Cameco Reports Q3 Results; Improving Operational Performance Supports Dividend Growth; Strengthening Prospects Amid Growing Demand for Nuclear Power; Long-Term Contracting Activity Gaining Momentum; Strong Annual Outlook; Cameco Well-Positioned

Cameco( TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the third quarter ended September 30, 2024, in accordance with International Financial Reporting Standards (IFRS).

"Our third quarter operational performance was strong across all segments, supporting our return to a tier-one cost structure," said Tim Gitzel, Cameco's president and CEO. "Looking past quarterly earnings, which can vary significantly, there is a clear underlying trend of improving operational performance and cash flow generation, backed by stable and rising market prices. Apart from the impact of a stronger US dollar, our financial outlook for both Cameco and Westinghouse remained strong and unchanged. To recognize the return to our tier-one production rate and the continued strengthening of the industry's long-term prospects, our board of directors declared an increased 2024 annual dividend of $0.16 per common share. We are also recommending a dividend growth plan to our board of directors, under which we expect to at least double last year's dividend of $0.12 per common share, to $0.24 per common share, over the fiscal periods 2024 through 2026, subject to annual consideration by our board.

"Our disciplined strategy aligns our marketing, operational, and financially focused decisions. From a marketing perspective, we have contracts in both our uranium and fuel services segments that have deliveries spanning more than a decade. However, in a market where we are seeing sustained, positive momentum for nuclear energy, we are continuing to be selective in committing our unencumbered, tier-one, in-ground uranium inventory and UF 6 conversion capacity under long-term contracts, to capture greater upside for many years to come.

"The marketing element of our strategy guides our operational decisions to ensure our supply aligns with our commitments, so we balance our production rates, inventory position, long-term purchases, product loans, and near-term market purchases in order to deliver full-cycle value. This past quarter was a good example of that prudent management of our supply sources, with our 2024 uranium production outlook increasing from 22.4 million pounds (our share) of uranium, to up to 23.1 million pounds (our share) of uranium, thanks to strong production from McArthur River/Key Lake. The higher production level for 2024 is fully committed within our contract portfolio and allows us to rebalance our other supply sources, including a partial offset of the increase in Saskatchewan by lower production and purchases from JV Inkai, where we now expect production of 7.7 million pounds (100% basis) of uranium, down about 600,000 pounds of uranium from last year due to the ongoing acid supply challenges in Kazakhstan.

"The marketing and operational decisions set the stage for the financial element of our strategy, under which we expect strong cash flow generation to underpin our conservative capital allocation priorities. Those priorities include a focus on debt management, as is evident with the prudent refinancing activities we have undertaken in 2024, and the prepayment of a large portion of the term loan we utilized to purchase Westinghouse.

"We are continuing to see a positive shift in government, industry and public support for nuclear energy, further supported by recent announcements between utilities, reactor developers, and the industrial energy users, who are now extending financial support to ensure future access to clean, reliable and scalable nuclear power. Cameco, with our assets and investments across the fuel and reactor life cycles, is uniquely positioned to benefit from those tailwinds as a responsible, commercial supplier with multiple long-lived, tier-one assets in reliable jurisdictions, proven operating experience, and a strong balance sheet to execute our strategy. In a market where we are seeing sustained, positive momentum for nuclear energy, we believe our disciplined strategy will allow us to achieve our vision of ‘energizing a clean-air world' in a manner that reflects our values, including a commitment to address the risks and opportunities that we believe will make our business sustainable over the long term."

