SASKATOON — Cameco and Orano Canada Inc. (Orano) have reached agreement with TEPCO Resources Inc. to acquire TEPCO’s five per cent participating interest in the Cigar Lake Joint Venture.
Upon closing, Cameco’s ownership stake in the Cigar Lake uranium mine in northern Saskatchewan will increase by 2.871 percentage points to 57.418 per cent, while Orano’s share will rise by 2.129 percentage points to 42.582 per cent.
“Cigar Lake is among the world’s best uranium mines, producing the highest-grade uranium ore from a safe, reliable, and cost-effective operation,” said Cameco’s Chief Executive Officer Tim Gitzel.
“Increasing our ownership in this world-class, tier-one asset further demonstrates our commitment to our strategy, with scarce, licensed, permitted assets like Cigar Lake playing an essential role in fueling global ambitions to expand nuclear energy generation. Cigar Lake’s success wouldn’t be possible without supportive neighbouring Indigenous communities, which provide vital workforce and supply chain support through our mutually beneficial partnerships.”
Cameco’s purchase cost to acquire the share of TEPCO’s interest in Cigar Lake is approximately $115.75 million. The acquisition is subject to certain regulatory approvals and other standard closing conditions. The transaction is expected to close in the third quarter of 2026.
Cigar Lake’s reserve and resource base includes reserves estimated at 172.4 million pounds of U3O8, measured and indicated resources of approximately 26.3 million pounds, and inferred resources of 20.0 million pounds (100 per cent basis, as of Dec. 31, 2025). Since the time it began production in 2014, Cigar Lake has produced approximately 174.5 million packaged pounds (100 per cent basis, as of Dec. 31, 2025).
2026 production outlook for the Cigar Lake mine is between 17.5 million and 18 million pounds of uranium concentrate (U3O8) on a 100 per cent basis, according to Cameco.
