[CCJ] Cameco: Q3 2026 Earnings Test for Uranium Prices and Costs

Cameco is one of the world's largest uranium producers: it mines high-grade uranium in northern Saskatchewan, runs uranium conversion and fuel manufacturing, and owns 49% of nuclear equipment and services company Westinghouse. Third quarter 2026 (three months ended September 30, 2026) results are scheduled for release on 2026-10-30, making this a Cameco Q3 2026 earnings test of whether higher uranium prices can offset lower deliveries and rising costs[1]. In the latest reported period, the second quarter of 2026, consolidated revenue was C$814 million, net earnings were C$25 million and adjusted net earnings were C$77 million; uranium deliveries fell 18% to 7.1 million pounds and the Canadian-dollar realized price rose 15% to C$93.13/lb, but unit cost of sales climbed 26% to C$70.81/lb, so uranium gross profit fell 27% to C$158 million[2]. Cameco gives no quarterly guidance; its full-year 2026 outlook, updated July 30, calls for uranium deliveries of 29-32 million pounds, a realized price of C$91-96/lb, unit cost of sales of C$63.00-67.50/lb, consolidated revenue of C$3.32-3.57 billion, and adjusted EBITDA of US$370-430 million for its 49% share of Westinghouse[2]. Analyst estimates compiled by Drillr put average third-quarter revenue at about 759.7 million (4 analysts, range 707.7-822.7 million; the source does not state a currency, and comparison with second-quarter actual revenue indicates Canadian dollars) and average EPS at 0.32 (8 analysts, range 0.31-0.35, currency and adjustment basis not stated)[3]; Drillr's earnings calendar separately lists a third-quarter EPS estimate of 0.23, which comparison with the second-quarter actual indicates is in US dollars[1].

Three things matter most in this report. First, can uranium deliveries and realized prices hold up together? Citing contracting discipline, Cameco set full-year deliveries below the 33 million pounds of 2025, second-quarter uranium revenue already fell 7% on lower deliveries, and third-quarter 2025 deliveries, derived from the annual report, were about 6.2 million pounds with uranium revenue of about C$523 million[4], so the third quarter must show that higher prices can make up for lower volume. Second, the annual Key Lake mill shutdown in the third quarter is longer than in previous years, and Cigar Lake was suspended for about two weeks in July because of a problem at a third-party mill[5][6]; lost production forces Cameco to buy uranium at near-market prices, so whether unit cost falls from the second quarter's C$70.81/lb directly determines uranium gross profit[2]. Third, adjusted EBITDA from the 49% Westinghouse share fell 36% year over year in the first half, and Cameco said the full-year outlook depends on a stronger fourth quarter and a definitive US AP1000 agreement[2]; whether the third quarter shows evidence of core improvement or a signed deal determines how credible that outlook is.

Company Background and Business Structure

Cameco is a Canadian company that controls both uranium resources and nuclear fuel processing capacity, and it emphasizes that its assets sit in geopolitically stable regions. It was formed in 1988 by merging Saskatchewan Mining Development Corporation with the uranium business of Eldorado Nuclear, is headquartered in Saskatoon, trades in Toronto (CCO) and New York (CCJ), and is led by chief executive Tim Gitzel[4]. Cameco operates McArthur River, the world's largest high-grade uranium mine, and Key Lake, the world's largest uranium mill; after it and Orano jointly bought TEPCO's 5% interest in Cigar Lake in July 2026, Cameco's stake in Cigar Lake rose by 2.871 percentage points to 57.418%[7]. Cameco also owns 40% of JV Inkai in Kazakhstan, 49% of Westinghouse, which it owns jointly with Brookfield Renewable Partners, and 49% of laser enrichment technology company Global Laser Enrichment[4][8].

