$CCO.TO

Brookfield, Cameco Welcome U.S. Dept. of Energy's US$17.5 Billion Conditional Support for Nuclear Reactors

Brookfield Asset Management (BAM.TO) and Cameco (CCO.TO) said they welcomed the decision by the U.S. Department of Energy to conditionally commit US$17.5 billion in loan facilities to support investment in nuclear reactors in the country.The loans will finance the long-lead equipment required to construct up to 10 Westinghouse AP1000 nuclear reactors, the only licensed large-scale advanced commercial reactors operating in the U.S., a DOE statement said.Westinghouse is 51% owned by Brookfield and its institutional partners while Cameco has 49%.Price: $66.60, Change: $-0.22, Percent Change: -0.33%

CanAlaska Uranium Starts Summer Drill Program at West McArthur Joint Venture

CanAlaska Uranium (CVV.V) has begun its summer drill program as part of the $15 million 2026 exploration program on the West McArthur Joint Venture project in the southeastern Athabasca Basin, it said on Tuesday.The 2026 West McArthur summer program will focus on continued step outs to the southwest and northeast of the currently defined high-grade mineralized footprint of the Pike Zone to evaluate for additional zones of high-grade uranium mineralization and continuation of the associated large hydrothermal alteration system. The program will consist of three diamond drills operating to achieve an estimated 20 to 25 unconformity target intersections.The West McArthur project, a Joint Venture with Cameco Corporation (CCO.TO, CCJ), is operated by CanAlaska which holds an 88.89% ownership in the project. The 2026 exploration program is being co-funded by Cameco and CanAlaska under the JV."The winter exploration program at West McArthur's Pike Zone discovery highlighted extensive unconformity uranium mineralization in association with some very strong alteration and structure along the C10S corridor over more than 1,000 metres strike length," said CanAlaska Chief Executive Cory Belyk. "These encouraging results guide the plan for the summer drill targeting as the team continues to evaluate this area for additional high-grade uranium pods."The company expects to complete the summer portion of the 2026 exploration program in September. The geochemical assay results from the winter portion of the 2026 exploration program are pending, it said.Shares of the company closed down 3.6% to $0.54 on Monday on the TSX Venture Exchange.

Cameco Maintained at Buy at Stifel Canada Following TEPCO Cigar Lake Stake Buy; Price Target Kept at C$180

Stifel Canada on Tuesday maintained its buy rating on the shares of uranium producer Cameco (CCO.TO, CCJ) and its C$180.00 price target after the company and partner Orano acquired TEPCO's minority stake in the Cigar Lake operations in norther Saskatchewan."A good deal for Cameco. Cameco (with Orano) has agreed to acquire TEPCO's 5% participating interest in the Cigar Lake JV, lifting Cameco's ownership by 2.871% to 57.418% (Orano goes to 42.582%) for $115.75Mln (Cameco's share). Closing is expected in Q3/26 - subject to regulatory approval and customary conditions. The acquisition price implies a discounted 'clean-up' transaction of a Tier-One asset. The $115.75Mln paid for Cameco's incremental 2.871% implies a $4.03Bln Cigar Lake valuation (100% basis) vs. our NPV8% of $8.91Bln NPV (based on an LT uranium price assumption of $120/lb) and a transaction multiple of just 0.45x P/NPV. We estimate the deal is +0.5% accretive to our NAVPS and +3.3% accretive to FY27 EPS, while adding ~0.5Mln lbs/yr of attributable uranium production and ~5Mln lbs of attributable proven and probable uranium reserves at an in-situ acquisition price of US$17/lb," analyst Ralph Profiti noted.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $167.01, Change: $+11.17, Percent Change: +7.17%

National Bank "Modestly" Positive on Cameco's Increased Stake in Cigar Lake

Cameco (CCO.TO, CCJ) and Orano Canada are buying Tepco's 5% participating interest in the Cigar Lake joint venture.National Bank analyst Mohamed Sidibe, who has an $180.00 price target and outperform rating on the shares of the company, views the transaction as "modestly" positive. Cameco's purchase price of $115.75 million implies a 100% Cigar Lake value of $4.03 billion, compared with Sidibe's implied value of $5.0 billion."Based on Cigar Lake's 2026 production outlook of 17.5-18.0 mln lbs U3O8 on a 100% basis, the incremental 2.871 percentage-point interest equates to ~0.5 mln lbs of additional annual attributable production. This should further reduce reliance on purchases, inventories and product loans to meet contract commitments," he writes.Cameco's ownership in the Cigar Lake venture upon closing will increase to 57.42%, while Orano's will edge up to 42.58%.Price: $155.68, Change: $+0.77, Percent Change: +0.50%

