Cameco and Orano will be growing their shares in the Cigar Lake Joint Venture following an agreement with TEPCO Resources Inc.

The deal will see Cameco’s share increase by 2.87 percentage points to 57.4 per cent, while Orano’s share will rise by 2.13 percentage points to 42.58 per cent.

It cost Cameco about $115.75 million to acquire this additional share, prior to any closing adjustments. The transaction is expected to close in the third quarter of 2026.

Cigar Lake is a uranium mine in Northern Saskatchewan. The company’s 2026 production outlook for the mine is between 17.5 million and 18 million pounds of uranium concentrate.