Cameco (CCJ) Shares Soar 7.55% on U.S. Uranium Policy, Slovakia Supply Deal

Cameco Corporation (CCJ) shares surged to their highest level since October 2025 on October 15, 2023, with an intraday gain of 4.16% and a 1.13% closing rise, marking a 7.55% increase over two days. The rally followed two pivotal developments in the uranium sector: the U.S. government’s push to expand its strategic uranium stockpile and Cameco’s long-term supply agreement with Slovakia’s Slovenské elektrárne (SE).

The U.S. Energy Department’s announcement to bolster domestic uranium reserves aims to reduce reliance on foreign suppliers, particularly Russia, which currently provides 25% of U.S. reactor fuel. This policy shift signals long-term demand for Cameco’s uranium, aligning with its production and enrichment capabilities. The initiative also supports nuclear energy expansion, including small modular reactors, positioning the company to benefit from a sector poised for growth amid energy transition efforts.

Simultaneously, Cameco secured a multi-year uranium supply contract with Slovakia, ensuring deliveries until 2036. The agreement, finalized after market close on October 13, 2023, provides a stable revenue stream and strengthens the company’s presence in Central Europe. Slovakia’s reliance on imported uranium underscores the strategic value of the deal, as Cameco gains a guaranteed customer in a region prioritizing nuclear energy for its energy mix.

Investor optimism was driven by sector-specific catalysts rather than broader market trends. The U.S. policy and Slovakia deal highlighted Cameco’s role in energy security and its ability to secure long-term contracts, insulating it from short-term volatility. With global focus on low-carbon energy and geopolitical supply risks, uranium’s strategic importance has elevated Cameco’s profile as a critical supplier in the nuclear energy value chain.