Cameco Increases Stake in Cigar Lake to 57.4%

Cameco (CCO.TO) and Orano will acquire Tepco Resources' 5% iinterest in the Cigar Lake joint venture, the company said on Monday.Cameco will lift its stake by 2.87 percentage points to 57.42%, and Orano's stake will rise from by 2.13 percentage points to 42.58%, a statement said.Cameco will pay $115.75 million to acquire its share of Tepco's interest. The transaction is expected to close in the third quarter of this year.Cigar Lake's reserve and resource base includes proven and probable reserves estimated at 172.4 million pounds of U3O8, measured and indicated resources of 26.3 million pounds, and inferred resources of 20.0 million pounds.Cameco's 2026 production outlook for the Cigar Lake mine is between 17.5 million and 18 million pounds of uranium concentrate (U3O8) on a 100% basis."Cigar Lake is among the world's best uranium mines, producing the highest-grade uranium ore from a safe, reliable, and cost-effective operation," said Cameco's chief executive Tim Gitzel. "Increasing our ownership in this world-class, tier-one asset further demonstrates our commitment to our strategy, with scarce, licensed, permitted assets like Cigar Lake playing an essential role in fueling global ambitions to expand nuclear energy generation."Cameco shares were last seen down US$1.13, to US$111.48, in New York trading.

Cameco Increasing Ownership Stake in Cigar Lake Mine

CIBC Maintains Cameco's Outperformer Rating and C$200.00 Price Target

CIBC Capital Markets maintained its outperformer rating on the shares of Cameco (CCO.TO, CCJ) and its C$200 price target.CIBC, after incorporating Q1/26 results and "fine-tuning" its estimates, maintained its price target and rating."Overall, our NAVPS decreases slightly to $89.82 from $90.38, largely reflecting the rollover of our DCF by one quarter, while our annualized FY26E-FY30E EBITDA estimate increases slightly to $3,073M from $3,041M," said CIBC.CIBC noted, the Key Lake mill and McArthur River mine have resumed full production after a temporary halt caused by supply disruptions from flooding in northern Saskatchewan. The company is now consistently supplying materials via secondary routes while the timing to restore access on the primary supply route is still being determined, CIBC noted."The company's 2026 consolidated production outlook remains unchanged at 19.5-21.5Mlb of U3O8 (CCO's share); however, CCO expects that future road conditions could remain at risk due to seasonal spring thaw and precipitation events," added CIBC. "Additionally, with Q1/26 results, CCO maintained its fuel services production guidance of 13.0-14.0M kgU, with consolidated total capital expenditures of $490-$540M, in addition to all other metrics."CIBC now models 2026 EBITDA for Westinghouse at $682M vs. its prior estimate of $647M, it added.Price: $154.62, Change: $+1.96, Percent Change: +1.28%

Cameco's Outperform Rating, C$180 Price Target Maintained by National Bank of Canada

National Bank of Canada on Thursday reiterated its outperform rating on the shares of Cameco (CCO.TO, CCJ) and and its C$180 price target after the company resumed much of its its northern Saskatchewan uranium operations.Cameco resumed full production at the McArthur River mine and Key Lake mill in Saskatchewan after a flooding-related logistics disruption announced on May 11. Its Cigar Lake mine was unaffected.While operations were not directly impacted by floodwaters, the Smoothstone River Bridge located on its primary supply route partially collapsed, and restrictions on an alternate route interrupted deliveries of critical operating materials.The company is now able to move enough critical materials through a secondary route to support full operations, although the timing to restore the primary route remains uncertain and further spring thaw or precipitation could cause new restrictions.Cameco's consolidated 2026 production guidance remained unchanged at 19.5 million-21.5 million pounds of uranium."Overall, we view this update as positive with the guidance reiterated, and less stress put on Cameco's use of inventories, purchases, and product loans," National Bank said.Price: $151.19, Change: $+2.49, Percent Change: +1.67%

