{"success":true,"data":{"pressRelease":{"id":"50486","rtpr_id":"nBwbGVhx5a","ticker":"CCO","exchange":"TSX","all_tickers":["CCO"],"title":"Cameco Increases Ownership Stake in Cigar Lake Mine","author":"Business Wire","published_at":"2026-06-01T10:30:00.447Z","article_body":"Cameco Increases Ownership Stake in Cigar Lake Mine\n\nAll amounts in Canadian dollars unless specified otherwise\n\nCameco (TSX: CCO; NYSE: CCJ) and Orano Canada Inc. (Orano) have reached\nagreement with TEPCO Resources Inc. (TEPCO) to acquire TEPCO’s 5%\nparticipating interest in the Cigar Lake Joint Venture. Upon closing,\nCameco’s ownership stake in the Cigar Lake uranium mine in northern\nSaskatchewan will increase by 2.871 percentage points to 57.418%, while\nOrano’s share will rise by 2.129 percentage points to 42.582%.\n\n“Cigar Lake is among the world’s best uranium mines, producing the\nhighest-grade uranium ore from a safe, reliable, and cost-effective\noperation,” said Cameco’s Chief Executive Officer Tim Gitzel.\n“Increasing our ownership in this world-class, tier-one asset further\ndemonstrates our commitment to our strategy, with scarce, licensed, permitted\nassets like Cigar Lake playing an essential role in fueling global ambitions\nto expand nuclear energy generation. Cigar Lake’s success wouldn’t be\npossible without supportive neighbouring Indigenous communities, which provide\nvital workforce and supply chain support through our mutually beneficial\npartnerships.”\n\nCameco’s purchase cost to acquire our respective share of TEPCO’s interest\nin Cigar Lake is approximately $115.75 million, subject to customary closing\nadjustments. The acquisition is subject to certain regulatory approvals and\nother standard closing conditions. The transaction is expected to close in the\nthird quarter of 2026.\n\nCigar Lake’s reserve and resource base includes proven and probable reserves\nestimated at 172.4 million pounds of U(3)O(8), measured and indicated\nresources of approximately 26.3 million pounds, and inferred resources of 20.0\nmillion pounds (100% basis, as of December 31, 2025). Since the time it began\nproduction in 2014, Cigar Lake has produced approximately 174.5 million\npackaged pounds (100% basis, as of December 31, 2025).\n\nOur 2026 production outlook for the Cigar Lake mine is between 17.5 million\nand 18 million pounds of uranium concentrate (U(3)O(8)) on a 100% basis. In\n2026, we plan to continue production and development activities in the area\ncurrently being mined (CLMain), while continuing to advance the development\nwork related to Cigar Lake extension (CLExt) that is required to extend the\nlife of the mine to 2036. Planned capital projects related to CLExt include\nconstruction of a freeze pad, freeze distribution, and underground\ninfrastructure, with capital investments at Cigar Lake remaining consistent\nand aligned with our disciplined contracting, operational and capital\nallocation strategy.\n\nCigar Lake proven and probable mineral reserves\n                     PROVEN                                 PROBABLE                               TOTAL MINERAL RESERVES                              \n             MINING          GRADE       CONTENT                    GRADE       CONTENT                      GRADE       CONTENT        METALLURGICAL  \n PROPERTY    METHOD  TONNES  % U(3)O(8)  (LB U(3)O(8))      TONNES  % U(3)O(8)  (LB U(3)O(8))      TONNES    % U(3)O(8)  (LB U(3)O(8))  RECOVERY (%)   \n Cigar Lake  UG      263.7   17.06       99.2               215.3   15.43       73.2               479.0     16.33       172.4          98.9           \n\n As of December 31, 2025 (100% basis); tonnes in thousands; pounds in millions)  \n\n\nCigar Lake measured, indicated and inferred mineral resources\n             MEASURED RESOURCES (M)                   INDICATED RESOURCES (I)              TOTAL M+I          INFERRED RESOURCES                  \n                       GRADE       CONTENT                      GRADE       CONTENT        CONTENT                     GRADE       CONTENT        \n PROPERTY    TONNES    % U(3)O(8)  (LB U(3)O(8))      TONNES    % U(3)O(8)  (LB U(3)O(8))  (LB U(3)O(8))      TONNES   % U(3)O(8)  (LB U(3)O(8))  \n Cigar Lake  82.3      5.00        9.1                153.8     5.07        17.2           26.3               163.4    5.55        20.0           \n\n As of December 31, 2025 (100% basis); tonnes in thousands; pounds in millions)  \n\n\nPlease see pages 97 and 98 of Cameco’s 2025 annual information form for the\nkey assumptions, parameters and methods used to estimate the Cigar Lake\nmineral reserves and resources.