Cameco Corporation CCJ has overcome a major logistics challenge in northern Saskatchewan and reinforced confidence in its annual output targets. Earlier this month, severe flooding in the region caused a partial collapse of the Smoothstone River Bridge, a vital transportation link for delivering supplies to the McArthur River and Key Lake sites. While the sites were not directly affected by floodwaters, Cameco had halted operations due to the impacted delivery of critical operating materials.
Cameco has now established a reliable flow of critical supplies through a secondary transportation route, enabling both operations to return to full production. The company remains in regular contact with Saskatchewan transportation authorities regarding restoration of the primary route.
Management emphasized that its 2026 production plans have not been affected by the interruption but cautioned that continued thawing and precipitation events could result in further road restrictions as seen in every spring season. This could cause delays in future deliveries of critical operating materials to its sites.
This resumption of operation is particularly important given the strategic role of McArthur River and Key Lake within Cameco’s production portfolio. During the company’s first-quarter 2026 earnings release, management projected uranium production of 14.0-16.5 million pounds from the McArthur River and Key Lake operations, with Cameco’s attributable share expected to total 10.0-11.5 million pounds.
Cigar Lake is expected to contribute 9.5-10.0 million pounds attributable to Cameco. The company expects consolidated attributable uranium production of 19.5-21.5 million pounds in 2026.
The successful restart is encouraging as Cameco had faced operational challenges in 2025. Production at McArthur River and Key Lake declined 26% year over year to 20.3 million pounds in 2025 due to development delays in transitioning to new mining areas and an unplanned shutdown at the Key Lake mill.
How Have Cameco’s Peers Fared So Far in 2026?
Energy Fuels UUUU produced 790,000 pounds of finished uranium in the first quarter of 2026 and attained 1 million pounds in April. Energy Fuels expects uranium mining output to reach 2-2.5 million pounds in 2026 compared with the 1.6 million pounds of uranium produced in 2025.
Energy Fuels expects to process 1.5-2.5 finished pounds of uranium this year.
Ur-Energy URG is currently operating the Lost Creek project in south-central Wyoming, which has an annual capacity of 1.2 million pounds. Ur-Energy captured 110,314 pounds of uranium in the first quarter of 2026, a 48% year-over-year increase, reflecting improved flow rates following plant modifications and repairs. The company dried and packaged 95,599 pounds and shipped 103,956 pounds of uranium in the quarter.
CCJ’s Price Performance, Valuation & Estimates
Cameco shares have gained 89.5% in a year compared with the industry’s 30.7% growth.
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CCJ stock is trading at a forward price-to-sales ratio of 19.00 compared with the industry’s 5.33.
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The Zacks Consensus Estimate for Cameco’s earnings for fiscal 2026 indicates year-over-year growth of 28.2%. The same for 2027 implies growth of 59.2%.
Image Source: Zacks Investment Research
While the consensus estimate for 2026 earnings has moved down over the past 60 days, the same for 2027 has moved up, as shown in the chart below.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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This article originally published on Zacks Investment Research (zacks.com).