Cameco keeps 2026 uranium output outlook after flood

Cameco Corporation reports that the McArthur River mine and Key Lake mill in northern Saskatchewan have resumed full production after a temporary disruption caused by flooding-related transportation issues.

Rhea-AI Filing Summary

Cameco Corporation reports that the McArthur River mine and Key Lake mill in northern Saskatchewan have resumed full production after a temporary disruption caused by flooding-related transportation issues. Despite the logistics challenge, the company’s 2026 production plan for this operation has not changed.

Cameco’s consolidated 2026 production outlook remains at 19.5 million to 21.5 million pounds of U3O8 (its share). Management notes ongoing seasonal risks from spring thawing and precipitation that could again restrict roads and delay delivery of critical operating materials, but current operations, including the Cigar Lake mine, are continuing.

Insights

Mining and commodities analyst

Flood-related logistics issue is resolved, with 2026 uranium output guidance unchanged.

Cameco indicates that McArthur River and Key Lake are back at full production following road-access problems tied to flooding near the Smoothstone River Bridge. Importantly, the company states its 2026 production plan for this operation has not been impacted.

The consolidated 2026 production outlook is reaffirmed at 19.5 million to 21.5 million pounds of U3O8, suggesting the disruption was operational rather than strategic. Cigar Lake continued operating throughout, providing additional stability to supply.

Management highlights ongoing seasonal risks from spring thaw and precipitation that could again restrict roads and delay material deliveries. Any future impact on the 2026 production plan or outlook would depend on how these logistical factors evolve, as discussed in the company’s broader risk disclosures.

Key Figures

2026 consolidated production outlook (low end): 19.5 million pounds U3O8 2026 consolidated production outlook (high end): 21.5 million pounds U3O8 Primary route issue: Smoothstone River Bridge partial collapse +1 more

4 metrics

2026 consolidated production outlook (low end) 19.5 million pounds U3O8 Cameco’s share, 2026 outlook

2026 consolidated production outlook (high end) 21.5 million pounds U3O8 Cameco’s share, 2026 outlook

Primary route issue Smoothstone River Bridge partial collapse Flooding in northern Saskatchewan affected supply route

Form type Form 6-K Report of foreign private issuer

Key Terms

forward-looking information, consolidated production outlook, U3O8, annual information form, +1 more

5 terms

forward-looking information regulatory

"This news release includes statements and information about expectations for the future, which are referred to as forward-looking information."

Forward-looking information are predictions, plans, estimates or expectations about a company’s future performance, results or events, such as sales forecasts, project timelines, or anticipated costs. It matters to investors because these statements guide expectations but rely on assumptions and uncertain factors—like a weather forecast for a business—so investors should treat them as informed guesses rather than guarantees and consider the risks and possible changes behind the numbers.

consolidated production outlook financial

"Our consolidated 2026 production outlook remains unchanged at 19.5 million to 21.5 million pounds of U3O8 (our share)."

U3O8 financial

"Our consolidated 2026 production outlook remains unchanged at 19.5 million to 21.5 million pounds of U3O8 (our share)."

U3O8 is the chemical name for a stable form of uranium oxide commonly called “yellowcake,” the concentrated powder produced after uranium ore is processed. Investors track U3O8 because it represents the raw material that is turned into nuclear fuel; its supply, demand and price act like a commodity indicator that can move the value of mining companies, utilities and firms tied to the nuclear fuel chain. Think of it as the crude oil equivalent for nuclear power — a basic feedstock whose availability and cost affect an entire industry.

annual information form regulatory

"Other material risks and assumptions which may impact our 2026 production plan and outlook are described in greater detail in Cameco’s current annual information form."

A company's annual information form is a comprehensive regulatory filing that lays out its business description, key assets, risks, legal matters and other background details shareholders need to understand the company’s operations. Think of it as a detailed owner’s manual or dossier that supplements financial statements, helping investors do deeper homework on how the business works and what could affect its future performance.

management’s discussion and analysis financial

"and its most recent annual and subsequent quarterly management’s discussion and analysis."

Management’s discussion and analysis (MD&A) is a narrative section of a company’s financial filing where executives explain the recent financial results, underlying causes of those results, trends they see, and material risks and uncertainties in everyday language. Investors rely on it like a company’s report card with the manager’s comments—helping interpret raw numbers, judge future prospects and cash needs, and spot warnings or opportunities that the financial statements alone may not reveal.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Cameco (CCJ) announce about the McArthur River and Key Lake operations?

Cameco announced that the McArthur River mine and Key Lake mill have returned to full production activities. Operations had been disrupted by flooding-related transportation issues affecting a key supply route, but the company has restored deliveries of critical materials using a secondary roadway.

Has Cameco’s 2026 consolidated uranium production outlook changed?

Cameco’s 2026 consolidated production outlook remains unchanged at 19.5 million to 21.5 million pounds of U3O8 (its share). The temporary disruption at McArthur River and Key Lake did not alter the company’s stated production plan or its consolidated outlook for the year.

What caused the temporary disruption at Cameco’s McArthur River/Key Lake operation?

The disruption followed flooding in northern Saskatchewan that partially collapsed the Smoothstone River Bridge on Cameco’s primary supply route. Weight and traffic restrictions on the alternative roadway then interrupted deliveries of critical operating materials needed to maintain full production at McArthur River and Key Lake.