\n\nQualified Persons\n\nThe technical and scientific information discussed in this document for Cigar\nLake was approved by the following individuals who are qualified persons for\nthe purposes of NI 43-101:\n\n\n * Kirk Lamont, general manager, Cigar Lake, Cameco\n\n * Scott Bishop, director, technical services, Cameco\n\nCaution about Forward-Looking Information\n\nThis news release includes statements and information about our expectations\nfor the future, which we refer to as forward-looking information.\nForward-looking information is based on our current views, which can change\nsignificantly, and actual results and events may be significantly different\nfrom what we currently expect. Examples of forward-looking information in this\nnews release include: our views regarding the grade of uranium ore produced\nfrom Cigar Lake; our views regarding the safety, reliability and\ncost-effectiveness of Cigar Lake operations; our views regarding Cigar\nLake’s ability to support the global ambitions to increase nuclear energy\ngeneration; our expectations regarding closing adjustments to Cameco’s\npurchase price; whether regulatory approvals will be granted and closing\nconditions will be met within the expected timeframes; our expectations as to\nthe closing date; the 2026 production outlook for Cigar Lake; the present\nestimate of proven and probable reserves and measured, indicated and inferred\nresources remaining at Cigar Lake; the continuation of production and\ndevelopment activities in CLMain; our plan to extend the mine life at Cigar\nLake to 2036; our planned capital projects related to CLExt including\nconstruction of a freeze pad, freeze distribution, and underground\ninfrastructure; and whether capital investments at Cigar Lake will remain\nconsistent and aligned with our disciplined contracting, operational and\ncapital allocation strategy. Material risks that could lead to different\nresults include: failure to obtain regulatory approvals or meet closing\nconditions within the expected timeframes; unexpected changes in uranium\nsupply, demand, long-term contracting and prices; the risk that we may not be\nable to implement our planned production and development activities in CLMain,\nour development work related to CLExt, or our planned capital projects related\nto CLExt; the risk that we may not be able to extend the life of mine to 2036;\nthe risk that we may not be able to continue to align production decisions\nwith market opportunities and our contract portfolio; the risk that the\ncontracting, operational and capital allocation strategy we are pursuing may\nprove unsuccessful, or that we may not be able to execute it successfully; the\nrisk of disruption to operations at Cigar Lake or the McClean Lake mill for\ntechnical, regulatory or labour reasons; and the risk of disruptions to power,\ncommunication services and road access due to floods or wildfires. In\npresenting the forward-looking information, we have made material assumptions\nwhich may prove incorrect about: timeframes to obtain regulatory approvals and\nmeet closing conditions; uranium supply, demand, long-term contracting and\nprices; the market conditions and other factors upon which we have based our\nfuture plans and forecasts; the success of our plans and strategies, including\nCLExt and planned capital projects; the absence of new and adverse government\nregulations, policies or decisions; that there will not be any disruption to\noperations at Cigar Lake or the McClean Lake mill for technical, regulatory or\nlabour reasons; and that there will not be disruptions to power, communication\nservices and road access due to floods or wildfires. Please also review the\ndiscussion in our 2025 annual MD&A and most recent annual information form\nfor other material risks that could cause actual results to differ\nsignificantly from our current expectations, and other material assumptions we\nhave made. Forward-looking information is designed to help you understand\nmanagement’s current views of our near-term and longer-term prospects, and\nit may not be appropriate for other purposes. We will not necessarily update\nthis information unless we are required to by securities laws.