Cameco Corp. (CCJ)

Research evidence excerpt

Cameco Corp. (CCJ)

Equity Research

1 July 2026 | 9:34AM EDT

Cameco Corp. (CCJ): Cigar Lake mine temporarily suspended due to

operational challenges at mill; reiterate Buy

On 7/1, CCJ announced a temporary suspension of mining activities at its Cigar Lake Brian Lee, CFA

+1(917)343-3110 | brian.k.lee@gs.com

mine in northern Saskatchewan due to operational challenges at Orano’s McClean Goldman Sachs & Co. LLC

Lake mill. While management stated they do not currently expect any impact to its Tyler Bisset, CFA

2026 production outlook, they noted that a longer-than-expected outage could +1(212)357-5510Goldman Sachs & Co.| tyler.bisset@gs.comLLC

affect the company’s ability to meet guidance. We reiterate our Buy rating on CCJ Keshav Choudhary

and highlight our takeaways within. +1(332)245-7971keshav.choudhary@gs.com|

Goldman Sachs India SPL

Temporary mining suspension. CCJ announced a temporary suspension of mining

operations at its Cigar Lake mine, which processes ore at Orano’s McClean Lake mill.

The McClean Lake mill has encountered operational issues at its sulfuric acid plant,

resulting in a temporary shutdown to complete repairs. Orano expects the acid plant

to return to service in approximately two weeks and is also evaluating alternative

sources of sulfuric acid to support a restart of milling operations.

Production impact. CCJ stated that it does not currently expect the interruption to

affect its 2026 production outlook for Cigar Lake. However, should repairs take

longer than anticipated or Orano is unable to secure alternative sulfuric acid supply

in a timely manner, the mine suspension could extend beyond current expectations.

Depending on the duration of any additional delays, CCJ noted that its 2026

production outlook could be impacted.

Estimates unchanged.