Is Cameco’s Cigar Lake mine affected by the flooding-related issues?

Cigar Lake mine was not impacted by the flooding-related logistics problems and continues to operate. The announced disruption and subsequent resumption of full activities specifically concern the McArthur River mine and Key Lake mill in northern Saskatchewan, not Cigar Lake.

What risks does Cameco highlight related to its 2026 production plan?

Cameco notes risks that delays in restoring access to the primary supply route or further road restrictions from spring thawing and precipitation could delay future deliveries of operating materials. These factors could affect the 2026 production plan and consolidated outlook if they materially disrupt logistics.

How much uranium production is Cameco targeting for 2026?

For 2026, Cameco’s consolidated production outlook is 19.5 million to 21.5 million pounds of U3O8, based on its share of production. This range includes output from operations such as McArthur River/Key Lake and Cigar Lake, assuming logistical conditions allow planned volumes.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 6-K: How Foreign Companies Report to the SEC →

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Accepted by SEC EDGAR 05/28/2026 - 10:02 AM Learn about SEC filing dates

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May, 2026

Commission File Number 1-14228

Cameco Corporation

(Translation of Registrant’s Name into English)

2121-11th Street West

Saskatoon, Saskatchewan, Canada S7M 1J3

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F          Form 40-F  ✓  

Exhibit Index

Exhibit No.		Description
99.1		Press Release dated May 27, 2026

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 28, 2026				Cameco Corporation
				By: /s/ R. Liam Mooney
				R. Liam Mooney
				Senior Vice-President and Chief Legal Officer

Exhibit 99.1

NEWS RELEASE   All amounts in Canadian dollars unless specified otherwise www.cameco.com   Saskatoon   Saskatchewan Canada

Cameco Announces McArthur River/Key Lake Operation Resumes Production

May 27, 2026

Cameco (TSX: CCO; NYSE: CCJ) today announced that the Key Lake mill and McArthur River mine have returned to full production activities following a disruption caused by flooding in northern Saskatchewan. Our 2026 consolidated production outlook remains unchanged.

On May 10, 2026, Cameco announced that Key Lake had temporarily halted production activities and McArthur River had reduced activities due to the impact of flooding in northern Saskatchewan. While our northern Saskatchewan sites were not directly impacted by flood waters, the Smoothstone River Bridge, which is on the primary route we use to transport supplies to the McArthur River and Key Lake sites, partially collapsed due to flood waters. There were also weight and traffic restrictions on the alternative roadway, which interrupted the delivery of critical operating materials.

We are in regular contact with the Saskatchewan Ministry of Highways, and while the timing to restore access to our primary supply route is still being confirmed, we have now been able to consistently deliver the volume of critical materials required to resume full operations at Key Lake and McArthur River using the secondary route. However, as is the case every spring season, there remains a risk that continued thawing and precipitation events could result in further road restrictions, which could cause delays in future deliveries of critical operating materials to our sites.

Our 2026 production plan for the McArthur River/Key Lake operation has not been impacted by this disruption. Cigar Lake mine was not impacted and continues to operate. Our consolidated 2026 production outlook remains unchanged at 19.5 million to 21.5 million pounds of U₃O₈ (our share).

Caution about forward-looking information

This news release includes statements and information about expectations for the future, which are referred to as forward-looking information. This forward-looking information is based on current views, which can change significantly, and actual results and events may be significantly different from what is currently expected. Examples of forward-looking information in this news release include: statements regarding our 2026 consolidated production outlook and production plan; the uncertainty of the timing to restore access to our primary supply route; and the possibility of further road restrictions resulting in delays in future deliveries of operating materials. Material risks that could lead to different results in our 2026 production plan and outlook include: the risk of delays in restoring access to our primary supply route; delays in future delivery of operating materials due to spring thawing and precipitation events, or for other reasons; or other factors that prevent us from achieving the expected production plan and outlook. In presenting the forward-looking information, we have made material assumptions which may prove incorrect about our supply routes and our ability to deliver operating materials, and otherwise about our ability to meet our production plan and outlook. Other material risks and assumptions which may impact our 2026 production plan and outlook are described in greater detail in Cameco’s current annual information form

and its most recent annual and subsequent quarterly management’s discussion and analysis. Forward-looking information is designed to help you understand management’s current views of our near-term and longer-term prospects, and it may not be appropriate for other purposes. Cameco will not necessarily update this information unless required by securities laws.

Profile

Cameco is one of the largest global providers of the uranium fuel needed to power a secure energy future. Our competitive position is based on our controlling ownership of the world’s largest high-grade reserves and low-cost operations, as well as significant investments across the nuclear fuel cycle, including ownership interests in Westinghouse Electric Company and Global Laser Enrichment. Utilities around the world rely on Cameco to provide global nuclear fuel solutions for the generation of safe, reliable, carbon-free nuclear power. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan, Canada.

As used in this news release, the terms we, us, our, the Company and Cameco mean Cameco Corporation and its subsidiaries unless otherwise indicated.

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Investor inquiries				Media inquiries
Cory Kos				Veronica Baker
306-716-6782				306-385-5541
cory_kos@cameco.com				veronica_baker@cameco.com

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Filing Exhibits & Attachments

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• EX-99.1 EX-99.1 10.5 KB