Cameco Corporation (CCJ) acknowledged a framework announced by the United States and the Republic of Korea that anticipates Korea investing US$120 billion to help finance Westinghouse reactor technology in the United States. It contemplates construction of up to eight large reactors: six Westinghouse AP1000 reactors and up to two Korean APR1400 reactors built on Westinghouse technology.
The terms are non-binding and subject to final negotiations and definitive agreements, identification and planning of specific sites, regulatory approvals, financing arrangements and other customary conditions. The associated compensation package is expected to provide approximately US$2 billion of value per APR1400 reactor through licensing, engineering and procurement services, subcontracting and long-term fuel fabrication. Korea may also invest in Westinghouse; Cameco does not expect that potential equity participation to affect its ownership interest.
Cameco Corporation reports that Westinghouse Electric Company, which it jointly owns with Brookfield Renewable Partners, has confidentially submitted a draft registration statement on Form S-1 to the US Securities and Exchange Commission for a proposed initial public offering of Westinghouse common stock.
The number of shares to be offered and the price range have not been determined, and any offering would be subject to market and other conditions. The announcement is issued in accordance with Rule 135 under the US Securities Act and does not constitute an offer to sell or solicit an offer to buy securities.
Cameco reported Q2 2026 revenue of $814 million, down 7% from Q2 2025, with gross profit of $190 million. Net earnings attributable to equity holders fell to $25 million and adjusted net earnings to $77 million, while adjusted EBITDA declined to $391 million as lower uranium and fuel services sales volumes, higher unit costs and weaker contributions from Westinghouse offset stronger pricing.
In the uranium segment, production was 3.9 million lb, 15% lower year over year, and sales were 7.1 million lb, with the average realized price rising 15% to $93.13/lb. Produced-and-purchased cash costs increased to $55.84/lb. Despite weather-related logistics issues and maintenance outages, the company reaffirmed its 2026 production plans and raised its 2026 guidance for uranium realized prices and consolidated revenue, citing a firm uranium market. Liquidity remained strong with $1.1 billion in cash and a $1.0 billion undrawn revolving facility.
BlackRock, Inc. reported beneficial ownership of common stock of Cameco Corporation as of June 30, 2026. BlackRock’s reporting business units beneficially own 21,875,115 Cameco common shares, representing 5.02% of the class. They hold 20,917,347 shares with sole voting power and all 21,875,115 shares with sole dispositive power, with no shared voting or dispositive power.
The filing notes that various underlying clients and investors have rights to dividends or sale proceeds from these shares, but no single such person holds more than five percent of Cameco’s outstanding common shares.
Cameco Corporation announced that its Cigar Lake uranium mine in northern Saskatchewan has resumed production after a temporary suspension caused by challenges at Orano’s McClean Lake mill, where Cigar Lake ore is processed. The McClean Lake mill has also returned to operation, and Cigar Lake is again shipping stockpiled ore and producing.
The company stated that its 2026 production outlook for Cigar Lake remains unchanged at a range of 17.5 million to 18.0 million pounds of U3O8 on a 100% basis. Cameco noted that this outlook could be affected by any future suspension of operations at Cigar Lake or other adverse production impacts, and directed readers to its annual information form and management’s discussion and analysis for further risk details.
Cameco Corporation has increased its ownership in the Cigar Lake uranium mine in northern Saskatchewan following the closing of a previously announced transaction involving TEPCO Resources Inc.’s 5% participating interest in the Cigar Lake Joint Venture. Cameco’s stake in the mine has risen by 2.871 percentage points to 57.418%, while joint venture partner Orano Canada Inc.’s interest has increased by 2.129 percentage points to 42.582%. Cigar Lake is one of Cameco’s key high-grade uranium assets and supports its position as a major global provider of uranium fuel for carbon-free nuclear power generation.
Cameco Corporation has temporarily suspended mining at its Cigar Lake uranium mine in northern Saskatchewan because of operational challenges at Orano’s McClean Lake mill, where Cigar Lake ore is processed. The mill’s sulfuric acid plant has shut down for repairs, and Orano is working both on repairs and on alternative acid supply.
Cameco currently expects the McClean Lake mill to resume operations in approximately two weeks and does not expect this disruption to affect its 2026 production outlook for Cigar Lake. However, the company warns that longer-than-expected repairs or difficulties sourcing sulfuric acid could delay the restart and potentially impact the 2026 production outlook.
Cameco Corporation has released its 2025 Sustainability Report, outlining how it manages environmental impacts, worker safety, social programs, economic contributions, and governance practices. The report highlights initiatives and key metrics that demonstrate progress and a goal of continually advancing sustainability reporting.
Cameco aligns its disclosure with Sustainability Accounting Standards Board indicators, continues integrating Task Force on Climate-Related Financial Disclosures recommendations, and includes additional indicators, some based on the GRI Standards framework. The board of directors and executive team oversee sustainability strategy and reporting, and selected indicators have third-party limited assurance.
Cameco Corporation highlights a conditional commitment from the US Department of Energy’s Office of Energy Dominance Financing for an American Nuclear Supply Chain Loans package of up to US$17.5 billion. The funding is intended to support Westinghouse’s purchase of long-lead items for up to 10 AP1000 nuclear reactors in the United States.
The loan structure is expected to use a Westinghouse special purpose vehicle and up to five project funding vehicles, with each project requiring about $500 million of equity from both the SPV and the approved partner, or $1 billion per project, before accessing DOE funds. Cameco notes this could accelerate growth in Westinghouse’s energy systems segment but stresses that definitive agreements, approvals, and multiple technical, legal, environmental, and financial conditions must be satisfied, with no assurance the loan package will be completed.
Cameco Corporation is increasing its ownership stake in the Cigar Lake uranium mine by acquiring part of TEPCO Resources Inc.’s 5% joint-venture interest for approximately $115.75 million, subject to customary closing adjustments and regulatory approvals. Upon closing, Cameco’s interest will rise by 2.871 percentage points to 57.418%, while Orano Canada Inc.’s stake will increase to 42.582%. Cigar Lake is described as a high-grade, safe and cost-effective uranium operation with proven and probable reserves of 172.4 million pounds of U3O8 and additional measured, indicated and inferred resources as of December 31, 2025. Since starting production in 2014, it has produced about 174.5 million packaged pounds, and 2026 production is expected between 17.5 million and 18 million pounds on a 100% basis. Cameco plans to maintain production in the current CLMain area and advance CLExt development work to extend mine life to 2036, with capital projects aligned to its disciplined contracting, operational and capital allocation strategy.