  • Dividend: Our board of directors declared a 2024 annual dividend of $0.16 per common share, payable on December 13, 2024, to shareholders of record on November 27, 2024. The decision to declare an annual dividend is reviewed regularly by our board in context of our cash flow, financial position, strategy and other relevant factors, including appropriate alignment with the cyclical nature of our earnings. To recognize the return to our tier-one production rate, and in line with the principles of our capital allocation framework, we have recommended to our board of directors a dividend growth plan for consideration. Based on our plan, we expect an annual increase of at least $0.04 per common share over the fiscal periods 2024 through 2026, to achieve a doubling of the 2023 dividend from $0.12 per common share, to $0.24 per common share. In 2022, the board increased the dividend by 50% to reflect the expected improvement in our financial performance as we began the transition to our tier-one run rate.
  • Financial results impacted by purchase accounting: Third quarter results reflect normal quarterly variations in sales volumes, as well as delayed sales for Joint Venture Inkai (JV Inkai) due to continued transportation challenges, and the ongoing impact of purchase accounting for Westinghouse. Net earnings were $7 million, adjusted net losses were $3 million, and adjusted EBITDA was $308 million. During the first nine months of the year, net earnings of $36 million and adjusted net earnings of $115 million were lower, while adjusted EBITDA of $1.0 billion was higher than in 2023. Adjusted net earnings and adjusted EBITDA are non-IFRS measures, see below.
  • Strong 2024 financial outlook: We continue to expect strong cash flow generation. Due to the continued strengthening of the US dollar, we have updated our exchange rate assumption to reflect the average rate year-to-date in 2024 of $1.00 (US) for $1.35 (Cdn) (previously $1.00 (US) for $1.30 (Cdn)). As a result, our expected uranium average realized price increased to $77.80 per pound (previously $74.70 per pound), driving up several financial outlook metrics, including estimated consolidated revenue for the year, which is now expected to be about $3.01 billion to $3.16 billion (previously $2.85 billion to $3.0 billion), and our outlook for our share of Westinghouse's 2024 adjusted EBITDA, which is now expected to be between $460 million and $530 million (previously $445 million to $510 million). See Outlook for 2024 in our third quarter MD&A for more information. Adjusted EBITDA attributable to Westinghouse is a non-IFRS measure, see below.
  • Strong uranium segment performance: In our uranium segment, production volumes for the third quarter and for the first nine months of the year were strong. Higher revenues and gross profit compared to last year were primarily driven by higher sales volume and higher Canadian dollar average realized price. Deliveries of 7.3 million pounds during the quarter were higher than the same period in 2023, while deliveries of 20.8 million pounds year-to-date were slightly lower than the same period last year due to normal quarterly variations, although it remained in line with the delivery pattern disclosed in our annual MD&A. Our annual expectation for uranium deliveries of between 32 million and 34 million pounds remains unchanged. See Uranium in our third quarter MD&A for more information.
  • Increased 2024 uranium production outlook: We updated our 2024 production outlook to be up to 37.0 million pounds (up to 23.1 million pounds our share) of uranium, to advance our strategy in step with the positive market momentum and to meet our commitments under our long-term contracts. The higher planned annual production level is due to the consistent run rate at the Key Lake mill, which we now expect to produce 19 million pounds (100% basis) of uranium in 2024 (previously 18 million pounds of uranium), partially offset by lower expected production and purchases from JV Inkai. Expected market and committed purchases for 2024 have been realigned to account for the increased uncertainty on the timing of receipt of our remaining share of 2024 production from JV Inkai. We have either taken delivery of, or have commitments for, the majority of our expected 2024 market purchases, but may look for additional opportunities to add to our inventory. See Outlook   for 2024 in our third quarter MD&A for more information.
  • Inkai production lower than previously expected: At JV Inkai, production for the third quarter was similar to last year, but lower for the first nine months of this year compared to the same period in 2023, due to differences in the annual mine plan, a shift in the acidification schedule for new wellfields, and unstable acid supply throughout the year. Maximum annual expected production is now estimated to be approximately 7.7 million pounds (100% basis) of uranium, as the previous target of 8.3 million pounds of uranium was contingent upon receipt of sufficient volumes of sulfuric acid in accordance with a specific schedule and is now deemed unachievable. The first shipment containing approximately 2.3 million pounds of our share of Inkai's 2024 production has arrived at the Canadian port and is expected to arrive at the Blind River refinery before the end of 2024. The timing for the shipment of our remaining share of 2024 production is uncertain, and our allocation of this year's planned production from JV Inkai remains under discussion. The timing of deliveries from JV Inkai impacts our share of earnings from equity-accounted investee and the timing of receipt of our share of dividends. An updated NI 43-101 technical report for the Inkai mine is being finalized and is expected to be filed under Cameco's profile on SEDAR+ within 45 days of this release. Changes to the mineral reserves, production profile, costs, sensitivities, environmental and regulatory matters, and other scientific and technical information will be updated in the relevant sections of the report.
  • Solid adjusted EBITDA from Westinghouse: While Westinghouse reported a net loss of $57 million (our share), for the third quarter compared to $47 million (our share) in the second quarter, adjusted EBITDA was $122 million, compared to $121 million in the second quarter. Due to normal variability in the timing of its customer requirements, and delivery and outage schedules, we expect to see stronger performance from the Westinghouse segment in the fourth quarter, with higher expected cash flows. Purchase accounting, which required the revaluation of Westinghouse's inventory and other assets at the time of acquisition, and the expensing of certain non-operating acquisition-related transition costs continues to impact quarterly earnings and our 2024 earnings outlook. See Outlook   for 2024 and Our earnings from Westinghouse in our third quarter MD&A for more information.
  • Selective long-term contracting, maintaining exposure to higher prices: As of September 30, 2024, we had commitments requiring delivery of an average of about 29 million pounds per year from 2024 through 2028. We also have contracts in our uranium and fuel services segments that span more than a decade, and in our uranium segment, many of those contracts benefit from market-related pricing mechanisms. In addition, we have a large and growing pipeline of business under discussion both on- and off-market, which we expect will help further build our long-term contract portfolio.
  • Maintaining financial discipline and balanced liquidity to execute on strategy:
    • Strong balance sheet: As of September 30, 2024, we had $197 million in cash and cash equivalents and $1.3 billion in total debt, demonstrating our ability to maintain liquidity while prioritizing repayment of our term loan debt. In addition, we have a $1.0 billion undrawn credit facility, which matures October 1, 2028. We continue to expect strong cash flow generation in 2024.
    • Focused debt reduction : Thanks to our risk-managed financial discipline, and strong cash position, in the third quarter we continued to prioritize the reduction of the floating-rate term loan used to finance the Westinghouse acquisition, repaying another $100 million (US) of the remaining $300 million (US) principal outstanding. We plan to continue to prioritize repayment of the remaining $200 million (US) outstanding principal on the term loan while balancing our liquidity and cash position.
    • Maintaining financial flexibility : We plan to file a new base shelf prospectus in the fourth quarter as the existing prospectus expired in October.
  • Changes to the executive team: Effective October 7, 2024, David Doerksen was appointed senior vice-president and chief marketing officer, overseeing the international marketing team in the development and execution of Cameco's marketing strategy, and Lisa Aitken was appointed vice-president, marketing.

Consolidated financial results

THREE MONTHS

NINE MONTHS

HIGHLIGHTS

ENDED SEPTEMBER 30

ENDED SEPTEMBER 30

($ MILLIONS EXCEPT WHERE INDICATED)

2024

2023

CHANGE

2024

2023

CHANGE

Revenue

721

575

25%

1,953

1,744

12%

Gross profit

171

152

13%

533

429

24%

Net earnings attributable to equity holders

7

148

(95)%

36

281

(87)%

$ per common share (basic)

0.02

0.34

(94)%

0.08

0.65

(88)%

$ per common share (diluted)

0.02

0.34

(94)%

0.08

0.65

(88)%

Adjusted net earnings (losses) (ANE) (non-IFRS, see below)

(3)

137

>(100)%

115

249

(54)%

$ per common share (adjusted and diluted)

(0.01)

0.32

>(100)%

0.26

0.57

(54)%

Adjusted EBITDA (non-IFRS, see below)

308

234

32%

992

511

94%

Cash provided by operations (after working capital changes)

52

185

(72)%

376

487

(23)%

The financial information presented for the three months and nine months ended September 30, 2023, and September 30, 2024, is unaudited.

