Cameco (CCJ)

One-line summary: Largest Western uranium miner; primary listed uranium exposure in nuclear-baseload-for-ai-data-centers thesis — Q1 2026 beat ($845M revenue, $509M EBITDA) and landmark $2.6B India deal for 22M lbs (2027–2035) validate the multi-year contracting story.

What it is

Cameco Corporation (NYSE: CCJ, TSX: CCO) is a Canadian uranium producer and one of the world's largest. Principal assets: McArthur River/Key Lake (Saskatchewan, Canada — world's largest high-grade uranium mine, 70% owned); Cigar Lake (Saskatchewan, 50% owned); Inkai (Kazakhstan JV). Also owns 49% of Westinghouse Electric Company (nuclear services/fuel). Uranium is sold as U3O8 concentrate (uranium ore concentrate) under long-term fixed and market-related price contracts.

Why it matters to stock-market

CCJ is the primary listed vehicle for uranium demand driven by nuclear power expansion and hyperscaler PPAs. As AI data centers drive nuclear PPA demand (see nuclear-baseload-for-ai-data-centers), more reactors must be fueled — uranium volumes under long-term contracts directly benefit CCJ. Stock +105% YoY as of May 2026.

Key facts

Q1 2026 earnings (reported May 5, 2026):

• Revenue: $845M (uranium segment + Westinghouse equity income)
• Adjusted EBITDA: $509M
• Net earnings: $131M (+87% YoY); EPS $0.34 (beat $0.31 consensus by 9.7%)
• Uranium sales volume: 7.8M lbs (+13% YoY); average realized prices up; unit costs down
• Westinghouse equity income contribution alongside uranium segment strength

Urenco USA expansion (June 2026): Urenco USA (the only US uranium enrichment facility, New Mexico) announced a ~50% capacity expansion — the largest enrichment capacity increase in decades. Directly benefits CCJ as uranium enrichment demand scales. Per 2026-06-03-energy-critical-minerals-macro-bucket-june-3-2026.

India deal (signed March 2, 2026):

• Counterparty: Government of India, Department of Atomic Energy
• Volume: 22 million pounds U3O8 over 9 years
• Total value: ~$2.6 billion at market-related pricing
• Deliveries: 2027–2035
• Context: Announced alongside Canadian PM Carney's India state visit; part of Canada-India strategic energy partnership

$80B Westinghouse federal reactor-buildout partnership (from 2026-05-28-autoresearch-energy-critical-minerals-may-28):

• A strategic partnership between Cameco, Brookfield, Westinghouse, and the US Government (announced October 2025, reaffirmed in Cameco's Q1 2026 filings).
• The US Government will arrange financing and facilitate permitting for new Westinghouse reactors in the US, with aggregate investment value of at least $80 billion.
• Categorically different from a single utility PPA — a federal commitment to a domestic reactor buildout pipeline. Cameco's 49% Westinghouse stake makes CCJ a direct beneficiary of both the reactor-build orders and the downstream fuel demand. CCJ shares jumped 5% on the framing.
• Note: this source reports CCJ Q1 uranium revenue $712M (+15% YoY) and the EPS $0.34 as a ~30% beat vs. a $0.26 consensus — versus the $845M total revenue / "$0.31 consensus (9.7% beat)" figures above (from 2026-05-20-autoresearch-nuclear-uranium-meta-ppa-ccj-ceg-smr-may-2026). The difference reflects uranium-segment-only vs. total (incl. Westinghouse equity income) cuts and differing consensus baskets; both are retained rather than reconciled.

Uranium spot price:

• $85.20/lb as of May 28, 2026 (-2.07% past month; +18.91% YoY) — 2-month low; speculative momentum from January $101.41/lb peak has bled off
• Long-term contract price: $90/lb — highest since 2008, sustained from Q1; prior $85.25/lb (May 18)

CCJ stock: ~$112.70 (+2.07%, May 29); prior reference ~$104.89. CCJ president: "the forward demand that has yet to come to the market has never been bigger." India deal ($2.6B, 22M lbs) moves into delivery phase starting 2027.

June 2026 update:

• Analyst EPS growth projection: 55% FY2026 earnings growth consensus. CCJ contract ceilings $140–150/lb vs. current ~$86 spot demonstrate industry expectation of substantial price appreciation. Offers "more stability and diversification" vs. pure development plays (NXE, DNN). From 2026-06-08-autoresearch-uranium-nuclear-market-june-2026.
• Structural uranium deficit context: Global demand ~204M lbs/yr vs. primary production ~173M lbs = 31M lb annual deficit; Kazatomprom cut removed a further ~8M lbs. CCJ's multi-year contracted book means the company captures pricing power as term prices reset. From 2026-06-08-autoresearch-uranium-nuclear-market-june-2026.
• Primary-source Q1 2026 call (reported 2026-05-05). grant-isaac (President & COO): FY2026 guidance reaffirmed (19.5–21.5 Mlb U3O8); "long-term contracting levels remain below replacement rates" — 70% of 2025 contracts market-related with floors mid-$70s / ceilings mid-$150s; the India contract (blocked ~5 yrs) is resolved on market terms at delivery (2027 catalyst); GLE targets 4–5 Mlb/yr via tails re-enrichment (TRL 6); the DOC binding term sheet commits to a minimum $80B AP1000 spend with Westinghouse (US-build leg below the uranium exposure). From 2026-05-05-earnings-ccj-q1-2026.

Related

• nuclear-baseload-for-ai-data-centers
• ai-capex-to-power-and-materials-cascade
• us-critical-mineral-independence
• kazatomprom-supply-cut-to-western-uranium-premium

Sources

• 2026-05-05-earnings-ccj-q1-2026
• 2026-05-20-autoresearch-nuclear-uranium-meta-ppa-ccj-ceg-smr-may-2026
• 2026-05-28-autoresearch-energy-critical-minerals-may-28
• 2026-05-30-autoresearch-energy-critical-minerals-uranium-helium-copper-nuclear
• 2026-06-08-autoresearch-uranium-nuclear-market-june-2026 — 55% FY2026 EPS growth projection; contract ceilings $140–150/lb; structural deficit 31M lbs; Kazatomprom cut context.