$42.0B
USD
Market cap · 2026–07 · week 27
🇨🇦 Canada, Saskatoon
Country
Energy Metals
Sector
Producer · Senior · Uranium · Asia · Canada · USA
Last updated 21 June 2026
Overview:
Cameco Corporation is a senior uranium producer headquartered in Saskatoon, Canada, operating primarily in North America and Kazakhstan. The portfolio consists of 8 mining projects, comprising 3 operating mines, 2 curtailed operations, and 3 advanced exploration projects. Key assets include McArthur River/Key Lake, Cigar Lake, and Inkai. The business model integrates uranium mining with fuel services, including the world's largest commercial uranium refinery at Blind River, the Port Hope conversion facility, and CANDU fuel manufacturing. Processing capabilities include the production of uranium concentrates, uranium trioxide, uranium hexafluoride, and uranium dioxide. A defining competitive characteristic is the company's tier-one asset base combined with a fully integrated fuel-services business and a strategic position across the nuclear value chain. The combination of producing mines, optionality from curtailed tier-two assets, and an integrated fuel-services segment supports a returns-focused model. This integration underpins the company's exposure to growing nuclear demand. The business remains subject to mineral price cycles, geopolitical uncertainty, and regulatory risks associated with the nuclear industry.
Strategy:
Strategic focus centers on capturing full-cycle value by profitably producing from tier-one assets and aligning production decisions with contracted demand. The enterprise intends to remain disciplined in its contracting activity, building a balanced portfolio that optimizes realized prices while providing downside protection. A core objective is to explore emerging opportunities within the nuclear-power value chain, complemented by its 49% investment in Westinghouse, to support the generation of secure, carbon-free energy. Capital allocation is prioritized to sustain assets, maintain a strong balance sheet, and sustainably deliver dividends. The organization maintains supply discipline, keeping tier-two assets in care and maintenance until market conditions warrant a restart, and advances studies for new development plans. This combination of supply discipline, full-cycle integration, and the Westinghouse investment underpins the company's strategy. The contracting discipline and tier-one production base are central to the company's long-term value creation. The 49% Westinghouse investment broadens the company's exposure beyond uranium mining into reactor technology and services. The disciplined contracting portfolio balances realized prices with downside protection.
Management:
Executive leadership is headed by Chief Executive Officer Tim S. Gitzel and Chief Financial Officer Heidi L. Shockey. The Board of Directors oversees corporate strategy through standing committees, including the Safety, Health and Environment Committee and the Audit and Finance Committee. Governance practices emphasize rigorous risk management based on ISO 31000 guidelines, disciplined investment criteria, and proactive portfolio monitoring. The leadership team's deep uranium and fuel-services experience supports the company's full-cycle value strategy. Board oversight of safety, health, and environmental matters reflects the operational and regulatory dimensions of the company's uranium-mining and fuel-services operations. The Audit and Finance Committee provides oversight of the company's financial reporting and capital discipline. This governance structure keeps capital discipline and supply discipline central to executive accountability. The risk-management framework grounded in ISO 31000 reinforces the company's structured approach to enterprise risk. The leadership team's tenure spans the company's mining and fuel-services operations. The Safety, Health and Environment Committee provides board-level oversight of the company's operational and regulatory risks.
Sustainability:
The organization's sustainability framework is guided by policies covering environmental protection, safety, health, and quality, maintaining ISO 14001 and ISO 45001 certifications. A key environmental initiative involves the Low Carbon Transition Plan, which targets a 30% reduction in combined Scope 1 and 2 greenhouse-gas emissions by 2030 from 2015 levels. The company is executing the Vision in Motion project at the Port Hope Conversion Facility to address legacy waste and modernize the site. Social programs focus on workforce development, community investment, and building baseload work with Preferred Northern Contractors in Saskatchewan. These initiatives connect the company's decarbonization targets with measurable site-modernization and community outcomes. The Low Carbon Transition Plan reflects the company's emphasis on reducing the emissions intensity of its operations. The Preferred Northern Contractors program illustrates the company's focus on northern and Indigenous economic participation. The ISO certifications anchor the company's environmental and safety-management standards. The Vision in Motion project reflects the company's emphasis on addressing legacy waste at Port Hope. The workforce-development programs illustrate the company's focus on northern community participation.
Structure:
A significant structural change occurred in 2023 when the company acquired a 49% interest in Westinghouse Electric Company in a strategic partnership with Brookfield Renewable Partners. In 2025, the enterprise, alongside Brookfield and Westinghouse, entered into a strategic partnership with the US Government to accelerate the deployment of Westinghouse nuclear reactors in the United States, entitling the US Government to a 20% participation interest in cash distributions above US$17.5 billion once vested. The company also holds a 40% interest in Joint Venture Inkai LLP with Kazatomprom and a 49% interest in Global Laser Enrichment LLC with Silex Systems Ltd. Material operational subsidiaries include Cameco Fuel Manufacturing Inc., Cameco Marketing Inc., and Cameco Inc. These arrangements extended the company's reach across the nuclear value chain. The Westinghouse investment provides the company with exposure to reactor technology and services. The Inkai joint venture anchors the company's Kazakh production. The Global Laser Enrichment interest gives the company exposure to emerging enrichment technology. The integrated fuel-services subsidiaries support the company's position across the nuclear value chain.
Hedge:
The company maintains a risk-management policy to manage shorter-term exchange-rate volatility by hedging a portion of its net US-dollar exposure while retaining leverage to uranium prices. Foreign-exchange policy permits hedging 35% to 100% of expected net exposure in the first 12-month period, layering in contracts over a three- to four-year period. As of December 31, 2025, US$2.23 billion in US-dollar hedge contracts are outstanding at an average rate of 1.36 Canadian dollars per US dollar. Interest-rate policy uses swap contracts, converting fixed-rate payments on a notional amount of $75 million of Series H debentures to variable-rate payments. This currency-and-interest-rate focus manages the company's financial exposures while leaving its uranium sales exposed to contracted and market prices.
Source:
Cameco Corporation - Annual Report - 2025
Portfolio Aggregate · 1 project
Portfolio mode — asset rows are for context only; tab totals use the company aggregation.
Cameco Uranium Portfolio
Portfolio
Canada
Uranium
5/5
Mining
Type
Operating
Status
🇨🇦 Canada
Country
Project information
As at 31 December 2025
Aggregation level:
Company portfolio
Aggregation level:
Company portfolio
Report standard:
Ni 43 101
Report standard:
Ni 43 101
Ownership %:
100
Ownership %:
100
Operator:
Yes
Operator:
Yes
Extraction:
Underground
Extraction:
Underground
Description
As at 31 December 2025
Consolidated uranium segment rollup. 2025 production of 21.0 Mlb (our share), above revised guidance of up to 20 Mlb; 2024: 23.4 Mlb. Purchases of 9.6 Mlb (incl. JV Inkai), deliveries of 33.0 Mlb, year-end inventory 9.7 Mlb. 2026 plan: 19.5-21.5 Mlb (our share); committed 2026 sales of 29-32 Mlb. Long-term commitments ~230 Mlb (avg ~28 Mlb/yr over next five years). Tier-two assets (Rabbit Lake, US ISR) remain in care and maintenance ($62-67M expected 2026 C&M costs). Reserve estimates use ~US$63/lb U3O8 constant-dollar average price (USD/CAD 1.28; USD/KZT 550).
Portfolio Aggregate
Multiple effective dates · exclusive
| Commodity | Production | Reserves & Resources | Production value (est.) |
|---|---|---|---|
|
Uranium
|
21 mlb/yr
|
1 264.9 mlb P&P + M&I; 199.1 mlb Inferred
|
$1.8B
USD 85.95 / lb
|
Commodity
Production
Reserves & Resources
Production value (est.)
Uranium
21 mlb/yr
1 264.9 mlb P&P + M&I; 199.1 mlb Inferred
$1.8B
USD 85.95 / lb
Portfolio Aggregate — Assumptions & Disclaimers
- When a Portfolio Aggregate row exists, individual asset rows are not summed into it — that would double-count.
- The aggregate typically comes from the annual reserves statement and may use a different effective date than individual asset rows.
- Production value (est.) is attributable annual production × the resolved commodity price (compact USD with an optional mix share in parentheses when multiple commodities contribute; short price label on the second line). Estimated lifetime is not shown on this table — use per-asset Oil & Gas sections for reserve life.
- Portfolio-level rollups are convenient for company-vs-company comparisons but can mask asset-level concentration risk: a single producing field or mine may account for the majority of the rollup figure.
Reserves & resources — detail
As at 31 December 2025
Reserves & resources — detail — Assumptions & Disclaimers
- Attributable. Per-category cells follow METALPILOT §6 (latest per project × commodity × category). Headline reserve base appears in Asset quality / mix.
- Inferred is shown for context and excluded from headline totals. Petroleum rows may be deduped on development_status.
Operating · 3 projects
McArthur River / Key Lake
Asset · Ownership 69.805%
Canada, Saskatchewan, Athabasca Basin (uranium)
Uranium
5/5
Mining
Type
Operating
Status
🇨🇦 Canada, Saskatchewan (Athabasca Basin (uranium))
Country
Project information
As at 31 December 2025
Aggregation level:
Asset
Aggregation level:
Asset
Report standard:
Ni 43 101
Report standard:
Ni 43 101
Ownership %:
69.805
Ownership %:
69.805
Operator:
Yes
Operator:
Yes
Extraction:
Underground
Extraction:
Underground
Facility kind:
-
Facility kind:
-
Licensed capacity:
25
Licensed capacity:
25
Capacity unit:
mlb
Capacity unit:
mlb
Capacity period:
Per Year
Capacity period:
Per Year
Capacity kind:
Nameplate
Capacity kind:
Nameplate
Description
As at 31 December 2025
World's largest high-grade uranium mine (McArthur River, ownership 69.805%) and the world's largest uranium mill (Key Lake, 83.33%) — both Cameco-operated. Blasthole stoping and raiseboring across seven zones (zones 2 and 4 active; zone 1 significantly advanced; zone 4 South in mid-development). Ore is ground and blended to a nominal 5% U3O8 mill feed at Key Lake. Licence term through October 2043; estimated mine life to 2044. 2025 production beat the revised 14-15 Mlb (100%) target at 15.1 Mlb via alternative-feed substitution; extended Key Lake maintenance shutdown planned for Q3 2026. Cumulative Key Lake-only production 1983-2002: 209.8 Mlb. Estimated decommissioning: $51.4M McArthur River, $276.7M Key Lake (100% basis). NI 43-101 technical report dated March 29, 2019.
Mining metrics
As at 31 December 2025 · exclusive
| Commodity | Production (rating) | Reserves & Resources (rating) | Grade (rating) | Costs | Estimated Lifetime |
|---|---|---|---|---|---|
|
Uranium
|
10.5 mlb/yr
5/5
|
353.1 mlb P&P + M&I; 2.4 mlb Inferred
5/5
|
6.65 pctu3o8
5/5
|
-
|
reserves 23 yrs
resources 0.6 yrs
|
Commodity
Production (rating)
Reserves & Resources (rating)
Grade (rating)
Costs
Estimated Lifetime
Uranium
10.5 mlb/yr
5/5
353.1 mlb P&P + M&I; 2.4 mlb Inferred
5/5
6.65 pctu3o8
5/5
-
reserves 23 yrs
resources 0.6 yrs
Mining metrics — Assumptions & Disclaimers
- Reserves vs Resources are reported under solid-mineral codes (CIM / NI 43-101, JORC, SAMREC, PERC, SEC S-K 1300, CRIRSCO). The headline reserve base follows the METALPILOT inclusive-vs-exclusive rule: when a source declares resources 'inclusive of' reserves (JORC norm), reserves are not added on top; when 'exclusive' (NI 43-101 norm), the headline is the source-disclosed total.
- Inferred resources are shown for transparency but flagged separately and do not feed the USD value mix.
- Grade is converted to the canonical display unit per commodity (% for base metals, g/t for precious metals, lb/st for U₃O₈, etc.). Where the source reports a grade range, the rating engine uses the midpoint.
- Costs are taken from disclosed cost rows and labelled by cost kind (AISC for gold/silver, C1 for copper/nickel/zinc/lead, cash operating cost for U₃O₈, etc.).
- Estimated lifetime is reserve_base / annual production using attributable figures; both sides are converted to the project's working-interest view before the division when needed.
- A '(WI x.xx%)' tag is shown when the project's ownership_percentage is materially below 100%.
- '(rating)' refers to Metal Pilot's commodity-specific 1-to-5 scoring band. Full band definitions live on the Rating tab.
- Mining reserve and resource estimates are subject to geological, metallurgical, environmental, permitting, infrastructure and market-price risk. A Probable or Proven label does not guarantee that the ounces / tonnes will ever be mined. AISC and C1 are non-GAAP metrics computed under company-specific definitions and are not strictly comparable between companies.
Reserves & resources — detail
As at 31 December 2025
Reserves & resources — detail — Assumptions & Disclaimers
- Attributable. Per-category cells follow METALPILOT §6 (latest per project × commodity × category). Headline reserve base appears in Asset quality / mix.
- Inferred is shown for context and excluded from headline totals. Petroleum rows may be deduped on development_status.
Royalties & streams
All royalty and stream interests in the database that refer to this asset by name.
| Company | Royalty | ||
|---|---|---|---|
| Location | Conditions | ||
|
McArthur River
|
🇨🇦 Canada, Saskatchewan
|
1% GORR on a 9.063% share of uranium production derived from Orano's 30.195% production interest; Includes an option to receive physical uranium as payment.
|
McArthur River
Location
Conditions
🇨🇦 Canada, Saskatchewan
1% GORR on a 9.063% share of uranium production derived from Orano's 30.195% production interest; Includes an option to receive physical uranium as payment.
Royalties & streams — Assumptions
- Royalties and streams whose project name refers to this asset (matched on normalized asset name across all issuers in the database; accents and diacritics folded) and that share at least one commodity when the interest publishes commodity data. Names such as "Canadian Malartic NSR" are grouped with the Canadian Malartic project.
