Cameco Corporation (CCJ)

Cameco Increases Ownership Stake in Cigar Lake MineJune 1, 2026 6:30 AM
Business Wire All amounts in Canadian dollars unless specified otherwise Cameco (TSX: CCO; NYSE: CCJ) and Orano Canada Inc. (Orano) have reached agreement with TEPCO Resources Inc. (TEPCO) to acquire TEPCO’s 5% participating interest in the Cigar Lake Joint Venture. Upon closing, Cameco’s ownership stake in the Cigar Lake uranium mine in northern Saskatchewan will increase by 2.871 percentage points to 57.418%, while Orano’s share will rise by 2.129 percentage points to 42.582%. “Cigar Lake is among the world’s best uranium mines, producing the highest-grade uranium ore from a safe, reliable, and cost-effective operation,” said Cameco’s Chief Executive Officer Tim Gitzel. “Increasing our ownership in this world-class, tier-one asset further demonstrates our commitment to our strategy, with scarce, licensed, permitted assets like Cigar Lake playing an essential role in fueling global ambitions to expand nuclear energy generation. Cigar Lake’s success wouldn’t be possible without supportive neighbouring Indigenous communities, which provide vital workforce and supply chain support through our mutually beneficial partnerships.” Cameco’s purchase cost to acquire our respective share of TEPCO’s interest in Cigar Lake is approximately $115.75 million, subject to customary closing adjustments. The acquisition is subject to certain regulatory approvals and other standard closing conditions. The transaction is expected to close in the third quarter of 2026. Cigar Lake’s reserve and resource base includes proven and probable reserves estimated at 172.4 million pounds of U3O8, measured and indicated resources of approximately 26.3 million pounds, and inferred resources of 20.0 million pounds (100% basis, as of December 31, 2025). Since the time it began production in 2014, Cigar Lake has produced approximately 174.5 million packaged pounds (100% basis, as of December 31, 2025). Our 2026 production outlook for the Cigar Lake mine is between 17.5 million and 18 million pounds of uranium concentrate (U3O8) on a 100% basis. In 2026, we plan to continue production and development activities in the area currently being mined (CLMain), while continuing to advance the development work related to Cigar Lake extension (CLExt) that is required to extend the life of the mine to 2036. Planned capital projects related to CLExt include construction of a freeze pad, freeze distribution, and underground infrastructure, with capital investments at Cigar Lake remaining consistent and aligned with our disciplined contracting, operational and capital allocation strategy. Cigar Lake proven and probable mineral reserves     PROVEN   PROBABLE   TOTAL MINERAL RESERVES     MINING   GRADE CONTENT     GRADE CONTENT     GRADE CONTENT METALLURGICAL PROPERTY METHOD TONNES % U3O8 (LB U3O8)   TONNES % U3O8 (LB U3O8)   TONNES % U3O8 (LB U3O8) RECOVERY (%) Cigar Lake UG 263.7 17.06 99.2   215.3 15.43 73.2   479.0 16.33 172.4 98.9 As of December 31, 2025 (100% basis); tonnes in thousands; pounds in millions) Cigar Lake measured, indicated and inferred mineral resources   MEASURED RESOURCES (M)   INDICATED RESOURCES (I) TOTAL M+I   INFERRED RESOURCES     GRADE CONTENT     GRADE CONTENT CONTENT     GRADE CONTENT PROPERTY TONNES % U3O8 (LB U3O8)   TONNES % U3O8 (LB U3O8) (LB U3O8)   TONNES % U3O8 (LB U3O8) Cigar Lake 82.3 5.00 9.1   153.8 5.07 17.2 26.3   163.4 5.55 20.0 As of December 31, 2025 (100% basis); tonnes in thousands; pounds in millions) Please see pages 97 and 98 of Cameco’s 2025 annual information form for the key assumptions, parameters and methods used to estimate the Cigar Lake mineral reserves and resources. Qualified Persons The technical and scientific information discussed in this document for Cigar Lake was approved by the following individuals who are qualified persons for the purposes of NI 43-101: Kirk Lamont, general manager, Cigar Lake, Cameco Scott Bishop, director, technical services, Cameco Caution about Forward-Looking Information This news release includes statements and information about our expectations for the future, which we refer to as forward-looking information. Forward-looking information is based on our current views, which can change significantly, and actual results and events may be significantly different from what we currently expect. Examples of forward-looking information in this news release include: our views regarding the grade of uranium ore produced from Cigar Lake; our views regarding the safety, reliability and cost-effectiveness of Cigar Lake operations; our views regarding Cigar Lake’s ability to support the global ambitions to increase nuclear energy generation; our expectations regarding closing adjustments to Cameco’s purchase price; whether regulatory approvals will be granted and closing conditions will be met within the expected timeframes; our expectations as to the closing date; the 2026 production outlook for Cigar Lake; the present estimate of proven and probable reserves and measured, indicated and inferred resources remaining at Cigar Lake; the continuation of production and development activities in CLMain; our plan to extend the mine life at Cigar Lake to 2036; our planned capital projects related to CLExt including construction of a freeze pad, freeze distribution, and underground infrastructure; and whether capital investments at Cigar Lake will remain consistent and aligned with our disciplined contracting, operational and capital allocation strategy. Material risks that could lead to different results include: failure to obtain regulatory approvals or meet closing conditions within the expected timeframes; unexpected changes in uranium supply, demand, long-term contracting and prices; the risk that we may not be able to implement our planned production and development activities in CLMain, our development work related to CLExt, or our planned capital projects related to CLExt; the risk that we may not be able to extend the life of mine to 2036; the risk that we may not be able to continue to align production decisions with market opportunities and our contract portfolio; the risk that the contracting, operational and capital allocation strategy we are pursuing may prove unsuccessful, or that we may not be able to execute it successfully; the risk of disruption to operations at Cigar Lake or the McClean Lake mill for technical, regulatory or labour reasons; and the risk of disruptions to power, communication services and road access due to floods or wildfires. In presenting the forward-looking information, we have made material assumptions which may prove incorrect about: timeframes to obtain regulatory approvals and meet closing conditions; uranium supply, demand, long-term contracting and prices; the market conditions and other factors upon which we have based our future plans and forecasts; the success of our plans and strategies, including CLExt and planned capital projects; the absence of new and adverse government regulations, policies or decisions; that there will not be any disruption to operations at Cigar Lake or the McClean Lake mill for technical, regulatory or labour reasons; and that there will not be disruptions to power, communication services and road access due to floods or wildfires. Please also review the discussion in our 2025 annual MD&A and most recent annual information form for other material risks that could cause actual results to differ significantly from our current expectations, and other material assumptions we have made. 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. We will not necessarily update this information unless we are required to 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260531627336/en/ Investor inquiries
Cory Kos
306-716-6782
cory_kos @JMoon-5541
veronica_baker@cameco.com Original: Cameco Increases Ownership Stake in Cigar Lake Mine

Cameco Announces McArthur River/Key Lake Operation Resumes ProductionMay 27, 2026 5:15 PM
Business Wire All amounts in Canadian dollars unless specified otherwise 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260527754786/en/ Investor inquiries
Cory Kos
306-716-6782
cory_kos @JMoon-5541
veronica_baker@cameco.com Original: Cameco Announces McArthur River/Key Lake Operation Resumes Production

Inside America's Largest Conventional Measured and Indicated Uranium Deposit: Eagle Nuclear Energy Advances Aurora Toward Pre-FeasibilityMay 14, 2026 10:57 AM
PR Newswire (US) Issued on behalf of Eagle Nuclear Energy Corp.Environmental baseline studies commence at flagship Aurora Uranium Project ahead of 27,000-foot, 47-hole drill program scheduled to commence in July 2026; PFS targeted second half of 2027NEW YORK, May 14, 2026 /PRNewswire/ -- Equity Insider News Commentary — The United States burns through roughly 50 million pounds of uranium each year to fuel the world's largest fleet of nuclear reactors, and imports approximately 95% of that uranium from foreign suppliers.[1] That structural import dependence — combined with accelerating demand projections for nuclear power across AI data centers, grid expansion, and emerging space-deployment mandates — has placed domestic uranium development firmly into the national security conversation. Spot uranium pricing reached approximately $86.55 per pound as of May 1, 2026, up 24% over the trailing twelve months, providing the price backdrop against which the small group of U.S.-asset uranium developers has been advancing through the spring of 2026.[2] Eagle Nuclear Energy Corp. (NASDAQ: NUCL) — a next-generation nuclear energy company that owns the rights to the largest conventional, measured and indicated uranium deposit in the United States— on May 5, 2026 announced the commencement of environmental baseline studies in advance of the Company's previously announced 27,000-foot, 47-hole Pre-Feasibility Study ("PFS")-related drill program at its flagship Aurora Uranium Project, located along the Oregon–Nevada border.[3] The studies are being conducted by numerous engaged consultants ahead of the drill program, which is scheduled to commence in early July 2026 using two to three rigs over an estimated three- to four-month period.[3]Aurora: A Defined Conventional Uranium ResourceThe Aurora Uranium Project hosts 32.75 million pounds of indicated and 4.98 million pounds of inferred uranium resource under the SK-1300 TRS reporting standard.[2] The adjacent Cordex deposit, also held by the Company, is positioned as offering significant potential to expand the project's overall resource inventory beyond Aurora's current indicated and inferred base.[3] Together, the assets anchor Eagle's stated long-term strategy to develop an integrated nuclear energy platform that combines domestic uranium resources with exclusive Small Modular Reactor (SMR) technology —the integrated platform strategy the Company has emphasized since its February 25, 2026 Nasdaq listing..[2]Drill Program Engineering and Permitting SequenceOn April 1, 2026, Eagle announced its plans to conduct a 27,000-foot drill program at Aurora — designed by resource consultants BBA USA Inc. ("BBA") to address data gaps identified through a comprehensive Gap Analysis study and advance the project toward a PFS.[4] On April 9, 2026, the Company signed a Drilling Services Agreement with Fallon, Nevada-based Harris Exploration Drilling & Associates Inc. ("Harris Drilling"), which committed up to three track-mounted core drill rigs to complete the 47-hole program designed by BBA.[5]The permitting workstream advanced in parallel. On March 18, 2026, Eagle selected SLR International Corporation to lead the permitting effort at Aurora — a leading global mining and environmental consulting firm bringing experience with the federal and state permitting process for U.S. uranium developments.[6] On March 10, 2026, the Company announced it had joined the Uranium Producers of America — an industry trade association that aligns Eagle with the broader U.S. domestic uranium policy conversation.[6]The Company on April 15, 2026 provided its first quarter 2026 corporate update and financial results — the first quarter following the February 24, 2026 completion of its business combination with Spring Valley Acquisition Corp. II and the February 25, 2026 commencement of Nasdaq trading under the symbol "NUCL."[7]A Tightening Uranium Market BackdropThe price environment for U.S. domestic uranium developers has continued to firm through Q2 2026. Spot uranium pricing at approximately $86.55 per pound as of May 1, 2026 represents one of the strongest sustained price ranges of the past decade for the metal.[2] White House National Science and Technology Memorandum 3, issued April 14, 2026, mandates space-based nuclear deployment by 2028 and lunar reactor deployment by 2030 — federal directives that have increased the strategic importance of domestic uranium and the enriched fuel cycle running adjacent to it.[8]Across the broader uranium sector, producers operating U.S. and adjacent assets continue to reinforce the growing demand backdrop Eagle is advancing into. .Cameco Corporation (NYSE: CCJ) (TSX: CCO), one of the world's largest publicly listed uranium producers, has continued to advance the Cigar Lake operation and the McArthur River/Key Lake restart in the Athabasca Basin of Saskatchewan — alongside its strategic 49% interest in Westinghouse Electric Company. The Company has remained the benchmark name for senior uranium production exposure in the public markets.Uranium Energy Corp. (NYSE American: UEC) has continued to advance its U.S.-based in-situ recovery uranium production platform across Texas and Wyoming, alongside development-stage assets in the Powder River and Great Divide basins. UEC's positioning as one of the larger pure-play U.S. uranium developers makes its operational cadence a useful read on the broader U.S. uranium production conversation that Eagle's Aurora development pathway sits within.Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), the U.S.'s largest producer of uranium concentrates and a leading rare earth elements producer, operates the White Mesa Mill in Utah — the only fully licensed and operating conventional uranium mill in the United States. Energy Fuels' integrated U.S. uranium-and-critical-minerals positioning has continued to draw attention as the broader domestic supply chain policy conversation has accelerated.Denison Mines Corp. (NYSE American: DNN) (TSX: DML) has continued to advance its Phoenix In-Situ Recovery uranium project at Wheeler River in Saskatchewan toward final investment decision, with the project positioned as one of the lower-cost potential new uranium operations in North America. Denison's progress in the Athabasca Basin provides one of the more closely watched development timelines in the senior uranium developer cohort.Bottom Line on NUCL's PositionThe May 5, 2026 commencement of environmental baseline studies marks the start of the PFS-related workstream proper at Aurora. With the drill program scheduled to commence in July 2026 under a signed Drilling Services Agreement with Harris Drilling, permitting led by SLR, resource modelling by BBA, and the Company holding what it describes as the largest conventional measured and indicated uranium deposit in the United States, Eagle has translated its February 2026 Nasdaq listing into an operational execution profile aligned with the broader uranium sector's current growth cycle. . The PFS is targeted for the second half of 2027; the next several quarters will be defined by drill progress, baseline-study completion, and the permitting interface across federal and state regulators.[3]Read more about Eagle Nuclear Energy Corp. at: usanewsgroup.com/nucl-profileCONTACT:Equity Insider
editor @acblanke1SOURCES:Equity-Insider.com — "The U.S. Imports 95% of Its Uranium. One Nasdaq-Listed Newcomer is the Largest Conventional Deposit in the Country," GlobeNewswire, April 16, 2026, https://www.globenewswire.com/news-release/2026/04/16/3275617/0/en/The-U-S-Imports-95-of-Its-Uranium-One-Nasdaq-Listed-Newcomer-is-the-Largest-Conventional-Deposit-in-the-Country.htmlGlobeNewswire — "Domestic Uranium Development Update: Eagle Nuclear Energy (NASDAQ: NUCL) Initiates Pre-Drill Environmental Baseline Studies at Aurora Project," May 6, 2026, https://www.globenewswire.com/news-release/2026/05/06/3289153/0/en/Domestic-Uranium-Development-Update-Eagle-Nuclear-Energy-NASDAQ-NUCL-Initiates-Pre-Drill-Environmental-Baseline-Studies-at-Aurora-Project.htmlEagle Nuclear Energy Corp. — "Eagle Nuclear Energy Announces Commencement of Environmental Baseline Studies in Advance of PFS-Related Drill Program at Aurora," GlobeNewswire, May 5, 2026, https://www.globenewswire.com/news-release/2026/05/05/3287674/0/en/Eagle-Nuclear-Energy-Announces-Commencement-of-Environmental-Baseline-Studies-in-Advance-of-PFS-Related-Drill-Program-at-Aurora.htmlEagle Nuclear Energy Corp. — "Eagle Nuclear Energy Announces Plans to Conduct a 27,000 Ft Drill Program To Advance Aurora Toward a Pre-Feasibility Study," April 1, 2026, https://www.globenewswire.com/news-release/2026/04/01/3266610/0/en/Eagle-Nuclear-Energy-Announces-Plans-to-Conduct-a-27-000-Ft-Drill-Program-To-Advance-Aurora-Toward-a-Pre-Feasibility-Study.htmlEagle Nuclear Energy Corp. — "Eagle Nuclear Energy Engages Drilling Company And Files Permit Applications For PFS-Related Drill Program at Aurora," April 9, 2026, https://www.globenewswire.com/news-release/2026/04/09/3270973/0/en/Eagle-Nuclear-Energy-Engages-Drilling-Company-And-Files-Permit-Applications-For-PFS-Related-Drill-Program-at-Aurora.htmlEagle Nuclear Energy Corp. — "Eagle Nuclear Energy Selects SLR International Corporation to Lead the Permitting Effort at Aurora Uranium Project," March 18, 2026; "Eagle Nuclear Energy Joins Uranium Producers of America," March 10, 2026.Eagle Nuclear Energy Corp. — "Eagle Nuclear Energy Provides First Quarter 2026 Corporate Update," April 15, 2026.24/7 Wall St. — "Oklo, Nano Nuclear, Centrus, NuScale Surge as White House Space Nuclear Mandate Electrifies the Sector," April 16, 2026.DISCLAIMER:Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a digital media distribution and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. Equity-Insider.com is a wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). This article is being distributed by Equity Insider on behalf of MIQ. MIQ has been paid a fee by Creative Direct Marketing Group ("CDMG") for Eagle Nuclear Energy Corp. advertising and digital media. MIQ does not currently own shares of Eagle Nuclear Energy Corp., but reserves the right to buy and sell shares of Eagle Nuclear Energy Corp. at any time without any further notice commencing immediately and ongoing. There may also be 3rd parties who may have shares of Eagle Nuclear Energy Corp. and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, has been reviewed and approved on behalf of Eagle Nuclear Energy Corp. by CDMG.Cautionary Note Regarding Forward-Looking Statements:Certain statements included in this commentary are not historical facts but are forward-looking statements. All statements other than statements of historical facts contained in this commentary — including statements regarding Eagle Nuclear Energy Corp.'s drill program schedule, environmental baseline studies, permitting timelines, PFS targets, resource expansion potential, anticipated nuclear energy market demand, U.S. domestic uranium supply chain dynamics, and integrated SMR platform development — are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, and other factors, many of which are beyond the Company's control, and which could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Risks include, without limitation: risks related to the business combination with Spring Valley Acquisition Corp. II completed February 24, 2026 and matters disclosed in the Company's registration statement on Form S-1 originally filed with the SEC on March 19, 2026 and any amendments or supplements thereto; risks related to permitting and regulatory approvals; risks related to drilling results and resource expansion; market and commodity price volatility; legal and listing risks; and other operational and financial risks. Readers are cautioned not to place undue reliance on forward-looking statements. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Always consult a licensed investment professional before making any investment decision. Investing in securities carries a high degree of risk; you may likely lose some or all of the investment.Logo - https://mma.prnewswire.com/media/2840019/5969765/Equity_Insider_Logo.jpg View original content to download multimedia:https://www.prnewswire.com/news-releases/inside-americas-largest-conventional-measured-and-indicated-uranium-deposit-eagle-nuclear-energy-advances-aurora-toward-pre-feasibility-302771659.html Original: Inside America's Largest Conventional Measured and Indicated Uranium Deposit: Eagle Nuclear Energy Advances Aurora Toward Pre-Feasibility

Mise à jour sur les opérations dans le Nord de la SaskatchewanMay 11, 2026 6:41 AM
Business Wire Tous les montants sont en dollars canadiens, sauf mention contraire. Cameco (TSX : CCO ; NYSE : CCJ) fournit aujourd'hui une mise à jour opérationnelle pour ses sites du nord de la Saskatchewan dans le contexte des inondations dans la région, qui ont une incidence sur les routes. Nos sites du nord de la Saskatchewan ne sont pas directement touchés par les eaux de crue. Cependant, les inondations ont causé l'effondrement du pont de la rivière Smoothstone, qui se trouve sur la principale route que nous empruntons pour acheminer les approvisionnements vers les sites de la rivière McArthur et de Key Lake, et des restrictions sont en place quant à l'utilisation d'une autre route. Nous sommes en contact régulier avec le ministère de la Voirie de la Saskatchewan, et nous travaillons avec nos sites pour minimiser l'impact des interruptions de livraison. Cependant, nous avons temporairement arrêté les activités de production à l'usine de Key Lake et réduit l'activité à la mine McArthur River jusqu'à ce que la livraison normale de matériaux d'exploitation essentiels puisse reprendre. Le calendrier de reprise des livraisons normales est actuellement inconnu. À l'heure actuelle, la mine de Cigar Lake continue d'être exploitée et notre plan de production annuel consolidé demeure inchangé. Selon la durée des restrictions routières et notre capacité à livrer des matériaux d'exploitation essentiels, il existe un risque que nos perspectives de production pour 2026 pour l'exploitation de McArthur River/Key Lake soient affectées. Profil Cameco est l'un des plus grands fournisseurs mondiaux de combustible nucléaire, indispensable pour assurer un avenir énergétique sûr. Notre position concurrentielle repose sur le contrôle que nous exerçons sur les plus importantes réserves mondiales d'uranium à haute teneur et sur nos opérations à faible coût, ainsi que sur d'importants investissements dans l'ensemble du cycle du combustible nucléaire, notamment des participations dans Westinghouse Electric Company et Global Laser Enrichment. Les services publics du monde entier font confiance à Cameco pour leur fournir des solutions globales d'approvisionnement en combustible nucléaire, garantissant une production d'énergie nucléaire sûre, fiable et décarbonée. Nos actions sont cotées aux bourses de Toronto et de New York. Notre siège social se trouve à Saskatoon, en Saskatchewan, au Canada. Dans le présent communiqué, les termes « nous », « notre », « société » et « Cameco » désignent Cameco Corporation et ses filiales, sauf mention contraire. www.cameco.com Le texte du communiqué issu d’une traduction ne doit d’aucune manière être considéré comme officiel. La seule version du communiqué qui fasse foi est celle du communiqué dans sa langue d’origine. La traduction devra toujours être confrontée au texte source, qui fera jurisprudence. Consultez la version source sur businesswire.com : https://www.businesswire.com/news/home/20260510416307/fr/ Relations avec les investisseurs
Cory Kos
306-716-6782
cory_kos@cameco.com Relations avec les médias
Veronica Baker
306-385-5541
veronica_baker@cameco.com Original: Mise à jour sur les opérations dans le Nord de la Saskatchewan

Northern Saskatchewan Operations UpdateMay 11, 2026 12:17 AM
Business Wire All amounts in Canadian dollars unless specified otherwise. Cameco (TSX: CCO; NYSE: CCJ) today provided an operational update for our northern Saskatchewan sites amidst flooding in the region, which is impacting roadways. Our northern Saskatchewan sites are not directly impacted by flood waters. However, flooding has caused the collapse of the Smoothstone River Bridge, which is on the primary route we use to transport supplies to the McArthur River and Key Lake sites, and there are restrictions in place on the use of an alternative roadway. We are in regular contact with the Saskatchewan Ministry of Highways, and we are working with our sites to minimize the impact of delivery disruptions. However, we have temporarily halted production activities at Key Lake mill and reduced activity at McArthur River mine until the normal delivery of critical operating materials can resume. The timeline for the resumption of normal deliveries is currently unknown. At present, the Cigar Lake mine continues to operate, and our consolidated annual production plan remains unchanged. Depending on the duration of the road restrictions and our ability to make deliveries of critical operating materials, there is a risk that our 2026 production outlook for the McArthur River/Key Lake operation could be impacted. 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. www.cameco.com View source version on businesswire.com: https://www.businesswire.com/news/home/20260510315366/en/ Investor inquiries
Cory Kos
306-716-6782
cory_kos @JMoon-5541
veronica_baker@cameco.com Original: Northern Saskatchewan Operations Update

Cameco annonce l'élection de ses administrateursMay 7, 2026 10:52 PM
Business Wire Tous les montants sont en dollars canadiens, sauf indication contraire. Cameco (TSX : CCO; NYSE : CCJ) a annoncé l'élection de neuf membres du conseil d'administration lors de son assemblée annuelle qui s'est tenue le 7 mai 2026. Les actionnaires ont élu au conseil d'administration Tammy Cook-Searson, Catherine Gignac, Tim Gitzel, Marie Inkster, Kathryn Jackson, Don Kayne, Peter Kukielski, Dominique Minière et Leontine van Leeuwen-Atkins. Résultats des votes pour les administrateurs de Cameco Candidats Votes pour % de votes pour Contre % de votes contre Catherine Gignac 72 913 617 98,13 % 1 385 967 1,87 % Tammy Cook-Searson 73 976 654 99,57 % 322 919 0,43 % Tim Gitzel 74 100 179 99,77 % 174 337 0,23 % Marie Inkster 73 781 111 99,33 % 494 252 0,67 % Kathryn Jackson 73 302 463 98,69 % 972 353 1,31 % Don Kayne 73 311 694 98,81 % 882 589 1,19 % Peter Kukielski 74 137 072 99,78 % 162 508 0,22 % Dominique Minière 73 460 367 99,35 % 480 348 0,65 % Leontine van Leeuwen-Atkins 73 814 853 99,38 % 460 340 0,62 % Profil Cameco est l'un des plus grands fournisseurs mondiaux de combustible nucléaire, indispensable pour assurer un avenir énergétique sûr. Notre position concurrentielle repose sur le contrôle que nous exerçons sur les plus importantes réserves mondiales d'uranium à haute teneur et sur nos opérations à faible coût, ainsi que sur d'importants investissements dans l'ensemble du cycle du combustible nucléaire, notamment des participations dans Westinghouse Electric Company et Global Laser Enrichment. Les services publics du monde entier font confiance à Cameco pour leur fournir des solutions globales d'approvisionnement en combustible nucléaire, garantissant une production d'énergie nucléaire sûre, fiable et sans carbone. Nos actions sont cotées aux bourses de Toronto et de New York. Notre siège social se trouve à Saskatoon, en Saskatchewan, au Canada. Dans le présent communiqué, les termes « nous », « notre », « la Société » et « Cameco » désignent Cameco Corporation et ses filiales, sauf indication contraire. Le texte du communiqué issu d’une traduction ne doit d’aucune manière être considéré comme officiel. La seule version du communiqué qui fasse foi est celle du communiqué dans sa langue d’origine. La traduction devra toujours être confrontée au texte source, qui fera jurisprudence. Consultez la version source sur businesswire.com : https://www.businesswire.com/news/home/20260507880088/fr/ Demandes de renseignements des investisseurs
Cory Kos
306-716-6782
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Veronica Baker
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veronica_baker@cameco.com Original: Cameco annonce l'élection de ses administrateurs

Cameco Announces Election of DirectorsMay 7, 2026 6:54 PM
Business Wire All amounts in Canadian dollars unless specified otherwise Cameco (TSX: CCO; NYSE: CCJ) has announced the election of nine board members at its annual meeting held on May 7, 2026. Shareholders elected board members Tammy Cook-Searson, Catherine Gignac, Tim Gitzel, Marie Inkster, Kathryn Jackson, Don Kayne, Peter Kukielski, Dominique Minière and Leontine van Leeuwen-Atkins. Voting Results for Cameco Directors Nominee Votes For % Votes For Against % Votes Against Catherine Gignac 72,913,617 98.13% 1,385,967 1.87% Tammy Cook-Searson 73,976,654 99.57% 322,919 0.43% Tim Gitzel 74,100,179 99.77% 174,337 0.23% Marie Inkster 73,781,111 99.33% 494,252 0.67% Kathryn Jackson 73,302,463 98.69% 972,353 1.31% Don Kayne 73,311,694 98.81% 882,589 1.19% Peter Kukielski 74,137,072 99.78% 162,508 0.22% Dominique Minière 73,460,367 99.35% 480,348 0.65% Leontine van Leeuwen-Atkins 73,814,853 99.38% 460,340 0.62% 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260507468261/en/ Investor inquiries
Cory Kos
306-716-6782
cory_kos @JMoon-5541
veronica_baker@cameco.com Original: Cameco Announces Election of Directors

