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CCJ's Uranium Production Down 5% in 1H26: Will 2026 Targets be Met?
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Key Takeaways
Cameco's H1 uranium production fell 5%, with McArthur River/Key Lake gains offset by lower Cigar Lake output.
Key Lake faces a longer-than-normal Q3 maintenance outage, while Cigar Lake halted for two weeks in July.
Cameco kept 2026 production guidance at 19.5-21.5M pounds despite operational disruptions.
Cameco Corporation (CCJ - Free Report) reported a 5% decline in its share of uranium production to 10.1 million pounds in the first half of 2026. Performance across key operations was mixed, with higher production at McArthur River/Key Lake offset by lower output at Cigar Lake.
Cameco’s share of packaged production from McArthur River and Key Lake rose 14% year over year to 5.8 million pounds. Production has been higher in 2026 due to differences in the mine plan.
However, operations faced temporary disruptions in May when flooding in northern Saskatchewan affected the primary transportation route to supply the McArthur River and Key Lake operations. Although the sites had not been impacted, the disruption to the delivery of critical operating materials and reagents led to a temporary suspension of production at Key Lake and reduced mining activity at McArthur River for around two weeks.
The annual maintenance outage at the Key Lake mill is scheduled for the third quarter. The shutdown is expected to last longer than normal due to the nature of the work being performed. Cameco cautioned that production could be affected if the restart encountered challenges or there are delays in commissioning new equipment. The company, however, maintained its share of production from McArthur River/Key Lake at 10.0-11.5 million pounds for 2026. Cameco’s share from the operations was 10.5 million pounds in 2025.
Cameco’s share of packaged production from Cigar Lake declined to 4.3 million pounds in the first six months of 2026 from 5.5 million pounds in the prior year period. The decline mainly reflected the impact of the annual maintenance outage, which was carried out in the second quarter this year, as opposed to the third quarter last year.
In July, Cigar Lake temporarily suspended production for two weeks due to operational challenges at Orano’s McClean Lake mill. The mine’s production outlook for 2026, however, remains unchanged and Cameco’s share remains at 9.5-10.0 million pounds. The company’s share of production from Cigar Lake was 9.2 million pounds.
In July 2026, Cameco increased its ownership stake to 57.4% in Cigar Lake. Its share of 2026 expected production from the operation remains unchanged based on the new ownership structure.
Cameco’s expected total production for 2026 is at 19.5-21.5 million pounds compared with 23.4 million pounds in 2025.
Peer Energy Fuels Inc. (UUUU - Free Report) mined ore containing 315,000 pounds of uranium in the second quarter, bringing first-half mined production to 740,000 pounds. Finished uranium production totaled 865,000 pounds in the second quarter and 1.7 million pounds in the first half.
With first-half finished production already above the low end of its full-year guidance, Energy Fuels has made solid progress toward its 2026 target of 1.5-2.5 million pounds of finished uranium. The company expects to mine 2.0-2.5 million pounds of contained uranium during 2026.
CCJ’s Price Performance, Valuation & Estimates
In the past year, Cameco shares have gained 36.5% against the industry’s 1% dip. Energy Fuels gained 34.4% while Centrus Energy (LEU - Free Report) declined 10.4% in the same timeframe.
Image Source: Zacks Investment Research
CCJ stock is trading at a forward price-to-sales ratio of 18.06 compared with the industry’s 4.83. Energy Fuels is trading higher at 19.67, while Centrus Energy is trading lower at 8.18.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Cameco’s earnings for 2026 of $1.27 per share indicates year-over-year growth of 23.3%. The same for 2027 implies growth of 69.4%.
Image Source: Zacks Investment Research
The consensus estimate for Cameco’s earnings for 2026 has moved down over the past 60 days, while the same for 2027 has moved up, as shown in the chart below.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #3 (Hold).
View the Zacks #1 Rank List
Image: Bigstock
CCJ's Uranium Production Down 5% in 1H26: Will 2026 Targets be Met?
Key Takeaways
Cameco Corporation (CCJ - Free Report) reported a 5% decline in its share of uranium production to 10.1 million pounds in the first half of 2026. Performance across key operations was mixed, with higher production at McArthur River/Key Lake offset by lower output at Cigar Lake.
Cameco’s share of packaged production from McArthur River and Key Lake rose 14% year over year to 5.8 million pounds. Production has been higher in 2026 due to differences in the mine plan.
However, operations faced temporary disruptions in May when flooding in northern Saskatchewan affected the primary transportation route to supply the McArthur River and Key Lake operations. Although the sites had not been impacted, the disruption to the delivery of critical operating materials and reagents led to a temporary suspension of production at Key Lake and reduced mining activity at McArthur River for around two weeks.
The annual maintenance outage at the Key Lake mill is scheduled for the third quarter. The shutdown is expected to last longer than normal due to the nature of the work being performed. Cameco cautioned that production could be affected if the restart encountered challenges or there are delays in commissioning new equipment. The company, however, maintained its share of production from McArthur River/Key Lake at 10.0-11.5 million pounds for 2026. Cameco’s share from the operations was 10.5 million pounds in 2025.
Cameco’s share of packaged production from Cigar Lake declined to 4.3 million pounds in the first six months of 2026 from 5.5 million pounds in the prior year period. The decline mainly reflected the impact of the annual maintenance outage, which was carried out in the second quarter this year, as opposed to the third quarter last year.
In July, Cigar Lake temporarily suspended production for two weeks due to operational challenges at Orano’s McClean Lake mill. The mine’s production outlook for 2026, however, remains unchanged and Cameco’s share remains at 9.5-10.0 million pounds. The company’s share of production from Cigar Lake was 9.2 million pounds.
In July 2026, Cameco increased its ownership stake to 57.4% in Cigar Lake. Its share of 2026 expected production from the operation remains unchanged based on the new ownership structure.
Cameco’s expected total production for 2026 is at 19.5-21.5 million pounds compared with 23.4 million pounds in 2025.
Peer Energy Fuels Inc. (UUUU - Free Report) mined ore containing 315,000 pounds of uranium in the second quarter, bringing first-half mined production to 740,000 pounds. Finished uranium production totaled 865,000 pounds in the second quarter and 1.7 million pounds in the first half.
With first-half finished production already above the low end of its full-year guidance, Energy Fuels has made solid progress toward its 2026 target of 1.5-2.5 million pounds of finished uranium. The company expects to mine 2.0-2.5 million pounds of contained uranium during 2026.
CCJ’s Price Performance, Valuation & Estimates
In the past year, Cameco shares have gained 36.5% against the industry’s 1% dip. Energy Fuels gained 34.4% while Centrus Energy (LEU - Free Report) declined 10.4% in the same timeframe.
Image Source: Zacks Investment Research
CCJ stock is trading at a forward price-to-sales ratio of 18.06 compared with the industry’s 4.83. Energy Fuels is trading higher at 19.67, while Centrus Energy is trading lower at 8.18.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Cameco’s earnings for 2026 of $1.27 per share indicates year-over-year growth of 23.3%. The same for 2027 implies growth of 69.4%.
Image Source: Zacks Investment Research
The consensus estimate for Cameco’s earnings for 2026 has moved down over the past 60 days, while the same for 2027 has moved up, as shown in the chart below.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.