Cameco Adds Its 2026 Consolidated Production Outlook Remains Unchanged

Cameco Says McArthur River/Key Lake Operation Returned to Full Production Activities Following a Disruption Caused By Flooding in Northern Saskatchewan

Cameco Announcing McArthur River/Key Lake Operation Resumes Production

Update: Cameco Down 1.7% In US Premarket After Providing Northern Saskatchewan Ops Update; Adds National Bk Commentary

(Adding National Bank commentary in the fourth paragraph and updates share price in the headline and the first paragraph)Cameco (CCO.TO; NYSE: CCJ) was down 1% at last look in US premarket trade on Monday after it provided an operational update for its northern Saskatchewan sites amidst flooding in the region, which is impacting roadways.In a statement it said: "Our northern Saskatchewan sites are not directly impacted by flood waters. However, flooding has caused the collapse of the Smoothstone River Bridge, which is on the primary route we use to transport supplies to the McArthur River and Key Lake sites, and there are restrictions in place on the use of an alternative roadway. We are in regular contact with the Saskatchewan Ministry of Highways, and we are working with our sites to minimize the impact of delivery disruptions. However, we have temporarily halted production activities at Key Lake mill and reduced activity at McArthur River mine until the normal delivery of critical operating materials can resume. The timeline for the resumption of normal deliveries is currently unknown.""At present," it added, "the Cigar Lake mine continues to operate, and our consolidated annual production plan remains unchanged. Depending on the duration of the road restrictions and our ability to make deliveries of critical operating materials, there is a risk that our 2026 production outlook for the McArthur River/Key Lake operation could be impacted."According to National Bank, while guidance remains unchanged, a 30-day shutdown of operations at McArthur River would impact production at the asset by near 1.2 million lbs to 10.30 mln lbs, remaining within guidance of 10-11.5 mln lbs, with an expectation for the shortfall to be filled by a mixture of inventories, purchases and product loans. National Bank noted CCO currently has 9.1 million lbs in inventory at $50.24/lb and 2.68 mln lbs available for borrowing under its product loans facility. The bank said this would overall reduce the 2026 EBITDA by 4% from $1.80 billion to $1.73 billion but keep its overall equity value largely unchanged at $97.21/sh from $97.28s/h currently. "Given the importance of uranium supply from Cameco to the broader supply/demand balance, any prolonged downtime and impact to financials would ultimately be partially offset by the positive impact on uranium prices," the bank added. It reiterated its Outperform rating and C$180 target.Shares in Cameco were down 1.3% in Canada and 1.65% in the U.S. on Friday.

Cameco Down 1% In US Premarket After Providing Northern Saskatchewan Operations Update

Cameco (CCO.TO; NYSE: CCJ) was down 1% at last look in US premarket trade on Monday after it provided an operational update for its northern Saskatchewan sites amidst flooding in the region, which is impacting roadways.In a statement it said: "Our northern Saskatchewan sites are not directly impacted by flood waters. However, flooding has caused the collapse of the Smoothstone River Bridge, which is on the primary route we use to transport supplies to the McArthur River and Key Lake sites, and there are restrictions in place on the use of an alternative roadway. We are in regular contact with the Saskatchewan Ministry of Highways, and we are working with our sites to minimize the impact of delivery disruptions. However, we have temporarily halted production activities at Key Lake mill and reduced activity at McArthur River mine until the normal delivery of critical operating materials can resume. The timeline for the resumption of normal deliveries is currently unknown.""At present," it added, "the Cigar Lake mine continues to operate, and our consolidated annual production plan remains unchanged. Depending on the duration of the road restrictions and our ability to make deliveries of critical operating materials, there is a risk that our 2026 production outlook for the McArthur River/Key Lake operation could be impacted."Shares in Cameco were down 1.3% in Canada and 1.65% in the U.S. on Friday.

