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March 16, 2023
Aura Energy Limited (ASX:AEE, AIM:AURA) is pleased to present its Half Year Report.
Review of operations and activities
Financial review
Aura Energy Limited ("Aura", or the "Company") has reported a loss for the half-year ended 31 December 2022 of $3,316,842 (31 December 2021: $624,048). As at 31 December 2022, the consolidated entity's net assets decreased to $33,146,135 compared with $33,614,450 as at 30 June 2022, including cash reserves of $6,203,179 (30 June 2022: $9,950,777).
Review of operations
The Company is an ASX and AIM listed resources company, transitioning from exploration to production from the Tiris Uranium Project in Mauritania and ongoing development of the Häggån Vanadium Polymetallic Project, Sweden. The Company also holds gold and base metals projects in Mauritania.
During the six-month period to 31 December 2022 (the “Period”), Aura completed product analysis and infill drilling activities at its flagship Tiris Project in Mauritania, and accelerated the transition to development activities under a revised strategy, with multiple milestones due to be reached in the second half of FY23.
Tiris Uranium Project (“Tiris” or the “Project”), Mauritania
The Tiris project is the Company’s flagship project.
Demand for uranium is expected to grow significantly over the next two decades. The Company has the potential to develop a low-capital/low-operating-cost mining project for the benefit of the Company’s shareholders and the Mauritanian people. The World Nuclear Association (WNA) has reported that there are currently 60 nuclear reactors under construction around the world, 104 nuclear reactors in the planning phase and 338 nuclear reactors being evaluated and proposed around the world by various governments and entities. The WNA reports that approximately half of the forecast growth in nuclear power generation will be in China.
During the Period, the Company:
- Completed 11,600 metres of infill drilling program, which increased Measured & Indicated Resources by 52% to 58.9 million pounds of U3O8 , 113 million tonnes at 236 ppm U3O8 at a 100 ppm cut-off grade.
- Completed initial radiometric fieldwork with the goal of growing resources.
- The Australian Nuclear Science and Technology Organisation (ANSTO) undertook, leaching, Ion Exchange and purification tests on pilot plant products in Sydney and confirmed that the uranium product planned to be produced at the Tiris Project will meet ASTM International specifications (there are approximately 12,500 global standards set by this international body which has 140 countries as members). These beneficiation trials have cleared the way for marketing discussions with downstream nuclear utilities and converters.
- Submitted management plans for authorisation of uranium production and export to the National Authority for Radiation-protection, Safety and Nuclear Security (“ARSN”) in Mauritania.
The Company:
- Progressed, on schedule, the optimisation of the Tiris project feasibility study, which is assessing the feasibility to increase the annual production target of U3O8. The Company’s goal is to complete the optimisation feasibility study during the January-March 2023 quarter which will provide key inputs for the Front-End Engineering and Design ("FEED") studies.
- Commenced the FEED studies.
Subsequently to the Period end, the Company executed a 30-year Mining Convention with the Government of Mauritania a 30-year Mining Convention for the Tiris project. The Convention was announced on 1 February 2023. This agreement confirms the security of tenure and the fiscal stability that enables the development of the Tiris Project and near-term uranium production.
Click here for the full ASX Release
This article includes content from Aura Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
AEE:AU
11 August
Snow Lake Completes Due Diligence and Confirms Placement
07 August
North Shore Announces Non-Brokered Private Placement
North Shore Uranium Ltd. (TSXV:NSU) ("North Shore" or the "Company") is pleased to announce a non-brokered private placement offering for aggregate gross proceeds of up to $1,400,000, through the issuance of a combination of non-flow-through units (the "NFT Units") at a price of $0.05 per NFT Unit and flow-through units (the "FT Units") at a price of $0.065 per FT Unit (the "Offering"). Each NFT Unit consists of one non-flow-through common share and one-half of one share purchase warrant (each whole share purchase warrant, a "Warrant"). Each FT Unit consists of one flow-through common share and one-half of one Warrant. Each Warrant entitles the holder to purchase one non-flow through common share (each a "Warrant Share") at a price of $0.10 per Warrant Share for a period of two years from closing of the Offering.
