Cameco (NYSE: CCJ) secures $2.6B long-term uranium supply deal with India

Rhea-AI Filing Summary

Cameco Corporation has signed a major long-term uranium supply agreement with India’s Department of Atomic Energy. The contract covers nearly 22 million pounds of uranium ore concentrate (U3O8) over nine years, with an estimated total value of about $2.6 billion based on current uranium prices and exchange rates.

Deliveries are expected to run from 2027 through 2035, supporting fuel needs for India’s existing 24 nuclear reactors and its plan to expand capacity toward 100 GW by 2047. Cameco notes that these volumes were already included in its previously disclosed long-term contracting totals and five-year uranium price sensitivity analysis.

Insights

Nuclear fuel contracts analyst

Cameco secures a sizable, multi‑year uranium sales contract with India on market-linked terms.

Cameco has entered a long-term agreement to supply nearly 22 million pounds of U3O8 to India over nine years. The estimated contract value is about $2.6 billion, based on a uranium price of US$86.95 per pound and a USD/CAD exchange rate of 1.36.

The deal fits Cameco’s long-term contracting strategy, with deliveries scheduled from 2027 to 2035. Volumes were already factored into its disclosed long-term contracting totals and five-year realized uranium price sensitivity analysis, so the commercial terms are incremental detail rather than a new volume commitment.

The agreement reinforces Cameco’s position as a preferred supplier to sovereign nuclear programs and ties directly to India’s planned nuclear expansion. Actual economic value will depend on uranium prices at delivery and Cameco’s ability to meet obligations in full, as highlighted in the forward-looking risk disclosures.

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 March, 2026

Cameco Corporation

(Commission file No. 1-14228)

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 ☑

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

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If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):

Exhibit Index
Exhibit No.		Description
99.1		Press Release dated March 2, 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: March 2, 2026				Cameco Corporation
				By:		/s/ R. Liam Mooney
				R. Liam Mooney
				Senior Vice-President and Chief Legal Officer

Exhibit 99.1

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

Cameco Signs Long-Term Uranium Supply Agreement with India

March 2, 2026

Cameco (TSX: CCO; NYSE: CCJ) has entered a long-term agreement to supply uranium ore concentrate (U₃O₈) to the Government of India’s Department of Atomic Energy, for use in the country’s fleet of nuclear reactors. The agreement will see Cameco supply nearly 22 million pounds of uranium ore concentrate to India over a nine-year period on market-related price terms, with a total contract value estimated at approximately $2.6 billion.

India currently has 24 operating reactors along with ambitious plans to deploy dozens more to reach 100 GW by 2047. Deliveries under the contract are expected to begin in 2027 and run through 2035 in alignment with Cameco’s long-term contracting strategy. The volumes under this contract were included in the total long-term contracting volumes and in the expected five-year realized uranium price sensitivity analysis, disclosed in the 2025 annual Management’s Discussion and Analysis in February 2026.

Cameco’s CEO Tim Gitzel attended an event in Delhi today to celebrate the agreement alongside Indian Prime Minister Narendra Modi, Canadian Prime Minister Mark Carney and Saskatchewan Premier Scott Moe, highlighting the strong diplomatic and commercial trade relationships between the countries.

“Cameco is proud to be a strategic partner with India to help meet its civil nuclear fuel needs and support its trade relationship with Canada,” said Gitzel. “India is embarking on an ambitious nuclear expansion to power its development plans and meet the future energy security needs of its people. That isn’t possible without a stable supply of uranium fuel. Importantly, this demand underscores an emerging trend of sovereign buyers locking up large volumes from multiple suppliers, and in a window where demand continues to grow and available supplies continue to become more uncertain and constrained. As a proven and reliable producer, Cameco is globally recognized as a nuclear fuel supplier of choice, and we are pleased to be a trusted provider for India once again.”

Cameco previously supplied uranium to India under a five-year contract that began in 2015.

At the time of this news release, the estimated value of the new contract is approximately $2.6 billion based on a uranium price of US$86.95 per pound, which was the average of the month-end UxC and TradeTech uranium spot prices on February 28, 2026, and the exchange rate on February 27, 2026 of USD1.00/CAD1.36. Further details of the newly signed contract are commercially sensitive and confidential.

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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: the expected volume of uranium ore concentrate to be supplied, the period over which it is to be supplied and the estimated total contract value; the anticipated beginning and ending dates for deliveries; India’s future plans for deployment of additional reactors and nuclear expansion to meet future energy needs, and the expectation that demand continues to grow and available supplies will continue to become more uncertain and constrained. Material risks that could lead to different results include the risk that delivery obligations under the agreement are not fully satisfied, or are delayed, for unexpected reasons; the risk that prevailing pricing terms at time of delivery do not result in the full amount of the estimated contract value; the risk that India’s future deployment and expansion plans may be impeded or delayed for any reason, and the risk that there is not continued growth in demand. In presenting the forward-looking information, we have made material assumptions which may prove incorrect about our ability to satisfy our delivery obligations fully in a timely manner, future uranium prices and India’s successful implementation of its plans.

About Cameco

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.

- End -

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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FAQ

What contract did Cameco (CCJ) sign with India?

Cameco signed a long-term agreement to supply uranium ore concentrate to India’s Department of Atomic Energy. The deal covers nearly 22 million pounds of U3O8 for India’s nuclear reactors over a nine-year period on market-related price terms.

How much is Cameco’s new India uranium contract worth?

Cameco estimates the new India uranium contract at about $2.6 billion. This value is based on a uranium price of US$86.95 per pound and a USD/CAD exchange rate of 1.36, applied to nearly 22 million pounds of contracted U3O8.

When will Cameco start delivering uranium to India under this deal?

Deliveries under the new Cameco-India contract are expected to begin in 2027. They are planned to continue through 2035, aligning with Cameco’s long-term contracting strategy and supporting India’s existing and planned nuclear reactor fleet over that timeframe.

How does this contract fit into Cameco’s existing uranium sales plans?

Cameco states that volumes under the India contract were already included in its total long-term contracting volumes. They were also incorporated into the five-year realized uranium price sensitivity analysis disclosed in its 2025 annual Management’s Discussion and Analysis in February 2026.

What risks does Cameco highlight about the India uranium supply agreement?

Cameco notes risks that deliveries may not be fully satisfied or could be delayed, that pricing at delivery may not realize the estimated contract value, and that India’s nuclear expansion plans or uranium demand growth may face delays or other obstacles.

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