It's like Rio Tinto or BHP, but they explore for, mine, and mill uranium.

It's like ExxonMobil, but for uranium, handling everything from mining to fuel processing for nuclear power plants.

• Uranium Concentrate: Cameco explores for, mines, mills, purchases, and sells uranium concentrate, which is the primary raw material for nuclear fuel.
• Uranium Refining and Conversion Services: The company refines and converts uranium concentrate into various forms, making it suitable for further processing into nuclear fuel.
• Uranium Fabrication Services: Cameco fabricates processed uranium into finished fuel assemblies or other components required for nuclear reactors.
• CANDU Fuel Bundles and Reactor Components: The company produces specialized fuel bundles and other components specifically designed for CANDU (CANada Deuterium Uranium) nuclear reactors.

Cameco (CCJ) Major Customers

Cameco (CCJ) primarily sells its uranium and fuel services to other companies, specifically **nuclear utilities** across the Americas, Europe, and Asia. Due to commercial confidentiality agreements, Cameco does not publicly disclose the specific names of its individual major customers.

However, major public nuclear utilities that operate in the regions Cameco serves and represent the type of large-scale customer that would contract with a primary uranium producer and fuel services provider like Cameco include:

• Constellation Energy (CEG) - A leading clean energy company and the largest producer of carbon-free energy in the United States.
• Korea Electric Power Corporation (KEP) - The largest electric utility in South Korea, operating a significant number of nuclear power plants.
• EDF (EPA: EDF) - A major French electric utility company, primarily owned by the French state, and one of the largest producers of nuclear power globally, especially in Europe.
• China National Nuclear Power (SSE: 601985) - A leading Chinese state-owned enterprise engaged in the investment, construction, operation, and management of nuclear power plants in China.

• Honeywell International Inc. (HON)

The key risks to Cameco's business include volatility in uranium prices influenced by geopolitical factors, operational challenges impacting production, and risks associated with the integration and ongoing negotiations related to its Westinghouse acquisition.

1. Uranium Price Volatility and Geopolitical Factors: Cameco's financial performance is highly sensitive to the global price of uranium. A significant risk is a potential drop in uranium prices, which could occur if sanctions on Russian uranium supply are lifted or if major producers, such as Kazakhstan's Kazatomprom, increase their supply. Geopolitical uncertainties also play a crucial role in influencing the supply and demand dynamics of the uranium market, directly impacting prices and, consequently, Cameco's earnings.

2. Operational Challenges and Production Shortfalls: The company faces inherent operational and technical challenges at its mining and milling facilities, which have historically led to production shortfalls and a reduction in production guidance. Specifically, issues at key assets like the Cigar Lake and Key Lake mines have affected productivity. Furthermore, a long-term risk exists with the anticipated declining output from significant mines such as Cigar Lake and McArthur River within the next decade.

3. Acquisition Integration and Negotiation Challenges: Cameco has experienced financial impacts from its Westinghouse acquisition, with purchase accounting related to this acquisition contributing to a significant drop in net earnings in 2024. More recently, stalled negotiations with Westinghouse have directly led to a decline in Cameco's share price and raised concerns about its strategic position within the nuclear industry. These ongoing integration and negotiation challenges represent a key risk to the company's financial and strategic outlook.

The addressable markets for Cameco's main products and services are global, given the company sells to nuclear utilities in the Americas, Europe, and Asia.

For its Uranium segment, which involves the exploration, mining, milling, and sale of uranium concentrate, the global uranium market was valued at approximately USD 15.57 billion in 2024 and is projected to grow to USD 21.78 billion by 2033.

For its Fuel Services segment, which includes the refining, conversion, and fabrication of uranium concentrate, as well as the purchase and sale of conversion services, the broader global nuclear fuel market is a relevant addressable market. This market was valued at approximately USD 34.5 billion in 2025 and is forecasted to reach USD 43.9 billion by 2032.

Here are 3-5 expected drivers of future revenue growth for Cameco (CCJ) over the next 2-3 years:

1. Increasing Uranium Prices: The uranium market is experiencing significant price appreciation, with spot prices surging and expected to reach $90-$100 per pound by the end of 2025, potentially exceeding $110 per pound in 2026. This upward trend in uranium prices is a key driver for Cameco's revenue growth, as higher realized prices directly translate to increased profitability from its uranium segment.
2. Growing Global Demand for Nuclear Energy: The global nuclear power sector is undergoing a resurgence, driven by factors such as energy security, climate change concerns, geopolitical stability, and the increasing need for reliable baseload power to support energy-intensive applications like AI data centers. This expanding demand for nuclear energy worldwide is projected to lead to a significant surge in uranium requirements by 2030, directly benefiting Cameco through increased sales volumes.
3. Robust Long-Term Contracting Strategy: Cameco's strategy of securing long-term contracts with utilities, often including price floors and ceilings, provides a stable and predictable revenue stream. The company has significant committed uranium deliveries, averaging approximately 28 million pounds per year for 2026-2030, and had secured long-term contracts for around 230 million pounds of uranium and 83 million kgU of UF6 as of December 31, 2025. This strong contracting activity ensures consistent demand and revenue for its uranium and fuel services segments.
4. Increased Production Capacity and Potential Expansions: While uranium production in 2026 is forecast to be in line with 2025 levels, Cameco possesses significant licensed capacity at its McArthur River mine, which is expected to reach 14.5-16 million pounds this year with a licensed capacity of 25 million pounds. Furthermore, there is expansion potential at other Tier 1 and Tier 2 assets, including Rabbit Lake and U.S. ISR operations, which could collectively add 6-8 million pounds annually. The Global Laser Enrichment (GLE) project also holds the potential to contribute up to 5 million pounds of uranium and conversion capacity. These underutilized and expandable capacities offer substantial future growth potential as market conditions continue to strengthen.
5. Value Contribution from Westinghouse Investment: Cameco's strategic investment in Westinghouse Electric continues to contribute significantly to its financial performance through adjusted EBITDA and cash distributions. Westinghouse's involvement in new reactor projects globally, particularly with opportunities for AP1000 reactor deployment, is expected to generate substantial future EBITDA, reinforcing the long-term value and revenue contribution from this segment to Cameco.

Share Repurchases

• Cameco did not report any significant share repurchase programs over the last 3-5 years.
• The company's shares outstanding showed a minor decline of 0.09% in 2025 from 2024, and a minor increase of 0.14% in 2024 from 2023.

Share Issuance

• Cameco's shares outstanding increased by 6.93% in 2023 from 2022.
• Shares outstanding for the quarter ending September 30, 2025, were 0.435 billion.

Outbound Investments

• In 2023, Cameco acquired a 49% stake in Westinghouse Electric Company through a joint venture with Brookfield, becoming vertically integrated across the nuclear value chain.
• The Westinghouse investment contributed significantly to Cameco's adjusted EBITDA and cash distributions in 2025.
• Cameco received US$171.5 million from a cash distribution related to Westinghouse's participation in the Dukovany construction project in the Czech Republic in October 2025.

Capital Expenditures

• Cameco's capital expenditures for fiscal years ending December 2020 to 2024 averaged $101.6 million, increasing annually from $60.878 million in 2020 to $147.2 million in 2024.
• For the latest twelve months ending September 30, 2025, capital expenditures were $207.2 million.
• Expected capital expenditures for 2026 are guided between $490 million and $540 million, an increase from 2025 levels, with a strategic focus on modernizing and reinforcing the long-term reliability of Westinghouse's operations, supporting AP1000 readiness, operational stability, and advanced fuel designs.