Cameco annonce ses résultats du premier trimestre 2026 : les résultats financiers et l'exécution opérationnelle reflètent une stratégie disciplinée ; les prévisions annuelles restent inchangées ; l'énergie nucléaire est en bonne voie pour une…May 7, 2026 4:40 PM
Business Wire Tous les montants sont en dollars canadiens, sauf mention contraire   Cameco annonce ses résultats du premier trimestre 2026 : les résultats financiers et l'exécution opérationnelle reflètent une stratégie disciplinée ; les prévisions annuelles restent inchangées ; l'énergie nucléaire est en bonne voie pour une croissance pérenne à l'appui de la demande mondiale Cameco (TSX : CCO ; NYSE : CCJ) présente aujourd'hui ses résultats financiers et d'exploitation consolidés pour le premier trimestre clos le 31 mars 2026, conformément aux normes internationales d'information financière (IFRS). « Nos résultats pour le premier trimestre 2026 sont restés conformes à nos attentes annuelles pour l’ensemble de l’activité », déclare Tim Gitzel, chef de la direction de Cameco. « Nous sommes sur la bonne voie dans nos segments uranium, approvisionnement en combustible et Westinghouse, ce qui renforce la valeur de notre stratégie disciplinée de passation de marchés et d’exploitation qui aligne les décisions de marketing, de production et de capital sur le renforcement des fondamentaux de l’industrie. « Sur le plan opérationnel, nous avons réalisé de solides performances au cours du trimestre, avec une production en bonne voie dans nos activités d’extraction d’uranium au Canada et au Kazakhstan. Nous sommes en bonne position avant l’arrêt prolongé pour la maintenance au troisième trimestre de l’usine de Key Lake que nous avons mentionné au début de l’année, au cours duquel nous établirons des liens avec de nouvelles infrastructures afin d’améliorer la flexibilité future de l’approvisionnement. Et financièrement, notre bilan solide, qui nous permet d'être patients au fur et à mesure de l'évolution du marché, reste un atout clé. « Dans l’ensemble de l’écosystème énergétique mondial, les tensions géopolitiques actuelles et la volatilité des chaînes d’approvisionnement en combustibles fossiles renforcent l’importance d’une énergie de base sûre, fiable et résiliente. Les gouvernements, les services publics et les industries à forte intensité énergétique reconnaissent que l'énergie nucléaire est particulièrement bien placée pour répondre à ces besoins, assurer la sécurité énergétique à long terme et renforcer la sécurité nationale, tout en faisant progresser les efforts visant à atteindre les objectifs de décarbonisation. Dans ce contexte, Cameco et Westinghouse constatent un vif intérêt pour la technologie éprouvée du réacteur AP1000®. Il s’agit du réacteur moderne qui se démarque comme la technologie de génération III+ la plus déployée en exploitation aujourd’hui, et nous sommes ravis de le voir valorisé pour ses caractéristiques de sécurité passive avancées, sa conception normalisée et reproductible, sa garantie de construction et ses performances d’exploitation éprouvées de classe mondiale. « Avec des actifs miniers de niveau 1, une approche disciplinée de l’approvisionnement et une stratégie intégrée du cycle de vie du combustible et des réacteurs, nous pensons que Cameco a toutes les cartes en main pour tirer parti des opportunités à mesure que le marché évoluera, tout en continuant à s'orienter face aux incertitudes du marché et à créer de la valeur à long terme à mesure que le rôle de l’énergie nucléaire s’élargit. » Faits saillants du premier trimestre : Faits saillants financiers Performance consolidée : les résultats du premier trimestre ont été plus élevés qu'en 2025, avec un bénéfice net de 131 millions de dollars, un bénéfice net ajusté de 203 millions de dollars et un BAIIA ajusté de 509 millions de dollars. Comme prévu, les volumes de ventes du premier trimestre ont été plus élevés dans les services uranium et approvisionnement en combustible, notre prix moyen réalisé a continué de s'améliorer dans le segment uranium, et la variabilité trimestrielle des bénéfices en actions de notre investissement dans Westinghouse a entraîné une amélioration de la performance du premier trimestre par rapport à 2025. Pour de plus amples renseignements, veuillez consulter la section Résultats financiers consolidés de notre rapport de gestion du premier trimestre. Solide bilan : grâce à notre discipline financière assortie d’une gestion rigoureuse des?risques, notre bilan reste solide. Au 31 mars 2026, nous disposions d'une trésorerie, d'équivalents de trésorerie et de placements à court terme de 1,1 milliard de dollars, d'une dette totale de 1,0 milliard de dollars et d'une facilité de crédit renouvelable non utilisée de 1,0 milliard de dollars. Comme indiqué précédemment, nous avons reçu une distribution de 49 millions USD de Westinghouse au cours du premier trimestre. En outre, après la fin du trimestre, nous avons reçu 124 millions USD, nets de retenues, de JV Inkai à titre de dividende basé sur la performance financière de 2025. Uranium : dans notre segment uranium, le bénéfice avant impôts du premier trimestre s'est établi à 358 millions de dollars et le BAIIA ajusté s'est établi à 423 millions de dollars, contre 227 millions de dollars et 286 millions de dollars, respectivement, au premier trimestre de 2025. Comme prévu, les volumes de ventes ont été plus élevés au premier trimestre de 2026 qu’au premier trimestre de 2025. En outre, le prix moyen réalisé a continué de s'améliorer à mesure que les prix dans le cadre des contrats liés au marché ont augmenté. Pour de plus amples renseignements, veuillez consulter la section Résultats financiers par segment – Uranium dans notre rapport de gestion du premier trimestre. Approvisionnement en combustible : dans notre segment approvisionnement en combustible, le bénéfice avant impôts du premier trimestre s'est établi à 44 millions de dollars et le BAIIA ajusté s'est établi à 54 millions de dollars, contre 68 millions de dollars et 75 millions de dollars, respectivement, au premier trimestre de 2025. En 2026, les résultats ont été principalement tirés par un prix moyen réalisé plus bas. Pour de plus amples renseignements, veuillez consulter la section Résultats financiers par segment - Approvisionnement en combustible dans notre rapport de gestion du premier trimestre. Westinghouse : Westinghouse a déclaré une perte nette de 46 millions de dollars (notre part) pour le premier trimestre, une amélioration par rapport à une perte de 62 millions de dollars (notre part) au premier trimestre de 2025. Pour mieux refléter la performance opérationnelle sous-jacente, nous utilisons le BAIIA ajusté comme mesure de performance pour Westinghouse. Au premier trimestre 2026, notre part du BAIIA ajusté de Westinghouse s’est établie à 122 millions de dollars, contre 92 millions de dollars au premier trimestre 2025. Pour de plus amples renseignements, veuillez consulter la section Résultats financiers par segment - Westinghouse dans notre rapport de gestion du premier trimestre. Le bénéfice net ajusté et le BAIIA ajusté sont des mesures non conformes aux IFRS. Faits saillants d'exploitation Uranium : la production totale emballée de McArthur River et Key Lake était de 5,0 millions de livres d'U3 O8 (3,5 millions de livres, notre part) et 4,9 millions de livres d'U3 O8 (2,7 millions de livres, notre part) de Cigar Lake pour le trimestre. Nous continuons d'anticiper une production entre 19,5 et 21,5 millions de livres d'U3 O8 (notre part) en 2026 dans notre segment uranium. En avril, une nouvelle convention collective avec la section locale 8914 des Métallos a été conclue à Key Lake et McArthur River, qui arrive à échéance en décembre 2028. Pour de plus amples renseignements, veuillez consulter la section Nos opérations - Mises à jour pour le T1 2026, uranium dans notre rapport de gestion du premier trimestre. JV Inkai : la production sur une base de 100% était de 2,5 millions de livres d'U3 O8 pour le trimestre. JV Inkai continue de viser une production de 10,4 millions de livres d'U3 O8 (sur une base de 100%) dont notre allocation d'achat devrait être de 4,2 millions de livres. La majorité de notre part de la production de 2026 devrait être livrée avant la fin de 2026. Pour de plus amples renseignements, veuillez consulter la section Nos opérations - Mises à jour pour le T1 2026, uranium dans notre rapport de gestion du premier trimestre. Approvisionnement en combustible : au premier trimestre 2026, notre segment approvisionnement en combustible a produit 3,3 millions de kgU. Nous continuons de nous attendre à ce que notre production annuelle, qui comprend la conversion d'UF6, la conversion d'UO2 et les faisceaux de combustible pour réacteurs à eau lourde, se situe entre 13 et 14 millions de kgU. Pour de plus amples renseignements, veuillez consulter la section Nos opérations - Mises à jour pour le T1 2026, approvisionnement en combustible dans notre rapport de gestion du premier trimestre. Faits saillants marketing Livraisons et inventaire : au premier trimestre, nous avons produit 6,2 millions de livres d'U3 O8 (notre part), acheté 0,2 million de livres d'U3 O8 à un coût unitaire moyen de 110,42 $ la livre (80,50 USD la livre) et emprunté 750 000 livres dans le cadre de facilités de prêt de produits. Pour de plus amples renseignements, veuillez consulter la section Résultats financiers par segment – Uranium dans notre rapport de gestion du premier trimestre. Après avoir livré 7,8 millions de livres au premier trimestre, notre stock d'uranium était de 9,1 millions de livres le 31 mars 2026, avec un coût d'inventaire moyen de 50,24 $ la livre. Contrats : dans notre segment uranium, au cours des cinq prochaines années, nous avons des contrats en place pour des livraisons annuelles moyennes de plus de 28 millions de livres d'U3 O8 par an, avec des engagements supérieurs à la moyenne de 2026 à 2028 et inférieurs à la moyenne des années 2029 et 2030. À mesure que le marché continue de s'améliorer, nous prévoyons de continuer à multiplier les volumes qui captent une plus grande hausse future en utilisant des mécanismes de tarification liés au marché. Résultats financiers consolidés   TRIMESTRE CLOS AU   FAITS SAILLANTS 31 MARS   (EN MILLIONS $ SAUF MENTION CONTRAIRE) 2026 2025 VARIATION Revenu 845 789 7% Bénéfice brut 302 270 12% Bénéfice net attribuable aux actionnaires 131 70 87% $ par action ordinaire (de base) 0,30 0,16 88% $ par action ordinaire (après dilution) 0,30 0,16 88% Bénéfice net ajusté (BNA) (non IFRS) 203 70 >100% $ par action ordinaire (ajusté et après dilution) 0,47 0,16 >100% BAIIA ajusté (non IFRS) 509 353 44% Encaisse issue (utilisés pour) des activités (22) 110 >(100)% L'information financière présentée pour le trimestre clos le 31 mars 2025 et le 31 mars 2026 n'est pas vérifiée. Faits saillants par segment       TRIMESTRE CLOS AU   FAITS SAILLANTS 31 MARS   (EN MILLIONS $ SAUF MENTION CONTRAIRE) 2026 2025 VARIATION Uranium Volume de production (millions lb)   6,2 6,0 3%   Volume de ventes (millions lb)   7,8 6,9 13%   Prix de vente réalisé moyen1 (USD/lb) 66,21 62,55 6%     ($/lb) 91,26 89,12 2%   Revenu   712 619 15%   Bénéfice brut   259 203 28%   Bénéfice avant impôts sur le revenu   358 227 58%   BAIIA ajusté2   423 286 48% Approvisionnement en combustible Volume de production (millions kgU)   3,3 3,9 (15)%   Volume de ventes (million kgU)   2,8 2,4 17%   Prix moyen réalisé3 ($/kgU) 48,53 56,64 (14)%   Revenu   134 135 (1)%   Bénéfice avant impôts sur le revenu   44 68 (35)%   BAIIA ajusté2   54 75 (28)%   Marge de BAIIA ajusté (%)2   40 56 (29)% Westinghouse Flux de trésorerie disponible ajusté2   72 49 47% (notre part) Perte nette   (46) (62) (26)%   BAIIA ajusté2   122 92 33% 1 Le prix réalisé moyen de l’uranium est calculé comme le revenu des ventes de concentré d’uranium, des frais de transport et de stockage divisé par le volume des concentrés d’uranium vendus. 2 Mesure non IFRS. 3 Le prix moyen réalisé des services d'approvisionnement en combustible est calculé comme le revenu de la vente de services de conversion et de fabrication, y compris les grappes de combustible et les composants des réacteurs, les frais de transport et de stockage divisés par les volumes vendus. Le tableau montre les coûts de production et d'achat de l'uranium encourus au cours des périodes de déclaration (voir mesure non IFRS). Ces coûts n'incluent pas les coûts d'entretien et de maintenance, les coûts de vente tels que les redevances, le transport et les commissions, ni ne reflètent l'impact des stocks d'ouverture sur notre coût de vente déclaré.   TRIMESTRE CLOS AU     31 MARS   ($/LB) 2026 2025 VARIATION Produit       Coût au comptant 23,02 22,39 3% Coûts autres qu'au comptant 11,03 10,30 7% Coût total de production1 34,05 32,69 4% Quantité produite (en millions de livres)1 6,2 6,0 3% Acheté       Coût au comptant1 110,42 106,14 4% Quantité achetée (millions lb)1 0,2 1,2 (83)% Totaux       Coûts produits et achetés 36,44 44,93 (19)% Quantités produites et achetées (millions de livres) 6,4 7,2 (11)% 1 En raison de la mise en équivalence, notre part de la production de JV Inkai est indiquée comme un achat au moment de la livraison. Ces achats fluctueront au cours des trimestres et le calendrier des achats ne correspondra pas à la production. Aucun achat n'a été réalisé auprès de JV Inkai au cours des premiers trimestres 2026 et 2025. Mesures non IFRS Les mesures non conformes aux IFRS mentionnées dans le présent document sont des mesures supplémentaires qui servent d'indicateurs de notre performance financière. La direction estime que ces mesures non conformes aux IFRS fournissent des renseignements supplémentaires utiles aux investisseurs, aux analystes en valeurs mobilières, aux prêteurs et aux autres parties intéressées pour évaluer notre rendement opérationnel et notre capacité de générer des flux de trésorerie afin de répondre à nos besoins de trésorerie. Ces mesures ne sont pas reconnues en vertu des IFRS, n'ont pas de signification normalisée et sont donc peu susceptibles d'être comparables à des mesures similaires présentées par d'autres sociétés. Par conséquent, ces mesures ne doivent pas être considérées isolément ou comme un substitut aux informations financières déclarées selon les IFRS. Nous ne sommes pas en mesure de concilier nos orientations prospectives non conformes aux IFRS, car nous ne pouvons pas prédire le calendrier et les montants des éléments distincts, ce qui pourrait avoir une incidence significative sur nos résultats IFRS. Voici les mesures non IFRS utilisées dans le présent document. BÉNÉFICE NET AJUSTÉ Le bénéfice net ajusté (BNA) est notre bénéfice net attribuable aux actionnaires, ajusté pour tenir compte d'éléments hors exploitation ou hors trésorerie tels que les gains et pertes sur dérivés, les gains et pertes de change non réalisés, la rémunération basée sur les actions et les ajustements aux provisions pour sinistres découlant d'autres charges d'exploitation, qui, selon nous, ne reflètent pas le rendement financier sous-jacent pour la période de référence. D'autres éléments peuvent également être ajustés de temps à autre. Nous ajustons cette mesure pour certains des éléments que nos entités faisant l'objet d'investissements comptabilisés en actions font pour arriver à d'autres mesures non conformes aux IFRS. Le BNA est l'un des objectifs que nous mesurons pour constituer la base d'une partie de la rémunération annuelle des employés et des dirigeants (voir la section Mesures de nos résultats dans notre rapport de gestion annuel 2025). Nous prenons en compte les instruments dérivés dans le calcul du BNA. Nous n'utilisons pas la comptabilité de couverture dans le cadre des normes IFRS. Nous devons donc déclarer les bénéfices et les pertes pour chaque activité de couverture, aussi bien pour les contrats se terminant durant la période que pour ceux étant en cours à la fin de la période. Pour les contrats qui restent en cours, nous devons les traiter comme s'ils étaient terminés à la fin de la période considérée (valeur de marché). Nous n'estimons toutefois pas que les bénéfices et les pertes que nous devons déclarer dans le cadre des IFRS reflètent correctement l'intention de nos activités de couverture. Nous apportons donc des ajustements au moment de calculer notre bénéfice net ajusté afin de mieux refléter l'impact de notre programme de couverture pour la période considérée. Pour plus d'informations, consultez Opérations de change dans notre rapport de gestion annuel 2025. Nous prenons également en compte les ajustements de nos provisions de remise en état, qui sont directement comptabilisés dans le bénéfice. Chaque trimestre, nous devons mettre à jour les provisions pour remise en état de toutes les opérations en fonction des nouvelles estimations des flux de trésorerie, des taux d'actualisation et des taux d'inflation. Cela se traduit normalement par notre ajustement d’un actif lié à l’obligation de retrait d’actifs en plus du solde des provisions. Lorsque les actifs d’une opération ont été amortis en raison d’une dépréciation, comme c’est le cas pour nos opérations de Rabbit Lake et US ISR, l’ajustement est enregistré directement dans l’état des résultats en tant qu’« autres charges (produits) d’exploitation ». Voir la note 9 de nos états financiers intérimaires pour plus d'informations. Ce montant a été exclu de notre mesure BNA. En raison du changement de propriétaire de Westinghouse lors de son acquisition par Cameco et Brookfield, les stocks de Westinghouse à la date d’acquisition ont été réévalués sur la base du prix du marché à cette date. Étant donné que ces quantités sont vendues, le coût des produits et services vendus par Westinghouse reflète ces valeurs de marché, indépendamment de leurs coûts historiques. Notre part de ces coûts est incluse dans les bénéfices des entités détenues comptabilisées en actions et enregistrée dans le coût des produits et services vendus dans les informations sur les entités détenues (voir la note 6 relative aux états financiers). Étant donné que cette dépense n'est pas en espèces, en dehors du cours normal des activités et qu'elle ne s'est produite qu'en raison du changement de propriété, nous avons exclu notre part de notre mesure BNA. Westinghouse a également passé en charges certains coûts de transition liés à l'acquisition non liés à l'exploitation que les parties acquéreuses ont accepté de payer, ce qui a entraîné une réduction du prix d'achat payé. Notre part de ces coûts est incluse dans le résultat des entités faisant l’objet d’un investissement comptabilisées en actions et enregistrée dans les autres charges dans les informations relatives à l’entité faisant l’objet d’un investissement (voir la note 6 relative aux états financiers). Étant donné que cette dépense est en dehors du cours normal des affaires et ne s'est produite qu'en raison du changement de propriété, nous avons exclu notre part de notre mesure BNA. Pour permettre une meilleure compréhension de ces mesures, le tableau ci-dessous rapproche le bénéfice net ajusté de notre bénéfice net pour le premier trimestre 2026 et le compare à la même période en 2025.   TRIMESTRE CLOS AU   31 MARS (MILLIONS $) 2026 2025 Bénéfice net attribuable aux actionnaires 131 70 Ajustements     Ajustements sur les produits dérivés 40 (12) Gains de change non réalisés (9) (4) Rémunération en actions 53 (2) Ajustements sur autre charge (revenu) d'exploitation (6) 1 Impôts sur le revenu sur les ajustements (25) 4 Ajustements sur les sociétés en participations en actions (déduction faite de l'impôt)     Comptabilité des achats de stocks (1) - Pertes (gains) de change non réalisées (7) 10 Plan d’incitation à long terme 27 3 Bénéfice net ajusté 203 70 Le tableau suivant montre ce qui a contribué à la variation du bénéfice net ajusté (mesure non IFRS, voir ci-dessus) au premier trimestre 2026 par rapport à la même période en 2025.     TRIMESTRE CLOS AU     31 MARS (MILLIONS $) IFRS AJUSTÉ Bénéfice net – 2025 70 70 Variation du bénéfice brut par segment     (nous calculons le bénéfice brut en déduisant du revenu le coût des produits et services vendus ainsi que la dépréciation et les amortissements) Uranium Incidence de l’évolution du volume des ventes 25 25   Hausse des prix réalisés (USD) 41 41   Impact du taux de change sur les prix (24) (24)   Baisse des coûts 14 14   Variation – uranium 56 56 Approvisionnement en combustible Incidence de l’évolution du volume des ventes 11 11   Baisse des prix réalisés ($) (22) (22)   Hausse des coûts (12) (12)   Variation – approvisionnement en combustible (23) (23) Autres variations     Hausse des dépenses d'administration (63) (8) Provision de remise en état 8 1 Hausse des bénéfices issus de sociétés en participations en actions 81 87 Variation des gains ou pertes sur les produits dérivés (39) 13 Gains ou pertes de taux de change 11 6 Hausse du résultat financier 6 6 Baisse des charges financières 2 2 Variation de recouvrement ou charge d'impôts sur les bénéfices 21 (8) Autres 1 1 Bénéfice net – 2026 131 203 BAIIA Le BAIIA est défini comme le bénéfice net attribuable aux actionnaires, ajusté en fonction des coûts liés à l’impact de la structure du capital et de l’impôt de la société, y compris les dépréciations et amortissements, les revenus financiers, les charges financières (y compris l’accumulation) et les impôts sur le revenu. BAIIA AJUSTÉ Le BAIIA ajusté est défini comme le BAIIA ajusté sur l’impact de certaines charges ou avantages encourus au cours de la période qui ne sont pas indicatifs de la performance de l’activité sous-jacente ou qui ont une incidence sur la capacité d’évaluer la performance opérationnelle de l’entreprise. Ces ajustements comprennent les montants indiqués dans la définition du BNA. Dans le calcul du BAIIA ajusté, nous ajustons également pour tenir compte des éléments inclus dans les résultats de nos entreprises faisant l'objet d'un investissement en actions. Ces éléments sont déclarés comme faisant partie des dépenses marketing, administratives et générales dans les informations financières de l’entité faisant l’objet d’un investissement et ne sont pas représentatifs des opérations sous-jacentes. Il s'agit notamment des gains/pertes sur les couvertures non désignées, des coûts de transaction liés aux acquisitions et des gains/pertes sur la cession d'entreprises. La société peut réaliser des gains similaires ou engager des dépenses similaires à l’avenir. FLUX DE TRÉSORERIE DISPONIBLE AJUSTÉ Le flux de trésorerie disponible ajusté est défini comme le BAIIA ajusté moins les dépenses en capital pour la période. MARGE DE BAIIA AJUSTÉ La marge de BAIIA ajusté est définie comme le BAIIA ajusté divisé par le revenu pour la période visée. Le BAIIA, le BAIIA ajusté, le flux de trésorerie disponible ajusté et la marge du BAIIA ajusté sont des mesures qui nous permettent, ainsi qu'à d'autres utilisateurs, d'évaluer les résultats des opérations du point de vue de la direction sans tenir compte de notre structure de capital. Pour une meilleure compréhension de ces mesures, les tableaux ci-dessous rapprochent le bénéfice avant impôt avec le BAIIA et le BAIIA ajusté pour les premiers trimestres clos en 2026 et 2025. Pour le trimestre clos au 31 mars 2026 :     APPROVISIONNEMENT       (MILLIONS $) URANIUM1 EN COMBUSTIBLE WESTINGHOUSE AUTRES TOTAL Bénéfice net (perte) avant impôts sur le revenu 358 44 (46) (225) 131 Dépréciation et amortissements 57 9 - 2 68 Revenu financier - - - (10) (10) Charges financières - - - 28 28 Impôts sur le revenu - - - 32 32   415 53 (46) (173) 249 Ajustements sur les sociétés en participations en actions           Dépréciation et amortissements 5 - 97 - 102 Revenu financier (1) - (1) - (2) Charges financières - - 47 - 47 Impôts sur le revenu 10 - (15) - (5) Ajustements nets sur les sociétés en participations en actions 14 - 128 - 142 BAIIA 429 53 82 (173) 391 Gain sur produits dérivés - - - 40 40 Autres revenus d'exploitation (6) - - - (6) Rémunération en actions - 1 - 52 53 Gains de change non réalisés - - - (9) (9)   423 54 82 (90) 469 Ajustements sur les sociétés en participations en actions           Comptabilité des achats d'inventaire - - 1 - 1 Coûts de restructuration - - 3 - 3 Autres charges - - 43 - 43 Gains de change non réalisés - - (7) - (7) Ajustements nets sur les entités faisant l'objet d'un investissement en actions - - 40 - 40 BAIIA ajusté 423 54 122 (90) 509 1 Le BAIIA de JV Inkai est inclus dans le segment uranium. Consultez lesRésultats financiers par segment – Uranium dans le rapport de gestion du premier trimestre Pour le trimestre clos au 31 mars 2025 :     APPROVISIONNEMENT       (MILLIONS $) URANIUM1 EN COMBUSTIBLE WESTINGHOUSE AUTRES TOTAL Bénéfice net (perte) avant impôts sur le revenu 227 68 (62) (163) 70 Dépréciation et amortissements 51 7 - 2 60 Revenu financier - - - (4) (4) Charges financières - - - 30 30 Impôts sur le revenu - - - 53 53   278 75 (62) (82) 209 Ajustements sur les sociétés en participations en actions           Dépréciation et amortissements - - 96 - 96 Revenu financier - - 49 - 49 Charges financières - - (17) - (17) Ajustements nets sur les sociétés en participations en actions - - 128 - 128 BAIIA 278 75 66 (82) 337 Perte sur produits dérivés - - - (12) (12) Autres charges d'exploitation 1 - - - 1 Rémunération en actions - - - (2) (2) Gains de change non réalisés - - - (4) (4)   279 75 66 (100) 320 Ajustements sur les sociétés en participations en actions           Autres charges - - 11 - 11 Pertes de change non réalisées 7 - 3 - 10 Coûts de restructuration - - 12 - 12 Ajustements nets sur les sociétés en participations en actions 7 - 26 - 33 BAIIA ajusté 286 75 92 (100) 353 1 Le BAIIA de JV Inkai est inclus dans le segment uranium. Consultez les Résultats financiers par segment - Uranium pour le rapport de gestion du premier trimestre COÛT AU COMPTANT PAR LIVRE, COÛT AUTRE QU'AU COMPTANT PAR LIVRE ET COÛT TOTAL PAR LIVRE POUR L'URANIUM PRODUIT ET ACHETÉ Le coût au comptant par livre, le coût autre qu'au comptant par livre et le coût total par livre pour l'uranium produit et acheté sont des mesures non conformes aux IFRS. Nous utilisons ces mesures dans notre évaluation de la performance de notre activité uranium. Ces mesures ne sont pas nécessairement indicatives du bénéfice d'exploitation ou des flux de trésorerie provenant des activités d'exploitation tels qu'ils sont déterminés selon les IFRS. Pour permettre une meilleure compréhension de ces mesures, le tableau ci-dessous rapproche ces mesures du coût du produit vendu et de l'amortissement pour les premiers trimestres de 2026 et 2025.   TRIMESTRE CLOS AU   31 MARS (MILLIONS $) 2026 2025 Coût du produit vendu 396,4 364,0 Ajouter / (soustraire)     Redevances (59,0) (37,4) Frais d'entretien et de maintenance (16,3) (13,6) Autres frais de vente (2,5) (3,5) Variation des stocks (153,8) (47,8) Frais de fonctionnement (a) 164,8 261,7 Ajouter / (soustraire)     Dépréciation et amortissements 56,8 51,4 Frais d'entretien et de maintenance (0,3) (0,1) Variation des stocks 11,9 10,5 Total des frais de fonctionnement (b) 233,2 323,5 Uranium produit & acheté (millions de livres)(c) 6,4 7,2 Coûts au comptant par livre (a ÷ c) 25,75 36,35 Coûts totaux par livre (b ÷ c) 36,44 44,93 Rapport de gestion et états financiers Le rapport de gestion du premier trimestre et les états financiers intermédiaires consolidés condensés non audités fournissent une explication détaillée de nos résultats d'exploitation pour le trimestre clos le 31 mars 2026, comparé à la même période l'an dernier. Le présent communiqué de presse doit être lu conjointement avec ces documents, ainsi qu'avec nos états financiers consolidés vérifiés et nos notes pour l'exercice clos le 31 décembre 2025, notre rapport de gestion annuel et notre formulaire d'information annuelle le plus récent, qui sont tous disponibles sur notre site Web à l'adresse www.cameco.com, sur SEDAR+ à l'adresse www.sedarplus.ca et sur EDGAR à l'adresse sec.gov/edgar.shtml. Personnes compétentes Les informations techniques et scientifiques présentées dans ce document pour nos sites McArthur River/Key Lake, Cigar Lake et Inkai ont été approuvées par des personnes compétentes aux fins du règlement 43-101 : MCARTHUR RIVER/KEY LAKE CIGAR LAKE Greg Murdock, conseiller principal, services techniques, Cameco Kirk Lamont, directeur général, Cigar Lake, Cameco Daley McIntyre, directrice générale, Key Lake, Cameco INKAI   Sergey Ivanov, directeur général adjoint, services techniques, Cameco Kazakhstan LLP Avertissement concernant les informations prospectives Ce communiqué de presse comprend des déclarations et des informations sur nos attentes pour l'avenir, que nous appelons des informations prospectives. Les informations prospectives sont basées sur nos points de vue actuels, qui peuvent changer considérablement, et les résultats et les événements réels peuvent être considérablement différents de ce à quoi nous nous attendons actuellement. Voici des exemples de renseignements prospectifs contenus dans le présent communiqué de presse : la déclaration selon laquelle nos prévisions annuelles restent inchangées ; notre conviction que l'énergie nucléaire est en bonne voie pour une croissance à long terme ; notre évaluation selon laquelle nous sommes sur la bonne voie dans nos segments de l'uranium, des services de combustible et de Westinghouse ; notre avis que nous sommes en bonne position avant l'arrêt prolongé prévu pour le troisième trimestre à l'usine de Key Lake ; le fait que nous nous attendions à ce que, pendant la fermeture de l'usine de Key Lake, nous mettions en place de nouvelles infrastructures afin d'accroître la flexibilité future de l'approvisionnement ; notre avis que les tensions géopolitiques actuelles et la volatilité des chaînes d’approvisionnement en combustibles fossiles renforcent l’importance d’une puissance de base sûre, fiable et résiliente ; notre attente que l'énergie nucléaire soit particulièrement bien placée pour répondre à ces besoins énergétiques tout en faisant progresser les efforts visant à atteindre les objectifs de décarbonisation ; notre conviction que nous sommes particulièrement bien placés pour tirer parti des opportunités à mesure que le marché évolue, tout en continuant à naviguer dans l’incertitude du marché et à créer de la valeur à long terme à mesure que le rôle de l’énergie nucléaire s’élargit ; nos niveaux de production d'uranium attendus ; JV Inkai cible les niveaux de production, nos attentes concernant notre part de cette production et le calendrier des livraisons ; nos attentes de production annuelle pour les services de carburant ; nos attentes concernant notre portefeuille de contrats à long terme et les niveaux d'engagement et de livraison de l'uranium ; notre attente que nous continuerons à capter une plus grande hausse dans notre contrat d'uranium en utilisant des mécanismes de tarification liés au marché ; et la date prévue pour l’annonce de nos résultats du deuxième trimestre 2026. Les risques importants qui pourraient conduire à des résultats différents comprennent : des changements inattendus dans l'offre, la demande, les contrats à long terme et les prix de l'uranium ; l’évolution de la demande des consommateurs en énergie nucléaire et en uranium en raison de l’évolution des points de vue et des objectifs de la société en ce qui concerne l’énergie nucléaire, l’électrification et la décarbonation ; le risque que nos points de vue sur l'énergie nucléaire, son profil de croissance et ses avantages se révèlent erronés ; le risque que nous ne soyons pas en mesure d'atteindre les niveaux de production prévus dans les délais prévus, ou que les coûts impliqués dépassent nos attentes ; le risque que nous ne soyons pas en mesure de mettre en œuvre de nouvelles infrastructures à l'usine de Key Lake qui répondront à nos attentes pour améliorer la flexibilité future de l'approvisionnement ; les risques liés au développement ou à la production de JV Inkai, y compris le risque que JV Inkai ne soit pas en mesure de transporter et de livrer sa production ; les risques pour les activités de Westinghouse liés à d’éventuelles perturbations de la production, à la mise en œuvre de ses objectifs commerciaux, au respect des exigences en matière d’octroi de licences ou d’assurance de la qualité, ou au fait qu’elle pourrait autrement ne pas être en mesure d’atteindre la croissance attendue ; le risque que nous ne soyons pas en mesure de respecter nos engagements de vente pour quelque raison que ce soit ; les risques pour nos activités associés aux perturbations potentielles de la production, y compris celles liées aux perturbations de la chaîne d'approvisionnement mondiale, à l'incertitude économique mondiale, à la volatilité politique, aux problèmes de relations de travail et aux risques opérationnels ; le risque que nous ne soyons pas en mesure de mettre en œuvre nos objectifs commerciaux d'une manière compatible avec ses valeurs environnementales, sociales, de gouvernance et autres ; le risque que la stratégie que nous poursuivons puisse s'avérer infructueuse ou que nous ne soyons pas en mesure de l'exécuter avec succès ; le risque que Westinghouse ne soit pas en mesure de mettre en œuvre ses objectifs commerciaux ; le risque que nous soyons affectés négativement par l'imposition de tarifs ; et le risque que nous soyons retardés dans l'annonce de nos résultats financiers futurs. En présentant les informations prospectives, nous avons formulé des hypothèses importantes qui peuvent s'avérer incorrectes en ce qui concerne : la demande, l'offre, la consommation d'uranium, la contraction à long terme, la croissance de la demande et l'acceptation mondiale de l'énergie nucléaire par le public, ainsi que les prix ; notre production, nos achats, nos ventes, nos livraisons et nos coûts ; les conditions du marché et d'autres facteurs sur lesquels nous avons fondé nos plans et prévisions futurs, ainsi que nos stratégies de sous-traitance de l'uranium ; notre capacité de mettre en œuvre de nouvelles infrastructures à l'usine de Key Lake qui amélioreront l'approvisionnement futur comme prévu ; la production d'Inkai et, notre allocation de la production prévue et le calendrier des livraisons ; les hypothèses concernant la production, les achats, les ventes, les livraisons et les coûts de Westinghouse, l’absence de perturbations commerciales et le succès de ses plans et stratégies ; le succès de nos plans et stratégies, y compris la production planifiée ; l'absence de règlements, de politiques ou de décisions gouvernementaux nouveaux ou défavorables ; qu'il n'y aura pas de conséquences négatives importantes pour nos activités résultant de perturbations de la production, y compris celles liées aux perturbations de l'approvisionnement, à l'incertitude et à la volatilité économiques ou politiques, aux problèmes de relations de travail, au vieillissement de l'infrastructure et aux risques opérationnels ; les hypothèses relatives au BAIIA ajusté de Westinghouse ; l'hypothèse selon laquelle nous ne serions pas affectés négativement par l'imposition de tarifs ; et notre capacité à annoncer les résultats financiers futurs lorsqu'ils sont attendus. Veuillez également passer en revue la discussion dans notre rapport de gestion annuel 2025 et notre formulaire d'information annuel le plus récent pour d'autres risques importants qui pourraient faire en sorte que les résultats réels diffèrent considérablement de nos attentes actuelles, ainsi que d'autres hypothèses importantes que nous avons faites. Les informations prospectives sont conçues pour vous aider à comprendre les points de vue actuels de la direction sur nos perspectives à court et à long terme, et elles peuvent ne pas convenir à d’autres fins. Nous ne mettrons pas nécessairement à jour ces renseignements à moins que les lois sur les valeurs mobilières ne nous y obligent. Téléconférence Nous vous invitons à vous joindre à notre téléconférence du premier trimestre le mardi 5 mai 2026, de 8h00 à 9h00, heure de l'Est. La téléconférence sera ouverte à tous les investisseurs et aux médias. Pour joindre l'appel, veuillez composer le (833) 821-3311 (Canada et États-Unis) ou le (647) 846-2607 (international). Un opérateur transférera votre appel. Les diapositives et une webdiffusion en direct de la conférence téléphonique seront disponibles à partir d'un lien sur cameco.com. Vous trouverez ce lien sur notre page d'accueil le jour de la téléconférence. Un enregistrement sera disponible : sur notre site web, cameco.com, peu après la fin de la téléconférence ou par téléphone jusqu'à minuit, heure de l'Est, le 5 juin 2026, en composant le (855) 669-9658 (Canada et États-Unis) ou le (412) 317-0088 (code d'accès 2712496) Date de publication du rapport du deuxième trimestre 2026 Nous prévoyons d'annoncer nos résultats du deuxième trimestre 2026 avant l'ouverture des marchés le vendredi 31 juillet 2026. Profil Cameco est l'un des plus grands fournisseurs mondiaux de combustible à l'uranium nécessaire pour assurer un avenir énergétique sûr. Notre position concurrentielle repose sur notre participation majoritaire dans les plus grandes réserves de qualité supérieure et les opérations à faible coût au monde, ainsi que sur des investissements importants tout au long du cycle du combustible nucléaire, y compris des participations dans Westinghouse Electric Company et Global Laser Enrichment. Les services publics du monde entier comptent sur Cameco pour fournir des solutions mondiales de combustible nucléaire pour la production d'énergie nucléaire sûre, fiable et sans carbone. Nos actions se négocient aux bourses de Toronto et de New York. Notre siège social est situé à Saskatoon, Saskatchewan, Canada. Tels qu'utilisés dans ce communiqué de presse, les termes « nous », « notre », « nos », « société » et « Cameco » désignent Cameco Corporation et ses filiales, sauf mention contraire. Le texte du communiqué issu d’une traduction ne doit d’aucune manière être considéré comme officiel. La seule version du communiqué qui fasse foi est celle du communiqué dans sa langue d’origine. La traduction devra toujours être confrontée au texte source, qui fera jurisprudence. Consultez la version source sur businesswire.com : https://www.businesswire.com/news/home/20260504364310/fr/ Relations avec les investisseurs
Cory Kos
306-716-6782
cory_kos@cameco.com Relations avec les médias
Veronica Baker
306-385-5541
veronica_baker@cameco.com Original: Cameco annonce ses résultats du premier trimestre 2026 : les résultats financiers et l'exécution opérationnelle reflètent une stratégie disciplinée ; les prévisions annuelles restent inchangées ; l'énergie nucléaire est en bonne voie pour une…

