Cameco Corporation (CCJ): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la energía nuclear, Cameco Corporation (CCJ) emerge como un jugador fundamental, orquestando un modelo de negocio sofisticado que transforma la exploración de uranio en una empresa estratégica global. Al aprovechar las tecnologías de vanguardia, las asociaciones estratégicas y un compromiso con las soluciones de energía sostenible, Cameco se ha posicionado como un nexo crítico entre la extracción de recursos y el futuro de la generación de energía baja en carbono. Este desglose de Canvas Model de negocios revela los intrincados mecanismos que permiten a Cameco navegar por el complejo panorama de la producción de combustible nuclear, ofreciendo ideas sin precedentes sobre cómo un gigante minero canadiense transforma los recursos en bruto en una infraestructura de energía global esencial.

Cameco Corporation (CCJ) - Modelo de negocio: asociaciones clave

Empresas conjuntas mineras de uranio con compañías de energía global

Cameco tiene importantes asociaciones de empresas conjuntas en operaciones mineras de uranio:

Socio de empresa conjunta	Ubicación	Porcentaje de propiedad
Orano Canadá	Mina del río McArthur, Saskatchewan	50%
TEPCO	Mina del lago de cigarros, Saskatchewan	37.5%
Areva Resources Canada	Key Lake Mine, Saskatchewan	50%

Alianzas estratégicas con operadores de plantas de energía nuclear

Cameco mantiene asociaciones estratégicas con compañías globales de servicios nucleares:

• Contratos con 13 compañías de servicios públicos en América del Norte y Asia
• Cartera total de contratos a largo plazo valorada en $ 5.2 mil millones a partir de 2023
• Contratos anuales de suministro de uranio superiores a 15 millones de libras

Colaboración con instituciones de investigación

Las asociaciones de investigación y desarrollo incluyen:

• Centro de investigación nuclear de la Universidad de Saskatchewan
• Laboratorios nucleares canadienses
• Consejo de Investigación de Saskatchewan

Asociaciones con comunidades indígenas

Cameco ha establecido acuerdos de colaboración formales con:

Grupo indígena	Región	Enfoque de asociación
Fondo de Desarrollo de la Cuenca de Athabasca	Northern Saskatchewan	Desarrollo económico
Métis Nación de Saskatchewan	Saskatchewan	Empleo y capacitación

Acuerdos de suministro con compañías de servicios públicos

Acuerdos actuales de suministro de servicios públicos globales:

• Contratos con servicios públicos en Estados Unidos, Canadá, Japón, Corea del Sur
• Aproximadamente el 30-40% de la cuota de mercado global de uranio
• Compromisos de entrega hasta 2030 con los principales proveedores internacionales de energía

Cameco Corporation (CCJ) - Modelo de negocio: actividades clave

Exploración y extracción de uranio

Cameco opera minas de uranio primarias en Saskatchewan, Canadá, con los siguientes detalles clave de producción:

Ubicación de la mía	Capacidad de producción anual	Reservas probadas
Río McArthur	8.6 millones de libras U3O8	232.4 millones de libras U3O8
Lago de cigarro	9.0 millones de libras U3O8	154.6 millones de libras U3O8

Procesamiento y conversión de uranio

Las capacidades de procesamiento de conversión incluyen:

• Instalación de conversión de Port Hope en Ontario, Canadá
• Capacidad de conversión de 12,500 toneladas de uranio por año
• Servicios de conversión de uranio para servicios nucleares globales

Producción de combustible nuclear

Métricas de producción de combustible nuclear de Cameco:

Métrica de producción	2023 datos
Producción total de uranio	17.6 millones de libras U3O8
Ingresos de las ventas de uranio	$ 1.89 mil millones de USD

Remediación ambiental y restauración del sitio

Inversiones de gestión ambiental:

• Presupuesto anual de restauración ambiental: $ 45 millones CAD
• Proyectos de remediación activa en Saskatchewan y Ontario
• Programas integrales de monitoreo ambiental

Minería y desarrollo operativo sostenible

Inversiones de desarrollo sostenible:

Enfoque de sostenibilidad	Monto de la inversión
Iniciativas de reducción de carbono	$ 22 millones CAD
Compromiso de la comunidad indígena	$ 15 millones CAD

Cameco Corporation (CCJ) - Modelo de negocio: recursos clave

Extensas propiedades mineras de uranio en Canadá

Cameco posee y opera propiedades clave de minería de uranio ubicadas en Saskatchewan, Canadá, específicamente:

• Mina de río McArthur: 69,260 hectáreas de derechos minerales
• Mina del lago de cigarros: 54,143 hectáreas de derechos minerales
• Key Lake Mill: Instalación de procesamiento con capacidad anual de 18 millones de libras de concentrado de uranio

Propiedad	Área total	Reservas probadas	Capacidad de producción anual
Río McArthur	69,260 hectáreas	189.9 millones de libras U3O8	15 millones de libras/año
Lago de cigarro	54,143 hectáreas	225.9 millones de libras U3O8	18 millones de libras/año

Tecnologías avanzadas de minería y procesamiento

Cameco utiliza una sofisticada infraestructura tecnológica:

• Técnicas de minería subterránea avanzada
• Sistemas de procesamiento de mineral automatizados
• Tecnologías de medición radiométrica de precisión

Fuerza laboral técnica e de ingeniería altamente calificada

Composición de la fuerza laboral a partir de 2023:

Categoría de empleado	Número total	Porcentaje con títulos avanzados
Personal técnico	1,245	62%
Profesionales de ingeniería	687	78%

Fuerte capital financiero y capacidad de inversión

Recursos financieros a partir del cuarto trimestre 2023:

Métrica financiera	Cantidad
Activos totales	$ 6.2 mil millones
Equivalentes de efectivo y efectivo	$ 789 millones
Equidad total de los accionistas	$ 4.3 mil millones

Sistemas de gestión ambiental sofisticados

Métricas de gestión ambiental:

• Sistema de gestión ambiental certificado ISO 14001
• Gastos anuales de cumplimiento ambiental: $ 42 millones
• Programas integrales de recuperación de agua y tierra

Cameco Corporation (CCJ) - Modelo de negocio: propuestas de valor

Suministro de combustible nuclear confiable y sostenible

Cameco produce aproximadamente el 18% del uranio del mundo, con una capacidad de producción anual de 53 millones de libras. La compañía opera minas clave en Saskatchewan, Canadá, incluidos McArthur River y Cigar Lake, que se encuentran entre las minas de uranio de alto grado más grandes del mundo.

Métrica de producción	Valor 2023
Producción total de uranio	20.9 millones de libras
Capacidad de producción	53 millones de libras anuales
Cuota de mercado global	18%

Soporte de producción de energía baja en carbono

El uranio de Cameco apoya la generación de energía nuclear, que produce cero emisiones de carbono directo. En 2023, la energía nuclear evitó aproximadamente 1,2 mil millones de toneladas métricas de emisiones de CO2 a nivel mundial.

• Cero emisiones de carbono directo durante la generación de electricidad
• Apoya los esfuerzos globales de descarbonización
• Proporciona energía limpia

Productos de uranio de alta calidad para la industria nuclear global

Cameco suministra uranio a 15 países, con clientes clave que incluyen servicios públicos en los Estados Unidos, China y Corea del Sur. Los servicios de conversión de uranio de la compañía procesaron 14.5 millones de libras de uranio en 2023.

Segmento de clientes	Número de países
Base de clientes de uranio global	15 países
Servicios de conversión de uranio	14.5 millones de libras procesadas

Compromiso con la administración ambiental

Cameco invirtió $ 15.3 millones en esfuerzos de protección y remediación del medio ambiente en 2023. La compañía mantiene rigurosos sistemas de gestión ambiental certificados a los estándares ISO 14001.

• Inversiones de protección del medio ambiente de $ 15.3 millones
• Gestión ambiental certificada ISO 14001
• Programas integrales de monitoreo ambiental

Innovación tecnológica en la extracción de uranio

Cameco gastó $ 38.2 millones en investigación y desarrollo en 2023, centrándose en tecnologías de extracción avanzadas y una mejor eficiencia minera. La compañía posee múltiples patentes relacionadas con las técnicas de procesamiento de uranio.

Métrica de innovación	Valor 2023
Inversión de I + D	$ 38.2 millones
Patentes celebradas	Tecnologías de procesamiento de uranio múltiple
Enfoque tecnológico	Métodos de extracción avanzados

Cameco Corporation (CCJ) - Modelo de negocios: relaciones con los clientes

Acuerdos contractuales a largo plazo con compañías de servicios públicos

Cameco mantiene los contratos de suministro de uranio a largo plazo con 14 compañías de servicios públicos en América del Norte y Asia. El valor total del contrato a partir de 2023 fue de aproximadamente $ 5.2 mil millones. La duración promedio del contrato varía de 7 a 10 años.