Cigar Lake
Asset · Ownership 54.547%
Canada, Saskatchewan, Athabasca Basin (uranium)
Uranium
5/5
Mining
Type
Operating
Status
🇨🇦 Canada, Saskatchewan (Athabasca Basin (uranium))
Country
Project information
As at 31 December 2025
Aggregation level:
Asset
Aggregation level:
Asset
Report standard:
Ni 43 101
Report standard:
Ni 43 101
Ownership %:
54.547
Ownership %:
54.547
Operator:
Yes
Operator:
Yes
Extraction:
Underground
Extraction:
Underground
Facility kind:
-
Facility kind:
-
Licensed capacity:
18
Licensed capacity:
18
Capacity unit:
mlb
Capacity unit:
mlb
Capacity period:
Per Year
Capacity period:
Per Year
Capacity kind:
Nameplate
Capacity kind:
Nameplate
Description
As at 31 December 2025
World's highest-grade uranium mine; Cameco is 54.547% owner and operator. Mined by jet boring; ore is processed at the McClean Lake mill. Licence term through June 2031; estimated mine life to 2036. 2025 production of 19.1 Mlb (100%) exceeded annual expectations by 1.1 Mlb, offsetting the McArthur River/Key Lake shortfall. Annual maintenance shutdown planned for Q2 2026. Estimated decommissioning cost $76.5M (100% basis). NI 43-101 technical report effective December 31, 2023.
Mining metrics
As at 31 December 2025 · exclusive
| Commodity | Production (rating) | Reserves & Resources (rating) | Grade (rating) | Costs | Estimated Lifetime |
|---|---|---|---|---|---|
|
Uranium
|
10.4 mlb/yr
5/5
|
198.7 mlb P&P + M&I; 20 mlb Inferred
5/5
|
17.06 pctu3o8
5/5
|
Closure Provision 76.5 M CAD
|
reserves 9 yrs
resources 2.4 yrs
|
Commodity
Production (rating)
Reserves & Resources (rating)
Grade (rating)
Costs
Estimated Lifetime
Uranium
10.4 mlb/yr
5/5
198.7 mlb P&P + M&I; 20 mlb Inferred
5/5
17.06 pctu3o8
5/5
Closure Provision 76.5 M CAD
reserves 9 yrs
resources 2.4 yrs
Mining metrics — Assumptions & Disclaimers
- Reserves vs Resources are reported under solid-mineral codes (CIM / NI 43-101, JORC, SAMREC, PERC, SEC S-K 1300, CRIRSCO). The headline reserve base follows the METALPILOT inclusive-vs-exclusive rule: when a source declares resources 'inclusive of' reserves (JORC norm), reserves are not added on top; when 'exclusive' (NI 43-101 norm), the headline is the source-disclosed total.
- Inferred resources are shown for transparency but flagged separately and do not feed the USD value mix.
- Grade is converted to the canonical display unit per commodity (% for base metals, g/t for precious metals, lb/st for U₃O₈, etc.). Where the source reports a grade range, the rating engine uses the midpoint.
- Costs are taken from disclosed cost rows and labelled by cost kind (AISC for gold/silver, C1 for copper/nickel/zinc/lead, cash operating cost for U₃O₈, etc.).
- Estimated lifetime is reserve_base / annual production using attributable figures; both sides are converted to the project's working-interest view before the division when needed.
- A '(WI x.xx%)' tag is shown when the project's ownership_percentage is materially below 100%.
- '(rating)' refers to Metal Pilot's commodity-specific 1-to-5 scoring band. Full band definitions live on the Rating tab.
- Mining reserve and resource estimates are subject to geological, metallurgical, environmental, permitting, infrastructure and market-price risk. A Probable or Proven label does not guarantee that the ounces / tonnes will ever be mined. AISC and C1 are non-GAAP metrics computed under company-specific definitions and are not strictly comparable between companies.
Reserves & resources — detail
As at 31 December 2025
Reserves & resources — detail — Assumptions & Disclaimers
- Attributable. Per-category cells follow METALPILOT §6 (latest per project × commodity × category). Headline reserve base appears in Asset quality / mix.
- Inferred is shown for context and excluded from headline totals. Petroleum rows may be deduped on development_status.
Royalties & streams
All royalty and stream interests in the database that refer to this asset by name.
| Company | Royalty | ||
|---|---|---|---|
| Location | Conditions | ||
|
Cigar Lake
|
🇨🇦 Canada, Saskatchewan
|
20% NPI on a 3.75% share of overall uranium production derived from Orano's 40.453% interest; Rate adjusts to 10% upon production of 200 Mlbs from combined Cigar Lake and Dawn Lake lands.
|
Cigar Lake
Location
Conditions
🇨🇦 Canada, Saskatchewan
20% NPI on a 3.75% share of overall uranium production derived from Orano's 40.453% interest; Rate adjusts to 10% upon production of 200 Mlbs from combined Cigar Lake and Dawn Lake lands.
Royalties & streams — Assumptions
- Royalties and streams whose project name refers to this asset (matched on normalized asset name across all issuers in the database; accents and diacritics folded) and that share at least one commodity when the interest publishes commodity data. Names such as "Canadian Malartic NSR" are grouped with the Canadian Malartic project.
Inkai
Asset · Ownership 40%
Kazakhstan, South Kazakhstan
Uranium
5/5
Mining
Type
Operating
Status
🇰🇿 Kazakhstan, South Kazakhstan
Country
Project information
As at 31 December 2025
Aggregation level:
Asset
Aggregation level:
Asset
Report standard:
Ni 43 101
Report standard:
Ni 43 101
Ownership %:
40
Ownership %:
40
Operator:
No
Operator:
No
Operator name:
Joint Venture Inkai LLP
Operator name:
Joint Venture Inkai LLP
Extraction:
Isr
Extraction:
Isr
Facility kind:
-
Facility kind:
-
Licensed capacity:
10.4
Licensed capacity:
10.4
Capacity unit:
mlb
Capacity unit:
mlb
Capacity period:
Per Year
Capacity period:
Per Year
Capacity kind:
Nameplate
Capacity kind:
Nameplate
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
| Commodity | Production (rating) | Reserves & Resources (rating) | Grade (rating) | Costs | Estimated Lifetime |
|---|---|---|---|---|---|
|
Uranium
|
3.7 mlb/yr
2/5
|
334 mlb P&P + M&I; 22.3 mlb Inferred
5/5
|
0.03 pctu3o8
1/5
|
-
|
reserves 25+ yrs
resources 12.4 yrs
|
Commodity
Production (rating)
Reserves & Resources (rating)
Grade (rating)
Costs
Estimated Lifetime
Uranium
3.7 mlb/yr
2/5
334 mlb P&P + M&I; 22.3 mlb Inferred
5/5
0.03 pctu3o8
1/5
-
reserves 25+ yrs
resources 12.4 yrs
Mining metrics — Assumptions & Disclaimers
- Reserves vs Resources are reported under solid-mineral codes (CIM / NI 43-101, JORC, SAMREC, PERC, SEC S-K 1300, CRIRSCO). The headline reserve base follows the METALPILOT inclusive-vs-exclusive rule: when a source declares resources 'inclusive of' reserves (JORC norm), reserves are not added on top; when 'exclusive' (NI 43-101 norm), the headline is the source-disclosed total.
- Inferred resources are shown for transparency but flagged separately and do not feed the USD value mix.
- Grade is converted to the canonical display unit per commodity (% for base metals, g/t for precious metals, lb/st for U₃O₈, etc.). Where the source reports a grade range, the rating engine uses the midpoint.
- Costs are taken from disclosed cost rows and labelled by cost kind (AISC for gold/silver, C1 for copper/nickel/zinc/lead, cash operating cost for U₃O₈, etc.).
- Estimated lifetime is reserve_base / annual production using attributable figures; both sides are converted to the project's working-interest view before the division when needed.
- A '(WI x.xx%)' tag is shown when the project's ownership_percentage is materially below 100%.
- '(rating)' refers to Metal Pilot's commodity-specific 1-to-5 scoring band. Full band definitions live on the Rating tab.
- Mining reserve and resource estimates are subject to geological, metallurgical, environmental, permitting, infrastructure and market-price risk. A Probable or Proven label does not guarantee that the ounces / tonnes will ever be mined. AISC and C1 are non-GAAP metrics computed under company-specific definitions and are not strictly comparable between companies.
Reserves & resources — detail
As at 31 December 2025
Reserves & resources — detail — Assumptions & Disclaimers
- Attributable. Per-category cells follow METALPILOT §6 (latest per project × commodity × category). Headline reserve base appears in Asset quality / mix.
- Inferred is shown for context and excluded from headline totals. Petroleum rows may be deduped on development_status.
Development · 7 projects
Yeelirrie
Asset · Development
Australia, Western Australia
Uranium
4/5
Mining
Type
Development
Status
🇦🇺 Australia, Western Australia
Country
Project information
As at 31 December 2025
Aggregation level:
Asset
Aggregation level:
Asset
Report standard:
Ni 43 101
Report standard:
Ni 43 101
Ownership %:
100
Ownership %:
100
Operator:
Yes
Operator:
Yes
Extraction:
Open Pit
Extraction:
Open Pit
Description
As at 31 December 2025
One of Australia's largest undeveloped uranium deposits — near-surface calcrete-style, amenable to open pit mining; discovered 1972. Federal approval (2019) extends to 2043; state substantial-commencement deadline (January 2022) was not met and an extension was declined — a future extension application is possible. No work planned in 2026.
Mining metrics
As at 31 December 2025 · exclusive
| Commodity | Production (rating) | Reserves & Resources (rating) | Grade (rating) | Costs | Estimated Lifetime |
|---|---|---|---|---|---|
|
Uranium
|
-
|
128.1 mlb P&P + M&I
4/5
|
0.16 pctu3o8
3/5
|
-
|
-
|
Commodity
Production (rating)
Reserves & Resources (rating)
Grade (rating)
Costs
Estimated Lifetime
Uranium
-
128.1 mlb P&P + M&I
4/5
0.16 pctu3o8
3/5
-
-
Mining metrics — Assumptions & Disclaimers
- Reserves vs Resources are reported under solid-mineral codes (CIM / NI 43-101, JORC, SAMREC, PERC, SEC S-K 1300, CRIRSCO). The headline reserve base follows the METALPILOT inclusive-vs-exclusive rule: when a source declares resources 'inclusive of' reserves (JORC norm), reserves are not added on top; when 'exclusive' (NI 43-101 norm), the headline is the source-disclosed total.
- Inferred resources are shown for transparency but flagged separately and do not feed the USD value mix.
- Grade is converted to the canonical display unit per commodity (% for base metals, g/t for precious metals, lb/st for U₃O₈, etc.). Where the source reports a grade range, the rating engine uses the midpoint.
- Costs are taken from disclosed cost rows and labelled by cost kind (AISC for gold/silver, C1 for copper/nickel/zinc/lead, cash operating cost for U₃O₈, etc.).
- Estimated lifetime is reserve_base / annual production using attributable figures; both sides are converted to the project's working-interest view before the division when needed.
- A '(WI x.xx%)' tag is shown when the project's ownership_percentage is materially below 100%.
- '(rating)' refers to Metal Pilot's commodity-specific 1-to-5 scoring band. Full band definitions live on the Rating tab.
- Mining reserve and resource estimates are subject to geological, metallurgical, environmental, permitting, infrastructure and market-price risk. A Probable or Proven label does not guarantee that the ounces / tonnes will ever be mined. AISC and C1 are non-GAAP metrics computed under company-specific definitions and are not strictly comparable between companies.
Reserves & resources — detail
As at 31 December 2025
Reserves & resources — detail — Assumptions & Disclaimers
- Attributable. Per-category cells follow METALPILOT §6 (latest per project × commodity × category). Headline reserve base appears in Asset quality / mix.
- Inferred is shown for context and excluded from headline totals. Petroleum rows may be deduped on development_status.
Kintyre
Asset · Development
Australia, Western Australia
Uranium
3/5
Mining
Type
Development
Status
🇦🇺 Australia, Western Australia
Country
Project information
As at 31 December 2025
Aggregation level:
Asset
Aggregation level:
Asset
Report standard:
Ni 43 101
Report standard:
Ni 43 101
Ownership %:
100
Ownership %:
100
Operator:
Yes
Operator:
Yes
Extraction:
Open Pit
Extraction:
Open Pit
Description
As at 31 December 2025
Undeveloped deposit discovered in 1985, amenable to open pit mining. Federal approval (2015) extends to 2045; state substantial-commencement deadline (March 2020) was not met and an extension was declined. No work planned in 2026.
Mining metrics
As at 31 December 2025 · exclusive
| Commodity | Production (rating) | Reserves & Resources (rating) | Grade (rating) | Costs | Estimated Lifetime |
|---|---|---|---|---|---|
|
Uranium
|
-
|
53.5 mlb P&P + M&I; 6 mlb Inferred
3/5
|
0.62 pctu3o8
5/5
|
-
|
-
|
Commodity
Production (rating)
Reserves & Resources (rating)
Grade (rating)
Costs
Estimated Lifetime
Uranium
-
53.5 mlb P&P + M&I; 6 mlb Inferred
3/5
0.62 pctu3o8
5/5
-
-
Mining metrics — Assumptions & Disclaimers
- Reserves vs Resources are reported under solid-mineral codes (CIM / NI 43-101, JORC, SAMREC, PERC, SEC S-K 1300, CRIRSCO). The headline reserve base follows the METALPILOT inclusive-vs-exclusive rule: when a source declares resources 'inclusive of' reserves (JORC norm), reserves are not added on top; when 'exclusive' (NI 43-101 norm), the headline is the source-disclosed total.
- Inferred resources are shown for transparency but flagged separately and do not feed the USD value mix.