As announced June 24, 2025, the Company entered into a binding term sheet (the "Term Sheet") with Resurrection Mining LLC ("Resurrection"), an arm's length party, to acquire up to 87.5% of the Rio Puerco uranium project ("Rio Puerco"or the "Project") located in northwestern New Mexico (the "Transaction"). Completion of the Transaction is contingent on North Shore completing satisfactory due diligence, execution of a definitive agreement, completion of a minimum $750,000 financing by North Shore, and approval by the TSX Venture Exchange (the "Exchange").
The net proceeds of the Offering will be used to complete the Transaction, exploration of the Rio Puerco uranium project in New Mexico, continued exploration of the Company's Saskatchewan uranium properties, the costs of the Offering and for general working capital.
The securities issued in connection with the Offering will be subject to a four-month and one-day hold period. The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the Exchange. Finder's fees may be payable in the Offering.
Caution to US Investors
The securities referred to in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements. "United States" and "U.S. person" have the respective meanings assigned in Regulation S under the U.S Securities Act.
ABOUT NORTH SHORE
The nuclear power industry is in growth mode as more nuclear power will be required to meet the world's ambitious CO2 emission-reduction goals and the needs of new power-intensive technologies like AI. In this environment, new discoveries of economic uranium deposits will be very valuable, especially in established uranium-producing jurisdictions like Saskatchewan and New Mexico. North Shore is well-positioned to become a major force in exploration for economic uranium deposits. The Company is working to achieve this goal by exploring its Falcon and West Bear properties at the eastern margin of the Athabasca Basin in Saskatchewan, expanding its exploration efforts to include the Grants Uranium District in New Mexico and by evaluating other quality opportunities in the United States and Canada to complement its portfolio of uranium properties. North Shore summarized its exploration efforts at its Falcon property in a May 27, 2025, news release.
ON BEHALF OF THE BOARD
Brooke Clements,
President, Chief Executive Officer and Director
For further information:
Please contact: Brooke Clements, President, Chief Executive Officer and Director
Telephone: 604.536.2711
Email: b.clements@northshoreuranium.com
www.northshoreuranium.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "project", "appear", "interpret", "coincident", "potential", "confirm", "suggest", "evaluate", "encourage", "likely", "anomaly", "continuous" and variations of these words as well as other similar words or statements that certain events or conditions "could", "may", "should", "would" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the completion of the Offering; the completion and expected terms of the Transaction, the parties' abilities to meet the closing conditions of the Transaction, the number of securities to be issued by the Company in connection with the Transaction, receipt of all necessary approvals for the completion of the Offering and Transaction respectively, the completion of satisfactory due diligence, execution of a definitive agreement, and the Company's ability to meet the terms of the Transaction; the highly speculative nature of the Transaction given the early-stage nature of Rio Puerco; the actual results of current and planned exploration activities including the potential for the definition of a mineral deposit of potential economic value at the Company's Falcon property in Saskatchewan; that drilling results, geophysical survey results and/or interpretations thereof define potentially mineralized corridors; results from future exploration programs including drilling; interpretation and meaning of completed and future geophysical surveys; conclusions of future economic evaluations; changes in project parameters as plans to continue to be refined; possible variations in grades of mineralization and/or future actual recovery rates; accidents, labour disputes and other risks of the mining industry; the availability of sufficient funding on terms acceptable to the Company to complete the planned work programs; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated, or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events, or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.
Click here to connect with North Shore Uranium Ltd. (TSXV:NSU) to receive an Investor Presentation
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06 August
Uranium Energy’s Sweetwater Project Fast-Tracked Under Trump Initiative
In the latest show of federal support for domestic uranium production, Uranium Energy (NYSEAMERICAN:UEC) Sweetwater uranium complex in Wyoming has been designated for expedited permitting under the Trump administration’s FAST-41 initiative.
The designation, announced August 5, places Sweetwater on the Federal Permitting Improvement Steering Council’s FAST-41 dashboard, a move that aims to accelerate environmental reviews and interagency approvals under a framework established by the 2015 Fixing America’s Surface Transportation (FAST) Act.