Región	Número de contratos de servicios públicos	Valor de contrato
América del norte	8	$ 2.7 mil millones
Asia	6	$ 2.5 mil millones

Soporte técnico y servicios de consulta

Cameco proporciona soporte técnico integral a través de un equipo dedicado de 45 especialistas técnicos. La inversión anual en servicios de atención al cliente es de $ 3.2 millones.

• Consulta técnica 24/7
• Capacitación de productos de uranio personalizado
• Evaluaciones técnicas en el sitio

Comunicación transparente sobre prácticas de sostenibilidad

Cameco publica informes anuales de sostenibilidad con Métricas detalladas de impacto ambiental. En 2023, la compañía invirtió $ 12.5 millones en informes de sostenibilidad y iniciativas de comunicación de partes interesadas.

Soluciones de productos de uranio personalizadas

Cameco ofrece 7 configuraciones distintas de productos de uranio adaptadas a requisitos de utilidad específicos. La personalización del producto representa el 42% de las ventas totales de uranio anual.

Tipo de producto	Cuota de mercado	Volumen de ventas anual
Concentrado UF6	28%	4.2 millones de libras
Uranio enriquecido	14%	2.1 millones de libras

Compromiso regular con las partes interesadas e inversores

Cameco realiza llamadas trimestrales a los inversores y reuniones anuales de accionistas. En 2023, la compañía organizó 18 eventos de participación de los inversores con una asistencia total de 423 inversores institucionales.

• Presentaciones de ganancias trimestrales
• Reunión general anual
• Participación de la conferencia de inversores

Cameco Corporation (CCJ) - Modelo de negocios: canales

Ventas directas a servicios de energía nuclear

El principal canal de ventas de Cameco Corporation implica el compromiso directo con los servicios de energía nuclear a nivel mundial. En 2023, la compañía reportó 443 millones de libras de uranio en acuerdos de contratación a largo plazo con servicios públicos en todo el mundo.

Región	Número de contratos de servicios públicos	Valor de contrato
América del norte	37	$ 1.2 mil millones
Europa	22	$ 780 millones
Asia-Pacífico	45	$ 1.5 mil millones

Plataformas de comunicación corporativa en línea

Cameco utiliza múltiples canales de comunicación digital:

• Sitio web corporativo con 2.1 millones de visitantes anuales
• Portal de relaciones con los inversores con actualizaciones financieras trimestrales
• Plataformas de redes sociales con 85,000 seguidores combinados

Conferencias de la industria y exposiciones comerciales

Cameco participa en 12-15 principales conferencias de la industria nuclear anualmente, lo que representa aproximadamente $ 750,000 en gastos anuales de marketing.

Equipos estratégicos de marketing y desarrollo de negocios

Segmento de equipo	Número de personal	Cobertura geográfica
Ventas de América del Norte	17	Estados Unidos, Canadá
Desarrollo de negocios internacionales	24	Mercados globales

Canales de informes financieros y relaciones con los inversores

Cameco mantiene una comunicación financiera integral a través de:

• Informes de ganancias trimestrales
• Reuniones anuales de accionistas
• Mazos de presentación de inversores
• Llamadas de conferencia de ganancias con 350-400 participantes de inversores institucionales

Métricas de compromiso de canales totales para 2023: - Contratos de servicios públicos directos: 104 - Participación de la conferencia: 15 - Interacciones de plataforma digital: 2.5 millones - Eventos de comunicación de inversores: 24

Cameco Corporation (CCJ) - Modelo de negocio: segmentos de clientes

Compañías de servicios públicos de energía nuclear

Cameco atiende a 13 países en todo el mundo con contratos de suministro de uranio.

Región	Número de clientes de servicios públicos	Demanda anual de uranio
América del norte	7	5.200 toneladas métricas
Europa	4	3.800 toneladas métricas
Asia	2	4.500 toneladas métricas

Corporaciones de Energía Internacional

Cameco suministra uranio a las principales corporaciones de energía global.

• EDF (Francia)
• TEPCO (Japón)
• Corea Electric Power Corporation
• Corporación Nuclear Nacional de China

Agencias de energía del gobierno

Cameco proporciona uranio a las organizaciones energéticas de propiedad del gobierno.