- Grade is converted to the canonical display unit per commodity (% for base metals, g/t for precious metals, lb/st for U₃O₈, etc.). Where the source reports a grade range, the rating engine uses the midpoint.
- Costs are taken from disclosed cost rows and labelled by cost kind (AISC for gold/silver, C1 for copper/nickel/zinc/lead, cash operating cost for U₃O₈, etc.).
- Estimated lifetime is reserve_base / annual production using attributable figures; both sides are converted to the project's working-interest view before the division when needed.
- A '(WI x.xx%)' tag is shown when the project's ownership_percentage is materially below 100%.
- '(rating)' refers to Metal Pilot's commodity-specific 1-to-5 scoring band. Full band definitions live on the Rating tab.
- Mining reserve and resource estimates are subject to geological, metallurgical, environmental, permitting, infrastructure and market-price risk. A Probable or Proven label does not guarantee that the ounces / tonnes will ever be mined. AISC and C1 are non-GAAP metrics computed under company-specific definitions and are not strictly comparable between companies.
Reserves & resources — detail
As at 31 December 2025
Reserves & resources — detail — Assumptions & Disclaimers
- Attributable. Per-category cells follow METALPILOT §6 (latest per project × commodity × category). Headline reserve base appears in Asset quality / mix.
- Inferred is shown for context and excluded from headline totals. Petroleum rows may be deduped on development_status.
Millennium
Asset · Development · Ownership 69.9%
Canada, Saskatchewan, Athabasca Basin (uranium)
Uranium
3/5
Mining
Type
Development
Status
🇨🇦 Canada, Saskatchewan (Athabasca Basin (uranium))
Country
Project information
As at 31 December 2025
Aggregation level:
Asset
Aggregation level:
Asset
Report standard:
Ni 43 101
Report standard:
Ni 43 101
Ownership %:
69.9
Ownership %:
69.9
Operator:
Yes
Operator:
Yes
Extraction:
Underground
Extraction:
Underground
Description
As at 31 December 2025
Advanced project discovered in 2000 and delineated 2000-2013. Provincial EIS approval (2013, renewed 2018 and 2023) remains valid; CNSC licensing on hold at Cameco's request since 2014. No work planned in 2026.
Mining metrics
As at 31 December 2025 · exclusive
| Commodity | Production (rating) | Reserves & Resources (rating) | Grade (rating) | Costs | Estimated Lifetime |
|---|---|---|---|---|---|
|
Uranium
|
-
|
75.9 mlb P&P + M&I; 29 mlb Inferred
3/5
|
2.39 pctu3o8
5/5
|
-
|
-
|
Commodity
Production (rating)
Reserves & Resources (rating)
Grade (rating)
Costs
Estimated Lifetime
Uranium
-
75.9 mlb P&P + M&I; 29 mlb Inferred
3/5
2.39 pctu3o8
5/5
-
-
Mining metrics — Assumptions & Disclaimers
- Reserves vs Resources are reported under solid-mineral codes (CIM / NI 43-101, JORC, SAMREC, PERC, SEC S-K 1300, CRIRSCO). The headline reserve base follows the METALPILOT inclusive-vs-exclusive rule: when a source declares resources 'inclusive of' reserves (JORC norm), reserves are not added on top; when 'exclusive' (NI 43-101 norm), the headline is the source-disclosed total.
- Inferred resources are shown for transparency but flagged separately and do not feed the USD value mix.
- Grade is converted to the canonical display unit per commodity (% for base metals, g/t for precious metals, lb/st for U₃O₈, etc.). Where the source reports a grade range, the rating engine uses the midpoint.
- Costs are taken from disclosed cost rows and labelled by cost kind (AISC for gold/silver, C1 for copper/nickel/zinc/lead, cash operating cost for U₃O₈, etc.).
- Estimated lifetime is reserve_base / annual production using attributable figures; both sides are converted to the project's working-interest view before the division when needed.
- A '(WI x.xx%)' tag is shown when the project's ownership_percentage is materially below 100%.
- '(rating)' refers to Metal Pilot's commodity-specific 1-to-5 scoring band. Full band definitions live on the Rating tab.
- Mining reserve and resource estimates are subject to geological, metallurgical, environmental, permitting, infrastructure and market-price risk. A Probable or Proven label does not guarantee that the ounces / tonnes will ever be mined. AISC and C1 are non-GAAP metrics computed under company-specific definitions and are not strictly comparable between companies.
Reserves & resources — detail
As at 31 December 2025
Reserves & resources — detail — Assumptions & Disclaimers
- Attributable. Per-category cells follow METALPILOT §6 (latest per project × commodity × category). Headline reserve base appears in Asset quality / mix.
- Inferred is shown for context and excluded from headline totals. Petroleum rows may be deduped on development_status.
Royalties & streams
All royalty and stream interests in the database that refer to this asset by name.
| Company | Royalty | ||
|---|---|---|---|
| Location | Conditions | ||
|
Millennium
|
🇨🇦 Canada, Saskatchewan
|
10% NPI (Athabasca Basin, conventional)
|
Millennium
Location
Conditions
🇨🇦 Canada, Saskatchewan
10% NPI (Athabasca Basin, conventional)
Royalties & streams — Assumptions
- Royalties and streams whose project name refers to this asset (matched on normalized asset name across all issuers in the database; accents and diacritics folded) and that share at least one commodity when the interest publishes commodity data. Names such as "Canadian Malartic NSR" are grouped with the Canadian Malartic project.
Gas Hills - Peach
Asset · Development
United States, Wyoming
Uranium
1/5
Mining
Type
Development
Status
🇺🇸 United States, Wyoming
Country
Project information
As at 31 December 2025
Aggregation level:
Asset
Aggregation level:
Asset
Report standard:
Ni 43 101
Report standard:
Ni 43 101
Ownership %:
100
Ownership %:
100
Operator:
Yes
Operator:
Yes
Extraction:
Isr
Extraction:
Isr
Description
As at 31 December 2025
100%-owned undeveloped US ISR property in Wyoming, part of Cameco's US in-situ recovery portfolio (production curtailed since 2018; no production planned in 2026).
Mining metrics
As at 31 December 2025 · exclusive
| Commodity | Production (rating) | Reserves & Resources (rating) | Grade (rating) | Costs | Estimated Lifetime |
|---|---|---|---|---|---|
|
Uranium
|
-
|
13.3 mlb P&P + M&I; 6 mlb Inferred
1/5
|
0.15 pctu3o8
3/5
|
-
|
-
|
Commodity
Production (rating)
Reserves & Resources (rating)
Grade (rating)
Costs
Estimated Lifetime
Uranium
-
13.3 mlb P&P + M&I; 6 mlb Inferred
1/5
0.15 pctu3o8
3/5
-
-
Mining metrics — Assumptions & Disclaimers
- Reserves vs Resources are reported under solid-mineral codes (CIM / NI 43-101, JORC, SAMREC, PERC, SEC S-K 1300, CRIRSCO). The headline reserve base follows the METALPILOT inclusive-vs-exclusive rule: when a source declares resources 'inclusive of' reserves (JORC norm), reserves are not added on top; when 'exclusive' (NI 43-101 norm), the headline is the source-disclosed total.
- Inferred resources are shown for transparency but flagged separately and do not feed the USD value mix.
- Grade is converted to the canonical display unit per commodity (% for base metals, g/t for precious metals, lb/st for U₃O₈, etc.). Where the source reports a grade range, the rating engine uses the midpoint.
- Costs are taken from disclosed cost rows and labelled by cost kind (AISC for gold/silver, C1 for copper/nickel/zinc/lead, cash operating cost for U₃O₈, etc.).
- Estimated lifetime is reserve_base / annual production using attributable figures; both sides are converted to the project's working-interest view before the division when needed.
- A '(WI x.xx%)' tag is shown when the project's ownership_percentage is materially below 100%.
- '(rating)' refers to Metal Pilot's commodity-specific 1-to-5 scoring band. Full band definitions live on the Rating tab.
- Mining reserve and resource estimates are subject to geological, metallurgical, environmental, permitting, infrastructure and market-price risk. A Probable or Proven label does not guarantee that the ounces / tonnes will ever be mined. AISC and C1 are non-GAAP metrics computed under company-specific definitions and are not strictly comparable between companies.
Reserves & resources — detail
As at 31 December 2025
Reserves & resources — detail — Assumptions & Disclaimers
- Attributable. Per-category cells follow METALPILOT §6 (latest per project × commodity × category). Headline reserve base appears in Asset quality / mix.
- Inferred is shown for context and excluded from headline totals. Petroleum rows may be deduped on development_status.
North Butte - Brown Ranch
Asset · Development
United States, Wyoming
Uranium
1/5
Mining
Type
Development
Status
🇺🇸 United States, Wyoming
Country
Project information
As at 31 December 2025
Aggregation level:
Asset
Aggregation level:
Asset
Report standard:
Ni 43 101
Report standard:
Ni 43 101
Ownership %:
100
Ownership %:
100
Operator:
Yes
Operator:
Yes
Extraction:
Isr
Extraction:
Isr
Description
As at 31 December 2025
100%-owned undeveloped US ISR property in Wyoming, part of Cameco's US in-situ recovery portfolio (production curtailed since 2018; no production planned in 2026).
Mining metrics
As at 31 December 2025 · exclusive
| Commodity | Production (rating) | Reserves & Resources (rating) | Grade (rating) | Costs | Estimated Lifetime |
|---|---|---|---|---|---|
|
Uranium
|
-
|
3.9 mlb P&P + M&I; 0.1 mlb Inferred
1/5
|
0.09 pctu3o8
2/5
|
-
|
-
|
Commodity
Production (rating)
Reserves & Resources (rating)
Grade (rating)
Costs
Estimated Lifetime
Uranium
-
3.9 mlb P&P + M&I; 0.1 mlb Inferred
1/5
0.09 pctu3o8
2/5
-
-
Mining metrics — Assumptions & Disclaimers
- Reserves vs Resources are reported under solid-mineral codes (CIM / NI 43-101, JORC, SAMREC, PERC, SEC S-K 1300, CRIRSCO). The headline reserve base follows the METALPILOT inclusive-vs-exclusive rule: when a source declares resources 'inclusive of' reserves (JORC norm), reserves are not added on top; when 'exclusive' (NI 43-101 norm), the headline is the source-disclosed total.
- Inferred resources are shown for transparency but flagged separately and do not feed the USD value mix.
- Grade is converted to the canonical display unit per commodity (% for base metals, g/t for precious metals, lb/st for U₃O₈, etc.). Where the source reports a grade range, the rating engine uses the midpoint.
- Costs are taken from disclosed cost rows and labelled by cost kind (AISC for gold/silver, C1 for copper/nickel/zinc/lead, cash operating cost for U₃O₈, etc.).
- Estimated lifetime is reserve_base / annual production using attributable figures; both sides are converted to the project's working-interest view before the division when needed.
- A '(WI x.xx%)' tag is shown when the project's ownership_percentage is materially below 100%.
- '(rating)' refers to Metal Pilot's commodity-specific 1-to-5 scoring band. Full band definitions live on the Rating tab.
- Mining reserve and resource estimates are subject to geological, metallurgical, environmental, permitting, infrastructure and market-price risk. A Probable or Proven label does not guarantee that the ounces / tonnes will ever be mined. AISC and C1 are non-GAAP metrics computed under company-specific definitions and are not strictly comparable between companies.
Reserves & resources — detail
As at 31 December 2025
Reserves & resources — detail — Assumptions & Disclaimers
- Attributable. Per-category cells follow METALPILOT §6 (latest per project × commodity × category). Headline reserve base appears in Asset quality / mix.
- Inferred is shown for context and excluded from headline totals. Petroleum rows may be deduped on development_status.
Ruby Ranch
Asset · Development
United States, Wyoming
Uranium
1/5
Mining
Type
Development
Status
🇺🇸 United States, Wyoming
Country
Project information
As at 31 December 2025
Aggregation level:
Asset
Aggregation level:
Asset
Report standard:
Ni 43 101
Report standard:
Ni 43 101
Ownership %:
100
Ownership %:
100
Operator:
Yes
Operator:
Yes
Extraction:
Isr
Extraction:
Isr
Description
As at 31 December 2025
100%-owned undeveloped US ISR property in Wyoming, part of Cameco's US in-situ recovery portfolio (production curtailed since 2018; no production planned in 2026).
Mining metrics
As at 31 December 2025 · exclusive
| Commodity | Production (rating) | Reserves & Resources (rating) | Grade (rating) | Costs | Estimated Lifetime |
|---|---|---|---|---|---|
|
Uranium
|
-
|
4.1 mlb P&P + M&I; 0.2 mlb Inferred
1/5
|
0.08 pctu3o8
2/5
|
-
|
-
|
Commodity
Production (rating)
Reserves & Resources (rating)
Grade (rating)
Costs
Estimated Lifetime
Uranium
-
4.1 mlb P&P + M&I; 0.2 mlb Inferred
1/5
0.08 pctu3o8
2/5
-
-
Mining metrics — Assumptions & Disclaimers
- Reserves vs Resources are reported under solid-mineral codes (CIM / NI 43-101, JORC, SAMREC, PERC, SEC S-K 1300, CRIRSCO). The headline reserve base follows the METALPILOT inclusive-vs-exclusive rule: when a source declares resources 'inclusive of' reserves (JORC norm), reserves are not added on top; when 'exclusive' (NI 43-101 norm), the headline is the source-disclosed total.
- Inferred resources are shown for transparency but flagged separately and do not feed the USD value mix.
- Grade is converted to the canonical display unit per commodity (% for base metals, g/t for precious metals, lb/st for U₃O₈, etc.). Where the source reports a grade range, the rating engine uses the midpoint.
- Costs are taken from disclosed cost rows and labelled by cost kind (AISC for gold/silver, C1 for copper/nickel/zinc/lead, cash operating cost for U₃O₈, etc.).
- Estimated lifetime is reserve_base / annual production using attributable figures; both sides are converted to the project's working-interest view before the division when needed.