Cameco reports three segments, uranium, fuel services and Westinghouse, but only the first two count toward consolidated revenue. The uranium segment produces uranium concentrate (U3O8) in northern Saskatchewan and, together with uranium bought from JV Inkai, purchased in the market or borrowed as product loans, sells it directly to utilities worldwide under long-term contracts; in 2025 it delivered 33 million pounds with revenue of C$2.874 billion and adjusted EBITDA of C$1.255 billion. The fuel services segment uses the Blind River refinery and Port Hope conversion facility in Ontario to turn uranium concentrate into uranium hexafluoride (UF6) for light-water reactor enrichment and uranium dioxide (UO2), and it makes fuel bundles and reactor components for CANDU heavy-water reactors; in 2025 it sold 13.1 million kgU with revenue of C$562 million and adjusted EBITDA of C$219 million, and it holds about 83 million kgU of long-term UF6 contracts[4]. Westinghouse is equity-accounted and supplies fuel assemblies, refueling outage services, life-extension equipment and AP1000 reactor technology; in 2025 Cameco's 49% share of its revenue was C$3.458 billion and of its adjusted EBITDA C$780 million, none of which enters Cameco's consolidated revenue[4]. Utilities usually buy nuclear fuel years in advance through bilaterally negotiated long-term contracts, and the spot market covers only small, discretionary needs, so Cameco's revenue timing is set by contract terms and customer delivery schedules[4].

Financial History and Current Position

Cameco's annual revenue more than doubled over the last four years, rising from C$1.475 billion in 2021 to C$3.479 billion in 2025[4]. In 2025 net earnings were C$590 million, adjusted net earnings C$627 million and adjusted EBITDA C$1.929 billion (C$1.531 billion in 2024), while operating cash flow was C$1.408 billion, including C$677 million in the fourth quarter alone[4]. That year the uranium segment's realized price was C$87.00/lb (US$62.11/lb) and the fuel services realized price was C$43.04/kgU; at year-end cash and short-term investments were about C$1.2 billion and total debt was C$1.0 billion[4].

Uranium revenue grew slightly in the first half of 2026, but consolidated earnings fell short of the prior year as Westinghouse equity earnings declined. In the first quarter Cameco delivered 7.8 million pounds and held 9.1 million pounds of uranium inventory on March 31[9]; for the first half it delivered 14.9 million pounds at a realized price of C$92.15/lb, with uranium revenue of C$1.370 billion, up 3%, and uranium adjusted EBITDA of C$676 million[2]. Over the same period consolidated net earnings were C$156 million, adjusted net earnings C$281 million and adjusted EBITDA C$899 million, all below the first half of 2025, mainly because of lower Westinghouse equity earnings[2].

Second-quarter cash flow was weak, but the balance sheet remained solid. Second-quarter revenue was C$814 million, net earnings C$25 million, adjusted net earnings C$77 million and operating cash flow C$131 million; first-quarter operating cash flow was negative C$22 million, and both quarters were affected by income tax payments and higher working capital[2]. On June 30 Cameco held C$1.1 billion of cash and C$1.0 billion of total debt, plus C$1.0 billion of undrawn revolving credit[2]. As the comparison quarter for this report, the third quarter of 2025 had consolidated revenue of C$615 million, adjusted net earnings of C$32 million and operating cash flow of C$156 million, according to the quarterly trend table in the annual report[4].

Operating Model

Cameco's consolidated revenue is essentially uranium revenue plus fuel services revenue, and uranium revenue is the product of delivery volume and realized price. Utilities decide under long-term contracts when in the year to take delivery, so quarterly volumes can swing widely; the realized price comes from a mix of fixed-price contracts and market-related contracts with floors and ceilings, follows spot and long-term prices with a lag, and is converted into Canadian dollars at the US-dollar exchange rate[2]. For 2026 Cameco guides to uranium deliveries of 29-32 million pounds and uranium revenue of C$2.70-2.91 billion, plus fuel services volume of 13-14 million kgU and revenue of C$610-650 million[2].

