CCO: Flooding disrupts Key Lake/McArthur River supply routes

Research evidence excerpt

CCO: Flooding disrupts Key Lake/McArthur River supply routes

EQUITY RESEARCH QUICK TAKE

RBC Dominion Securities Inc.

Andrew D. Wong (Analyst)

Ali Mecklai (Associate)

Saad Khan (Associate)

May 11, 2026

Cameco Corporation

Flooding disrupts Key Lake/McArthur River supply routes

TSX: CCO | CAD 159.98 | Outperform | Price Target CAD 160.00

Sentiment: Neutral

Our view: We do not expect a material reaction to Cameco shares on the temporary production suspension at McArthur/Key Lake

due to Northern Saskatchewan flooding impacting supply routes. Importantly, operations at the McArthur/Key Lake and Cigar/

McClean Lake sites have not been directly impacted by the flooding. Production guidance for 2026 is unchanged, but there is risk

the outlook could be impacted. We think potentially increased market purchases from Cameco and raised awareness on supply

fragility could provide lift to uranium prices, offsetting the near-term impact from reduced production.

Summary: Flooding in Northern Saskatchewan has led to the collapse of the Smoothstone River Bridge which is on the primary

route used to transport supplies to the McArthur River and Key Lake sites. Authorities have further restricted access on alternative

routes, while Cameco's infrastructure and mine sites are unaffected, production at the Key Lake mill was halted alongside reduced

activities at McArthur River until critical supplies can be delivered. Cameco is working with local authorities to minimize disruptions.

Cigar Lake operations are unaffected and full-year production guidance is unchanged for now.

Smoothstone River Bridge Collapse

Source: CBC

All values in CAD unless otherwise noted. Priced as of prior trading day's market close, EST (unless otherwise noted).