The fortunes of Saskatchewan-based uranium giant Cameco Corporation are shining brighter than ever, propelled by a powerful global resurgence in nuclear energy, particularly in the United States. The company's share price has experienced a meteoric rise, climbing from a 2025 low of CAD$52.24 on April 8 to an impressive $138.83 per share as markets opened this week.
The Drivers Behind the Uranium Rally
Financial analysts point to a confluence of factors fueling the remarkable rally. Markets are pricing in expectations for significantly stronger long-term demand for uranium. This optimism is rooted in a wave of nuclear-friendly policy shifts across several nations, including the United States, China, France, and South Korea.
Furthermore, two major global trends are providing a substantial tailwind: the explosive energy demands of artificial intelligence (AI) data centers and the urgent, worldwide push for decarbonization to combat climate change. Nuclear power, as a reliable, low-carbon baseload energy source, is increasingly seen as a critical solution to both challenges.
Strategic Wins and Government Partnerships
Cameco's strategic moves are aligning perfectly with this momentum. This week, Global Laser Enrichment, a company jointly owned by Cameco, was awarded US$28 million by the U.S. Department of Energy to advance uranium enrichment technology. This grant was part of a larger $900 million funding package to companies like Centrus Energy Corp. and Orano SA for next-generation reactor fuel development.
The company's pivotal role in the North American nuclear landscape was cemented last October. Cameco, in partnership with Brookfield Asset Management and the U.S. government, announced a monumental plan to develop over US$80 billion in new nuclear reactors across the United States. This initiative stems from their late-2023 acquisition of reactor manufacturer Westinghouse Electric Co., in which Cameco holds a 49% stake.
Strengthening the Supply Chain
Cameco's integrated approach extends to its mining operations. The company has joint ventures with Orano at key northern Saskatchewan sites like Cigar Lake and McArthur River in the Athabasca Basin, ensuring a secure supply of raw material. CEO Tim Gitzel stated the U.S. partnership is expected to “reinvigorate supply chains and the nuclear power industrial base in the U.S. and abroad.”
With its headquarters in Saskatoon, Cameco is not only riding the wave of the nuclear renaissance but is actively shaping it through strategic investments and government collaborations, positioning itself at the very core of the global clean energy transition.
