Cameco Corporation (CCJ) is a leading company in the nuclear energy sector, primarily involved in the production and supply of uranium. The company plays a significant role in the nuclear fuel cycle, offering services from exploration and mining to conversion and fuel manufacturing. Cameco also holds strategic investments in nuclear technology companies, enhancing its capabilities in the nuclear energy market.
- Uranium Segment - Engages in the exploration, mining, milling, purchase, and sale of uranium concentrate, contributing significantly to the company's operations .
- Fuel Services Segment - Involves the refining, conversion, and fabrication of uranium concentrate, as well as the purchase and sale of conversion services .
- Westinghouse Segment - Reflects earnings from Cameco's investment in Westinghouse, a nuclear reactor technology original equipment manufacturer .
- Other Segment - Includes various other operations within the company .
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- Regarding the decreased production outlook at JV Inkai due to sulfuric acid supply issues, can you elaborate on the steps you're taking to secure acid supply and mitigate future production disruptions, and how confident are you that these issues are transitory?
- Given the impact of purchase price accounting on Westinghouse's earnings, how do you plan to improve its earnings contribution, and is there any revision to your 6%-10% adjusted EBITDA growth guidance over the next five years considering current market dynamics?
- With the cautious approach by utilities in long-term uranium contracting and recent softness in spot uranium prices due to market dumping, how are you adjusting your sales strategy to maintain pricing power and secure favorable long-term contracts?
- Considering inflationary pressures and higher costs observed in your Fuel Services segment, what specific measures are you implementing to control costs and improve margins as you work towards returning to a Tier 1 cost structure?
- Given the ongoing geopolitical uncertainties and their impact on supply chains, particularly with sulfuric acid affecting Inkai production, how are you managing these supply chain risks across your operations, and what contingency plans are in place to ensure production stability?
Research analysts who have asked questions during CAMECO earnings calls.
Alexander Pearce
BMO Capital Markets
4 questions for CCJ
Andrew Wong
RBC Capital Markets
4 questions for CCJ
Also covers: CF, LGO, LXU +3 more
Lawson Winder
Bank of America
4 questions for CCJ
Also covers: AA, AEM, CGAU +20 more
Craig Hutchison
TD Securities
3 questions for CCJ
Also covers: ERO, EXK, NXE +2 more
Orest Wowkodaw
Scotiabank
3 questions for CCJ
Also covers: ERO, FCX, HBM +2 more
Brian MacArthur
Raymond James Financial, Inc.
2 questions for CCJ
Also covers: CDE, CGAU, FCX +9 more
Gordon Johnson
GLJ Research
2 questions for CCJ
Also covers: DQ, ENPH
Mohamed Sidibe
Desjardins Securities
2 questions for CCJ
Also covers: AAUCF, FSM, IAG +2 more
Ralph Profiti
8 Capital
2 questions for CCJ
Also covers: AEM, BTG, ERO +6 more
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, CGAU +8 more
Bob Brackett
Bernstein Research
1 question for CCJ
Also covers: APA, COP, CVX +6 more
Brian Lee
Goldman Sachs Group, Inc.
1 question for CCJ
Also covers: ARRY, AYI, CSIQ +19 more
Bryce Adams
CIBC Capital Markets
1 question for CCJ
Also covers: ERO, HBM, ORLA +2 more
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Westinghouse Electric Company | 2024 | Cameco’s acquisition of Westinghouse involved a transaction with an enterprise value of $7.9 billion (adjusted to $8.2 billion after working capital adjustments), where Cameco secured a 49% stake financed with $1.5 billion cash and $600 million in term loans while Brookfield held 51%; the deal strategically expands Cameco’s involvement in the nuclear energy sector, leveraging Westinghouse’s global leading position in reactor technology and services. |
Cigar Lake Joint Venture | 2022 | Cameco’s acquisition of additional interest in the Cigar Lake JV increased its stake from 50.025% to 54.547% for $101.669 million (partially funded via escrow releases), thus enhancing its production capacity and access to significant uranium reserves and resources, and reinforcing its position within a tier‐one uranium operation. |
Recent press releases and 8-K filings for CCJ.
