Research analysts who have asked questions during CAMECO earnings calls.
AP
Alexander Pearce
BMO Capital Markets
4 questions for CCJ
AW
Andrew Wong
RBC Capital Markets
4 questions for CCJ
Also covers: CF, LGO, LXU +3 more
LW
Lawson Winder
Bank of America
4 questions for CCJ
Also covers: AA, AEM, CGAU +21 more
CH
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
BM
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
RP
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 +8 more
BL
Brian Lee
Goldman Sachs Group, Inc.
1 question for CCJ
Also covers: ARRY, AYI, CSIQ +19 more
BA
Bryce Adams
CIBC Capital Markets
1 question for CCJ
Also covers: ERO, HBM, ORLA +2 more
Recent press releases and 8-K filings for CCJ.
Trident Resources Announces Positive Drill Results and Forthcoming Winter Drill Program
CCJ
New Projects/Investments
- Trident Resources Corp. reported additional positive diamond drill results from its autumn 2025 program at the Contact Lake Project.
- Notable gold mineralization intercepts include 7.28 g/t gold over 15.0m (including 16.69 g/t Au over 6.0m) in hole CL25006 and 4.43 g/t Au over 39.5m (including 9.43 g/t Au over 6.0m) in hole CL25007.
- The company is mobilizing for a fully-funded winter drill program at Contact Lake, supported by over $12 million in cash and marketable securities.
- The Contact Lake target area, part of the 22,790-hectare Contact Lake Gold Project, was not included in the recent global resource estimate, indicating potential for future additions.
5 days ago
Cameco Discusses Nuclear Industry Momentum and Uranium Market Dynamics
CCJ
New Projects/Investments
Revenue Acceleration/Inflection
- 2025 was a pivotal year for the nuclear industry, with nuclear energy recognized for its role in climate, energy, and national security, and the U.S. government announcing an $80 billion investment to initiate new AP1000 reactor builds.
- The uranium market faces a supply shortage due to historical underinvestment, leading to rising prices, with current demand forecasts potentially understating future needs, especially from new applications like generative AI.
- Cameco maintains supply discipline, keeping 30% of its production curtailed, awaiting higher prices to incentivize new supply, as utilities have not contracted at replacement rates since 2012, depleting mobile inventories.
- The long-term uranium price reached $86 per pound in 2025, a 17-year high, and Cameco's market-related contracts with floors and ceilings suggest an effective midpoint price already in the $100-$115 range, though this is not fully reflected in reported prices.
- 2026 is anticipated to be a strong year for the nuclear sector, with expected Final Investment Decisions (FID) for AP1000 reactors in Poland and Bulgaria, and the U.S. Executive Order requiring long-lead item orders for 10 new plants by 2030, signaling increased long-term uranium contracting.
Jan 7, 2026, 3:55 PM
Cameco Highlights $80 Billion US Nuclear Investment and Understated Uranium Prices
CCJ
New Projects/Investments
Revenue Acceleration/Inflection
- The nuclear industry experienced significant momentum in 2025, including a $80 billion investment by the U.S. government to initiate new AP1000 reactor builds, with further Final Investment Decisions (FID) for AP1000s anticipated in Poland and Bulgaria in 2026.
- Cameco indicates that uranium demand forecasts are understated, and supply is overstated, contributing to a widening supply-demand gap; the company maintains supply discipline by curtailing 30% of its production to encourage higher prices.
- In 2025, 70% of uranium contracting was market-related, with contract floors and ceilings suggesting actual uranium prices are already in the $100-$115 range, which is considerably higher than the reported long-term price of $86 that only reflects base escalated contracts.
- Westinghouse estimates it can launch four AP1000 reactors per year, with a strategy focused on standardization, sequencing, and simplification to improve project execution.
Jan 7, 2026, 3:55 PM
Cameco Highlights Nuclear Industry Growth and Uranium Market Dynamics
CCJ
New Projects/Investments
Guidance Update
Revenue Acceleration/Inflection
- 2025 was a pivotal year for the nuclear industry, with nuclear power recognized as a critical solution for climate, energy, and national security.
- The U.S. government committed $80 billion in 2025 to stimulate new builds of 8 to 10 AP1000 reactors, with orders for long lead items anticipated in 2026 to achieve 10 reactors under construction by 2030.
- Internationally, Poland and Bulgaria are expected to reach Final Investment Decision (FID) on new AP1000 projects in 2026, signaling further global expansion for the technology.
- The uranium market is experiencing a supply shortage due to underinvestment, with utilities not meeting replacement rate contracting since 2012, resulting in historically low mobile inventories. Cameco maintains 30% of its production curtailed, awaiting stronger market prices.
- The long-term uranium price reached $86 a pound in 2025, a 17-year high, despite current contracting levels remaining below replacement rate.
Jan 7, 2026, 3:55 PM
Skyharbour Completes Acquisition of Russell Lake Uranium Project Interest
CCJ
M&A
New Projects/Investments
- Skyharbour Resources Ltd. has completed the acquisition of Rio Tinto Exploration Canada Inc.'s (RTEC) minority interest in the Russell Lake Uranium Project.
- The acquisition involved a C$10 million cash payment, which increased Skyharbour's interest in the project to 100% from RTEC's prior 42.3% stake.
