Cameco Resumes Full Production at Key Lake and McArthur River
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 2 days ago
0mins
Cameco announced that the Key Lake mill and McArthur River mine have returned to full production activities following a disruption caused by flooding in northern Saskatchewan. The 2026 consolidated production outlook remains unchanged. On May 10, Cameco announced that Key Lake had temporarily halted production activities and McArthur River had reduced activities due to the impact of flooding in northern Saskatchewan. While the timing to restore access to the primary supply route is still being confirmed, Cameco has now been able to consistently deliver the volume of critical materials required to resume full operations at Key Lake and McArthur River using the secondary route. However, continued thawing and precipitation events could cause delays in future deliveries of critical operating materials to sites. The 2026 production plan for the McArthur River/Key Lake operation has not been impacted by this disruption. Cigar Lake mine was not impacted and continues to operate. Consolidated 2026 production outlook remains unchanged at 19.5M-21.5M pounds of U3O8.
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Analyst Views on CCJ
Wall Street analysts forecast CCJ stock price to fall
12 Analyst Rating
11 Buy
1 Hold
0 Sell
Strong Buy
Current: 110.630
Low
71.80
Averages
105.67
High
118.78
Current: 110.630
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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Cameco Resumes Full Production at Key Lake and McArthur River Mines
- Production Resumption: Cameco announced that its Key Lake and McArthur River mines have returned to full production, successfully maintaining material supply despite the partial collapse of a transport bridge due to flooding, which impacted logistics.
- Transport Challenges: While the company has been able to consistently deliver required materials via a secondary route in recent weeks, thawing and precipitation events may lead to further road restrictions, potentially delaying future deliveries of critical operating materials.
- Guidance Maintained: Cameco has maintained its FY 2026 consolidated production guidance at 19.5M to 21.5M lbs of U3O8, reflecting the company's confidence in its future production capabilities despite recent disruptions.
- Stable Operations: The company noted that its Cigar Lake mine was unaffected by the flooding and continues to operate normally, further enhancing Cameco's stability and supply capacity in the uranium market.
See More
Cameco Resumes Full Production at Key Lake and McArthur River
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- Unchanged Production Outlook: The company's 2026 consolidated production outlook remains at 19.5 to 21.5 million pounds of U3O8, indicating that overall production plans are unaffected by transportation challenges, showcasing the company's resilience in the nuclear fuel market.
- Transport Risks: While production has resumed, there remains a risk of future delivery interruptions due to potential road restrictions from spring thawing and precipitation, which could impact the continuity of operations moving forward.
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- Fluor Financial Dynamics: Fluor reported total revenue of $3.6 billion in Q1 2026, an 8% year-over-year decline; however, its energy solutions division saw profitability increase, with revenue rising from $47 million to $74 million, indicating growth potential in the nuclear sector.
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See More
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Cameco Resumes Full Production at Key Lake and McArthur River Mines
- Production Resumption: Cameco announced that its Key Lake and McArthur River mines have returned to full production, successfully maintaining material supply despite the partial collapse of a transport bridge due to flooding, which impacted logistics.
- Transport Challenges: While the company has been able to consistently deliver required materials via a secondary route in recent weeks, thawing and precipitation events may lead to further road restrictions, potentially delaying future deliveries of critical operating materials.
- Guidance Maintained: Cameco has maintained its FY 2026 consolidated production guidance at 19.5M to 21.5M lbs of U3O8, reflecting the company's confidence in its future production capabilities despite recent disruptions.
- Stable Operations: The company noted that its Cigar Lake mine was unaffected by the flooding and continues to operate normally, further enhancing Cameco's stability and supply capacity in the uranium market.
See More
Cameco Resumes Full Production at Key Lake and McArthur River
- Production Resumption: Cameco has announced that the Key Lake mill and McArthur River mine have returned to full production capacity, having stabilized the supply of critical materials through secondary routes despite previous disruptions caused by flooding in Saskatchewan.
- Unchanged Production Outlook: The company's 2026 consolidated production outlook remains at 19.5 to 21.5 million pounds of U3O8, indicating that overall production plans are unaffected by transportation challenges, showcasing the company's resilience in the nuclear fuel market.
- Transport Risks: While production has resumed, there remains a risk of future delivery interruptions due to potential road restrictions from spring thawing and precipitation, which could impact the continuity of operations moving forward.
- Market Position: As one of the largest global providers of uranium fuel, Cameco continues to leverage its high-grade reserves and low-cost operations to maintain a competitive edge in the nuclear energy sector, ensuring safe and reliable carbon-free power generation worldwide.
See More
CCJ Options Contract Analysis and Investment Opportunities
- Put Option Appeal: The current bid for the $100.00 put option is $6.40, and if an investor sells this contract, they commit to buying the stock at $100.00, effectively lowering their cost basis to $93.60, which is approximately a 4% discount from the current price of $104.08, making it attractive for those interested in CCJ shares.
- Yield Potential Analysis: Should the put option expire worthless, the premium would yield a 6.40% return on the cash commitment, translating to an annualized return of 25.67%, known as YieldBoost, highlighting the potential attractiveness of this investment strategy.
- Call Option Returns: The $110.00 call option currently bids at $8.50, and if an investor buys CCJ shares at $104.08 and sells this contract, they could achieve a total return of 13.85% if the stock is called away at expiration, showcasing the profit potential of this strategy.
- Risk-Reward Balance: Given that the $110.00 strike price is about 6% above the current trading price, there is a 49% chance that the call option will expire worthless, allowing investors to retain both their shares and the premium collected, further enhancing their investment returns.
See More
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- Nuclear Market Recovery: The International Energy Agency forecasts a more than 50% increase in global nuclear capacity from 2025 to 2050, indicating a gradual recovery in the nuclear energy market that is attracting renewed investor interest.
- Cameco's Market Position: Cameco mined approximately 15% of the world's uranium in 2025, and despite a downturn post-Fukushima, the rebound in uranium prices from $35 per pound in 2020 to $86.35 signals expected revenue and EBITDA growth rates of 8% and 12% respectively from 2025 to 2028.
- BWX's Industry Advantage: BWX Technologies stands as the only large-scale producer of nuclear components and fuel systems in North America, with a backlog that grew 50% year-over-year to $7.3 billion by the end of 2025, reflecting strong demand in both defense and commercial nuclear sectors.
- Future Growth Potential: Analysts project BWX's revenue and adjusted EBITDA to grow at CAGRs of 13% and 12% from 2025 to 2028, and while its current enterprise value is $19.5 billion, its diversification and market position justify this premium valuation.
See More
