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Summary of Cameco (NYSE:CCJ) FY Conference Call - January 22, 2026 Industry Overview - The nuclear industry fundamentals are reported to be stronger than ever, with increasing demand for uranium driven by the revival of nuclear reactors and new constructions globally [2][10] - There are over 60 gigawatt-scale reactors currently under construction worldwide, with significant potential for further developments in 2026 [3][4] Demand Insights - Nuclear demand is projected to rise due to the reactivation and extension of existing reactors, as well as the construction of new reactors [3][4] - The base case demand for uranium is believed to be understated, as it does not account for several significant projects, including a recent $80 billion initiative to build 10 reactors in the U.S. [4][5] - The demand for uranium is also expected to increase from naval propulsion and potential applications in AI and hyperscalers, which are not included in current demand forecasts [5] Supply Dynamics - The supply of uranium is considered overstated, with many projects not operating at full capacity due to insufficient uranium prices [6][9] - The secondary supply, historically significant, is now limited, particularly due to the absence of Russian supply in the Western market [7][8] - The planned production line is also overstated, as preliminary economic assessments are often not realized within the projected timelines [8] Contracting and Pricing Strategy - The uncovered requirements for utilities have never been larger, indicating a strong future demand for uranium [9][10] - The long-term price of uranium is currently at $86 per pound, which is seen as insufficient to convert more resources into reserves [12][19] - The market is shifting towards higher price expectations, with indications that the midpoint of market-related contracts is around $115 per pound [14][16] Strategic Positioning - Cameco is maintaining a disciplined production strategy, not running all assets at full capacity to capture demand at favorable terms [15][19] - The company is focusing on off-market contracts and has significant sovereign demand, indicating a robust pipeline of future contracts [17][19] - Cameco's vertical integration from reactor construction to fuel supply allows for early engagement in the supply chain, enhancing its strategic position [30] Enrichment Strategy - Cameco is exploring opportunities in the enrichment space, particularly with Global Laser Enrichment, while being cautious about trade policies and the potential return of Russian enrichment to the market [31][34] - The company is focused on a project to re-enrich depleted UF6 tails, which could yield significant uranium supply without competing directly in the enrichment market [33] Conclusion - The overall sentiment is optimistic regarding the nuclear industry's revival, with Cameco well-positioned to capitalize on the anticipated demand surge and favorable market conditions [20][31]

Company Overview - Cameco is a large Canadian miner that produces and processes uranium into fuel for nuclear power plants and owns a 49% stake in Westinghouse, providing services to nuclear power companies [2] - It is one of the largest publicly traded producers of uranium globally [2] Market Dynamics - Cameco's stock price is influenced by uranium prices, which fell in February 2024 but have since recovered to around $58 per share [1] - The company operates primarily in North America, a region considered economically and politically stable, which is a key selling point for its uranium [4] - The nuclear power industry experiences significant swings due to external factors, with past events like the Fukushima meltdown impacting uranium demand [5] Long-term Outlook - There is an expected growing supply gap for uranium starting in 2030 due to increasing global nuclear power usage, which could lead to higher uranium prices [9] - Cameco's strategy of signing long-term contracts helps stabilize earnings during periods of falling uranium prices, making it a less volatile investment option [8][10] Investment Considerations - The long-term outlook for uranium demand suggests strong financial performance for Cameco as demand is projected to exceed supply [10] - The company is viewed as a "pick-and-shovel" play on the growth of nuclear power, appealing to conservative investors [10] - However, past nuclear power renaissances have not lasted, and potential future nuclear incidents could negatively impact the industry's perception [11][12]

Core Insights - GoviEx Uranium is strategically positioned to address the anticipated uranium supply gap in 2028, with its Muntanga Project expected to commence production within four months of mining start due to its surface-level uranium and low strip ratio [4]. Company Overview - GoviEx Uranium (TSXV: GXU) is focused on uranium mining and is preparing for production at its Muntanga Project in Zambia, which has recently submitted an environmental assessment to local authorities [4]. - The company aims to provide investors with a quicker path to cash flow compared to typical uranium projects, highlighting its operational efficiency [4]. Industry Context - The uranium market is expected to face a supply gap by 2028, making GoviEx's timely production plans particularly relevant for investors looking for opportunities in the resource sector [4].