The initiative is part of the Trump administration's strategy to revitalize the US nuclear fuel supply chain and reduce reliance on imports from geopolitical rivals.
“Sweetwater’s selection under FAST-41 reinforces its national importance as a key project to achieve the United States’ goals of establishing reliable infrastructure, supporting nuclear fuel independence,” said UEC President and CEO Amir Adnani in a statement.
“On completing this tack-on permitting initiative, Sweetwater will be the largest dual-feed uranium facility in the United States, licensed to process both conventional ore and ISR resin.”
Located in Wyoming’s Great Divide Basin, the Sweetwater complex is anchored by a fully licensed conventional uranium mill with a capacity of 3,000 metric tons per day and a licensed annual output of 4.1 million pounds.
The site previously included several permitted mines—Sweetwater (Red Desert), Big Eagle, and Jackpot (Green Mountain)—that were approved for conventional methods but will now be evaluated for In-Situ Recovery (ISR) mining, a lower-impact extraction technique.
The new permitting push will allow UEC to modify existing approvals to incorporate ISR capabilities both within and beyond the current mine boundary, including on adjacent federal lands managed by the Bureau of Land Management (BLM).
The BLM, under the Department of the Interior, is the lead permitting agency for the initiative.
“This will provide the Company unrivaled flexibility to scale production across the Great Divide Basin, leveraging UEC’s leading domestic resource base,” Adnani added.
Sweetwater is the second uranium project to receive fast-track treatment under the new policy, following Anfield Energy TSXV:AEC,OTCQB:ANLDF) Velvet-Wood project in Utah, which was granted the status in May.
Velvet-Wood was the first uranium asset to be placed on the FAST-41 dashboard. It is expected to supply uranium for both civilian nuclear energy and defense applications, as well as vanadium, a strategic metal used in batteries and alloys.
Anfield’s Velvet-Wood received accelerated environmental review under a January 20 declaration by President Trump, which cited a national energy emergency and called for urgent steps to restore American energy independence. According to Anfield, the review timeline was cut from what could have taken years to just 14 days.
Taken together, the two fast-tracked uranium projects are a display of a wider federal pivot toward rebuilding a domestic nuclear supply chain, which has withered in recent decades amid low prices and competition from Russia, China, and other state-backed producers.
“I am excited to welcome the Sweetwater Complex to the FAST-41 transparency dashboard in support of President Trump’s goal of unlocking America’s mineral resources,” said Emily Domenech, Executive Director of the Federal Permitting Improvement Steering Council.
The White House confirmed in April that 10 mining projects had been selected so far under the initiative, covering minerals such as copper, gold, lithium, phosphate, potash, and uranium.
With Sweetwater, UEC will operate three hub-and-spoke uranium platforms in the United States: one in South Texas, another in Wyoming’s Powder River Basin, and the Sweetwater Complex in the Great Divide Basin.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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05 August
5 Best-performing Canadian Uranium Stocks of 2025
The uranium market stumbled into Q2 after the spot price dipped to an 18 month low of US$63.50 per pound in March amid abundant secondary supply and cautious utility contracting.
By June, however, prices had rebounded into the US$70 range on renewed US policy support and heightened geopolitical tensions. While the spot market remains volatile, long-term prices have held steady at US$80 level.
Yet utility demand still lags. Just 25 million pounds had been contracted as of mid-year, putting 2025 on track to fall well short of the 160 million pounds booked in 2023.
“It’s a pressure cooker,” said Ocean Wall’s Ben Finegold, pointing to a widening disconnect between term prices and utility participation. With global uranium supply still covering only 80 to 90 percent of annual reactor needs and inventories thinning, market watchers warn a sharp contracting surge is inevitable.
Compounding the urgency are ambitious global buildout plans, including 69 reactors under construction and a US proposal to quadruple nuclear capacity by 2050. As the gap between supply and demand grows, uranium investors are watching closely for a return of utility buying and a possible inflection point for the sector.