País	Agencia gubernamental	Volumen de contrato anual
Estados Unidos	Departamento de Energía	1.200 toneladas métricas
Porcelana	Corporación Nuclear Nacional de China	2.500 toneladas métricas

Instituciones de investigación y desarrollo

Cameco apoya la investigación científica a través del suministro especializado de uranio.

• Laboratorios nucleares canadienses
• Laboratorio Nacional de Oak Ridge
• Laboratorio Nacional de Idaho

Mercados globales de generación de electricidad

Cameco sirve a los mercados de generación de electricidad en todos los continentes.

Mercado	Centrales nucleares	Consumo de uranio
América del norte	94	18,500 toneladas métricas
Europa	106	22,300 toneladas métricas
Asia	139	26,700 toneladas métricas

Cameco Corporation (CCJ) - Modelo de negocio: Estructura de costos

Infraestructura minera intensiva en capital

Gastos de capital total para 2022: $ 286 millones

Categoría de infraestructura	Costo anual
Infraestructura mina del río McArthur	$ 124.5 millones
Equipo de mina de lago de cigarros	$ 98.3 millones
Mantenimiento y actualizaciones	$ 63.2 millones

Gastos de exploración y desarrollo

Gasto total de exploración en 2022: $ 67.8 millones

• Presupuesto de exploración de Saskatchewan: $ 42.3 millones
• Presupuesto de exploración internacional: $ 25.5 millones

Costos de cumplimiento ambiental y remediación

Gastos totales de cumplimiento ambiental para 2022: $ 93.6 millones

Categoría de cumplimiento	Costo anual
Cumplimiento regulatorio	$ 38.2 millones
Remediación del sitio	$ 55.4 millones

Inversiones de investigación e innovación tecnológica

Gasto de I + D en 2022: $ 22.4 millones

• Investigación avanzada de tecnología minera: $ 12.6 millones
• Investigación de optimización de procesos: $ 9.8 millones

Capacitación y desarrollo de la fuerza laboral

Presupuesto total de desarrollo de la fuerza laboral para 2022: $ 18.3 millones

Categoría de entrenamiento	Inversión anual
Capacitación de habilidades técnicas	$ 10.5 millones
Capacitación de seguridad y cumplimiento	$ 7.8 millones

Cameco Corporation (CCJ) - Modelo de negocios: flujos de ingresos

Ventas de productos de uranio

Ingresos de ventas de productos de uranio de Cameco para 2022: $ 2.95 mil millones

Tipo de producto	Volumen de ventas anual	Precio promedio por libra
Concentrado de uranio (U3O8)	22.5 millones de libras	$ 48.30/libra
Hexafluoruro de uranio (UF6)	7.5 millones de libras	$ 52.50/libra

Contratos de suministro a largo plazo

Valor total del contrato a largo plazo a partir de 2022: $ 4.8 mil millones

• Duración promedio del contrato: 7-10 años
• Clientes clave: servicios públicos de energía nuclear en América del Norte y Asia
• Volumen del contrato: aproximadamente 30 millones de libras de uranio

Servicios de conversión y procesamiento

Ingresos de servicios de conversión en 2022: $ 487 millones

Tipo de servicio	Capacidad de procesamiento anual	Contribución de ingresos
Conversión de uranio	15,000 toneladas métricas	$ 312 millones
Servicios de enriquecimiento de uranio	5,000 toneladas métricas	$ 175 millones

Gestión de activos estratégicos

Valor de la cartera de activos en 2022: $ 3.2 mil millones

• Valor de la mina del río McArthur: $ 1.5 mil millones
• Valor de la mina del lago de cigarros: $ 1.2 mil millones
• Kazajh Joint Venture Activos: $ 500 millones

Licencias y consultoría tecnológicas

Ingresos de licencia tecnológica en 2022: $ 42 millones

Categoría de licencias	Número de licencias	Ganancia
Licencias de tecnología nuclear	7 licencias activas	$ 28 millones
Servicios de consultoría	12 contratos de consultoría	$ 14 millones

Cameco Corporation (CCJ) - Canvas Business Model: Value Propositions

Secure, Reliable Fuel Supply: Proven, geopolitically stable source of uranium for national security objectives. Cameco Corporation expects its share of U3O8 production to reach up to 20 million pounds in 2025, backed by operations in stable jurisdictions. The company narrowed its uranium sales and delivery guidance for 2025 to between 32 to 34 million pounds. As of September 30, 2025, Cameco had commitments requiring delivery of an average of about 28 million pounds per year through 2029. Canada, where Cameco operates, ranks as the world's second-largest uranium exporter.