Cameco Reports First Quarter 2026 Results: Financial Results and Operational Execution Reflect Disciplined Strategy; Annual Guidance Unchanged; Nuclear Energy on Track for Long-Term Growth in Support of Global DemandMay 5, 2026 6:35 AM
Business Wire All amounts in Canadian dollars unless specified otherwise Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the first quarter ended March 31, 2026, in accordance with International Financial Reporting Standards (IFRS). “Our results for the first quarter of 2026 remained consistent with our annual expectations across the business,” said Tim Gitzel, Cameco’s chief executive officer. “We are on track in our uranium, fuel services and Westinghouse segments, reinforcing the value of our disciplined contracting and operating strategy that aligns marketing, production and capital decisions with strengthening industry fundamentals. “Operationally, we delivered solid performance in the quarter, with on-track production at our uranium mining operations in Canada and Kazakhstan. We’re in a strong position ahead of the extended third quarter maintenance shutdown at the Key Lake mill that we mentioned at the beginning of the year, during which we will tie in new infrastructure to enhance future supply flexibility. And financially, our strong balance sheet, which allows us to be patient as the market evolves, remains a key strength. “Across the global energy space, ongoing geopolitical tensions and volatility in fossil fuel supply chains are reinforcing the importance of secure, reliable and resilient baseload power. Governments, utilities and energy-intensive industries are recognizing that nuclear energy is uniquely positioned to meet these needs, providing long-term energy security and reinforcing national security, while advancing efforts to meet decarbonization targets. Against that backdrop, Cameco and Westinghouse are seeing significant interest in the proven AP1000® reactor technology: it’s the modern reactor that stands out as the most deployed Generation III+ technology in operation today, and we’re excited to see it being valued for its advanced passive safety features, standardized and repeatable design, construction-ready certainty and proven world-class operating performance. “With tier-one mining assets, a disciplined approach to supply, and an integrated fuel and reactor life cycle strategy, we believe Cameco is uniquely positioned to take advantage of opportunities as the market evolves, while continuing to navigate market uncertainty and create long-term value as nuclear energy’s role expands.” First Quarter Highlights: Financial Highlights Consolidated performance: Results in the first quarter were higher compared to 2025 with net earnings of $131 million, adjusted net earnings of $203 million, and adjusted EBITDA of $509 million. As expected, first quarter sales volumes were higher in both uranium and fuel services, our average realized price continued to improve in the uranium segment, and quarterly variability in equity earnings from our investment in Westinghouse resulted in improved first quarter performance compared to 2025. See Consolidated financial results in the first quarter MD&A for more information. Strong balance sheet: Thanks to our risk-managed financial discipline, our balance sheet remains strong. As of March 31, 2026, we had $1.1 billion in cash, cash equivalents and short-term investments, $1.0 billion in total debt and a $1.0 billion undrawn revolving credit facility. As previously disclosed, we received a distribution of US$49 million from Westinghouse during the first quarter. In addition, following the end of the quarter, we received US$124 million, net of withholdings, from JV Inkai as a dividend based on 2025 financial performance. Uranium: In our core uranium segment, the first quarter earnings before taxes were $358 million and adjusted EBITDA was $423 million, compared to $227 million and $286 million, respectively, in the first quarter of 2025. As anticipated, sales volumes were higher in the first quarter of 2026, than in the first quarter of 2025. In addition, the average realized price continued to show improvements as prices under market-related contracts increased. See Financial results by segment – uranium in our first quarter MD&A for more information. Fuel Services: In our fuel services segment, first quarter earnings before taxes were $44 million and adjusted EBITDA was $54 million, compared to $68 million and $75 million, respectively, in the first quarter of 2025. In 2026, results were mainly driven by a lower average realized price. See Financial results by segment – Fuel services in our first quarter MD&A for more information. Westinghouse: Westinghouse reported a net loss of $46 million (our share) for the first quarter, an improvement from a loss of $62 million (our share) in the first quarter of 2025. To better reflect the underlying operating performance, we use adjusted EBITDA as a performance measure for Westinghouse. In the first quarter of 2026, our share of Westinghouse’s adjusted EBITDA was $122 million, compared to $92 million in the first quarter of 2025. See Financial results by segment - Westinghouse, in our first quarter MD&A for more information. Adjusted net earnings and adjusted EBITDA are non-IFRS measures. Operational Highlights Uranium: Total packaged production from McArthur River and Key Lake was 5.0 million pounds of U3O8 (3.5 million pounds our share) and 4.9 million pounds of U3O8 (2.7 million pounds our share) from Cigar Lake for the quarter. We continue to expect to produce between 19.5 to 21.5 million pounds of U3O8 (our share) in 2026 in our uranium segment. In April, a new collective agreement with the United Steelworkers Local 8914 was reached at Key Lake and McArthur River, which expires in December 2028. See Our operations - Uranium 2026 Q1 Updates in our first quarter MD&A for more information. JV Inkai: Production on a 100% basis was 2.5 million pounds of U3O8 for the quarter. JV Inkai continues to target 2026 production of 10.4 million pounds of U3O8 (100% basis) of which our purchase allocation is expected to be 4.2 million pounds. The majority of our share of 2026 production is expected to be delivered before the end of 2026. See Our operations - Uranium 2026 Q1 Updates in our first quarter MD&A for more information. Fuel Services: In the first quarter of 2026, our Fuel Services segment produced 3.3 million kgU. We continue to expect our annual production, which includes UF6 conversion, UO2 conversion and heavy water reactor fuel bundles, to be between 13 million and 14 million kgU. See Our Operations - Fuel Services 2026 Q1 Updates in our first quarter MD&A for more information. Marketing highlights Deliveries and inventory: In the first quarter, we produced 6.2 million pounds of U3O8 (our share), purchased 0.2 million pounds of U3O8 at an average unit cost of $110.42 per pound (US$80.50 per pound) and borrowed 750,000 pounds under product loan facilities. See Financial results by segment – Uranium in our first quarter MD&A for more information. After delivering 7.8 million pounds in the first quarter, our uranium inventory was 9.1 million pounds on March 31, 2026, with an average inventory cost of $50.24 per pound. Contracting: In our uranium segment, over the next five years we have contracts in place for average annual deliveries of over 28 million pounds of U3O8 per year, with commitments higher than the average in 2026 through 2028, and lower than the average in the years 2029 and 2030. As the market continues to improve, we expect to continue layering in volumes that capture greater future upside using market-related pricing mechanisms. Consolidated financial results   THREE MONTHS   HIGHLIGHTS ENDED MARCH 31   ($ MILLIONS EXCEPT WHERE INDICATED) 2026 2025 CHANGE Revenue 845 789 7% Gross profit 302 270 12% Net earnings attributable to equity holders 131 70 87% $ per common share (basic) 0.30 0.16 88% $ per common share (diluted) 0.30 0.16 88% Adjusted net earnings (ANE) (non-IFRS) 203 70 >100% $ per common share (adjusted and diluted) 0.47 0.16 >100% Adjusted EBITDA (non-IFRS) 509 353 44% Cash provided by (used in) operations (22) 110 >(100)% The financial information presented for the three months ended March 31, 2025, and March 31, 2026, is unaudited. Selected segment highlights       THREE MONTHS   HIGHLIGHTS ENDED MARCH 31   ($ MILLIONS EXCEPT WHERE INDICATED) 2026 2025 CHANGE Uranium Production volume (million lb)   6.2 6.0 3%   Sales volume (million lb)   7.8 6.9 13%   Average realized price1 (US$/lb) 66.21 62.55 6%     ($/lb) 91.26 89.12 2%   Revenue   712 619 15%   Gross profit   259 203 28%   Earnings before income taxes   358 227 58%   Adjusted EBITDA2   423 286 48% Fuel services Production volume (million kgU)   3.3 3.9 (15)%   Sales volume (million kgU)   2.8 2.4 17%   Average realized price 3 ($/kgU) 48.53 56.64 (14)%   Revenue   134 135 (1)%   Earnings before income taxes   44 68 (35)%   Adjusted EBITDA2   54 75 (28)%   Adjusted EBITDA margin (%)2   40 56 (29)% Westinghouse Adjusted free cash flow2   72 49 47% (our share) Net loss   (46) (62) (26)%   Adjusted EBITDA2   122 92 33% 1 Uranium average realized price is calculated as the revenue from sales of uranium concentrate, transportation and storage fees divided by the volume of uranium concentrates sold. 2 Non-IFRS measure. 3 Fuel services average realized price is calculated as revenue from the sale of conversion and fabrication services, including fuel bundles and reactor components, transportation and storage fees divided by the volumes sold. The table shows the costs of produced and purchased uranium incurred in the reporting periods (see non-IFRS). These costs do not include care and maintenance costs, selling costs such as royalties, transportation and commissions, nor do they reflect the impact of opening inventories on our reported cost of sales.   THREE MONTHS     ENDED MARCH 31   ($/LB) 2026 2025 CHANGE Produced       Cash cost 23.02 22.39 3% Non-cash cost 11.03 10.30 7% Total production cost 1 34.05 32.69 4% Quantity produced (million lb)1 6.2 6.0 3% Purchased       Cash cost1 110.42 106.14 4% Quantity purchased (million lb)1 0.2 1.2 (83)% Totals       Produced and purchased costs 36.44 44.93 (19)% Quantities produced and purchased (million lb) 6.4 7.2 (11)% 1 Due to equity accounting, our share of production from JV Inkai is shown as a purchase at the time of delivery. These purchases will fluctuate during the quarters and timing of purchases will not match production. There were no purchases from JV Inkai during the first quarter of either 2026 or 2025. Non-IFRS measures The non-IFRS measures referenced in this document are supplemental measures, which are used as indicators of our financial performance. Management believes that these non-IFRS measures provide useful supplemental information to investors, securities analysts, lenders and other interested parties in assessing our operational performance and our ability to generate cash flows to meet our cash requirements. These measures are not recognized measures under IFRS, do not have standardized meanings, and are therefore unlikely to be comparable to similarly titled measures presented by other companies. Accordingly, these measures should not be considered in isolation or as a substitute for the financial information reported under IFRS. We are not able to reconcile our forward-looking non-IFRS guidance because we cannot predict the timing and amounts of discrete items, which could significantly impact our IFRS results. The following are the non-IFRS measures used in this document. ADJUSTED NET EARNINGS Adjusted net earnings (ANE) is our net earnings attributable to equity holders, adjusted for non-operating or non-cash items such as gains and losses on derivatives, unrealized foreign exchange gains and losses, share-based compensation, and adjustments to reclamation provisions flowing through other operating expenses, that we believe do not reflect the underlying financial performance for the reporting period. Other items may also be adjusted from time to time. We adjust this measure for certain of the items that our equity-accounted investees make in arriving at other non-IFRS measures. Adjusted net earnings is one of the targets that we measure to form the basis for a portion of annual employee and executive compensation (see Measuring our results in our 2025 annual MD&A). In calculating ANE we adjust for derivatives. We do not use hedge accounting under IFRS and, therefore, we are required to report gains and losses on all hedging activity, both for contracts that close in the period and those that remain outstanding at the end of the period. For the contracts that remain outstanding, we must treat them as though they were settled at the end of the reporting period (mark-to-market). However, we do not believe the gains and losses that we are required to report under IFRS appropriately reflect the intent of our hedging activities, so we make adjustments in calculating our ANE to better reflect the impact of our hedging program in the applicable reporting period. See Foreign exchange in our 2025 annual MD&A for more information. We also adjust for changes to our reclamation provisions that flow directly through earnings. Every quarter we are required to update the reclamation provisions for all operations based on new cash flow estimates, discount and inflation rates. This normally results in an adjustment to our asset retirement obligation asset in addition to the provision balance. When the assets of an operation have been written off due to an impairment, as is the case with our Rabbit Lake and US ISR operations, the adjustment is recorded directly to the statement of earnings as “other operating expense (income)”. See note 9 of our interim financial statements for more information. This amount has been excluded from our ANE measure. As a result of the change in ownership of Westinghouse when it was acquired by Cameco and Brookfield, Westinghouse’s inventories at the acquisition date were revalued based on the market price at that date. As these quantities are sold, Westinghouse’s cost of products and services sold reflect these market values, regardless of their historic costs. Our share of these costs is included in earnings from equity-accounted investees and recorded in cost of products and services sold in the investee information (see note 6 to the financial statements). Since this expense is non-cash, outside of the normal course of business and only occurred due to the change in ownership, we have excluded our share from our ANE measure. Westinghouse has also expensed some non-operating acquisition-related transition costs that the acquiring parties agreed to pay for, which resulted in a reduction in the purchase price paid. Our share of these costs is included in earnings from equity-accounted investees and recorded in other expenses in the investee information (see note 6 to the financial statements). Since this expense is outside of the normal course of business and only occurred due to the change in ownership, we have excluded our share from our ANE measure. To facilitate a better understanding of these measures, the table below reconciles adjusted net earnings with our net earnings for the first quarter of 2026 and compares it to the same period in 2025.   THREE MONTHS   ENDED MARCH 31 ($ MILLIONS) 2026 2025 Net earnings attributable to equity holders 131 70 Adjustments     Adjustments on derivatives 40 (12) Unrealized foreign exchange gains (9) (4) Share-based compensation 53 (2) Adjustments on other operating expense (income) (6) 1 Income taxes on adjustments (25) 4 Adjustments on equity investees (net of tax):     Inventory purchase accounting (1) - Unrealized foreign exchange losses (gains) (7) 10 Long-term incentive plan 27 3 Adjusted net earnings 203 70 The following table shows what contributed to the change in adjusted net earnings (non-IFRS measure, see above) in the first quarter of 2026 compared to the same period in 2025.     THREE MONTHS     ENDED MARCH 31 ($ MILLIONS) IFRS ADJUSTED Net earnings – 2025 70 70 Change in gross profit by segment     (We calculate gross profit by deducting from revenue the cost of products and services sold, and depreciation and amortization) Uranium Impact from sales volume changes 25 25   Higher realized prices (US$) 41 41   Foreign exchange impact on realized prices (24) (24)   Lower costs 14 14   Change – uranium 56 56 Fuel services Impact from sales volume changes 11 11   Lower realized prices ($) (22) (22)   Higher costs (12) (12)   Change – fuel services (23) (23) Other changes     Higher administration expenditures (63) (8) Change in reclamation provisions 8 1 Higher earnings from equity-accounted investees 81 87 Change in gains or losses on derivatives (39) 13 Change in foreign exchange gains or losses 11 6 Higher finance income 6 6 Lower finance costs 2 2 Change in income tax recovery or expense 21 (8) Other 1 1 Net earnings – 2026 131 203 EBITDA EBITDA is defined as net earnings attributable to equity holders, adjusted for the costs related to the impact of the company’s capital and tax structure including depreciation and amortization, finance income, finance costs (including accretion) and income taxes. ADJUSTED EBITDA Adjusted EBITDA is defined as EBITDA, as further adjusted for the impact of certain costs or benefits incurred in the period which are either not indicative of our underlying business performance or that impact our ability to assess the operating performance of the business. These adjustments include the amounts noted in the ANE definition. In calculating adjusted EBITDA, we also adjust for items included in the results of our equity-accounted investees. These items are reported as part of marketing, administrative and general expenses within the investee financial information and are not representative of the underlying operations. These include gains/losses on undesignated hedges, transaction costs related to acquisitions and gain/loss on disposition of a business. The company may realize similar gains or incur similar expenditures in the future. ADJUSTED FREE CASH FLOW Adjusted free cash flow is defined as adjusted EBTIDA less capital expenditures for the period. ADJUSTED EBITDA MARGIN Adjusted EBITDA margin is defined as adjusted EBITDA divided by revenue for the appropriate period. EBITDA, adjusted EBITDA, adjusted free cash flow, and adjusted EBITDA margin are measures which allow us and other users to assess results of operations from a management perspective without regard for our capital structure. To facilitate a better understanding of these measures, the tables below reconcile earnings before income taxes with EBITDA and adjusted EBITDA for the first quarter of 2026 and 2025. For the quarter ended March 31, 2026:     FUEL       ($ MILLIONS) URANIUM1 SERVICES WESTINGHOUSE OTHER TOTAL Net earnings (loss) before income taxes 358 44 (46) (225) 131 Depreciation and amortization 57 9 - 2 68 Finance income - - - (10) (10) Finance costs - - - 28 28 Income taxes - - - 32 32   415 53 (46) (173) 249 Adjustments on equity investees           Depreciation and amortization 5 - 97 - 102 Finance income (1) - (1) - (2) Finance expense - - 47 - 47 Income taxes 10 - (15) - (5) Net adjustments on equity investees 14 - 128 - 142 EBITDA 429 53 82 (173) 391 Gain on derivatives - - - 40 40 Other operating income (6) - - - (6) Share-based compensation - 1 - 52 53 Unrealized foreign exchange gains - - - (9) (9)   423 54 82 (90) 469 Adjustments on equity investees           Inventory purchase accounting - - 1 - 1 Restructuring costs - - 3 - 3 Other expenses - - 43 - 43 Unrealized foreign exchange gains - - (7) - (7) Net adjustments on equity investees - - 40 - 40 Adjusted EBITDA 423 54 122 (90) 509 1 JV Inkai EBITDA is included in the uranium segment. See Financial results by segment – Uranium in our first quarter MD&A For the quarter ended March 31, 2025:     FUEL       ($ MILLIONS) URANIUM1 SERVICES WESTINGHOUSE OTHER TOTAL Net earnings (loss) before income taxes 227 68 (62) (163) 70 Depreciation and amortization 51 7 - 2 60 Finance income - - - (4) (4) Finance costs - - - 30 30 Income taxes - - - 53 53   278 75 (62) (82) 209 Adjustments on equity investees           Depreciation and amortization - - 96 - 96 Finance expense - - 49 - 49 Income taxes - - (17) - (17) Net adjustments on equity investees - - 128 - 128 EBITDA 278 75 66 (82) 337 Loss on derivatives - - - (12) (12) Other operating expense 1 - - - 1 Share-based compensation - - - (2) (2) Unrealized foreign exchange gains - - - (4) (4)   279 75 66 (100) 320 Adjustments on equity investees           Other expenses - - 11 - 11 Unrealized foreign exchange losses 7 - 3 - 10 Restructuring costs - - 12 - 12 Net adjustments on equity investees 7 - 26 - 33 Adjusted EBITDA 286 75 92 (100) 353 1 JV Inkai EBITDA is included in the uranium segment. See Financial results by segment – Uranium in our first quarter MD&A CASH COST PER POUND, NON-CASH COST PER POUND AND TOTAL COST PER POUND FOR PRODUCED AND PURCHASED URANIUM Cash cost per pound, non-cash cost per pound and total cost per pound for produced and purchased uranium are non-IFRS measures. We use these measures in our assessment of the performance of our uranium business. These measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. To facilitate a better understanding of these measures, the table below reconciles these measures to cost of product sold and depreciation and amortization for the first quarter of 2026 and 2025.   THREE MONTHS   ENDED MARCH 31 ($ MILLIONS) 2026 2025 Cost of product sold 396.4 364.0 Add / (subtract)     Royalties (59.0) (37.4) Care and maintenance costs (16.3) (13.6) Other selling costs (2.5) (3.5) Change in inventories (153.8) (47.8) Cash operating costs (a) 164.8 261.7 Add / (subtract)     Depreciation and amortization 56.8 51.4 Care and maintenance costs (0.3) (0.1) Change in inventories 11.9 10.5 Total operating costs (b) 233.2 323.5 Uranium produced & purchased (million lb) (c) 6.4 7.2 Cash costs per pound (a ÷ c) 25.75 36.35 Total costs per pound (b ÷ c) 36.44 44.93 Management's discussion and analysis (MD&A) and financial statements The first quarter MD&A and unaudited condensed consolidated interim financial statements provide a detailed explanation of our operating results for the three months ended March 31, 2026, as compared to the same period last year. This news release should be read in conjunction with these documents, as well as our audited consolidated financial statements and notes for the year ended December 31, 2025, and annual MD&A, and our most recent annual information form, all of which are available on our website at www.cameco.com, on SEDAR+ at www.sedarplus.ca, and on EDGAR at sec.gov/edgar.shtml. Qualified persons The technical and scientific information discussed in this document for our material properties McArthur River/Key Lake, Cigar Lake and Inkai was approved by the following individuals who are qualified persons for the purposes of NI 43-101: MCARTHUR RIVER/KEY LAKE CIGAR LAKE Greg Murdock, senior advisor, technical services, Cameco Kirk Lamont, general manager, Cigar Lake, Cameco Daley McIntyre, general manager, Key Lake, Cameco INKAI   Sergey Ivanov, deputy general director, technical services, Cameco Kazakhstan LLP Caution about forward-looking information This news release includes statements and information about our expectations for the future, which we refer to as forward-looking information. Forward-looking information is based on our current views, which can change significantly, and actual results and events may be significantly different from what we currently expect. Examples of forward-looking information in this news release include: the statement that our annual guidance remains unchanged; our belief that nuclear energy is on track for long-term growth; our assessment that we are on track in our uranium, fuel services and Westinghouse segments; our view that we are in a strong position ahead of an expected extended third quarter shutdown at the Key Lake mill; our expectation that during the Key Lake mill shutdown we will implement new infrastructure to enhance future supply flexibility; our view that ongoing geopolitical tensions and volatility in fossil fuel supply chains are reinforcing the importance of secure, reliable and resilient baseload power; our expectation that nuclear energy is uniquely positioned to meet these power needs while advancing efforts to meet decarbonization targets; our belief that we are uniquely positioned to take advantage of opportunities as the market evolves, while continuing to navigate market uncertainty and create long-term value as nuclear energy’s role expands; our expected uranium production levels; JV Inkai target production levels, our expectations regarding our share of such production, and the timing of deliveries; our fuel services annual production expectations; our expectations regarding our long-term contract portfolio and uranium commitment and delivery levels; our expectation that we will continue capture greater upside in our uranium contracting using market related pricing mechanisms; and the expected date for announcement of our 2026 second quarter results. Material risks that could lead to different results include: unexpected changes in uranium supply, demand, long-term contracting, and prices; changes in consumer demand for nuclear power and uranium as a result of changing societal views and objectives regarding nuclear power, electrification and decarbonization; the risk that our views regarding nuclear power, its growth profile, and benefits, may prove to be incorrect; the risk that we may not be able to achieve planned production levels within the expected timeframes, or that the costs involved in doing so exceed our expectations; the risk that we may not be able to implement new infrastructure at the Key Lake mill that will meet our expectations to enhance future supply flexibility; risks related to JV Inkai’s development or production, including the risk that JV Inkai is unable to transport and deliver its production; risks to Westinghouse’s business associated with potential production disruptions, the implementation of its business objectives, compliance with licencing or quality assurance requirements, or that it may otherwise be unable to achieve expected growth; the risk that we may not be able to meet sales commitments for any reason; the risks to our business associated with potential production disruptions, including those related to global supply chain disruptions, global economic uncertainty, political volatility, labour relations issues, and operating risks; the risk that we may not be able to implement our business objectives in a manner consistent with its or our environmental, social, governance and other values; the risk that the strategy we are pursuing may prove unsuccessful, or that we may not be able to execute it successfully; the risk that Westinghouse may not be able to implement its business objectives; the risk that we are adversely affected by the imposition of tariffs; and the risk that we may be delayed in announcing our future financial results. In presenting the forward-looking information, we have made material assumptions which may prove incorrect about: uranium demand, supply, consumption, long-term contracting, growth in the demand for and global public acceptance of nuclear energy, and prices; our production, purchases, sales, deliveries and costs; the market conditions and other factors upon which we have based our future plans and forecasts, and our uranium contracting strategies; our ability to implement new infrastructure at the Key Lake mill that will enhance future supply as expected; Inkai production and, our allocation of planned production and timing of deliveries; assumptions about Westinghouse’s production, purchases, sales, deliveries and costs, the absence of business disruptions, and the success of its plans and strategies; the success of our plans and strategies, including planned production; the absence of new and adverse government regulations, policies or decisions; that there will not be any significant adverse consequences to our business resulting from production disruptions, including those relating to supply disruptions, economic or political uncertainty and volatility, labour relation issues, aging infrastructure, and operating risks; the assumptions relating to Westinghouse’s adjusted EBITDA; the assumption that we would not be adversely affected by the imposition of tariffs; and our ability to announce future financial results when expected. Please also review the discussion in our 2025 annual MD&A and most recent annual information form for other material risks that could cause actual results to differ significantly from our current expectations, and other material assumptions we have made. 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. We will not necessarily update this information unless we are required to by securities laws. Conference call We invite you to join our first quarter conference call on Tuesday, May 5, 2026, from 8:00 a.m. until 9:00 am Eastern. The call will be open to all investors and the media. To join the call, please dial (833) 821-3311 (Canada/US) or (647) 846-2607 (International). An operator will put your call through. The slides and a live webcast of the conference call will be available from a link at cameco.com. See the link on our home page on the day of the call. A recorded version of the proceedings will be available: on our website, cameco.com, shortly after the call on post view until midnight, Eastern, June 5, 2026, by calling (855) 669-9658 (Canada and US) or (412) 317-0088 (Passcode 2712496) 2026 second quarter report release date We plan to announce our 2026 second quarter results before markets open on Friday, July 31, 2026. 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260504434080/en/ Investor inquiries
Cory Kos
306-716-6782
cory_kos @JMoon-5541
veronica_baker@cameco.com Original: Cameco Reports First Quarter 2026 Results: Financial Results and Operational Execution Reflect Disciplined Strategy; Annual Guidance Unchanged; Nuclear Energy on Track for Long-Term Growth in Support of Global Demand

