Uranium Royalty Corp agreed on 16 April to acquire a 92% interest in Sweetwater Royalties from Orion Resource Partners and Ontario Teachers' Pension Plan, valuing Sweetwater at an enterprise value of about $1.9bn.
Why Uranium Royalty Corp. is buying Sweetwater Royalties
URC said Sweetwater's long-life royalties in a top-tier jurisdiction would accelerate near-term cash flow, funding further uranium royalty acquisitions as the uranium supply gap widens. Sweetwater's royalties cover five operating soda ash mines and two greenfield projects in Wyoming's Green River Basin, home to the world's largest known trona deposit, and generated average adjusted EBITDA of about $74m on a 100% basis.
Deal terms and financing
The sellers receive about $330m in cash and $813m in shares of a newly formed US-domiciled parent, also named Uranium Royalty Corp, at a deemed $3.64 a share. The $1.9bn enterprise value includes $625m of Sweetwater debt as of 1 April. Orion and Ontario Teachers' remain significant shareholders.
Regulatory approvals and timing
The deal was structured as a plan of arrangement. The new US parent's annual report states the arrangement became effective on 27 July 2026, when it acquired about 92% of the Sweetwater entities; the company now reports as a US domestic filer.
Market context
Sweetwater is the largest landowner in Wyoming, with about 850,000 acres of fee surface rights and about 4.5 million acres of mineral rights, according to URC.
