CCJ News & Events

Cameco and Orano Canada have reached agreement with Tepco Resources to acquire Tepcos 5% participating interest in the Cigar Lake Joint Venture. Upon closing, Cameco's ownership stake in the Cigar Lake uranium mine in northern Saskatchewan will increase by 2.871 percentage points to 57.418%, while Orano's share will rise by 2.129 percentage points to 42.582%. Cameco's purchase cost to acquire the respective share of Tepcos interest in Cigar Lake is approximately $115.75M, subject to customary closing adjustments. The acquisition is subject to certain regulatory approvals and other standard closing conditions. The transaction is expected to close in the third quarter of 2026.

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.