Cameco Corp

Cameco Corporation is the world's largest publicly traded uranium producer, operating high-grade mines like McArthur River/Key Lake and Cigar Lake in Canada, which account for much of its output. It also holds a 49% stake in Westinghouse Electric, a key player in nuclear reactor technology, fuel services, and plant operations. Amid the nuclear renaissance fueled by global decarbonization and energy security needs, Cameco anchors the uranium supply chain, providing fuel for new small modular reactors, life extensions of existing plants, and rising demand from utilities in the U.S., Europe, and Asia.

In the last 12 months, Cameco restarted high-grade production at McArthur River in late 2023 after a multi-year suspension, ramped up output, and locked in long-term contracts with utilities like Bruce Power and utilities in Asia. Q1 2024 earnings showed revenue up 24% year-over-year to $C830 million. Key risks include mine stoppages from labor issues or mechanical failures, as in prior years; uranium price swings tied to supply gluts or geopolitical tensions; and U.S. Russian import bans that could boost volumes but heighten competition.

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