Cameco Signs Long-Term UF6 Supply Agreement with Slovensk\u00e9 elektr\u00e1rne
·$CCJNew Projects/Investments
- Cameco (CCJ) has finalized a new long-term agreement to supply natural uranium hexafluoride (UF6) and conversion services to Slovensk\u00e9 elektr\u00e1rne (SE).
- This agreement is expected to provide a secure source of natural UF6 for SE through 2036, with material delivery to their Bohunice and Mochovce nuclear facilities commencing in 2028.
- The contract adds a new market to Cameco's global commercial portfolio and is anticipated to enhance energy security in Slovakia.
3 days ago
Cameco signe un contrat d'approvisionnement à long terme d'UF6 avec Slovenské elektrárne
·$CCJNew Projects/Investments
- Cameco a conclu un nouvel accord à long terme pour la fourniture d'hexafluorure d'uranium naturel (UF6) et de services de conversion à Slovenské elektrárne (SE).
- Cet accord vise à fournir une source diversifiée et sûre d'UF6 à SE jusqu'en 2036, avec le début des livraisons de matériel pour les installations nucléaires de Bohunice et de Mochovce à partir de 2028.
- Le contrat permet à Cameco d'ajouter un nouveau marché à son portefeuille commercial mondial et de soutenir la sécurité énergétique de la Slovaquie.
- Les détails financiers du contrat sont commercialement confidentiels.
6 days ago
Cameco Signs Long-Term UF6 Supply Agreement with Slovensk\u00e9 elektr\u00e1rne
·$CCJNew Projects/Investments
- Cameco has finalized a long-term agreement to supply natural uranium hexafluoride (UF6) to Slovensk\u00e9 elektr\u00e1rne (SE) for use in its nuclear power plants in Slovakia.
- The supply of material is expected to begin in 2028 and continue through 2036, providing a diversified and secure source of UF6 for SE.
- This agreement represents Cameco adding a new market to its global commercial portfolio and is intended to enhance Slovakia's energy security.
- The details of the contract are commercially confidential.
6 days ago
Cameco Updates 2025 Production Forecast Due to McArthur River Delays
·$CCJGuidance Update
- Cameco has updated its 2025 production forecast for the McArthur River/Key Lake operation due to development delays and slower-than-expected ground freezing.
- The expected production for McArthur River/Key Lake in 2025 is now 14 to 15 million pounds of U3O8 (100% basis), a reduction from the previous forecast of 18 million pounds. Cameco's share of this revised forecast is 9.8 million to 10.5 million pounds.
- Strong performance at the Cigar Lake mine is expected to partially offset the deficit, potentially contributing up to 1 million pounds (100% basis) to mitigate the shortfall. Cameco still expects to produce 18 million pounds U3O8 (100% basis) from Cigar Lake in 2025, with its share being 9.8 million pounds.
- The company plans to manage the expected production deficit and meet delivery commitments through a balanced strategy, including diversified production assets, access to multiple supply sources, and the flexibility to use inventory or make spot market purchases.
- Cameco states it is too early to quantify the impact of this unforeseen event on other forecasts presented in its Q2 2025 management report.
Aug 29, 2025, 4:21 PM
Cameco Reports Strong Q2 2025 Financial Performance and Updates Westinghouse Outlook
·$CCJEarnings
Guidance Update
Management Change
- Cameco's overall financial performance across its uranium, fuel services, and Westinghouse segments was strong, leading to improved overall 2025 expectations.
- The company now expects its 49% share of Westinghouse's adjusted EBITDA to be between US$525 million and US$580 million for 2025, an increase driven by a US$170 million rise in its share of Q2 revenue from a nuclear reactor construction project in the Czech Republic. The five-year CAGR guidance for Westinghouse remains 6% to 10% as many potential new build projects have not yet reached Final Investment Decision (FID).