Integrated Fuel Cycle: Offering mining, conversion, and reactor technology (one-stop shop). Cameco Corporation holds a 49% stake in Westinghouse Electric Company, integrating reactor technology into its offering. The Westinghouse segment's adjusted EBITDA is projected to be between $525 million and $580 million (US) for 2025. The involvement in the Dukovany reactor project in the Czech Republic contributed $170 million (US) to Cameco's share of Q2 2025 revenue.

Low-Carbon Energy Enabler: Fueling carbon-free nuclear power to meet global decarbonization goals. The company's uranium segment generated an adjusted EBITDA of $220 million in the third quarter of 2025. First-half 2025 adjusted EBITDA for the uranium segment showed a 43% year-over-year increase.

Price Certainty: Long-term contracts with an average realized price of about $87.00 per pound (US$) in 2025. Cameco Corporation's average realized uranium price climbed to $87.00 per pound in the second quarter of 2025, up from $84.00 per pound in the prior period. This is supported by the disciplined long-term contracting strategy.

Here's a quick look at some key operational and financial metrics as of late 2025:

Metric	Value	Period/Context
Average Realized Uranium Price	$87.00 per pound (US$)	Q2 2025
Expected 2025 Uranium Deliveries (Total Guidance)	32 to 34 million pounds	2025 Outlook
Uranium Segment Adjusted EBITDA	$220 million	Q3 2025
Cash and Cash Equivalents	$779 million	As of September 30, 2025
Westinghouse Equity Stake	49%	Ownership Interest

The company's supply sourcing flexibility involves a mix of production, inventory, and borrowings. For instance, in the third quarter of 2025, Cameco produced 4.4 million pounds (our share) and borrowed 2 million pounds under product loan facilities.

• Uranium inventory on September 30, 2025, stood at 10.0 million pounds.
• The average inventory cost was $47.56 per pound.
• Purchased uranium in Q3 2025 had an average unit cost of $82.51 per pound.
• The blended total cost per pound across produced and purchased material decreased to $47.50 in Q3 2025 from $56.11 year-over-year.

Cameco Corporation (CCJ) - Canvas Business Model: Customer Relationships

You're looking at how Cameco Corporation (CCJ) locks in its future revenue, and honestly, it's all about long-term certainty in a market that prizes security of supply above almost everything else. This isn't a spot-market play; it's about decades-long partnerships.

Dedicated Account Management

Cameco Corporation manages its utility relationships with a high-touch approach, focusing on being a reliable, long-duration supplier. This means direct, consistent interaction with procurement teams who are planning fuel needs years, sometimes decades, out. The relationship is built on the proven track record of Cameco Corporation's assets being in stable jurisdictions.

Strategic Supplier

The current geopolitical environment has shifted customer focus heavily toward security of supply, making Cameco Corporation's role as a strategic supplier critical. This is evident in major international collaborations. For instance, Cameco Corporation is a strategic partner for the Net Zero Nuclear initiative in 2025, which is actively calling for a tripling of global nuclear capacity by 2050 to meet energy security and decarbonization goals. Furthermore, the potential multi-year export deal with India, which is targeting 100 GW of nuclear energy capacity by 2047, underscores this strategic positioning. This specific India-Canada deal is noted as being close to $2.8 billion for a 10-year supply.

Contractual Lock-in

The core of de-risking capital investment for Cameco Corporation comes from its disciplined, long-term contracting strategy. This strategy secures future cash flows and underpins the decision to ramp up production at tier-one assets. You can see the commitment levels clearly in the data.

Here's a quick look at the contracted volumes as of late 2025:

Metric	Value as of Late 2025
Total Long-Term Uranium Contract Portfolio (as of Dec 31, 2024)	Approximately 220 million pounds of uranium
Average Annual Uranium Delivery Commitment (2025 through 2029, as of Sep 30, 2025)	Over 28 million pounds per year
Total Contracted UF6 Conversion Volumes (as of Dec 31, 2024)	Over 85 million kgU

The commitment levels for uranium deliveries were specifically higher than the average in the years 2025 through 2027.

