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Triton Uranium fast-tracks Saskatchewan project in possible bid to secure US listing

Staff Writer | April 27, 2026

Private Canadian developer Triton Uranium has begun development activities at its Atlas project in Uranium City, Saskatchewan, marking a pivotal step toward establishing new domestic uranium supply as nuclear power is experiences the early stages of a nuclear resurgence across the United States.
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The June 2026 drilling commencement will target four priority zones identified through historical data analysis and recent geological assessments. Results from this 10,000-metre program will inform resource estimation and preliminary economic assessments scheduled for later in 2026.

Infini Resources begins drilling at Saskatchewan uranium sites
The drilling is focused on high-priority targets in the unexplored eastern Athabasca Basin region.

Shree Mishra April 30, 2026

Infini Resources has commenced its initial diamond drilling programme at the Reynolds Lake and Reitenbach Lake uranium projects in northern Saskatchewan, Canada.

The mobilisation phase is complete, with the drilling targeting high-priority areas within this largely unexplored region on the eastern margin of the Athabasca Basin.

The drilling campaign includes at least 2,500m of diamond drilling across a minimum of 12 drill-holes, focusing on multiple mineralisation vectors.
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Uranium : pendant qu’Orano s’installe au Botswana, l’australien Lotus avance vers la production

Agence Ecofin 01 mai 2026

Face à la crise des diamants, moteur de son économie, le Botswana entend valoriser son potentiel en uranium. Si le pays a attiré le français Orano depuis peu, un autre est déjà bien implanté et cherche à valider le potentiel économique de son principal actif.

Lotus Resources a annoncé mercredi 29 avril le succès de la première phase d’un programme de forage à Letlhakane, son projet d’uranium au Botswana. Ces travaux préalables indispensables à une mise à jour des ressources minérales, interviennent alors qu’Orano, le spécialiste français de l’uranium, a récemment posé ses valises dans le pays pour soutenir les ambitions de Gaborone dans ce secteur.

Le Botswana cherche en effet à élargir sa base minière au-delà des diamants qui dominent encore son secteur extractif. L’uranium représente l’un des axes de cette diversification, le pays disposant de réserves évaluées à 800 000 tonnes. Lotus Resources s’y positionne comme le principal acteur de cette stratégie, avec un gisement de Letlhakane qui contient 113,7 millions de livres d’uranium, dont la moitié classée dans la catégorie indiquée.

Le programme de forage de 10 000 mètres en cours, vise à faire passer davantage de ressources de la catégorie inférée (la moins fiable en matière d’estimation du potentiel minéral) à la catégorie indiquée. Sur la base de la mise à jour de ressources minérales attendue dans la seconde moitié de l’année 2026, Lotus prévoit d’engager une étude préliminaire de faisabilité au premier semestre 2027. La compagnie mène en parallèle des travaux pour simplifier son procédé de traitement et optimiser son approche minière, afin d’améliorer l’économie du projet.

Orano, de son côté, a obtenu ses permis au Botswana et a inscrit le pays dans ses objectifs d’exploration pour 2026. Sa présence répond en partie à une invitation de Gaborone, soucieux d’attirer des investisseurs étrangers dans son secteur minier. Le président Duma Boko a lui-même évoqué le sujet lors de sa visite début avril à Paris, en soulignant auprès d’Emmanuel Macron l’intérêt pour les compagnies françaises d’investir au Botswana. Orano n’a cependant pas détaillé de calendrier de ses activités dans le pays ni le budget qui y est alloué.

Si le groupe français n’est pas près de produire de l’uranium au Botswana, Lotus aussi en est encore relativement loin. La compagnie exploite déjà la mine de Kayelekera au Malawi, qui doit atteindre sa capacité nominale de 2,4 millions de livres par an dans les prochains mois. À Letlhakane, Lotus devra encore prouver la viabilité économique d’une mine à travers des travaux plus poussés. À l’échelle d’un marché mondial où la demande d’uranium progresse, le Botswana apparaît ainsi davantage comme une source d’approvisionnement à long terme.

