Cameco Corporation (CCJ) Stock Forecast & Analysis
Cameco Corporation (NYSE: CCJ, TSX: CCO) is the world's largest publicly traded uranium company, headquartered in Saskatoon, Saskatchewan, Canada. Cameco operates tier-1 uranium mines including McArthur River/Key Lake and Cigar Lake in northern Saskatchewan's Athabasca Basin — the world's highest-grade uranium deposits. The company is also a significant player in nuclear fuel processing through its Port Hope conversion facility and Blind River refinery. Cameco's stock is widely considered the blue-chip uranium investment, offering exposure to uranium prices with the stability of a large-cap producer.
What does Cameco Corporation (CCJ) do?
Cameco is the world's largest publicly traded uranium company. It mines, refines, and processes uranium for nuclear power generation. Its key assets include the McArthur River/Key Lake and Cigar Lake mines in Saskatchewan, Canada, which sit on the world's highest-grade uranium deposits.
Is CCJ stock a good uranium investment?
CCJ is considered the blue-chip uranium stock due to Cameco's position as the world's largest public uranium producer with tier-1 assets, a strong balance sheet, and long-term contracts with utilities. It trades at a premium to peers but offers lower risk than junior miners.
How much uranium resources does Cameco have?
Cameco's attributable mineral resources total approximately 555.9 million pounds (Mlbs) of U₃O₈ — 404.0 Mlbs combined measured and indicated plus 151.9 Mlbs inferred — exclusive of a further 433 Mlbs of attributable proven and probable reserves (per its 2025 Annual Report). This supports a resource life of roughly 22 years at current production capacity.
What is Cameco's production cost (AISC)?
Cameco does not disclose an AISC. Per its 2025 annual MD&A, the FY2025 produced-uranium cash cost was C$23.74 per pound (about US$17), with total production cost of C$35.06 per pound including non-cash costs — competitive figures for its tier-1 asset base.
Margin & leverage
resource source Full screener →Margin vs spot (C1 cash cost)
$73/lb
spot $90 − c1 cash cost $17 · 81% of spot
In-situ leverage
1.3×
in-situ resource value ÷ market cap
Jurisdictions
Saskatchewan (Athabasca) · Chu-Sarysu · Wyoming
Computed live from the screener's cited resource and cost inputs and the current spot price; margins use C1 cash cost where the company disclosed it.
Mine projects
Full project table →| Project | Location | Status | Resource | Grade | AISC | Source |
|---|---|---|---|---|---|---|
| McArthur River / Key Lake | Saskatchewan (Athabasca)Canada | Operating | 390.0 Mlb | 6.9% U3O8 | $38/lb | source |
| Cigar Lake | Saskatchewan (Athabasca)Canada | Operating | 215.0 Mlb | 14.7% U3O8 | $33/lb | source |
| Inkai (JV) | Chu-SarysuKazakhstan | Operating | 290.0 Mlb | 0.03% U3O8 | $22/lb | source |
| Smith Ranch-Highlandrestart target 2024 | WyomingUSA | Restart | 40.0 Mlb | 0.05% U3O8 | $40/lb | source |
Curated mine & project database, updated 2026-07-10. Deposit type and restart status per the linked disclosures.
Production guidance vs delivery
Sector-wide tracker →| Period | Metric | Guidance | Revised | Actual | Delta | Source |
|---|---|---|---|---|---|---|
| CY2024 | Uranium production, Mlb U3O8 | 22.4 Mlb (Cameco's share); plan of 18 Mlb (100% basis) at each of McArthur River/Key Lake and Cigar Lakeas of 2024-02 | up to 23.1 Mlb (Cameco's share), with Key Lake plan raised from 18 to 19 Mlb (100% basis) | 23.4 Mlb (Cameco's share); Key Lake milled a record 20.3 Mlb (100% basis) | Beat guidance+1.3% vs midpoint | source |
| CY2025 | Uranium production, Mlb U3O8 | 18 Mlb (100% basis) at each of McArthur River/Key Lake and Cigar Lakeas of 2025-02 | McArthur River/Key Lake cut to 14–15 Mlb (100% basis; 9.8–10.5 Mlb share); consolidated guidance of up to 20 Mlb (Cameco's share) | 21.0 Mlb (Cameco's share); Cigar Lake 19.1 Mlb and McArthur River/Key Lake 15.1 Mlb (100% basis) | Beat guidance+5.0% vs midpoint | source |
| CY2026 | Uranium production, Mlb U3O8 (100% basis) | McArthur River/Key Lake 14.0–16.5 Mlb; Cigar Lake 17.5–18.0 Mlb (both 100% basis)as of 2026-02 | — | pending | — | source |
Guidance and actuals verbatim from company disclosures, revisions append-only. Updated 2026-09-17.