Selected segment highlights

THREE MONTHS

NINE MONTHS

ENDED SEPTEMBER 30

ENDED SEPTEMBER 30

HIGHLIGHTS

2024

2023

CHANGE

2024

2023

CHANGE

Uranium

Production volume (million lbs)

4.3

3.0

43%

17.3

11.9

45%

Sales volume (million lbs)

7.3

7.0

4%

20.8

22.2

(6)%

Average realized price 1

($US/lb)

60.18

52.57

14%

58.28

48.62

20%

($Cdn/lb)

82.33

70.30

17%

78.97

65.40

21%

Revenue

600

489

23%

1,642

1,452

13%

Gross profit

154

139

11%

467

349

34%

Earnings before income taxes

171

218

(22)%

615

474

30%

Adjusted EBITDA 2

240

224

7%

790

601

31%

Fuel services

Production volume (million kgU)

3.2

2.0

60%

9.9

9.6

3%

Sales volume (million kgU)

3.5

2.1

67%

7.9

7.8

1%

Average realized price 3

($Cdn/kgU)

34.54

39.87

(13)%

39.17

37.44

5%

Revenue

120

86

40%

311

291

7%

Earnings before income taxes

17

28

(39)%

71

97

(27)%

Adjusted EBITDA 2

28

36

(22)%

96

121

(21)%

Adjusted EBITDA margin (%) 2

23

42

(45)%

31

42

(26)%

Westinghouse

Revenue

726

-

n/a

2,052

-

n/a

(our share)

Net loss

(57)

-

n/a

(227)

-

n/a

Adjusted EBITDA 2

122

-

n/a

320

-

n/a

1

Uranium average realized price is calculated as the revenue from sales of uranium concentrate, transportation and storage fees divided by the volume of uranium concentrates sold.

2

Non-IFRS measure, see below.

3

Fuel services average realized price is calculated as revenue from the sale of conversion and fabrication services, including fuel bundles and reactor components, transportation and storage fees divided by the volumes sold.

The table below shows the costs of produced and purchased uranium incurred in the reporting periods (see non-IFRS measures below). These costs do not include care and maintenance costs, selling costs such as royalties, transportation and commissions, nor do they reflect the impact of opening inventories on our reported cost of sales.

THREE MONTHS

NINE MONTHS

ENDED SEPTEMBER 30

ENDED SEPTEMBER 30

($CDN/LB)

2024

2023

CHANGE

2024

2023

CHANGE

Produced

Cash cost

29.21

32.37

(10)%

20.90

25.60

(18)%

Non-cash cost

10.40

12.24

(15)%

9.66

11.92

(19)%

Total production cost 1

39.61

44.61

(11)%

30.56

37.52

(19)%

Quantity produced (million lbs) 1

4.3

3.0

43%

17.3

11.9

45%

Purchased

Cash cost

109.59

79.14

38%

100.13

69.88

43%

Quantity purchased (million lbs) 1

1.8

0.8

>100%

6.2

5.0

24%

Totals

Produced and purchased costs

60.26

51.88

16%

48.91

47.09

4%

Quantities produced and purchased (million lbs)

6.1

3.8

61%

23.5

16.9

39%

1

Due to equity accounting, our share of production from JV Inkai is shown as a purchase at the time of delivery. These purchases will fluctuate during the quarters and timing of purchases will not match production. There were no purchases during the quarter. In the first nine months of 2024, we purchased 1.2 million pounds at a purchase price per pound of $128.42 ($95.63 (US)).

Non-IFRS measures

The non-IFRS measures referenced in this document are supplemental measures, which are used as indicators of our financial performance. Management believes that these non-IFRS measures provide useful supplemental information to investors, securities analysts, lenders and other interested parties in assessing our operational performance and our ability to generate cash flows to meet our cash requirements. These measures are not recognized measures under IFRS, do not have standardized meanings, and are therefore may not be comparable to similarly titled measures presented by other companies. Accordingly, these measures should not be considered in isolation or as a substitute for the financial information reported under IFRS. We are not able to reconcile our forward-looking non-IFRS guidance because we cannot predict the timing and amounts of discrete items, which could significantly impact our IFRS results.

The following are the non-IFRS measures used in this document.

ADJUSTED NET EARNINGS

Adjusted net earnings is our net earnings attributable to equity holders, adjusted for non-operating or non-cash items such as gains and losses on derivatives and adjustments to reclamation provisions flowing through other operating expenses, that we believe do not reflect the underlying financial performance for the reporting period. Other items may also be adjusted from time to time. We adjust this measure for certain of the items that our equity-accounted investees make in arriving at other non-IFRS measures. Adjusted net earnings is one of the targets that we measure to form the basis for a portion of annual employee and executive compensation (see Measuring our results in our 2023 annual MD&A).

In calculating ANE we adjust for derivatives. We do not use hedge accounting under IFRS and, therefore, we are required to report gains and losses on all hedging activity, both for contracts that close in the period and those that remain outstanding at the end of the period. For the contracts that remain outstanding, we must treat them as though they were settled at the end of the reporting period (mark-to-market). However, we do not believe the gains and losses that we are required to report under IFRS appropriately reflect the intent of our hedging activities, so we make adjustments in calculating our ANE to better reflect the impact of our hedging program in the applicable reporting period. See Foreign exchange in our 2023 annual MD&A for more information.

We also adjust for changes to our reclamation provisions that flow directly through earnings. Every quarter we are required to update the reclamation provisions for all operations based on new cash flow estimates, discount and inflation rates. This normally results in an adjustment to an asset retirement obligation asset in addition to the provision balance. When the assets of an operation have been written off due to an impairment, as is the case with our Rabbit Lake and US ISR operations, the adjustment is recorded directly to the statement of earnings as "other operating expense (income)". See note 10 of our interim financial statements for more information. This amount has been excluded from our ANE measure.

As a result of the change in ownership of Westinghouse when it was acquired by Cameco and Brookfield, Westinghouse's inventories at the acquisition date were revalued based on the market price at that date. As these quantities are sold, Westinghouse's cost of products and services sold reflect these market values, regardless of their historic costs. Our share of these costs is included in earnings from equity-accounted investees and recorded in cost of products and services sold in the investee information (see note 7 to the financial statements). Since this expense is non-cash, outside of the normal course of business and only occurred due to the change in ownership, we have excluded our share from our ANE measure.

Westinghouse has also expensed some non-operating acquisition-related transition costs that the acquiring parties agreed to pay for, which resulted in a reduction in the purchase price paid. Our share of these costs is included in earnings from equity-accounted investees and recorded in other expenses in the investee information (see note 7 to the financial statements). Since this expense is outside of the normal course of business and only occurred due to the change in ownership, we have excluded our share from our ANE measure.

To facilitate a better understanding of these measures, the table below reconciles adjusted net earnings with our net earnings for the third quarter and first nine months of 2024 and compares it to the same periods in 2023.