The Uranium Shortage: 78 Gigawatts Under Construction and Not Enough FuelApril 29, 2026 9:05 AM
PR Newswire (Canada)

Issued on behalf of Eagle Nuclear Energy Corp.VANCOUVER, BC, April 29, 2026 /CNW/ -- USANewsGroup.com News Commentary — Seventy-eight gigawatts of nuclear reactor capacity are now under construction across 15 countries, according to the International Energy Agency's 2026 Global Energy Review, and global installed nuclear capacity sits at 420 GW[1]. That building spree just got louder: at the Paris Nuclear Energy Summit in March, 38 nations signed on to triple nuclear capacity by 2050, locking in sovereign fuel commitments that tighten the supply picture for years[2]. The capital now rotating into this sector is targeting companies already past the starting line, and five names sit at the front of that queue: Eagle Nuclear Energy Corp. (NASDAQ: NUCL), Cameco Corporation (NYSE: CCJ) (TSX: CCO), Uranium Energy (NYSE-A: UEC), NexGen Energy (NYSE: NXE) (TSX: NXE), and Denison Mines (NYSE-A: DNN) (TSX: DML).
The World Nuclear Association projects government targets could push global nuclear capacity to 1,446 GWe by 2050, well past the 1,200 GW tripling goal set at COP28[3]. With over 12 GW of new nuclear construction starts in 2025 alone, according to the IEA, the asymmetric upside now favors companies holding permitted sites, funded drill programs, and active construction timelines over early-stage explorers still years from first approvals[4].Eagle Nuclear Energy (NASDAQ: NUCL) just reported its first quarter as a publicly traded company, and the numbers tell a clean story: $31.3 million in cash, zero interest-bearing debt, and a flagship uranium project that is now moving toward drilling.The company's Aurora Uranium Project, located along the Oregon-Nevada border, holds 32.75 million pounds of indicated uranium and 4.98 million pounds of inferred uranium. That makes it the largest conventional, measured and indicated uranium deposit in the United States. Eagle Nuclear Energy completed its business combination with Spring Valley Acquisition Corp. II in February 2026 and began trading on the Nasdaq on February 25 under the ticker NUCL.Since listing, Eagle Nuclear Energy has moved quickly. The company announced a 27,000 ft drill program at Aurora in early April, designed to advance the project toward a Pre-Feasibility Study. The program consists of 47 diamond drill holes planned by resource consultants BBA USA Inc., with objectives spanning resource expansion, classification enhancement, advanced metallurgy, rock mechanics, and hydrogeological analysis. Each hole was designed to serve multiple purposes simultaneously, keeping the overall program limited without sacrificing any of its goals.Days later, Eagle Nuclear Energy engaged Harris Exploration Drilling to provide up to three track-mounted core drill rigs for the campaign, which is scheduled to begin in July and expected to wrap within three to four months. The company's permitting manager, SLR International Corporation, has already filed permit applications with the Bureau of Land Management and the Oregon Department of Geology and Mineral Industries. Both agencies have acknowledged receipt, and Eagle Nuclear Energy anticipates approvals in time for the July start.The broader strategy here is vertical integration. Eagle Nuclear Energy is not just exploring uranium. The company is pairing domestic uranium resources with exclusive Small Modular Reactor technology to build what it calls an integrated nuclear energy platform. At a time when operating reactors in the United States source more than 95% of their fuel from foreign suppliers, a domestic project with a clear path to development carries real strategic weight. Eagle Nuclear Energy's membership in the Uranium Producers of America reinforces that positioning, and the Pre-Feasibility Study is slated for completion in the second half of 2027.With cash on hand, a drill program locked in, permits filed, and rigs secured, Eagle Nuclear Energy is approaching a summer that could meaningfully reshape how the market values Aurora. For a company that only began trading two months ago, the pace of execution stands out.Other industry developments and happenings in the market include:Cameco Corporation (NYSE: CCJ) (TSX: CCO) signed a long-term agreement to supply nearly 22 million pounds of uranium ore concentrate to India's Department of Atomic Energy over a nine-year period, with deliveries expected to run from 2027 through 2035. The contract carries an estimated total value of approximately $2.6 billion, based on a uranium spot price of US$86.95 per pound, and was celebrated in Delhi alongside Indian Prime Minister Narendra Modi, Canadian Prime Minister Mark Carney, and Saskatchewan Premier Scott Moe."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 Tim Gitzel, CEO of Cameco Corporation. "India is embarking on an ambitious nuclear expansion to power its development plans and meet the future energy security needs of its people."India currently operates 24 reactors with plans to reach 100 GW of nuclear capacity by 2047, representing a significant long-term demand driver for uranium supply. The new agreement builds on a previous five-year contract Cameco Corporation held with India beginning in 2015, reinforcing the company's position as a trusted nuclear fuel supplier of choice for sovereign buyers globally.Uranium Energy (NYSE-A: UEC) announced production commencement at its Burke Hollow project in South Texas following approval from the Texas Commission on Environmental Quality, making Burke Hollow the world's newest in-situ recovery uranium mine and the first new U.S. ISR operation to start in over a decade. Combined with recent capacity expansion approvals at Christensen Ranch in Wyoming, Uranium Energy now operates two active ISR hub-and-spoke platforms and is the only U.S. uranium company with two producing ISR production systems."The startup of Burke Hollow is a significant achievement for UEC, advancing the project from a grassroots discovery in 2012 to production in 2026," said Amir Adnani, President and CEO of Uranium Energy. "With two ISR operations now producing, and our Ludeman ISR project planned for startup in 2027, we are building a scalable, multi-faceted platform supported by the largest uranium resource base in the United States."Burke Hollow is the largest ISR uranium discovery in the United States, with multi-phase development potential designed to scale production in line with market demand. Uranium Energy maintains a 100% unhedged production strategy, holds the largest uranium resource base in the U.S., and is targeting growth across its three-platform ISR network to meet strengthening market fundamentals.NexGen Energy (NYSE: NXE) (TSX: NXE) received final federal approval for the Rook I uranium project in Saskatchewan's Athabasca Basin, with the Canadian Nuclear Safety Commission issuing both an Environmental Assessment approval and a Licence to Prepare Site and Construct, the last regulatory hurdle required to begin full construction. When operational, Rook I will produce up to 30 million pounds of uranium annually, representing more than 20% of global uranium supply and more than 50% of western world supply."NexGen is the foundational and necessary key to fueling that growth," said Leigh Curyer, Founder and CEO of NexGen Energy. "Our team, our asset, and this moment are aligned in a way that comes along once in a generation. Together with our Nation partners and our many valued stakeholders, we are well prepared and ready to execute the construction phase of the Rook I Project with the same scope, schedule and cost precision that has defined NexGen since incorporation in 2011."NexGen Energy made its Final Investment Decision ahead of the approval, with official construction commencing in summer 2026 and expected to take four years. All procurement, engineering, vendors, and capital are in place, with the company having worked in lockstep with Indigenous communities throughout the multi-year approval process.Denison Mines (NYSE-A: DNN) (TSX: DML) filed its audited 2025 annual results alongside a Final Investment Decision to construct the Phoenix in-situ recovery uranium mine at the Wheeler River property in Saskatchewan's Athabasca Basin, with site preparation and construction commencing in March 2026 and first production targeted by mid-2028. Denison Mines secured US$345 million through a senior convertible notes offering, appointed Wood Plc as construction manager, and advanced engineering to nearly 90% completion."Over the past twelve months, Denison continued to make significant investments in its assets, including its flagship Phoenix project," said David Cates, President and CEO of Denison Mines. "With receipt of all regulatory approvals necessary to start construction, significant advancement of construction planning and procurement efforts, appointment of Wood Plc as construction manager, and a strong balance sheet, we are ready to commence site preparation for and construction of the Phoenix ISR uranium mine later this month."McClean North, operated by joint venture partner Orano Canada, deployed the patented SABRE mining method and produced nearly 650,000 pounds U3O8 in 2025, one of the most productive new uranium mines in North America. Denison Mines also advanced delineation drilling at the Gryphon deposit and expanded its exploration JV portfolio with Skyharbour Resources.CONTACT:
USA NEWS GROUP
info @acblanke1DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. This article is being distributed by USANewsGroup.com on behalf of Market IQ Media Group Inc. ("MIQ"). MIQ has been paid a fee for Eagle Nuclear Energy Corp. advertising and digital media from Creative Digital Media Group ("CDMG"). There may be 3rd parties who may have shares of Eagle Nuclear Energy Corp., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ does not own any shares of Eagle Nuclear Energy Corp. but reserve the right to buy and sell, and will buy and sell shares of Eagle Nuclear Energy Corp. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ has been approved on behalf of Eagle Nuclear Energy Corp. by CDMG, and the company itself; this is a paid advertisement, we currently do not own shares of Eagle Nuclear Energy Corp. but reserve the right to buy and sell shares of NUCL, and will buy and sell shares of the company in the open market, or through private placements, and/or other investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment. Cautionary Note Regarding Forward-Looking Statements: Certain statements included in this document are not historical facts but are forward-looking statements. All statements other than statements of historical facts contained in this document are forward-looking statements. Any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are also forward-looking statements. Forward-looking statements include, without limitation, expected benefits from Eagle's business combination with SVII; the outlook for Eagle's business; the viability of Eagle's mining claims and technologies; as well as any information concerning possible or assumed future results of operations of Eagle. The forward-looking statements are based on the current expectations of the management team of Eagle and are inherently subject to uncertainties and changes in circumstance and their potential effects. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, (i) market risks; (ii) the outcome of any legal proceedings that may be instituted against Eagle related to its business combination; (iii) failure to realize the anticipated benefits of the business combination; (iv) the inability to maintain the listing of the Company's securities on Nasdaq Capital Market or a comparable exchange; (v) the risk that the price of Eagle's securities may be volatile due to a variety of factors, including changes in laws, regulations, technologies, natural disasters or health epidemics/pandemics, national security tensions, and macro-economic and social environments affecting its business; and (vi) fluctuations in spot and forward markets for lithium and uranium and certain other commodities (such as natural gas, fuel oil and electricity). The foregoing list is not exhaustive, and there may be additional risks that Eagle does not presently know or that Eagle currently believes are immaterial. You should carefully consider the foregoing factors, any other factors discussed in this document and the other risks and uncertainties described in filings made with the SEC by Eagle from time to time, which are or will be accessible at www.sec.gov. Eagle cautions you against placing undue reliance on forward-looking statements, which reflect current beliefs and are based on information currently available as of the date a forward-looking statement is made. Forward-looking statements set forth in this document speak only as of the date of this document.SOURCES:https://www.iea.org/reports/global-energy-review-2026/technology-nuclearhttps://www.iaea.org/newscenter/news/global-leaders-affirm-central-role-for-nuclear-at-2026-nuclear-energy-summithttps://world-nuclear.org/net-zero-nuclear/news/four-more-countries-join-global-commitment-to-triple-nuclear-energy-at-paris-summithttps://www.iea.org/reports/global-energy-review-2026/key-findingsLogo: https://mma.prnewswire.com/media/2838876/5656770/USA_News_Group_Logo.jpg 



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Original: The Uranium Shortage: 78 Gigawatts Under Construction and Not Enough Fuel

Nuclear Stocks Climb After White House Unveils Space Power InitiativeApril 16, 2026 10:27 AM
IH Market News
Nuclear energy stocks moved higher on Thursday following the release of a new U.S. policy aimed at deploying nuclear reactors in space, including in Earth orbit and on the Moon.Shares of Oklo (NYSE:OKLO) and NuScale (NYSE:SMR) rose sharply in premarket trading, gaining nearly 8% and 10% respectively as of 05:38 ET. Nano Nuclear Energy (NASDAQ:NNE) also advanced 7.3%, while Cameco (NYSE:CCJ) added 1.6% and Uranium Energy (AMEX:UEC) climbed 2.1%.The gains followed a memorandum issued on April 14 by the White House Office of Science and Technology Policy, formally launching the National Initiative for American Space Nuclear Power. The program targets the deployment of reactors in orbit as early as 2028 and on the Moon by 2030.The directive represents the first comprehensive framework covering both civilian and military uses of nuclear technology in space, reflecting the view that existing solar and chemical propulsion systems may not meet the demands of future missions.Under the initiative, responsibilities are divided among NASA, the Department of Defense, and the Department of Energy.NASA has been tasked with developing a mid-power space reactor, including a lunar version ready for launch by 2030. Meanwhile, the Pentagon is expected to advance an orbital reactor program by 2031, with a competitive process involving at least two vendors progressing through design and testing stages.The first demonstration mission, known as SR-1 Freedom, will involve a 20-kilowatt reactor designed to support both surface power generation and propulsion for interplanetary missions.Nuclear reactors generate energy through fission, splitting atomic nuclei to release heat, and are considered critical for sustained lunar operations, where long periods of darkness make solar power unreliable.The policy follows recent comments from Jared Isaacman, head of NASA, who outlined plans to integrate nuclear power into future missions, including potential journeys to Mars.Oklo stock priceNuScale Power stock priceNANO Nuclear Energy stock priceCameco stock priceUranium Energy Corp stock price

Original: Nuclear Stocks Climb After White House Unveils Space Power Initiative

Utah's Forgotten Uranium Belt Is Getting a Second Look. Here's Why the Timing Matters.March 23, 2026 2:14 PM
PR Newswire (Canada)

Issued on behalf of EagleOne Metals CorporationVANCOUVER, BC, March 23, 2026 /CNW/ -- Equity-Insider.com — Thirty-five miles south of Hanksville, Utah, in the heart of some of the highest-grade historical uranium country in the American West, there's a 206-acre property that was drilled once in 2008, returned mineralized intercepts across six commodities, and then sat untouched for nearly two decades.







It's not hard to understand why. Uranium spent most of the 2010s in the penalty box. Spot prices languished below $30 per pound. Nobody was acquiring uranium ground in Utah. Nobody was funding exploration for rare earths in the Colorado Plateau. The economics didn't work, and the geopolitical urgency didn't exist.Both of those conditions have reversed. Uranium is now approaching $92 per pound. The IEA projects a 30% copper supply shortfall by 2035. Rare earth supplies outside China cover less than 40% of projected demand. And the U.S. government has committed more than $30 billion to secure critical mineral supply chains in just the past six months, including a $12 billion Project Vault strategic stockpile and a $2.7 billion DOE enrichment expansion.The companies best positioned for this environment are the ones that already hold ground. Cameco (TSX: CCO) (NYSE: CCJ), the world's largest publicly traded uranium company, recently partnered with the U.S. Government and Brookfield to accelerate Westinghouse nuclear reactor deployments — backed by $80 billion in aggregate government investment. Cameco is extending its Cigar Lake mine to 2036 and ramping McArthur River toward 25 million pounds annually. The market is paying $1,416 per pound of Cameco's future uranium capacity.NexGen Energy (TSX: NXE) (NYSE: NXE) is building what it positions as the world's largest and lowest-cost uranium mine at Rook I in Saskatchewan's Athabasca Basin. With estimated production costs under $10 per pound and spot uranium near $92, the margin thesis is extraordinary. NexGen raised C$800 million for construction and expects its Canadian Nuclear Safety Commission hearings this year. Denison Mines (TSX: DML) (NYSE: DNN) announced a final investment decision in March 2026 to construct the Phoenix in-situ recovery uranium mine at Wheeler River — 56.7 million pounds of proven and probable reserves, a projected IRR exceeding 80%, and production targeted for 2028 using a method that costs 15–70% less than conventional mining.On the rare earth side, MP Materials (NYSE: MP) operates the only scaled rare earth mining and processing site in North America at Mountain Pass, California. As Beijing tightened export controls on seven strategic rare earth elements in early 2026, MP's position as the Western hemisphere's primary source of NdPr oxide became acutely strategic. The company is building downstream magnet manufacturing capacity to supply EV and defense customers directly.These are billion-dollar companies operating in the same commodity environment that just created an opportunity at the opposite end of the valuation spectrum.EagleOne Metals Corporation (CSE: EAGL) (FSE: IJ2) recently signed a binding Letter of Intent to acquire 100% of the Poison Springs Uranium/Rare Earths Project in Utah for US$50,000. The 206.6-acre property returned mineralized intercepts across uranium, copper, silver, cobalt, nickel, and rare earth elements neodymium, praseodymium, and europium from a single 2008 drill campaign. Both uranium and REEs appear on the U.S. Critical Minerals List. Historical drilling by Cotter Corporation in nearby Hatch Canyon during 1978–1979 confirmed widespread mineralization across the broader region. Follow-up targets sit at less than 100 metres depth. A Triassic Chinle formation target carries additional potential for copper, vanadium, zinc, nickel, cobalt, and REEs.The Utah play is one piece of a broader portfolio. EagleOne's 100%-owned Hébécourt Township property in Quebec's Abitibi Greenstone Belt — a jurisdiction that has produced over 200 million ounces of gold historically — returned two priority anomalies targeting gold and copper. The adjacent Magusi West project produced gold anomalies up to 0.156 ppm and copper anomalies up to 186 ppm across 618 soil samples. And through a non-binding LOI with Surupampa Metals, EagleOne has a path to a Peruvian copper-gold asset.Four properties. Three countries. Gold, silver, copper, uranium, and rare earth elements. A C$240,000 financing pending. Market capitalization: approximately C$5 million.The structural deficit across uranium, copper, and rare earths is no longer a forecast. It's the primary driver behind the largest government mineral investment in American history. EagleOne Metals (CSE: EAGL) is assembling multi-commodity critical minerals exposure at the exact moment the policy environment and the price environment are converging — and the market hasn't priced it in yet.For more information on EagleOne Metals Corporation (CSE: EAGL) (FSE: IJ2) and its critical minerals portfolio, visit Equity-Insider.comRead this and more on EagleOne at: Equity-Insider.comArticle Source: https://usanewsgroup.com/2026/03/12/exploring-the-minerals-powering-the-digital-and-energy-future/CONTACT:
EQUITY INSIDER
info @acblanke1DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is not a paid advertisement at this time, as MIQ has not yet received compensation for this content, and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. Equity Insider is a wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). MIQ has not been paid a fee for EagleOne Metals Corporation advertising and digital media from the company directly. There may be 3rd parties who may have shares of EagleOne Metals Corporation, and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ does not currently own shares of EagleOne Metals Corporation. MIQ reserves the right to buy and sell, and will buy and sell shares of EagleOne Metals Corporation at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ has been approved by EagleOne Metals Corporation; this is not currently a paid advertisement as MIQ has not yet received compensation, and we also reserve the right to buy shares of the company in the open market, or through private placements, and/or other investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.SOURCES:Critical Minerals Institute, February 2026 — https://investornews.com/market-opinion/the-critical-minerals-report-02-22-2026-the-price-floor-era-arrives-for-rare-earths-and-uranium-coppers-midstream-problem-and-graphite-trade-walls/ Bloomberg, Project Vault — https://www.bloomberg.com/news/articles/2026-02-02/trump-launches-12-billion-minerals-stockpile-to-counter-china CarbonCredits.com, Uranium Prices 2026 — https://carboncredits.com/uranium-prices-2026-supply-crunch-and-rising-demand-fuel-a-nuclear-bull-market/ U.S. State Department, 2026 Critical Minerals Ministerial — https://www.state.gov/releases/office-of-the-spokesperson/2026/02/2026-critical-minerals-ministerialLogo : https://mma.prnewswire.com/media/2840019/5878383/Equity_Insider_Logo.jpg



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Original: Utah's Forgotten Uranium Belt Is Getting a Second Look. Here's Why the Timing Matters.

