### @CCJ — Confirmed — from the earnings call and year-end filing
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.
- tier: Confirmed (✓)
- source: CCJ / Discipline and the 230-million-pound book
- receipt: https://ticker.thevixguy.com/p/p-day-20260728-ccj-src-ccj-discipline-contract-book-conversation
- posted: 2026-07-28T18:47:30.920Z