Inkai
Project information
As at 31 December 2025
Description
As at 31 December 2025
In-situ recovery operation in South Kazakhstan held through JV Inkai (Cameco 40%, Kazatomprom 60% under the 2016 restructuring agreement). 2025 production of 8.4 Mlb (100%; 3.7 Mlb our share) vs 7.8 Mlb in 2024, after a January 2025 suspension and mining-plan adjustment; sulphuric acid supply, contractor performance and the new Mineral Extraction Tax remain key risks. 2026 production target 10.4 Mlb (100%); at that level Cameco's purchase entitlement is 4.2 Mlb. Due to equity accounting, Cameco's share of Inkai production is shown as a purchase. Licence term through July 2045; resource/reserve licence-area expansion project estimated to complete in 2026. NI 43-101 technical report effective September 30, 2024.
Mining metrics
Multiple effective dates · exclusive
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Reserves & resources — detail
As at 31 December 2025
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