Cameco and Terrestrial Energy to Examine Partnerships for Deploying IMSR Generation IV Nuclear Power Plants

Cameco (TSX: CCO; NYSE: CCJ) and Terrestrial Energy, both leading Canadian companies in their fields, have signed a Memorandum of Understanding (MOU) to examine potential partnership opportunities to deploy Terrestrial Energy's Integrated Molten Salt Reactor (IMSR) Generation IV nuclear power plants in North America and worldwide, and to evaluate possible opportunities for the supply of uranium supply, fuel and other services. As part of these activities, the companies are investigating the potential of Cameco's Port Hope uranium conversion facility in southern Ontario for IMSR fuel salt supply.

This MOU is non-binding and non-exclusive. It follows Terrestrial Energy's prior agreements with Cameco to supply uranium products for its ongoing fuel testing programs.

"Nuclear energy is a proven, reliable source of carbon-free power and a critical tool in achieving a net-zero emissions future in North America and worldwide," said Tim Gitzel, Cameco's president and CEO. "Cameco plans to be a key fuel supplier for the emerging small modular reactor and advanced reactor market. We look forward to investigating with Terrestrial Energy opportunities to partner for possible future deployments of its next-generation nuclear power plant technology."

Cameco is a leading provider of uranium, refining, conversion, fuel fabrication and component manufacturing services for the global nuclear energy industry. The company is one of the world's largest producers of uranium fuel for carbon-free nuclear power generation, including supplying fuel and fuel assemblies for CANDU reactors in Canada and abroad.

"Cameco is a Canadian and global leader in uranium supply and other fuel services, and we welcome this opportunity to investigate with them opportunities around the deployment of IMSR power plants and to supply nuclear fuel to our plants in Canada and worldwide," said Simon Irish, CEO of Terrestrial Energy. "IMSR power plants use Generation IV nuclear technology for a 50 percent improvement in the efficiency of nuclear power generation and are a carbon-free alternative to burning fossil fuels."

The Terrestrial Energy IMSR power plant is one of three Small Modular Reactor (SMR) power plant designs under consideration for deployment at Ontario Power Generation's (OPG) Darlington Nuclear Generating Station. It is one of two Generation IV technology candidates under consideration by OPG, and the IMSR is the only Canadian technology candidate.

According to Terrestrial Energy, its Oakville operation represents the largest SMR power plant technology development project in Canada. Terrestrial Energy announced on September 14 its upgraded IMSR400 power plant, which consists of twin IMSRs and generators to produce 390 MW of clean electricity from one facility.

For more information on Terrestrial Energy or its advanced reactor technology, please visit the company's website at www.terrestrialenergy.com.

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. Utilities around the world rely on our nuclear fuel products to generate power in safe, reliable, carbon-free nuclear reactors. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan.

Caution Regarding Forward-Looking Information and Statements

This news release includes statements considered to be forward-looking information or forward-looking statements under Canadian and U.S. securities laws (which we refer to as forward-looking information), including: the intention of Cameco and Terrestrial Energy to examine opportunities to deploy IMSR Generation IV power plants, and to evaluate possible opportunities for the supply of products and services, including the potential role of Cameco's Port Hope uranium conversion facility for IMSR fuel salt supply; our views of the role of nuclear energy in providing carbon-free power and achieving net-zero emissions; Cameco's plans to be a key fuel supplier for the small modular reactor and advanced reactor market; the possibility of the future partnering of Cameco and Terrestrial Energy in the deployment of new nuclear power plant technology; the expectation that IMSR power plants using Generation IV technology will achieve a 50 percent improvement in efficiency of nuclear power generation; the possible deployment of the IMSR SMR power plant design at OPG's Darlington Nuclear Generating Station; and the expectation that Terrestrial Energy's upgraded IMSR400 power plant at its Oakville facility will produce 390 MW of clean electricity. This forward-looking information is based on a number of assumptions, including assumptions regarding: the ability of Cameco and Terrestrial Energy to examine and develop successfully the partnership opportunities under consideration, or for the deployment of new power plant technology; the suitability of Cameco's Port Hope facility for IMSR fuel salt supply; the ability of nuclear energy to provide carbon-free power and achieve net-zero emissions; Cameco's ability to attract and service customers in the small modular reactor and advanced reactor market; assumptions regarding the ability of Generation IV technology to achieve the expected improvement in efficiency; the suitability of the IMSR SMR power plant design at OPG's Darlington facility; and the production capability of the IMSR400 power plant. This information is subject to a number of risks, including: the risk that Cameco and Terrestrial Energy may be unable to develop successful partnership opportunities; Cameco's Port Hope facility may prove unsuitable for IMSR fuel salt supply; nuclear energy may not provide the expected benefits in achieving net-zero emissions; Cameco may not be successful in becoming a key supplier in the small modular reactor and advanced reactor market; the Generation IV technology may not achieve the expected efficiency level; OPG may not select the IMSR SMR power plant design for its Darlington facility; and the IMSR400 power plant may not achieve the expected production capability. The forward-looking information in this news release represents our current views, and actual results may differ significantly. Forward-looking information is designed to help you understand our current views, and may not be appropriate for other purposes. We will not necessarily update this information unless we are required to by securities laws.

Investor inquiries:
Rachelle Girard
306-956-6403
rachelle_girard@cameco.com

Media inquiries:
Jeff Hryhoriw
306-385-5221
jeff_hryhoriw@cameco.com


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

The Conversation (0)
Cameco Corporation

Cameco Corporation

Cameco is one of the world's largest uranium producers. When operating at normal production, the flagship McArthur River mine in Saskatchewan accounts for roughly 50% of output in normal market conditions. Amid years of uranium price weakness, the company has reduced production, instead purchasing from the spot market to meet contracted deliveries. In the long term, Cameco has the ability increase annual uranium production by restarting shut mines and investing in new ones. In addition to its large uranium mining business, Cameco operates uranium conversion and fabrication facilities.

