Cameco files McArthur River NI 43-101 technical report: 241.4 million pounds attributable reserves and 17-year mine life
This filing furnishes an NI 43-101 technical report on the McArthur River mine and Key Lake mill and does not report financial results or an actual result comparable to the supplied FY 2026 guidance, so no beat, miss or in-line determination can be made. Cameco's attributable share of McArthur River mineral reserves is 241.4 million pounds U3O8 as of September 30, 2026 (345.8 million pounds on a 100% basis), with a production plan ramping to 22 million pounds U3O8 per year by 2030 over an approximately 17-year m...
Guidance updates
Forward guidance
Key takeaways
Filing type: Cameco furnished the McArthur River Operation NI 43-101 Technical Report (effective September 30, 2026; report date November 4, 2026) on Form 6-K, superseding the 2018 technical report filed in March 2019.
Mineral reserves: Cameco's attributable share is 241.4 million pounds U3O8 as of September 30, 2026 (345.8 million pounds total), versus 241.9 million pounds as of December 31, 2025; 2026 packaged production of 6.8 million pounds was partly offset by 5.8 million pounds of new Zone B proven reserves from drilling.
Mineral resources: Measured and indicated resources exclusive of reserves total 4.9 million pounds U3O8 on Cameco's share (7.0 million pounds total), with 0.5 million pounds of inferred resources on Cameco's share.
Production plan: The report assumes annual McArthur River production ramps to 22 million pounds U3O8 by 2030 and is maintained at that average, with flexibility to a 25 million pound peak and annual output expected to range from 18 million to 25 million pounds; formal production plans beyond 2026 have not been approved or disclosed.
Mine life and development: Cameco estimates approximately 17 years of remaining mine life and about 24,500 metres of lateral development over the life of the mine; Zone 4 South (57.5 million pounds of reserves) is the next zone scheduled for production, expected late 2029, after Zone 1 production began in June 2026.
Costs: MRJV operating costs are estimated to average $24.03 per pound U3O8 (Cdn, 2026 constant dollars) versus $14.97 per pound in the 2018 technical report, and remaining life-of-mine capital costs are $2.11 billion (100% basis) and $1.47 billion (Cameco share) versus $941 million and $658 million in the 2018 report.
Economics: The report estimates a pre-tax NPV of $5.86 billion (Cdn) at an 8% discount rate for Cameco's share and an 11.9% pre-tax IRR; mineral reserves are stated as not significantly sensitive to uranium price provided the average price remains above $30.00 (US) per pound.
Key metrics
Disclosure changes
- Mineral reserves
Cameco's attributable share of McArthur River mineral reserves is 241.4 million pounds U3O8 as of September 30, 2026 (345.8 million pounds total at a 6.21% U3O8 grade), comprising 206.8 million pounds proven and 34.6 million pounds probable on Cameco's share.
The 0.5 million pound decrease reflects 2026 packaged production of 6.8 million pounds partly offset by 5.8 million pounds of new Zone B proven reserves from new drilling, and the production schedule was updated to incorporate the additional reserves. - Capital and operating costs
Remaining life-of-mine capital costs are estimated at $2.11 billion (Cdn) on a 100% basis and $1.47 billion for Cameco's share, and MRJV operating costs are estimated to average $24.03 per pound U3O8 over the mine life in 2026 constant dollars.
Higher contract labour rates, material costs, the joint venture's decision to pursue upward production flexibility, increased maintenance, labour and input cost inflation, and a larger expected workforce raise the cost base relative to the 2018 technical report. - Production plan and mine life
The report assumes annual production ramps to 22 million pounds U3O8 by 2030 and is maintained at an average 22 million pounds, with annual output expected to vary between 18 million and 25 million pounds and an approximately 17-year remaining mine life; Zone 4 South is the next zone scheduled for production, expected late 2029.
The production schedule underlies the life-of-mine capital, operating cost and cash flow estimates; formal production plans beyond 2026 have not been approved or disclosed. - Report basis and scope
The 2026 technical report supersedes the McArthur River Operation technical report filed in March 2019 and provides updated reserve and resource estimates, an updated production schedule, the Key Lake mill upgrade program and the results of a late-2024 seven-day throughput test at a 25 million pound annualized rate.
This report is the source for the reserve, production, cost and economic estimates disclosed for the McArthur River operation. - Key Lake mill capacity and upgrades
A multi-year program replacing the calciner and ammonium sulphate crystallization systems and adding leaching capacity, counter-current decantation, yellowcake handling, tailings, utility, electrical and process-control upgrades is underway and planned to complete progressively through 2027; a late-2024 seven-day test at a 25 million pound annualized rate showed the calcining and crystallization circuits operating at full capacity.
Sustained operation at the licensed 25 million pound capacity would not be achievable without additional downstream capacity, and completion of the upgrade program is required to support the planned production rates.
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