Cameco Corporation (CCJ): Business Model Canvas [Dec-2025 Updated]

You're digging into the real engine behind Cameco Corporation, and honestly, the late 2025 picture is way more interesting than just mining yellowcake. Forget the old view; their strategic 49% stake in Westinghouse Electric Company has fundamentally changed the game, turning them into a full-cycle nuclear player that offers everything from fuel to reactor tech. We're looking at a company guiding for consolidated revenue between CAD 3.3 billion to CAD 3.55 billion in 2025, all while securing long-term fuel supply for national security objectives. So, if you want to see exactly how they connect their tier-one Saskatchewan reserves to reactor services and what that means for their cost structure versus their revenue streams, you need to see the full nine blocks laid out below.

Cameco Corporation (CCJ) - Canvas Business Model: Key Partnerships

Brookfield Asset Management: Co-owner of 49% stake in Westinghouse Electric Company. The total enterprise value for Westinghouse was $7.875 billion, with Cameco's equity cost for its 49% share equaling $2.1 billion (US) as of the acquisition close in 2023. Brookfield Renewable Partners owns the remaining 51% interest.

US Government/Department of Energy: Strategic alliance announced October 28, 2025, to accelerate US nuclear reactor deployment using Westinghouse technology, involving at least $80 billion of new reactors to be constructed across the United States. The US Government has the right to require Westinghouse to undertake an initial public offering if its valuation reaches at least $30 billion by January 2029. Separately, the US Department of Energy is investing up to $800 million in advanced nuclear technology initiatives.

Kazatomprom: Partner in Joint Venture Inkai (JV Inkai) in Kazakhstan for uranium production. Kazatomprom holds a 60% interest, while Cameco owns a 40% share. JV Inkai is targeting 2025 production of 8.3 million pounds on a 100% basis, with Cameco's purchase allocation expected to be 3.7 million pounds.

Silex Systems: Joint venture partner in Global Laser Enrichment (GLE) for enrichment technology. Cameco Corporation holds a 49% stake, with Silex Systems Limited holding 51%. GLE was invited to bid for up to US$900 million ($1.38 billion) in US Department of Energy Low-Enriched Uranium (LEU) Enrichment Acquisition program funding, with a bid due August 25, 2025. GLE also submitted a response for up to US$24m in funding under the HALEU Innovative Technology NOFO in March 2025.

Global Nuclear Utilities: Long-term contracts with utilities across North America, Europe, and Asia underpin future sales volumes. As of December 31, 2024, Cameco had commitments to deliver an average of about 28 million pounds of uranium per year from 2025 through 2029. The total portfolio of long-term uranium contracts includes commitments for approximately 220 million pounds of uranium. For UF6 conversion services, contracted volumes are over 85 million kgU. As of June 30, 2025, the five-year average commitment remained about 28 million pounds per year. A potential multi-year Canada-India uranium export deal is valued at about $2.8 billion.

Here's the quick math on the primary strategic relationships:

You can see the long-term contracted book is substantial, which helps manage the near-term production hiccups, like the temporary suspension at JV Inkai in January 2025.

• Cameco's expected share of JV Inkai deliveries for 2025 is 3.7 million pounds.
• GLE received an initial award of US$500,000 under TO1 in April 2025.
• Cameco's expected uranium sales volume for 2025 is between 31 million and 34 million pounds, with an average realized price of approximately $87 per pound.
• For Fuel Services in 2025, the plan is to produce between 13 million and 14 million kgU.

Finance: review the impact of the $2.8 billion India deal pipeline on 2026 contract coverage by end of Q4.

Cameco Corporation (CCJ) - Canvas Business Model: Key Activities

You're looking at the core engine of Cameco Corporation (CCJ) right now, late in 2025. The key activities are all about controlling the fuel cycle, from digging it out of the ground to securing the long-term sale. It's a capital-intensive, high-stakes operation, defintely not for the faint of heart.

Uranium Mining and Milling: Operating tier-one assets like Cigar Lake and McArthur River/Key Lake.

The focus here is on getting the best pounds out of the best assets, even when facing on-the-ground hurdles. For the first nine months of 2025, Cameco Corporation's share of combined production from McArthur River/Key Lake and Cigar Lake was 15 million pounds. The company expects its total share of production to reach up to 20 million pounds for the full year 2025.

The operational reality for 2025 involved recalibration due to development delays at McArthur River. Here's how the 2025 production outlook breaks down on a 100% basis, showing the strength of Cigar Lake offsetting the McArthur River revision:

The strong performance at Cigar Lake provides an opportunity to potentially offset up to 1 million pounds (100% basis) of the shortfall at McArthur River/Key Lake. Cameco Corporation holds a 69.805% stake in McArthur River, 83.33% in Key Lake Mill, and 54.547% in Cigar Lake.

Nuclear Fuel Services: Refining, conversion, and fabrication of uranium concentrate.

This segment is about adding value beyond the mine gate. In the third quarter of 2025, fuel services produced 3.1 million kgU. For the first nine months of 2025, production reached 10.2 million kgU. The annual production expectation for all combined fuel services products in 2025 is set between 13 million and 14 million kgU.

Cameco Corporation operates facilities that hold about 21% of the world's UF6 primary conversion capacity in Port Hope. The company continues to work toward achieving a UF6 production rate of 12,000 tonnes per year. Also, a new collective agreement was reached with unionized employees at the Port Hope conversion facility in July 2025, running for a three-year term until June 2028.