\n\nProfile\n\nCameco is one of the largest global providers of the uranium fuel needed to\npower a secure energy future. Our competitive position is based on our\ncontrolling ownership of the world’s largest high-grade reserves and\nlow-cost operations, as well as significant investments across the nuclear\nfuel cycle, including ownership interests in Westinghouse Electric Company and\nGlobal Laser Enrichment. Utilities around the world rely on Cameco to provide\nglobal nuclear fuel solutions for the generation of safe, reliable,\ncarbon-free nuclear power. Our shares trade on the Toronto and New York stock\nexchanges. Our head office is in Saskatoon, Saskatchewan, Canada.\n\nAs used in this news release, the terms we, us, our, the Company and Cameco\nmean Cameco Corporation and its subsidiaries unless otherwise indicated.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260531627336/en/\n(https://www.businesswire.com/news/home/20260531627336/en/)\n\nInvestor inquiries \n\nCory Kos\n\n306-716-6782\n\ncory_kos@cameco.com (mailto:cory_kos@cameco.com)\n\nMedia inquiries \n\nVeronica Baker\n\n306-385-5541\n\nveronica_baker@cameco.com (mailto:veronica_baker@cameco.com)\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBwbGVhx5a","title":"Cameco Increases Ownership Stake in Cigar Lake Mine","author":"Business Wire","ticker":"CCO","created":"2026-06-01T10:30:00.447Z","tickers":["CCO"],"exchange":"TSX","article_body":"Cameco Increases Ownership Stake in Cigar Lake Mine\n\nAll amounts in Canadian dollars unless specified otherwise\n\nCameco (TSX: CCO; NYSE: CCJ) and Orano Canada Inc. (Orano) have reached\nagreement with TEPCO Resources Inc. (TEPCO) to acquire TEPCO’s 5%\nparticipating interest in the Cigar Lake Joint Venture. Upon closing,\nCameco’s ownership stake in the Cigar Lake uranium mine in northern\nSaskatchewan will increase by 2.871 percentage points to 57.418%, while\nOrano’s share will rise by 2.129 percentage points to 42.582%.\n\n“Cigar Lake is among the world’s best uranium mines, producing the\nhighest-grade uranium ore from a safe, reliable, and cost-effective\noperation,” said Cameco’s Chief Executive Officer Tim Gitzel.\n“Increasing our ownership in this world-class, tier-one asset further\ndemonstrates our commitment to our strategy, with scarce, licensed, permitted\nassets like Cigar Lake playing an essential role in fueling global ambitions\nto expand nuclear energy generation. Cigar Lake’s success wouldn’t be\npossible without supportive neighbouring Indigenous communities, which provide\nvital workforce and supply chain support through our mutually beneficial\npartnerships.”\n\nCameco’s purchase cost to acquire our respective share of TEPCO’s interest\nin Cigar Lake is approximately $115.75 million, subject to customary closing\nadjustments. The acquisition is subject to certain regulatory approvals and\nother standard closing conditions. The transaction is expected to close in the\nthird quarter of 2026.\n\nCigar Lake’s reserve and resource base includes proven and probable reserves\nestimated at 172.4 million pounds of U(3)O(8), measured and indicated\nresources of approximately 26.3 million pounds, and inferred resources of 20.0\nmillion pounds (100% basis, as of December 31, 2025). Since the time it began\nproduction in 2014, Cigar Lake has produced approximately 174.5 million\npackaged pounds (100% basis, as of December 31, 2025).\n\nOur 2026 production outlook for the Cigar Lake mine is between 17.5 million\nand 18 million pounds of uranium concentrate (U(3)O(8)) on a 100% basis. In\n2026, we plan to continue production and development activities in the area\ncurrently being mined (CLMain), while continuing to advance the development\nwork related to Cigar Lake extension (CLExt) that is required to extend the\nlife of the mine to 2036. Planned capital projects related to CLExt include\nconstruction of a freeze pad, freeze distribution, and underground\ninfrastructure, with capital investments at Cigar Lake remaining consistent\nand aligned with our disciplined contracting, operational and capital\nallocation strategy.