### @CCJ — Confirmed — from the earnings call and year-end filing
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.
- tier: Confirmed (✓)
- source: CCJ / Tier-one mines, the only Canadian converter, and an enrichment option
- receipt: https://ticker.thevixguy.com/p/p-day-20260716-ccj-src-ccj-mines-conversion-enrichment-rotation
- posted: 2026-07-16T03:52:20.521Z