Cameco signs $2.6B India uranium deal

Executive Summary

• Cameco Corp. signed a long-term agreement to supply nearly 22 million pounds of uranium ore concentrate (U3O8) to the Government of India's Department of Atomic Energy.
• The contract spans nine years, with deliveries scheduled to begin in 2027 and continue through 2035.
• The total contract value is estimated at approximately $2.6 billion, based on a uranium price of $86.95 USD per pound.

Key Details

• Counterparty: Government of India's Department of Atomic Energy.
• Product: Uranium ore concentrate (U3O8).
• Volume: Nearly 22 million pounds.
• Duration: Nine-year period (deliveries from 2027 to 2035).
• Total Value: Approximately $2.6 billion.
• Pricing Basis: Market-related price terms.
• Valuation Assumptions:
  • Uranium Price: $86.95 USD per pound (average of month-end UxC and TradeTech spot prices on Feb. 28, 2026).
  • Exchange Rate: $1.00 USD / $1.36 CAD (as of Feb. 27, 2026).
• Strategic Context:
  • India currently operates 24 nuclear reactors with plans to reach 100 gigawatts by 2047.
  • The volumes were already included in Cameco's total long-term contracting volumes and expected five-year realized uranium price sensitivity analysis disclosed in the 2025 annual management's discussion and analysis (February 2026).
  • Cameco previously supplied India under a five-year contract starting in 2015.
• Event Details: Agreement celebrated in Delhi with attendance by Indian Prime Minister Narendra Modi, Canadian Prime Minister Mark Carney, and Saskatchewan Premier Scott Moe.

Notable Quotes

• "Cameco is proud to be a strategic partner with India to help meet its civil nuclear fuel needs and support its trade relationship with Canada," said Mr. Gitzel.
• "Importantly, this demand underscores an emerging trend of sovereign buyers locking up large volumes from multiple suppliers, and in a window where demand continues to grow and available supplies continue to become more uncertain and constrained."