Cameco (TSX: CCO) is seeing its uranium production plan about to face a logistics test, after flooding in northern Saskatchewan cut into supply access.
While the uranium producer said its northern Saskatchewan sites are not directly affected by the flooding, the collapse of the Smoothstone River Bridge has disrupted the primary route used to move supplies to the McArthur River mine and Key Lake mill.
Restrictions are also in place on an alternative roadway, limiting the company’s ability to reroute deliveries.
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Cameco said it has temporarily halted production activities at the Key Lake mill and reduced activity at the McArthur River mine until such time that the critical operations can return to normal delivery.
The timing for restoring normal deliveries is unknown, the firm admits.
The risk is concentrated in the two sites, which Cameco describes as the world’s largest high-grade uranium mine and mill. As of the company’s Q1 2026 update, the operation was expected to produce 14.0 million to 16.5 million pounds of uranium on a 100% basis this year, including 10.0 million to 11.5 million pounds attributable to Cameco.
McArthur River and Key Lake produced 5.0 million pounds on a 100% basis in Q1 2026, up from 4.6 million pounds in the 2025 counterpart.
For now, Cameco said its consolidated annual production plan remains unchanged. The company also said Cigar Lake continues to operate.
The production interruption also lands ahead of scheduled maintenance at Key Lake. Cameco previously said the mill’s annual maintenance shutdown would begin in the third quarter and would be longer than in prior years due to new infrastructure installation and repairs to major existing infrastructure.
For McArthur River, the company said there is no planned shutdown in 2026.
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