- A '(WI x.xx%)' tag is shown when the project's ownership_percentage is materially below 100%.
- '(rating)' refers to Metal Pilot's commodity-specific 1-to-5 scoring band. Full band definitions live on the Rating tab.
- Mining reserve and resource estimates are subject to geological, metallurgical, environmental, permitting, infrastructure and market-price risk. A Probable or Proven label does not guarantee that the ounces / tonnes will ever be mined. AISC and C1 are non-GAAP metrics computed under company-specific definitions and are not strictly comparable between companies.
Reserves & resources — detail
As at 31 December 2025
Reserves & resources — detail — Assumptions & Disclaimers
- Attributable. Per-category cells follow METALPILOT §6 (latest per project × commodity × category). Headline reserve base appears in Asset quality / mix.
- Inferred is shown for context and excluded from headline totals. Petroleum rows may be deduped on development_status.
Shirley Basin
Asset · Development
United States, Wyoming
Uranium
1/5
Mining
Type
Development
Status
🇺🇸 United States, Wyoming
Country
Project information
As at 31 December 2025
Aggregation level:
Asset
Aggregation level:
Asset
Report standard:
Ni 43 101
Report standard:
Ni 43 101
Ownership %:
100
Ownership %:
100
Operator:
Yes
Operator:
Yes
Extraction:
Isr
Extraction:
Isr
Description
As at 31 December 2025
100%-owned undeveloped US ISR property in Wyoming, part of Cameco's US in-situ recovery portfolio (production curtailed since 2018; no production planned in 2026).
Mining metrics
As at 31 December 2025 · exclusive
| Commodity | Production (rating) | Reserves & Resources (rating) | Grade (rating) | Costs | Estimated Lifetime |
|---|---|---|---|---|---|
|
Uranium
|
-
|
4.4 mlb P&P + M&I; 1.1 mlb Inferred
1/5
|
0.11 pctu3o8
2/5
|
-
|
-
|
Commodity
Production (rating)
Reserves & Resources (rating)
Grade (rating)
Costs
Estimated Lifetime
Uranium
-
4.4 mlb P&P + M&I; 1.1 mlb Inferred
1/5
0.11 pctu3o8
2/5
-
-
Mining metrics — Assumptions & Disclaimers
- Reserves vs Resources are reported under solid-mineral codes (CIM / NI 43-101, JORC, SAMREC, PERC, SEC S-K 1300, CRIRSCO). The headline reserve base follows the METALPILOT inclusive-vs-exclusive rule: when a source declares resources 'inclusive of' reserves (JORC norm), reserves are not added on top; when 'exclusive' (NI 43-101 norm), the headline is the source-disclosed total.
- Inferred resources are shown for transparency but flagged separately and do not feed the USD value mix.
- Grade is converted to the canonical display unit per commodity (% for base metals, g/t for precious metals, lb/st for U₃O₈, etc.). Where the source reports a grade range, the rating engine uses the midpoint.
- Costs are taken from disclosed cost rows and labelled by cost kind (AISC for gold/silver, C1 for copper/nickel/zinc/lead, cash operating cost for U₃O₈, etc.).
- Estimated lifetime is reserve_base / annual production using attributable figures; both sides are converted to the project's working-interest view before the division when needed.
- A '(WI x.xx%)' tag is shown when the project's ownership_percentage is materially below 100%.
- '(rating)' refers to Metal Pilot's commodity-specific 1-to-5 scoring band. Full band definitions live on the Rating tab.
- Mining reserve and resource estimates are subject to geological, metallurgical, environmental, permitting, infrastructure and market-price risk. A Probable or Proven label does not guarantee that the ounces / tonnes will ever be mined. AISC and C1 are non-GAAP metrics computed under company-specific definitions and are not strictly comparable between companies.
Reserves & resources — detail
As at 31 December 2025
Reserves & resources — detail — Assumptions & Disclaimers
- Attributable. Per-category cells follow METALPILOT §6 (latest per project × commodity × category). Headline reserve base appears in Asset quality / mix.
- Inferred is shown for context and excluded from headline totals. Petroleum rows may be deduped on development_status.
Exploration · 2 projects
Fox Lake
Asset · Exploration
Canada, Saskatchewan, Athabasca Basin (uranium)
Uranium
3/5
Mining
Type
Exploration
Status
🇨🇦 Canada, Saskatchewan (Athabasca Basin (uranium))
Country
Project information
As at 31 December 2025
Aggregation level:
Asset
Aggregation level:
Asset
Report standard:
Ni 43 101
Report standard:
Ni 43 101
Ownership %:
100
Ownership %:
100
Operator:
Yes
Operator:
Yes
Extraction:
Underground
Extraction:
Underground
Description
As at 31 December 2025
High-grade exploration deposit in the Athabasca Basin, Saskatchewan.
Mining metrics
As at 31 December 2025
| Commodity | Production (rating) | Reserves & Resources (rating) | Grade (rating) | Costs | Estimated Lifetime |
|---|---|---|---|---|---|
|
Uranium
|
-
|
68.1 mlb; 68.1 mlb Inferred
3/5
|
7.99 pctu3o8
5/5
|
-
|
-
|
Commodity
Production (rating)
Reserves & Resources (rating)
Grade (rating)
Costs
Estimated Lifetime
Uranium
-
68.1 mlb; 68.1 mlb Inferred
3/5
7.99 pctu3o8
5/5
-
-
Mining metrics — Assumptions & Disclaimers
- Reserves vs Resources are reported under solid-mineral codes (CIM / NI 43-101, JORC, SAMREC, PERC, SEC S-K 1300, CRIRSCO). The headline reserve base follows the METALPILOT inclusive-vs-exclusive rule: when a source declares resources 'inclusive of' reserves (JORC norm), reserves are not added on top; when 'exclusive' (NI 43-101 norm), the headline is the source-disclosed total.
- Inferred resources are shown for transparency but flagged separately and do not feed the USD value mix.
- Grade is converted to the canonical display unit per commodity (% for base metals, g/t for precious metals, lb/st for U₃O₈, etc.). Where the source reports a grade range, the rating engine uses the midpoint.
- Costs are taken from disclosed cost rows and labelled by cost kind (AISC for gold/silver, C1 for copper/nickel/zinc/lead, cash operating cost for U₃O₈, etc.).
- Estimated lifetime is reserve_base / annual production using attributable figures; both sides are converted to the project's working-interest view before the division when needed.
- A '(WI x.xx%)' tag is shown when the project's ownership_percentage is materially below 100%.
- '(rating)' refers to Metal Pilot's commodity-specific 1-to-5 scoring band. Full band definitions live on the Rating tab.
- Mining reserve and resource estimates are subject to geological, metallurgical, environmental, permitting, infrastructure and market-price risk. A Probable or Proven label does not guarantee that the ounces / tonnes will ever be mined. AISC and C1 are non-GAAP metrics computed under company-specific definitions and are not strictly comparable between companies.
Reserves & resources — detail
As at 31 December 2025
Reserves & resources — detail — Assumptions & Disclaimers
- Attributable. Per-category cells follow METALPILOT §6 (latest per project × commodity × category). Headline reserve base appears in Asset quality / mix.
- Inferred is shown for context and excluded from headline totals. Petroleum rows may be deduped on development_status.
Tamarack
Asset · Exploration
Canada, Saskatchewan, Athabasca Basin (uranium)
Uranium
2/5
Mining
Type
Exploration
Status
🇨🇦 Canada, Saskatchewan (Athabasca Basin (uranium))
Country
Project information
As at 31 December 2025
Aggregation level:
Asset
Aggregation level:
Asset
Report standard:
Ni 43 101
Report standard:
Ni 43 101
Ownership %:
100
Ownership %:
100
Operator:
Yes
Operator:
Yes
Extraction:
Underground
Extraction:
Underground
Description
As at 31 December 2025
Exploration deposit in the Athabasca Basin, Saskatchewan.
Mining metrics
As at 31 December 2025 · exclusive
| Commodity | Production (rating) | Reserves & Resources (rating) | Grade (rating) | Costs | Estimated Lifetime |
|---|---|---|---|---|---|
|
Uranium
|
-
|
17.9 mlb P&P + M&I; 1 mlb Inferred
2/5
|
4.42 pctu3o8
5/5
|
-
|
-
|
Commodity
Production (rating)
Reserves & Resources (rating)
Grade (rating)
Costs
Estimated Lifetime
Uranium
-
17.9 mlb P&P + M&I; 1 mlb Inferred
2/5
4.42 pctu3o8
5/5
-
-
Mining metrics — Assumptions & Disclaimers
- Reserves vs Resources are reported under solid-mineral codes (CIM / NI 43-101, JORC, SAMREC, PERC, SEC S-K 1300, CRIRSCO). The headline reserve base follows the METALPILOT inclusive-vs-exclusive rule: when a source declares resources 'inclusive of' reserves (JORC norm), reserves are not added on top; when 'exclusive' (NI 43-101 norm), the headline is the source-disclosed total.
- Inferred resources are shown for transparency but flagged separately and do not feed the USD value mix.
- Grade is converted to the canonical display unit per commodity (% for base metals, g/t for precious metals, lb/st for U₃O₈, etc.). Where the source reports a grade range, the rating engine uses the midpoint.
- Costs are taken from disclosed cost rows and labelled by cost kind (AISC for gold/silver, C1 for copper/nickel/zinc/lead, cash operating cost for U₃O₈, etc.).
- Estimated lifetime is reserve_base / annual production using attributable figures; both sides are converted to the project's working-interest view before the division when needed.
- A '(WI x.xx%)' tag is shown when the project's ownership_percentage is materially below 100%.
- '(rating)' refers to Metal Pilot's commodity-specific 1-to-5 scoring band. Full band definitions live on the Rating tab.
- Mining reserve and resource estimates are subject to geological, metallurgical, environmental, permitting, infrastructure and market-price risk. A Probable or Proven label does not guarantee that the ounces / tonnes will ever be mined. AISC and C1 are non-GAAP metrics computed under company-specific definitions and are not strictly comparable between companies.
Reserves & resources — detail
As at 31 December 2025
Reserves & resources — detail — Assumptions & Disclaimers
- Attributable. Per-category cells follow METALPILOT §6 (latest per project × commodity × category). Headline reserve base appears in Asset quality / mix.
- Inferred is shown for context and excluded from headline totals. Petroleum rows may be deduped on development_status.
Suspended · 3 projects
Rabbit Lake
Asset · Suspended
Canada, Saskatchewan, Athabasca Basin (uranium)
Uranium
2/5
Mining
Type
Suspended
Status
🇨🇦 Canada, Saskatchewan (Athabasca Basin (uranium))
Country
Project information
As at 31 December 2025
Aggregation level:
Asset
Aggregation level:
Asset
Report standard:
Ni 43 101
Report standard:
Ni 43 101
Ownership %:
100
Ownership %:
100
Operator:
Yes
Operator:
Yes
Extraction:
Underground
Extraction:
Underground
Description
As at 31 December 2025
100%-owned operation opened in 1975 with the world's second-largest uranium mill. Production was suspended in Q2 2016 due to market conditions and the site remains in a safe state of care and maintenance; no production is expected in 2026. Care and maintenance costs for Rabbit Lake and the US operations are expected at $62-67M in 2026.
Mining metrics
As at 31 December 2025 · exclusive
| Commodity | Production (rating) | Reserves & Resources (rating) | Grade (rating) | Costs | Estimated Lifetime |
|---|---|---|---|---|---|
|
Uranium
|
-
|
38.6 mlb P&P + M&I; 33.7 mlb Inferred
2/5
|
0.95 pctu3o8
5/5
|
-
|
-
|
Commodity
Production (rating)
Reserves & Resources (rating)
Grade (rating)
Costs
Estimated Lifetime
Uranium
-
38.6 mlb P&P + M&I; 33.7 mlb Inferred
2/5
0.95 pctu3o8
5/5
-
-
Mining metrics — Assumptions & Disclaimers
- Reserves vs Resources are reported under solid-mineral codes (CIM / NI 43-101, JORC, SAMREC, PERC, SEC S-K 1300, CRIRSCO). The headline reserve base follows the METALPILOT inclusive-vs-exclusive rule: when a source declares resources 'inclusive of' reserves (JORC norm), reserves are not added on top; when 'exclusive' (NI 43-101 norm), the headline is the source-disclosed total.
- Inferred resources are shown for transparency but flagged separately and do not feed the USD value mix.
- Grade is converted to the canonical display unit per commodity (% for base metals, g/t for precious metals, lb/st for U₃O₈, etc.). Where the source reports a grade range, the rating engine uses the midpoint.
- Costs are taken from disclosed cost rows and labelled by cost kind (AISC for gold/silver, C1 for copper/nickel/zinc/lead, cash operating cost for U₃O₈, etc.).
- Estimated lifetime is reserve_base / annual production using attributable figures; both sides are converted to the project's working-interest view before the division when needed.
- A '(WI x.xx%)' tag is shown when the project's ownership_percentage is materially below 100%.
- '(rating)' refers to Metal Pilot's commodity-specific 1-to-5 scoring band. Full band definitions live on the Rating tab.
- Mining reserve and resource estimates are subject to geological, metallurgical, environmental, permitting, infrastructure and market-price risk. A Probable or Proven label does not guarantee that the ounces / tonnes will ever be mined. AISC and C1 are non-GAAP metrics computed under company-specific definitions and are not strictly comparable between companies.
Reserves & resources — detail
As at 31 December 2025
Reserves & resources — detail — Assumptions & Disclaimers
- Attributable. Per-category cells follow METALPILOT §6 (latest per project × commodity × category). Headline reserve base appears in Asset quality / mix.
- Inferred is shown for context and excluded from headline totals. Petroleum rows may be deduped on development_status.