 Blue Sky Uranium President and CEO Nikolaos Cacos.

Blue Sky Uranium Forges Ahead with Ivana Project Through Strategic COAM Joint Venture

Blue Sky Uranium (TSXV:BSK,OTCQB:BSURF,FWB:MAL2) is making significant strides in advancing its flagship Ivana uranium-vanadium project in Argentina. In a recent interview, President and CEO Nikolaos Cacos detailed the company's newly formed joint venture with Abatare Spain (COAM), a strategic partnership poised to accelerate the project toward production.

Cacos highlighted the establishment of a new joint venture company, Ivana Minerales, formed with COAM to drive the Ivana deposit forward. This collaboration represents a pivotal moment for Blue Sky, as COAM is committed to funding cumulative expenditures of US$35 million to acquire a 49.9 percent indirect equity interest in the deposit. Furthermore, COAM holds the option to increase its stake to 80 percent by completing a feasibility study and fully funding the project's costs.

“As far as our long-term objectives go, it achieves the first long-term objective of creating a pathway to take it right through to production, and allows us now to begin to look at and focus on our other 100 percent owned projects that we have … coming up with a second uranium discovery,” Cacos explained.

Keep reading...Show less
Nine blocks form a check mark.

US Admin Fast Tracks Laramide Uranium Projects, Meta Pens Nuclear Power Deal

Laramide Resources' (TSX:LAM,ASX:LAM,OTCQX:LMRXF) Crownpoint-Churchrock and La Jara Mesa uranium projects in New Mexico have received covered project status under the federal FAST-41 permitting initiative.

Enacted in 2015, the FAST-41 designation is intended to streamline the environmental review and permitting processes for infrastructure projects considered important to national interests.

Since taking office, President Donald Trump has issued several executive orders and initiated a Section 232 investigation into energy security as part of a broader focus on accelerating domestic energy and critical minerals development.

Keep reading...Show less
A researcher collects water samples.

China's Breakthrough in Uranium Seawater Extraction Boosts Efficiency by 40 Times

Chinese researchers have unveiled a method of extracting uranium from seawater at a fraction of the previous cost and energy use, positioning the country to potentially secure long-term domestic supply.

Scientists from Hunan University have developed an advanced electrochemical system that can extract uranium from seawater more efficiently and economically than any method currently in use.

The innovation, led by Professor Shuangyin Wang and his team, features a novel dual-electrode design using copper at both the positive and negative terminals, allowing uranium ions to be collected simultaneously at both ends.

Keep reading...Show less
Aerial view of a power plant with four large cooling towers emitting steam.

Top 10 Uranium-producing Countries

Global uranium production has experienced significant fluctuations over the past decade.

After peaking at 63,207 metric tons in 2016, global uranium output declined over the subsequent years as many uranium mines were rendered uneconomic by persistent low spot prices due to factors such as oversupply and lower demand following the 2011 Fukushima disaster. In 2022, world uranium production totaled just 49,355 metric tons.

However, the uranium market started turning around in 2021, leading uranium miners to begin restarting production at their mines in recent years. In early 2024, prices surged to a 17 year high of US$106 per pound, driven by a growing global commitment to nuclear energy as a low-carbon power source and supply concerns from major producers like Kazakhstan's Kazatomprom (LSE:KAP,OTC Pink:NATKY).

Keep reading...Show less
Terra Clean Energy Announces Amendment to Option Agreement and Debt Settlement

Terra Clean Energy Announces Amendment to Option Agreement and Debt Settlement

TERRA CLEAN ENERGY CORP. (“ Terra ” or the “ Company ”) (CSE: TCEC, OTCQB: TCEFF , FSE: 9O0 , is pleased to announce that the proposed issuance of common shares pursuant to the Company’s option agreement (the “Option Agreement”) with Skyharbour Resources Ltd. (“Skyharbour”) whereby the Company can earn up to a 75% interest in the South Falcon East uranium project, Athabasca Basin, Saskatchewan, Canada (the “Property”).

Under the terms of the Option Agreement, on or before May 31, 2025, the Company was to issue Skyharbour $820,000 in common shares to Skyharbour based on the VWAP calculated on the day of issuance. In the event that such issuance would result in Skyharbour owning more than 9.9% of the Company’s issued and outstanding number of common shares at the time of the issuance, the amount of common shares to be issued would be reduced so that the issuance would result in Skyharbour owning no more than 9.9% of the Company’s issued and outstanding number of common shares at the time of the issuance (and the amount of such reduction in the amount of common shares to be issued to satisfy the $820,000 would be satisfied through the issuance of common shares on or before February 28, 2026).

Keep reading...Show less
American flag overlays a glowing nuclear power plant with cooling towers at sunset.

Trump’s Nuclear Revival Plan Boosts Uranium Prices, Sends US Miners Soaring

Uranium is on the rise after President Donald Trumpsigned executive orders aimed at revitalizing the US nuclear industry — including measures to strengthen domestic fuel supply and expand the nuclear workforce.

On Tuesday (May 27), the U3O8 spot price climbed to US$72 per pound, its first move above US$70 since early February.

Trump’s promise to fast track mine permits has also benefited uranium companies with projects in the US.

Keep reading...Show less

Latest Press Releases

Related News

×