Cameco Corporation (TSX: CCO) cut the top end of its 2026 uranium production forecast and raised its expected cost per pound after an extended maintenance shutdown at the Key Lake mill took a large bite out of third quarter output.
Revenue for the three months ended September 30 came in at C$619 million, essentially flat against C$615 million a year earlier. Net earnings were C$43 million, or C$0.10 per share, compared with breakeven in the third quarter of 2025.
Adjusted figures tell a weaker story. The company posted an adjusted net loss of C$2 million, which is breakeven per share, down from adjusted earnings of C$0.07 per share a year ago and C$0.18 in the second quarter.
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Adjusted EBITDA fell 14% to C$267 million. The company pointed to lower equity earnings from Westinghouse, lighter sales volumes and higher unit costs.
Cash flow is the most striking figure in the release. Operations generated just C$3 million in the quarter, down from C$156 million a year earlier. Cash and equivalents ended September at C$860 million, down from C$1.1 billion at the end of June. Cameco attributed the decline to working capital needs, tax payments and the purchase of an additional stake in Cigar Lake. Total debt held steady at C$1.0 billion, which leaves net debt of roughly C$137 million.
Cameco’s share of production fell 20% to 3.5 million pounds of uranium. McArthur River/Key Lake contributed 1.1 million pounds, half of last year’s total, because the mill outage began during the quarter and has carried into the fourth. Cigar Lake rose 9% to 2.4 million pounds.
Costs rose sharply. The cash cost of production increased 62% to C$40.73 per pound, and total production cost climbed to C$57.40 per pound from C$36.36. Average unit cost of sales reached C$72.17 per pound. The average realized price rose 8% to C$91.76 per pound, but at US$65.78 it remains well below the quarter’s average spot price of US$88.56 because of the lag built into Cameco’s long-term contract book.
The company now expects McArthur River/Key Lake to deliver 10.0 million to 10.5 million pounds this year, down from a prior range of 10.0 million to 11.5 million pounds. Total production guidance moves to 19.5 million to 20.5 million pounds from 19.5 million to 21.5 million. Cameco has produced 13.6 million pounds through nine months, so even the low end requires a strong fourth quarter from a mill that is still commissioning new equipment. The company has acknowledged that restart problems could affect output.
At the same time, unit cost of sales guidance rises to C$67.00 to C$70.00 per pound from C$63.00 to C$67.50. Cameco cited the smaller production range and inflation in labour, reagents and supplies. Capital spending guidance falls by C$50 million, which the company attributes mainly to the timing of mine development.
Cameco last traded at $116.63 on the TSX.
