Cameco Signs Long-Term Uranium Supply Agreement with India

The most recent news (March 2, 2026) announces a long-term supply agreement between Cameco and the Government of India’s Department of Atomic Energy. Cameco will supply nearly 22 million pounds of uranium ore concentrate over a nine-year period (2027–2035). The total contract value is estimated at approximately $2.6 billion, implying an average price of roughly $118 per pound. This follows the February 13, 2025, earnings report where Cameco posted record 2025 results, including $3.48 billion in revenue and a 115% improvement in adjusted net earnings.

The India agreement is Material - Positive because it provides high-visibility, long-term cash flow that validates Cameco’s "disciplined" contracting strategy. - Revenue Certainty: The $2.6 billion contract represents nearly 75% of the company's total 2025 annual revenue, spread over nine years. - Pricing Validation: The implied price (~$118/lb) is significantly higher than the 2025 average realized price of $87/lb, proving that management’s refusal to sell at lower spot prices is yielding results. - Strategic Backlog: This deal adds to the 230 million pounds already under long-term contract, further insulating the company from short-term spot market volatility. - Operational Synergy: The deal aligns with the 2025 "Game Changer" partnership with the US Government and Westinghouse, positioning Cameco as the primary fuel provider for the global expansion of Westinghouse’s AP1000 reactors.

Cameco is one of the world’s largest integrated uranium providers. - Flagship Projects: McArthur River/Key Lake and Cigar Lake (Saskatchewan, Canada) are the world’s highest-grade uranium mines. - Westinghouse: Cameco owns 49% of Westinghouse (partnered with Brookfield), providing a vertically integrated model from mining to reactor design and services. - Fuel Services: Operates the Port Hope conversion facility, a critical bottleneck in the nuclear fuel cycle.