Cameco is benefiting from stronger uranium pricing, but the more important story is its position in a nuclear market where secure Western supply has become more valuable. As utilities look for alternatives to Russian nuclear fuel, Cameco’s North American production base and wider fuel-cycle exposure are giving it a clearer strategic role. That starts with its core mining assets at McArthur River and Cigar Lake.
The financial effect is visible in the latest numbers. Annual revenue rose 11% to CAD 3.48 billion. Management expects uranium deliveries of £29 million to £32 million in 2026, compared with £33 million pounds in 2025. That softer volume outlook is balanced by pricing, with the average realised uranium sales price up 9 per cent year on year.
The company’s wider operating model also adds weight to the story. Cameco is targeting 13 million to 14 million kilograms of uranium hexafluoride production this year, pointing to further growth beyond mined uranium alone. Its 49% stake in Westinghouse strengthens that argument further. Cameco’s share of Westinghouse adjusted EBITDA was USD $483 million in 2024, and the company expects an additional USD $170 million gain from the investment in 2025. The update links part of that contribution to involvement in a new reactor project in the Czech Republic.
Geiger Counter’s 6.7% portfolio holding in Cameco highlights the stock’s relevance within specialist investor exposure to the sector.
Geiger Counter Limited (LON:GCL) is a Jersey closed-end investment company, which invests in uranium exploration and production stocks.