40 ans après Tchernobyl, un marché mondial de l’uranium toujours aussi fragile

Agence Ecofin 12 avril 2026

Le nucléaire civil a longtemps été sujet à controverses, mais porté par la transition énergétique, il regagne du terrain à l’échelle mondiale, ravivant à la fois les espoirs et les incertitudes sur son avenir, et celui du marché de l’uranium.

Avril 1986 - Avril 2026. Quatre décennies se sont maintenant écoulées depuis la catastrophe nucléaire de Tchernobyl et le marché de l’uranium continue d’évoluer au rythme de cycles marqués. Après plusieurs mois de stagnation, les prix ont renoué avec la hausse, atteignant 101 $ la livre en début d’année. Portée par le regain d’intérêt mondial pour l’énergie nucléaire, cette reprise redonne de l’élan aux projets miniers. Mais derrière cette embellie se dessine un rappel important : un marché historiquement sensible aux chocs extérieurs demeure intrinsèquement fragile.

De Tchernobyl à Fukushima : des prix sous tension

Apparu après la Seconde Guerre mondiale, dans le sillage du programme américain « Atoms for Peace », le nucléaire civil a connu un essor rapide jusqu’aux années 1970, marqué par le déploiement massif de réacteurs à travers le monde. Cette dynamique s’est toutefois progressivement essoufflée, surtout après la catastrophe de Tchernobyl, en Ukraine. Le coût humain immédiat de l’explosion du réacteur de cette centrale (estimé à une trentaine de morts) ainsi que l’ampleur de ses conséquences environnementales ont durablement freiné l’expansion du nucléaire civil dans les années qui ont suivi.

Sur le marché de l’uranium, combustible des réacteurs, l’impact s’est rapidement traduit par une tendance baissière prolongée, les prix évoluant entre 7 et 10 $ la livre jusqu’au début des années 2000. Le redémarrage progressif des programmes nucléaires, notamment en Chine, et la hausse de la demande qui en a découlé ont toutefois enclenché un nouveau cycle haussier. Celui-ci a culminé en 2007, lorsque les prix ont atteint un pic historique de 136 $ la livre. Cette dynamique s’est néanmoins brutalement interrompue avec l’accident nucléaire de Fukushima, survenu en mars 2011 au Japon.

Cette fois encore, le scénario rappelle celui de Tchernobyl, avec des conséquences environnementales notables, un désengagement mondial envers le nucléaire civil et le déclenchement d’un nouveau cycle baissier des prix de l’uranium. Du Japon à la Chine, en passant par l’Allemagne, plusieurs pays ont pris des mesures pour fermer des centrales existantes et freiner le lancement de nouveaux projets. Entre mars et août 2011, l’effet s’est fait immédiatement sentir sur les prix, qui sont passés de 72 $ la livre à 49 $ la livre, avant de continuer leur chute pour atteindre 22 $ la livre en 2017.

Quarante ans après, le nucléaire civil et l’uranium retrouvent le devant de la scène, portés par la volonté des grandes puissances de recourir à l’énergie nucléaire dans le cadre de leur transition énergétique. Cette dynamique a notamment propulsé les prix au‑dessus de 100 $ la livre en janvier 2024, avant le rallye observé cette année.

Les prévisions optimistes émergent à nouveau pour le marché de l’uranium, la World Nuclear Association (WNA) anticipant une demande mondiale en forte croissance, dépassant 150 000 tonnes d’ici 2040. Malgré le renforcement des mesures de sûreté et l’adoption de technologies jugées plus sûres, comme les petits réacteurs modulaires avancés (SMR), les évolutions récentes présentent des caractéristiques structurelles relativement similaires aux cycles passés. Comme auparavant, ces faits illustrent concrètement la volatilité d’un marché de l’uranium toujours aussi fragile.

Quelles implications pour l’Afrique ?

Pour l’Afrique, où de nouveaux projets se profilent tant dans la production minière que dans le nucléaire civil, ces dynamiques méritent une attention particulière. Pour l’instant, le regain d’intérêt mondial profite déjà au continent, comme en témoigne la relance de la mine d’uranium Kayelekera au Malawi en août 2025, plus d’une décennie après sa fermeture en 2014 en raison de la faiblesse des prix à l’époque.

