Cameco (NYSE: CCJ) restores McArthur River/Key Lake output and maintains 2026 uranium outlook
Rhea-AI Filing Summary
Cameco Corporation reports that the McArthur River mine and Key Lake mill in northern Saskatchewan have resumed full production after a temporary disruption caused by flooding-related transportation issues. Despite the logistics challenge, the company’s 2026 production plan for this operation has not changed.
Cameco’s consolidated 2026 production outlook remains at 19.5 million to 21.5 million pounds of U3O8 (its share). Management notes ongoing seasonal risks from spring thawing and precipitation that could again restrict roads and delay delivery of critical operating materials, but current operations, including the Cigar Lake mine, are continuing.
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Insights
Flood-related logistics issue is resolved, with 2026 uranium output guidance unchanged.
Cameco indicates that McArthur River and Key Lake are back at full production following road-access problems tied to flooding near the Smoothstone River Bridge. Importantly, the company states its 2026 production plan for this operation has not been impacted.
The consolidated 2026 production outlook is reaffirmed at 19.5 million to 21.5 million pounds of U3O8, suggesting the disruption was operational rather than strategic. Cigar Lake continued operating throughout, providing additional stability to supply.
Management highlights ongoing seasonal risks from spring thaw and precipitation that could again restrict roads and delay material deliveries. Any future impact on the 2026 production plan or outlook would depend on how these logistical factors evolve, as discussed in the company’s broader risk disclosures.
Key Figures
Key Terms
forward-looking information regulatory
consolidated production outlook financial
U3O8 financial
annual information form regulatory
management’s discussion and analysis financial
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of May, 2026
Commission File Number 1-14228
Cameco Corporation
(Translation of Registrant’s Name into English)
2121-11th Street West
Saskatoon, Saskatchewan, Canada S7M 1J3
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F Form 40-F ✓
Exhibit Index
| Exhibit No. | Description | |
| 99.1 | Press Release dated May 27, 2026 | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Date: May 28, 2026 | Cameco Corporation | |||
| By: /s/ R. Liam Mooney | ||||
| R. Liam Mooney | ||||
| Senior Vice-President and Chief Legal Officer | ||||
Exhibit 99.1
| NEWS RELEASE
All amounts in Canadian dollars unless specified otherwise |
www.cameco.com | Saskatoon
Saskatchewan Canada |
Cameco Announces McArthur River/Key Lake Operation Resumes Production
May 27, 2026
Cameco (TSX: CCO; NYSE: CCJ) today announced that the Key Lake mill and McArthur River mine have returned to full production activities following a disruption caused by flooding in northern Saskatchewan. Our 2026 consolidated production outlook remains unchanged.
On May 10, 2026, Cameco announced that Key Lake had temporarily halted production activities and McArthur River had reduced activities due to the impact of flooding in northern Saskatchewan. While our northern Saskatchewan sites were not directly impacted by flood waters, the Smoothstone River Bridge, which is on the primary route we use to transport supplies to the McArthur River and Key Lake sites, partially collapsed due to flood waters. There were also weight and traffic restrictions on the alternative roadway, which interrupted the delivery of critical operating materials.
We are in regular contact with the Saskatchewan Ministry of Highways, and while the timing to restore access to our primary supply route is still being confirmed, we have now been able to consistently deliver the volume of critical materials required to resume full operations at Key Lake and McArthur River using the secondary route. However, as is the case every spring season, there remains a risk that continued thawing and precipitation events could result in further road restrictions, which could cause delays in future deliveries of critical operating materials to our sites.
Our 2026 production plan for the McArthur River/Key Lake operation has not been impacted by this disruption. Cigar Lake mine was not impacted and continues to operate. Our consolidated 2026 production outlook remains unchanged at 19.5 million to 21.5 million pounds of U3O8 (our share).
Caution about forward-looking information
This news release includes statements and information about expectations for the future, which are referred to as forward-looking information. This forward-looking information is based on current views, which can change significantly, and actual results and events may be significantly different from what is currently expected. Examples of forward-looking information in this news release include: statements regarding our 2026 consolidated production outlook and production plan; the uncertainty of the timing to restore access to our primary supply route; and the possibility of further road restrictions resulting in delays in future deliveries of operating materials. Material risks that could lead to different results in our 2026 production plan and outlook include: the risk of delays in restoring access to our primary supply route; delays in future delivery of operating materials due to spring thawing and precipitation events, or for other reasons; or other factors that prevent us from achieving the expected production plan and outlook. In presenting the forward-looking information, we have made material assumptions which may prove incorrect about our supply routes and our ability to deliver operating materials, and otherwise about our ability to meet our production plan and outlook. Other material risks and assumptions which may impact our 2026 production plan and outlook are described in greater detail in Cameco’s current annual information form
and its most recent annual and subsequent quarterly management’s discussion and analysis. Forward-looking information is designed to help you understand management’s current views of our near-term and longer-term prospects, and it may not be appropriate for other purposes. Cameco will not necessarily update this information unless required by securities laws.
Profile
Cameco is one of the largest global providers of the uranium fuel needed to power a secure energy future. Our competitive position is based on our controlling ownership of the world’s largest high-grade reserves and low-cost operations, as well as significant investments across the nuclear fuel cycle, including ownership interests in Westinghouse Electric Company and Global Laser Enrichment. Utilities around the world rely on Cameco to provide global nuclear fuel solutions for the generation of safe, reliable, carbon-free nuclear power. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan, Canada.
As used in this news release, the terms we, us, our, the Company and Cameco mean Cameco Corporation and its subsidiaries unless otherwise indicated.
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| Investor inquiries | Media inquiries | |||
| Cory Kos | Veronica Baker | |||
| 306-716-6782 | 306-385-5541 | |||
| cory_kos@cameco.com | veronica_baker@cameco.com | |||
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