05:07 PM EDT, 08/01/2024 (MT Newswires) -- Uranium Royalty ( UROY ) on Thursday said it agreed to acquire an additional royalty on a portion of the Churchrock uranium project owned indirectly by Laramide Resources for US$3.5 million.

The royalty is structured as a Gross Overriding Royalty of 6% "Mine Price", which anticipates recovery of reasonable and actual costs to transport the mineral to the final point of sale, the company said.

The Churchrock Project is an advanced stage, in-situ recovery uranium project located in the Grants Mineral Belt, 12 miles northeast of Gallup, New Mexico.

The company's shares closed down $0.31 to $3.04 on the Toronto Stock Exchange.