Parallèlement, Paladin Energy entend accélérer ses efforts pour atteindre la production nominale sur sa mine Langer Heinrich en Namibie d’ici la mi-2026. « La hausse des prix est bénéfique pour tout le monde », aurait déclaré à Reuters son directeur général, Paul Hemburrow. Dans le même temps, Bannerman Energy, également active en Namibie, envisage de prendre une décision finale d’investissement pour lancer la construction de sa future mine Etango dans les six à douze prochains mois.

D’autres projets africains, comme Dasa au Niger ou Tiris en Mauritanie, en sont encore à l’étape de pré-FID. Si ces signaux positifs suscitent un certain enthousiasme parmi les acteurs du continent, la prudence reste de mise. Pour Gabi Schneider, directrice générale de l’Institut namibien de l’uranium, le développement des futures mines dépendra en grande partie de « l’évolution future du prix de l’uranium ». Reste donc à observer comment ces dynamiques se concrétiseront dans les mois et années à venir pour un marché dont les séquelles des crises passées restent toujours présentes dans les mémoires.

Uranium : après le retrait du Niger, quels pays africains pour approvisionner la France ?

Agence Ecofin 13 avril 2026

Deuxième producteur africain d’uranium, le Niger n’est plus un fournisseur pour la France depuis quelques années. Tout en contestant son éviction forcée du pays, Orano s’active ailleurs sur le continent, notamment en Afrique australe où les réserves sont significatives.

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Orano CE to accept Kayelekera uranium concentrate
The acceptance follows a series of collaborative efforts between Lotus and Orano CE to optimise and qualify the product.

Shree Mishra April 1, 2026

Lotus Resources has received confirmation from Orano Chimie-Enrichissement (Orano CE) regarding the acceptance of uranium ore concentrate from its Kayelekera site at the conversion facility located in Malvesi, France.

This acceptance follows a series of collaborative efforts between Lotus and Orano CE to optimise and qualify the product.

The agreement requires Lotus to provide independent laboratory test results before initial shipments commence to Orano CE.
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Cameco Inks $1.9B Long-Term Uranium Supply Deal With India

Zacks Equity Research March 3, 2026

Cameco Corporation CCJ has strengthened its long-term growth visibility with a fresh supply agreement with India’s Department of Atomic Energy, underscoring its role as a key player in the global nuclear fuel supply chain. The contract involves the delivery of nearly 22 million pounds of uranium ore concentrate over a nine-year period beginning in 2027.

The deal is currently estimated at about CAD 2.6 billion ($1.9 billion) based on market-related pricing. This follows Cameco’s previous five-year uranium supply agreement to India that started in 2015.

India’s Nuclear Push Creates Demand For CCJ & Peers
India currently operates 24 nuclear reactors with a capacity of 7,943 MW and has six additional reactors under construction that are expected to add 4,768 MW. Historically constrained by trade restrictions and limited domestic uranium resources, the country has developed an indigenous nuclear program centered on a fuel cycle designed to leverage its large thorium reserves.

With a population of more than 1.4 billion and energy consumption projected to expand faster than any other major nation over the next decade, India is increasingly relying on nuclear power as a stable, low-carbon energy source.

The country has set a target of reaching 100 GW of nuclear capacity by 2047 as part of its energy security and decarbonization push. To support the major expansion of India’s nuclear fleet, legislative changes were made in December 2025 to open the nuclear sector to private investment and easing nuclear liability provisions that had previously constrained new build activity.

For Cameco, the agreement also reflects a global trend of sovereign buyers locking in uranium supplies from multiple sources amid tightening availability and surging demand. The company’s track record as a dependable producer continues to make it a preferred partner for utilities and governments seeking a secure fuel supply.

Notably, the volumes tied to the India contract are already factored into Cameco’s long-term contracting portfolio and price sensitivity outlook disclosed in its 2025 annual filings. Per the last update, Cameco had stated that it has executed agreements to sell about 230 million pounds of uranium to 39 customers globally. It also has 83 million kilograms of UF6 conversion services across 33 customers. The company’s diversified customer base spans utilities in 16 countries, reinforcing its status as a cornerstone supplier in the nuclear fuel market.