Government-Level Engagement

Cameco Corporation's customer relationships now extend directly to national governments, especially in the context of energy security and industrial policy. This is most clearly seen in the major strategic partnership announced in October 2025.

Key government-level engagements include:

• Entering a strategic partnership with the U.S. Government and Brookfield.
• This U.S. initiative is set to accelerate the deployment of Westinghouse nuclear reactors.
• The aggregate investment value committed by the U.S. Government for new reactors is at least $80 billion.
• The U.S. Government commits to arranging financing and facilitating permits and regulatory approvals for these new units.

This level of engagement solidifies Cameco Corporation's role as an essential part of the West's energy security infrastructure, moving beyond simple supplier status.

Cameco Corporation (CCJ) - Canvas Business Model: Channels

You're looking at how Cameco Corporation moves its product-uranium and fuel services-to the global nuclear utility customer base. This is all about delivery and securing future volume.

Direct Sales Team: Selling uranium and fuel services directly to global nuclear utilities.

Cameco Corporation sells the majority of its uranium and fuel services products under long-term sales contracts, which are routinely denominated in US dollars. The company remains confident in its ability to add acceptable new sales commitments to its portfolio to underpin the ongoing operation of its productive capacity. The strategy involves being selective in committing unencumbered, in-ground uranium inventory and UF6 conversion capacity under these agreements. The company will not produce from its tier-one assets to sell into an oversupplied spot market.

Westinghouse Sales Network: Leveraging Westinghouse's global channel for reactor and service sales.

Cameco Corporation maintains strong governance oversight of Westinghouse Electric Company, which extends its reach across the nuclear fuel cycle. Cameco holds a 49% stake in Westinghouse, which is the largest nuclear power plant manufacturer in North America. The Westinghouse segment's outlook for 2025 includes an expected net loss share between $20 million and $70 million (US). For the full year 2025, Cameco expects its share of Westinghouse Adjusted EBITDA to be between $525 million and $580 million (US). This segment was recently involved in an $80B U.S. government contract to build domestic nuclear reactors. Furthermore, an approximate $170 million (US) increase in Cameco's share of Westinghouse's Q2 2025 revenue was tied to the Dukovany construction project in the Czech Republic.

Long-Term Contracts: The primary mechanism for volume and price delivery over many years.

Long-term contracts are central to Cameco Corporation's value creation, protecting the company from weaker market conditions while retaining exposure to price improvements. The company is actively layering in long-term contracts for both uranium and conversion services. The average realized uranium price benefits significantly from this strategy.

Here are the commitment and pricing figures as of mid-to-late 2025:

Metric	Value/Amount	Date Reference
Average Annual Pounds Committed (2025-2029)	Over 28 million pounds per year	As of September 30, 2025
Average Annual Pounds Committed (2025-2029)	About 28 million pounds per year	As of March 31, 2025
Uranium Spot Price (as of Sept 30, 2025)	$82.00 (US) per pound	Used for market-related contracts pricing
Long-Term Price Indicator (as of Sept 30, 2025)	$82.00 (US) per pound	Used for market-related contracts pricing
Q3 2025 Average Realized Uranium Price	US$62.12 per pound	Q3 2025
Q2 2025 Average Realized Price (CAD)	CAD 81.03 per pound	Q2 2025

The company has narrowed its 2025 sales/delivery guidance for the uranium segment to 32 to 34 million pounds.

Physical Logistics: Global shipping and delivery of uranium concentrate and fuel products.

Cameco Corporation manages global shipping for uranium concentrate and fuel products, aligning supply timing with its contract portfolio. The company is actively managing inventory levels by reducing expected market purchases.

Key logistics and inventory figures:

• Expected 2025 uranium sales/delivery guidance: Narrowed to 32 to 34 million pounds.
• Expected 2025 production (Cameco's share): 9.8 million to 10.5 million pounds from McArthur River/Key Lake.
• JV Inkai purchase allocation expected for 2025: 3.7 million pounds.
• Reduced 2025 market purchase outlook: Up to 1 million pounds.
• Uranium inventory as of September 30, 2025: 10.0 million pounds.
• Average inventory cost as of September 30, 2025: $47.56 per pound.
• First shipment from JV Inkai expected to arrive at Blind River refinery in early November.
• Industry-wide logistics trend: By 2025, automated vehicles are projected to handle 60% of global mining logistics operations.

The company's total 2025 revenue is projected to be between CAD 3.3 billion and CAD 3.55 billion.