Amid this opaque landscape, several Canadian uranium companies registered significant gains so far in 2025. Below are the best-performing Canadian uranium stocks by share price performance.
All data was obtained on July 30, 2025, using TradingView’s stock screener. Companies on the TSX, TSXV and CSE with market caps above C$10 million at the time were considered. Read on to learn about the top Canadian uranium stocks in 2025, including what factors have been moving their share prices.
1. Purepoint Uranium (TSXV:PTU)
Year-to-date gain: 109 percent
Market cap: C$31.69 million
Share price: C$0.46
Exploration company Purepoint Uranium has an extensive uranium portfolio including six joint ventures and five wholly owned projects, all located in Canada’s Athabasca Basin.
In a January statement, Purepoint announced it had strengthened its relationship with IsoEnergy (TSX:ISO,NYSEAMERICAN:ISOU) when the latter exercised its put option under the framework of a previously announced joint-venture agreement, transferring 10 percent of its stake to Purepoint in exchange for 4 million shares.
The now 50/50 joint venture will explore 10 uranium projects across 98,000 hectares in Saskatchewan’s Eastern Athabasca Basin, including the Dorado project.
Purepoint shares jumped from C$0.265 on July 7 to C$0.465 on July 9 after the release of initial drill results from Dorado. According to the July 8 statement, drilling at the Q48 target “confirm(ed) the zone as a significant uranium-bearing structure.” Continuing to trend higher, shares reached a year-to-date high of C$0.52 on July 23. The move coincided with an additional drill result release from the discovery, now dubbed the Nova Discovery target area.
“PG25-07A has successfully extended the Nova Discovery zone by 70 metres and delivered our strongest intercept to date, both in intensity and thickness based on radioactivity," Purepoint President and CEO Chris Frostad said.
2. District Metals (TSXV:DMX)
Year-to-date gains: 104.9 percent
Market cap: C$139.38 million
Share price: C$0.83
District Metals is an energy metals and polymetallic explorer and developer with a portfolio of seven assets in Sweden, including four uranium projects: Viken, Ardnasvarre, Sågtjärn and Nianfors. Currently, District is focused on its Viken uranium-vanadium project, which it says hosts the world's largest undeveloped uranium deposit.
The company's share price began trending upwards in mid-May following news of a fully subscribed C$6 million private placement. Noteworthy announcements since then include the completion of a helicopter-borne mobile magnetotellurics survey at the Viken property in late June, with results expected later in Q3.
Also in June, the company commended Sweden’s Ministry of Climate and Enterprise for submitting a proposal to lift the country’s longstanding ban on uranium mining. The referral recommends allowing uranium extraction under the Minerals Act and permitting exploration and processing applications under set conditions.
Shares of District Metals rose to a year-to-date high of C$1.01 on July 24, two days after the announcement of a high-resolution drone-based radiometric and magnetic survey across its Ardnasvarre, Sågtjärn and Nianfors projects, which are largely covered by thin glacial overburden and have never been subject to detailed geophysical surveying.
According to the company, the drone will fly low and with tight line spacing, allowing detection of subtle anomalies that traditional surveys may have missed.
3. Energy Fuels (TSX:EFR)
Year-to-date gain: 70.21 percent
Market cap: C$2.83 billion
Share price: C$12.80
US-based uranium producer Energy Fuels has a large portfolio of conventional and in-situ recovery (ISR) projects across the Western US, including Pinyon Plain in Arizona, a top national producer.
Additionally, Energy Fuels owns and operates the White Mesa mill, the only fully licensed and operating conventional uranium mill in the US. The company is progressing heavy rare earth oxide processing at the plant as well.
In line with US efforts to bolster domestic uranium output, Energy Fuels has been ramping up Pinyon Plain. In May, a record of approximately 260,000 pounds of U3O8 was mined at the site, up 71 percent over the prior month.
A subsequent press release tallies Q2 output from Pinyon Plain at 638,700 pounds of uranium, which exceeded estimates due to high uranium grades, which averaged 2.23 percent in Q2 and 3.51 percent in June.