THREE MONTHS

NINE MONTHS

ENDED SEPTEMBER 30

ENDED SEPTEMBER 30

($ MILLIONS)

2024

2023

2024

2023

Net earnings attributable to equity holders

7

148

36

281

Adjustments

Adjustments on derivatives

(28

)

41

19

-

Inventory purchase accounting (net of tax)

-

-

50

-

Acquisition-related transition costs (net of tax)

5

-

24

-

Adjustment to other operating expense (income)

5

(48

)

(12

)

(42

)

Income taxes on adjustments

8

(4

)

(2

)

10

Adjusted net earnings (losses)

(3

)

137

115

249

The following table shows what contributed to the change in adjusted net earnings (non-IFRS measure, see above) for the third quarter and first nine months of 2024 compares to the same periods in 2023.

THREE MONTHS

NINE MONTHS

ENDED SEPTEMBER 30

ENDED SEPTEMBER 30

($ MILLIONS)

IFRS

ADJUSTED

IFRS

ADJUSTED

Net earnings - 2023

148

137

281

249

Change in gross profit by segment

(We calculate gross profit by deducting from revenue the cost of products and services sold, and depreciation and amortization (D&A), net of hedging benefits)

Uranium

Impact from sales volume changes

6

6

(22

)

(22

)

Higher realized prices ($US)

74

74

270

270

Foreign exchange impact on realized prices

14

14

12

12

Higher costs

(78

)

(78

)

(139

)

(139

)

Change – uranium

16

16

121

121

Fuel services

Impact from sales volume changes

9

9

2

2

Higher (lower) realized prices ($Cdn)

(19

)

(19

)

14

14

Lower (higher) costs

13

13

(32

)

(32

)

Change – fuel services

3

3

(16

)

(16

)

Other changes

Lower administration expenditures

15

15

11

11

Higher exploration and research and development expenditures

(2

)

(2

)

(10

)

(10

)

Change in reclamation provisions

(66

)

(13

)

(40

)

(10

)

Lower earnings from equity-accounted investees

(66

)

(61

)

(176

)

(102

)

Change in gains or losses on derivatives

68

(1

)

(23

)

(4

)

Change in foreign exchange gains or losses

(68

)

(68

)

-

-

Lower finance income

(30

)

(30

)

(75

)

(75

)

Higher finance costs

(12

)

(12

)

(48

)

(48

)

Change in income tax recovery or expense

3

15

13

1

Other

(2

)

(2

)

(2

)

(2

)

Net earnings (losses) - 2024

7

(3

)

36

115

EBITDA

EBITDA is defined as net earnings attributable to equity holders, adjusted for the costs related to the impact of the company's capital and tax structure including depreciation and amortization, finance income, finance costs (including accretion) and income taxes. Included in EBITDA is our share of equity-accounted investees.

ADJUSTED EBITDA

Adjusted EBITDA is defined as EBITDA, as further adjusted for the impact of certain costs or benefits incurred in the period which are either not indicative of the underlying business performance or that impact the ability to assess the operating performance of the business. These adjustments include the amounts noted in the ANE definition.

In calculating adjusted EBITDA, we also adjust for items included in the results of our equity-accounted investees that are not adjustments to arrive at our ANE measure. These items are reported as part of other expenses within the investee financial information and are not representative of the underlying operations. These primarily include transaction, integration and restructuring costs related to acquisitions.

The company may realize similar gains or incur similar expenditures in the future.

ADJUSTED EBITDA MARGIN

Adjusted EBITDA margin is defined as adjusted EBITDA divided by revenue for the appropriate period.

EBITDA, adjusted EBITDA and adjusted EBITDA margin are non-IFRS measures which allow us and other users to assess results of operations from a management perspective without regard for our capital structure.

To facilitate a better understanding of these measures, the tables below reconcile net earnings with EBITDA and adjusted EBITDA for the third quarter and first nine months of 2024 and 2023.

For the quarter ended September 30, 2024:

FUEL

($ MILLIONS)

URANIUM

SERVICES

WESTINGHOUSE

OTHER

TOTAL

Net earnings (loss) attributable to equity holders

171

17

(57

)

(124

)

7

Depreciation and amortization

59

11

-

1

71

Finance income

-

-

-

(4

)

(4

)

Finance costs

-

-

-

35

35

Income taxes

-

-

-

38

38

230

28

(57

)

(54

)

147

Adjustments on equity investees

Depreciation and amortization

2

-

93

-

Finance expense

-

-

54

-

Income taxes

3

-

(2

)

-

Net adjustments on equity investees

5

-

145

-

150

EBITDA

235

28

88

(54

)

297

Loss on derivatives

-

-

-

(28

)

(28

)

Other operating expense

5

-

-

-

5

5

-

-

(28

)

(23

)

Adjustments on equity investees

Acquisition-related transition costs

-

-

7

-

Other expenses

-

-

27

-

Net adjustments on equity investees

-

-

34

-

34

Adjusted EBITDA

240

28

122

(82

)

308

For the quarter ended September 30, 2023:

FUEL

($ MILLIONS)

URANIUM

SERVICES

OTHER

TOTAL

Net earnings (loss) attributable to equity holders

218

28

(98

)

148

Depreciation and amortization

47

8

1

56

Finance income

-

-

(34

)

(34

)

Finance costs

-

-

23

23

Income taxes

-

-

41

41

265

36

(67

)

234

Adjustments on equity investees

Depreciation and amortization

2

-

-

Income taxes

5

-

-

Net adjustments on equity investees

7

-

-

7

EBITDA

272

36

(67

)

241

Gain on derivatives

-

-

41

41

Other operating income

(48

)

-

-

(48

)

Adjusted EBITDA

224

36

(26

)

234

For the nine months ended September 30, 2024:

FUEL

($ MILLIONS)

URANIUM 1

SERVICES

WESTINGHOUSE

OTHER

TOTAL

Net earnings (loss) attributable to equity holders

615

71

(227

)

(423

)

36

Depreciation and amortization

148

25

-

4

177

Finance income

-

-

-

(18

)

(18

)

Finance costs

-

-

-

117

117

Income taxes

-

-

-

87

87

763

96

(227

)

(233

)

399

Adjustments on equity investees

Depreciation and amortization

12

-

267

-

Finance income

-

-

(3

)

-

Finance expense

-

-

172

-

Income taxes

27

-

(50

)

-

Net adjustments on equity investees

39

-

386

-

425

EBITDA

802

96

159

(233

)