\n\nCigar Lake proven and probable mineral reserves\n                     PROVEN                                 PROBABLE                               TOTAL MINERAL RESERVES                              \n             MINING          GRADE       CONTENT                    GRADE       CONTENT                      GRADE       CONTENT        METALLURGICAL  \n PROPERTY    METHOD  TONNES  % U(3)O(8)  (LB U(3)O(8))      TONNES  % U(3)O(8)  (LB U(3)O(8))      TONNES    % U(3)O(8)  (LB U(3)O(8))  RECOVERY (%)   \n Cigar Lake  UG      263.7   17.06       99.2               215.3   15.43       73.2               479.0     16.33       172.4          98.9           \n\n As of December 31, 2025 (100% basis); tonnes in thousands; pounds in millions)  \n\n\nCigar Lake measured, indicated and inferred mineral resources\n             MEASURED RESOURCES (M)                   INDICATED RESOURCES (I)              TOTAL M+I          INFERRED RESOURCES                  \n                       GRADE       CONTENT                      GRADE       CONTENT        CONTENT                     GRADE       CONTENT        \n PROPERTY    TONNES    % U(3)O(8)  (LB U(3)O(8))      TONNES    % U(3)O(8)  (LB U(3)O(8))  (LB U(3)O(8))      TONNES   % U(3)O(8)  (LB U(3)O(8))  \n Cigar Lake  82.3      5.00        9.1                153.8     5.07        17.2           26.3               163.4    5.55        20.0           \n\n As of December 31, 2025 (100% basis); tonnes in thousands; pounds in millions)  \n\n\nPlease see pages 97 and 98 of Cameco’s 2025 annual information form for the\nkey assumptions, parameters and methods used to estimate the Cigar Lake\nmineral reserves and resources.\n\nQualified Persons\n\nThe technical and scientific information discussed in this document for Cigar\nLake was approved by the following individuals who are qualified persons for\nthe purposes of NI 43-101:\n\n\n * Kirk Lamont, general manager, Cigar Lake, Cameco\n\n * Scott Bishop, director, technical services, Cameco\n\nCaution about Forward-Looking Information\n\nThis news release includes statements and information about our expectations\nfor the future, which we refer to as forward-looking information.\nForward-looking information is based on our current views, which can change\nsignificantly, and actual results and events may be significantly different\nfrom what we currently expect. Examples of forward-looking information in this\nnews release include: our views regarding the grade of uranium ore produced\nfrom Cigar Lake; our views regarding the safety, reliability and\ncost-effectiveness of Cigar Lake operations; our views regarding Cigar\nLake’s ability to support the global ambitions to increase nuclear energy\ngeneration; our expectations regarding closing adjustments to Cameco’s\npurchase price; whether regulatory approvals will be granted and closing\nconditions will be met within the expected timeframes; our expectations as to\nthe closing date; the 2026 production outlook for Cigar Lake; the present\nestimate of proven and probable reserves and measured, indicated and inferred\nresources remaining at Cigar Lake; the continuation of production and\ndevelopment activities in CLMain; our plan to extend the mine life at Cigar\nLake to 2036; our planned capital projects related to CLExt including\nconstruction of a freeze pad, freeze distribution, and underground\ninfrastructure; and whether capital investments at Cigar Lake will remain\nconsistent and aligned with our disciplined contracting, operational and\ncapital allocation strategy. Material risks that could lead to different\nresults include: failure to obtain regulatory approvals or meet closing\nconditions within the expected timeframes; unexpected changes in uranium\nsupply, demand, long-term contracting and prices; the risk that we may not be\nable to implement our planned production and development activities in CLMain,\nour development work related to CLExt, or our planned capital projects related\nto CLExt; the risk that we may not be able to extend the life of mine to 2036;\nthe risk that we may not be able to continue to