07:25 AM EDT, 10/28/2024 (MT Newswires) -- Uranium Royalty ( UROY ) said Monday it has acquired an existing royalty on the Millennium and Cree extension uranium projects in Saskatchewan, Canada, for $6 million in cash from a third-party industrial gas company.

The acquired royalty is a net profit interest of 10% on around 20.7% participating interest in the projects. The royalty becomes payable after the recovery of all qualifying preproduction expenditures.

The Millennium Project hosts an indicated resource of 75.9 million pounds U3O8 at 2.39% grade and an inferred resource of 29 million pounds U3O8 at 3.19% grade.

Cameco, the project operator, previously submitted an Environmental Impact Statement for a potential mine producing 150,000 to 200,000 metric tons of ore per year with a projected mine life of 10 years.