Cameco Corporation (CCJ) - Canvas Business Model: Customer Segments

Cameco Corporation (CCJ) serves a distinct set of customers across the nuclear fuel cycle, reflecting the global shift toward energy security and decarbonization.

Global Nuclear Utilities: Primary customers for uranium, conversion, and fabrication services.

The core customer base for uranium concentrates, UO2, UF6, and fabrication services consists of established nuclear power operators globally. As of December 31, 2024, Cameco Corporation had long-term sales commitments requiring delivery of approximately 220 million pounds of U3O8 through 2029. The company sells uranium and fuel services directly to 41 nuclear utilities worldwide. For conversion services specifically (UF6), the customer base includes 34 nuclear utilities worldwide.

The geographic distribution of uranium volume commitments as of year-end 2024 shows a significant concentration in Western markets:

Region	Uranium Volume Commitment Percentage	UF6 Volume Commitment Percentage
Americas (US, Canada, Latin America)	44%	50%
Europe	39%	45%
Asia	17%	5%

Contractual concentration is high, with the five largest customers accounting for 58% of uranium commitments and 59% of UF6 commitments as of December 31, 2024. For the 2025 fiscal year, Cameco Corporation narrowed its uranium sales and delivery guidance to a range of 32 to 34 million pounds. The uranium segment revenue for Q3 2025 was $523 million, based on sales volumes of 6.1 million pounds. Fuel services revenue for Q3 2025 was $91 million, reflecting sales volumes of 1.9 million kgU. The company projects 2025 fuel services revenues to be between CAD 500-550 million.

National Governments: Seeking energy independence and security through nuclear power infrastructure.

National governments are increasingly becoming direct or indirect customers, driven by energy security mandates. A notable example is the prospect of a multi-year Canada-India uranium export deal, which is estimated to be worth about $2.8 billion. Furthermore, the strategic partnership announced in late October 2025 involves the United States Government committing to construct at least $80 billion of new nuclear power reactors utilizing Westinghouse technology. This positions Cameco Corporation as a secure and reliable western-based supplier of fuel for these government-backed initiatives.

Reactor Operators: Customers for Westinghouse's reactor technology, parts, and maintenance services.

Through its 49% equity interest in Westinghouse Electric Company, Cameco Corporation serves reactor operators with technology, parts, and services. The outlook for this segment has strengthened significantly in 2025. Management raised its share of Westinghouse's full-year adjusted EBITDA outlook to US$525-580 million. This increase includes an expected boost of approximately $170 million (US) to Cameco's 49% equity share of Westinghouse's 2025 adjusted EBITDA, primarily tied to participation in the Dukovany power plant construction project in the Czech Republic. The underlying, non-boosted, outlook for Westinghouse's compound annual growth rate for adjusted EBITDA remains between 6% and 10% over the next five years.

Emerging Nuclear Markets: Countries expanding capacity or adopting Small Modular Reactors (SMRs).

The market momentum is driving demand from emerging and expanding nuclear markets. Key indicators of this customer segment growth include:

• Approvals for SMRs in Ontario.
• Plans for 10 new U.S. reactors.
• Multiple new reactor projects underway in Europe.

The strategic importance of Cameco Corporation is being elevated by these structural demand drivers, as utilities prioritize security of supply for new and existing reactor builds.

Cameco Corporation (CCJ) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Cameco Corporation's operations, which are heavily weighted toward capital-intensive mining and processing. Honestly, the structure reflects a long-term, high-barrier-to-entry business.

High Fixed Costs: Significant capital expenditures for mine development and mill maintenance.

• Capital expenditure plan for 2025-2027 is set at $2.5 billion.
• Consolidated capital expenditures guidance for 2025 is projected between $360-400 million.
• The company's strategy involves disciplined production, which means deferring output to protect long-term value, as seen with development delays at McArthur River/Key Lake.

Production Costs: Unit cost guidance for produced uranium is $59.50 to $63.00 per pound.

The overall 2025 guidance for the unit cost of sales (including depreciation and amortization) for uranium is set in the range of $59.50 to $63.00 per pound. This contrasts with the actual costs seen in the third quarter of 2025:

Cost Metric (Q3 2025)	Produced Cost (CAD/lb)	Purchased Cost (CAD/lb)	Blended Total Cost (CAD/lb)
Cash Cost	$25.20	$82.51 (Average Unit Cost)	$39.03 (Overall Cash Cost)
Total Production Cost (incl. D&A)	$36.36	N/A	$47.50 (Blended Total Cost)

Exploration and Development: Ongoing investment in new mining areas and ground freezing technology.

