Cameco Corp

Cameco is the world’s largest publicly traded uranium producer, operating high-grade mines in Canada and Kazakhstan while holding a 49 percent stake in Westinghouse Electric, which supplies nuclear fuel fabrication and reactor services. The company’s position gives it direct exposure to rising global demand for uranium as utilities restart reactors and governments expand nuclear capacity to meet decarbonization targets.

In the past year Cameco restarted production at the McArthur River-Key Lake complex, signed multi-year supply contracts with utilities in Europe and Asia, and advanced its plans to increase annual output toward 18 million pounds by 2028. Key risks include volatile spot uranium prices, regulatory delays at its joint-venture Inkai mine in Kazakhstan, and potential cost overruns or schedule slips at Westinghouse’s new reactor projects.

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