824

Gain on derivatives

-

-

-

19

19

Other operating income

(12

)

-

-

-

(12

)

(12

)

-

-

19

7

Adjustments on equity investees

Inventory purchase accounting

-

-

66

-

Acquisition-related transition costs

-

-

32

-

Other expenses

-

-

63

-

Net adjustments on equity investees

-

-

161

-

161

Adjusted EBITDA

790

96

320

(214

)

992

For the nine months ended September 30, 2023:

FUEL

($ MILLIONS)

URANIUM 1

SERVICES

OTHER

TOTAL

Net earnings (loss) attributable to equity holders

474

97

(290

)

281

Depreciation and amortization

147

24

3

174

Finance income

-

-

(93

)

(93

)

Finance costs

-

-

69

69

Income taxes

-

-

100

100

621

121

(211

)

531

Adjustments on equity investees

Depreciation and amortization

6

-

-

Income taxes

16

-

-

Net adjustments on equity investees

22

-

-

22

EBITDA

643

121

(211

)

553

Other operating income

(42

)

-

-

(42

)

Adjusted EBITDA

601

121

(211

)

511

CASH COST PER POUND, NON-CASH COST PER POUND AND TOTAL COST PER POUND FOR PRODUCED AND PURCHASED URANIUM

Cash cost per pound, non-cash cost per pound and total cost per pound for produced and purchased uranium are non-IFRS measures. We use these measures in our assessment of the performance of our uranium business. These measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS.

To facilitate a better understanding of these measures, the table below reconciles these measures to cost of product sold and depreciation and amortization for the third quarter and first nine months of 2024 and 2023.

THREE MONTHS

NINE MONTHS

ENDED SEPTEMBER 30

ENDED SEPTEMBER 30

($ MILLIONS)

2024

2023

2024

2023

Cost of product sold

386.5

304.6

1,027.0

959.1

Add / (subtract)

Royalties

(38.4

)

(22.3

)

(88.5

)

(61.0

)

Care and maintenance costs

(13.4

)

(12.1

)

(37.3

)

(35.2

)

Other selling costs

(2.9

)

(3.0

)

(12.2

)

(7.1

)

Change in inventories

(8.9

)

(106.8

)

93.4

(201.8

)

Cash costs of production (a)

322.9

160.4

982.4

654.0

Add / (subtract)

Depreciation and amortization

59.3

47.1

147.5

147.2

Care and maintenance costs

(0.2

)

(0.8

)

(0.6

)

(3.4

)

Change in inventories

(14.4

)

(9.6

)

20.2

(2.0

)

Total production costs (b)

367.6

197.1

1,149.5

795.8

Uranium produced & purchased (million lbs) (c)

6.1

3.8

23.5

16.9

Cash costs per pound (a ÷ c)

52.93

42.21

41.80

38.70

Total costs per pound (b ÷ c)

60.26

51.88

48.91

47.09

Management's discussion and analysis (MD&A) and financial statements

The third quarter MD&A and unaudited condensed consolidated interim financial statements provide a detailed explanation of our operating results for the three and nine months ended September 30, 2024, as compared to the same periods last year. This news release should be read in conjunction with these documents, as well as our audited consolidated financial statements and notes for the year ended December 31, 2023, first quarter, second quarter and annual MD&A, and our most recent annual information form, all of which are available on our website at cameco.com, on SEDAR+ at sedarplus.ca, and on EDGAR at sec.gov/edgar.shtml.

Qualified persons

The technical and scientific information discussed in this document for our material properties McArthur River/Key Lake, Cigar Lake and Inkai was approved by the following individuals who are qualified persons for the purposes of NI 43-101:

MCARTHUR RIVER/KEY LAKE

  • Greg Murdock, general manager, McArthur River, Cameco
  • Daley McIntyre, general manager, Key Lake, Cameco

CIGAR LAKE

  • Kirk Lamont, general manager, Cigar Lake, Cameco

INKAI

  • Sergey Ivanov, deputy director general, technical services, Cameco Kazakhstan LLP

Caution about forward-looking information

This news release includes statements and information about our expectations for the future, which we refer to as forward-looking information. Forward-looking information is based on our current views, which can change significantly, and actual results and events may be significantly different from what we currently expect. Examples of forward-looking information in this news release include: our view that our third quarter operational performance supports our return to a tier-one cost structure, and that there is a trend of improving operational performance and cash flow generation, backed by stable and rising market prices; our financial outlook for both Cameco and Westinghouse; our expectation of continued strengthening of the industry's long term prospects; our recommended dividend growth plan and expectations regarding dividend payments, and increases through 2026; our perception of sustained, positive momentum for nuclear energy, and our ability to capture greater upside in future years; our view that our strategy will align with our commitments, permitting us to deliver fully-cycle value; our 2024 uranium production outlook; our ability to rebalance our supply sources; our production expectations for JV Inkai; our expectation of strong cash flow generation, and intention to prioritize debt management and reduction while maintaining liquidity and strong cash flow generation; our perception of a positive shift in government, industry and public support for nuclear energy, and continuing financial support for access to nuclear power; our belief that Cameco is uniquely positioned to benefit from those developments; our expected ability to achieve our vision, including a commitment to make our business sustainable over the long term; our expected uranium average realized prices, production and deliveries and outlook for our share of Westinghouse's 2024 adjusted EBITDA, as well as its performance and cash flows; expected Key Lake Mill and JV Inkai production levels, and timing of shipments and deliveries; the expected timing of the finalization and filing of a new technical report for the Inkai mine; our expectations regarding the building of our long-term contract portfolio and pipeline of business under discussion; our intention to file a new base shelf prospectus in the fourth quarter; and the timing of our third quarter conference call and announcement of our 2024 fourth quarter and annual results.