Company shares reached a year-to-date high of C$13.80 on July 27. The stock bump followed the successful commencement of pilot-scale heavy rare earths production at White Mesa on July 17.
4. Stallion Uranium (TSXV:STUD)
Year-to-date gain: 56.67 percent
Market cap: C$10.72 million
Share price: C$0.23
Uranium junior Stallion Uranium holds a 2,870 square kilometer land package on the western side of Saskatchewan's Athabasca Basin, including a joint venture with Atha Energy (TSXV:SASK,OTCQB:SASKF) for the largest contiguous project in the region. The company's primary focus is the Coyote target at the project.
Stallion's share price shot upward on July 8 after it announced a technology data acquisition agreement for Matchstick TI, an intelligent geological target identification platform with 77 percent accuracy. Stallion plans to use the technology to enhance its exploration efforts. On July 14, the company reported the results of a 3D inversion of ground gravity data over the Coyote target, which is part of its joint venture with Atha Energy.
"The inversion modelling at Coyote has delineated a laterally extensive and coherent gravity low, spatially coincident with a structurally complex corridor exhibiting attributes characteristic of fertile uranium-bearing systems within the Athabasca Basin,” Stallion Uranium CEO Matthew Schwab said.
Three days later, the company announced it settled its outstanding debt with Atha Energy, issuing 802,809 common shares at a deemed price of C$0.135 per share.
Stallion's shares registered a year-to-date high of C$0.25 on July 18.
Stallion released results from an electromagnetic survey on July 21 that further refined the Coyote target area.
5. Cameco (TSX:CCO)
Year-to-date gain: 45.96 percent
Market cap: C$47.21 billion
Share price: C$108.10
Sector major Cameco is a leading global uranium producer headquartered in Saskatoon, Saskatchewan. The company supplies uranium fuel for nuclear energy generation and holds significant assets across the nuclear fuel cycle, including 49 percent interests in Westinghouse Electric Company (NYSE:BBU) and Global Laser Enrichment.
In the Athabasca Basin, Cameco’s portfolio includes a majority interest in the Cigar Lake mine, the world's top-producing uranium mine. The company also fully owns the McArthur River mine, another major high-grade deposit in the same region. Additionally, Cameco operates the Key Lake mill, which processes ore from both Cigar Lake and McArthur River.
Globally, Cameco owns the Crow Butte ISR operation in Nebraska and the Smith Ranch-Highland ISR operation in Wyoming. Both are currently in care and maintenance. In Kazakhstan, Cameco holds a 40 percent interest in the Inkai joint venture, a producing ISR uranium operation developed in partnership with state-owned Kazatomprom.
On June 6, Cameco announced an expected US$170 million increase in its 49 percent equity share of Westinghouse Electric Company’s adjusted EBITDA for Q2 and the full 2025 year. The projected gain is linked to Westinghouse’s involvement in building two nuclear reactors at the Dukovany power plant in the Czech Republic.
In its Q2 results, released on July 31, the company reported net earnings of C$321 million, adjusted net earnings of C$308 million and adjusted EBITDA of C$673 million — all significantly higher year-on-year in part because of the aforementioned share of Westinghouse's EBITDA. In its uranium segment, Cameco's production totaled 4.6 million pounds, down from 7.1 million pounds in Q2 2024, due to planned maintenance at the Key Lake mill. However, its adjusted EBITDA for the segment increased by 43 percent year-on-year to C$352 million.
Cameco's share price reached a year-to-date high of C$109.10 on July 25.
FAQs for investing in uranium
What is uranium used for?
Uranium is primarily used for the production of nuclear energy, a form of clean energy created in nuclear power plants. In fact, 99 percent of uranium is used for this purpose. As of 2022, there were 439 active nuclear reactors, as per the International Atomic Energy Agency. Last year, 8 percent of US power came from nuclear energy.
The commodity is also used in the defense industry as a component of nuclear weaponry, among other uses. However, there are safeguards in effect to keep this to a minimum. To create weapons-grade uranium, the material has to be enriched significantly — above 90 percent — to the point that to achieve just 5.6 kilograms of weapons-grade uranium, it would require 1 metric ton of uranium pre-enrichment.
