Cameco Acquires 5% Stake in Cigar Lake Mine
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 01 2026
0mins
Source: Newsfilter
Cameco Corp's stock fell 5.03% as it crossed below the 5-day SMA, reflecting broader market weakness with the Nasdaq-100 down 0.39% and the S&P 500 down 0.59%.
The decline in stock price comes amid Cameco's announcement of acquiring a 5% stake in the Cigar Lake mine from TEPCO for approximately CAD 115.75 million, increasing its ownership to 57.418%. This strategic move is aimed at reinforcing its leadership in the uranium market, especially with the growing demand for clean energy. CEO Tim Gitzel highlighted that this investment underscores the company's commitment to its nuclear expansion strategy, which is crucial given the projected increase in global nuclear energy needs.
This acquisition positions Cameco favorably in the uranium sector, as it enhances its resource reserves and production capacity. The Cigar Lake mine is expected to produce between 17.5 to 18 million pounds of uranium concentrate in 2026, ensuring a robust revenue stream and long-term growth potential.
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Analyst Views on CCJ
Wall Street analysts forecast CCJ stock price to rise
12 Analyst Rating
11 Buy
1 Hold
0 Sell
Strong Buy
Current: 105.670
Low
71.80
Averages
105.67
High
118.78
Current: 105.670
Low
71.80
Averages
105.67
High
118.78
About CCJ
Cameco Corporation is a provider of uranium fuel to generate baseload electricity around the globe. Its segments include uranium, fuel services and Westinghouse. The uranium segment involves the exploration for, mining, milling, purchase and sale of uranium concentrate. The fuel services segment involves the refining, conversion and fabrication of uranium concentrate and the purchase and sale of conversion services. The Westinghouse segment reflects its earnings from this equity-accounted investment. Westinghouse is a nuclear reactor technology original equipment manufacturer and a global provider of products and services to commercial utilities and government agencies. It provides outage and maintenance services, engineering support, instrumentation and controls equipment, plant modification, and components and parts to nuclear reactors. It has two operating mines, Cigar Lake and McArthur River as well as a mill at Key Lake. It also has ownership interests in Global Laser Enrichment.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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See More
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- Historical Resource Context: The Agate project is situated in an area historically operated by major producers like Kerr McGee, highlighting the region's rich uranium resource potential, with mineralization occurring at shallow depths, making it amenable to in-situ recovery.
- Future Exploration Plans: The company plans to continue reviewing available lands for acquisition to support future uranium exploration and discovery, with Director John DeJoia emphasizing that the recent success in the Middle Sand could significantly enhance the strategic value of the company.
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