Material risks that could lead to different results include: unexpected changes in uranium supply, demand, long-term contracting, and prices; changes in consumer demand for nuclear power and uranium as a result of changing societal views and objectives regarding nuclear power, electrification and decarbonization; the risk that our views regarding nuclear power, its growth profile, and benefits, may prove to be incorrect; the risk that we may not be able to achieve planned production levels within the expected timeframes, or that the costs involved in doing so exceed our expectations; the risk that the production levels at Inkai may not be at expected levels due to the unavailability of sufficient volumes of sulfuric acid or for any other reason, or that it may not be able to deliver its production when expected, risks to Westinghouse's business associated with potential production disruptions, the implementation of its business objectives, compliance with licensing or quality assurance requirements, or that it may otherwise be unable to achieve expected growth; the risk that we may not be able to meet sales commitments for any reason; the risks to our business associated with potential production disruptions, including those related to global supply chain disruptions, global economic uncertainty, political volatility, labour relations issues, and operating risks; the risk that we may not be able to implement our business objectives in a manner consistent with our environmental, social, governance and other values; the risk that the strategy we are pursuing may prove unsuccessful, or that we may not be able to execute it successfully; the risk that Westinghouse may not be able to implement its business objectives in a manner consistent with its or our environmental, social, governance and other values; the filing of our new base shelf prospectus or the new technical report for the Inkai mine may be delayed for unanticipated reasons; we may be unable to pay dividends on our common shares through 2026 in the amounts we currently expect; and the risk that we may be delayed in announcing our future financial results.

In presenting the forward-looking information, we have made material assumptions which may prove incorrect about: uranium demand, supply, consumption, long-term contracting, growth in the demand for and global public acceptance of nuclear energy, and prices; our production, purchases, sales, deliveries and costs; the market conditions and other factors upon which we have based our future plans and forecasts; our contract pipeline discussions; Inkai production, its receipt of sufficient volumes of sulfuric acid, and our allocation of planned production and timing of deliveries; assumptions about Westinghouse's production, purchases, sales, deliveries and costs, the absence of business disruptions, and the success of its plans and strategies; the success of our plans and strategies, including planned production; the absence of new and adverse government regulations, policies or decisions; that there will not be any significant adverse consequences to our business resulting from production disruptions, including those relating to supply disruptions, economic or political uncertainty and volatility, labour relation issues, aging infrastructure, and operating risks; the assumptions relating to Westinghouse's adjusted EBITDA; the filing of our new base shelf prospectus and the new technical report for the Inkai mine will not be delayed for unanticipated reasons; annual dividends on our common shares will be declared and paid in the amounts we expected through 2026 and our ability to announce future financial results when expected.

Please also review the discussion in our 2023 annual MD&A, our 2024 first and second quarter MD&A and our most recent annual information form for other material risks that could cause actual results to differ significantly from our current expectations, and other material assumptions we have made. Forward-looking information is designed to help you understand management's current views of our near-term and longer-term prospects, and it may not be appropriate for other purposes. We will not necessarily update this information unless we are required to by securities laws.

Conference call

We invite you to join our third quarter conference call on Thursday, November 7, 2024, at 8:00 a.m. Eastern.

The call will be open to all investors and the media. To join the call, please dial (844) 763-8274 (Canada and US) or (647) 484-8814. An operator will put your call through. The slides and a live webcast of the conference call will be available from a link at cameco.com. See the link on our home page on the day of the call.

A recorded version of the proceedings will be available:

  • on our website, cameco.com, shortly after the call
  • on post view until midnight, Eastern, December 7, 2024, by calling (855) 669-9658 (Canada/ USA toll-free) or (412) 317-0088 (International toll) (Passcode 7713061)

2024 fourth quarter and annual report release date

We plan to announce our 2024 fourth quarter and annual consolidated financial and operating results before markets open on February 20, 2025. Announcement dates are subject to change.

Profile

Cameco is one of the largest global providers of the uranium fuel needed to energize a clean-air world. Our competitive position is based on our controlling ownership of the world's largest high-grade reserves and low-cost operations, as well as significant investments across the nuclear fuel cycle, including ownership interests in Westinghouse Electric Company and Global Laser Enrichment. Utilities around the world rely on Cameco to provide global nuclear fuel solutions for the generation of safe, reliable, carbon-free nuclear power. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan, Canada.

As used in this news release, the terms we, us, our, the Company and Cameco mean Cameco Corporation and its subsidiaries unless otherwise indicated.

Investor inquiries:

Cory Kos
306-716-6782
cory_kos@cameco.com

Media inquiries:

Veronica Baker
306-385-5541
veronica_baker@cameco.com

News Provided by Business Wire via QuoteMedia

CCO:CA,CCJ
The Conversation (0)
Cameco and Energoatom Agree on Commercial Terms to Supply Ukraine's Full Natural UF6 Needs through 2035

Cameco and Energoatom Agree on Commercial Terms to Supply Ukraine's Full Natural UF6 Needs through 2035

SE NNEGC Energoatom (Energoatom), Ukraine's state-owned nuclear energy utility, and Cameco Corporation (Cameco) (TSX: CCO; NYSE: CCJ), one of the largest global producers of uranium fuel based in Canada, have reached agreement on commercial terms for a major supply contract for Cameco to provide sufficient volumes of natural uranium hexafluoride, or UF 6 (consisting of uranium and conversion services), to meet Ukraine's full nuclear fuel needs through 2035. Key commercial terms, such as pricing mechanism, volume and tenor, have been agreed to, but the contract is subject to finalization, which is anticipated in the first quarter of 2023.

"Energoatom will keep working on achieving the energy independence of Ukraine. The development of cooperation between companies in the production and supply of nuclear materials and nuclear fuel is one of the most important conditions for the further safe functioning of our domestic nuclear power generation," said Petro Kotin, President of Energoatom.

News Provided by Business Wire via QuoteMedia

Keep reading...Show less
Cameco and Brookfield Renewable Form Strategic Partnership to Acquire Westinghouse Electric Company

Cameco and Brookfield Renewable Form Strategic Partnership to Acquire Westinghouse Electric Company

Currency: U.S. dollars unless otherwise stated

  • Westinghouse is an industry leader with a strong market position across the nuclear value chain
  • Nuclear power expected to see significant growth driven by energy security and decarbonization trends
  • Acquisition will provide opportunities to generate value and grow the business globally

Cameco Corporation ("Cameco") (NYSE: CCJ; TSX: CCO) and Brookfield Renewable Partners ("Brookfield Renewable") (NYSE: BEP, BEPC; TSX: BEP.UN, BEPC), together with its institutional partners ("the consortium"), are forming a strategic partnership to acquire Westinghouse Electric Company ("Westinghouse"), one of the world's largest nuclear services businesses.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Baselode Energy

Baselode Intersects Best Drill Hole To Date, 25 Metres From Surface

  • AK22-051 intersected 2,320 cps over 30.1 m starting at 27.0 m drill hole depth, ranks as the best drill hole on the project, and includes six separate intervals of >10,000 cps*
  • AK22-047 intersected 5,229 cps over 7.35 m at 140.65 m , ranks as second-best drill hole on the project, and includes eight separate intervals of >10,000 cps

Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) (" Baselode " or the " Company ") is pleased to provide an update on the ongoing 20,000 metre diamond drilling program (the " Program ") on the ACKIO high-grade uranium discovery (" ACKIO "), Hook project (" Hook "), Athabasca Basin area (the " Basin "), northern Saskatchewan ( see Figure 1 and Table 1 ).