- Uranium production targets for McArthur River Key Lake and Cigar Lake remain at 18 million pounds each (100% basis) for the year, with JV Inkay in Kazakhstan targeting 8.3 million pounds (100% basis) and a purchase allocation of 3.7 million pounds for Cameco.
- The annual outlook for fuel services products (UF6 conversion, UO2 conversion, and heavy water reactor fuel bundles) remains on track for between 13 million and 14 million kgu of combined products.
- Cameco maintains a strong financial position with CAD$716 million in cash and cash equivalents, $1 billion in total debt, and a $1 billion undrawn revolving credit facility. Effective September 1, 2025, key management changes include Brad Isaac as President and Chief Operating Officer, and Heidi Schocke as Senior Vice President and Chief Financial Officer.
Jul 31, 2025, 5:05 PM
Cameco Reports Q1 2025 Adjusted EBITDA Update
·$CCJEarnings
New Projects/Investments
- Cameco Corporation filed a 6-K report on June 09, 2025, confirming its quarterly update.
- The report highlights an expected increase of approximately $170 million (US) in its 49% share of Westinghouse’s 2025 adjusted EBITDA, linked to the Dukovany nuclear reactor construction project.
- All amounts are stated in Canadian dollars unless specified otherwise, with the company headquartered in Saskatoon, Saskatchewan, Canada.
Jun 9, 2025, 12:00 AM
Cameco Provides Northern Saskatchewan Operations Update
·$CCJGuidance Update
- Cameco's northern Saskatchewan sites remain operational despite wildfire disruptions, with no fires near key sites such as Cigar Lake, Key Lake, McArthur River, and Rabbit Lake.
- The company is experiencing temporary disruptions to power, communications, and delivery logistics due to nearby wildfires, though its annual production target remains unchanged.
- Employee safety is prioritized, with accommodations made for staff from northern communities affected by wildfires.
Jun 4, 2025, 12:00 AM
Cameco Highlights Nuclear Fuel Cycle Strategy
·$CCJM&A
- Cameco emphasized its role in the nuclear fuel cycle, focusing on robust demand driven by climate, energy, and national security needs, and outlined the market’s shift toward long-term contracting versus spot demand.
- The company highlighted its diverse, world-leading assets, including its major uranium mines, mills, and extensive downstream capabilities in conversion, enrichment, and fuel fabrication.
- Cameco discussed its strategic choice to operate below full capacity, preserving brownfield leverage to capture future demand as market prices increase.
May 13, 2025, 2:31 PM
Cameco Q1 2025 Performance & Earnings Highlights
·$CCJEarnings
Dividends
Revenue Acceleration/Inflection
- Strong Q1 2025 performance: Revenue reached $789 million (up 24%), gross profit increased 44%, adjusted net earnings rose 52% to $70 million, and adjusted EBITDA grew 5% to $353 million .
- Robust uranium operations: Delivered 6.9 million pounds U3O under contract and produced 6.0 million pounds U3O8 (our share), with production resuming on January 23, 2025 and a revised target of 8.3 million pounds (including 3.7 million pounds purchase allocation) .
- Disciplined contracting strategy: Continued emphasis on long-term contracts across uranium, fuel services, and Westinghouse segments to manage a 3.2 billion-pound uncovered requirement through 2045 .
- Solid financial position: Achieved key milestones with the final repayment of a $200 million term loan, a $49 million cash distribution from Westinghouse, and an $87 million dividend from JV Inkai, while maintaining $361 million in liquidity, securing a $1 billion undrawn credit facility, and keeping total debt around $1 billion .
- Consistent supply discipline: Maintained production levels, including 18 million pounds at McArthur River, reinforcing its market position .
May 1, 2025, 12:01 PM