The Goldman Sachs Effect: Look Out for a “Demand Double”

UROY: Nasdaq is up 27% in the last month. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 

**Disseminated on behalf of Uranium Royalty Corp** The U.S. hasn’t seen a power demand surge since the post-WW2 industrial boom. And now, the most famous investment bank is taking the driver's seat on Interstate A.I. Goldman Sachs estimates that by 2030, data center power demand will skyrocket by 160%, turning AI’s progress into a global power challenge. Imagine every AI query using 10 to 30 times more energy than a standard Google search — because that’s the reality we're hurtling toward. ¹ Data centers are already large consumers of energy, but now, given the size and complexities of these models… AND the computational demand of generating net new content as an output, data center energy needs are set to grow exponentially. Including Northern Virginia, where data center energy demand is expected to account for up to 40% of the regional load by 2040. ²   The Recipe for Power… and PROFIT McKinsey estimates the power needs of data centers are expected to grow to about 3x higher than current capacity by the end of the decade. The end result is data centers going from between 3-4% of total US power demand today to between 11-12% in 2030. Ushering in the most significant electricity demand surge. EVER. ³ The IEA forecasts that in the next two years alone… Data center demand could be equivalent to the amount of electricity used by the country of Japan! Goldman Sachs sees energy demand growing at 2.4%, PER YEAR. But wait, there’s more… Europe needs over $1 trillion to power up for AI. After 15 years of declining demand, the continent faces a massive grid overhaul to handle the coming energy surge.   The Energy Grid is NOT Prepared for This Kind of Load And if we continue down this path with our current energy sources, we’re not only facing massive shortages but a demand disaster. What’s the solution? It’s simple. It’s powerful. It’s Nuclear Energy. And That Means A LOT More Uranium. Goldman Sachs analysts project that major tech companies will soon be underwriting nuclear power projects to mitigate the carbon footprint of their vast AI operations. The global demand for uranium—the fuel that powers nuclear reactors—is set to go much higher. Just last week Amazon made a MAJOR announcement venturing into nuclear energy by cutting a deal with X-Energy for small modular reactors. We think the best way to play this major trend is through this company: Uranium Royalty Corp (NASDAQ:UROY) The Nuclear Power Play You Can’t Miss As the only pure-play uranium royalty and physical uranium company in the world, Uranium Royalty Corp (UROY:Nasdaq) is perfectly positioned to capitalize on the coming uranium bull market. It’s one of the top performing uranium companies since its IPO: Here’s why you need to pay attention: 1. First-Mover Advantage: The Pure-Play Uranium Royalty Pioneer UROY is the first and only company to apply the successful royalty and streaming model directly to uranium. This gives it a unique edge in an industry that’s about to explode. While others scramble to get in, URC is already entrenched, positioned to reap the rewards as demand for nuclear energy surges. 2. Exposure to Physical Uranium at Much LOWER Prices UROY holds physical uranium acquired at cyclical lows, and those assets are already up over 33% in value since acquisition (based on the spot price on September 12, 2024, according to their latest presentation). As uranium prices continue to rise, UROY is perfectly poised to ride the price surge while sitting on tangible, appreciating assets. UROY has no debt and all their physical uranium is held in secured American facilities. Source: October 2024 UROY Presentation 3. Royalties on World-Class Projects UROY holds royalties on some of the world’s largest and highest-grade uranium projects, including Canada’s legendary McArthur River and Cigar Lake mines. These projects aren’t speculative—they’re established, high-quality assets in politically stable, mining-friendly regions. When these projects ramp up production, UROY collects its share—without any operational risk. 4. Strategic Diversification Across Global Projects UROY portfolio isn’t just limited to one region. It’s spread across multiple top-tier mining jurisdictions, including the U.S., Canada, and Namibia. This geographic diversification minimizes risk while maximizing exposure to the global uranium boom. 5. Stalwart Leadership UROY is captained by industry heavyweight Scott Melbye, a veteran with 40 years of experience in uranium. Melbye has served as an executive at industry giants like Cameco, and his connections and insights into the uranium world give UROY a leadership edge that few can match. Regards, The Katusa Research Special Situations Team _________________________________ ¹ Thompson, D., & Incera, M. (2024, October 4). Powering AI – opportunities, tensions in Datacenter and energy markets. S&P Global Market Intelligence. https://www.spglobal.com/market-intelligence/en/news-insights/research/powering-ai-opportunities-tensions-in-datacenter-and-energy-markets ² Lenoir, T., & Wilson, A. (2024, June 13). US datacenter and energy outlook – powering the AI economy. S&P Global. https://www.spglobal.com/marketintelligence/en/news-insights/research/us-datacenter-and-energy-outlook-powering-the-ai-economy ³ Green, A., Tai, H., Noffsinger, J., & Sachdeva, P. (2024, September 17). How data centers and the Energy Sector Can Sate Ai’s hunger for power. McKinsey & Company. https://www.mckinsey.com/industries/private-capital/our-insights/how-data-centers-and-the-energy-sector-can-sate-ais-hunger-for-power