Uranium gross profit equals delivery volume times the gap between realized price and unit cost of sales, and unit cost depends on the mix of produced and purchased uranium. Uranium produced at McArthur River/Key Lake and Cigar Lake costs less, so when output falls short Cameco must meet contracts through market purchases, JV Inkai offtake, product loans or inventory, and maintenance costs in the period also raise unit cost; the 2026 unit cost outlook is C$63.00-67.50/lb[2]. Fuel services gross profit equals volume times the gap between realized price and a unit cost of C$33.50-35.80/kgU; from there Cameco subtracts C$245-260 million of direct administration, exploration, research and development led by GLE, and C$62-67 million of care and maintenance costs for idle tier-two assets, adds equity earnings from JV Inkai and Westinghouse, and then deducts finance costs, derivative and foreign-exchange gains or losses and income taxes to reach net earnings[2]. The outlook for adjusted EBITDA from the 49% Westinghouse share is US$370-430 million, but after purchase-accounting amortization and interest, Cameco anticipates a net loss of US$10-75 million on that equity line[2].

Operating cash flow swings with the timing of deliveries and purchases, and most of it arrives late in the year. Fourth-quarter 2025 operating cash flow was C$677 million, close to half of the full-year C$1.408 billion[4]; JV Inkai's earnings reach Cameco as cash dividends, with US$124 million received in the second quarter of 2026, while Westinghouse distributes to its owners based on its cash position, paying US$49 million in the first quarter of 2026 and a US$171.5 million distribution tied to the Dukovany project in October 2025[2]. Consolidated capital expenditure guidance for 2026 is C$490-540 million, including C$380-410 million in uranium, and the annual dividend is C$0.24 per share[2].

Industry and Competitive Position

Global uranium supply is concentrated in a few large producers, while utilities' long-term contracting remains below replacement rate. Cameco, Kazakhstan's national atomic company Kazatomprom and Orano are among the world's main uranium suppliers, and Cameco markets the stability of its asset locations and its reliable supply record; utilities signed about 116 million pounds of long-term contracts in 2025, still below replacement rate[4]. UxC counted about 33 million pounds of long-term contracting in the first half of 2026, up from 27 million pounds a year earlier; on June 30 the spot price was US$85.00/lb and the UxC long-term price indicator was US$94.00/lb[2].

Cameco's strengths are its high-grade mines and a contract book that leaves room to spare, but its reliance on a third-party mill is a constraint. Its long-term portfolio of about 230 million pounds implies average deliveries of about 28 million pounds a year in 2026-2030, above average in the first three years and below average in 2029-2030, leaving uncommitted capacity for rising prices[4]. Westinghouse technology is used in 57% of the world's 417 operating reactors, and the potential AP1000 opportunity is about 91 units[4]. However, Cigar Lake ore is processed at Orano's McClean Lake mill, so that mill's equipment directly affects Cameco's output, and Cameco's disclosures do not include cost or margin data that can be compared directly with peers such as Kazatomprom[5].

Core Debates

Can Cameco sell less and earn more: will third-quarter uranium deliveries and realized prices both hold up?

This debate decides the direction of roughly four-fifths of Cameco's revenue, because in 2026 the company chose to deliver less and lift revenue through price. Citing "contracting discipline," Cameco set delivery guidance at 29-32 million pounds, below the 33 million pounds of 2025, while relying on market-related contracts to raise realized prices; second-quarter deliveries fell 18% and uranium revenue fell 7%[2]. The third quarter is the first comparable quarter to test whether "selling less at higher prices" works at the revenue line.

The evidence shows pricing is improving, but the exchange rate supplies part of the gain. In the first half Cameco delivered 14.9 million pounds at C$92.15/lb, and uranium revenue rose 3% to C$1.370 billion; on July 30, citing higher spot prices and a stronger US dollar, it raised full-year realized price guidance to C$91-96/lb and uranium revenue guidance to C$2.70-2.91 billion[2]. The second-quarter realized price was US$67.79/lb, up 18%, or C$93.13/lb, while the average spot price in the quarter was US$85.18/lb[2]. Derived from the annual total minus the fourth quarter and the first half, third-quarter 2025 deliveries were about 6.2 million pounds at about C$84/lb, for uranium revenue of about C$523 million[4].