Smith Ranch-Highland
Asset · Suspended
United States, Wyoming
Uranium
2/5
Mining
Type
Suspended
Status
🇺🇸 United States, Wyoming
Country
Project information
As at 31 December 2025
Aggregation level:
Asset
Aggregation level:
Asset
Report standard:
Ni 43 101
Report standard:
Ni 43 101
Ownership %:
100
Ownership %:
100
Operator:
Yes
Operator:
Yes
Extraction:
Isr
Extraction:
Isr
Description
As at 31 December 2025
100%-owned US in-situ recovery operation in Wyoming (including the Highland mill), in care and maintenance since commercial production ceased in 2018. Licensed wellfield capacity 3 Mlb/yr and processing-plant capacity 5.5 Mlb/yr; licence through September 2028. US ISR operations produced 0.1 Mlb in 2025 (residual); no production expected in 2026. Cumulative US ISR production 2002-2025: 33.0 Mlb. Estimated decommissioning cost US$252.4M (including North Butte). 2026 US care and maintenance costs expected at US$14-15M.
Mining metrics
As at 31 December 2025 · exclusive
| Commodity | Production (rating) | Reserves & Resources (rating) | Grade (rating) | Costs | Estimated Lifetime |
|---|---|---|---|---|---|
|
Uranium
|
0.1 mlb/yr
1/5
|
24.9 mlb P&P + M&I; 7.7 mlb Inferred
2/5
|
0.05 pctu3o8
2/5
|
Closure Provision 252.4 M USD
|
resources 25+ yrs
|
Commodity
Production (rating)
Reserves & Resources (rating)
Grade (rating)
Costs
Estimated Lifetime
Uranium
0.1 mlb/yr
1/5
24.9 mlb P&P + M&I; 7.7 mlb Inferred
2/5
0.05 pctu3o8
2/5
Closure Provision 252.4 M USD
resources 25+ yrs
Mining metrics — Assumptions & Disclaimers
- Reserves vs Resources are reported under solid-mineral codes (CIM / NI 43-101, JORC, SAMREC, PERC, SEC S-K 1300, CRIRSCO). The headline reserve base follows the METALPILOT inclusive-vs-exclusive rule: when a source declares resources 'inclusive of' reserves (JORC norm), reserves are not added on top; when 'exclusive' (NI 43-101 norm), the headline is the source-disclosed total.
- Inferred resources are shown for transparency but flagged separately and do not feed the USD value mix.
- Grade is converted to the canonical display unit per commodity (% for base metals, g/t for precious metals, lb/st for U₃O₈, etc.). Where the source reports a grade range, the rating engine uses the midpoint.
- Costs are taken from disclosed cost rows and labelled by cost kind (AISC for gold/silver, C1 for copper/nickel/zinc/lead, cash operating cost for U₃O₈, etc.).
- Estimated lifetime is reserve_base / annual production using attributable figures; both sides are converted to the project's working-interest view before the division when needed.
- A '(WI x.xx%)' tag is shown when the project's ownership_percentage is materially below 100%.
- '(rating)' refers to Metal Pilot's commodity-specific 1-to-5 scoring band. Full band definitions live on the Rating tab.
- Mining reserve and resource estimates are subject to geological, metallurgical, environmental, permitting, infrastructure and market-price risk. A Probable or Proven label does not guarantee that the ounces / tonnes will ever be mined. AISC and C1 are non-GAAP metrics computed under company-specific definitions and are not strictly comparable between companies.
Reserves & resources — detail
As at 31 December 2025
Reserves & resources — detail — Assumptions & Disclaimers
- Attributable. Per-category cells follow METALPILOT §6 (latest per project × commodity × category). Headline reserve base appears in Asset quality / mix.
- Inferred is shown for context and excluded from headline totals. Petroleum rows may be deduped on development_status.
Crow Butte
Asset · Suspended
United States, Nebraska
Uranium
1/5
Mining
Type
Suspended
Status
🇺🇸 United States, Nebraska
Country
Project information
As at 31 December 2025
Aggregation level:
Asset
Aggregation level:
Asset
Report standard:
Ni 43 101
Report standard:
Ni 43 101
Ownership %:
100
Ownership %:
100
Operator:
Yes
Operator:
Yes
Extraction:
Isr
Extraction:
Isr
Description
As at 31 December 2025
100%-owned US in-situ recovery operation in Nebraska, in care and maintenance since 2018. Licensed processing-plant and wellfield capacity of 2 Mlb/yr; the operating licence (through October 2024) is in timely renewal with the NRC following the September 2024 submission. Estimated decommissioning cost US$68.2M.
Mining metrics
As at 31 December 2025 · exclusive
| Commodity | Production (rating) | Reserves & Resources (rating) | Grade (rating) | Costs | Estimated Lifetime |
|---|---|---|---|---|---|
|
Uranium
|
-
|
13.8 mlb P&P + M&I; 1.5 mlb Inferred
1/5
|
0.35 pctu3o8
4/5
|
Closure Provision 68.2 M USD
|
-
|
Commodity
Production (rating)
Reserves & Resources (rating)
Grade (rating)
Costs
Estimated Lifetime
Uranium
-
13.8 mlb P&P + M&I; 1.5 mlb Inferred
1/5
0.35 pctu3o8
4/5
Closure Provision 68.2 M USD
-
Mining metrics — Assumptions & Disclaimers
- Reserves vs Resources are reported under solid-mineral codes (CIM / NI 43-101, JORC, SAMREC, PERC, SEC S-K 1300, CRIRSCO). The headline reserve base follows the METALPILOT inclusive-vs-exclusive rule: when a source declares resources 'inclusive of' reserves (JORC norm), reserves are not added on top; when 'exclusive' (NI 43-101 norm), the headline is the source-disclosed total.
- Inferred resources are shown for transparency but flagged separately and do not feed the USD value mix.
- Grade is converted to the canonical display unit per commodity (% for base metals, g/t for precious metals, lb/st for U₃O₈, etc.). Where the source reports a grade range, the rating engine uses the midpoint.
- Costs are taken from disclosed cost rows and labelled by cost kind (AISC for gold/silver, C1 for copper/nickel/zinc/lead, cash operating cost for U₃O₈, etc.).
- Estimated lifetime is reserve_base / annual production using attributable figures; both sides are converted to the project's working-interest view before the division when needed.
- A '(WI x.xx%)' tag is shown when the project's ownership_percentage is materially below 100%.
- '(rating)' refers to Metal Pilot's commodity-specific 1-to-5 scoring band. Full band definitions live on the Rating tab.
- Mining reserve and resource estimates are subject to geological, metallurgical, environmental, permitting, infrastructure and market-price risk. A Probable or Proven label does not guarantee that the ounces / tonnes will ever be mined. AISC and C1 are non-GAAP metrics computed under company-specific definitions and are not strictly comparable between companies.
Reserves & resources — detail
As at 31 December 2025
Reserves & resources — detail — Assumptions & Disclaimers
- Attributable. Per-category cells follow METALPILOT §6 (latest per project × commodity × category). Headline reserve base appears in Asset quality / mix.
- Inferred is shown for context and excluded from headline totals. Petroleum rows may be deduped on development_status.
Processing facilities · 6 projects
Cameco Fuel Services Portfolio
Play
Canada, Ontario
Uranium
Project information
As at 31 December 2025
Type:
Processing Facility
Type:
Processing Facility
Aggregation level:
Play or complex
Aggregation level:
Play or complex
Status:
Operating
Status:
Operating
Report standard:
-
Report standard:
-
Ownership %:
100
Ownership %:
100
Operator:
Yes
Operator:
Yes
Extraction:
Processing Facility
Extraction:
Processing Facility
Country:
Canada
Country:
Canada
Region:
Ontario
Region:
Ontario
Facility kind:
-
Facility kind:
-
Licensed capacity:
-
Licensed capacity:
-
Capacity unit:
-
Capacity unit:
-
Capacity period:
-
Capacity period:
-
Capacity kind:
-
Capacity kind:
-
Description
As at 31 December 2025
Fuel services segment rollup — Blind River refinery, Port Hope conversion facility and Cameco Fuel Manufacturing. Holds ~18% of world UF6 primary conversion capacity. 2025 production of 14.0M kgU (a record 11.2M kgU of UF6 at Port Hope); 2026 plan 13-14M kgU. Total contracted UF6 conversion volumes ~83M kgU.
Processing facilities
Multiple effective dates
| Feedstock | Capacity |
|---|---|
|
Uranium
|
-
|
Feedstock
Capacity
Uranium
-
Processing facilities — Assumptions & Disclaimers
- Capacity is the nameplate or licensed capacity from the project record, not period throughput.
- Throughput volumes (annual barrels processed, tonnes milled, Mcf moved) are modelled as production on the same facility and are surfaced under the Production / lifetime columns where present.
- Feedstock is sourced from resource rows tagged for the facility.
- Nameplate capacity is an engineering maximum; sustained utilisation may be substantially lower because of maintenance, environmental limits, commercial contracts, weather or feedstock availability. Processing margins (refining crack spreads, smelter TC/RCs, fractionation spreads) are commodity-specific and may not be visible on this page.
Blind River Refinery
Asset · Uranium Refinery · Operating
Canada, Ontario
Uranium
Project information
As at 31 December 2025
Type:
Processing Facility
Type:
Processing Facility
Aggregation level:
Asset
Aggregation level:
Asset
Status:
Operating
Status:
Operating
Report standard:
-
Report standard:
-
Ownership %:
100
Ownership %:
100
Operator:
Yes
Operator:
Yes
Extraction:
Processing Facility
Extraction:
Processing Facility
Country:
Canada
Country:
Canada
Region:
Ontario
Region:
Ontario
Facility kind:
Uranium Refinery
Facility kind:
Uranium Refinery
Licensed capacity:
18
Licensed capacity:
18
Capacity unit:
mkg
Capacity unit:
mkg
Capacity period:
Per Year
Capacity period:
Per Year
Capacity kind:
Nameplate
Capacity kind:
Nameplate
Description
As at 31 December 2025
World's largest commercial uranium refinery, refining concentrates into UO3. 100%-owned; ISO 14001 certified. Licensed to 18.0M kgU as UO3/yr, approved to 24.0M subject to completion of equipment upgrades (advancement depends on market conditions). Licence through February 2032. Estimated decommissioning cost $58M.
Processing facilities
As at 31 December 2025
| Feedstock | Capacity |
|---|---|
|
Uranium
|
18 mkg/Per Year
Nameplate
|
Feedstock
Capacity
Uranium
18 mkg/Per Year
Nameplate
Processing facilities — Assumptions & Disclaimers
- Capacity is the nameplate or licensed capacity from the project record, not period throughput.
- Throughput volumes (annual barrels processed, tonnes milled, Mcf moved) are modelled as production on the same facility and are surfaced under the Production / lifetime columns where present.
- Feedstock is sourced from resource rows tagged for the facility.
- Nameplate capacity is an engineering maximum; sustained utilisation may be substantially lower because of maintenance, environmental limits, commercial contracts, weather or feedstock availability. Processing margins (refining crack spreads, smelter TC/RCs, fractionation spreads) are commodity-specific and may not be visible on this page.
Port Hope Conversion Facility
Asset · Uranium Conversion · Operating
Canada, Ontario
Uranium
Project information
As at 31 December 2025
Type:
Processing Facility
Type:
Processing Facility
Aggregation level:
Asset
Aggregation level:
Asset
Status:
Operating
Status:
Operating
Report standard:
-
Report standard:
-
Ownership %:
100
Ownership %:
100
Operator:
Yes
Operator:
Yes
Extraction:
Processing Facility
Extraction:
Processing Facility
Country:
Canada
Country:
Canada
Region:
Ontario
Region:
Ontario
Facility kind:
Uranium Conversion
Facility kind:
Uranium Conversion
Licensed capacity:
12.5
Licensed capacity:
12.5
Capacity unit:
mkg
Capacity unit:
mkg
Capacity period:
Per Year
Capacity period:
Per Year
Capacity kind:
Nameplate
Capacity kind:
Nameplate
Description
As at 31 December 2025
Canada's only uranium conversion facility and supplier of UO2 for CANDU reactors. 100%-owned; ISO 14001 certified. Licensed for 12.5M kgU as UF6/yr and 2.8M kgU as UO2/yr; licence through February 2027 (relicensing underway, hearings Q4 2026). Set a UF6 production record of 11.2M kgU in 2025. Vision in Motion legacy clean-up continues. Estimated decommissioning cost $138.2M.
Processing facilities
As at 31 December 2025
| Feedstock | Capacity |
|---|---|
|
Uranium
|
2.8 mkg/Per Year
Nameplate
|
Feedstock
Capacity
Uranium
2.8 mkg/Per Year
Nameplate
Processing facilities — Assumptions & Disclaimers
- Capacity is the nameplate or licensed capacity from the project record, not period throughput.
- Throughput volumes (annual barrels processed, tonnes milled, Mcf moved) are modelled as production on the same facility and are surfaced under the Production / lifetime columns where present.
- Feedstock is sourced from resource rows tagged for the facility.
- Nameplate capacity is an engineering maximum; sustained utilisation may be substantially lower because of maintenance, environmental limits, commercial contracts, weather or feedstock availability. Processing margins (refining crack spreads, smelter TC/RCs, fractionation spreads) are commodity-specific and may not be visible on this page.
Cameco Fuel Manufacturing
Asset · Fuel Fabrication · Operating
Canada, Ontario
Uranium
Project information
As at 31 December 2025
Type:
Processing Facility
Type:
Processing Facility
Aggregation level:
Asset
Aggregation level:
Asset
Status:
Operating
Status:
Operating
Report standard:
-
Report standard:
-
Ownership %:
100
Ownership %:
100
Operator:
Yes
Operator:
Yes
Extraction:
Processing Facility
Extraction:
Processing Facility
Country:
Canada
Country:
Canada
Region:
Ontario
Region:
Ontario
Facility kind:
Fuel Fabrication
Facility kind:
Fuel Fabrication
Licensed capacity:
1.65
Licensed capacity:
1.65
Capacity unit:
mkg
Capacity unit:
mkg
Capacity period:
Per Year
Capacity period:
Per Year
Capacity kind:
Nameplate
Capacity kind:
Nameplate
Description
As at 31 December 2025
Producer of fuel bundles and reactor components for CANDU heavy-water reactors. 100%-owned; ISO 9001/14001 certified. Licence through February 2043. Estimated decommissioning cost $10.8M.
