Cigar Lake Operation Update

Cameco Corporation has temporarily suspended mining operations at its Cigar Lake mine in northern Saskatchewan due to operational challenges at Orano’s McClean Lake mill, which processes the ore. The suspension is driven by a shutdown of the sulfuric acid plant at the McClean Lake mill, which is currently undergoing repairs while Orano assesses alternative acid supply options.

"At present, we expect the McClean Lake mill to return to operation in approximately two weeks, and we do not expect the disruption to impact our 2026 production outlook for Cigar Lake," the company stated.

The suspension is necessitated by limited ore storage capacity at Cigar Lake, requiring a halt in mining until sufficient acid is available for milling. "With limited ore storage capacity at Cigar Lake, we have temporarily suspended mining activities until sufficient acid is available to allow milling to resume at McClean Lake," Cameco explained.

Orano is working to bring the acid plant back online and is assessing options to obtain acid supply from an alternative source while waiting for replacement parts. "Orano’s McClean Lake mill has encountered operational challenges with its sulfuric acid plant that caused it to shut down in order to repair the issue," the company noted.

While Cameco does not anticipate an impact on its 2026 production outlook at present, risks remain regarding potential delays in repairs or acid sourcing.