The financial chain is direct, but it is not yet possible to tell whether low deliveries reflect Cameco's own discipline or customers deferring delivery. Utilities set delivery timing under long-term contracts, and volume times the Canadian-dollar realized price, which is shaped by contract pricing lags and the exchange rate, produces uranium revenue that flows into consolidated revenue and adjusted EBITDA[2]. An alternative reading is that lower volume partly reflects customers deferring delivery; if third-quarter deliveries stay low, full-year revenue will lean too heavily on the fourth quarter, and because part of the price gain comes from a stronger US dollar, only the year-over-year rise in the US-dollar realized price shows the underlying improvement in contract pricing[2].

The third quarter needs to be read across volume, realized price in both currencies and segment revenue. If third-quarter deliveries are at least 6.2 million pounds, nine-month deliveries exceed 21.1 million pounds, the Canadian-dollar realized price stays above C$91/lb, the US-dollar realized price rises more than 10% year over year, and uranium revenue exceeds the prior-year C$523 million, the "sell less, earn more" view gains support[2]. Conversely, if deliveries shift heavily into the fourth quarter, meeting full-year guidance will depend on a few customers' year-end schedules; and if spot falls below US$84.75/lb, market-related contracts will price lower later, with Cameco's sensitivity table showing a 2027 realized price of only about US$58/lb at a US$60/lb spot price[2].

After the long Key Lake shutdown and the Cigar Lake suspension, can the uranium segment protect its third-quarter gross profit?

Cameco's profit advantage comes from high-grade, low-cost produced uranium, and this debate tests whether a production gap will keep eroding gross profit. When output falls short, Cameco buys uranium at near-market prices to meet contracts, which is why second-quarter unit cost of sales rose 26% to C$70.81/lb, uranium gross profit fell 27% to C$158 million, and gross margin dropped from 31% to 24%[2]. The third quarter combines the long Key Lake shutdown with the Cigar Lake suspension, making it the key quarter to test whether costs can come down.

The first-half production gap came from several operational disruptions, and the third quarter added a new suspension. Cameco's share of first-half production was 10.1 million pounds, down 5%; Cigar Lake's annual maintenance moved into the second quarter from its usual third-quarter slot, a May flood in northern Saskatchewan halted Key Lake for about two weeks, and McArthur River/Key Lake packaged 3.3 million pounds in the second quarter (100% basis, 2.3 million pounds Cameco's share)[2], compared with 5.0 million pounds (3.5 million pounds Cameco's share) in the first quarter[9]. On July 1 Cigar Lake suspended mining because of a sulfuric acid plant failure at Orano's McClean Lake mill[5], restarted on July 15, and kept its full-year plan of 17.5-18.0 million pounds (100% basis)[6]. On July 30 Cameco raised unit cost guidance to C$63.00-67.50/lb, mainly attributing the change to the exchange-rate effect on US-dollar costs; it bought 3.0 million pounds in the market in the first half, 2.8 million of them in the second quarter[2].

The production gap reaches gross profit through purchase costs, and how much of the second quarter's high cost will persist is unresolved. Mine and mill operations set produced volume, and the shortfall is covered by purchases at about C$95/lb, product loans or inventory, which raises unit cost of sales and compresses uranium gross profit[2]. Derived from the annual report, third-quarter 2025 production (Cameco's share) was about 4.4 million pounds, unit cost of sales was about C$59/lb, and uranium gross profit was about C$158 million (gross margin about 30%)[4]. An alternative reading is that the second-quarter cost spike was not only about maintenance timing, and that more purchases and a higher inventory cost (C$58.05/lb at the end of June) will carry into the second half; if third-quarter unit cost stays near C$70/lb, that reading becomes more convincing[2].

