Daily Brief Energy/Materials: Uranium Royalty , WhiteHawk Minerals, Crude Oil, Northern Star Resources and more

• Uranium Royalty Corp. is a diversified royalty and streaming company focused on uranium and critical minerals, holding various royalty interests and physical uranium inventory.
• The company holds royalty interests in 24 uranium properties and 7 soda ash/trona operations, and is a large Wyoming landowner. It acquired Sweetwater Entities on July 27, 2026.
• For six months ended June 30, 2026, the company reported $43,114 thousand revenue and $14,946 thousand net income, with $602,990 thousand net long-term debt.

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• WhiteHawk Minerals Corp. is a natural gas mineral and royalty business focused on delivering cash flow and total returns to investors through disciplined acquisition and ownership of high-quality interests.
• WhiteHawk Minerals achieved approximately 38% cash-on-cash return to initial investors through 49 consecutive monthly cash dividends prior to the IPO.
• WhiteHawk Minerals is a premier natural gas mineral and royalty company, but it restated financial statements and identified material weaknesses in internal controls.

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• A review of recent events/data impacting our investment themes and outlook
• As US rate hikes are pushed out, the long end of the bond market continues to weaken
• October should provide the resolution as to whether the market catches up or catches down

• I tally 41 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
• Four new deal was discussed on Smartkarma this week: Northern Star Resources (NST AU), Meteoric Resources Nl (MEI AU), Zheneng Jinjiang Environment (ZJE SP), and Goodbaby International (1086 HK).
• Key updates/news also took place on: Ingenia Communities (INA AU), oOh!Media Ltd (OML AU), Get Nice (64 HK), and Yinson Holdings (YNS MK).