Each one in plain English, with the numbers worked through for a shareholder.
26 June 2026regulatory community update● Neutral
Cameco released its 2025 Sustainability Report on June 25, 2026. Highlights include nine site-specific climate adaptation plans, $292 million procured from northern-owned companies, a greater than 20% reduction in combined Total Recordable Injury Rate since 2023, 49% of the northern Saskatchewan workforce self-identifying as Indigenous (down from 51% in the prior report), and over $1 million donated to charities. It is a sustainability disclosure with no financial results or deal news.
Cameco and Brookfield, the owners of Westinghouse (49% and 51% since the November 2023 purchase), signed a binding term sheet with the US Department of Commerce. Under it the US Government is to arrange financing and facilitate permitting for new Westinghouse reactors in the US worth at least US$80 billion in total. In return it gets a participation interest that, once vested, entitles it to 20% of Westinghouse cash distributions above US$17.5 billion, and it could require a Westinghouse IPO if the interest has vested by January 2029 and the IPO valuation is expected to be US$30 billion or more. Definitive agreements are still to be negotiated, regulatory approvals are required, and the filing lists many risks including funding availability; the term sheet stays effective if no definitive agreements are reached. This builds on the Westinghouse stake bought in 2023, which Cameco has said it would equity-account.
Cameco cut its 2025 McArthur River/Key Lake production forecast to 14-15 million pounds U3O8 (100% basis; 9.8-10.5 million its share), down from 18 million (12.6 million its share), because of development delays and slower ground freezing in new mining areas. Cigar Lake is still expected to produce 18 million pounds (9.8 million its share), with a possible offset of up to 1 million pounds (100% basis). Cameco says it can use spot purchases, inventory and other sources to meet deliveries, and that other 2025 outlook items may change but it is too soon to quantify. This follows the early-2025 warning of risks to the McArthur River schedule and contrasts with the restart progress reported earlier.
Cameco released its 2024 Sustainability Report. Highlights include removal of the Port Hope legacy UF6 plant, publishing Scope 3 emissions figures, 51% of the northern Saskatchewan workforce self-identifying as Indigenous, and 71% of services spending at northern mine sites going to northern-owned businesses. It is a sustainability disclosure with no financial figures or deal news.
Cameco filed the notice and proxy materials for its annual shareholder meeting on May 9, 2025 (virtual, 10:00 a.m. CST; record date March 10, 2025; proxy deadline May 7). Shareholders will receive the 2024 financial statements, elect directors, appoint auditors and vote on an advisory executive pay resolution. This is a routine meeting filing, not a drilling result, and the excerpt contains no drilling or operating figures. It follows the 2024 meeting noted earlier.
Cameco said it was informed by Kazatomprom and JV Inkai that the Inkai operation has resumed production. Cameco and Kazatomprom are now working with JV Inkai to determine the impact of the production suspension on 2025 production plans. The release does not say when or why production was suspended or how large the impact is.
Cameco filed a new technical report on the Inkai uranium operation in Kazakhstan (effective September 30, 2024, dated November 12, 2024), covering the joint venture it owns 40% of with Kazatomprom (60%). The excerpt shows only the table of contents and definitions, so the resource and reserve figures and any change from before cannot be stated. The contents list a 10.4 million pound U3O8 annual production flowsheet and sections on regulatory and production risks.
Cameco filed its annual Form 40-F and a new technical report on the Cigar Lake operation (effective December 31, 2023, dated March 22, 2024). The excerpt shows only the table of contents, so the resource and reserve figures and any change from before cannot be stated. The cover release also notes the annual meeting on May 9, 2024 and that its stakes include Westinghouse and Global Laser Enrichment.
Cameco filed the formal Canadian business acquisition report for the Westinghouse deal that closed November 7, 2023. It restates the 49% stake, the US$2.1 billion consideration, and that US$1.5 billion of cash included net proceeds of the October 2022 bought deal (US$747.6 million gross). It also gives Westinghouse 2022 figures: revenue US$3,784 million and net income US$440 million (Cameco's 49% share: US$1,854 million and US$216 million). No new deal terms.
The Westinghouse acquisition closed on November 7, 2023, so Cameco now owns 49% and Brookfield 51%. Enterprise value was adjusted to US$8.2 billion at close (from US$7.9 billion), Cameco's 49% share of the price was US$2.1 billion, paid with US$1.5 billion of cash and two US$300 million term loan tranches maturing in two and three years; the bridge commitment was not used. Cameco will account for it on an equity basis and does not expect cash distributions from it in 2023. This resolves the pending deal and the financing question from the October 2022 announcement, where the equity share was estimated at about US$2.2 billion.
Cameco and Brookfield said the Westinghouse acquisition announced October 11, 2022 has received all required regulatory approvals, with closing expected on or about November 7, 2023 subject to customary conditions. Cameco plans to fund its share with the full US$600 million term loan plus available cash, and will not use the US$280 million bridge commitment, which will be terminated. This moves the pending Westinghouse deal close to completion.
Cameco released its 2022 ESG (environmental, social, governance) report. Highlights listed include a new target to cut Scope 1 and 2 greenhouse gas emissions 30% by 2030 from a 2015 base, and that the McArthur River mine and Key Lake mill restarts reached 15% female and 51% Indigenous workforce representation. It is a sustainability disclosure with no financial figures or deal news.
17 Oct 2022capital raising announcement● NeutralMajor
Cameco closed its bought deal share offering of 34,057,250 common shares at US$21.95 per share, raising about US$747.6 million, including the underwriters' option exercised in full. It intends to use the proceeds to partly fund its share of the Westinghouse acquisition announced October 11, 2022, which is the equity portion of the financing mix it flagged. This dilutes existing shareholders by the new share count.
Cameco and Brookfield Renewable announced a partnership to acquire Westinghouse Electric Company for a total enterprise value of US$7.875 billion, with Cameco owning 49% and Brookfield and its institutional partners 51%. Cameco's share of the estimated US$4.5 billion equity cost is about US$2.2 billion, and it plans a permanent financing mix of cash, debt and equity before closing. The same filing includes a preliminary Q3 2022 update: Cigar Lake production of 2 million pounds (Cameco share), restart at McArthur River and Key Lake with first mill production expected later in Q4 2022, and delays shipping Inkai joint venture material via the Trans-Caspian route.
31 Jan 2014asset acquisition disposition● NeutralMajor
Cameco agreed to sell its 31.6% limited partnership interest in Bruce Power (an Ontario nuclear generating station) to BPC Generation Infrastructure Trust (Borealis) for $450 million, effective December 31, 2013. Management says it will reinvest in its core uranium business. Closing still depends on the other three limited partners' right of first offer and regulatory approvals.
Cameco's board approved another quarterly cash dividend of $0.10 per common share, payable January 15, 2014 to shareholders of record on December 31, 2013. This is the same amount as the December 2012 dividend.
14 June 2013regulatory community update▲ GoodMajor
Canada's nuclear regulator (the CNSC) granted Cameco a licence to construct and operate the Cigar Lake uranium project, valid July 1, 2013 to June 30, 2021. Cameco expects to start jet boring in ore this summer and first packaged pounds in the fourth quarter of 2013, which are forward-looking expectations subject to the risks the release lists.
Cameco filed an updated technical report on its McArthur River uranium mine in northern Saskatchewan, with resources and reserves stated as of August 31, 2012 and the report dated November 2, 2012. The excerpt shown is mostly the table of contents; the actual reserve and resource figures are not in the text provided, so no change in them can be stated.
