Cameco Corp. (NYSE: CCJ) will acquire a 5% stake in the Cigar Lake uranium mine from TEPCO Resources Inc., increasing its ownership to 57.418% from 54.547%. Partner Orano Canada Inc. will also acquire a portion, bringing its stake to 42.582%.

Cameco will pay approximately $115.75 million for its share of TEPCO's interest, subject to customary closing adjustments. The transaction requires regulatory approvals and is expected to close in the third quarter of 2026.

The Cigar Lake mine in northern Saskatchewan contains proven and probable reserves of 172.4 million pounds of uranium oxide, with additional measured and indicated resources of 26.3 million pounds and inferred resources of 20.0 million pounds. The mine has produced approximately 174.5 million packaged pounds since beginning production in 2014.

Cameco projects 2026 production at the mine between 17.5 million and 18 million pounds of uranium concentrate on a 100% basis. The company plans to continue production activities in the current mining area while advancing development work to extend the mine's life to 2036.

Planned capital projects include construction of a freeze pad, freeze distribution systems, and underground infrastructure related to the Cigar Lake extension. The mine uses underground mining methods with a metallurgical recovery rate of 98.9%.