The third-quarter test is whether production, unit cost and gross profit improve together. The checkpoints are whether third-quarter production approaches 4.4 million pounds and the Key Lake shutdown ends on schedule, whether unit cost of sales falls below C$65/lb, whether uranium gross profit exceeds the prior-year C$158 million, and whether Cameco keeps its full-year production plan of 19.5-21.5 million pounds and its cost guidance[2]. Cameco has warned that new infrastructure installation and major repairs make the Key Lake shutdown longer than usual and that a delayed restart could affect production[2]; Cigar Lake ore depends on Orano's mill, and another equipment failure there would force the mine to stop[5].

Before the promised fourth-quarter strength, can Westinghouse show third-quarter evidence of core improvement and AP1000 deals?

Westinghouse is the main reason the market sees Cameco as a company spanning the nuclear value chain, and its results drive roughly 40% of Cameco's adjusted EBITDA. In 2025 adjusted EBITDA from the 49% Westinghouse share was C$780 million, against Cameco's full-year adjusted EBITDA of C$1.929 billion[4]. In the first half of 2026 that share of EBITDA fell 36% year over year, partly because the second quarter of 2025 included one-time Dukovany revenue, and the full-year outlook depends on a definitive US AP1000 agreement[2].

Cameco kept its Westinghouse outlook but placed most of the delivery in the fourth quarter. In the second quarter the 49% share of Westinghouse revenue was C$863 million and of adjusted EBITDA C$163 million (a 19% margin), with a net loss of C$10 million; Cameco kept its full-year outlook of US$370-430 million, said the first half would be weaker and the fourth quarter stronger, and acknowledged that the outlook assumes a definitive AP1000 agreement with the US government and progress on at least one project, with delays able to affect it[2]. On July 31 Westinghouse confidentially submitted a draft IPO registration statement to the US Securities and Exchange Commission[8]; a US-Korea framework announced October 1 anticipates US$120 billion of Korean investment to build six AP1000 units and up to two APR1400 units based on Westinghouse technology, with each APR1400 worth about US$2 billion to Westinghouse, but its terms are non-binding and subject to final negotiations[10].

Westinghouse's operating results pass through purchase-accounting amortization, interest and taxes before reaching Cameco's net earnings, which opens a gap between EBITDA gains and earnings gains. Refueling outages, fuel assembly deliveries and life-extension equipment demand across reactors using Westinghouse technology, plus AP1000 construction progress, set its revenue; revenue times margin gives adjusted EBITDA for the 49% share, which after amortization, interest and taxes becomes equity earnings[2]. Derived from the annual report, third-quarter 2025 revenue for the 49% share was about C$697 million, adjusted EBITDA about C$124 million (about an 18% margin) and equity earnings about negative C$32 million[4]. An alternative reading is that core margins are stable and that new-build revenue recognition depends on a definitive agreement; if no deal is signed in the third quarter, hitting the full-year outlook will rely too heavily on the timing of fourth-quarter core business[2].

The third quarter can test both core improvement and new-build progress. The checkpoints are whether adjusted EBITDA for the 49% share exceeds the prior-year C$124 million with a margin of at least 16%, whether a definitive US AP1000 agreement or the timing and terms of a Westinghouse IPO are disclosed, and whether Cameco keeps the US$370-430 million full-year outlook[2]. As of October 29 no definitive US AP1000 agreement had been signed, neither the Westinghouse IPO nor a potential Korean equity investment under the US-Korea framework had set terms, and Cameco said it does not anticipate these arrangements changing its ownership percentage[10].

Risks and Falsifiers

The exchange rate affects both revenue and costs, because uranium and fuel services are priced in US dollars and reported in Canadian dollars. Cameco assumes an exchange rate of 1.35 Canadian dollars per US dollar for the rest of the year, and each one-cent move in the US dollar changes revenue by about C$12 million; a weaker US dollar would lower both the Canadian-dollar realized price and the cost of US-dollar purchases[2]. If the third-quarter average rate stays near 1.35 and the Canadian-dollar realized price matches guidance, this risk has not materialized.

