Cameco Corp.

Strong Financial Performance: Cameco reported a 24% increase in revenue year-over-year for Q1 2025, with gross profit up 44%, adjusted net earnings up 52%, and adjusted EBITDA up 5%. The company maintains a robust financial position, having fully repaid a $200 million term loan linked to the Westinghouse acquisition.

Uranium Market Outlook: The long-term demand for uranium remains strong, with 70% of utilities' needs through 2045 uncovered, equating to approximately 3.2 billion pounds. Despite short-term volatility and a recent drop in spot prices, the long-term price indicator has stabilized around $80 per pound, reflecting the growing realization among utilities of a need to contract for uranium supplies.

Supply Chain Risks: Challenges related to logistics and transportation persist, stemming from pandemic-related disruptions, constraints on the Panama Canal, and evolving international trade agreements. These factors may impact delivery schedules and the overall stability of uranium supply chains, which are crucial given the reliance on timely shipments for nuclear fuel.