align production decisions\nwith market opportunities and our contract portfolio; the risk that the\ncontracting, operational and capital allocation strategy we are pursuing may\nprove unsuccessful, or that we may not be able to execute it successfully; the\nrisk of disruption to operations at Cigar Lake or the McClean Lake mill for\ntechnical, regulatory or labour reasons; and the risk of disruptions to power,\ncommunication services and road access due to floods or wildfires. In\npresenting the forward-looking information, we have made material assumptions\nwhich may prove incorrect about: timeframes to obtain regulatory approvals and\nmeet closing conditions; uranium supply, demand, long-term contracting and\nprices; the market conditions and other factors upon which we have based our\nfuture plans and forecasts; the success of our plans and strategies, including\nCLExt and planned capital projects; the absence of new and adverse government\nregulations, policies or decisions; that there will not be any disruption to\noperations at Cigar Lake or the McClean Lake mill for technical, regulatory or\nlabour reasons; and that there will not be disruptions to power, communication\nservices and road access due to floods or wildfires. Please also review the\ndiscussion in our 2025 annual MD&A and most recent annual information form\nfor other material risks that could cause actual results to differ\nsignificantly from our current expectations, and other material assumptions we\nhave made. Forward-looking information is designed to help you understand\nmanagement’s current views of our near-term and longer-term prospects, and\nit may not be appropriate for other purposes. We will not necessarily update\nthis information unless we are required to by securities laws.\n\nProfile\n\nCameco is one of the largest global providers of the uranium fuel needed to\npower a secure energy future. Our competitive position is based on our\ncontrolling ownership of the world’s largest high-grade reserves and\nlow-cost operations, as well as significant investments across the nuclear\nfuel cycle, including ownership interests in Westinghouse Electric Company and\nGlobal Laser Enrichment. Utilities around the world rely on Cameco to provide\nglobal nuclear fuel solutions for the generation of safe, reliable,\ncarbon-free nuclear power. Our shares trade on the Toronto and New York stock\nexchanges. Our head office is in Saskatoon, Saskatchewan, Canada.\n\nAs used in this news release, the terms we, us, our, the Company and Cameco\nmean Cameco Corporation and its subsidiaries unless otherwise indicated.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260531627336/en/\n(https://www.businesswire.com/news/home/20260531627336/en/)\n\nInvestor inquiries \n\nCory Kos\n\n306-716-6782\n\ncory_kos@cameco.com (mailto:cory_kos@cameco.com)\n\nMedia inquiries \n\nVeronica Baker\n\n306-385-5541\n\nveronica_baker@cameco.com (mailto:veronica_baker@cameco.com)\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-06-01T10:30:00.545525511Z","server_sent_at_ms":1780309800545},"received_at":"2026-06-01T10:30:00.795Z","source_url":"https://www.businesswire.com/news/home/20260531627336/en/"},"analysis":{"id":"39918","press_release_id":"50486","analysis_json":{"industry":{"label":"Oil, Gas & Consumable Fuels","sector":"Energy"},"redFlags":[],"eventType":"m_and_a","narrative":"Cameco has agreed to acquire TEPCO Resources’ 5% stake in the Cigar Lake Joint Venture for approximately $115.75 million CAD.\n\nUpon closing, expected in Q3 2026, Cameco’s ownership will rise to 57.418% while Orano’s share increases to 42.582%, consolidating control of the world’s highest-grade uranium mine.\n\nThe company reaffirmed its 2026 production outlook of 17.5–18 million pounds and highlighted ongoing development of the Cigar Lake extension (CLExt) to extend mine life to 2036.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Cameco consolidates control of its crown-jewel Cigar Lake mine, boosting ownership to 57.4% in a strategic move to capture more cash flow from its highest-grade asset."