Term contracts announced
Full contract database →| Buyer | Volume | Delivery | Pricing | Announced | Source |
|---|---|---|---|---|---|
| Western utilities (portfolio)Aggregate long-term contract book; Cameco reports ~200+ Mlbs under contract. Disclosed in aggregate only. Announcement date corrected to 2024-02 (was 2024-01) against the linked source. | undisc. | 2024–2040 | market-related | 2024-02 | source |
| Energoatom (Ukraine)Long-term natural uranium + fuel services through 2035; volume not disclosed. Announcement date corrected to 2023-02 (was 2023-09) against the linked source. | undisc. | 2024–2035 | market-related | 2023-02 | source |
Announced term contracts where this company is a seller, from the curated contract database. The long-term market is reported only in fragments — absence of a row is not absence of a contract.
Catalysts to watch
All sector catalysts →2026-H1Cameco Cigar Lake / McArthur River Ramp-upneutralCameco Corporation 2025 Production Guidance
Cameco continues ramping up production at its tier-1 Saskatchewan operations. Cigar Lake targeting 18 Mlbs/year and McArthur River/Key Lake targeting 15 Mlbs/year. Progress vs. targets will impact spot market supply expectations.
Mines & facilities
Mines map →- McArthur River / Key LakeOperating · Saskatchewan, Canada
- Cigar LakeOperating · Saskatchewan, Canada
- Inkai (JV)Operating · Turkistan (Sozak district), Kazakhstan
- Rabbit LakeCare & Maintenance · Saskatchewan (Athabasca Basin), Canada
- Smith Ranch-HighlandCare & Maintenance · Wyoming (Powder River Basin), USA
- Crow ButteCare & Maintenance · Nebraska, USA
Guides on this company
About Cameco Corporation (CCJ)
Cameco Corporation (NYSE: CCJ, TSX: CCO) is the world's largest publicly traded uranium company, headquartered in Saskatoon, Saskatchewan, Canada. Cameco operates tier-1 uranium mines including McArthur River/Key Lake and Cigar Lake in northern Saskatchewan's Athabasca Basin — the world's highest-grade uranium deposits. The company is also a significant player in nuclear fuel processing through its Port Hope conversion facility and Blind River refinery. Cameco's stock is widely considered the blue-chip uranium investment, offering exposure to uranium prices with the stability of a large-cap producer.
Frequently Asked Questions about CCJ
What does Cameco Corporation (CCJ) do?
Cameco is the world's largest publicly traded uranium company. It mines, refines, and processes uranium for nuclear power generation. Its key assets include the McArthur River/Key Lake and Cigar Lake mines in Saskatchewan, Canada, which sit on the world's highest-grade uranium deposits.
Is CCJ stock a good uranium investment?
CCJ is considered the blue-chip uranium stock due to Cameco's position as the world's largest public uranium producer with tier-1 assets, a strong balance sheet, and long-term contracts with utilities. It trades at a premium to peers but offers lower risk than junior miners.
How much uranium resources does Cameco have?
Cameco's attributable mineral resources total approximately 555.9 million pounds (Mlbs) of U₃O₈ — 404.0 Mlbs combined measured and indicated plus 151.9 Mlbs inferred — exclusive of a further 433 Mlbs of attributable proven and probable reserves (per its 2025 Annual Report). This supports a resource life of roughly 22 years at current production capacity.
What is Cameco's production cost (AISC)?
Cameco does not disclose an AISC. Per its 2025 annual MD&A, the FY2025 produced-uranium cash cost was C$23.74 per pound (about US$17), with total production cost of C$35.06 per pound including non-cash costs — competitive figures for its tier-1 asset base.
Dividend & analyst view for CCJ
Dividend
Cameco Corporation pays a dividend with a forward yield of about 0.26% ($0.24 per share annually).
Analyst price target
The consensus analyst price target for CCJ is about $128.83 across 19 analysts.
Aggregated third-party analyst estimates — not a forecast or recommendation by Yellowcake Analytics.
The weekly uranium brief
Spot moves, SPUT flows, filings, and contract news, once a week. Plus a free daily CSV of our uranium equity screener snapshot.
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