Dépôts de documents de CamecoMarch 19, 2026 8:43 PM
Business Wire
Tous les montants sont indiqués en dollars canadiens, sauf indication contraire


Cameco (TSX : CCO; NYSE : CCJ) a annoncé aujourd'hui avoir déposé son rapport annuel (formulaire 40-F) auprès de la Securities and Exchange Commission (SEC) des États-Unis. Ce document comprend les états financiers annuels audités de Cameco pour l'exercice clos le 31 décembre 2025, son rapport de gestion et son analyse, ainsi que sa notice annuelle canadienne. En outre, Cameco a déposé sa notice annuelle auprès des autorités canadiennes en valeurs mobilières. Ses états financiers annuels audités pour l'exercice clos le 31 décembre 2025 et son rapport de gestion ont également été déposés auprès des autorités canadiennes en valeurs mobilières en février 2026. Tous ces documents sont disponibles sur notre site Web.


Les actionnaires peuvent obtenir gratuitement des exemplaires papier de ces documents, notamment les états financiers, en contactant :


Relations investisseurs de Cameco

2121 11th Street West

Saskatoon, SK S7M 1J3

Tél. 306-956-6294


Le 2 avril 2026, Cameco prévoit de publier sur son site Web la circulaire de sollicitation de procurations de la direction distribuée aux actionnaires inscrits au 9 mars 2026, en vue de son assemblée annuelle des actionnaires du 7 mai 2026. Cameco, en son nom propre et de certaines de ses filiales (collectivement, « Cameco »), publiera également son rapport sur l’esclavage moderne conformément à la Loi canadienne sur la lutte contre le travail forcé et le travail des enfants dans les chaînes d’approvisionnement.


Profil


Cameco est l'un des plus importants fournisseurs mondiaux de combustible nucléaire, indispensable à un avenir énergétique sûr. Notre position concurrentielle tient à notre maîtrise sur les plus importantes réserves mondiales d'uranium à haute teneur et sur nos opérations à faibles coûts, ainsi que sur d'importants investissements dans l'ensemble du cycle du combustible nucléaire, notamment des participations dans Westinghouse Electric Company et Global Laser Enrichment. Les entreprises énergétiques du monde entier font confiance à Cameco en tant que fournisseur de solutions globales d'approvisionnement en combustible nucléaire, garantissant une production d'énergie nucléaire sûre, fiable et sans carbone. Nos actions sont cotées aux bourses de Toronto et de New York. Notre siège social est situé à Saskatoon, en Saskatchewan, au Canada.


Dans le présent communiqué, les termes « nous », « notre », « la Société » et « Cameco » désignent Cameco Corporation et ses filiales, sauf indication contraire.


Le texte du communiqué issu d’une traduction ne doit d’aucune manière être considéré comme officiel. La seule version du communiqué qui fasse foi est celle du communiqué dans sa langue d’origine. La traduction devra toujours être confrontée au texte source, qui fera jurisprudence.

Consultez la version source sur businesswire.com : https://www.businesswire.com/news/home/20260319085565/fr/
Demandes de renseignements des investisseurs

Cory Kos

306-716-6782

cory_kos@cameco.com


Demandes de renseignements des médias

Veronica Baker

306-385-5541

veronica_baker@cameco.com


Original: Dépôts de documents de Cameco

Cameco Reports Document FilingsMarch 19, 2026 6:41 PM
Business Wire
All amounts in Canadian dollars unless specified otherwise


Cameco (TSX: CCO; NYSE: CCJ) reported today that it filed its annual report on Form 40-F with the US Securities and Exchange Commission. The document includes Cameco’s audited annual financial statements for the year ended December 31, 2025, its management’s discussion and analysis (MD&A), and its Canadian annual information form (AIF). In addition, Cameco filed with Canadian securities regulatory authorities its AIF. Its audited annual financial statements for the year ended December 31, 2025, and its MD&A were filed with Canadian securities regulatory authorities in February 2026. All of these documents are posted on our website.


Shareholders may obtain hard copies of these documents, including the financial statements, free of charge by contacting:


Cameco Investor Relations

2121 11th Street West

Saskatoon, SK S7M 1J3

Phone: 306-956-6294


On April 2, 2026, Cameco plans to post on its website the management proxy circular that is being distributed to shareholders of record as of March 9, 2026, for its annual meeting of shareholders on May 7, 2026. Cameco, on behalf of itself and certain subsidiaries (collectively, “Cameco”), will also post its Modern Slavery Report in accordance with the Fighting Against Forced Labour and Child Labour in Supply Chains Act (Canada).


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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260319072693/en/
Investor inquiries

Cory Kos

306-716-6782

cory_kos@cameco.com


Media inquiries

Veronica Baker

306-385-5541

veronica_baker@cameco.com


Original: Cameco Reports Document Filings

Significant U.S. Uranium Deposit Advances with Permitting Team NUCL, CCJ, UEC, SMR, and NXE as Uranium Demand Meets Domestic Supply UrgencyMarch 18, 2026 10:15 AM
PR Newswire (US)

Issued on behalf of Eagle Nuclear Energy Corp.Companies mentioned in this article: Eagle Nuclear Energy Corp. (NASDAQ: NUCL), Cameco Corp. (NYSE: CCJ), Uranium Energy Corp. (NYSE: UEC), NuScale Power (NYSE: SMR), NexGen Energy (NYSE: NXE)Key Takeaways:Eagle Nuclear Energy Corp. (NASDAQ: NUCL) has engaged SLR International Corporation as lead permitting manager for its Aurora Uranium Project, the largest conventional, measured and indicated uranium deposit in the United States with 32.75 million pounds indicated and 4.98 million pounds inferred.SLR's designated team has an excellent permitting track record with the Bureau of Land Management and Oregon DOGAMI in the same county as Aurora, including fast-tracking Jindalee Lithium's McDermitt project under the federal FAST-41 initiative[1].Uranium was added to the U.S. Geological Survey's 2025 Critical Minerals List, and approximately 65 reactors are under construction worldwide as global electricity demand drives a nuclear renaissance[2].Cameco recently entered an $80 billion strategic partnership with the U.S. Government to accelerate deployment of Westinghouse nuclear reactor technologies and reinvigorate domestic supply chains[3].Eagle Nuclear Energy (NASDAQ: NUCL) is developing an integrated nuclear platform combining domestic uranium resources with exclusive Small Modular Reactor (SMR) technology, positioning it to own both the fuel supply and the deployment pathway for next-generation nuclear power.NEW YORK, March 18, 2026 /PRNewswire/ -- Equity-Insider.com News Commentary — The United States produces almost none of the uranium it consumes. That's not a forecast — it's the reality that uranium was added to the U.S. Geological Survey's Critical Minerals List in 2025, that the White House launched Project Vault with $12 billion in strategic minerals stockpile financing, and that approximately 65 new reactors are under construction worldwide as governments bet on nuclear power to meet surging electricity demand[2]. Spot uranium is approaching $92 per pound as tightening primary supply converges with accelerating reactor demand, AI-driven power infrastructure buildouts, and a bipartisan political consensus that domestic nuclear fuel supply chains are a national security imperative[4].







Against that backdrop, the companies that own the actual uranium in the ground — particularly in the United States — are becoming strategic assets in a way they haven't been in decades. The question is no longer whether America needs more domestic uranium, it's who can get uranium permitted, developed, and delivered. Eagle Nuclear Energy Corp. (NASDAQ: NUCL) just took a major step toward answering that question.Eagle Nuclear Energy Corp. (NASDAQ: NUCL) — SLR Consulting Engaged to Lead Aurora PermittingEagle Nuclear Energy Corp. (NASDAQ: NUCL) announced today that it has engaged global mining advisory firm SLR International Corporation as the lead permitting manager for the Aurora Uranium Project, the company's flagship asset located along the Oregon–Nevada border. Aurora owns the largest conventional, measured and indicated uranium deposit in the United States, with 32.75 million pounds indicated and 4.98 million pounds inferred under the SK-1300 technical standard. To put that in perspective, Aurora's nearly 38 million pounds of uranium places it among the larger undeveloped projects in America—at a time when the U.S. imports roughly 95% of the uranium it consumes.SLR Consulting is not an ordinary hire. The firm is world-renowned for providing technical, engineering, and environmental services to resource projects globally, and the team assigned to Eagle has specific, relevant experience with the Bureau of Land Management and Oregon's Department of Geology and Mineral Industries in Malheur County — the same county where Aurora sits. That experience includes permitting success at Paramount Gold's Grassy Mountain project and Jindalee Lithium's McDermitt project, the latter of which SLR helped fast-track under the U.S. federal government's FAST-41 initiative. Eagle's management is now collaborating with SLR to potentially get Aurora on the FAST-41 list as well."SLR's permitting expertise, their proven track-record around the world, and their relevant experience in our neighbourhood, makes them a natural partner for Eagle as we plan to take Aurora toward the next stage of development," said Vishal Gupta, Eagle's VP of Operations. "The SLR team has been involved in extensive engagement with regulators at the county, state and federal levels, which has direct relevance to expediting the permitting process for Aurora."Following this engagement, SLR will serve as Aurora's program manager for all environmental permitting tasks, including baseline studies, exploration permitting support, drill programs, metallurgical studies, and hydrogeological work. SLR's involvement is designed to help progress Aurora toward a Pre-Feasibility Study estimated to be completed in late 2027. But the permitting milestone is only part of the story. Eagle isn't building a conventional uranium mining company. The company is developing an integrated nuclear energy platform that combines domestic uranium resources with exclusive Small Modular Reactor technology — meaning it aims to own both the fuel and the means to deploy it. In a sector where Cameco commands a multi-billion dollar valuation and NexGen raised C$800 million for a single project, Eagle is advancing the largest conventional, measured and indicated U.S. uranium deposit at a fraction of those valuations, with a NASDAQ listing and a strategy that spans the nuclear fuel cycle.For more information on Eagle Nuclear Energy Corp. (NASDAQ: NUCL) and the Aurora Uranium Project, visit www.eaglenuclear.comIn other industry developments and happenings in the market include:Cameco Corp. (NYSE: CCJ) — $80 Billion U.S. Government Nuclear PartnershipCameco Corp. (NYSE: CCJ), one of the world's largest uranium producers with licensed capacity to produce more than 30 million pounds annually, recently entered into a strategic partnership with the U.S. Government alongside Brookfield to accelerate deployment of Westinghouse nuclear reactor technologies. The aggregate government investment of at least $80 billion is designed to create significant growth opportunities for both Westinghouse and Cameco while reinvigorating domestic nuclear supply chains. Cameco is extending the life of its Cigar Lake mine to 2036 and ramping production at McArthur River/Key Lake toward its licensed annual capacity of 25 million pounds. Analyst estimates project Cameco's fiscal 2026 earnings growth at 55%.Uranium Energy Corp. (NYSE: UEC) — From Developer to Producer With ISR RestartUranium Energy Corp. (NYSE: UEC) marked a turning point in fiscal 2025 by transitioning from developer to active producer with the successful restart of the Christensen Ranch in-situ recovery mine in Wyoming's Powder River Basin. ISR mining offers lower capital costs, faster timelines, and reduced environmental impact compared to conventional methods. Production ramp-ups are expected to continue through 2026 alongside the anticipated startup of the Burke Hollow project. UEC also acquired Rio Tinto's Sweetwater mill and Wyoming uranium assets, expanding its licensed capacity to 12.1 million pounds annually and positioning it as the largest U.S. uranium company by potential production.NuScale Power (NYSE: SMR) — AI-Enabled Reactor Design and TVA PartnershipNuScale Power (NYSE: SMR) announced a partnership with Oak Ridge National Laboratory to utilize an AI-enabled nuclear design framework to optimize fuel management across multiple reactors. NuScale's exclusive global partner ENTRA1 Energy and the Tennessee Valley Authority continue to advance what is positioned as the largest nuclear power deployment in a generation. NuScale's small modular reactor design received NRC Design Certification in 2023, making it the first SMR to achieve this milestone in the United States. The Trump administration's plans to loosen regulations for new nuclear plants and boost SMR production have provided additional potential tailwinds for the company.NexGen Energy (NYSE: NXE) — Rook I Hearings and Path to World's Lowest-Cost UraniumNexGen Energy (NYSE: NXE) commenced its Part 2 Commission Hearing with Canada's Nuclear Safety Commission in February 2026, representing the final step in the federal regulatory process prior to an approval decision for its Rook I project in Saskatchewan's Athabasca Basin. Rook I is designed to produce approximately 30 million pounds of uranium annually at an estimated cash cost of under $10 per pound, giving it some of the lowest projected production costs in the global uranium industry. NexGen recently raised C$800 million to fund construction.Eagle Nuclear Energy Corp. (NASDAQ: NUCL) trades on NASDAQ and is advancing the Aurora Uranium Project — the largest conventional, measured and indicated uranium deposit in the United States — toward a Pre-Feasibility Study targeted for late 2027, with SLR International Corporation leading the permitting effort and an integrated nuclear platform strategy combining domestic uranium resources with SMR technology.In a sector where Cameco commands a multi-billion-dollar market capitalization and governments are deploying tens of billions to secure domestic nuclear fuel supply, Eagle Nuclear Energy is the company seeking to advance America's largest conventional, measured and indicated uranium deposit from resource to potential development — with a world-class permitting partner now in place and a strategy that spans the full nuclear value chain. For investors tracking the uranium renaissance, NUCL may be the name that hasn't yet caught up to its own story.Learn more about Eagle Nuclear Energy Corp. (NASDAQ: NUCL) and the Aurora Uranium Project at www.eaglenuclear.comInvestor Contact: Investors@eaglenuclear.comSOURCE: www.eaglenuclear.comCONTACT:EQUITY INSIDERinfo @acblanke1DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. This article is being distributed by Equity-Insider.com on behalf of Market IQ Media Group Inc. ("MIQ"). MIQ has been paid a fee for Eagle Nuclear Energy Corp. advertising and digital media from Creative Digital Media Group ("CDMG"). There may be 3rd parties who may have shares of Eagle Nuclear Energy Corp., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ/BAY does not own any shares of Eagle Nuclear Energy Corp. but reserve the right to buy and sell, and will buy and sell shares of Eagle Nuclear Energy Corp. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ has been approved on behalf of Eagle Nuclear Energy Corp. by CDMG; this is a paid advertisement, we currently own shares of Eagle Nuclear Energy Corp. and will buy and sell shares of the company in the open market, or through private placements, and/or other investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.Cautionary Note Regarding Forward-Looking StatementsCertain statements included in this document are not historical facts but are forward-looking statements. All statements other than statements of historical facts contained in this document are forward-looking statements. Any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are also forward-looking statements. Forward-looking statements include, without limitation, expected benefits from Eagle's business combination with SVII; the outlook for Eagle's business; the viability of Eagle's mining claims and technologies; as well as any information concerning possible or assumed future results of operations of Eagle. The forward-looking statements are based on the current expectations of the management team of Eagle and are inherently subject to uncertainties and changes in circumstance and their potential effects. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, (i) market risks; (ii) the outcome of any legal proceedings that may be instituted against Eagle related to its business combination; (iii) failure to realize the anticipated benefits of the business combination; (iv) the inability to maintain the listing of the Company's securities on Nasdaq Capital Market or a comparable exchange; (v) the risk that the price of the Eagle's securities may be volatile due to a variety of factors, including changes in laws, regulations, technologies, natural disasters or health epidemics/pandemics, national security tensions, and macro- economic and social environments affecting its business; and (vi) fluctuations in spot and forward markets for lithium and uranium and certain other commodities (such as natural gas, fuel oil and electricity). The foregoing list is not exhaustive, and there may be additional risks that Eagle does not presently know or that Eagle currently believes are immaterial. You should carefully consider the foregoing factors, any other factors discussed in this document and the other risks and uncertainties described in filings made with the SEC by Eagle from time to time, which are or will be accessible at www.sec.gov. Eagle cautions you against placing undue reliance on forward-looking statements, which reflect current beliefs and are based on information currently available as of the date a forward-looking statement is made. Forward-looking statements set forth in this document speak only as of the date of this document.SOURCES:SLR International Corporation, Permitting Track Record — Referenced in Eagle Nuclear Energy Corp. press release, March 18, 2026World Nuclear Industry Status Report, December 2025; U.S. Geological Survey 2025 Critical Minerals List — https://www.usgs.gov/news/national-news-release/us-geological-survey-releases-2025-list-critical-mineralsCameco Corp. / Brookfield / U.S. Government Strategic Partnership for Westinghouse Nuclear Reactor Deployment — https://www.cameco.com/media/news/2026CarbonCredits.com, Uranium Prices 2026 — https://carboncredits.com/uranium-prices-2026-supply-crunch-and-rising-demand-fuel-a-nuclear-bull-market/Logo - https://mma.prnewswire.com/media/2840019/5869781/Equity_Insider_Logo.jpg



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Original: Significant U.S. Uranium Deposit Advances with Permitting Team NUCL, CCJ, UEC, SMR, and NXE as Uranium Demand Meets Domestic Supply Urgency

Cameco signe un accord à long terme d’approvisionnement en uranium avec l’IndeMarch 2, 2026 3:13 PM
Business Wire
Tous les montants sont en dollars canadiens, sauf indication contraire


Cameco (TSX : CCO ; NYSE : CCJ) a conclu un accord à long terme pour fournir du concentré de minerai d’uranium (U3 O8) au Département de l’énergie atomique du gouvernement indien, pour une utilisation dans le parc de réacteurs nucléaires du pays. L’accord permettra à Cameco de fournir près de 22 millions de livres de concentré d’uranium à l’Inde sur une période de neuf ans, aux conditions de prix liées au marché, avec une valeur totale du contrat estimée à environ 2,6 milliards de dollars.


L’Inde dispose actuellement de 24 réacteurs en exploitation ainsi que de plans ambitieux pour déployer des dizaines d’autres afin d’atteindre 100 GW d’ici 2047. Les livraisons dans le cadre du contrat devraient commencer en 2027 et se dérouler jusqu’en 2035, conformément à la stratégie contractuelle à long terme de Cameco. Les volumes sous ce contrat ont été inclus dans le total des volumes de contrats à long terme et dans l’analyse attendue de la sensibilité au prix de l’uranium réalisée sur cinq ans, publiée dans le rapport de gestion annuel de 2025 en février 2026.


Le PDG de Cameco, Tim Gitzel, a assisté à un événement à Delhi aujourd’hui pour célébrer l’accord aux côtés du premier ministre indien Narendra Modi, du premier ministre canadien Mark Carney et du premier ministre de la Saskatchewan Scott Moe, soulignant les solides relations diplomatiques et commerciales entre les pays.


« Cameco est fière d’être un partenaire stratégique de l’Inde pour répondre à ses besoins en combustible nucléaire civil et soutenir sa relation commerciale avec le Canada », a déclaré M. Gitzel. « L’Inde se lance dans une expansion nucléaire ambitieuse pour alimenter ses plans de développement et répondre aux besoins futurs en matière de sécurité énergétique de sa population. Cela n’est pas possible sans un approvisionnement stable en combustible d’uranium. Il est important de noter que cette demande souligne une tendance émergente des acheteurs souverains à verrouiller d’importants volumes provenant de multiples fournisseurs, et dans une fenêtre où la demande continue d’augmenter et les disponibilités continuent de devenir plus incertaines et limitées. En tant que producteur éprouvé et fiable, Cameco est reconnue mondialement comme un fournisseur de choix de combustible nucléaire, et nous sommes heureux d’être à nouveau un fournisseur de confiance pour l’Inde. »


Cameco a précédemment fourni de l’uranium à l’Inde dans le cadre d’un contrat de cinq ans qui a commencé en 2015.


Au moment de la publication du présent communiqué, la valeur estimée du nouveau contrat s’élève à environ 2,6 milliards de dollars, sur la base d’un prix de l’uranium de 86,95 $ US par livre, correspondant à la moyenne des prix au comptant de l’uranium publiés en fin de mois par UxC et TradeTech au 28 février 2026, ainsi que d’un taux de change au 27 février 2026 de 1 $ US pour 1,36 $ CA. De plus amples détails concernant le contrat récemment signé sont de nature commercialement sensible et demeurent confidentiels.


Informations prospectives


Le présent communiqué contient des déclarations et des informations relatives aux attentes futures, appelées « informations prospectives ». Ces informations prospectives reposent sur des perspectives actuelles susceptibles d’évoluer de manière substantielle, et les résultats et événements effectifs pourraient différer sensiblement de ceux actuellement anticipés. Parmi les exemples d’informations prospectives figurant dans ce communiqué, on a : le volume prévu de concentré de minerai d’uranium devant être fourni, la période de fourniture ainsi que la valeur totale estimée du contrat ; les dates prévues de début et de fin des livraisons ; les projets futurs de l’Inde visant le déploiement de réacteurs supplémentaires et l’expansion du nucléaire afin de répondre aux besoins énergétiques futurs ; ainsi que l’anticipation d’une croissance continue de la demande et d’un approvisionnement disponible de plus en plus incertain et contraint. Les principaux risques susceptibles d’entraîner des résultats différents comprennent notamment le risque que les obligations de livraison prévues par l’accord ne soient pas entièrement respectées, ou soient retardées pour des raisons imprévues ; le risque que les conditions de prix en vigueur au moment des livraisons ne permettent pas d’atteindre la valeur totale estimée du contrat ; le risque que les projets futurs de déploiement et d’expansion de l’Inde soient entravés ou retardés pour quelque raison que ce soit ; ainsi que le risque d’une absence de croissance continue de la demande. Dans la présentation de ces informations prospectives, nous avons formulé des hypothèses importantes, qui pourraient s’avérer inexactes, concernant notre capacité à satisfaire pleinement et en temps voulu nos obligations de livraison, l’évolution future des prix de l’uranium et la mise en œuvre des projets de l’Inde.


À propos de Cameco


Cameco est l'un des plus grands fournisseurs mondiaux de combustible à l'uranium nécessaire pour assurer un avenir énergétique sûr. Notre position concurrentielle repose sur notre participation majoritaire dans les plus grandes réserves de qualité supérieure et les opérations à faible coût au monde, ainsi que sur des investissements importants tout au long du cycle du combustible nucléaire, y compris des participations dans Westinghouse Electric Company et Global Laser Enrichment. Les services publics du monde entier comptent sur Cameco pour fournir des solutions mondiales de combustible nucléaire pour la production d'énergie nucléaire sûre, fiable et sans carbone. Nos actions se négocient aux bourses de Toronto et de New York. Notre siège social est situé à Saskatoon, dans la province de la Saskatchewan au Canada.


Tels qu’utilisés dans le présent communiqué de presse, les termes « nous », « notre », « nos », « société » et « Cameco » désignent Cameco Corporation et ses filiales, sauf mention contraire.


Le texte du communiqué issu d’une traduction ne doit d’aucune manière être considéré comme officiel. La seule version du communiqué qui fasse foi est celle du communiqué dans sa langue d’origine. La traduction devra toujours être confrontée au texte source, qui fera jurisprudence.

Consultez la version source sur businesswire.com : https://www.businesswire.com/news/home/20260301958041/fr/
Personne-ressource des investisseurs


Cory Kos

306-716-6782

cory_kos@cameco.com


Personne-ressource des médias


Veronica Baker

306-385-5541

veronica_baker@cameco.com


Original: Cameco signe un accord à long terme d’approvisionnement en uranium avec l’Inde

Cameco Signs Long-Term Uranium Supply Agreement with IndiaMarch 2, 2026 3:30 AM
Business Wire
All amounts in Canadian dollars unless specified otherwise


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.


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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260301733654/en/
Investor inquiries


Cory Kos

306-716-6782

cory_kos@cameco.com


Media inquiries


Veronica Baker

306-385-5541

veronica_baker@cameco.com


Original: Cameco Signs Long-Term Uranium Supply Agreement with India

Cameco annonce ses résultats pour 2025 ; solides performances au quatrième trimestre et pour l'exercice 2025 ; l'augmentation de l'activité du marché de l'uranium à long terme renforce les perspectives constructives ; la stratégie...February 15, 2026 7:19 PM
Business Wire
 


Cameco annonce ses résultats pour 2025 ; solides performances au quatrième trimestre et pour l'exercice 2025 ; l'augmentation de l'activité du marché de l'uranium à long terme renforce les perspectives constructives ; la stratégie d'approvisionnement disciplinée devrait permettre à l'entreprise de générer de la valeur grâce à une demande croissante


Cameco (TSX : CCO ; NYSE : CCJ) présente aujourd'hui ses résultats financiers et d'exploitation consolidés pour le quatrième trimestre et l'exercice clos le 31 décembre 2025, conformément aux normes internationales d'information financière (IFRS).