Processing facilities
As at 31 December 2025
| Feedstock | Capacity |
|---|---|
|
Uranium
|
1.65 mkg/Per Year
Nameplate
|
Feedstock
Capacity
Uranium
1.65 mkg/Per Year
Nameplate
Processing facilities — Assumptions & Disclaimers
- Capacity is the nameplate or licensed capacity from the project record, not period throughput.
- Throughput volumes (annual barrels processed, tonnes milled, Mcf moved) are modelled as production on the same facility and are surfaced under the Production / lifetime columns where present.
- Feedstock is sourced from resource rows tagged for the facility.
- Nameplate capacity is an engineering maximum; sustained utilisation may be substantially lower because of maintenance, environmental limits, commercial contracts, weather or feedstock availability. Processing margins (refining crack spreads, smelter TC/RCs, fractionation spreads) are commodity-specific and may not be visible on this page.
Global Laser Enrichment (GLE)
Asset · Other · Development · Ownership 49%
United States, North Carolina
Project information
As at 31 December 2025
Type:
Processing Facility
Type:
Processing Facility
Aggregation level:
Asset
Aggregation level:
Asset
Status:
Development
Status:
Development
Report standard:
-
Report standard:
-
Ownership %:
49
Ownership %:
49
Operator:
No
Operator:
No
Operator name:
Global Laser Enrichment LLC
Operator name:
Global Laser Enrichment LLC
Extraction:
Processing Facility
Extraction:
Processing Facility
Country:
United States
Country:
United States
Region:
North Carolina
Region:
North Carolina
Facility kind:
Other
Facility kind:
Other
Licensed capacity:
-
Licensed capacity:
-
Capacity unit:
-
Capacity unit:
-
Capacity period:
-
Capacity period:
-
Capacity kind:
-
Capacity kind:
-
Description
As at 31 December 2025
49% interest in Global Laser Enrichment LLC, the exclusive licensee of the proprietary SILEX laser enrichment technology, with Cameco as commercial lead holding an option to attain up to 75% ownership. In October 2025 GLE announced third-party validation of Technology Readiness Level 6 (TRL-6) following its large-scale enrichment demonstration; the DOE awarded US$28M to advance next-generation SILEX laser-based enrichment.
Processing facilities
| Feedstock | Capacity |
|---|---|
|
-
|
-
|
Feedstock
Capacity
-
-
Processing facilities — Assumptions & Disclaimers
- Capacity is the nameplate or licensed capacity from the project record, not period throughput.
- Throughput volumes (annual barrels processed, tonnes milled, Mcf moved) are modelled as production on the same facility and are surfaced under the Production / lifetime columns where present.
- Feedstock is sourced from resource rows tagged for the facility.
- Nameplate capacity is an engineering maximum; sustained utilisation may be substantially lower because of maintenance, environmental limits, commercial contracts, weather or feedstock availability. Processing margins (refining crack spreads, smelter TC/RCs, fractionation spreads) are commodity-specific and may not be visible on this page.
Westinghouse Electric Company (49%)
Asset · Fuel Fabrication · Operating · Ownership 49%
United States, Pennsylvania
Project information
As at 31 December 2025
Type:
Processing Facility
Type:
Processing Facility
Aggregation level:
Asset
Aggregation level:
Asset
Status:
Operating
Status:
Operating
Report standard:
-
Report standard:
-
Ownership %:
49
Ownership %:
49
Operator:
No
Operator:
No
Operator name:
Westinghouse Electric Company
Operator name:
Westinghouse Electric Company
Extraction:
Processing Facility
Extraction:
Processing Facility
Country:
United States
Country:
United States
Region:
Pennsylvania
Region:
Pennsylvania
Facility kind:
Fuel Fabrication
Facility kind:
Fuel Fabrication
Licensed capacity:
-
Licensed capacity:
-
Capacity unit:
-
Capacity unit:
-
Capacity period:
-
Capacity period:
-
Capacity kind:
-
Capacity kind:
-
Description
As at 31 December 2025
49% interest in Westinghouse Electric Company (Brookfield 51%), acquired Q4 2023 and equity-accounted. Westinghouse spans the nuclear fuel value chain — fuel fabrication, reactor technology and services. 2025 net earnings of $58M (Cameco share) vs a $218M loss in 2024; expected to self-fund approved growth. Positioned for new AP1000 deployment opportunities in the US and globally.
Processing facilities
| Feedstock | Capacity |
|---|---|
|
-
|
-
|
Feedstock
Capacity
-
-
Processing facilities — Assumptions & Disclaimers
- Capacity is the nameplate or licensed capacity from the project record, not period throughput.
- Throughput volumes (annual barrels processed, tonnes milled, Mcf moved) are modelled as production on the same facility and are surfaced under the Production / lifetime columns where present.
- Feedstock is sourced from resource rows tagged for the facility.
- Nameplate capacity is an engineering maximum; sustained utilisation may be substantially lower because of maintenance, environmental limits, commercial contracts, weather or feedstock availability. Processing margins (refining crack spreads, smelter TC/RCs, fractionation spreads) are commodity-specific and may not be visible on this page.
- The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.
9
Operating projects
8
Development projects
2
Exploration projects
3
Suspended projects
Portfolio Summary
Totals from Portfolio Aggregate · Multiple effective dates · exclusive
| Commodity | |||
|---|---|---|---|
| Production (rating) | Reserves & Resources (rating) | Production value (est.) | |
|
Uranium
|
21 mlb/yr
5/5
|
1 264.9 mlb P&P + M&I; 199.1 mlb Inferred
5/5
|
$1.8B
USD 85.95 / lb
|
Uranium
Production (rating)
Reserves & Resources (rating)
Production value (est.)
21 mlb/yr
5/5
1 264.9 mlb P&P + M&I; 199.1 mlb Inferred
5/5
$1.8B
USD 85.95 / lb
Mining metrics · 15 projects
Multiple effective dates · exclusive
| Project | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Location | Status | Commodity | Production (rating) | Reserves & Resources (rating) | Grade (rating) | Costs | Estimated Lifetime | ||
|
★
|
Ownership 54.5% WI
|
🇨🇦 Canada
Saskatchewan
|
Operating
|
Uranium
|
10.4 mlb/yr
5/5
|
198.7 mlb P&P + M&I; 20 mlb Inferred
5/5
|
17.06 pctu3o8
5/5
|
Closure Provision 76.5 M CAD
|
reserves 9 yrs
resources 2.4 yrs
|
|
★
|
Ownership 40.0% WI
|
🇰🇿 Kazakhstan
South Kazakhstan
|
Operating
|
Uranium
|
3.7 mlb/yr
2/5
|
334 mlb P&P + M&I; 22.3 mlb Inferred
5/5
|
0.03 pctu3o8
1/5
|
-
|
reserves 25+ yrs
resources 12.4 yrs
|
|
★
|
Ownership 69.8% WI
|
🇨🇦 Canada
Saskatchewan
|
Operating
|
Uranium
|
10.5 mlb/yr
5/5
|
353.1 mlb P&P + M&I; 2.4 mlb Inferred
5/5
|
6.65 pctu3o8
5/5
|
-
|
reserves 23 yrs
resources 0.6 yrs
|
|
★
|
🇦🇺 Australia
Western Australia
|
Development
|
Uranium
|
-
|
128.1 mlb P&P + M&I
4/5
|
0.16 pctu3o8
3/5
|
-
|
-
|
|
|
|
🇺🇸 United States
Wyoming
|
Development
|
Uranium
|
-
|
13.3 mlb P&P + M&I; 6 mlb Inferred
1/5
|
0.15 pctu3o8
3/5
|
-
|
-
|
|
|
|
🇦🇺 Australia
Western Australia
|
Development
|
Uranium
|
-
|
53.5 mlb P&P + M&I; 6 mlb Inferred
3/5
|
0.62 pctu3o8
5/5
|
-
|
-
|
|
|
|
Ownership 69.9% WI
|
🇨🇦 Canada
Saskatchewan
|
Development
|
Uranium
|
-
|
75.9 mlb P&P + M&I; 29 mlb Inferred
3/5
|
2.39 pctu3o8
5/5
|
-
|
-
|
|
|
🇺🇸 United States
Wyoming
|
Development
|
Uranium
|
-
|
3.9 mlb P&P + M&I; 0.1 mlb Inferred
1/5
|
0.09 pctu3o8
2/5
|
-
|
-
|
|
|
|
🇺🇸 United States
Wyoming
|
Development
|
Uranium
|
-
|
4.1 mlb P&P + M&I; 0.2 mlb Inferred
1/5
|
0.08 pctu3o8
2/5
|
-
|
-
|
|
|
|
🇺🇸 United States
Wyoming
|
Development
|
Uranium
|
-
|
4.4 mlb P&P + M&I; 1.1 mlb Inferred
1/5
|
0.11 pctu3o8
2/5
|
-
|
-
|
|
|
|
🇨🇦 Canada
Saskatchewan
|
Exploration
|
Uranium
|
-
|
68.1 mlb; 68.1 mlb Inferred
3/5
|
7.99 pctu3o8
5/5
|
-
|
-
|
|
|
|
🇨🇦 Canada
Saskatchewan
|
Exploration
|
Uranium
|
-
|
17.9 mlb P&P + M&I; 1 mlb Inferred
2/5
|
4.42 pctu3o8
5/5
|
-
|
-
|
|
|
|
🇺🇸 United States
Nebraska
|
Suspended
|
Uranium
|
-
|
13.8 mlb P&P + M&I; 1.5 mlb Inferred
1/5
|
0.35 pctu3o8
4/5
|
Closure Provision 68.2 M USD
|
-
|
|
|
|
🇨🇦 Canada
Saskatchewan
|
Suspended
|
Uranium
|
-
|
38.6 mlb P&P + M&I; 33.7 mlb Inferred
2/5
|
0.95 pctu3o8
5/5
|
-
|
-
|
|
|
|
🇺🇸 United States
Wyoming
|
Suspended
|
Uranium
|
0.1 mlb/yr
1/5
|
24.9 mlb P&P + M&I; 7.7 mlb Inferred
2/5
|
0.05 pctu3o8
2/5
|
Closure Provision 252.4 M USD
|
resources 25+ yrs
|
|
|
|
|
|
|
Σ Uranium
|
24.7 mlb/yr
|
912.12 mlb; 167.18 mlb Inferred
|
-
|
-
|
-
|
★
Ownership 54.5% WI
🇨🇦 Canada
Saskatchewan
Status
Commodity
Production (rating)
Reserves & Resources (rating)
Grade (rating)
Costs
Estimated Lifetime
Operating
Uranium
10.4 mlb/yr
5/5
198.7 mlb P&P + M&I; 20 mlb Inferred
5/5
17.06 pctu3o8
5/5
Closure Provision 76.5 M CAD
reserves 9 yrs
resources 2.4 yrs
★
Ownership 40.0% WI
🇰🇿 Kazakhstan
South Kazakhstan
Status
Commodity
Production (rating)
Reserves & Resources (rating)
Grade (rating)
Costs
Estimated Lifetime
Operating
Uranium
3.7 mlb/yr
2/5
334 mlb P&P + M&I; 22.3 mlb Inferred
5/5
0.03 pctu3o8
1/5
-
reserves 25+ yrs
resources 12.4 yrs
★
Ownership 69.8% WI
🇨🇦 Canada
Saskatchewan
Status
Commodity
Production (rating)
Reserves & Resources (rating)
Grade (rating)
Costs
Estimated Lifetime
Operating
Uranium
10.5 mlb/yr
5/5
353.1 mlb P&P + M&I; 2.4 mlb Inferred
5/5
6.65 pctu3o8
5/5
-
reserves 23 yrs
resources 0.6 yrs
🇦🇺 Australia
Western Australia
Status
Commodity
Production (rating)
Reserves & Resources (rating)
Grade (rating)
Costs
Estimated Lifetime
Development
Uranium
-
128.1 mlb P&P + M&I
4/5
0.16 pctu3o8
3/5
-
-
🇺🇸 United States
Wyoming
Status
Commodity
Production (rating)
Reserves & Resources (rating)
Grade (rating)
Costs
Estimated Lifetime
Development
Uranium
-
13.3 mlb P&P + M&I; 6 mlb Inferred
1/5
0.15 pctu3o8
3/5
-
-
🇦🇺 Australia
Western Australia
Status
Commodity
Production (rating)
Reserves & Resources (rating)
Grade (rating)
Costs
Estimated Lifetime
Development
Uranium
-
53.5 mlb P&P + M&I; 6 mlb Inferred
3/5
0.62 pctu3o8
5/5
-
-
Ownership 69.9% WI
🇨🇦 Canada
Saskatchewan
Status
Commodity
Production (rating)
Reserves & Resources (rating)
Grade (rating)
Costs
Estimated Lifetime
Development
Uranium
-
75.9 mlb P&P + M&I; 29 mlb Inferred
3/5
2.39 pctu3o8
5/5
-
-
🇺🇸 United States
Wyoming
Status
Commodity
Production (rating)
Reserves & Resources (rating)
Grade (rating)
Costs
Estimated Lifetime
Development
Uranium
-
3.9 mlb P&P + M&I; 0.1 mlb Inferred
1/5
0.09 pctu3o8
2/5
-
-
🇺🇸 United States
Wyoming
Status
Commodity
Production (rating)
Reserves & Resources (rating)
Grade (rating)
Costs
Estimated Lifetime
Development
Uranium
-
4.1 mlb P&P + M&I; 0.2 mlb Inferred
1/5
0.08 pctu3o8
2/5
-
-
🇺🇸 United States
Wyoming
Status
Commodity
Production (rating)
Reserves & Resources (rating)
Grade (rating)
Costs
Estimated Lifetime
Development
Uranium
-
4.4 mlb P&P + M&I; 1.1 mlb Inferred
1/5
0.11 pctu3o8
2/5
-
-
🇨🇦 Canada
Saskatchewan
Status
Commodity
Production (rating)
Reserves & Resources (rating)
Grade (rating)
Costs
Estimated Lifetime
Exploration
Uranium
-
68.1 mlb; 68.1 mlb Inferred
3/5
7.99 pctu3o8
5/5
-
-
🇨🇦 Canada
Saskatchewan
Status
Commodity
Production (rating)
Reserves & Resources (rating)
Grade (rating)
Costs
Estimated Lifetime
Exploration
Uranium
-
17.9 mlb P&P + M&I; 1 mlb Inferred
2/5
4.42 pctu3o8
5/5
-
-
🇺🇸 United States
Nebraska
Status
Commodity
Production (rating)
Reserves & Resources (rating)
Grade (rating)
Costs
Estimated Lifetime
Suspended
Uranium
-
13.8 mlb P&P + M&I; 1.5 mlb Inferred
1/5
0.35 pctu3o8
4/5
Closure Provision 68.2 M USD
-
🇨🇦 Canada
Saskatchewan
Status
Commodity
Production (rating)
Reserves & Resources (rating)
Grade (rating)
Costs
Estimated Lifetime
Suspended
Uranium
-
38.6 mlb P&P + M&I; 33.7 mlb Inferred
2/5
0.95 pctu3o8
5/5
-
-
🇺🇸 United States
Wyoming
Status
Commodity
Production (rating)
Reserves & Resources (rating)
Grade (rating)
Costs
Estimated Lifetime
Suspended
Uranium
0.1 mlb/yr
1/5
24.9 mlb P&P + M&I; 7.7 mlb Inferred
2/5
0.05 pctu3o8
2/5
Closure Provision 252.4 M USD
resources 25+ yrs
Status
Commodity
Production (rating)
Reserves & Resources (rating)
Grade (rating)
Costs
Estimated Lifetime
Σ Uranium
24.7 mlb/yr
912.12 mlb; 167.18 mlb Inferred
-
-
-
Mining metrics · 15 projects — Assumptions & Disclaimers
- Reserves vs Resources are reported under solid-mineral codes (CIM / NI 43-101, JORC, SAMREC, PERC, SEC S-K 1300, CRIRSCO). The headline reserve base follows the METALPILOT inclusive-vs-exclusive rule: when a source declares resources 'inclusive of' reserves (JORC norm), reserves are not added on top; when 'exclusive' (NI 43-101 norm), the headline is the source-disclosed total.