Fuel services demand and pricing is an easily overlooked risk within consolidated revenue. The segment earned C$562 million in 2025[4], but its realized price fell 14% year over year in the first quarter of 2026 and volume fell 18% in the second quarter; full-year revenue guidance is C$610-650 million, the first half delivered only C$286 million, and the second half needs C$324-364 million[2]. Derived from the annual report, third-quarter 2025 fuel services volume was about 1.9 million kgU with revenue of about C$91 million; if third-quarter revenue exceeds C$91 million and Cameco keeps its full-year volume guidance of 13-14 million kgU, this risk eases[4].

Delivery timing risk comes from customers rather than from Cameco, because customers decide when in the year to take delivery. Low third-quarter deliveries would push fulfillment of the 29-32 million pound full-year outlook into the fourth quarter; the second half needs 14.1-17.1 million pounds, and each million pounds not delivered cuts uranium revenue by about C$93 million at C$93/lb[2]. If nine-month deliveries exceed 21.1 million pounds and Cameco keeps its delivery guidance, this risk is largely removed.

Price-decline risk reaches realized prices with a lag, because market-related contracts gradually follow market prices. Under the June 30 sensitivity table, a 2027 spot price of US$80/lb implies a realized price of about US$69/lb and a spot price of US$60/lb implies about US$58/lb, and the table covers only finalized contracts[2]. If the third-quarter average spot price stays above US$84.75/lb and the US-dollar realized price keeps rising year over year, this risk has not yet materialized.

A longer Key Lake shutdown or delayed restart is the most direct cost risk in the third quarter, because this year's annual shutdown includes new infrastructure installation and major repairs and runs longer than usual. Any production shortfall must be covered with purchases at about C$95/lb against an inventory cost of about C$58/lb, so each million-pound gap adds about C$37 million of cost[2]. If Cameco confirms the shutdown ended on schedule and keeps the McArthur River/Key Lake full-year plan of 14.0-16.5 million pounds, this risk is falsified.

Third-party milling and transport disruptions are a risk Cameco controls less, because Cigar Lake depends on the McClean Lake mill and flooding on northern transport roads has already interrupted reagent supply. Cigar Lake has limited ore storage, so the mine must stop when the mill goes down[5]; Cameco holds 57.418% and its full-year plan for its share is 9.5-10.0 million pounds[6]. If Cigar Lake output returns to normal in the third quarter and Cameco keeps its full-year plan, this risk has not grown[2].

What to Watch Next

• Deliveries and price: third-quarter deliveries of at least 6.2 million pounds (7.1 million in the second quarter of 2026) and nine-month deliveries above 21.1 million pounds would confirm the view; a realized price held above C$91/lb (C$93.13/lb or US$67.79/lb in the second quarter) with a US-dollar gain above 10% would add support; uranium revenue above the prior-year C$523 million with guidance maintained would confirm it.
• Production and cost: production near 4.4 million pounds, a Key Lake restart on schedule and a maintained 19.5-21.5 million pound plan would confirm the view; unit cost below C$65/lb (C$70.81/lb in the second quarter) with gross profit above C$158 million would confirm it, while unit cost still near C$70/lb would falsify it.
• Westinghouse: adjusted EBITDA for the 49% share above C$124 million with a margin of at least 16% and a maintained US$370-430 million outlook would confirm the view; disclosure of a definitive US AP1000 agreement or IPO terms would confirm progress, while further delay would weaken the full-year outlook.

Conclusion

Three threads drive Cameco's business: uranium deliveries and realized prices determine roughly four-fifths of revenue, the mix of produced and purchased uranium determines uranium gross profit, and Westinghouse's core business and new-build projects determine equity earnings. In the latest quarter, higher prices did not offset lower deliveries and higher costs: second-quarter uranium revenue fell 7%, gross profit fell 27%, and the 49% Westinghouse share still recorded a C$10 million net loss; at the end of June Cameco still had C$1.1 billion of cash and C$1.0 billion of undrawn credit, and in July it raised its realized price and uranium revenue guidance[2]. The central unresolved relationship is whether higher contract prices can protect gross profit in a quarter with fewer deliveries and constrained production.