Cameco’s competitive strength is anchored in its ownership of some of the world’s largest high-grade uranium reserves and low-cost operations. Canada-based Cameco holds a 69.805% stake in McArthur River and 83.33% ownership in the Key Lake mill. McArthur River is the world’s largest, high-grade uranium mine, and Key Lake is the world’s largest uranium mill. CCJ has 54.547% stake in Cigar Lake, which is the world’s highest-grade uranium mine. The company is also strategically positioned across the nuclear fuel cycle through investments in Westinghouse Electric Company and Global Laser Enrichment.

Rook I uranium project gets construction approval

Friday, 6 March 2026

NexGen Energy has received the final regulatory approval for the Rook I uranium project in northern Saskatchewan, and will begin construction later this year.


(Image: NexGen)

The Canadian Nuclear Safety Commission (CNSC) decision to issue the Licence to Prepare Site and Construct the proposed uranium mine and mill came 14 business days after the conclusion of the last part of the regulator's two-part hearing process. The licence - which is valid until 31 March 2036 - covers site preparation and construction activities under Canada's Nuclear Safety and Control Act: operation of the facility would need NexGen to submit another licence application which would be subject to a future licensing hearing and decision.

Rook I is described by NexGen as the largest development-stage uranium project in Canada. Centred on the Arrow deposit, a high-grade uranium deposit discovered by the company in 2014, the project is in the southern Athabasca Basin, about 155 km north of the town of La Loche. The project is situated on Treaty 8 territory, the Homeland of the Métis, and is within territories of the Denesųłiné, Cree, and Métis.

The Arrow deposit has a resource estimate of 357 million pounds U3O8 (137,319 tU) in the measured and indicated mineral resources category, grading 3.10% U3O8. Probable mineral reserves have been estimated at 240 million pounds U3O8, grading 2.37% U3O8. A 2021 NI 43-101 feasibility study for the project envisages production of up to 14 million kilograms of U3O8 annually for 24 years.

The project received environmental approval from the Province of Saskatchewan in November 2023, and, with all approvals now secured, NexGen said it is set to begin construction. A final investment decision has already been made, and the team, procurement, engineering, vendors, contractors and capital are in place to commence construction activities with advanced site and shaft sinking preparation. Construction will officially begin in this summer, the company said, and construction is expected to take four years to complete.

NexGen founder and CEO Leigh Curyer said the CNSC's approval "represents one of the most rigorous and comprehensive regulatory processes undertaken for a resource project globally" and, as well as acknowledging NexGen's team, expressed the company's "sincere gratitude" to its Indigenous Nation partners, local communities, Premier Scott Moe and the Government of Saskatchewan, Government partners, regulatory bodies, and stakeholders who have contributed to the advancement of the project over the past decade.

"The world is changing fast, and NexGen's Rook I is now ready to be a significant contributor to global requirements for nuclear energy and Canada's role as an energy superpower. As global demand for reliable, clean, baseload nuclear energy continues to accelerate at an unprecedented pace, uranium is the critical fuel for powering industrial electrification and the digital infrastructure of tomorrow. Simply put, energy is the key to our global growth," Curyer said.

In February, Reuters reported that NexGen had held preliminary talks with data centre providers about securing finance for a new mine. Speaking to investors in NexGen's fourth quarter conference call on 4 March - one day before the CNSC announcement - Curyer said the first 12 months of construction is expected to cost around CAD300 million (USD219 million). NexGen is well funded to begin construction thanks to already completed equity raises and offtake agreements. Further offtake agreements are already in advanced negotiation, with contracts expected to be announced this year, he said, but the start of construction or production will not be dependent on those new contracts being in place.

"We know exactly what we're doing every day of that 48-month process, who's doing it, who's responsible for it within NextGen," Curyer said. "And as I said, once we're in that basement rock, the highest risk around cost and schedule has been mitigated."

Curyer told investors the company would issue a detailed construction timeline once the licensing process had concluded.

