CAMECO (CCJ) Company Report

Analyst Coverage

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 +21 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 +8 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

Latest news

Recent press releases and 8-K filings for CCJ.

Cameco CEO Discusses Strong Uranium Market Fundamentals and Strategic Positioning

CCJ

New Projects/Investments

M&A

Revenue Acceleration/Inflection

Cameco's CEO highlights unprecedented strong fundamentals in the uranium industry, driven by increasing nuclear demand from new reactor builds, life extensions, and emerging sectors like AI, while supply remains constrained due to production curtailments and geopolitical factors.
Utilities face historically high "uncovered requirements" for uranium, as long-term contracting has not met consumption rates since 2012, leading to depleted inventories.
While the current long-term uranium price is $86 per pound, market-related contracts with floors of $75 escalated and ceilings of $150 escalated suggest a market-implied price of $115 per pound, indicating significant potential for future price formation.
Cameco maintains a disciplined strategy of not front-running demand with supply, focusing on off-market, long-term contracts to capture demand at favorable terms, and leveraging its vertical integration, including the Westinghouse acquisition, to participate in the entire nuclear fuel cycle and new reactor builds.

Jan 22, 2026, 6:30 PM

Transcript

Cameco Highlights Strong Uranium Market Fundamentals and Strategic Positioning

CCJ

New Projects/Investments

Revenue Acceleration/Inflection

The uranium industry is experiencing unprecedented strong fundamentals, driven by increasing nuclear demand from reactor extensions, restarts, and over 60 new gigawatt-scale reactors under construction globally.
Current industry consensus demand forecasts are understated, as they exclude significant potential demand from projects like the $80 billion U.S. government initiative for 10 reactors (65 million pounds over 10 years) and emerging uses like generative AI.
Uranium supply is overstated, with major producers like Cameco and Kazatomprom curtailing production and Russian secondary supply largely absent from Western markets, leading to a larger actual supply gap.
The long-term uranium price is currently $86 per pound, but 70% of 2025 contracts were market-related with floors at $75 escalated and ceilings at $150 escalated, indicating a market midpoint of $115 uranium.
Cameco is strategically positioned with a disciplined production approach and a diversified portfolio, including its Westinghouse acquisition, to capitalize on growing demand and higher prices through market-related contracts and reactor new builds.

Jan 22, 2026, 6:30 PM

Transcript

Cameco CEO Discusses Strong Uranium Market Fundamentals and Strategic Positioning

CCJ

New Projects/Investments

Guidance Update

Revenue Acceleration/Inflection

Cameco's CEO, Tim Gitzel, stated that the fundamentals of the uranium industry have never been stronger, driven by increasing nuclear demand from new reactor builds, life extensions, and re-starts, while supply forecasts are considered overstated, indicating a significant supply gap.
The current long-term uranium price is $86 per pound, but market-related contracts in 2025 (70% of activity) suggest a future midpoint of $115 uranium, based on floors of $75 escalated and ceilings of $150 escalated.
Utilities have not met replacement rate contracting since 2012, leading to the largest-ever "uncovered requirements" (demand not yet covered by contracts), which points to an impending strong long-term contracting cycle.
Cameco maintains a strategically disciplined approach, avoiding front-running demand with supply and prioritizing off-market, market-related contracts to capture demand on favorable terms and influence pricing.
The Westinghouse acquisition provides Cameco with unique vertical integration across the nuclear fuel cycle, enabling earlier involvement in fuel discussions for new reactor projects and leveraging the AP1000 reactor's competitive advantages.

Jan 22, 2026, 6:30 PM

Transcript

Trident Resources Reports Strong Gold Intercepts at Contact Lake Project

CCJ

New Projects/Investments

Trident Resources Corp. announced significant gold mineralization results from the final six drill holes of its 2025 drill program at the Contact Lake Project, targeting the down-dip extension of gold mineralization below historical mining infrastructure.
Hole CL25017 returned 5.73 g/t gold (Au) over 15.0m, including 9.35 g/t Au over 7.0m and 15.05 g/t Au over 2.0m.
Hole CL25016 intersected 2.62 g/t Au over 37.44m, including 5.70 g/t gold over 9.0m and 11.53 g/t Au over 2.3m.
These results demonstrate the potential to significantly expand gold mineralization at depth, reinforcing the belief that Contact Lake is a large, robust orogenic gold system with world-class potential.
A fully-funded 10,000m winter 2026 drill program at Contact Lake is currently underway to further explore and extend gold zones.

Jan 20, 2026, 8:30 AM

Press Release

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.

Jan 13, 2026, 8:30 AM

Press Release

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

Transcript

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

Transcript

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

Transcript

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

Press Release

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.