Uranium Royalty Corp. (TSXV: URC) reported this morning its financial statement for the fiscal quarter ended October 31, 2021. The firm recorded a quarterly net loss of $0.59 million compared to a net loss of $0.64 million for the same three-month period last year.
The quarterly operating loss widened to $1.60 million from $0.28 million in the previous year. The increase in professional and general & administrative fees, however, was offset by income tax recovery of $1.03 million.
The firm also relayed that it has increased its physical uranium inventory by 300,000 pounds to 1,348,068 pounds, with an overall weighted average acquisition price of US$39.80 per pound. After its latest uranium purchase in October 2021, total holdings were at 1,048,068 pounds at an average cost of US$37.64 per pound.
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The quarter ended with a $20.77 million cash and cash equivalents balance compared to its starting balance of $7.21 million at the beginning of the fiscal year. The ending book value of inventories also increased to $39.51 million from $12.40 million at the start of the fiscal year.
Canaccord recently reiterated their C$7.50 12-month price target for the firm following the three-year deal it signed with CGN Global for a 500,000-uranium pound supply.
Uranium Royalty Corp. last traded at $4.81 on the TSX Venture.
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