Cameco ended 2025 with roughly 230 million pounds of uranium committed under long‑term contracts – a distributed portfolio, with no top‑customer or related‑party concentration disclosed. We frame that as intentional strategy: industry‑wide contracting stayed below replacement‑rate, so we placed limited volume and kept uncommitted pounds in reserve, arguing we do not front‑run demand with supply and that undelivered pounds are worth more later than today. We do not guide beyond the current year or past a final investment decision.
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Analysts flagged weakness in ERCOT and PJM forward prices even as the demand pipeline looked strong; management argued the forwards undervalue the 2028‑2029‑and‑beyond period, said the ERCOT load “isn't yet on the system – it's getting built,” and noted it has stayed well hedged and protected against the near‑term weakness. Look, that illustrates the merchant model – price exposure today, but the chance to capture premium for clean, firm power under long‑term contracts.