"We continue to hit mineralization at the overburden contact; within 25 m from surface. The mineralization from AK22-051 is the shallowest being drilled in the Basin. This rarity of near-surface mineralization with high levels of radioactivity sets Baselode apart from our peers as there's no other recent discovery this close to surface. Near-surface mineralization has been a key characteristic required for numerous Basin deposits going into production as open pit mines. Holes AK22-051 and AK22-047 are substantially the two best drill holes on ACKIO to date in terms of continuously elevated radioactivity. They also have the highest average levels of radioactivity, and each includes multiple discrete intersections with greater than 10,000 cps. We're excited to see ACKIO grow with near-surface mineralization, including consistently higher levels of radioactivity. AK22-051 remains open in all directions and AK22-047 remains open to the east," said James Sykes , CEO, President and Director of Baselode.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
  Boss Energy

2024 Infill Drilling on Satellite Uranium Growth Deposits Complete

Resource update underway in preparation for bringing significant satellite deposits into the mine plan

Boss Energy Limited (ASX: BOE; OTCQX: BQSSF) is pleased to announce the conclusion of a successful infill drilling program at the Gould's Dam and Jason's satellite deposits within its Honeymoon Uranium project in South Australia.

Keep reading...Show less

NexGen Achieves Major Permitting Milestone

  • The Canadian Nuclear Safety Commission ("CNSC") has notified NexGen of successful completion of final Federal technical review.
  • This is the key requirement to scheduling a Federal Commission Hearing date and subsequent Federal Project approval decision.
  • The Federal Environmental Assessment ("EA") and License represent the final major approval steps after having received Provincial EA approval in November 2023 .
  • In production, the Rook I Project is poised to make NexGen one of the world's largest and most environmentally conscious mining companies.

NexGen Energy Ltd. ("NexGen" or the "Company") (TSX: NXE) (NYSE: NXE) (ASX: NXG) is excited and proud to announce a major milestone in the Federal EA process for its 100%owned Rook I Project ("the Project"). The CNSC has provided NexGen formal confirmation that the Company has successfully addressed all information requests received as part of the Federal technical review. With completion of the CNSC technical review, the next and final steps in the Federal approval process include scheduling a Commission Hearing Date for the Project, subject to which the CNSC will render an approval decision on the Project.

NexGen Energy Ltd. Logo (CNW Group/NexGen Energy Ltd.)

This historic milestone marks a crucial step forward for the Project that has been undergoing Canada's robust and rigorous regulatory process since 2019. Completion of the Federal EA technical review stage follows the CNSC having deemed NexGen's Federal licence application sufficient in September 2023 , and receipt of Provincial EA approval in November 2023 . This development reinforces Canada's path to re-establish itself as the leader in global uranium supply and partner of choice.

Leigh Curyer, Chief Executive Officer, commented: "This exciting outcome is a testament to the exceptional efforts of our entire NexGen team, the collaborative support of our valued Indigenous Nation partners, and our transparent approach with the CNSC to ensure a robust and thorough review that meets the highest standards of environmental protection for the sustainable development of the Rook I Project. Since inception, our honest and innovative holistic approach to the successful development of this generational project has set new industry standards as to what is possible, whilst positively impacting all our valued stakeholders.

Together with the Clearwater River Dene Nation, Métis Nation – Saskatchewan Northern Region 2 and Métis Nation – Saskatchewan , Buffalo River Dene Nation, and Birch Narrows Dene Nation, we are construction ready to deliver transformative and unprecedented social, economic and environmental benefits to local communities, the Province of Saskatchewan, Canada , and the world.

We're not just developing a mine - we're building strong communities while shaping a sustainable and secure global energy future. With over $800 million in cash and liquid assets, we are ready pending a positive Commission decision with all activities required to immediately commence major site works in place."

NexGen is poised to propel Canada back to the forefront of global clean energy fuel production. The Rook I Project embodies NexGen's commitment to elite environmental performance, unprecedented community inclusion, and responsible alignment with global net-zero goals.

About NexGen

NexGen Energy is a Canadian company focused on delivering clean energy fuel for the future. The Company's flagship Rook I Project is being optimally developed into the largest, low-cost producing uranium mine globally, incorporating the most elite standards in environmental and social governance. The Rook I Project is supported by a NI 43-101 compliant Feasibility Study which outlines the elite environmental performance and industry leading economics. NexGen is led by a team of experienced uranium and mining industry professionals with expertise across the entire mining life cycle, including exploration, financing, project engineering and construction, operations, and closure. NexGen is leveraging its proven experience to deliver a Project that leads the entire mining industry socially, technically, and environmentally. The Project and prospective portfolio in northern Saskatchewan will provide generational long-term economic, environmental, and social benefits for Saskatchewan, Canada , and the world.

NexGen is listed on the Toronto Stock Exchange and the New York Stock Exchange under the ticker symbol "NXE," and on the Australian Securities Exchange under the ticker symbol "NXG," providing access to global investors to participate in NexGen's mission of solving three major global challenges in decarbonization, energy security, and access to power. The Company is headquartered in Vancouver, British Columbia , with its primary operations office in Saskatoon , Saskatchewan.

Cautionary Note to U.S. Investors

This news release includes Mineral Reserves and Mineral Resources classification terms that comply with reporting standards in Canada and the Mineral Reserves and the Mineral Resources estimates are made in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ from the requirements of the Securities and Exchange Commission ("SEC") set by the SEC's rules that are applicable to domestic United States reporting companies. Consequently, Mineral Reserves and Mineral Resources information included in this news release is not comparable to similar information that would generally be disclosed by domestic U.S. reporting companies subject to the reporting and disclosure requirements of the SEC Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.

