有色金属海外季报：Cameco2025Q3自产铀环比减少4%至440万磅，自产铀单位现金生产成本环比下降4%至25.2加元/磅

Investment Rating - The report recommends the industry [9] Core Insights - In Q3 2025, the company's uranium production decreased by 4% quarter-over-quarter to 4.4 million pounds, while year-over-year it increased by 2% [1][11] - The average realized price for uranium in Q3 2025 was $62.12 per pound, reflecting a 3% increase year-over-year and an 8% increase quarter-over-quarter [7][11] - The company reported a net loss of 158,000 CAD in Q3 2025, compared to a profit of 7.426 million CAD in the same period last year [11][25] Summary by Sections Uranium Business - Production volume in Q3 2025 was 4.4 million pounds, a 2% increase year-over-year but a 4% decrease quarter-over-quarter [1][24] - Sales volume for uranium was 6.1 million pounds, down 16% year-over-year and down 30% quarter-over-quarter [3][24] - The average cash production cost for uranium was 25.2 CAD per pound, a 4% increase year-over-year but a 4% decrease quarter-over-quarter [5][11] - The average cash cost for purchased uranium was 82.51 CAD per pound, down 25% year-over-year and down 15% quarter-over-quarter [6][11] Fuel Services Business - Production volume for fuel services was 3,100 tons of uranium, a 3% decrease year-over-year and quarter-over-quarter [7][12] - Sales volume for fuel services was 1,900 tons, down 46% year-over-year and down 44% quarter-over-quarter [8][12] - The average realized price for fuel services was 49.11 CAD per kg of uranium, a 42% increase year-over-year and a 33% increase quarter-over-quarter [10][12] Financial Performance - Total revenue for Q3 2025 was 615 million CAD, a 15% decrease year-over-year and a 30% decrease quarter-over-quarter [11][25] - Gross profit was 170 million CAD, a 1% decrease year-over-year and a 34% decrease quarter-over-quarter [11][25] - Adjusted net earnings for Q3 2025 were 32 million CAD, a 33% increase year-over-year but a 90% decrease quarter-over-quarter [11][25] Operational Highlights - The company expects to produce between 14 million to 15 million pounds of U3O8 from McArthur River/Key Lake in 2025, down from a previous estimate of 18 million pounds [15][18] - The company has established a strategic partnership with Brookfield to accelerate the deployment of nuclear reactors in the U.S., with a total investment of at least $80 billion [21][22] - The company has signed contracts for the delivery of over 28 million pounds of U3O8 annually over the next five years, with expectations for increased production to leverage market pricing [23][24]