« Nos résultats du quatrième trimestre et de fin d’exercice reflètent une nouvelle année d’exécution rigoureuse dans nos segments uranium, approvisionnement en combustible et Westinghouse, démontrant toute la force de notre stratégie sur un marché qui continue d’évoluer pour soutenir la création de valeur à long terme », déclare Tim Gitzel, chef de la direction de Cameco. « Nous avons réalisé de solides performances grâce à la forte contribution de nos actifs de base et à l’amélioration des résultats financiers liés à notre stratégie d’offre disciplinée à long terme dans un environnement de demande constructif. Comme prévu, nos résultats du quatrième trimestre ont été renforcés par de solides contributions de tous les segments de notre activité, soutenant une solide fin d'année. Ce résultat souligne notre capacité continue à nous adapter à l'évolution du marché grâce à une approche mesurée et délibérée qui s'aligne sur nos objectifs à long terme.


« Dans l’ensemble de l’industrie nucléaire, 2025 a marqué une nouvelle année d’accélération de la dynamique mondiale. Nous avons vu les gouvernements, les services publics et les utilisateurs industriels d’énergie du monde entier renouveler leurs engagements en faveur de l’énergie nucléaire, notamment sous la forme de politiques qui ont continué de renforcer le rôle essentiel du nucléaire dans la fourniture d’une énergie de base sûre, fiable et décarbonée. Ce soutien s'est accompagné d'une augmentation des contrats à long terme vers la fin de l'année, l'accent étant de plus en plus mis sur la sécurité de l'approvisionnement, et d'un intérêt croissant de la part des marchés nucléaires existants et émergents, y compris les services publics traditionnels et les nouveaux utilisateurs industriels d'énergie qui envisagent le nucléaire. Les services publics continuent de rechercher un approvisionnement fiable dans un environnement où les approvisionnements secondaires limités s'amenuisent, et il devient de plus en plus évident que la nouvelle production potentielle devrait être confrontée à des délais de livraison plus longs qu'annoncés, à des pressions inflationnistes croissantes et à une incertitude géopolitique. Le message sous-jacent est clair pour nous : les fondamentaux qui se sont constamment améliorés au cours des dernières années ont encore gagné du terrain en 2025, et nous nous attendons à ce que ces tendances se poursuivent jusqu’en 2026 et au-delà.


« Dans ce contexte, notre approche disciplinée de l’approvisionnement dans nos segments uranium et approvisionnement en combustible demeure une pierre angulaire de notre stratégie. Nous avons continué d'aligner notre production sur notre portefeuille de contrats à long terme, en maintenant une approche délibérée et conservatrice qui, sur la base de nos décennies d'expérience, nous semble être la position prudente. Combinés à notre solide bilan et à environ 230 millions de livres d'uranium engagés dans le cadre de contrats à long terme, nous pensons que nous sommes bien placés pour libérer de la valeur dans un marché qui se renforce. Nous n'abordons pas notre activité pour satisfaire des objectifs à court terme sur le marché, ni ne cherchons le volume pour le volume, ni ne prévoyons de faire appel à un approvisionnement non engagé qui risque de recréer les surplus qui ont historiquement perturbé les cycles de contraction. Nous restons plutôt concentrés sur la protection et l'extension de la valeur de nos actifs et investissements de niveau 1, en tirant parti de nos capacités intégrées et en préservant la flexibilité qui nous permet de saisir les opportunités alors que le marché poursuit sa transition.


« En outre, les contributions créatrices de valeur de notre investissement dans Westinghouse continuent de surpasser les attentes en matière d’acquisition. Le segment a continué d'avoir un impact positif sur nos résultats globaux en 2025, y compris une augmentation de 30 % de le BAIIA ajusté par rapport à 2024, reflétant la solide performance sous-jacente de ses activités principales. Nous avons également tiré parti d'une distribution en espèces de 350 millions USD de Westinghouse, dont 171,5 millions USD représentant notre part, liée à sa participation au projet nucléaire de Dukovany. Bien que nous ne nous attendions pas à une distribution comparable cette année, les prévisions pour 2026 concernant Westinghouse restent solides et renforcent la valeur de notre investissement, soulignant le rôle de Westinghouse en tant qu’acteur stable et à long terme dans un marché nucléaire mondial qui se renforce.


« Nous pensons continuer à observer une tendance de croissance durable sur l'ensemble du cycle du combustible nucléaire, soutenue par les priorités accordées à l’électrification, la sécurité énergétique et la décarbonation, ainsi que par la reconnaissance croissante du fait que le nucléaire doit jouer un rôle central pour relever les défis énergétiques à long terme au niveau mondial. Cameco est bien placée pour tirer parti de cette évolution mondiale, générant une valeur à long terme pour nos actionnaires, nos clients et les communautés dans lesquelles nous exerçons nos activités. »




Performance financière consolidée









 



 






TRIMESTRE CLOS AU






EXERCICE CLOS AU








FAITS SAILLANTS CONSOLIDÉS






31 DÉCEMBRE






31 DÉCEMBRE








(EN MILLIONS $ SAUF INDICATION CONTRAIRE)






2025






2024






2025






2024








Revenu






1,201






1,183






3,482






3,136








Bénéfice brut






273






250






970






783








Bénéfice net attribuable aux actionnaires






199






135






590






172








$ par action ordinaire (de base)






0.46






0.31






1.35






0.40








$ par action ordinaire (après dilution)






0.46






0.31






1.35






0.39








Bénéfice net ajusté1






217






157






627






292








$ par action ordinaire (ajusté et après dilution)






0.50






0.36






1.44






0.67








BAIIA ajusté






591






524






1,929






1,531








Encaisse issue des activités






677






530






1,408






905











 



1 En 2024, nous avons révisé notre calcul du bénéfice net ajusté pour tenir compte des gains et pertes de change non réalisés ainsi que de la rémunération basée sur les actions, car il reflète mieux la façon dont nous évaluons notre performance opérationnelle.








Performance consolidée : les solides résultats du quatrième trimestre dans les segments uranium et Westinghouse ont stimulé les résultats annuels par rapport à 2024. Le bénéfice net pour le trimestre et l'exercice a augmenté de 64 millions de dollars et de 418 millions de dollars, respectivement, par rapport à 2024, tandis que le bénéfice net ajusté a augmenté de 60 millions de dollars et de 335 millions de dollars, respectivement, pour le trimestre et pour l'exercice par rapport à 2024. Le BAIIA ajusté pour l’exercice complet a augmenté d’environ 398 millions de dollars pour atteindre 1,9 milliard de dollars par rapport à 2024, principalement en raison des contributions du segment uranium, qui reflètent une amélioration de l’environnement des prix, ainsi que de l’augmentation de notre part des revenus annuels de Westinghouse liée à sa participation au projet de construction de Dukovany. Pour de plus amples renseignements, veuillez consulter la section Mesures non IFRS.



Solide bilan : grâce à notre discipline financière d'atténuation des risques, notre bilan reste solide.



Au 31 décembre 2025, nous disposions d'une trésorerie et d'équivalents de trésorerie de 1,2 milliard de dollars et de placements à court terme, avec une dette totale de 1,0 milliard de dollars.



Au cours de l'année, nous avons remboursé les 200 millions USD restants sur notre prêt à terme américain, ce qui a permis de clôturer le prêt à terme.



En février, nous avons reçu 49 millions USD de Westinghouse en tant que notre première distribution depuis la clôture de l’acquisition et 171,5 millions USD supplémentaires en octobre, liés à la participation de Westinghouse au projet de construction de Dukovany. Au début de 2026, nous avons reçu une autre distribution de 49 millions USD de Westinghouse.



En avril, nous avons reçu un dividende en espèces de 87 millions USD, déduction faite des retenues à la source, de JV Inkai.



Dividende : en novembre, pour refléter l'amélioration de notre performance financière et la distribution supplémentaire reçue de Westinghouse, nous avons fait avancer notre plan de croissance des dividendes. Nous avons augmenté notre dividende annuel à 0,24 $ par action ordinaire en 2025, faisant progresser notre plan visant à augmenter le dividende à 0,24 $ par action ordinaire d'un an. Pour de plus amples renseignements, veuillez consulter la section Rendement de notre rapport de gestion annuel.





Performance financière segmentée












 



 






 






TRIMESTRE CLOS AU






 






EXERCICE CLOS AU






 








 






 






 






31 DÉCEMBRE






 






31 DÉCEMBRE






 








FAITS SAILLANTS






 






2025






2024






VARIATION






2025






2024






VARIATION








Uranium






Revenu (millions $)






 






1,027






1,035






(1)%






2,874






2,677






7%








 






Bénéfice brut (millions $)






 






225






213






6%






803






681






18%








 






Bénéfice avant impôt sur le revenu






 






274






289






(5)%






954






904






6%








 






BAIIA ajusté1






 






396






391






1%






1,255






1,179






6%








Approvisionnement en combustible






Revenu (millions $)






 






174






148






18%






562






459






22%








 






Bénéfice avant impôt sur le revenu






 






50






37






35%






179






108






66%








 






BAIIA ajusté1






 






63






49






29%






219






145






51%








Westinghouse






Revenu






 






958






841






14%






3,458






2,892






20%








(notre part)






Bénéfice net (perte)






 






26






9






>100%






58






(218)






>100%








 






BAIIA ajusté1






 






211






162






30%






780






483






61%















 



1 Mesure non IFRS







À noter en 2025 :



Uranium : le bénéfice avant impôts du quatrième trimestre a diminué de 15 millions de dollars et le BAIIA ajusté a augmenté de 5 millions de dollars par rapport à 2024, principalement en raison de la baisse du volume des ventes due au calendrier des ventes. Le bénéfice annuel avant impôt a augmenté de 50 millions de dollars et le BAIIA ajusté a augmenté de 76 millions de dollars par rapport à 2024. Pour de plus amples renseignements, veuillez consulter la section Résultats financiers par segment – Uranium dans le rapport de gestion annuel.



Approvisionnement en combustible : le bénéfice avant impôts du quatrième trimestre a augmenté de 13 millions de dollars et le BAIIA ajusté a augmenté de 14 millions de dollars par rapport à 2024, principalement en raison des livraisons effectuées dans le cadre de contrats conclus dans un environnement de prix amélioré. Le bénéfice annuel avant impôt pour l'exercice a augmenté de 71 millions de dollars, tandis que le BAIIA ajusté a augmenté de 74 millions de dollars par rapport à 2024. Pour de plus amples renseignements, veuillez consulter la section Résultats financiers par segment – Approvisionnement en combustible dans le rapport de gestion annuel.



Westinghouse : le bénéfice net déclaré de Westinghouse a augmenté de 17 millions de dollars (notre part) pour le quatrième trimestre, comparativement au même trimestre l'an dernier. Au cours de l'année, Westinghouse a déclaré une augmentation du bénéfice net de 276 millions de dollars par rapport à 2024. Pour mieux refléter la performance opérationnelle sous-jacente, nous utilisons le BAIIA ajusté comme mesure de performance pour Westinghouse. Au quatrième trimestre 2025, notre part du BAIIA ajusté de Westinghouse a augmenté de 49 millions de dollars par rapport au quatrième trimestre 2024, tandis qu’au cours de l’année, le BAIIA ajusté a augmenté de 297 millions de dollars par rapport à 2024. En octobre 2025, Westinghouse a effectué une seconde distribution en espèces de 350 millions USD (171,5 millions USD, notre part) à ses propriétaires associés à la trésorerie reçue en 2025 pour sa participation au projet de construction de deux réacteurs nucléaires à la centrale de Dukovany en République tchèque, dirigée par Korea Hydro & Nuclear Power. Pour de plus amples renseignements, veuillez consulter la section Résultats financiers par segment - Westinghouse dans le rapport de gestion annuel.





Performance opérationnelle et marketing












 



 






 






TRIMESTRE CLOS AU






 






EXERCICE CLOS AU






 








 






 






 






31 DÉCEMBRE






 






31 DÉCEMBRE






 








FAITS SAILLANTS






 






2025






2024






VARIATION






2025






2024






VARIATION








Uranium






Volume de production (millions lb)






 






6.0






6.1






(2)%






21.0






23.4






(10)%








 






Volume de ventes (millions lb)






 






11.2






12.8






(12)%






33.0






33.6






(2)%








 






Prix de vente réalisé moyen1






(USD/lb)






65.53






58.45






12%






62.11






58.34






6%








 






 






($/lb)






91.30






80.90






13%






87.00






79.70






9%








Approvisionnement en combustible






Volume de production (million kgU)






 






3.8






3.6






6%






14.0






13.5






4%








 






Volume de ventes (million kgU)






 






4.4






4.2






6%






13.1






12.1






8%








 






Prix moyen réalisé2






($/kgU)






39.39






35.41






11%






43.04






37.87






14%















 



1 Le prix réalisé moyen de l’uranium est calculé comme le revenu des ventes de concentré d’uranium, des frais de transport et de stockage divisé par le volume des concentrés d’uranium vendus.








2 Le prix moyen réalisé des services d'approvisionnement en combustible est calculé comme le revenu de la vente de services de conversion et de fabrication, y compris les grappes de combustible et les composants des réacteurs, les frais de transport et de stockage divisés par les volumes vendus.







À noter en 2025 :



Uranium : nous avons produit 21,0 millions de livres d'uranium (notre part), dépassant nos prévisions de production annuelle consolidée révisées allant jusqu'à 20 millions de livres, annoncées le 28 août 2025. À Cigar Lake, nous avons produit 19,1 millions de livres (sur une base de 100%), dépassant nos attentes annuelles de 1,1 million de livres. Chez McArthur River/Key Lake, nous avons produit 15,1 millions de livres (sur une base de 100 %), ce qui correspond à nos prévisions de production annuelle révisées. Voir l'aperçu de la production d'uranium dans notre rapport de gestion annuel pour plus d'informations. Notre prix moyen réalisé dans notre segment uranium a continué de s'améliorer à mesure que les prix dans le cadre des contrats de base et des contrats liés au marché augmentaient. Voir la section Résultats financiers par segment – Uranium dans le rapport de gestion annuel.



JV Inkai : la production totale de JV Inkai en 2025 était de 8,4 millions de livres (3,7 millions de livres notre part) contre 7,8 millions de livres (3,6 millions de livres notre part) en 2024. En 2025, nous avons reçu des expéditions contenant le reste de notre part de la production de 2024, soit environ 0,9 million de livres, et la totalité de notre part de la production d’Inkai de 2025, soit 3,7 millions de livres. Pour de plus amples informations, Uranium – aperçu de la production dans le rapport de gestion annuel.



Approvisionnement en combustible : dans notre division Approvisionnement en combustible, nous avons produit 14,0 millions de kgU, dont 11,2 millions de kgU d'UF6, une production record pour notre installation de conversion de Port Hope. L'amélioration du prix moyen réalisé dans notre segment approvisionnement en combustible a été principalement attribuable aux livraisons effectuées dans le cadre de contrats conclus dans un environnement de prix amélioré. Pour plus d’informations, voir Résultats financiers par segment - Approvisionnement en combustible dans notre rapport de gestion annuel.



Livraisons et inventaire : en plus de notre production d'uranium, nous avons acheté un total de 9,6 millions de livres d'uranium (y compris les achats de JV Inkai). Nous avons livré 33,0 millions de livres d'uranium conformément aux engagements de notre portefeuille de contrats, et terminé 2025 avec un stock d'uranium de 9,7 millions de livres, avec un coût d'inventaire moyen de 61,85 $ la livre. Dans le segment approvisionnement en combustible, nous avons livré 13,1 millions de kgU de produits d'approvisionnement en combustible combinés dans le cadre d'un contrat.



Contrats : dans notre segment uranium, nous avons poursuivi les négociations contractuelles et renforcé notre portefeuille à long terme. Après avoir respecté nos engagements de livraison de 2025, nous nous sommes engagés à long terme à livrer environ 230 millions de livres d'uranium, dont un volume de livraison annuel moyen d'environ 28 millions de livres au cours des cinq prochaines années, ce qui nous permet de rester exposés aux fondamentaux de l'amélioration alors que nos clients cherchent à répondre à leurs besoins à long terme. Dans le segment approvisionnement en combustible, avec une forte demande et des prix historiquement élevés sur le marché de la conversion d'UF6, nous avons réussi à signer de nouveaux contrats de conversion à long terme qui porteront nos volumes contractuels totaux à environ 83 millions de kgU d'UF6 qui soutiendront nos activités d'approvisionnement en combustible pour les années à venir.



Pour de plus amples renseignements, veuillez consulter la section Opérations, projets et investissements dans le rapport de gestion annuel.


Faits saillants supplémentaires



Participation de Westinghouse à la construction de la centrale de Dukovany : au cours du deuxième trimestre de 2025, nous avons annoncé les avantages attendus pour Westinghouse et Cameco en raison de la participation de Westinghouse à la construction de deux réacteurs nucléaires à la centrale de Dukovany en République tchèque, à savoir :



une augmentation d’environ 170 millions USD de notre part du revenu du deuxième trimestre 2025 de Westinghouse.



D'importants avantages financiers attendus pour Westinghouse, en tant que sous-traitant, sur la durée du projet de construction de Dukovany et liés à la fourniture des services de fabrication de combustible requis pour les deux réacteurs pendant une période déterminée.



Partenariat stratégique avec le gouvernement des États-Unis : au quatrième trimestre de 2025, nous avons conclu, avec Brookfield et Westinghouse, un partenariat stratégique avec le gouvernement américain, qui devrait accélérer le déploiement des réacteurs nucléaires de Westinghouse aux États-Unis et dans le monde. Cette collaboration permet au gouvernement américain d'organiser le financement et de faciliter l'autorisation et l'approbation de nouveaux réacteurs nucléaires Westinghouse à construire aux États-Unis, avec une valeur d'investissement globale d'au moins 80 milliards USD. Le lancement d’un programme de construction de centrales nucléaires devrait accélérer la croissance du segment des systèmes énergétiques de Westinghouse au cours de la phase de construction, ainsi que de ses activités de fabrication de combustible de base et de services aux réacteurs pour la durée de vie des réacteurs, renforcer notre stratégie intégrée du cycle du combustible et soutenir la croissance à long terme en augmentant la demande de produits, de services et de technologies liés au combustible nucléaire. Pour de plus amples renseignements, veuillez consulter la section Westinghouse dans notre rapport de gestion annuel.



Résultats financiers consolidés


Les états financiers annuels 2025 ont fait l’objet d’un audit. Toutefois, les informations financières présentées pour le quatrième trimestre 2024 et le quatrième trimestre 2025 ne font pas l’objet d’un audit. Vous pouvez trouver une copie de notre rapport de gestion annuel 2025 et de nos états financiers vérifiés 2025 sur notre site cameco.com.


BÉNÉFICE NET


Le tableau suivant montre ce qui a contribué à la variation du bénéfice net et du bénéfice net ajusté (mesure non IFRS) au cours du trimestre et de l'exercice clos le 31 décembre 2025, par rapport à la même période en 2024.




VARIATIONS DE BÉNÉFICE






TRIMESTRE CLOS AU






EXERCICE CLOS AU








(MILLIONS $)






31 DÉCEMBRE






31 DÉCEMBRE








 






IFRS






AJUSTÉ






IFRS






AJUSTÉ








Bénéfice net - 2024






135






157






172






292








Variation du bénéfice brut par segment






 






 






 






 








(nous calculons le bénéfice brut en déduisant du revenu le coût des produits et services vendus ainsi que la dépréciation et les amortissements, après déduction des prestations de couverture)








Uranium






Incidence de l’évolution du volume des ventes






(26)






(26)






(11)






(11)








 






Hausse des prix réalisés






110






110






170






170








 






Impact du taux de change sur les prix






7






7






71






71








 






Hausse des coûts






(79)






(79)






(108)






(107)








 






Variation – uranium






12






12






122






123








Approvisionnement en combustible






Incidence de l’évolution du volume des ventes






2






2






8






8








 






Hausse des prix réalisés






18






18






68






68








 






Hausse des coûts






(8)






(8)






(8)






(8)








 






Variation – approvisionnement en combustible






12






12






68






68








Autres variations






 






 






 






 








Hausse des dépenses d'administration






(11)






(8)






(58)






(24)








Hausse des dépenses d'exploration






(7)






(7)






(10)






(10)








Provision de remise en état






(12)






2






(10)






3








Pertes (gains) sur produits dérivés






170






2






278






(18)








Gains ou pertes de taux de change






(60)






11






(127)






(7)








Hausse (baisse) des bénéfices issus de sociétés en participations en actions






6






40






227






204








Hausse du résultat financier






4






4






2






2








Baisse (hausse) des charges financières






1






1






32






32








Variation de recouvrement ou charge d'impôts sur les bénéfices






(49)






(7)






(103)






(35)








Autres






(2)






(2)






(3)






(3)








Bénéfice net - 2025






199






217






590






627







Mesures non IFRS


Les mesures non conformes aux IFRS mentionnées dans le présent document sont des mesures supplémentaires qui servent d'indicateurs de notre performance financière. La direction estime que ces mesures non conformes aux IFRS fournissent des renseignements supplémentaires utiles aux investisseurs, aux analystes en valeurs mobilières, aux prêteurs et aux autres parties intéressées pour évaluer notre rendement opérationnel et notre capacité de générer des flux de trésorerie afin de répondre à nos besoins de trésorerie. Ces mesures ne sont pas reconnues en vertu des IFRS, n'ont pas de signification normalisée et sont donc peu susceptibles d'être comparables à des mesures similaires présentées par d'autres sociétés. Par conséquent, ces mesures ne doivent pas être considérées isolément ou comme un substitut aux informations financières déclarées selon les IFRS. Nous ne sommes pas en mesure de concilier nos orientations prospectives non conformes aux IFRS, car nous ne pouvons pas prédire le calendrier et les montants des éléments distincts, ce qui pourrait avoir une incidence significative sur nos résultats IFRS. Voici les mesures non IFRS utilisées dans le présent document.


BÉNÉFICE NET AJUSTÉ


Le bénéfice net ajusté (BNA) est notre bénéfice net attribuable aux actionnaires, ajusté pour tenir compte d'éléments hors exploitation ou hors trésorerie tels que les gains et pertes sur dérivés, les gains et pertes de change non réalisés, la rémunération basée sur les actions et les ajustements aux provisions pour sinistres découlant d'autres charges d'exploitation, qui, selon nous, ne reflètent pas le rendement financier sous-jacent pour la période de référence. En 2024, nous avons révisé notre calcul du BNA pour tenir compte des gains et pertes de change non réalisés ainsi que de la rémunération basée sur les actions, car il reflète mieux la façon dont nous évaluons notre performance opérationnelle. Nous avons retraité les périodes comparatives pour refléter ce changement. D'autres éléments peuvent également être ajustés de temps à autre. Nous ajustons cette mesure pour certains des éléments que nos entités faisant l'objet d'investissements comptabilisés en actions font pour arriver à d'autres mesures non conformes aux IFRS. Le BNA est l'un des objectifs que nous mesurons pour constituer la base d'une partie de la rémunération annuelle des employés et des dirigeants (voir la section Mesures de nos résultats dans notre rapport de gestion annuel 2025).


Nous prenons en compte les instruments dérivés dans le calcul du BNA. Nous n'utilisons pas la comptabilité de couverture dans le cadre des normes IFRS. Nous devons donc déclarer les bénéfices et les pertes pour chaque activité de couverture, aussi bien pour les contrats se terminant durant la période que pour ceux étant en cours à la fin de la période. Pour les contrats qui restent en cours, nous devons les traiter comme s'ils étaient terminés à la fin de la période considérée (valeur de marché). Nous n'estimons toutefois pas que les bénéfices et les pertes que nous devons déclarer dans le cadre des IFRS reflètent correctement l'intention de nos activités de couverture. Nous apportons donc des ajustements au moment de calculer notre bénéfice net ajusté afin de mieux refléter l'impact de notre programme de couverture pour la période considérée. Pour plus d'informations, consultez Opérations de change dans notre rapport de gestion annuel 2025.


Nous prenons également en compte les ajustements de nos provisions de remise en état, qui sont directement comptabilisés dans le bénéfice. Chaque trimestre, nous devons mettre à jour les provisions pour remise en état de toutes les opérations en fonction des nouvelles estimations des flux de trésorerie, des taux d'actualisation et des taux d'inflation. Cela se traduit normalement par notre ajustement d’un actif lié à l’obligation de retrait d’actifs en plus du solde des provisions. Lorsque les actifs d’une opération ont été amortis en raison d’une dépréciation, comme c’est le cas pour nos opérations de Rabbit Lake et US ISR, l’ajustement est enregistré directement dans l’état des résultats en tant qu’« autres charges (produits) d’exploitation ». Voir la note 16 de nos états financiers annuels pour plus d'informations. Ce montant a été exclu de notre mesure BNA.


En raison du changement de propriétaire de Westinghouse lors de son acquisition par Cameco et Brookfield, les stocks de Westinghouse à la date d’acquisition ont été réévalués sur la base du prix du marché à cette date. Étant donné que ces quantités sont vendues, le coût des produits et services vendus par Westinghouse reflète ces valeurs de marché, indépendamment de leurs coûts historiques. Notre part de ces coûts est incluse dans les bénéfices des entités détenues comptabilisées en actions et enregistrée dans le coût des produits et services vendus dans les informations sur les entités détenues (voir la note 12 relative aux états financiers). Étant donné que cette dépense n'est pas en espèces, en dehors du cours normal des activités et qu'elle ne s'est produite qu'en raison du changement de propriété, nous avons exclu notre part de notre mesure BNA.


Westinghouse a également passé en charges certains coûts de transition liés à l'acquisition non liés à l'exploitation que les parties acquéreuses ont accepté de payer, ce qui a entraîné une réduction du prix d'achat payé. Notre part de ces coûts est incluse dans le résultat des entités faisant l’objet d’un investissement comptabilisées en actions et enregistrée dans les autres charges dans les informations relatives à l’entité faisant l’objet d’un investissement (voir la note 12 relative aux états financiers). Étant donné que cette dépense est en dehors du cours normal des affaires et ne s'est produite qu'en raison du changement de propriété, nous avons exclu notre part de notre mesure BNA.


Le tableau suivant fait le rapprochement entre le bénéfice net ajusté et notre bénéfice net pour les trimestres et les exercices terminés le 31 décembre 2025 et 2024.




