CAMECO (CCJ) Company Report

Analyst Coverage

Research analysts who have asked questions during CAMECO earnings calls.

Alexander Pearce

BMO Capital Markets

6 questions for CCJ

Lawson Winder

Bank of America

6 questions for CCJ

Also covers: AA, AEM, CGAU +23 more

Orest Wowkodaw

Scotiabank

5 questions for CCJ

Also covers: ERO, FCX, HBM +2 more

Andrew Wong

RBC Capital Markets

4 questions for CCJ

Also covers: CF, LGO, LXU +3 more

Craig Hutchison

TD Securities

4 questions for CCJ

Also covers: ERO, EXK, HBM +3 more

Ralph Profiti

8 Capital

4 questions for CCJ

Also covers: AEM, BTG, ERO +6 more

Brian Lee

Goldman Sachs Group, Inc.

3 questions for CCJ

Also covers: ARRY, AYI, CSIQ +23 more

Mohamed Sidibe

Desjardins Securities

3 questions for CCJ

Also covers: AAUCF, FSM, IAG +2 more

Brian MacArthur

Raymond James Financial, Inc.

2 questions for CCJ

Also covers: CDE, CG, CGAU +10 more

Gordon Johnson

GLJ Research

2 questions for CCJ

Also covers: DQ, ENPH

Adam Alexander Wijaya

Goldman Sachs

1 question for CCJ

Also covers: CLMT, CVI, IMO +1 more

Adam Wijaya

Goldman Sachs

1 question for CCJ

Anita Soni

CIBC Capital Markets

1 question for CCJ

Also covers: AEM, BTG, BTO +9 more

Bob Brackett

Bernstein Research

1 question for CCJ

Also covers: APA, COP, CVX +8 more

Bryce Adams

CIBC Capital Markets

1 question for CCJ

Also covers: ERO, HBM, ORLA +2 more

Mohammed Sidibe

National Bank Financial Inc.

1 question for CCJ

Latest news

Recent press releases and 8-K filings for CCJ.

Cameco Signs Long-Term Uranium Supply Agreement with India

CCJ

New Projects/Investments

Revenue Acceleration/Inflection

Cameco (CCJ) has entered a long-term agreement to supply nearly 22 million pounds of uranium ore concentrate (U3O8) to the Government of India’s Department of Atomic Energy.
The contract is valued at approximately $2.6 billion (Canadian dollars) over a nine-year period, with deliveries expected to commence in 2027 and run through 2035.
This agreement supports India's ambitious plans to expand its nuclear power capacity to 100 GW by 2047, reflecting an emerging trend of sovereign buyers securing large volumes of uranium.
The estimated contract value is based on an average uranium spot price of US$86.95 per pound as of February 28, 2026.

1 day ago

6-K

Cameco signs long-term uranium supply agreement with India

CCJ

New Projects/Investments

Guidance Update

Cameco (TSX: CCO; NYSE: CCJ) has secured a long-term agreement to supply approximately 22 million pounds of uranium concentrate (U3O8) to the Department of Atomic Energy of the Indian government.
The contract has an estimated total value of approximately $2.6 billion Canadian dollars.
Deliveries under the agreement are scheduled to commence in 2027 and extend through 2035.
This estimated value is based on a uranium price of $86.95 US per pound and a CAD/USD exchange rate of 1.36 as of late February 2026.

1 day ago

Press Release

Cameco Discusses Strong Nuclear Industry Fundamentals and Growth Opportunities

CCJ

New Projects/Investments

M&A

Revenue Acceleration/Inflection

Cameco highlights strong nuclear industry fundamentals with demand growth shifting from narrative to execution, noting that current industry demand estimates are understated and supply is vulnerable due to underinvestment and geopolitical uncertainty.
Utilities have not yet contracted for 3.1 billion lbs of uranium out to 2045, with 1.3 billion lbs having no identified source, indicating a need for more price discovery to incentivize new supply.
Cameco is well-positioned with unparalleled assets across the fuel cycle and sees significant growth potential from its Westinghouse investment, particularly with the $80 billion U.S. government initiative to stimulate new reactor construction and supply chain development.

2 days ago

Transcript

Cameco Highlights Strong Nuclear Demand and Strategic Supply Position

CCJ

New Projects/Investments

Revenue Acceleration/Inflection

M&A

The nuclear power industry is experiencing durable demand growth, with current industry estimates considered understated due to new reactor announcements and the U.S. government's $80 billion investment in new reactors.
Cameco maintains a disciplined approach to supply, leveraging brownfield expansion capacity (e.g., MacArthur River licensed for 25 million pounds, tier two assets capable of 6-8 million pounds annually) that can be brought online within a two-year runway once replacement rate contracting is secured.
Utilities are currently contracting for 116 million pounds annually, which is below their estimated 190 million pounds of annual consumption, suggesting a draw on inventories and future contracting needs.
The Westinghouse acquisition has seen significantly increased growth opportunities from new AP1000 reactor commitments globally, with each new build project potentially adding $400 million-$600 million in EBITDA.

