Cameco nearly doubled revenue and turned a massive profit, yet they are buying uranium on the open market rather than ramping up their own frozen mines.

In ~10 minutes:

- Revenue hit $1.2B (+95% QoQ) on volume flush 🌊

- CEO skipped Q&A for an $80B D.C. meeting

- 2026 production guided flat (19.5–21.5M lbs)

- Management buying ~3M lbs to meet delivery commits

- Westinghouse 5-year outlook deleted due to volatility

The "nuclear renaissance" is becoming a construction project—volatile, expensive, and government-dependent. Management calls the supply gap "discipline," but operational constraints at McArthur River tell a different story.

Cameco Corporation (CCJ) | Q4 FY2025

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