CAMECO CORP (CCJ)

Cameco Corporation is a Canadian nuclear fuel company whose operations span the nuclear fuel cycle, from exploration and uranium production through refining, conversion and fuel manufacturing. It holds a 49% interest in Westinghouse Electric Company and an investment in Global Laser Enrichment (GLE), a third-generation enrichment technology that, if successful, it expects will let it participate in the entire nuclear fuel value chain. The company is listed on the Toronto and New York stock exchanges and had 3,082 employees at December 31, 2025.

The uranium segment produces uranium concentrates (U3O8). Cameco says its tier-one production was 15% of world production in 2025 and that it has controlling ownership of the world's largest high-grade mineral reserves, about 433 million pounds proven and probable, plus roughly 404 million pounds measured and indicated and 152 million pounds inferred resources. Tier-one operations are McArthur River/Key Lake and Cigar Lake in Saskatchewan, and Inkai in Kazakhstan. Tier-two operations are Rabbit Lake in Saskatchewan, Smith Ranch-Highland in Wyoming and Crow Butte in Nebraska. Advanced projects are Millennium in Saskatchewan and Yeelirrie and Kintyre in Australia. Exploration is focused on North America and covers about 0.75 million hectares. The fuel services segment is an integrated uranium fuel supplier offering refining, uranium dioxide (UO2) and uranium hexafluoride (UF6) conversion, and CANDU fuel manufacturing for heavy water reactors. Westinghouse adds fuel fabrication, design and engineering for light water reactors, as well as reactor maintenance, new reactor development and nuclear sustainability services.

Cameco serves nuclear utility customers who want reliable and secure fuel supplies, services and technologies, and it relies on a long-term contract portfolio. It says demand is being driven by the world's focus on energy security, national security and increasing electrification, while geopolitics is raising concerns about the origin and security of fuel cycle supplies. Westinghouse is participating in the construction of two reactors at the Dukovany plant in the Czech Republic and in a strategic partnership with the US Government, alongside Brookfield, to accelerate deployment of Westinghouse reactors in the US and globally.

On the operating side, the company processes its Saskatchewan ore through the Key Lake and McClean Lake mills, and it ships its share of JV Inkai production, a venture with Kazatomprom, to its Blind River refinery. Operations are subject to nuclear regulation, and Cameco is in a transfer pricing dispute with the Canada Revenue Agency. The head office, registered office and principal place of business is at 2121 – 11th Street West, Saskatoon, Saskatchewan, Canada.