Cameco Corporation allocates specific budgets toward maintaining its asset base and exploring future supply. The cost structure includes dedicated spending for these activities:

• Exploration costs guidance for 2025 is set at $27 million.
• Research and development guidance for 2025 is set at $47 million.
• Direct administration costs guidance for 2025 is projected to be $220-230 million.

Labor and Energy: Costs associated with operating remote, high-grade mines in Northern Saskatchewan.

Operating in Northern Saskatchewan involves significant local expenditures, particularly for services supporting the McArthur River/Key Lake and Cigar Lake operations. You can see the scale of local contracting activity:

• Payments to Northern Saskatchewan suppliers for construction and contracting services for the nine months ended September 30, 2025, totaled $63,815,000.
• Payments for the same services in the third quarter of 2025 were $21,216,000.
• The estimated average life-of-mine operating costs for the McArthur River/Key Lake operation are $20.31 per pound.
• The estimated average life-of-mine operating costs for the Cigar Lake operation are $21.12 per pound.

Amortization: Intangible asset amortization related to the Westinghouse acquisition.

The 49% equity investment in Westinghouse Electric Company introduces non-cash charges related to the acquisition accounting. While a precise 2025 amortization figure isn't explicitly stated as a standalone line item in the guidance tables, its impact is reflected in the segment results. The Westinghouse segment reported a net loss in Q1 2025 due to the ongoing amortization of intangible assets. For Q3 2025, Cameco's share of the Westinghouse net loss was $32 million.

Cameco Corporation (CCJ) - Canvas Business Model: Revenue Streams

You look at Cameco Corporation's revenue streams and see a clear, three-pronged approach that anchors its financial outlook for 2025. The core business remains the sale of uranium, which is supplemented by its growing Fuel Services segment and the significant equity earnings from its stake in Westinghouse Electric Company. This structure is designed to capture value across the nuclear fuel cycle, giving you a view of where the money is actually coming from this year.

Here is a quick look at the key 2025 guidance figures Cameco has provided:

Revenue Stream Component	2025 Projected Amount/Volume	Currency/Unit
Total Consolidated Revenue Guidance	3.3 billion to 3.55 billion	CAD
Uranium Sales Deliveries Volume	32 to 34 million	Pounds
Fuel Services Revenue Projection	500-550 million	CAD
Share of Westinghouse Adjusted EBITDA	525-$580 million	US$

Uranium Sales form the primary engine, with the company planning sales deliveries in 2025 ranging between 32 to 34 million pounds. This volume guidance was recently narrowed, showing increased confidence in the timing of those deliveries as the year progresses. For context, Cameco reported 33.6 million pounds delivered in 2024, so the 2025 target is right in that established range.

The Fuel Services segment, which covers refining and conversion services, is projected to bring in revenues between CAD 500-550 million for 2025. This segment saw an impressive year-over-year growth of 88% in Q1 2025, showing its increasing importance alongside the core uranium business.

Equity earnings from the 49% ownership in Westinghouse Electric Company are a major contributor to the bottom line. For 2025, Cameco projects its share of adjusted EBITDA from Westinghouse to be in the range of $525-$580 million (US$). This figure reflects a substantial upgrade, partly due to Westinghouse's involvement in the construction project for two nuclear reactors at the Dukovany power plant in the Czech Republic, which added an anticipated $170 million (US) to Cameco's equity share in 2025.

Revenue stability comes from the large, creditworthy contract portfolio Cameco maintains. You can see this commitment in the forward-looking schedule; from 2025 through 2029, Cameco has firm commitments to deliver an average of about 28 million pounds per year of uranium. This backlog helps insulate the company from short-term spot price volatility, which is a key part of their risk-managed strategy.

When you put it all together, the expected consolidated revenue guidance for Cameco Corporation in 2025 is set between CAD 3.3 billion to CAD 3.55 billion. This is an increase from the CAD 3.136 billion reported in revenues for 2024.

• Uranium segment revenue is forecasted separately at CAD 2.8-3.0 billion for 2025.
• The company's total adjusted EBITDA for the first nine months of 2025 reached $1.3 billion.
• As of September 30, 2025, Cameco held $779 million in cash and cash equivalents.