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AVX 0.005 −nan% AII 19.91 −1.0% GWM 0.480 +0.0% GEN 0.065 +0.0% NIO 0.135 −3.6% III 7.22 −2.8% NCAU 0.295 −3.3% NEV 0.040 +0.0% ITR 3.00 −1.6% ALDE 2.79 −0.7% TECK 84.18 +4.4% FVI 11.83 −2.2% SUM 1.31 −1.5% RSMX 0.115 +4.5% STW 0.105 +5.0% PAT 0.250 +0.0% AVX 0.005 −nan% AII 19.91 −1.0% GWM 0.480 +0.0% GEN 0.065 +0.0% NIO 0.135 −3.6% III 7.22 −2.8% NCAU 0.295 −3.3% NEV 0.040 +0.0% ITR 3.00 −1.6% ALDE 2.79 −0.7% TECK 84.18 +4.4% FVI 11.83 −2.2% SUM 1.31 −1.5% RSMX 0.115 +4.5% STW 0.105 +5.0% PAT 0.250 +0.0%
M&A / Property Material +

The Race for Uranium Has Gone Global

Cameco Secures Multi-Billion Dollar India Supply Deal as Westinghouse Partnership Pivots to Execution Phase

By The Northwire Desk — AI Analysis Mar 10, 2026 · 09:15 CCO · 157.75 Cameco Corporation
Executive Summary

The most recent news (March 2026) highlights a major strategic win: Cameco has signed a long-term agreement with the Government of India to supply 22 million pounds of uranium ore concentrate over nine years (2027–2035). The contract is valued at approximately $2.6 billion, implying an average price of roughly $118/lb, significantly higher than the $86.95 spot price cited in the release. This follows a strong 2025 fiscal year where the company reported a 115% improvement in adjusted net earnings ($630 million) and a 26% increase in adjusted EBITDA ($1.9 billion). However, the company also issued 2026 guidance that reflects "lumpiness" in its Westinghouse segment and continued technical challenges at the McArthur River mine.

Material Impact
  • Revenue Visibility: The $2.6 billion India deal provides massive long-term revenue certainty and validates Cameco’s "disciplined contracting" strategy. By waiting for higher prices, they have secured a contract at a significant premium to historical averages.
  • Westinghouse Integration: The partnership with the U.S. Government and Brookfield (at least $80 billion in planned investment) is a "Game Changer" for long-term demand. While 2026 EBITDA for Westinghouse is guided lower ($370M–$430M) than 2025 ($780M), this is due to the absence of a one-time $170M Czech project payment, not a decline in core business.
  • Operational Drag: The technical delays at McArthur River (clay zones and freezing issues) are a persistent negative. 2026 production guidance (19.5M–21.5M lbs) is somewhat conservative, suggesting the company is prioritizing mine health and market price discovery over volume.
  • Dividend Growth: The 2025 dividend increase to $0.24/share (advanced by one year) signals management's confidence in sustained cash flow.
CCO · Price
Company Overview

Cameco is one of the world’s largest providers of uranium and nuclear fuel services. - Flagship Projects: McArthur River/Key Lake and Cigar Lake (Saskatchewan, Canada). These are the world’s highest-grade uranium mines. - Westinghouse: Cameco owns a 49% stake in Westinghouse, providing exposure to the entire nuclear lifecycle, from fuel to reactor design and services. - JV Inkai: A 40% interest in an In-Situ Recovery (ISR) mine in Kazakhstan.

Read the original news release →

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