- Inferred resources are shown for transparency but flagged separately and do not feed the USD value mix.
- Grade is converted to the canonical display unit per commodity (% for base metals, g/t for precious metals, lb/st for U₃O₈, etc.). Where the source reports a grade range, the rating engine uses the midpoint.
- Costs are taken from disclosed cost rows and labelled by cost kind (AISC for gold/silver, C1 for copper/nickel/zinc/lead, cash operating cost for U₃O₈, etc.).
- Estimated lifetime is reserve_base / annual production using attributable figures; both sides are converted to the project's working-interest view before the division when needed.
- A '(WI x.xx%)' tag is shown when the project's ownership_percentage is materially below 100%.
- '(rating)' refers to Metal Pilot's commodity-specific 1-to-5 scoring band. Full band definitions live on the Rating tab.
- Mining reserve and resource estimates are subject to geological, metallurgical, environmental, permitting, infrastructure and market-price risk. A Probable or Proven label does not guarantee that the ounces / tonnes will ever be mined. AISC and C1 are non-GAAP metrics computed under company-specific definitions and are not strictly comparable between companies.
Processing facilities · 6 projects
Multiple effective dates
| Facility | |||||
|---|---|---|---|---|---|
| Location | Status | Feedstock | Capacity | ||
|
|
Nuclear fuel cycle
|
|
|
|
|
|
|
Blind River Refinery
|
🇨🇦 Canada
Ontario
|
Operating
|
Uranium
|
18 mkg/Per Year
Nameplate
|
|
|
Port Hope Conversion Facility
|
🇨🇦 Canada
Ontario
|
Operating
|
Uranium
|
2.8 mkg/Per Year
Nameplate
|
|
|
Cameco Fuel Manufacturing
|
🇨🇦 Canada
Ontario
|
Operating
|
Uranium
|
1.65 mkg/Per Year
Nameplate
|
|
|
Westinghouse Electric Company (49%)
Ownership 49.0% WI
|
🇺🇸 United States
Pennsylvania
|
Operating
|
-
|
-
|
|
|
Other
|
|
|
|
|
|
|
Cameco Fuel Services Portfolio
|
🇨🇦 Canada
Ontario
|
Operating
|
Uranium
|
-
|
|
|
Global Laser Enrichment (GLE)
Ownership 49.0% WI
|
🇺🇸 United States
North Carolina
|
Development
|
-
|
-
|
Nuclear fuel cycle
Status
Feedstock
Capacity
Blind River Refinery
🇨🇦 Canada
Ontario
Status
Feedstock
Capacity
Operating
Uranium
18 mkg/Per Year
Nameplate
Port Hope Conversion Facility
🇨🇦 Canada
Ontario
Status
Feedstock
Capacity
Operating
Uranium
2.8 mkg/Per Year
Nameplate
Cameco Fuel Manufacturing
🇨🇦 Canada
Ontario
Status
Feedstock
Capacity
Operating
Uranium
1.65 mkg/Per Year
Nameplate
Westinghouse Electric Company (49%)
Ownership 49.0% WI
🇺🇸 United States
Pennsylvania
Status
Feedstock
Capacity
Operating
-
-
Other
Status
Feedstock
Capacity
Cameco Fuel Services Portfolio
🇨🇦 Canada
Ontario
Status
Feedstock
Capacity
Operating
Uranium
-
Global Laser Enrichment (GLE)
Ownership 49.0% WI
🇺🇸 United States
North Carolina
Status
Feedstock
Capacity
Development
-
-
Processing facilities · 6 projects — Assumptions & Disclaimers
- Capacity is the nameplate or licensed capacity from the project record, not period throughput.
- Throughput volumes (annual barrels processed, tonnes milled, Mcf moved) are modelled as production on the same facility and are surfaced under the Production / lifetime columns where present.
- Feedstock is sourced from resource rows tagged for the facility.
- Nameplate capacity is an engineering maximum; sustained utilisation may be substantially lower because of maintenance, environmental limits, commercial contracts, weather or feedstock availability. Processing margins (refining crack spreads, smelter TC/RCs, fractionation spreads) are commodity-specific and may not be visible on this page.
Reserves & resources — detail
As at 31 December 2025
| Project | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Commodity | Proven (share %) | Probable (share %) | Prov. & Prob. (share %) | Measured (share %) | Indicated (share %) | Meas. & Ind. (share %) | Inferred (share %) | Total (share %) | |
|
McArthur River / Key Lake
|
Uranium
|
198.67 mlb (60%)
|
43.14 mlb (42%)
|
241.8 mlb (56%)
|
2.51 mlb (2%)
|
2.16 mlb (<1%)
|
4.68 mlb (1%)
|
1.68 mlb (1%)
|
248.16 mlb (25%)
|
|
Cigar Lake
|
Uranium
|
54.11 mlb (16%)
|
39.93 mlb (39%)
|
94.04 mlb (22%)
|
4.96 mlb (3%)
|
9.38 mlb (4%)
|
14.35 mlb (3%)
|
10.91 mlb (7%)
|
119.29 mlb (12%)
|
|
Inkai
|
Uranium
|
77.64 mlb (23%)
|
18.88 mlb (19%)
|
96.52 mlb (22%)
|
23.28 mlb (16%)
|
13.8 mlb (5%)
|
37.08 mlb (9%)
|
8.92 mlb (5%)
|
142.52 mlb (14%)
|
|
Yeelirrie
|
Uranium
|
-
|
-
|
-
|
95.9 mlb (66%)
|
32.2 mlb (12%)
|
128.1 mlb (31%)
|
-
|
128.1 mlb (13%)
|
|
Kintyre
|
Uranium
|
-
|
-
|
-
|
-
|
53.5 mlb (20%)
|
53.5 mlb (13%)
|
6 mlb (4%)
|
59.5 mlb (6%)
|
|
Gas Hills - Peach
|
Uranium
|
-
|
-
|
-
|
1.7 mlb (1%)
|
11.6 mlb (4%)
|
13.3 mlb (3%)
|
6 mlb (4%)
|
19.3 mlb (2%)
|
|
North Butte - Brown Ranch
|
Uranium
|
-
|
-
|
-
|
1.1 mlb (<1%)
|
2.8 mlb (1%)
|
3.9 mlb (<1%)
|
0.1 mlb (<1%)
|
4 mlb (<1%)
|
|
Ruby Ranch
|
Uranium
|
-
|
-
|
-
|
-
|
4.1 mlb (2%)
|
4.1 mlb (<1%)
|
0.2 mlb (<1%)
|
4.3 mlb (<1%)
|
|
Shirley Basin
|
Uranium
|
-
|
-
|
-
|
0.3 mlb (<1%)
|
4.1 mlb (2%)
|
4.4 mlb (1%)
|
1.1 mlb (<1%)
|
5.5 mlb (<1%)
|
|
Millennium
|
Uranium
|
-
|
-
|
-
|
-
|
53.05 mlb (20%)
|
53.05 mlb (13%)
|
20.27 mlb (12%)
|
73.33 mlb (7%)
|
|
Fox Lake
|
Uranium
|
-
|
-
|
-
|
-
|
-
|
-
|
68.1 mlb (41%)
|
68.1 mlb (7%)
|
|
Tamarack
|
Uranium
|
-
|
-
|
-
|
-
|
17.9 mlb (7%)
|
17.9 mlb (4%)
|
1 mlb (<1%)
|
18.9 mlb (2%)
|
|
Rabbit Lake
|
Uranium
|
-
|
-
|
-
|
-
|
38.6 mlb (14%)
|
38.6 mlb (9%)
|
33.7 mlb (20%)
|
72.3 mlb (7%)
|
|
Smith Ranch-Highland
|
Uranium
|
-
|
-
|
-
|
7.9 mlb (5%)
|
17 mlb (6%)
|
24.9 mlb (6%)
|
7.7 mlb (5%)
|
32.6 mlb (3%)
|
|
Crow Butte
|
Uranium
|
-
|
-
|
-
|
6.6 mlb (5%)
|
7.2 mlb (3%)
|
13.8 mlb (3%)
|
1.5 mlb (<1%)
|
15.3 mlb (2%)
|
|
Cameco Uranium Portfolio (Portfolio)
|
Uranium
|
578.6 mlb
|
182.2 mlb
|
760.8 mlb
|
184.4 mlb
|
319.7 mlb
|
504.1 mlb
|
199.1 mlb
|
1 464 mlb
|
|
|
Σ Uranium
|
330.42 mlb
|
101.95 mlb
|
432.36 mlb
|
144.26 mlb
|
267.4 mlb
|
411.66 mlb
|
167.18 mlb
|
1 011.2 mlb
|
McArthur River / Key Lake
Commodity
Uranium
Proven (share %)
198.67 mlb (60%)
Probable (share %)
43.14 mlb (42%)
Prov. & Prob. (share %)
241.8 mlb (56%)
Measured (share %)
2.51 mlb (2%)
Indicated (share %)
2.16 mlb (<1%)
Meas. & Ind. (share %)
4.68 mlb (1%)
Inferred (share %)
1.68 mlb (1%)
Total (share %)
248.16 mlb (25%)
Cigar Lake
Commodity
Uranium
Proven (share %)
54.11 mlb (16%)
Probable (share %)
39.93 mlb (39%)
Prov. & Prob. (share %)
94.04 mlb (22%)
Measured (share %)
4.96 mlb (3%)
Indicated (share %)
9.38 mlb (4%)
Meas. & Ind. (share %)
14.35 mlb (3%)
Inferred (share %)
10.91 mlb (7%)
Total (share %)
119.29 mlb (12%)
Inkai
Commodity
Uranium
Proven (share %)
77.64 mlb (23%)
Probable (share %)
18.88 mlb (19%)
Prov. & Prob. (share %)
96.52 mlb (22%)
Measured (share %)
23.28 mlb (16%)
Indicated (share %)
13.8 mlb (5%)
Meas. & Ind. (share %)
37.08 mlb (9%)
Inferred (share %)
8.92 mlb (5%)
Total (share %)
142.52 mlb (14%)
Yeelirrie
Commodity
Uranium
Proven (share %)
-
Probable (share %)
-
Prov. & Prob. (share %)
-
Measured (share %)
95.9 mlb (66%)
Indicated (share %)
32.2 mlb (12%)
Meas. & Ind. (share %)
128.1 mlb (31%)
Inferred (share %)
-
Total (share %)
128.1 mlb (13%)
Kintyre
Commodity
Uranium
Proven (share %)
-
Probable (share %)
-
Prov. & Prob. (share %)
-
Measured (share %)
-
Indicated (share %)
53.5 mlb (20%)
Meas. & Ind. (share %)
53.5 mlb (13%)
Inferred (share %)
6 mlb (4%)
Total (share %)
59.5 mlb (6%)
Gas Hills - Peach
Commodity
Uranium
Proven (share %)
-
Probable (share %)
-
Prov. & Prob. (share %)
-
Measured (share %)
1.7 mlb (1%)
Indicated (share %)
11.6 mlb (4%)
Meas. & Ind. (share %)
13.3 mlb (3%)
Inferred (share %)
6 mlb (4%)
Total (share %)
19.3 mlb (2%)
North Butte - Brown Ranch
Commodity
Uranium
Proven (share %)
-
Probable (share %)
-
Prov. & Prob. (share %)
-
Measured (share %)
1.1 mlb (<1%)
Indicated (share %)
2.8 mlb (1%)
Meas. & Ind. (share %)
3.9 mlb (<1%)
Inferred (share %)
0.1 mlb (<1%)
Total (share %)
4 mlb (<1%)
Ruby Ranch
Commodity
Uranium
Proven (share %)
-
Probable (share %)
-
Prov. & Prob. (share %)
-
Measured (share %)
-
Indicated (share %)
4.1 mlb (2%)
Meas. & Ind. (share %)
4.1 mlb (<1%)
Inferred (share %)
0.2 mlb (<1%)
Total (share %)
4.3 mlb (<1%)
Shirley Basin
Commodity
Uranium
Proven (share %)
-
Probable (share %)
-
Prov. & Prob. (share %)
-
Measured (share %)
0.3 mlb (<1%)
Indicated (share %)
4.1 mlb (2%)
Meas. & Ind. (share %)
4.4 mlb (1%)
Inferred (share %)
1.1 mlb (<1%)
Total (share %)
5.5 mlb (<1%)
Millennium
Commodity
Uranium
Proven (share %)
-
Probable (share %)
-
Prov. & Prob. (share %)
-
Measured (share %)
-
Indicated (share %)
53.05 mlb (20%)
Meas. & Ind. (share %)
53.05 mlb (13%)
Inferred (share %)
20.27 mlb (12%)
Total (share %)
73.33 mlb (7%)
Fox Lake
Commodity
Uranium
Proven (share %)
-
Probable (share %)
-
Prov. & Prob. (share %)
-
Measured (share %)
-
Indicated (share %)
-
Meas. & Ind. (share %)
-
Inferred (share %)
68.1 mlb (41%)
Total (share %)
68.1 mlb (7%)
Tamarack
Commodity
Uranium
Proven (share %)
-
Probable (share %)
-
Prov. & Prob. (share %)
-
Measured (share %)
-
Indicated (share %)
17.9 mlb (7%)
Meas. & Ind. (share %)
17.9 mlb (4%)
Inferred (share %)
1 mlb (<1%)
Total (share %)
18.9 mlb (2%)
Rabbit Lake
Commodity
Uranium
Proven (share %)
-
Probable (share %)
-
Prov. & Prob. (share %)
-
Measured (share %)
-
Indicated (share %)
38.6 mlb (14%)
Meas. & Ind. (share %)
38.6 mlb (9%)
Inferred (share %)
33.7 mlb (20%)
Total (share %)
72.3 mlb (7%)
Smith Ranch-Highland
Commodity
Uranium
Proven (share %)
-
Probable (share %)
-
Prov. & Prob. (share %)
-
Measured (share %)
7.9 mlb (5%)
Indicated (share %)
17 mlb (6%)
Meas. & Ind. (share %)
24.9 mlb (6%)
Inferred (share %)
7.7 mlb (5%)
Total (share %)
32.6 mlb (3%)
Crow Butte
Commodity
Uranium
Proven (share %)
-
Probable (share %)
-
Prov. & Prob. (share %)
-
Measured (share %)
6.6 mlb (5%)
Indicated (share %)
7.2 mlb (3%)
Meas. & Ind. (share %)
13.8 mlb (3%)
Inferred (share %)
1.5 mlb (<1%)
Total (share %)
15.3 mlb (2%)
Cameco Uranium Portfolio (Portfolio)
Commodity
Uranium
Proven (share %)
578.6 mlb
Probable (share %)
182.2 mlb
Prov. & Prob. (share %)
760.8 mlb
Measured (share %)
184.4 mlb
Indicated (share %)
319.7 mlb
Meas. & Ind. (share %)
504.1 mlb
Inferred (share %)
199.1 mlb
Total (share %)
1 464 mlb
Commodity
Σ Uranium
Proven (share %)
330.42 mlb
Probable (share %)
101.95 mlb
Prov. & Prob. (share %)
432.36 mlb
Measured (share %)
144.26 mlb
Indicated (share %)
267.4 mlb
Meas. & Ind. (share %)
411.66 mlb
Inferred (share %)
167.18 mlb
Total (share %)
1 011.2 mlb
Reserves & resources — detail — Assumptions & Disclaimers
- Attributable. Per-category cells follow METALPILOT §6 (latest per project × commodity × category). Headline reserve base appears in Asset quality / mix.
- Inferred is shown for context and excluded from headline totals. Petroleum rows may be deduped on development_status.
Royalties & streams · 3
All royalty and stream interests in the database that refer to any asset in this portfolio by name.
| Company | Royalty | ||||
|---|---|---|---|---|---|
| Location | Status | Commodity | Conditions | ||
|
Cigar Lake
|
🇨🇦 Canada, Saskatchewan
|
Operating
|
Uranium (5/5) (216.4 Mlb P&P + M&I; 20 Mlb Inferred) |
