Kazakhstan's Uranium Supply Peak Approaches
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 6 days ago
0mins
Should l Buy CCJ?
Source: Benzinga
- Structural Supply Shock: Kazakhstan has historically supplied about 40% of global uranium, but its major mines are nearing peak output, with production expected to decline sharply over the next two decades, leading to a structural supply shock that will impact global uranium prices.
- Rising Demand Context: As governments revive nuclear energy for energy security, grid stability, and carbon reduction, particularly to power AI data centers, the demand for uranium is quietly increasing, exacerbating the supply tightness in the market.
- Cameco's Scale Advantage: Cameco possesses significant scale and strength in the nuclear fuel cycle, with tier-one assets in Canada's Athabasca Basin and long-term contracts that provide a competitive edge in a rising-price environment, positioning it as a strategic fuel supplier.
- Energy Fuels' M&A Optionality: As the leading U.S. uranium producer, Energy Fuels is not only generating yellowcake but also expanding into critical minerals, with a proposed $299 million acquisition of Australian Strategic Materials aimed at strengthening its balance sheet and diversifying its operations, enhancing its market competitiveness.
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Analyst Views on CCJ
Wall Street analysts forecast CCJ stock price to fall
12 Analyst Rating
11 Buy
1 Hold
0 Sell
Strong Buy
Current: 116.390
Low
71.80
Averages
105.67
High
118.78
Current: 116.390
Low
71.80
Averages
105.67
High
118.78
About CCJ
Cameco Corporation is a provider of uranium fuel to generate baseload electricity around the globe. Its segments include uranium, fuel services and Westinghouse. The uranium segment involves the exploration for, mining, milling, purchase and sale of uranium concentrate. The fuel services segment involves the refining, conversion and fabrication of uranium concentrate and the purchase and sale of conversion services. The Westinghouse segment reflects its earnings from this equity-accounted investment. Westinghouse is a nuclear reactor technology original equipment manufacturer and a global provider of products and services to commercial utilities and government agencies. It provides outage and maintenance services, engineering support, instrumentation and controls equipment, plant modification, and components and parts to nuclear reactors. It has two operating mines, Cigar Lake and McArthur River as well as a mill at Key Lake. It also has ownership interests in Global Laser Enrichment.
About the author

Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Industry Expertise: Gary Haywood brings extensive experience in project development in Northern Saskatchewan, having held senior roles at Fission Uranium and Cameco, and his expertise will be crucial in supporting Abasca's production objectives.
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- Live Webcast Access: Investors can access the live webcast through Cameco's events and presentations page on its website, ensuring transparent information dissemination and real-time interaction with management.
- Dial-in Participation: Participants can join the call by dialing 1-833-821-3311 for US access or +1-647-846-2607 for international callers, facilitating global investor engagement and access to the latest financial updates.
- Replay Information: After the call, a replay can be accessed by dialing 1-855-669-9658 for US or +1-412-317-0088 for international, using access code 6136870, ensuring that investors who missed the live event can still obtain key information.
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- Significant Net Earnings Growth: The company achieved net earnings of $199 million for 2025, an increase of $64 million from 2024, with adjusted net earnings rising to $217 million, reflecting successful implementation of a long-term supply strategy in a stable demand environment.
- Increased Returns from Westinghouse Investment: Westinghouse's adjusted EBITDA grew by 30% year-over-year to $121 million, and Cameco received $350 million in cash distributions from Westinghouse, highlighting its stable role and investment value in the global nuclear market.
- Optimistic Future Outlook: Cameco anticipates continued growth in nuclear energy demand, particularly in the context of electrification and energy security, and plans to leverage its strong asset portfolio and flexible supply strategy to enhance long-term shareholder value.
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- Disappointing Q3 Results: On November 5, Cameco reported disappointing third-quarter earnings, leading to a 2.3% decline in its stock price to close at $116.39 on Thursday, reflecting investor concerns about the company's future performance.
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- Increased Market Attention: As the earnings report approaches, market attention on Cameco intensifies, with both investors and analysts closely monitoring its performance to assess the company's future prospects in the nuclear energy sector.
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