Uranium Mining & Nuclear Energy

• Uranium yellowcake (U3O8)
• Uranium hexafluoride (UF6)
• Nuclear fuel bundles
• Small modular reactor (SMR) technology
• Nuclear medicine isotopes

1. 1

   Secure long-term supply contracts with US and Asian utility customers

2. 2

   Invest in SMR technology commercialization for domestic and export markets

3. 3

   Expand fuel fabrication and conversion services to capture downstream value

4. 4

   Strengthen nuclear regulatory cooperation with US NRC for technology licensing

5. 5

   Position Canadian uranium as a critical mineral for energy security frameworks

Uranium trade is governed more by nuclear cooperation agreements and IAEA safeguards than by tariff frameworks. US Section 232 investigations into uranium imports have periodically threatened Canadian access, though bilateral nuclear cooperation has historically protected Canadian suppliers. CUSMA does not specifically address nuclear materials, leaving the sector dependent on bilateral nuclear agreements and US energy policy.

Saskatchewan's Athabasca Basin hosts the world's highest-grade uranium deposits, giving Cameco a structural cost advantage. US enrichment and conversion capacity constraints create dependency on Canadian and European fuel cycle services. Regulatory timelines for new mine development (10-15 years) limit supply response to demand surges.

Canada is the world's second-largest uranium producer behind Kazakhstan. Cameco's high-grade deposits produce at costs significantly below global averages. Competition from Kazakh state-owned Kazatomprom and emerging African producers pressures pricing, but quality and reliability premiums support Canadian market share.