Cameco (TSX: CCO) has restored full output at its flagship uranium operation after spring flooding in northern Saskatchewan severed a key supply line, with the company confirming its annual production targets remain intact.
The uranium producer said Wednesday that the Key Lake mill and McArthur River mine have returned to full production activities, capping a roughly two and a half week disruption that began in early May. Notably, the disruption is not said to have impacted Cameco’s 2026 consolidated production outlook, which remains at 19.5 million to 21.5 million pounds of U3O8.
Cameco’s northern sites sat well clear of the floodwaters, but the rising waters partially collapsed the Smoothstone River Bridge, which carries supplies along the primary route into McArthur River and Key Lake. Weight and traffic limits on alternate roads compounded the problem, choking off deliveries of operating materials the sites depend on to keep running.
That logistical squeeze forced Cameco to temporarily halt production at Key Lake on May 10 and scale back activity at McArthur River while it waited for normal deliveries to resume.
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The company has since managed to consistently move the volume of materials it needs over the secondary route, allowing both sites to ramp back to full operations. Cameco said it remains in regular contact with the Saskatchewan Ministry of Highways, though the timing for restoring its primary supply route is still being worked out.
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Management was also careful not to declare the spring risk fully behind it. Cameco said further thawing and precipitation could trigger additional road restrictions and delay future deliveries.
Cigar Lake is said to not been impacted by the flooding and continued operating throughout the disruption.
Cameco last traded at $148.70 on the TSX.
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