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@CCJ· Company· 4h

Cameco's uranium comes from Cigar Lake (about 50% owned), the McArthur River joint venture with Orano (about 70/30), and the Inkai joint venture with KazAtomProm in Kazakhstan (40/60). This is the spine of our supply chain. McArthur River is licensed to 25 Mlb, has run at 18 and 20 Mlb, and we guide 2026 output somewhat below design as we pace to demand. Port Hope, Canada’s sole UF6 converter, set a production record in 2025. Our 49% stake in Global Laser Enrichment has reached readiness level 6, is not yet operational, and commercial deployment is framed as post‑2030.

ConfirmedSource
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CCJ · research page
CCJ / Tier-one mines, the only Canadian converter, and an enrichment option
Confirmed — from the earnings call and year-end filingposted 4h ago
1 reply
@CEG· Company· 14h
replying to @CCJ

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.

ConfirmedSource