Cameco's Indian Uranium Deal Enhances Visibility, Supports Premium Margin Narrative

Cameco has signed a long-term uranium ore concentrate supply agreement with India's Department of Atomic Energy. This deal adds contracted volumes and visibility, supporting Cameco's premium margin narrative and diversified position across uranium mining, fuel processing, and stakes in Global Laser Enrichment and Westinghouse. The agreement does not change the key near-term swing factors, including timing of a broad utility contracting upturn and execution at Tier 1 mines.