 






TRIMESTRE CLOS AU






EXERCICE CLOS AU








 






31 DÉCEMBRE






31 DÉCEMBRE








(MILLIONS $)






2025






2024






2025






2024








Bénéfice net attribuable aux actionnaires






199






135






590






172








Ajustements






 






 






 






 








Ajustements sur les produits dérivés






(35)






133






(144)






152








Pertes (gains) de change non réalisées






15






(56)






54






(66)








Rémunération en actions






20






17






79






44








Ajustements sur autre charge (revenu) d'exploitation






(9)






(23)






(22)






(35)








Impôt sur le revenu sur les ajustements






5






(37)






22






(46)








Ajustements sur les sociétés en participations en actions (déduction faite de l'impôt) :






 






 






 






 








Comptabilité des achats de stocks






4






3






8






53








Coûts de transition liés à l'acquisition






-






-






-






22








Pertes (gains) de change non réalisées






13






(16)






18






(7)








Plan d’incitation à long terme






5






1






22






3








Bénéfice net ajusté






217






157






627






292







BAIIA


Le BAIIA est défini comme le bénéfice net attribuable aux actionnaires, ajusté en fonction des coûts liés à l’impact de la structure du capital et de l’impôt de la société, y compris les dépréciations et amortissements, les revenus financiers, les charges financières (y compris l’accumulation) et les impôts sur le revenu.


BAIIA AJUSTÉ


Le BAIIA ajusté est défini comme le BAIIA ajusté sur l’impact de certaines charges ou avantages encourus au cours de la période qui ne sont pas indicatifs de la performance de l’activité sous-jacente ou qui ont une incidence sur la capacité d’évaluer la performance opérationnelle de l’entreprise. Ces ajustements comprennent les montants indiqués dans la définition du BNA.


Dans le calcul du BAIIA ajusté, nous ajustons également pour tenir compte des éléments inclus dans les résultats de nos entreprises faisant l'objet d'un investissement en actions. Ces éléments sont déclarés comme faisant partie des dépenses marketing, administratives et générales dans les informations financières de l’entité faisant l’objet d’un investissement et ne sont pas représentatifs des opérations sous-jacentes. Il s'agit notamment des gains/pertes sur les couvertures non désignées, des coûts de transaction liés aux acquisitions et des gains/pertes sur la cession d'entreprises.


Nous procédons également à des ajustements pour tenir compte du dénouement de l’effet de la comptabilité d’achat sur la vente des stocks, qui est incluse dans notre part du résultat de l’entreprises faisant l'objet d'un investissement en actions et enregistrée dans le coût des produits et services vendus dans les informations relatives à l’entité faisant l’objet d’un investissement (voir la note 11 des états financiers).


La société peut réaliser des gains similaires ou engager des dépenses similaires à l’avenir.


MARGE DE BAIIA AJUSTÉ


La marge de BAIIA ajusté est définie comme le BAIIA ajusté divisé par le revenu pour la période visée.


Le BAIIA, le BAIIA ajusté et la marge du BAIIA ajusté sont des mesures qui nous permettent, ainsi qu'à d'autres utilisateurs, d'évaluer les résultats des opérations du point de vue de la direction sans tenir compte de notre structure de capital. Pour une meilleure compréhension de ces mesures, le tableau ci-dessous rapproche le bénéfice avant impôt avec le BAIIA et le BAIIA ajusté pour les quatrièmes trimestres et les exercices clos en 2025 et 2024.


Pour l'exercice clos au 31 décembre 2025 :




 






 






APPROVISIONNEMENT






 






 






 








(MILLIONS $)






URANIUM1






EN COMBUSTIBLE






WESTINGHOUSE






AUTRES






TOTAL








Bénéfice net (perte) attribuable aux actionnaires






954






179






58






(601)






590








Dépréciation et amortissements






246






40






-






7






293








Revenu financier






-






-






-






(23)






(23)








Charges financières






-






-






-






115






115








Impôts sur le revenu






-






-






-






188






188








 






1,200






219






58






(314)






1,163








Ajustements sur les sociétés en participations en actions






 






 






 






 






 








Dépréciation et amortissements






23






-






383






-






406








Revenu financier






(2)






-






(3)






-






(5)








Charges financières






-






-






213






-






213








Impôts sur le revenu






47






-






(4)






-






43








Ajustements nets sur les sociétés en participations en actions






68






-






589






-






657








 






 






 






 






 






 








BAIIA






1,268






219






647






(314)






1,820








Gain sur produits dérivés






-






-






-






(144)






(144)








Autres revenus d'exploitation






(22)






-






-






-






(22)








Rémunération en actions






-






-






-






79






79








Pertes de change non réalisés






-






-






-






54






54








 






(22)






-






-






(11)






(33)








Ajustements sur les sociétés en participations en actions






 






 






 






 






 








Comptabilité des achats d'inventaire






-






-






11






-






11








Autres charges






-






-






53






-






53








Gains de change






9






-






9






-






18








Ajustements nets sur les entités faisant l'objet d'un investissement en actions






9






-






133






-






142








 






 






 






 






 






 








BAIIA ajusté






1,255






219






780






(325)






1,929












 



1 Le BAIIA de JV Inkai est inclus dans le segment uranium. Consultez les Résultats financiers par segment – Uranium dans le rapport de gestion annuel 2025.







Pour l'exercice clos au 31 décembre 2024 :




 






 






APPROVISIONNEMENT






 






 






 








(MILLIONS $)






URANIUM1






EN COMBUSTIBLE






WESTINGHOUSE






AUTRES






TOTAL








Bénéfice net (perte) attribuable aux actionnaires






904






108






(218)






(622)






172








Dépréciation et amortissements






239






37






-






5






281








Revenu financier






-






-






-






(21)






(21)








Charges financières






-






-






-






147






147








Impôts sur le revenu






-






-






-






85






85








 






1,143






145






(218)






(406)






664








Ajustements sur les sociétés en participations en actions






 






 






 






 






 








Dépréciation et amortissements






23






-






357






-






380








Revenu financier






(1)






-






(4)






-






(5)








Charges financières






-






-






225






-






225








Impôts sur le revenu






58






-






(61)






-






(3)








Ajustements nets sur les sociétés en participations en actions






80






-






517






-






597








 






 






 






 






 






 








BAIIA






1,223






145






299






(406)






1,261








Perte sur produits dérivés






-






-






-






152






152








Autres revenus d'exploitation






(35)






-






-






-






(35)








Rémunération en actions






-






-






-






44






44








Gains de change non réalisés






-






-






-






(66)






(66)








 






(35)






-






-






130






95








Ajustements sur les sociétés en participations en actions






 






 






 






 






 








Comptabilité des achats d'inventaire






-






-






71






-






71








Coûts de transition liés aux acquisitions






-






-






29






-






29








Autres charges






-






-






19






-






19








Gains de change






(9)






-






2






-






(7)








Ajustements sur les dépenses marketing, administratives et générales






-






-






63






-






63








Ajustements nets sur les sociétés en participations en actions






(9)






-






184






-






175








 






 






 






 






 






 








BAIIA ajusté






1,179






145






483






(276)






1,531












 



1 Le BAIIA de JV Inkai est inclus dans le segment uranium. Consultez les Résultats financiers par segment - Uranium dans notre rapport de gestion annuel 2025.







Les perspectives financières suivantes de Westinghouse pour 2025 sont présentées en dollars américains et préparées conformément aux IFRS et reflètent la participation de 49% de Cameco. Elles rapprochent les perspectives de Westinghouse pour le bénéfice net avec le BAIIA et le BAIIA ajusté.




 






 






MILLIONS








PART DE CAMECO (49%)






 






USD








Perte nette






 






(75-10)








Dépréciation et amortissements






 






275-290








Revenu financier






 






(2-1)








Charges financières






 






120-135








Charge d'impôt sur le revenu (recouvrement)






 






20-(20)








BAIIA






 






335-395








Comptabilité des achats d'inventaire






 






2-7








Coûts de restructuration






 






7-15








Autres charges






 






20-40








BAIIA ajusté






 






370-430







Les perspectives de BAIIA ajusté des activités principales de Westinghouse pour 2026 supposent que les travaux sont réalisés dans les délais et la portée prévus sur la base des commandes en cours reçues, et que des travaux supplémentaires sont entrepris sur la base des tendances passées. Les marges attendues sont alignées sur les marges historiques de 16% à 19%, avec la variabilité attendue de la gamme de produits par rapport aux années précédentes.


En outre, les perspectives de BAIIA ajusté de Westinghouse sont fondées sur les contrats signés et attendus dans le cadre de ses nouvelles activités de construction et supposent que Westinghouse et le gouvernement américain concluent des accords définitifs relatifs au déploiement de nouveaux réacteurs AP1000 aux États-Unis et que les travaux commencent sur au moins un projet au cours de l’année. Les perspectives de BAIIA ajusté de Westinghouse dépendent du calendrier et du début des travaux liés aux accords définitifs et de la capacité du pouvoir exécutif du gouvernement américain à obtenir un financement et un soutien pour les déploiements.


Nous avons abandonné nos perspectives de croissance sur cinq ans pour Westinghouse. Auparavant, nous avions fourni un taux de croissance combiné sur cinq ans pour l'activité principale et incluions les contributions attendues de l'activité nouvelle construction sur la base des contrats conclus. En raison du potentiel de variabilité importante à la fois dans le calendrier et l'ampleur des nouveaux projets de construction qui peuvent avoir un impact significatif sur les résultats, nous ne fournissons plus de perspectives de croissance sur cinq ans pour Westinghouse. Comme pour Cameco, nous fournirons les perspectives de Westinghouse pour l'année en cours seulement.


Westinghouse s'attend à une croissance de la nouvelle entreprise de construction basée sur des accords signés et des annonces où la technologie AP1000 a été sélectionnée. Au fur et à mesure que les décisions relatives aux projets seront prises, nous nous attendons à ce que les projets se déroulent selon les calendriers et la structure des recettes indiqués dans le cadre contractuel New Build – AP1000 de notre rapport de gestion annuel, bien que des variations de ce cadre général se produiront en fonction du client et d’un certain nombre d’autres facteurs et hypothèses.


Les perspectives de dépenses en immobilisations de Westinghouse sont stratégiquement axées sur la modernisation et le renforcement de la fiabilité à long terme de ses opérations. Le capital de croissance a été priorisé pour soutenir la préparation AP1000, la stabilité opérationnelle et les conceptions avancées de combustible.


Rapport de gestion et états financiers


Le rapport de gestion annuel et les états financiers consolidés de 2025 fournissent une explication détaillée de nos résultats d'exploitation pour les trois et douze mois terminés le 31 décembre 2025, par rapport aux mêmes périodes de l'exercice précédent, et de nos perspectives pour 2026. Le présent communiqué de presse doit être lu conjointement avec ces documents, ainsi qu’avec notre formulaire d’information annuel le plus récent, qui sont tous disponibles sur notre site web à l'adresse cameco.com, sur SEDAR+ à l'adresse www.sedarplus.com et sur EDGAR à l'adresse sec.gov/edgar.shtml.


Personnes compétentes


Les informations techniques et scientifiques présentées dans ce document pour nos sites McArthur River/Key Lake, Cigar Lake et Inkai ont été approuvées par des personnes compétentes aux fins du règlement 43-101 :


MCARTHUR RIVER/KEY LAKE



Greg Murdock, conseiller principal, services techniques, Cameco



Daley McIntyre, directrice générale, Key Lake, Cameco



CIGAR LAKE



Kirk Lamont, directeur général, Cigar Lake, Cameco



INKAI



Sergey Ivanov, directeur général adjoint, services techniques, Cameco Kazakhstan LLP



Avertissement concernant les informations prospectives


Ce communiqué de presse comprend des déclarations et des informations sur nos attentes pour l'avenir, que nous appelons des informations prospectives. Les informations prospectives sont basées sur nos points de vue actuels, qui peuvent changer considérablement, et les résultats et les événements réels peuvent être considérablement différents de ce à quoi nous nous attendons actuellement.


Voici des exemples de renseignements prospectifs contenus dans le présent communiqué de presse : l'impact de l'augmentation de l'activité du marché de l'uranium à long terme sur nos perspectives, notre point de vue selon lequel notre stratégie d'approvisionnement disciplinée nous permet de libérer de la valeur de la demande croissante, notre point de vue selon lequel le marché continue d'évoluer pour soutenir la création de valeur à long terme ; notre capacité continue à naviguer dans l'évolution du marché avec une approche qui s'aligne sur nos objectifs à long terme ; le rôle du nucléaire dans la fourniture d’une puissance de base sûre, fiable et sans carbone ; notre conviction que les services publics continuent de rechercher un approvisionnement fiable ; s’attendre à ce que la nouvelle production potentielle soit confrontée à des délais d’exécution plus longs que prévu, à des pressions inflationnistes et à une incertitude géopolitique ; nous nous attendons à ce que l’amélioration des tendances en matière de fondamentaux se poursuive jusqu’en 2026 et au-delà ; notre conviction que nous sommes en bonne voie pour générer de la valeur dans un marché qui se renforce ; notre avis que le fait de mettre l'accent sur la protection et l'augmentation de la valeur de nos actifs et de nos investissements de niveau 1, de tirer parti de nos capacités intégrées et de préserver la flexibilité nous permettra de saisir les opportunités à mesure que le marché poursuit sa transition ; nos attentes concernant les distributions par Westinghouse en 2026 ; notre perception d'une tendance durable de croissance tout au long du cycle du combustible nucléaire, et notre conviction que Cameco est exceptionnellement bien placée pour bénéficier de ce changement mondial, dérivant une valeur à long terme pour les actionnaires, les clients et les communautés où nous opérons ; notre conviction que nos volumes d'uranium sous contrat sous-tendront nos activités d'approvisionnement en combustible pour les années à venir ; les avantages attendus de la participation de Westinghouse à la construction de réacteurs à la centrale de Dukovany en République tchèque ; notre attente que le partenariat stratégique avec le gouvernement américain accélère le déploiement des réacteurs nucléaires de Westinghouse aux États-Unis et dans le monde ; notre attente que le lancement d’un programme de construction de centrales nucléaires accélérera la croissance du segment des systèmes énergétiques de Westinghouse, en soutenant la croissance à long terme grâce à l’augmentation de la demande de produits, de services et de technologies liés au combustible nucléaire ; et la date prévue pour l’annonce de nos résultats du premier trimestre 2026.


Les risques matériels qui pourraient conduire à des résultats différents comprennent: des changements inattendus dans l'offre, la demande, les contrats à long terme et les prix de l'uranium ; l’évolution de la demande des consommateurs en énergie nucléaire et en uranium, ou que nos attentes concernant l'évolution du marché, et notre capacité à en bénéficier, peuvent ne pas être satisfaites pour quelque raison que ce soit ; les risques pour les activités de Westinghouse liés à d’éventuelles perturbations de la production, à la mise en œuvre de ses objectifs commerciaux, au respect des exigences en matière d’octroi de licences ou d’assurance de la qualité, ou au fait que Westinghouse pourrait ne pas réaliser les avantages attendus de sa participation à la construction de la centrale électrique de Dukovany ou de son partenariat stratégique avec le gouvernement américain, ou ne pas être en mesure de réaliser la croissance escomptée ; le risque que nos revenus et flux de trésorerie n'atteignent pas les niveaux attendus ; le risque que nous ne soyons pas en mesure de respecter nos engagements de vente pour quelque raison que ce soit ; le risque que nos volumes contractuels d'uranium ne soient pas suffisants pour soutenir nos activités de services de combustible comme prévu ; le risque que nous ne puissions pas continuer à améliorer notre performance financière ; les risques pour nos activités associés aux perturbations potentielles de la production, y compris celles liées aux perturbations de la chaîne d'approvisionnement mondiale, à l'incertitude économique mondiale et à la volatilité politique ; les risques associés à l'application ou à l'évolution des lois ou des règlements qui nous affectent ou qui affectent l'une de nos coentreprises, y compris les règlements miniers, les taxes, les tarifs et les sanctions ; le risque que nous ne soyons pas en mesure de mettre en œuvre nos objectifs commerciaux d'une manière qui corresponde à nos objectifs à long terme ; le risque que l'une des stratégies que nous ou l'une de nos coentreprises poursuivons puisse s'avérer infructueuse ou ne pas être exécutée avec succès ; et le risque que nous soyons retardés dans l'annonce de nos résultats financiers futurs.


En présentant les informations prospectives, nous avons formulé des hypothèses importantes qui peuvent s'avérer incorrectes en ce qui concerne : la demande, l'offre, la consommation d'uranium, la contraction à long terme, la croissance de la demande et l'acceptation mondiale de l'énergie nucléaire par le public, ainsi que les prix ; les évolutions attendues du marché et notre capacité à en tirer parti ; notre production, nos achats, nos ventes, nos livraisons et nos coûts ; les conditions du marché et d'autres facteurs sur lesquels nous avons fondé nos plans et prévisions futurs ; le succès de nos plans et stratégies ; les hypothèses concernant la production, les achats, les ventes, les livraisons et les coûts de Westinghouse, l’absence de perturbations commerciales et le succès de ses plans et stratégies ; l'absence de nouvelles réglementations, politiques ou décisions gouvernementales défavorables, y compris l'application ou l'évolution des lois qui peuvent nous nuire, telles que les réglementations minières, les taxes, les tarifs et les sanctions ; qu'il n'y aura pas de conséquences négatives importantes imprévues pour nos activités résultant de perturbations de la production, y compris celles liées à des perturbations de l'approvisionnement, ainsi que de l'incertitude et de la volatilité économiques ou politiques ; et notre capacité à annoncer les résultats financiers futurs lorsqu'ils sont attendus.


Veuillez également passer en revue la discussion dans notre rapport de gestion annuel 2025 et notre formulaire d'information annuel le plus récent pour d'autres risques importants qui pourraient faire en sorte que les résultats réels diffèrent considérablement de nos attentes actuelles, ainsi que d'autres hypothèses importantes que nous avons faites. Les informations prospectives sont conçues pour vous aider à comprendre les points de vue actuels de la direction sur nos perspectives à court et à long terme, et elles peuvent ne pas convenir à d’autres fins. Nous ne mettrons pas nécessairement à jour ces renseignements à moins que les lois sur les valeurs mobilières ne nous y obligent.


Téléconférence


Nous vous invitons à vous joindre à notre téléconférence du quatrième trimestre le vendredi 13 février 2026, à 8h00, heure de l'Est.


La téléconférence sera ouverte à tous les investisseurs et aux médias. Pour joindre l'appel, veuillez composer le (833) 821-3311 (Canada et États-Unis) ou le (647) 846-2607. Un opérateur passera votre appel. Les diapositives et une webdiffusion en direct de la conférence téléphonique seront disponibles à partir d'un lien sur cameco.com. Vous trouverez ce lien sur notre page d'accueil le jour de la téléconférence.


Un enregistrement sera disponible :



sur notre site web, cameco.com, peu après la fin de la téléconférence



ou par téléphone jusqu'à minuit, heure de l'Est, le 13 mars 2026, en composant le (855) 669-9658 (Canada et États-Unis) ou le (412) 317-0088 (code d'accès 6136870)



Date de publication du rapport du premier trimestre 2026


Nous prévoyons d'annoncer nos résultats du premier trimestre 2026 avant l'ouverture des marchés le 5 mai 2026.


Profil


Cameco est l'un des plus grands fournisseurs mondiaux de combustible à l'uranium nécessaire pour assurer un avenir énergétique sûr. Notre position concurrentielle repose sur notre participation majoritaire dans les plus grandes réserves de qualité supérieure et les opérations à faible coût au monde, ainsi que sur des investissements importants tout au long du cycle du combustible nucléaire, y compris des participations dans Westinghouse Electric Company et Global Laser Enrichment. Les services publics du monde entier comptent sur Cameco pour fournir des solutions mondiales de combustible nucléaire pour la production d'énergie nucléaire sûre, fiable et sans carbone. Nos actions se négocient aux bourses de Toronto et de New York. Notre siège social est situé à Saskatoon, Saskatchewan, Canada.


Tels qu'utilisés dans ce communiqué de presse, les termes « nous », « notre », « nos », « société » et « Cameco » désignent Cameco Corporation et ses filiales, sauf mention contraire.


Le texte du communiqué issu d’une traduction ne doit d’aucune manière être considéré comme officiel. La seule version du communiqué qui fasse foi est celle du communiqué dans sa langue d’origine. La traduction devra toujours être confrontée au texte source, qui fera jurisprudence.

Consultez la version source sur businesswire.com : https://www.businesswire.com/news/home/20260212823431/fr/
Relations avec les investisseurs :

Cory Kos

306-716-6782

cory_kos@cameco.com
Relations avec les médias :

Veronica Baker

306-385-5541

veronica_baker@cameco.com


Original: Cameco annonce ses résultats pour 2025 ; solides performances au quatrième trimestre et pour l'exercice 2025 ; l'augmentation de l'activité du marché de l'uranium à long terme renforce les perspectives constructives ; la stratégie...

Cameco Announces 2025 Results; Solid Fourth Quarter and 2025 Performance; Increasing Long-Term Uranium Market Activity Reinforces Constructive Outlook; Disciplined Supply Strategy Expected to Position Company to Unlock Value From Growing DemandFebruary 13, 2026 6:32 AM
Business Wire
Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the fourth quarter and year ended December 31, 2025, in accordance with International Financial Reporting Standards (IFRS).


“Our fourth quarter and year-end results reflect another year of disciplined execution across our uranium, fuel services, and Westinghouse segments, demonstrating the strength of our strategy in a market that continues to evolve in support of long-term value creation,” said Tim Gitzel, Cameco’s CEO. “We delivered solid performance with strong contributions from our core assets and improved financial results tied to our disciplined long-term supply strategy in a constructive demand environment. As anticipated, our fourth-quarter results were strengthened by robust contributions from all segments of our business, supporting a strong finish to the year. This outcome highlights our continued ability to navigate market developments with a measured, deliberate approach that aligns with our long-term objectives.


“Across the nuclear industry, 2025 marked another year of accelerating global momentum. We saw renewed commitments to nuclear energy from governments, utilities, and industrial energy users around the world, including policies that continued to reinforce nuclear’s critical role in delivering secure, reliable and carbon-free baseload power. That support was accompanied by increasing long-term contracting activity towards the end of the year, with a deepening focus on security of supply, and rising interest from existing and emerging nuclear markets, including traditional utilities and new industrial energy users that are considering nuclear. Utilities continue to seek dependable supply in an environment where finite secondary supplies are thinning, and it is becoming more obvious each day that potential new production is expected to be challenged by longer-than-advertised lead times, mounting inflationary pressures and geopolitical uncertainty. The underlying message is clear to us: the fundamentals that have been steadily improving over the past several years gained further traction in 2025, and we expect these trends to continue through 2026 and beyond.


“In this environment, our disciplined approach to supply in our uranium and fuel services segments remains a cornerstone of our strategy. We continued to align our production with our long-term contract portfolio, maintaining a deliberate and conservative approach which, based on our decades of experience, we believe to be the prudent position. Combined with our strong balance sheet, and about 230 million pounds of uranium committed under long-term contracts, we believe we are well positioned to unlock value in a strengthening market. We do not manage the business to satisfy short-term themes in the market, nor do we chase volume for volume’s sake, or plan to bring forward uncommitted supply that risks recreating the overhangs that historically disrupted contracting cycles. Instead, we remain focused on protecting and extending the value of our tier-one assets and investments, leveraging our integrated capabilities, and preserving the flexibility that allows us to respond to opportunities as the market continues its transition.


“Additionally, the value-accretive contributions from our Westinghouse investment continue to outperform the acquisition case expectations. The segment continued to positively impact our overall results in 2025, including a 30% increase in adjusted EBITDA over 2024, reflecting strong underlying performance across its core businesses. We also benefited from a cash distribution from Westinghouse of US$350 million, with US$171.5 million representing our share, tied to its participation in the Dukovany nuclear project. While we don’t expect a comparable additional distribution this year, the 2026 guidance for Westinghouse remains strong and reinforces the value of our investment, highlighting Westinghouse’s role as a stable, long-term player within a strengthening global nuclear market.


“Looking forward, we believe we will continue to see a durable trend of growth across the nuclear fuel cycle supported by electrification, energy security and decarbonization priorities, and the increasing recognition that nuclear must play a central role in addressing the world’s long-term energy challenges. Cameco is well positioned to benefit from this global shift, driving long-term value for our shareholders, our customers, and the communities where we operate.”




Consolidated financial performance









 



 






THREE MONTHS ENDED






YEAR ENDED








CONSOLIDATED HIGHLIGHTS






DECEMBER 31






DECEMBER 31








($ MILLIONS EXCEPT WHERE INDICATED)






2025






2024






2025






2024








Revenue






1,201






1,183






3,482






3,136








Gross profit






273






250






970






783








Net earnings attributable to equity holders






199






135






590






172








$ per common share (basic)






0.46






0.31






1.35






0.40








$ per common share (diluted)






0.46






0.31






1.35






0.39








Adjusted net earnings1






217






157






627






292








$ per common share (adjusted and diluted)






0.50






0.36






1.44






0.67








Adjusted EBITDA






591






524






1,929






1,531








Cash provided by operations






677






530






1,408






905











 



1 In 2024, we revised our calculation of adjusted net earnings to adjust for unrealized foreign exchange gains and losses as well as for share-based compensation because it better reflects how we assess our operational performance. We have restated comparative periods to reflect this change.








Consolidated performance: Strong fourth quarter results in the uranium and Westinghouse segments provided a boost to annual results, relative to 2024. Net earnings for the quarter and the year increased by $64 million and $418 million respectively, compared to 2024, while adjusted net earnings increased by $60 million and $335 million, respectively for the quarter and for the year compared to 2024. Full year adjusted EBITDA increased by approximately $398 million to $1.9 billion compared to 2024 mainly due to the contributions from the uranium segment, which reflects an improving price environment, as well as the increase in our share of Westinghouse’s annual revenue tied to its participation in the Dukovany construction project. See non-IFRS measures for more information.



Strong balance sheet: Thanks to our risk-mitigated financial discipline, our balance sheet remains strong.



As of December 31, 2025, we had $1.2 billion in cash and cash equivalents and short-term investments, with $1.0 billion in total debt.



During the year, we repaid the remaining US$200 million on our US term loan, extinguishing the term loan.



In February, we received US$49 million from Westinghouse as our first distribution since the acquisition closed and another US$171.5 million in October, related to Westinghouse’s participation in the Dukovany construction project. In early 2026, we received another US$49 million as a distribution from Westinghouse.



In April, we received a cash dividend of US$87 million, net of withholdings, from JV Inkai.



Dividend: In November, to reflect the improvement in our financial performance and the additional distribution received from Westinghouse, we advanced our dividend growth plan. We increased our annual dividend to $0.24 per common share in 2025, advancing our plan to increase the dividend to $0.24 per common share by one year. See Return in our annual MD&A for more information.





