The uranium producer had applied to recover C$20.5 million in legal fees and an additional C$17.9 million in disbursements.
International uranium major Cameco (TSX:CCO,NYSE:CCJ) has been awarded C$10.25 million by the Tax Court of Canada for legal fees stemming from a long-running dispute over tax reassessments by the Canada Revenue Agency (CRA).
The tax court ruled in favor of Cameco on the tax reassessment case, which dated back to 2008, in September 2018. The CRA had raised concerns over Cameco’s pricing methodology and decided to reassess the company’s 2003, 2005 and 2006 tax returns.
The uranium producer then applied to recover C$20.5 million in legal fees and an additional C$17.9 million in disbursements.
“I am pleased to see that we have been awarded C$10.25 million for legal fees and we are optimistic that we will recover all or substantially all of the C$17.9 million in disbursements,” Tim Gitzel, Cameco’s president and CEO, said in an announcement on Tuesday (April 30).
The CRA lodged an appeal on the tax reassessment case in October 2018, but the Federal Court of Appeal is not expected to make a decision on that until two years from the appeal date.
The U3O8-focused company also released its Q1 results on Wednesday (May 1). Like many expected, the low spot prices that have impacted the sector have also weighed heavily on the world’s largest uranium producer, which reported a net loss of C$18 million for the quarter.
Weak uranium prices forced the company to indefinitely shutter its McArthur River mine and Key Lake mill last year. However, the company remains optimistic that the market will strengthen in the coming months and years.
“We see growing support for nuclear, and, with more than 50 reactors under construction, demand is certain and predictable,” Gitzel noted in the Q1 report.
“However, supply is uncertain and declining. We have seen meaningful production cuts and reductions in producer inventories, which has led to increased demand for uranium in the spot market from producers and financial players.”
Analysts have long stated that a spot price of at least US$50 a pound is needed to get shuttered projects back open and new developments off the ground. The current U3O8 spot price is just half of that, at US$25.25.
Despite the price sliding slightly from its US$28 mark earlier this year to its current level, Cameco is confident a shortage is imminent and demand will likely spike as reserves deplete.
Getting ahead of the demand crunch, Cameco has been in talks with “some of (its) best and largest customers” regarding supporting the company’s tier one assets over the long term.
“These customers are recognizing the risk over-reliance on finite sources of supply poses to security of supply longer term and want first mover advantage,” explained Gitzel. “In light of market access and trade policy issues affecting our market, they are increasingly looking for stable commercial suppliers with long-lived assets and a proven operating track record.”
Shares of Cameco were down 3.06 percent on Wednesday, trading at C$14.46 in Toronto.
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.
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Generation Uranium offers investors high-leverage exposure to a potential major discovery in Canada’s underexplored and resource-rich Thelon Basin, led by a management team with a proven track record of securing high-value exits.
Overview
Generation Uranium (CSE:GEN, OTCQB:GENR, FRA:W85) is a Canadian exploration company focused on wealth creation through discovery within the uranium sector. The company’s primary strategy is to build a high-caliber exploration team that can rapidly test and drill high-potential targets, de-risking projects for potential takeover by larger producers. Currently centered in the prolific Thelon and Angikuni Basins of Nunavut, the company is also actively evaluating additional project acquisitions in the Athabasca Basin to expand its portfolio.

The company is led by a veteran management team with nearly 30 years of experience in mineral development. CEO Michael Collins has a significant track record of building and exiting public companies, including the co-founding of Bluerock Resources, a conventional uranium producer during the 2000-2008 cycle. This expertise is paired with a focused business model that leverages modern geophysical targeting to accelerate exploration timelines and reduce costs, ensuring the company can deliver results quickly in a bullish uranium market.
Company Highlights
- Strategic Location in a Premier Uranium District: The flagship Yath Project is located in Nunavut’s Thelon Basin, contiguous to ATHA Energy’s Angilak Project, which hosts the high-grade Lac 50 deposit.
- High-Grade Discovery Potential: Historical surface sampling at the Yath Project has yielded exceptional uranium grades, including boulders testing at 9.81 percent, 3.95 percent, and 2.14 percent U3O8.
- Expert Management with Exit Experience: Led by CEO Michael Collins, the team has decades of experience in mineral exploration and a history of co-founding companies that were later acquired, such as Prime Mining and Nuclear Fuels.
- Low-Cost, Rapid Exploration Strategy: By leveraging modern geophysics and extensive historical data, the company aims for a "short road to discovery," de-risking projects quickly to maximize shareholder value.
- Bullish Market Fundamentals: Generation Uranium is well-positioned to meet the growing global demand for carbon-free nuclear power, supported by a projected supply deficit and increased interest from major tech companies seeking clean energy.
Key Project
Yath Project - Nunavut, Canada
The Yath Project is Generation Uranium’s flagship project. This 100 percent owned property covers about 120 square kilometers within the underexplored Thelon Basin in Nunavut, Canada. The project is located where the Yathkyed and Angikuni sub-basins meet, which is a region known globally for high-grade uranium potential. It sits directly along the same trend as the Angilak Project owned by ATHA Energy (TSXV:SASK, OTCQB:SASFK, FWB:XSU.F), which contains the Lac 50 deposit, one of the highest-grade uranium resources found outside of the Athabasca Basin with a historical mineral resource estimate of 43.3M lbs at an average grade of 0.69 percent U3O8.

The Yath Project is contiguous to the Lac 50 trend and is crossed by several regional faults and basin boundaries. Past exploration work has already identified high priority targets, while surface sampling in the area has produced uranium grades from boulders, with some testing at 9.81 percent, 3.95 percent, and 2.14 percent U3O8.
The company has commenced its initial field program at the site, set to define and rank drill targets. Historic showings will be combined with new anomalies from the MMT geophysics survey, preparing the project for an anticipated drill permit.
Management Team
Michael Collins - CEO & Director
Michael Collins is a professional geoscientist with nearly 30 years of experience in mineral exploration. He has co-founded several public companies, including Exploits Discovery, Prime Mining (acquired in 2025), and Nuclear Fuels (merged with Premier American Uranium in 2025). He is also currently a director of First Atlantic Nickel.
Christoph Bruening - Director
Christoph Bruening is the founder and managing partner of Value Relations GmbH, a full-service investor relations and public relations agency in Frankfurt with over 25 years of excellence, focusing on mining, exploration, biotech and health care. In addition, he has listed over 600 companies on the Frankfurt Stock Exchange and is a speaker and author of several publications, including on rare earths and uranium.
Dallas Miller - Director
Dallas Miller has been working within the international mining industry for over 15 years, working with BHP and Santos Ltd. He has experience on the ground from an operational standpoint, as well as being an integral part of raising millions of dollars in capital funding for both private and public companies in recent years.
Roger Leschuk - VP Corporate Development
Roger Leschuk has been in corporate management for over two decades, with the past 15 years dedicated to corporate development and investor relations. He has experience participating in and assisting with mergers and acquisitions, and was an investment advisor for various services such as stocks, mutual funds and tax-sheltered investments. He is a Chartered Investment Manager and a Fellow of the Canadian Securities Institute.
Monty Sutton - CFO
Monty Sutton brings over 35 years of experience in public markets and corporate governance. He previously served as CFO for Nuclear Fuels from its IPO through its acquisition.
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