Independent commentary since the last report focuses on two of those threads and looks at different time horizons. Zacks Equity Research noted on August 27 that Cameco's first-half uranium production fell 5% year over year because of disruptions and maintenance outages, and questioned whether 2026 production targets will be met[11]; that maps to the production and cost debate and treats the first-half disruptions as a risk to the full-year plan. Writing for The Motley Fool on September 18, Courtney Carlsen argued that Westinghouse revenue and project billings will climb as US and European reactor projects advance, with the bigger payoff arriving around 2028, while purchase-accounting charges and debt delay the benefit to Cameco's earnings and cash flow[12]; that maps to the Westinghouse debate and treats near-term equity losses as a lag rather than an operating problem. The two views do not conflict, since Zacks focuses on this year's execution and The Motley Fool on payoffs several years out, but neither addresses the delivery and pricing debate, both are outside interpretations rather than facts, and other coverage in the same period was mostly share-price and event news.

The current understanding would strengthen materially if the following combination appears: third-quarter deliveries of at least 6.2 million pounds with the Canadian-dollar realized price above C$91/lb, unit cost of sales back below C$65/lb with uranium gross profit above C$158 million, and Westinghouse adjusted EBITDA for the 49% share above C$124 million alongside a definitive US AP1000 agreement. Conversely, the understanding would weaken if deliveries stay low, unit cost remains near C$70/lb, Key Lake or Cigar Lake suffers another delay, AP1000 remains unsigned, and Cameco cuts any part of its full-year guidance.

Sources

[1] CCJ earnings calendar updated 2026-10-28 · 2026-10-28 · Drillr earnings calendar · https://gateway.drillr.ai/mcp/private

[2] CCJ Q2 2026 6-K filed 2026-07-31 · 2026-07-31 · 6-K · https://www.sec.gov/Archives/edgar/data/1009001/000119312526326768/d125942dex992.htm

[3] Drillr analyst estimates CCJ Q3 2026 retrieved 2026-10-28 · 2026-10-28 · Drillr analyst estimates · https://gateway.drillr.ai/mcp/private

[4] CCJ FY2025 40-F filed 2026-03-19 · 2026-03-19 · 40-F · https://www.sec.gov/Archives/edgar/data/1009001/000119312526116229/d34605dex993.htm

[5] CCJ Cigar Lake suspension 6-K filed 2026-07-02 · 2026-07-02 · 6-K · https://www.sec.gov/Archives/edgar/data/1009001/000119312526293855/

[6] CCJ Cigar Lake restart 6-K filed 2026-07-15 · 2026-07-15 · 6-K · https://www.sec.gov/Archives/edgar/data/1009001/000119312526304516/

[7] CCJ Cigar Lake interest closing 6-K filed 2026-07-06 · 2026-07-06 · 6-K · https://www.sec.gov/Archives/edgar/data/1009001/000119312526295796/

[8] CCJ Westinghouse IPO 6-K filed 2026-07-31 · 2026-07-31 · 6-K · https://www.sec.gov/Archives/edgar/data/1009001/000119312526327250/d307413dex991.htm

[9] CCJ Q1 2026 6-K filed 2026-05-05 · 2026-05-05 · 6-K · https://www.sec.gov/Archives/edgar/data/1009001/000119312526205080/

[10] CCJ US-Korea framework 6-K filed 2026-10-01 · 2026-10-01 · 6-K · https://www.sec.gov/Archives/edgar/data/1009001/000119312526410308/

[11] Zacks view on Cameco 1H26 production 2026-08-27 · 2026-08-27 · Zacks Equity Research · https://www.zacks.com/stock/news/2981341/ccj-s-uranium-production-down-5-in-1h26-will-2026-targets-be-met

[12] Motley Fool view on Cameco Westinghouse stake 2026-09-18 · 2026-09-18 · The Motley Fool(Yahoo Finance 转载) · https://finance.yahoo.com/markets/stocks/articles/prediction-camecos-westinghouse-stake-becomes-192500378.html