2 days ago

Transcript

Cameco Discusses Strong Demand, Vulnerable Supply, and Strategic Positioning in Nuclear Industry

CCJ

New Projects/Investments

Revenue Acceleration/Inflection

The nuclear power industry is experiencing durable demand growth, with current industry estimates for uranium demand considered understated as they do not yet account for new reactor announcements, AI/data centers, naval propulsion, or SMRs.
Uranium supply is seen as vulnerable and overstated due to over a decade of underinvestment, the absence of Russian secondary supplies post-2027, and the fact that 1.3 billion pounds of uranium needed by utilities out to 2045 currently have no identified source.
Utilities are not yet engaging in replacement rate contracting, having contracted 116 million pounds last year against an annual consumption of 190 million pounds, indicating a need for higher prices to incentivize new supply.
Cameco is well-positioned with unparalleled assets, including brownfield expansion capacity at MacArthur River (licensed for 25 million pounds, expecting to produce 14.5-16 million pounds this year) and other Tier 1 and Tier 2 assets, allowing for increased production without greenfield development.
The U.S. government, Cameco, Brookfield, and Westinghouse are investing $80 billion to stimulate the supply chain for 8-10 new reactors in the U.S., which is expected to generate 65 million pounds of demand over a 10-year period and will involve ordering long-lead items early.

2 days ago

Transcript

Cameco Signs Long-Term Uranium Supply Agreement with India

CCJ

New Projects/Investments

Cameco (TSX: CCO; NYSE: CCJ) has entered a long-term agreement to supply the Government of India’s Department of Atomic Energy with nearly 22 million pounds of uranium ore concentrate over a nine-year period.
The total contract value is estimated at approximately $2.6 billion, with deliveries expected to begin in 2027 and run through 2035.
This agreement supports India's ambitious plans to expand its nuclear power capacity to 100 GW by 2047, highlighting an emerging trend of sovereign buyers securing large volumes amid growing demand and uncertain supply.

2 days ago

Press Release

Cameco Discusses Uranium and Conversion Market Dynamics at BMO Conference

CCJ

New Projects/Investments

Guidance Update

Revenue Acceleration/Inflection

Cameco emphasizes a strong uranium market characterized by historic highs in uncovered demand and utilities buying below replacement rates since 2012, leading to inventory drawdowns.
The company reports a long-term uranium price of $90, but notes that 70% of 2025 contracted volumes were market-related, indicating 3-digit uranium prices with ceilings up to $160 and a midpoint near $120.
Cameco maintains production discipline, delaying development at McArthur River and keeping 30% of its licensed capacity in care and maintenance, only planning to restart these assets when market conditions support greenfield pricing.
The conversion market is experiencing historic pricing due to supply constraints, with Cameco's Port Hope facility being the largest operating in the West, and the company seeking longer-term contracts to incentivize new capacity.
Significant new demand drivers include the US government's $80 billion initiative to stimulate AP1000 builds, projected to add 65 million pounds of uranium demand over 10 years, and growing sovereign demand.

Feb 23, 2026, 8:00 PM

Transcript

Cameco Discusses Dynamic Uranium Market and Production Discipline

CCJ

New Projects/Investments

Revenue Acceleration/Inflection

The uranium market faces a significant supply-demand gap, characterized by an unprecedented "uncovered requirements wedge" (forward demand not yet purchased by utilities) and utilities buying below replacement rates since 2012, leading to inventory drawdowns.
While the current long-term uranium price is $90, market-related contracts, which constituted 70% of 2025 volumes, already indicate three-digit uranium prices with ceilings up to $160 and a midpoint near $120.
Recent demand drivers include a $80 billion U.S. government initiative for AP1000 nuclear plants, projected to add 65 million lbs of uranium demand over 10 years, and strong contracting momentum observed in early 2026.
Cameco maintains production discipline, keeping 30% of its licensed capacity (including U.S. mines and Rabbit Lake, capable of 7.5 million-8 million lbs annually) in care and maintenance, ready for restart when market prices justify it. The conversion market also shows historic pricing, but requires longer contract tenors (10-15 years) to incentivize new capacity.

Feb 23, 2026, 8:00 PM

Transcript

Cameco Discusses Strong Uranium Market Dynamics and Strategic Production Discipline

CCJ

New Projects/Investments

Revenue Acceleration/Inflection

Cameco highlights a strong uranium market characterized by the largest-ever "uncovered requirements wedge" (forward demand not yet purchased by utilities) and utilities consistently buying below replacement rates since 2012, leading to inventory drawdowns. The company believes the primary supply stack is overstated, while demand is understated, contributing to a significant supply-demand gap.
The long-term uranium price is currently $90, but market-related contracts, which accounted for 70% of 2025 volumes, indicate an effective 3-digit uranium price, with Cameco's price sensitivity table now reaching $160.
Recent events, such as an $80 billion U.S. government deal for AP1000 reactors, projected to add 65 million pounds of uranium demand, and rumors of a large contract with India, have increased contracting urgency among utilities.
Cameco is maintaining production discipline, with 30% of its licensed capacity, including McArthur River, U.S. mines, and Rabbit Lake, currently not operating at full capacity or in care and maintenance, awaiting stronger market signals to justify increased output.
The uranium conversion market is experiencing historic pricing due to reduced secondary supply, with Cameco's Port Hope facility being the largest Western producer, and the company is seeking longer-term contracts to restart additional capacity.

Feb 23, 2026, 8:00 PM

Transcript

Fusion Fuel to acquire Royal Uranium Inc. for clean energy royalties

CCJ

M&A

New Projects/Investments

Fusion Fuel Green PLC has entered into a definitive agreement to acquire a controlling interest in Royal Uranium Inc., a portfolio comprising sixteen (16) uranium and three (3) natural gas royalties.
This acquisition is expected to provide Fusion Fuel with direct exposure to high-growth uranium and natural gas markets, supporting energy security, decarbonization, and the rising power needs of AI-driven data centers.
The transaction involves Fusion Fuel acquiring between 75-100% of Royal Uranium's shares in exchange for the allotment of up to 3,750,025 shares in Fusion Fuel.
The acquisition is anticipated to close in the first half of 2026 and is expected to provide immediate cash flow from producing Alberta natural gas royalties, offering long-term revenue participation without operating cost exposure.