDIATE HOLDINGS LLC** | **OMF II INTERMEDIATE HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF III ONSHORE GAMMA HOLDINGS LLC** | **OMF III ONSHORE GAMMA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF ONSHORE OMEGA HOLDINGS LLC** | **OMF ONSHORE OMEGA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF CO-FUND II HOLDINGS LLC** | **OMF CO-FUND II HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF II ONSHORE ALPHA HOLDINGS LLC** | **OMF II ONSHORE ALPHA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF II ONSHORE BETA HOLDINGS LLC** | **OMF II ONSHORE BETA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF III ONSHORE ALPHA HOLDINGS LLC** | **OMF III ONSHORE ALPHA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF III ONSHORE BETA HOLDINGS LLC** | **OMF III ONSHORE BETA HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **OMF III INTERMEDIATE HOLDINGS LLC** | **OMF III INTERMEDIATE HOLDINGS LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

---

| | |
|:---|:---|
| **ORION MINE FINANCE GP III LP, by its**<br> **general partner ORION MINE FINANCE GP III LLC** | **ORION MINE FINANCE GP III LP, by its**<br> **general partner ORION MINE FINANCE GP III LLC** |
| By: | */s/ "Istvan Zollei"* |
| Name: | Istvan Zollei |
| Title: | Authorized Signatory |

---

**HOLDER:**

---

| |
|:---|
| */s/ "Ken Robertson"* |
| **KEN ROBERTSON** |

---

**SCHEDULE A**

**OWNERSHIP OR CONTROL/DIRECTION OF SUBJECT SHARES AND SUBJECT OPTIONS**

---

| | | |
|:---|:---|:---|
| **Name** | **URC Options** | **URC Shares** |
| Ken Robertson | 34850 | Nil |

---

## Exhibit 99.12

**Exhibit 99.12**

---

| | |
|:---|:---|
|  | ![](ex99-12_001.jpg) |
| Date: April 28, 2026 | 510 Burrard St, 3rd Floor |
|  | Vancouver BC, V6C 3B9 |
|  | www.computershare.com |

---

To: All Canadian Securities Regulatory Authorities

**Subject: Uranium Royalty Corp.**

Dear Sir/Madam:

We advise of the following with respect to the upcoming Meeting of Security Holders for the subject Issuer:

---

| | |
|:---|:---|
| Meeting Type: | Special Meeting |
| Record Date for Notice of Meeting: | May 11, 2026 |
| Record Date for Voting (if applicable): | May 11, 2026 |
| Beneficial Ownership Determination Date: | May 11, 2026 |
| Meeting Date: | June 17, 2026 |
| Meeting Location (if available): | Vancouver, BC |
| Issuer sending proxy related materials directly to NOBO: | No |
| Issuer paying for delivery to OBO: | Yes |
| **Notice and Access (NAA) Requirements:** |  |
| &nbsp;&nbsp;&nbsp;NAA for Beneficial Holders | No |
| &nbsp;&nbsp;&nbsp;Beneficial Holders Stratification Criteria: | Not Applicable |
| &nbsp;&nbsp;&nbsp;NAA for Registered Holders | No |
| &nbsp;&nbsp;&nbsp;Registered Holders Stratification Criteria: | Not Applicable |

---

**Voting Security Details:**

---

| | | |
|:---|:---|:---|
| **Description** | **CUSIP Number** | **ISIN** |
| COMMON | 91702V101 | CA91702V1013 |

---

Sincerely,

**Computershare**

Agent for Uranium Royalty Corp.