Industry Overview - The global interest in nuclear power is increasing, with 75 new nuclear reactors under construction and another 120 planned in various countries including Russia, Hungary, India, China, and Turkey [4] - France generates 70% of its electricity from nuclear energy and has approved life extension measures for 20 of its reactors [2] - Japan aims to generate 20% of its power from nuclear energy as it revives its nuclear grid after a decade of inactivity [3] Company Profile: Cameco - Cameco is the second largest uranium miner globally, producing 15% of the world's uranium, with only three producing mines [6] - The company operates high-grade uranium mines, including McArthur River, which has an average grade of 6.48% and is projected to produce until 2044 [6] - Cameco's other mines include Cigar Lake and Inkai, with varying grades and lifespans [7] Financial Performance - For the full year 2025, Cameco reported revenue of $3.48 billion, an 11% increase from 2024, despite producing 10% less uranium [14] - The adjusted and diluted earnings per share (EPS) grew by 114.9%, driven by a 6% increase in the average realized price of uranium sold, from $58.34 per pound to $62.11 [14] - Cameco maintains a net profit margin of 16.93% and a healthy balance sheet with a debt-to-equity ratio of 0.14% [15] Strategic Positioning - Cameco is involved in nearly every aspect of the nuclear supply chain, from uranium mining to fuel manufacturing and reactor engineering [10] - The company holds a 49% stake in Westinghouse, which manufactures advanced nuclear reactors, including the AP1000 and is developing the AP300 [11][12] - A recent supply agreement with India for 22 million pounds of uranium ore concentrate worth $1.9 billion positions Cameco favorably in the growing nuclear market [12]