Saskatchewan Canada Cigar Lake Operation Update
Saskatoon
Saskatchewan
Canada
Cigar Lake Operation Update
July 1, 2026
Cameco (TSX: CCO; NYSE: CCJ) today announced our Cigar Lake mine in northern Saskatchewan has
temporarily suspended operations due to challenges at Orano’s McClean Lake mill, where Cigar Lake ore
is processed.
Orano’s McClean Lake mill has encountered operational challenges with its sulfuric acid plant that caused
it to shut down in order to repair the issue. Orano is currently working to bring the acid plant back online
and is assessing options to obtain acid supply from an alternative source while it waits for replacement
parts to complete the repair. With limited ore storage capacity at Cigar Lake, we have temporarily
suspended mining activities until sufficient acid is available to allow milling to resume at McClean Lake.
At present, we expect the McClean lake mill to return to operation in approximately two weeks, and we do
not expect the disruption to impact our 2026 production outlook for Cigar Lake. However, there is a risk
that the repairs to the acid plant take longer than planned and that mining at Cigar Lake is unable to
resume on the expected schedule. Depending on the duration of any additional delays, our 2026
production outlook could be impacted.
Caution about forward-looking information
This news release includes statements and information about our expectations for the future, which we
refer to as forward-looking information. Forward-looking information is based on our current views, which
can change significantly, and actual results and events may be significantly different from what we
currently expect. Examples of forward-looking information in this news release include the temporary
nature of the suspension, our expectations regarding the return to regular operations at the McClean Lake
mill, and our expectations regarding the impact on our 2026 production outlook for Cigar Lake. Material
risks that could lead to different results include the possibility of a longer suspension of operations, due to
the repairs to the acid plant taking longer than expected, difficulties in sourcing sulfuric acid from an
alternative source, or for other reasons. In presenting this forward-looking information, we have made
assumptions which may prove incorrect, including assumptions regarding the future availability of sulfuric
acid and length of the period of disruption. Please also see our most recent annual information form, and
our most recent annual and quarterly management’s discussion and analysis, for a discussion of other
risks that could impact our Cigar Lake 2026 production outlook. Forward-looking information is designed
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to help you understand management’s current views of our near-term and longer-term prospects, and it
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Profile
Cameco is one of the largest global providers of the uranium fuel needed to power a secure energy future. Our competitive
position is based on our controlling ownership of the world’s largest high-grade reserves and low-cost operations, as well as
significant investments across the nuclear fuel cycle, including ownership interests in Westinghouse Electric Company and
Global Laser Enrichment. Utilities around the world rely on Cameco to provide global nuclear fuel solutions for the generation of
safe, reliable, carbon-free nuclear power. Our shares trade on the Toronto and New York stock exchanges. Our head office is in
Saskatoon, Saskatchewan, Canada.
As used in this news release, the terms we, us, our, the Company and Cameco mean Cameco Corporation and its subsidiaries
unless otherwise indicated.
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Investor inquiries Media inquiries
Cory Kos Veronica Baker
306-716-6782 306-385-5541