Cameco CorporationC
Cameco Corporation is one of the world's largest publicly traded uranium producers, established in 1988 by the federal merger of two Crown corporations (Eldorado Nuclear Limited and the Saskatchewan Mining Development Corporation) and privatized via a 1991 IPO. Its two flagship, wholly-Saskatchewan Athabasca Basin assets are McArthur River (mine, in service since Dec 1999, Cameco 69.805% / operator) paired with the Key Lake mill (in service since 1983, Cameco 83.33%) -- together the world's largest, highest-grade uranium mine-and-mill combination, mined by remote-controlled raise-boring given ore grades far too radioactive for conventional entry mining -- and Cigar Lake (Cameco 54.547%, also Athabasca Basin, mined via ground-freezing and jet-boring for the same radiological reason), which began production in 2014. McArthur River/Key Lake experienced a production disruption earlier in 2026 and resumed full output by Q2 2026 (per Cameco's own 'operation resumes production' announcement); full-year 2026 consolidated production guidance (Cameco's share across all operations) is 19.5-21.5 million lbs U3O8.
Notable vs. Peers
- Trading within 6% of its 52-week low — weak recent price momentum.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Dec 1999 · Source
- Reached — date not disclosed · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Jurisdiction (40%)9/10
Saskatchewan: Fraser PPI 2025 is 92.90 of 100 (rank 8 of 68), which maps to 9 on this site's scale. Headquartered in Saskatoon, with both flagship operations (McArthur River/Key Lake and Cigar Lake) in Saskatchewan's Athabasca Basin, widely regarded as the world's best uranium-mining jurisdiction for its stable rule of law and established regulatory regime. Its one non-Canadian asset is a 40% minority stake in JV Inkai in Kazakhstan, which weighs on the rating only slightly.
Infrastructure (40%)10/10
A confirmed mill, confirmed road access, confirmed grid power, and a confirmed tailings facility at McArthur River/Key Lake.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: McClean Lake mill (Orano Canada Inc.), 90 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:3.7/10
Nearest producing mine: McClean Lake mill (Orano Canada Inc.), 90 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:9/10
Canada: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:4/10
Primary commodity: Uranium
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
President and Chief Executive Officer of Cameco Corporation since 2011 (joined Jan 2007 as SVP & COO, President from May 2010). Before Cameco, Executive Vice-President of AREVA's mining business unit in Paris (global uranium, gold, exploration and decommissioning operations across 11 countries) and President & CEO of AREVA's Canadian subsidiary. Earlier career included practicing law with MacPherson, Leslie and Tyerman in Saskatoon after graduating from the University of Saskatchewan's College of Law in 1990; started as a summer student at Cluff Lake (his father's employer, COGEMA/AREVA's predecessor) in 1979.
President and Chief Operating Officer of Cameco Corporation since Sep 2025 (previously Senior VP & CFO). Joined Cameco in Jul 2009 as SVP Corporate Services, after an academic career at the University of Saskatchewan's Edwards School of Business (professor from 2000, Dean from 2006 to 2009) researching technology commercialization, international trade and regulation, and IP strategic management. PhD, London School of Economics; BA/MA Economics, University of Saskatchewan.
Senior Vice-President and Chief Financial Officer of Cameco Corporation since 1 Sep 2025 (Senior VP & Deputy CFO Feb 2023-Aug 2025; VP Controller for 10 years before that). With Cameco since 2005 in increasingly senior finance roles (manager, operations accounting; operations controller; treasurer). Chairs the audit committee for Westinghouse.
Chair of the Board of Cameco Corporation (board member since 2014; chair of the Nominating, Corporate Governance and Risk Committee 2021-2024; chair of the Technical Committee 2015-2022). Over 30 years in capital markets and mining: began as an Exploration Geologist at Barrick Mining Corp. (1983-1987), then a senior mining equity research analyst/Principal at Wellington West Capital Markets, NCP Northland Capital Partners, Merrill Lynch Canada, UBS Securities Canada and RBC Capital Markets. Chaired the board of Corvus Gold Inc. for five years, through its 2022 acquisition by AngloGold Ashanti. BSc Geology (Honours), McMaster University.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
No smart-money tracking (institutional/large-investor activity) for this miner yet — this is a planned feature, not live data.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Cameco's flagship is McArthur River/Key Lake in northern Saskatchewan, the world's largest high-grade uranium mine and mill. Cameco reports resources exclusive of reserves; at McArthur River its share is 241.9 million lb U3O8 of reserves plus 4.7 million lb of additional measured and indicated resources, 246.6 million lb in total.