Copyright © 2024, Katusa Research, All rights reserved. PLEASE READ: RETURNS AND TESTIMONIAL DISCLOSURE  Contact Us | Privacy | Terms & Conditions   IMPORTANT DISCLAIMER & DISCLOSURES Investing in stocks is HIGH RISK. You could lose All of your investment. Katusa Research, as a publisher, is not a broker, investment advisor, or financial advisor in any jurisdiction. Please do not rely on the information presented by Katusa Research as personal investment advice. If you need personal investment advice, kindly reach out to a qualified and registered broker, investment advisor, or financial advisor. The communications from Katusa Research should not form the basis of your investment decisions. Examples we provide regarding share price increases related to specific companies are based on randomly selected time periods and should not be taken as an indicator or predictor of future stock prices for those companies. Uranium Royalty Corp is a paid sponsor of this report. The information in this newsletter does not constitute an offer to sell or a solicitation of an offer to buy any securities of a corporation or entity, including U.S. Traded Securities or U.S. Quoted Securities, in the United States or to U.S. Persons. Securities may not be offered or sold in the United States except in compliance with the registration requirements of the Securities Act and applicable U.S. state securities laws or pursuant to an exemption therefrom. Any public offering of securities in the United States may only be made by means of a prospectus containing detailed information about the corporation or entity and its management as well as financial statements. No securities regulatory authority in the United States has either approved or disapproved of the contents of any newsletter. Katusa Research nor any employee of Katusa Research is not registered with the United States Securities and Exchange Commission (the “SEC”): as a “broker-dealer” under the Exchange Act, as an “investment adviser” under the Investment Advisers Act of 1940, or in any other capacity. Katusa Research, its owners, directors, and employees are also not registered with any state securities commission or authority as a broker-dealer or investment advisor or in any other capacity. HIGHLY BIASED: In our role, we aim to highlight specific companies for your further investigation; however, these are not stock recommendations, nor do they constitute an offer or sale of the referenced securities. Katusa Research partner company, New Era Publishing Inc. has received cash compensation in the amount of $1.25M from Uranium Royalty Corp and is thus extremely biased . It is crucial that you conduct your own research prior to investing. This includes reading the companies' SEDAR and SEC filings, press releases, and risk disclosures. The information contained herein regarding Uranium Royalty Corp. has been derived from its SEDAR+ and SEC filings, including scientific and technical information regarding its royalty assets which has been reviewed and approved by Darcy Hirsekorn, its Chief Technical Officer and is a professional geoscientist in Saskatchewan and a qualified person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects and is registered as a professional geoscientist in Saskatchewan. Information regarding the projects underlying Uranium Royalty Corp.'s interests has been derived from the publicly available disclosure of the underlying operators and owners, including where referenced herein. Katusa Research, and its directors, employees, and members of their households directly own or may own shares of Uranium Royalty Corp (UROY/UROY.TSX). Therefore, Katusa Research is extremely biased. Measures are in place such that no shares will be sold during the active awareness campaign. HIGH RISK: The securities issued by the companies we feature should be seen as high risk; if you choose to invest, despite these warnings, you may lose your entire investment. You must be aware of the risks and be willing to accept them in order to invest in financial instruments, including stocks, options, and futures. NOT PROFESSIONAL ADVICE: By reading this, you agree to all of the following: You understand this to be an expression of opinions and NOT professional advice. You are solely responsible for the use of any content and hold Katusa Research, and all partners, members, and affiliates harmless in any event or claim. While Katusa Research strives to provide accurate and reliable information sourced from believed-to-be trustworthy sources, we cannot guarantee the accuracy or reliability of the information. The information provided reflects conditions as they are at the moment of writing and not at any future date. Katusa Research is not obligated to update, correct, or revise the information post-publication. FORWARD-LOOKING STATEMENTS: Certain information presented may contain or be considered forward-looking statements. Such statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in these statements. There can be no assurance that any such statements will prove to be accurate, and readers should not place undue reliance on such information. These statements are subject to known and unknown risks including those set forth in Uranium Royalty Corp.'s most recent annual information form and other public filings available at www.sedarplus.ca and www.sec.gov. Neither Katusa Research nor Uranium Royalty Corp. undertake any obligations to update the information presented or to ensure that such information remains current and accurate, except as required under applicable law.

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