},"keyFigures":{"dealValueUsd":115750000,"customDimensions":{"inferred_resources_lb":20000000,"orano_new_ownership_pct":42.582,"cameco_new_ownership_pct":57.418,"cumulative_production_lb":174500000,"mine_life_extension_year":2036,"tepco_stake_acquired_pct":5,"proven_probable_reserves_lb":172400000,"fy26_production_outlook_lb_low":17500000,"fy26_production_outlook_lb_high":18000000,"measured_indicated_resources_lb":26300000}},"quotedText":"Increasing our ownership in this world-class, tier-one asset further demonstrates our commitment to our strategy, with scarce, licensed, permitted assets like Cigar Lake playing an essential role in fueling global ambitions to expand nuclear energy generation.","namedEntities":{"people":[{"name":"Tim Gitzel","role":"CEO"},{"name":"Kirk Lamont","role":"General Manager, Cigar Lake"},{"name":"Scott Bishop","role":"Director, Technical Services"},{"name":"Cory Kos","role":"Investor Relations"},{"name":"Veronica Baker","role":"Media Relations"}],"products":["uranium concentrate","U(3)O(8)","nuclear fuel"],"companies":[{"name":"Cameco Corporation","ticker":"CCO","relationship":"filer"},{"name":"Orano Canada Inc.","ticker":"ORAN","relationship":"joint venture partner"},{"name":"TEPCO Resources Inc.","relationship":"seller"},{"name":"Westinghouse Electric Company","relationship":"affiliate"},{"name":"Global Laser Enrichment","relationship":"affiliate"}],"dollarAmounts":[{"amount":"$115.75 million","context":"purchase cost for TEPCO's interest"}]},"materialImpact":{"score":4,"reasoning":"Cameco is increasing its controlling stake in its highest-grade, most critical asset (Cigar Lake) from ~54.5% to ~57.4% for $115.75M. This consolidates ownership of a tier-one mine with a long life-of-mine extension planned to 2036, reducing joint-venture complexity and capturing more cash flow from a key revenue driver."},"tickerRelevance":{"others":[{"ticker":"CCJ","relevance":"dual-listed ticker"},{"ticker":"ORAN","relevance":"joint venture partner"}],"primary":"CCO"},"globalImportance":45,"audienceRelevance":55,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"large-cap","eventGravity":"strategic_m_and_a","sectorWeight":"high","householdBrandBoost":"moderate","retailFavoriteBoost":"low"}},"event_type":"m_and_a","event_type_secondary":null,"sentiment":"bullish","material_impact_score":4,"narrative":"Cameco has agreed to acquire TEPCO Resources’ 5% stake in the Cigar Lake Joint Venture for approximately $115.75 million CAD.\n\nUpon closing, expected in Q3 2026, Cameco’s ownership will rise to 57.418% while Orano’s share increases to 42.582%, consolidating control of the world’s highest-grade uranium mine.\n\nThe company reaffirmed its 2026 production outlook of 17.5–18 million pounds and highlighted ongoing development of the Cigar Lake extension (CLExt) to extend mine life to 2036.","key_figures":{"dealValueUsd":115750000,"customDimensions":{"inferred_resources_lb":20000000,"orano_new_ownership_pct":42.582,"cameco_new_ownership_pct":57.418,"cumulative_production_lb":174500000,"mine_life_extension_year":2036,"tepco_stake_acquired_pct":5,"proven_probable_reserves_lb":172400000,"fy26_production_outlook_lb_low":17500000,"fy26_production_outlook_lb_high":18000000,"measured_indicated_resources_lb":26300000}},"named_entities":{"people":[{"name":"Tim Gitzel","role":"CEO"},{"name":"Kirk Lamont","role":"General Manager, Cigar Lake"},{"name":"Scott Bishop","role":"Director, Technical Services"},{"name":"Cory Kos","role":"Investor Relations"},{"name":"Veronica Baker","role":"Media Relations"}],"products":["uranium concentrate","U(3)O(8)","nuclear fuel"],"companies":[{"name":"Cameco Corporation","ticker":"CCO","relationship":"filer"},{"name":"Orano Canada Inc.","ticker":"ORAN","relationship":"joint venture partner"},{"name":"TEPCO Resources Inc.","relationship":"seller"},{"name":"Westinghouse Electric Company","relationship":"affiliate"},{"name":"Global Laser Enrichment","relationship":"affiliate"}],"dollarAmounts":[{"amount":"$115.75 million","context":"purchase cost for TEPCO's interest"}]},"model_name":"qwen3_6_27b_awq","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-06-01T10:31:54.130Z","global_importance":45,"audience_relevance":55,"importance_components":{"tickerTier":"large-cap","eventGravity":"strategic_m_and_a","sectorWeight":"high","householdBrandBoost":"moderate","retailFavoriteBoost":"low"}},"durationMs":60877,"modelName":"george-droid-qwen-72b"}}