Cameco Maintained at Buy at Stifel Canada Following Q1 Results; Price Target Kept at C$180

Stifel Canada on Wednesday maintained its buy rating on the shares of Cameco (CCO.TO, CCJ) and its C$180.00 price target following the company's first-quarter results."Cameco reported Q1/26 adjusted EPS of $0.47 vs. our $0.27 estimate (consensus: $0.34), adjusted EBITDA of $509Mln vs. our $405Mln forecast (consensus: $440Mln) on uranium sales of 7.8Mln lbs vs. our 7.9Mln lbs expectation, and adjusted attributable Westinghouse EBITDA of $122Mln vs. our $167Mln, reflecting normal variability in timing of work completion in its core business and compares with the FY26 guidance of US$370M-$430Mln (23% of midpoint). Overall, we are positive on the beat, and Q1/26 operating results look consistent with FY26 expectations with guidance maintained and the new three-year McArthur River/Key Lake collective bargaining agreement (CBA) removes a significant labor disruption risk to our estimates. Q1/26 average unit cost of sales of $58.13/lb (-18.5% QoQ) vs our $66.20/lb estimate reflects 0.750Mln lbs of product loan facilities used to meet delivery requirements (+$0.13 impact)," analyst Ralph Profiti wrote.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $164.73, Change: $+8.49, Percent Change: +5.43%

Market Chatter: Triton Uranium Eyes 2026 U.S. Listing As Nuclear Fuel Demand Rise

Triton Uranium is considering a U.S. listing through a merger with a special purpose acquisition company in 2026, its president Scott Evans told Reuters, as the company seeks to tap rising demand for nuclear fuel and bolster domestic supply.The Canada-based company has begun development work at its Atlas Project in Uranium City, Saskatchewan, where it controls about 46,742 acres of mineral claims, the report said.Triton is preparing to launch a 10,000-meter drill programme across four priority targets, including the Dubyna Mine area, with drilling scheduled to commence in June, the report added.The Reuters report noted earlier this year, Denison Mines Corp (DML.TO), and NexGen Energy (NXE.TO) received approval from the Canadian Nuclear Safety Commission to begin construction of their Wheeler River and Rook I projects, respectively, in northern Saskatchewan -- the first approvals for new Canadian uranium mines since 2004.Meanwhile, The Wall Street Journal noted, efforts to build new mines focus on the Athabasca Basin in the far north of western Canada's Saskatchewan province, where uranium-giant Cameco hasoperated for years. Cameco runs the world's two largest uranium operations: McArthur River/Key Lake, in service since 1983, and Cigar Lake, which began commercial operations in 2015.(Market Chatter news is derived from conversations with market professionals globally, and/or from other media sources. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Cameco Model Updated at National Bk to Reflect Co's Q1 Results Beat On Back of Lower Uranium Cost of Sales On Lower Purchase Volumes and a Stronger JV Inkai Contribution

Cameco Model Updated at National Bk to Reflect Co's Q1 Results Beat On Back of Lower Uranium Cost of Sales On Lower Purchase Volumes and a Stronger JV Inkai Contribution

Cameco Target Raised To C$180 From $175, Keep Outperform at National Bank Amid Estimates Revision

Cameco Target Raised To C$180 From $175, Keep Outperform at National Bank Amid Estimates Revision

Cameco's Q1 Adjusted Net Earnings More Than Double YoY

Cameco (CCO.TO) reported that its first-quarter adjusted net earnings more than doubled year over year on higher sales volumes and improved average realized price of uranium.Adjusted net earnings were C$203 million, or $0.47 per share, rising from $70 million, or $0.16 per share. The result beat the non-GAAP earnings per share consensus estimate of $0.34 as compiled by FactSet.Revenue was $845 million, up from $789 million. The result exceeded the sales consensus estimate of $833 million as compiled by FactSet.Adjusted EBITDA was $509 million, an increase from $353 million.Uranium production was 6.2 million pounds, up from 6.0 million lb. Uranium sales were 7.8 million lb at an average realized price of $91.26/lb, up from 6.9 million lb at an average realized price of $89.12/lb.The company maintained its 2026 guidance and said nuclear energy is on track for long-term growth in support of global demand.

Earnings Flash (CCO.TO) Cameco Reports Q1 Revenue C$845.0M, vs. FactSet Est of C$832.7M

Earnings Flash (CCO.TO) Cameco Q1 Adjusted EPS C$0.47 per Share Beats FactSet Consensus Forecast $0.34