20% NPI on a 3.75% share of overall uranium production derived from Orano's 40.453% interest; Rate adjusts to 10% upon production of 200 Mlbs from combined Cigar Lake and Dawn Lake lands.
|
|
|
McArthur River
|
🇨🇦 Canada, Saskatchewan
|
Operating
|
Uranium (5/5) (366.2 Mlb P&P + M&I; 2.4 Mlb Inferred) |
1% GORR on a 9.063% share of uranium production derived from Orano's 30.195% production interest; Includes an option to receive physical uranium as payment.
|
|
|
Millennium
|
🇨🇦 Canada, Saskatchewan
|
Development
|
Uranium |
10% NPI (Athabasca Basin, conventional)
|
Cigar Lake
Location
Status
Commodity
Conditions
🇨🇦 Canada, Saskatchewan
Operating
Uranium (5/5) (216.4 Mlb P&P + M&I; 20 Mlb Inferred)
20% NPI on a 3.75% share of overall uranium production derived from Orano's 40.453% interest; Rate adjusts to 10% upon production of 200 Mlbs from combined Cigar Lake and Dawn Lake lands.
McArthur River
Location
Status
Commodity
Conditions
🇨🇦 Canada, Saskatchewan
Operating
Uranium (5/5) (366.2 Mlb P&P + M&I; 2.4 Mlb Inferred)
1% GORR on a 9.063% share of uranium production derived from Orano's 30.195% production interest; Includes an option to receive physical uranium as payment.
Millennium
Location
Status
Commodity
Conditions
🇨🇦 Canada, Saskatchewan
Development
Uranium
10% NPI (Athabasca Basin, conventional)
Royalties & streams · 3 — Assumptions
- Royalties and streams whose project name refers to any featured asset in this portfolio (matched on normalized asset name across all issuers in the database; accents and diacritics folded) and that share at least one commodity when the interest publishes commodity data. Each interest appears once even when it relates to more than one portfolio asset.
Generic assumptions
- Generic assumptions (this panel) covers modelling choices for the KPI strip and each table section. Generic disclaimers (the panel below) covers investment risk, section-specific notices and data limitations. For definitions, units, reporting standards, cost benchmarks and attribution methods, see the Terminology tab.
- Project counts exclude play-level rollups so the same asset is not double-counted with its parent play.
- When a Portfolio Aggregate row exists, company-level totals (attributable production / reserve base USD) use only that rollup; underlying assets appear only in the per-project sections below.
- Attributable production / reserve base apply the attribution method documented on the Terminology tab (working interest, royalty / stream rate, net of royalty, or gross WI).
- Hydrocarbon production shows source units with an MMboe equivalent for gas (6 Mcf ≈ 1 BOE); estimated production revenue and the mix bar value MMboe-normalised gas at the same $/Bcf × 6 implied $/MMboe.
- USD value lines use the most recent commodity price snapshot. They are not a market valuation of the company.
- 'Operating' reflects each asset's operating status. 'Strategic' reflects the strategic flag on the asset.
Generic disclaimers
- The information on this page is provided for informational and educational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security, commodity, derivative or other financial instrument, and not an offer or solicitation in any jurisdiction.
- Metal Pilot compiles, normalises and presents data drawn from publicly available sources. We make no representation or warranty, express or implied, as to the accuracy, completeness, timeliness, fitness for a particular purpose, or non-infringement of any data on this page. Figures may be incomplete, out of date, misclassified, mis-attributed or incorrect.
- Always verify every figure with the original public disclosure (the company's annual report, NI 43-101 / NI 51-101 / SEC / JORC / SAMREC / PERC / PRMS / COGEH technical report, MD&A, investor presentation, press release, regulator filing or equivalent primary source) before making any investment, trading, lending, commercial, legal or operational decision. The primary source always prevails over Metal Pilot's normalised view.
- To the maximum extent permitted by applicable law, Metal Pilot, its affiliates, contributors and licensors disclaim all liability for any loss, damage, claim, cost or expense of any kind (including direct, indirect, incidental, consequential, special, punitive or exemplary losses, loss of profits, loss of opportunity, trading losses, investment losses or reputational losses) arising out of or in connection with reliance on, or use of, any information on this page.
- Metal Pilot is not a registered investment adviser, broker-dealer, mineral / petroleum qualified person or competent person, technical evaluator, accountant or lawyer. The presentation of data on this page does not constitute a qualified person's report, a competent person's statement, an audit, a fairness opinion or a valuation.
- By using this page you acknowledge that all investment and commercial decisions are made at your own risk and that any reliance on the information shown here is your own responsibility.
- KPI tiles are convenience aggregations only. They are not guidance, not a forecast, not a valuation, and may exclude assets that the company itself reports as material. Always verify with the most recent 10-K / 20-F / 40-F / annual report and the underlying technical reports.
- Counts and country flags are derived from the company's own classification. Some assets may be reported under joint ventures, holding companies or special-purpose vehicles, which may change the apparent country or operator profile relative to a strict beneficial-ownership view.
- Mining reserve and resource estimates are subject to geological, metallurgical, environmental, permitting, infrastructure and market-price risk. A Probable or Proven label does not guarantee that the ounces / tonnes will ever be mined. AISC and C1 are non-GAAP metrics computed under company-specific definitions and are not strictly comparable between companies.
- Nameplate capacity is an engineering maximum; sustained utilisation may be substantially lower because of maintenance, environmental limits, commercial contracts, weather or feedstock availability. Processing margins (refining crack spreads, smelter TC/RCs, fractionation spreads) are commodity-specific and may not be visible on this page.
- Portfolio-level rollups are convenient for company-vs-company comparisons but can mask asset-level concentration risk: a single producing field or mine may account for the majority of the rollup figure.
- Adding categories across uncertainty levels (e.g. adding Inferred to M+I, or adding 3P to 2P) is statistically incorrect because the underlying probability distributions are different. Do not infer a single 'total resource' by summing rows of different categories.
- Snapshot in time. Reserves, resources, production, costs, NPV and grade figures are dated to the effective date of the source document; operating results may have changed materially since publication.
- Estimates, not certainties. Reserves and resources are estimates prepared under defined codes; even classified reserves carry stated probability ranges, and resources carry significantly higher uncertainty.
- Heterogeneous standards. Mining categories (Proven, Probable, Measured, Indicated, Inferred) and petroleum categories (1P, 2P, 3P, 1C, 2C, 3C, 1U, 2U, 3U) are not directly comparable across codes or even across companies. Definitions live on the Terminology tab.
- Attribution mathematics. Volumes may be on a gross (100 %), company gross working-interest, or company net (after royalty / entitlement) basis. See the Terminology tab → Attribution methods.
- Currency and units. Costs and NPV are shown in the currency the company reports them in; no FX adjustment is applied to historical figures. Volumes are normalised to the commodity display unit when a conversion is defined.
- Aggregation choices. When a Portfolio Aggregate row exists, snapshot KPIs use only that rollup so the same barrel / tonne is not counted twice; play-level rollups never feed company-level totals.
- Coverage gaps. A blank cell (–) means the company did not disclose the figure under the reporting standard we tracked, or the figure was not machine-extractable. It does not mean the figure is zero.
- Possible data errors. Despite our QC pipeline, individual figures may be misread, mis-categorised, attached to the wrong commodity or the wrong effective date. Always verify against the original filing before relying on any number for a decision.
- The tables below list unit codes most often used in the Energy Metals sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.
- The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
- Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
- Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.
- U₃O₈ vs U metal. Reserves are usually in lb or t U₃O₈; multiply by ~0.848 for U metal. Fuel-cycle contracts may quote kgU as UF₆ (schema: kgu).
- % U₃O₈ vs ppm U₃O₈. Athabasca grades can exceed 10%; ISR deposits often 0.05–0.5%. The schema preserves the source unit.
- ISR vs conventional. ISR tonnage is often m³ leach solution, not rock mass — cost structure differs from underground/open-pit.
- Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
- Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
- Mining — one row per mining project, with columns for project name, location, status, primary commodities, production (with rating), reserves & resources (with rating), grade (with rating), costs and estimated lifetime. Multi-commodity projects emit one summary row per commodity.
- Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
- Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
- Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
- Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
- Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
- Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
- NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.
- Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
- Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
- Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
- Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
- Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
- NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
- Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.
Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.
Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.
Uranium
1 / 5
0–2 Mlb U3O8
0–15 Mlb U3O8
0–0.05 % eU3O8
2 / 5
2–4 Mlb U3O8
15–40 Mlb U3O8
0.05–0.15 % eU3O8
3 / 5
4–6 Mlb U3O8
40–80 Mlb U3O8
0.15–0.25 % eU3O8
4 / 5
6–10 Mlb U3O8
80–150 Mlb U3O8
0.25–0.5 % eU3O8
5 / 5
≥ 10 Mlb U3O8
≥ 150 Mlb U3O8
≥ 0.5 % eU3O8
Copper uses kt Cu bands (Mlb Cu when lb-scale copper resources appear on featured projects). Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.
- Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.
We use strictly necessary cookies for authentication and site functionality. Optional analytics (Google Analytics) load only after you accept; we do not use advertising, remarketing, or Google Signals. We honour Global Privacy Control (GPC) and other recognised opt-out signals by keeping analytics off for that browser.