Because of this necessity, uranium enrichment facilities are closely monitored under international agreements. Uranium used for nuclear power production only needs to be enriched to 5 percent; nuclear enrichment facilities need special licenses to enrich above that point for uses such as research at 20 percent enrichment.
The metal is also used in the medical field for applications such as transmission electron microscopy. Before uranium was discovered to be radioactive, it was used to impart a yellow color to ceramic glazes and glass.
Where is uranium found?
The country with the greatest uranium reserves by far is Australia — the island nation holds 28 percent of the world’s uranium reserves. Rounding out the top three are Kazakhstan with 15 percent and Canada with 9 percent.
Although Australia has the highest reserves, it holds uranium as a low priority and is only fourth overall for production. All its uranium output is exported, with none used for domestic nuclear energy production.
Kazakhstan is the world’s largest producer of the metal, with production of 21,227 metric tons in 2022. The country’s national uranium company, Kazatomprom, is the world’s largest producer.
Canada’s uranium reserves are found primarily in its Athabasca Basin, and the region is a top producer of the metal as well.
Why should I buy uranium stocks?
Investors should always do their own due diligence when looking at any commodity so that they can decide whether it fits into their investment plans. With that being said, many experts are convinced that uranium has entered into a significant bull market, meaning that uranium stocks could be a good buy.
A slew of factors have led to this bull market. While the uranium industry spent the last decade or so in a downturn following the 2011 Fukushima nuclear disaster, discourse has been building around the metal's use as a source of clean energy, which is important for countries looking to reach climate goals. Nations are now prioritizing a mix of clean energies such as solar and wind energy alongside nuclear. Significantly, in August 2022, Japan announced it is looking into restarting its idled nuclear power plants and commissioning new ones.
Uranium prices are very important to uranium miners, as in recent years levels have not been high enough for production to be economic. However, in 2024, prices spiked from the US$58 in August 2023 to a high of US$106 per pound U3O8 in February 2024. They have since consolidated at around US$70, meaning this could be a buying point for those looking to get into the sector.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Purepoint Uranium and Stallion Uranium are clients of the Investing News Network. This article is not paid-for content.
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01 August
Cameco Lifts Outlook on Nuclear Momentum, Westinghouse Boost After Strong Q2 Performance
Cameco (TSX:CCO,NYSE:CCJ) is riding a wave of renewed nuclear optimism and long-term contracting after posting robust second quarter earnings, raising its expectations for the rest of 2025.
In results released on Wednesday (July 30), the firm reported net earnings of US$234 million for the second quarter and US$285 million for the first half of 2025, both significantly above 2024 levels. Adjusted EBITDA for the quarter came in at US$491 million, with strong contributions across its uranium, fuel services and Westinghouse segments.
“Our integrated strategy that aligns our marketing, operational, and financial decisions continues to serve us well in a market that is shifting its focus toward security of supply,” said Cameco CEO Tim Gitzel.
“As a result, we believe nuclear energy, and in turn Cameco, with our tier-one assets in stable jurisdictions and strategic investments across the entire nuclear fuel cycle, is on the critical path to global energy security,” Gitzel added.
Cameco’s uranium business benefited from higher sales volumes and stronger average realized prices, which reached approximately US$63.50 per pound, up from US$61.30.
That lift, combined with favourable exchange rates and long-term contracts shielded from short-term volatility, contributed to a 46 percent year-on-year increase in uranium segment earnings before income taxes in Q2.
Gitzel emphasized that Cameco’s contract portfolio allows it to navigate short-term market dislocations while remaining positioned for upside. “From a marketing perspective, we are capturing value with continued patience and discipline as we layer-in long-term contracts for both uranium and conversion services” he said, noting that fixed-price contracts and conversions helped insulate the company from weaker spot conditions earlier in the year.
Still, the company flagged operational headwinds. A planned maintenance shutdown at the Key Lake mill increased unit costs and impacted Q2 production. Cameco is maintaining its full-year uranium production guidance at 18 million pounds across its McArthur River/Key Lake and Cigar Lake operations, but warned that execution risks remain.