Segmented financial performance












 



 






 






THREE MONTHS ENDED






 






YEAR ENDED






 








 






 






 






DECEMBER 31






 






DECEMBER 31






 








HIGHLIGHTS






 






2025






2024






CHANGE






2025






2024






CHANGE








Uranium






Revenue ($ millions)






 






1,027






1,035






(1)%






2,874






2,677






7%








 






Gross profit ($ millions)






 






225






213






6%






803






681






18%








 






Earnings before income taxes






 






274






289






(5)%






954






904






6%








 






Adjusted EBITDA1






 






396






391






1%






1,255






1,179






6%








Fuel services






Revenue ($ millions)






 






174






148






18%






562






459






22%








 






Earnings before income taxes






 






50






37






35%






179






108






66%








 






Adjusted EBITDA1






 






63






49






29%






219






145






51%








Westinghouse






Revenue






 






958






841






14%






3,458






2,892






20%








(our share)






Net earnings (loss)






 






26






9






>100%






58






(218)






>100%








 






Adjusted EBITDA1






 






211






162






30%






780






483






61%















 



1 Non-IFRS measure







Of note in 2025:



Uranium: Fourth quarter earnings before taxes decreased by $15 million and adjusted EBITDA increased by $5 million, compared to 2024, mainly as a result of lower sales volume due to timing of sales. Annual earnings before income taxes increased by $50 million and adjusted EBITDA increased by $76 million compared to 2024. See Financial results by segment – Uranium in our annual MD&A for more information.



Fuel services: Fourth quarter earnings before taxes increased by $13 million and adjusted EBITDA increased by $14 million compared to 2024, mainly as a result of deliveries under contracts that were entered into in an improved price environment. Annual earnings before income taxes for the year increased by $71 million while adjusted EBITDA increased by $74 million compared to 2024. See Financial results by segment – Fuel Services in our annual MD&A for more information.



Westinghouse: Westinghouse reported net earnings increased by $17 million (our share) for the fourth quarter, compared to the same quarter last year. Over the year, Westinghouse reported a net earnings increase of $276 million in comparison to 2024. To better reflect the underlying operating performance, we use adjusted EBITDA as a performance measure for Westinghouse. In the fourth quarter of 2025, our share of Westinghouse’s adjusted EBITDA increased by $49 million, compared to the fourth quarter of 2024, while over the year, adjusted EBITDA increased by $297 million compared to 2024. In October 2025, Westinghouse made a second cash distribution of US$350 million (US$171.5 million our share) to its owners associated with the cash received in 2025 for its participation in the construction project for two nuclear reactors at the Dukovany power plant in the Czech Republic, led by Korea Hydro & Nuclear Power. See Financial results by segment - Westinghouse in our annual MD&A for more information.





Operational and marketing performance












 



 






 






THREE MONTHS ENDED






 






YEAR ENDED






 








 






 






 






DECEMBER 31






 






DECEMBER 31






 








HIGHLIGHTS






 






2025






2024






CHANGE






2025






2024






CHANGE








Uranium






Production volume (million lb)






 






6.0






6.1






(2)%






21.0






23.4






(10)%








 






Sales volume (million lb)






 






11.2






12.8






(12)%






33.0






33.6






(2)%








 






Average realized price1






(US$/lb)






65.53






58.45






12%






62.11






58.34






6%








 






 






($/lb)






91.30






80.90






13%






87.00






79.70






9%








Fuel services






Production volume (million kgU)






 






3.8






3.6






6%






14.0






13.5






4%








 






Sales volume (million kgU)






 






4.4






4.2






6%






13.1






12.1






8%








 






Average realized price 2






($/kgU)






39.39






35.41






11%






43.04






37.87






14%















 



1 Uranium average realized price is calculated as the revenue from sales of uranium concentrate, transportation and storage fees divided by the volume of uranium concentrates sold.








2 Fuel services average realized price is calculated as revenue from the sale of conversion and fabrication services, including fuel bundles and reactor components, transportation and storage fees divided by the volumes sold.







Of note in 2025:



Uranium: We produced 21.0 million pounds of uranium (our share), exceeding our revised consolidated annual production guidance of up to 20 million pounds, announced on August 28, 2025. At Cigar Lake, we produced 19.1 million pounds (100% basis), exceeding our annual expectations by 1.1 million pounds. At McArthur River/Key Lake, we produced 15.1 million pounds (100% basis), meeting our revised annual production guidance. See Uranium production overview in our annual MD&A for more information. Our average realized price in our Uranium segment continued to show improvements as prices under base-escalated and market-related contracts increased. See Financial results by segment – Uranium in our annual MD&A for more information.



JV Inkai: Total production from JV Inkai in 2025 was 8.4 million pounds (3.7 million pounds our share) compared to 7.8 million pounds (3.6 million pounds our share) in 2024. During 2025 we received shipments containing the remainder of our share of 2024 production, about 0.9 million pounds, and the entire 3.7 million pounds of our share of Inkai’s 2025 production. See Uranium – production overview in our annual MD&A for more information.



Fuel services: At our Fuel Services division, we produced 14.0 million kgU, including 11.2 million kgU of UF6, a production record for our Port Hope conversion facility. The improvement of the average realized price in our Fuel Services segment was driven primarily by deliveries under contracts that were entered into in an improved price environment. See Financial results by segment – Fuel Services in our annual MD&A for more information.



Deliveries and Inventory: In addition to our uranium production, we purchased a total of 9.6 million pounds of uranium (including JV Inkai purchases). We delivered 33.0 million pounds of uranium in alignment with the commitments under our contract portfolio, and finished 2025 with a uranium inventory of 9.7 million pounds, with an average inventory cost of $61.85 per pound. At fuel services, we delivered 13.1 million kgU of combined fuel services product under contract.



Contracting: In our uranium segment, we continued contract negotiations, successfully adding to our long-term portfolio. After meeting our 2025 delivery commitments, we have long-term commitments to deliver about 230 million pounds of uranium, including an annual average delivery volume of about 28 million pounds over the next five years, that retain exposure to the improving fundamentals as our customers look to secure their long-term needs. In Fuel Services, with strong demand and historically high pricing in the UF6 conversion market, we were successful in adding new long-term conversion contracts that bring our total contracted volumes to about 83 million kgU of UF6 that will underpin our fuel services operations for years to come.



See Operations, projects and investments in our annual MD&A for more information.


Additional highlights



Westinghouse participation in construction of Dukovany power plant: In the second quarter of 2025, we announced the benefits expected for Westinghouse and Cameco as a result of Westinghouse’s participation in the construction of two nuclear reactors at the Dukovany power plant in the Czech Republic, which include:



An increase of approximately US$170 million to our share of Westinghouse’s 2025 second quarter revenue.



Significant expected financial benefits for Westinghouse, as a subcontractor, over the term of the Dukovany construction project and related to the provision of the fuel fabrication services required for both reactors for a specified period.



Strategic Partnership with US Government: In the fourth quarter of 2025, we, alongside Brookfield and Westinghouse, entered into a strategic partnership with the US Government, which is expected to accelerate the deployment of Westinghouse nuclear reactors in the US and globally. This collaboration provides for the US Government to arrange financing and facilitate the permitting and approvals for new Westinghouse nuclear reactors to be built in the US, with an aggregate investment value of at least US$80 billion. The launch of a nuclear power plant construction program is expected to accelerate growth in Westinghouse’s energy systems segment during the construction phase, along with its core fuel fabrication and reactor services business for the life of the reactors, strengthening our integrated fuel cycle strategy, and supporting long-term growth through rising demand for nuclear fuel products, services and technologies. See Westinghouse in our annual MD&A for more information.



Consolidated financial results


The 2025 annual financial statements have been audited; however, the 2024 fourth quarter and 2025 fourth quarter financial information presented is unaudited. You can find a copy of our 2025 annual MD&A and our 2025 audited financial statements on our website at cameco.com.


NET EARNINGS


The following table shows what contributed to the change in net earnings and adjusted net earnings (non-IFRS measure) in the three months and year ended December 31, 2025, compared to the same period in 2024.




CHANGES IN EARNINGS






THREE MONTHS ENDED






YEAR ENDED








($ MILLIONS)






DECEMBER 31






DECEMBER 31








 






IFRS






ADJUSTED






IFRS






ADJUSTED








Net earnings - 2024






135






157






172






292








Change in gross profit by segment






 






 






 






 








(we calculate gross profit by deducting from revenue the cost of products and services sold, and depreciation and amortization (D&A), net of hedging benefits)








Uranium






Impact from sales volume changes






(26)






(26)






(11)






(11)








 






Higher realized prices






110






110






170






170








 






Foreign exchange impact on realized prices






7






7






71






71








 






Higher costs






(79)






(79)






(108)






(107)








 






Change – uranium






12






12






122






123








Fuel services






Impact from sales volume changes






2






2






8






8








 






Higher realized prices






18






18






68






68








 






Higher costs






(8)






(8)






(8)






(8)








 






Change – fuel services






12






12






68






68








Other changes






 






 






 






 








Higher administration expenditures






(11)






(8)






(58)






(24)








Higher exploration expenditures






(7)






(7)






(10)






(10)








Change in reclamation provisions






(12)






2






(10)






3








Change in losses (gains) on derivatives






170






2






278






(18)








Change in foreign exchange gains or losses






(60)






11






(127)






(7)








Higher (lower) earnings from equity-accounted investee






6






40






227






204








Higher finance income






4






4






2






2








Lower (higher) finance costs






1






1






32






32








Change in income tax recovery or expense






(49)






(7)






(103)






(35)








Other






(2)






(2)






(3)






(3)








Net earnings - 2025






199






217






590






627







Non-IFRS measures


The non-IFRS measures referenced in this document are supplemental measures, which are used as indicators of our financial performance. Management believes that these non-IFRS measures provide useful supplemental information to investors, securities analysts, lenders and other interested parties in assessing our operational performance and our ability to generate cash flows to meet our cash requirements. These measures are not recognized measures under IFRS, do not have standardized meanings, and are therefore unlikely to be comparable to similarly titled measures presented by other companies. Accordingly, these measures should not be considered in isolation or as a substitute for the financial information reported under IFRS. We are not able to reconcile our forward-looking non-IFRS guidance because we cannot predict the timing and amounts of discrete items, which could significantly impact our IFRS results. The following are the non-IFRS measures used in this document.


ADJUSTED NET EARNINGS


Adjusted net earnings (ANE) is our net earnings attributable to equity holders, adjusted for non-operating or non-cash items such as gains and losses on derivatives, unrealized foreign exchange gains and losses, share-based compensation, and adjustments to reclamation provisions flowing through other operating expenses, that we believe do not reflect the underlying financial performance for the reporting period. In 2024, we revised our calculation of ANE to adjust for unrealized foreign exchange gains and losses, as well as for share-based compensation because it better reflects how we assess our operational performance. We have restated comparative periods to reflect this change. Other items may also be adjusted from time to time. We adjust this measure for certain of the items that our equity-accounted investees make in arriving at other non-IFRS measures. ANE is one of the targets that we measure to form the basis for a portion of annual employee and executive compensation (see Measuring our results in our 2025 annual MD&A).


In calculating ANE we adjust for derivatives. We do not use hedge accounting under IFRS and, therefore, we are required to report gains and losses on all hedging activity, both for contracts that close in the period and those that remain outstanding at the end of the period. For the contracts that remain outstanding, we must treat them as though they were settled at the end of the reporting period (mark-to-market). However, we do not believe the gains and losses that we are required to report under IFRS appropriately reflect the intent of our hedging activities, so we make adjustments in calculating our ANE to better reflect the impact of our hedging program in the applicable reporting period. See Foreign exchange in our 2025 annual MD&A for more information.


We also adjust for changes to our reclamation provisions that flow directly through earnings. Every quarter we are required to update the reclamation provisions for all operations based on new cash flow estimates, discount and inflation rates. This normally results in an adjustment to our asset retirement obligation in addition to the provision balance. When the assets of an operation have been written off due to an impairment, as is the case with our Rabbit Lake and US ISR operations, the adjustment is recorded directly to the statement of earnings as “other operating expense (income)”. See note 16 of our annual financial statements for more information. This amount has been excluded from our ANE measure.


As a result of the change in ownership of Westinghouse when it was acquired by Cameco and Brookfield, Westinghouse’s inventories at the acquisition date were revalued based on the market price at that date. As these quantities are sold, Westinghouse’s cost of products and services sold reflect these market values, regardless of their historic costs. Our share of these costs is included in earnings from equity-accounted investees and recorded in cost of products and services sold in the investee information (see note 12 to the financial statements). Since this expense is non-cash, outside of the normal course of business and only occurred due to the change in ownership, we have excluded our share from our ANE measure.


Westinghouse has also expensed some non-operating acquisition-related transition costs that the acquiring parties agreed to pay for, which resulted in a reduction in the purchase price paid. Our share of these costs is included in earnings from equity accounted investees and recorded in other expenses in the investee information (see note 12 to the financial statements). Since this expense is outside of the normal course of business and only occurred due to the change in ownership, we have excluded our share from our ANE measure.


The following table reconciles adjusted net earnings with our net earnings for the three months and years ended December 31, 2025, and 2024.




 






THREE MONTHS ENDED






YEAR ENDED








 






DECEMBER 31






DECEMBER 31








($ MILLIONS)






2025






2024






2025






2024








Net earnings attributable to equity holders






199






135






590






172








Adjustments






 






 






 






 








Adjustments on derivatives






(35)






133






(144)






152








Unrealized foreign exchange losses (gains)






15






(56)






54






(66)








Share-based compensation






20






17






79






44








Adjustments on other operating expense (income)






(9)






(23)






(22)






(35)








Income taxes on adjustments






5






(37)






22






(46)








Adjustments on equity investees (net of tax):






 






 






 






 








Inventory purchase accounting






4






3






8






53








Acquisition-related transition costs






-






-






-






22








Unrealized foreign exchange losses (gains)






13






(16)






18






(7)








Long-term incentive plan






5






1






22






3








Adjusted net earnings






217






157






627






292







EBITDA


EBITDA is defined as net earnings attributable to equity holders, adjusted for the costs related to the impact of the company’s capital and tax structure, including depreciation and amortization, finance income, finance costs (including accretion) and income taxes.


ADJUSTED EBITDA


Adjusted EBITDA is defined as EBITDA, as further adjusted for the impact of certain costs or benefits incurred in the period which are either not indicative of the underlying business performance or that impact the ability to assess the operating performance of the business. These adjustments include the amounts noted in the adjusted net earnings definition.


In calculating adjusted EBITDA, we also adjust for items included in the results of our equity-accounted investees. These items are reported as part of marketing, administrative and general expenses within the investee financial information and are not representative of the underlying operations. These include gain/loss on undesignated hedges, transaction costs related to acquisitions and gain/loss on disposition of a business.


We also adjust for the unwinding of the effect of purchase accounting on the sale of inventories, which is included in our share of earnings from equity-accounted investee and recorded in the cost of products and services sold in the investee information (see note 11 to the financial statements).


The company may realize similar gains or incur similar expenditures in the future.


ADJUSTED EBITDA MARGIN


Adjusted EBITDA margin is defined as adjusted EBITDA divided by revenue for the appropriate period.


EBITDA, adjusted EBITDA, and adjusted EBITDA margin are measures which allow us and other users to assess results of operations from a management perspective without regard for our capital structure. To facilitate a better understanding of these measures, the table below reconciles earnings before income taxes with EBITDA and adjusted EBITDA for the fourth quarters and years ended 2025 and 2024.


For the year ended December 31, 2025:




 






 






FUEL






 






 






 








($ MILLIONS)






URANIUM1






SERVICES






WESTINGHOUSE






OTHER






TOTAL








Net earnings (loss) attributable to equity holders






954






179






58






(601)






590








Depreciation and amortization






246






40






-






7






293








Finance income






-






-






-






(23)






(23)








Finance costs






-






-






-






115






115








Income taxes






-






-






-






188






188








 






1,200






219






58






(314)






1,163








Adjustments on equity investees






 






 






 






 






 








Depreciation and amortization






23






-






383






-






406








Finance income






(2)






-






(3)






-






(5)








Finance expense






-






-






213






-






213








Income taxes






47






-






(4)






-






43








Net adjustments on equity investees






68






-






589






-






657








 






 






 






 






 






 








EBITDA






1,268






219






647






(314)






1,820








Gain on derivatives






-






-






-






(144)






(144)








Other operating income






(22)






-






-






-






(22)








Share-based compensation






-






-






-






79






79








Unrealized foreign exchange losses






-






-






-






54






54








 






(22)






-






-






(11)






(33)








Adjustments on equity investees






 






 






 






 






 








Inventory purchase accounting






-






-






11






-






11








Other expenses






-






-






53






-






53








Foreign exchange gains






9






-






9






-






18








Net adjustments on equity investees






9






-






133






-






142








 






 






 






 






 






 








Adjusted EBITDA






1,255






219






780






(325)






1,929












 



1JV Inkai EBITDA is included in the uranium segment. See Financial results by segment – Uranium in our 2025 annual MD&A.







For the year ended December 31, 2024:




 






 






FUEL






 






 






 








($ MILLIONS)






URANIUM1






SERVICES






WESTINGHOUSE






OTHER






TOTAL








Net earnings (loss) attributable to equity holders






904






108






(218)






(622)






172








Depreciation and amortization






239






37






-






5






281








Finance income






-






-






-






(21)






(21)








Finance costs






-






-






-






147






147








Income taxes






-






-






-






85






85








 






1,143






145






(218)






(406)






664








Adjustments on equity investees






 






 






 






 






 








Depreciation and amortization






23






-






357






-






380








Finance income






(1)






-






(4)






-






(5)








Finance expense






-






-






225






-






225








Income taxes






58






-






(61)






-






(3)








Net adjustments on equity investees






80






-






517






-






597








 






 






 






 






 






 








EBITDA






1,223






145






299






(406)






1,261








Loss on derivatives






-






-






-






152






152








Other operating income






(35)






-






-






-






(35)








Share-based compensation






-






-






-






44






44








Unrealized foreign exchange gains






-






-






-






(66)






(66)








 






(35)






-






-






130






95








Adjustments on equity investees






 






 






 






 






 








Inventory purchase accounting






-






-






71






-






71








Acquisition-related transition costs






-






-






29






-






29








Other expenses






-






-






19






-






19








Foreign exchange gains






(9)






-






2






-






(7)








Adjustments on marketing, administrative and general






-






-






63






-






63








Net adjustments on equity investees






(9)






-






184






-






175








 






 






 






 






 






 








Adjusted EBITDA






1,179






145






483






(276)






1,531












 



1JV Inkai EBITDA is included in the uranium segment. See Financial results by segment - Uranium in our 2025 annual MD&A.







The following Westinghouse financial outlook for 2025 is reported in US dollars and prepared in accordance with IFRS and reflects Cameco’s 49% ownership share. It reconciles the Westinghouse outlook for net earnings with EBITDA and adjusted EBITDA.




 






 






$USD








CAMECO SHARE (49%)






 






MILLIONS








Net loss






 






(75-10)








Depreciation and amortization






 






275-290








Finance income






 






(2-1)








Finance costs






 






120-135








Income tax expense (recovery)






 






20-(20)








EBITDA






 






335-395








Inventory purchase accounting






 






2-7








Restructuring costs






 






7-15








Other expenses






 






20-40








Adjusted EBITDA






 






370-430







The outlook for adjusted EBITDA from Westinghouse’s core business for 2026 assumes that the work is fulfilled on the timelines, and scope expected based on current orders received, and additional work is undertaken based on past trends. The expected margins are aligned with the historic margins of 16% to 19%, with the variability expected to come from product mix compared to previous years.


In addition, Westinghouse’s adjusted EBITDA outlook is based on both signed and expected contracts in its new build business and assumes that Westinghouse and the US Government enter into definitive agreements relating to the deployment of new AP1000 reactors in the US, and that work commences on at least one project during the year. The outlook for Westinghouse’s adjusted EBITDA is dependent on the timing and commencement of work related to the definitive agreements and the ability of the executive branch of the US Government to obtain funding and support for the deployments.


We have eliminated our five-year growth outlook for Westinghouse. Previously, we had provided a five-year combined growth rate for the core business and included expected contributions from the new build business based on contracts entered. Due to the potential for significant variability both in timing and magnitude of new build projects that may have a material impact on results, we are no longer providing a five-year growth outlook for Westinghouse. Like for Cameco, we will provide Westinghouse outlook for the current year only.


Westinghouse expects growth in the new build business based on agreements that have been signed and announcements where AP1000 technology has been selected. As decisions on the projects are made, we expect the projects will proceed on the timelines and revenue pattern noted under New Build – AP1000 Contracting Framework in our annual MD&A, although variations to this general framework will occur depending on the customer and a number of other factors and assumptions.


The outlook for Westinghouse capital expenditures is strategically focused on modernizing and reinforcing long-term reliability of its operations. Growth capital has been prioritized to support AP1000 readiness, operational stability and advanced fuel designs.


Management's discussion and analysis (MD&A) and financial statements


The 2025 annual MD&A and consolidated financial statements provide a detailed explanation of our operating results for the three and twelve months ended December 31, 2025, as compared to the same periods in the prior year, and our outlook for 2026. This news release should be read in conjunction with these documents, as well as our most recent annual information form, all of which are available on our website at cameco.com, on SEDAR+ at www.sedarplus.com, and on EDGAR at sec.gov/edgar.shtml.


Qualified persons


The technical and scientific information discussed in this document for our material properties McArthur River/Key Lake, Cigar Lake and Inkai was approved by the following individuals who are qualified persons for the purposes of NI 43-101:


MCARTHUR RIVER/KEY LAKE



Greg Murdock, senior advisor, technical services, Cameco



Daley McIntyre, general manager, Key Lake, Cameco



CIGAR LAKE



Kirk Lamont, general manager, Cigar Lake, Cameco



INKAI



Sergey Ivanov, deputy general director, technical services, Cameco Kazakhstan LLP



Caution about forward-looking information


This news release includes statements and information about our expectations for the future, which we refer to as forward-looking information. Forward-looking information is based on our current views, which can change significantly, and actual results and events may be significantly different from what we currently expect.


Examples of forward-looking information in this news release include: the impact of increasing long-term uranium market activity on our outlook, our view that our disciplined supply strategy positions us to unlock value from growing demand, our view that the market continues to evolve in support of long-term value creation; our continued ability to navigate market developments with an approach that aligns with our long-term objectives; nuclear’s role in delivering secure, reliable and carbon-free baseload power; our belief that utilities continue to seek a dependable supply; expectation that potential new production will be challenged by longer-than-advertised lead times, inflationary pressures and geopolitical uncertainty; our expectation that improving trends in fundamentals will continue through 2026 and beyond; our belief that we are well-positioned to unlock value in a strengthening market; our view that our focus on protecting and extending the value of our tier-one assets and investments, leveraging our integrated capabilities and preserving flexibility will allow us to respond to opportunities as the market continues to transition; our expectations regarding distributions by Westinghouse in 2026; our perception of a durable trend of growth across the nuclear fuel cycle, and our belief that Cameco is exceptionally poised to benefit from this global shift, deriving long-term value for shareholders, customers and the communities where we operate; our belief that our contracted uranium volumes will underpin our fuel services operations for years to come; the expected benefits of Westinghouse’s participation in construction of reactors at the Dukovany power plant in the Czech Republic; our expectation that the strategic partnership with the US Government will accelerate the deployment of Westinghouse nuclear reactors in the US and globally; our expectation that the launch of a nuclear power plant construction program will accelerate growth in Westinghouse’s energy systems segment, supporting long-term growth through rising demand for nuclear fuel products, services and technologies; and the expected date for announcement of our 2026 first quarter results.


Material risks that could lead to different results include: unexpected changes in uranium supply, demand, long-term contracting, and prices; changes in consumer demand for nuclear power and uranium, or that our expectations regarding market developments, and our ability to benefit from them, may not be fulfilled for any reason; risks to Westinghouse’s business associated with potential production disruptions, the implementation of its business objectives, compliance with licensing or quality assurance requirements, or that Westinghouse may not realize the expected benefits of its participation in construction at the Dukovany power plant or its strategic partnership with the US Government, or otherwise be unable to achieve expected growth; the risk that our revenues and cash flows may not achieve the levels expected; the risk that we may not be able to meet sales commitments for any reason; the risk that our contracted volumes of uranium may not be sufficient to underpin our fuel services operations as expected; the risk that we may not be able to continue to improve our financial performance; the risks to our business associated with potential production disruptions, including those related to global supply chain disruptions, global economic uncertainty and political volatility; risks associated with the application of, or developments in, laws or regulations that affect us or any of our joint ventures, including mining regulations, taxes, tariffs and sanctions; the risk that we may not be able to implement our business objectives in a manner that aligns with our long-term objectives; the risk that any of the strategies that we or any of our joint ventures are pursuing may prove unsuccessful, or that that may not be executed successfully; and the risk that we may be delayed in announcing our future financial results.


In presenting the forward-looking information, we have made material assumptions which may prove incorrect about: uranium demand, supply, consumption, long-term contracting, growth in the demand for and global public acceptance of nuclear energy, and prices; expected market developments, and our ability to benefit from them; our production, purchases, sales, deliveries and costs; the market conditions and other factors upon which we have based our future plans and forecasts; the success of our plans and strategies; assumptions about Westinghouse’s production, purchases, sales, deliveries and costs, the absence of business disruptions, and the success of its plans and strategies; the absence of new and adverse government regulations, policies or decisions, including the application of, or developments in, laws that may adversely affect us, such as mining regulations, taxes, tariffs and sanctions; that there will not be any significant unanticipated adverse consequences to our business resulting from production disruptions, including those relating to supply disruptions, and economic or political uncertainty and volatility; and our ability to announce future financial results when expected.


Please also review the discussion in our 2025 annual MD&A and most recent annual information form for other material risks that could cause actual results to differ significantly from our current expectations, and other material assumptions we have made. 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. We will not necessarily update this information unless we are required to by securities laws.


Conference call


We invite you to join our fourth quarter conference call on Friday, February 13, 2026, at 8:00 a.m. Eastern.


The call will be open to all investors and the media. To join the call, please dial (833) 821-3311 (Canada and US) or (647) 846-2607. An operator will put your call through. The slides and a live webcast of the conference call will be available from a link at cameco.com. See the link on our home page on the day of the call.


A recorded version of the proceedings will be available:



on our website, cameco.com, shortly after the call



or on telephone replay until midnight, Eastern, March 13, 2026, by calling (855) 669-9658 (Canada and US) or (412) 317-0088 (Passcode 6136870)



2026 first quarter report release date


We plan to announce our 2026 first quarter results before markets open on May 5, 2026.


Profile


Cameco is one of the largest global providers of the uranium fuel needed to energize 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260212233756/en/
Investor inquiries:

Cory Kos

306-716-6782

cory_kos@cameco.com
Media inquiries:

Veronica Baker

306-385-5541

veronica_baker@cameco.com


Original: Cameco Announces 2025 Results; Solid Fourth Quarter and 2025 Performance; Increasing Long-Term Uranium Market Activity Reinforces Constructive Outlook; Disciplined Supply Strategy Expected to Position Company to Unlock Value From Growing Demand