- As part of the transaction, Skyharbour granted RTEC a 0.25% net smelter returns royalty over Russell Lake.
Dec 17, 2025, 4:00 AM
Skyharbour Consolidates 100% Interest in Russell Lake Uranium Project
CCJ
New Projects/Investments
M&A
- Skyharbour Resources Ltd. has entered into an agreement to acquire Rio Tinto Exploration Canada Inc.'s (RTEC) minority interest in the Russell Lake Uranium Project, which will increase Skyharbour's ownership to 100%.
- The transaction involves a cash consideration of C$10 million, comprising a C$2 million deposit and an C$8 million closing payment, with closing expected on or before December 21, 2025.
- Upon closing, Skyharbour will grant RTEC a 0.25% net smelter returns royalty over Russell Lake.
- The Russell Lake Project is a 73,314-hectare uranium exploration property, and this acquisition creates a large, nearly contiguous block of highly prospective uranium claims totaling 109,019 hectares when combined with Skyharbour's Moore Uranium Project.
Nov 17, 2025, 4:00 AM
Cameco Discusses Strategic Partnership, Financial Position, and Production Outlook in Q3 2025
CCJ
New Projects/Investments
Guidance Update
Dividends
- Cameco announced a transformative partnership with Brookfield and the US Government regarding Westinghouse, involving at least $80 billion US in planned investments in Westinghouse nuclear reactors, with the US Government's interest focused solely on the Westinghouse business. The deal was signed on October 28.
- The company reported a strong financial position with CAD 779 million in cash and cash equivalents, CAD 1 billion in total debt, and a CAD 1 billion undrawn revolving credit facility as of Q3 2025.
- Cameco's Board declared a 2025 annual dividend of CAD 0.24 per common share, accelerating its plan to grow the dividend.
- The 2025 consolidated uranium production outlook (Cameco's share) was reduced to up to 20 million pounds due to development delays at McArthur River and Key Lake, which now expect 14-15 million pounds (100% basis). Fuel services production outlook remains on track at 13 million-14 million kilograms.
- Management highlighted a long-term uranium price around $84 US per pound and noted growing demand driven by energy security, decarbonization, and digital infrastructure, while maintaining a disciplined supply strategy.
Nov 5, 2025, 1:00 PM
Cameco Reports Strong Q3 2025 Results and Announces Strategic Westinghouse Partnership
CCJ
Earnings
New Projects/Investments
Guidance Update
- Cameco reported strong Q3 2025 results, with all key financial metrics performing well for the first nine months, and declared an annual 2025 dividend of $0.24 per common share.
- A strategic partnership for Westinghouse was announced on October 28, 2025, involving Cameco, Brookfield, and the US Department of Commerce, with the US Government committing at least $80 billion (US) in investment to accelerate nuclear technology deployment.
- For Q3 2025, the Uranium segment delivered 6.1 million lb. U3O8 and produced 4.4 million lb. U3O8 (our share), with the annual production outlook (our share) set at up to 20 million lbs.
- The company's 2025 consolidated revenue outlook is projected to be between $3,300 million and $3,550 million, with an average realized uranium price outlook of $87.00/lb.
Nov 5, 2025, 1:00 PM
Cameco Discusses Westinghouse Partnership and Nuclear Market Momentum
CCJ
New Projects/Investments
M&A
Revenue Acceleration/Inflection
- Cameco announced a transformative partnership with Brookfield and the U.S. Government, backed by at least US$80 billion in planned investments in Westinghouse nuclear reactors to accelerate global deployment of its technology. This partnership is focused only on the Westinghouse business.
- The agreement includes a $17.5 billion distribution claim to current Westinghouse owners (Cameco and Brookfield) prior to any U.S. Government participation, reflecting the increased value of Westinghouse.
- The US$80 billion investment is a minimum, expected to stimulate a much larger build-out of nuclear reactors in the U.S., with various financing and ownership structures under consideration.
- Despite historic prices for conversion services, restarting conversion capacity at Springfield requires longer-term contractual commitments (tenor) from utilities, which are currently not available.
Nov 5, 2025, 1:00 PM
Cameco discusses transformative Westinghouse partnership and market dynamics
CCJ
New Projects/Investments
M&A
- Cameco announced a transformative partnership with Brookfield, the U.S. Government, and Westinghouse, backed by at least $80 billion in planned investments for Westinghouse nuclear reactors.
- This partnership aims to accelerate the global deployment of Westinghouse's AP1000 reactor technology, strengthening energy security and creating significant growth opportunities for Westinghouse and Cameco.
- The U.S. Government's commitment includes facilitating financing for the $80 billion spend, with a potential 8% equity stake in Westinghouse if its underwritten value reaches $30 billion at IPO, following $17.5 billion in distributions to current owners.
- Cameco's management noted the long-term uranium price is around $84 U.S. per lbs and discussed the current dynamics of the uranium contracting market.
- The company also mentioned potential McArthur River development delays and the possibility of Cigar Lake producing an additional 1 million lbs beyond its original 2025 guidance.
Nov 5, 2025, 1:00 PM
Quarterly earnings call transcripts for CAMECO.
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