CAMECO CORP (CCJ) Form 6-K — Nov 4, 2026
Cameco filed the 2026 technical report for its McArthur River uranium operation, estimating a pre-tax NPV of $5.86 billion (8% discount rate) for its 69.805% share of current mineral reserves, with a pre-tax IRR of 11.9%. The report plans life-of-mine production of roughly 247.5 million pounds U3O8 at about 15.3 million pounds per year from 2030 onward, assuming $70/lb uranium pricing. Capital and operating cost estimates rose significantly versus the 2018 report — mine-life opex rose from $14.97 to $24.03 per pound and MRJV capital to $2.11 billion — reflecting aging infrastructure refresh, inflation in labour and materials, and added production flexibility.
Key figures
- Pre Tax IRR
- 11.9%
- Pre Tax Npv 8pct
- $5.86 billion (Cdn) — Cameco's share of McArthur River reserves
- Ytd2026 Production
- 10.5M lbs mined / 9.9M lbs packaged U3O8
- Cameco MRJVOwnership
- 69.805%
- Total Pre Tax Cash Flow
- $12,100.0 million (Cdn, Cameco share)
- Mine Development Capex
- $622.3 million
- Avg Operating Cost Per Lb
- $24.03 U3O8 (vs $14.97 in 2018 report)
- Uranium Price Assumption
- $70 US/lb
- Cameco Share Capital Costs
- $1.47 billion
- Total Life Of Mine Production
- 247,461 thousand lbs U3O8
- Life Of Mine Capital Costs MRJV
- $2.11 billion
AI analysis
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