Forward-Looking Information

The information contained herein contains "forward-looking statements" within the meaning of applicable United States securities laws and regulations and "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to estimates for CapEx, OpEx and a payback period of 12 months, the appointment of a lead lender group, the availability of financing for the Project, the advancement of detailed engineering and contract negotiations, bolstering the globe's uranium supply chains to meet the rising demand for nuclear energy, the timing and cost of reclamation, including as part of the UGTMF and after-tax free cash flow remaining materially consistent with the FS, Free Cash Flow, Payback Period and IRR relative to various uranium prices, the delivery of clean energy fuel for the future, the development of the largest low cost producing uranium mine globally and incorporating elite standards in environmental and social governance, delivering a project that leads the entire mining industry socially, technically and environmentally, providing generational long-term economic, environmental and social benefits for Saskatchewan, Canada and the world, planned exploration and development activities and budgets, the interpretation of drill results and other geological information, mineral reserve and resource estimates (to the extent they involve estimates of the mineralization that will be encountered if a project is developed), requirements for additional capital, capital costs, operating costs, cash flow estimates, production estimates, the future price of uranium and similar statements relating to the economics of a project, including the Rook I Project. Generally, forward-looking information and statements can be identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof.

Forward-looking information and statements are based on NexGen's current expectations, beliefs, assumptions, estimates and forecasts about its business and the industry and markets in which it operates. Forward-looking information and statements are made based upon numerous assumptions, including, among others, that financing for the Project will be available in a timely manner and on terms acceptable to the Company, the results of planned exploration and development activities will be as anticipated and on time; the price of uranium; the cost of planned exploration and development activities; that, as plans continue to be refined for the development of the Rook I Project, there will be no changes in costs, engineering details or specifications that would materially adversely affect its viability; that financing will be available if and when needed and on reasonable terms; that third-party contractors, equipment, supplies and governmental and other approvals required to conduct NexGen's planned exploration and development activities will be available on reasonable terms and in a timely manner; that there will be no revocation of government approvals; that general business, economic, competitive, social and political conditions will not change in a material adverse manner; the assumptions underlying the Company's mineral reserve and resource estimates and updated/revised CapEx, OpEx, SusEx, and pay back period; assumptions made in the interpretation of drill results and other geological information; the ability to achieve production on the Rook I Project; and other estimates, assumptions and forecasts disclosed in the Feasibility Study for the Rook I Project. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements were considered reasonable by management at the time they were made, there can be no assurance that such assumptions will prove to be accurate.

Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of NexGen to differ materially from any projections of results, performances and achievements of NexGen expressed or implied by such forward-looking information or statements, including, among others, negative operating cash flow and dependence on third-party financing, uncertainty of additional financing, the risk that pending assay results will not confirm previously announced preliminary results, the imprecision of mineral reserve and resource estimates, the price and appeal of alternate sources of energy, sustained low uranium prices, aboriginal title and consultation issues, development risks, climate change, uninsurable risks, reliance upon key management and other personnel, risks related to title to its properties, information security and cyber threats, failure to manage conflicts of interest, failure to obtain or maintain required permits and licences, changes in laws, regulations and policy, competition for resources, political and regulatory risks, general inflationary pressures, industry and economic factors that may affect the business, and other factors discussed or referred to in the Company's most recent Annual Information Form under "Risk Factors" and management's discussion and analysis under "Other Risks Factors" filed on SEDAR+ at www.sedarplus.ca and 40-F filed on Edgar at www.sec.gov   .

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or statements or implied by forward-looking information or statements, there may be other factors that cause results not to be as anticipated, estimated or intended.

There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers are cautioned not to place undue reliance on forward-looking information or statements due to the inherent uncertainty thereof. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/nexgen-achieves-major-permitting-milestone-302309673.html

SOURCE NexGen Energy Ltd.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2024/19/c8458.html

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
The word "uranium" beside green up arrow.

Russia Restricts US Uranium Exports, Retaliating to American Ban

The Russian government has imposed temporary restrictions on enriched uranium exports to the US.

Announced on November 15, the move follows the US' decision toban imports of Russian uranium.

While the US legislation went into effect in August, it allows for waivers to address potential supply disruptions through 2027. The new Russian policy introduces uncertainty during this time period.

Keep reading...Show less

Foremost Clean Energy Announces Strategic Engagement with Red Cloud Financial Services

Foremost Clean Energy Ltd. ( NASDAQ: FMST ) ( CSE: FAT ) (" Foremost " or the " Company "), an emerging North American uranium and lithium exploration company, is pleased to announce today that it has entered into a strategic agreement (the " Agreement ") with Red Cloud Financial Services Inc. (" RCFS" or " Red Cloud "), an arms-length independent contractor, to provide promotional services, including advice on marketing, communications and social media activities. Under the engagement, Red Cloud will be paid a fee of $10,000 per month effective October 14, 2024, for a twelve-month term which automatically renews month-to-month thereafter unless either party provides written notice of termination to the other party thirty (30) days prior to the date of termination.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Nuclear reactors and a stock chart.

US Plans to Triple Nuclear Power Capacity by 2050

The Biden administration has announced a strategic roadmap to significantly expand the United States' nuclear energy capacity, setting a target to triple capacity by 2050.

In a new nine pillar framework, the Biden-Harris administration has laid out its plans to add 200 gigawatts (GW) of new nuclear energy through new reactor builds, reactivations and upgrades to existing facilities.

The initiative seeks to meet a growing demand for reliable, carbon-free power as the nation transitions away from fossil fuels and toward cleaner energy sources.

Keep reading...Show less
Red graph and arrow pointing down.

Paladin Cuts Uranium Production Forecast, Share Price Declines

Shares of Paladin Energy (ASX:PDN,OTCQX:PALAF) declined this week after the company shared an update on its Langer Heinrich mine and revised its 2025 fiscal year production guidance.

The company now expects the mine to produce 3 million to 3.6 million pounds of U3O8, lower than its earlier prediction of 4 million to 4.5 million pounds. According to Paladin, the drop is the result of lower-than-expected output in October, which was caused by water supply disruptions, as well as continued variability in stockpiled ore.

Production from Langer Heinrich amounted to 186,667 pounds during the month.

Keep reading...Show less

Latest Press Releases

Related News

×