Reactor Technology and Services: Providing nuclear plant design (AP1000) and maintenance via Westinghouse.

This activity captures value from the downstream reactor side through the ownership of Westinghouse Electric Company. A major development in late 2025 was the announcement of a strategic partnership with the U.S. Government and Brookfield Asset Management to deploy at least US$80 billion of new reactors using Westinghouse AP1000 technology.

Under this structure, the U.S. Government will receive a participation interest entitling it to 20% of cash distributions exceeding US$17.5 billion made by Westinghouse after a final investment decision. The AP1000 is the most recently constructed reactor design in the United States, with two units operating at Vogtle. Furthermore, the Nuclear Regulatory Commission (NRC) extended the AP1000 standard design certification duration to 40 years, expiring February 27, 2046. The adjusted EBITDA from the Westinghouse stake more than doubled to $352 million in the period leading up to August 2025.

Long-Term Contracting: Securing multi-year, market-related price agreements with customers.

The disciplined contracting strategy is crucial for locking in favorable realized prices. For 2025, the expected average realized uranium price is approximately $87 per pound. The company narrowed its sales guidance for 2025 to 32-34 million pounds. So far in 2025, Cameco Corporation delivered 15.6 million pounds of uranium.

The long-term book of business is substantial. As of June 30, 2025, Cameco Corporation had commitments requiring delivery of an average of about 28 million pounds per year from 2025 through 2029. This strategy is supported by a forecast for 2025 uranium revenues between CAD 2.8-3.0 billion. The company also reduced its market purchases guidance for 2025 to 1 million pounds.

Supply Chain Optimization: Managing production, inventory, and purchases to meet delivery commitments.

Operational flexibility is underpinned by a strong financial position. As of June 30, 2025, Cameco Corporation maintained $716 million in cash and cash equivalents, alongside $1.0 billion in total debt. You also have access to a $1.0 billion undrawn revolving credit facility.

The uranium segment showed its profitability potential, reporting an adjusted EBITDA of $220 million in the third quarter of 2025. The company uses its inventory, the ability to buy on the spot market, and pulling forward long-term purchases to manage delivery commitments despite production variability.

• Uranium segment adjusted EBITDA (Q3 2025): $220 million
• Cash and cash equivalents (June 30, 2025): $716 million
• Undrawn revolving credit facility: $1.0 billion
• Total debt (June 30, 2025): $1.0 billion

Cameco Corporation (CCJ) - Canvas Business Model: Key Resources

You're looking at the core assets that make Cameco Corporation a powerhouse in the nuclear fuel cycle. These aren't just line items; they are the physical and financial foundations supporting their long-term strategy, especially as global nuclear energy demand ramps up. Honestly, the quality of these resources is what sets Cameco apart from pure-play miners.

Tier-One Uranium Reserves

Cameco Corporation controls some of the best uranium deposits on the planet, which is the bedrock of their entire operation. These assets are located primarily in northern Saskatchewan, Canada, a jurisdiction known for hosting the world's highest-grade uranium mines. This high-grade nature means lower operating costs when production is active.

• Direct interests in 660,000 hectares (1.6 million acres) in the Athabasca Basin, Saskatchewan.
• Cameco holds approximately 485 million pounds of uranium reserves across its global portfolio.
• The McArthur River mine, part of this tier-one complex, is the world's largest high-grade uranium mine.

Westinghouse Electric Company

This investment is key to Cameco's move beyond just mining. By holding a significant stake in Westinghouse Electric Company, Cameco gains exposure across the full nuclear fuel cycle, from design and construction to services. Brookfield Renewable Partners owns the remaining 51% stake, with Cameco holding 49% equity investment. This partnership is already showing financial muscle, as seen by the expected increase in Cameco's share of Westinghouse's 2025 adjusted EBITDA.

Key Lake Mill

The Key Lake Mill is a critical processing hub, taking ore from the McArthur River mine for conversion. It holds the title of the world's largest uranium mill. While the prompt specifies a capacity, the actual licensed capacity is higher, but we'll note the historical context and recent performance here. The mill is a joint venture, with Cameco holding an 83.333% ownership interest.

• World's largest uranium mill, processing ore from McArthur River.
• Annual licensed capacity is up to 25 million pounds (100% basis).
• Set a world record in 2024 by achieving 20.3 million packaged pounds of U3O8 output.

Financial Strength

You want to see a company that can fund its strategy without constantly tapping the markets, and Cameco's balance sheet as of mid-2025 reflects that discipline. They are maintaining liquidity to support capital expenditure plans, like the expansion at Cigar Lake and McArthur River, which are vital for meeting future contract demands. Here's the quick math from their Q2 2025 report.

What this estimate hides is the need to self-manage risks like the production deferral at McArthur River, but the liquidity definitely helps smooth that out.

Specialized Human Capital

Mining and processing uranium at this scale, especially using complex underground methods, requires deep, specific knowledge. This expertise is concentrated in their operational areas, ensuring they can manage the technical challenges inherent in their assets. If onboarding takes 14+ days, churn risk rises, so retaining this specialized team is defintely a priority.

• McArthur River/Key Lake employed about 2,210 workers (including contractors) at the end of 2024.
• Over 53.6% of employees at the McArthur River/Key Lake sites were residents of northern Saskatchewan (as of end-2024 data).
• Expertise covers complex underground mining and nuclear fuel processing technologies.

Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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:

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.