Cameco and Orano Canada Inc. will acquire TEPCO Resources Inc.'s 5% interest in the Cigar Lake Joint Venture.
Cameco’s ownership in the northern Saskatchewan uranium mine will increase by 2.871 percentage points. This acquisition brings Cameco's total stake to 57.418%. Orano’s share will rise by 2.129 percentage points. Orano will hold a final stake of 42.582%.
Cameco will pay approximately C$115.75 million for its portion of the deal. This valuation remains subject to customary closing adjustments.
CEO Tim Gitzel stated the investment in this tier-one asset supports the global expansion of nuclear energy. The transaction is expected to close in the third quarter of 2026.