But it was Westinghouse, the global nuclear services firm in which Cameco holds a 49 percent stake, that delivered the most notable upside. The company revised its 2025 adjusted EBITDA share from Westinghouse to between US$525 million and US$580 million, a significant jump from the previous US$355 million to US$405 million range.
The boost was attributed to Westinghouse’s participation in the construction of two reactors at the Dukovany nuclear power plant in the Czech Republic, which added a further US$170 million in Q2 revenue to Cameco’s equity share.
“We believe that this project evidences the growing support for nuclear power, support that is expected to have a positive impact on our uranium and fuel services businesses,” Gitzel said. Cameco had delivery commitments for an average of 28 million pounds per year through 2029, with higher levels expected between 2025 and 2027.
The company is also exploring future opportunities in enrichment, particularly through its Global Laser Enrichment (GLE) venture. During the company’s earnings call, Executive Vice President and CFO Grant Isaac said GLE remains focused on re-enriching depleted UF6 tails under an agreement with the US Department of Energy.
“That is the primary obligation of GLE,” Isaac explained on the call.
“GLE could do straight down the fairway LEU to replace the Russians and do higher assay enrichments in order to provide fuel for some of the advanced reactor designs that require a high level of enrichment.”
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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31 July
North Shore Uranium: Unlocking Value Across Two World-class Uranium Districts in North America
North Shore Uranium (TSXV:NSU) is a uranium exploration company focused on North America, advancing a dual-track strategy aimed at high-impact discoveries in two of the world’s most prolific uranium regions: the eastern Athabasca Basin in Saskatchewan, Canada, and the Grants Uranium District in New Mexico, USA. With a lean capital structure, fully permitted drill targets in Saskatchewan, and strong insider ownership, the company is well-positioned to create value through cost-effective exploration and resource definition in a rising uranium price environment.
The Rio Puerco project, located in New Mexico’s Grants District—a historically productive uranium belt responsible for over 340 million pounds of past U₃O₈ production—offers strong potential. Drawing on data from approximately 800 historical drill holes, a JORC-compliant inferred resource estimate of 11.4 million pounds U₃O₈ was completed in 2009. Early assessments suggest potential for in-situ recovery (ISR) mining, one of the lowest-cost extraction methods in the industry.
North-Shore-Uranium-Athabasca-Basin-ProjectsAt the Falcon project in the Athabasca Basin, North Shore’s maiden 2024 drill program confirmed near-surface uranium mineralization in previously untested zones, underscoring the project’s discovery potential. The company has outlined a 7-kilometre conductive corridor with high-priority drill targets in the South Priority Area and is planning prospecting and follow-up drill programs.
Company Highlights
- Dual Jurisdiction Exposure: Active exploration in Athabasca Basin and the Grants Uranium District, two of the most historically significant uranium-producing regions in North America.
- Rio Puerco Option: Binding term sheet signed for a transaction that would see North Shore Uranium acquire up to an 87.5 percent of the Rio Puerco uranium project in New Mexico, where there is a historical resource estimate of 6 million tonnes grading 0.09 percent eU₃O₈ for 11.4 million lbs of U₃O₈.1
- Falcon Discovery in 2024: Maiden drill program confirmed near-surface uranium mineralization at two targets on the Falcon property in the Athabasca Basin in a previously undrilled area within 30 km of the active Key Lake uranium mill.
- Path to Resource Definition: Upon completion of the transaction, North Shore plans to validate historical data, attempt to expand the resource and evaluate the ISR potential at Rio Puerco and concurrently work to expand the discovery footprint at Falcon.
- Lean Structure, Strong Insider Support: $2.2 million market cap (as of July 2025), 40.3 million shares outstanding, with 43.3 percent held by insiders and founding investors.
- High-caliber Team: Led by award-winning geologist Brooke Clements and supported by proven uranium dealmakers and technical experts.
This North Shore Uranium profile is part of a paid investor education campaign.*
Click here to connect with North Shore Uranium (TSXV:NSU) to receive an Investor Presentation
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