Zambie : les ressources de la future mine d’uranium Muntanga en hausse de 24 %

Agence Ecofin 03 mars 2026

Principalement connu pour son potentiel en cuivre, le sous-sol zambien recèle pourtant bien d’autres minéraux stratégiques pour la transition énergétique. C’est notamment le cas de l’uranium, combustible utilisé dans les réacteurs nucléaires, dont l’exploitation est planifiée à Muntanga.

En Zambie, Atomic Eagle (ex GoviEx Uranium) a annoncé, mardi 3 mars, que les ressources minérales de son projet d’uranium Muntanga atteignent désormais 58,8 millions de livres, en hausse de 24 % par rapport à l’estimation précédente de 47,4 millions de livres. Cette progression portée par l’intégration de nouveaux gisements dans le plan minier de la future mine, renforce la société dans ses ambitions de développement.

L’an dernier, Atomic Eagle indiquait viser la découverte de ressources supplémentaires comprises entre 40 et 100,5 millions de livres sur le site de Muntanga. Une première étape vient d’être franchie avec la mise à jour des ressources qui ajoute 11,4 millions de livres à l’estimation précédente. Cette révision intègre notamment les zones de Chisebuka et de Muntanga Est, deux nouveaux gisements identifiés dans le cadre du dernier programme d’exploration.

Pour la société, l’augmentation continue des ressources sera déterminante dans la perspective de développer une mine de plus grande envergure à Muntanga. Dans une étude de faisabilité publiée en janvier 2025, elle planifiait déjà un actif pouvant produire 2,2 millions de livres d’uranium par an sur une durée de 12 ans, pour un investissement initial estimé à 281,9 millions USD. Afin de concrétiser cette ambition, Atomic Eagle prévoit de lancer dès ce mois-ci un nouveau programme de forage destiné à accroître le potentiel minéral identifié et à tester de nouveaux prospects jugés prometteurs.

« La société vise à accroître sensiblement les ressources minérales afin de soutenir une mine d’uranium beaucoup plus importante en Zambie. Nous lançons ce mois-ci le plus important programme de forage pour ce projet depuis près de 20 ans et nous entrevoyons un potentiel évident pour que ce programme augmente considérablement les ressources du projet et génère davantage de valeur pour les actionnaires », a déclaré Phil Hoskins, PDG d’Atomic Eagle.

Toutefois, si l’augmentation des ressources constitue un levier stratégique, elle ne représente qu’une étape préliminaire dans les ambitions d’Atomic Eagle à Muntanga. Encore faut-il convertir ces ressources en réserves exploitables, passage indispensable pour confirmer la viabilité économique d’une future mine. Les avancées annoncées n’en demeurent pas moins encourageantes, notamment pour la Zambie qui pourrait à terme intégrer le cercle des producteurs africains d’uranium si le projet se concrétise.

Environmental approval for Saskatchewan uranium project

Monday, 23 February 2026

Australia-headquartered Paladin Energy Limited has received approval from the Government of Saskatchewan for its Environmental Impact Statement for development of its Patterson Lake South project, located in the Athabasca Basin, Canada.

The Saskatchewan Minister of Environment formally approved the company's Environmental Impact Statement (EIS) for the shallow, high grade Patterson Lake South (PLS) project on 18 February. The approval follows technical acceptance of the document in June 2025 and an extensive public review period from July to September last year.

Paladin is proposing to construct, operate and decommission underground and surface facilities to support the mining and processing of uranium ore at the PLS project, which it acquired in 2024 through its acquisition of Canadian uranium project developer Fission Uranium Corporation. The main components include an underground mine, an onsite mill to process an average of 1,000 tonnes of ore per day, surface facilities to support the short- and long-term storage of waste rock and ore, an underground tailings management facility, water-handling infrastructure and an effluent treatment circuit, and additional infrastructure to support mining activities.
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PLS is on the southwest margin of the Athabasca Basin and incorporates the Triple R deposit, which is both high grade and shallow - mineralisation starts just 50 metres below the surface. The deposit has indicated mineral resources of 114.9 million pounds U3O8 (44,196 tU) at an average grade of 1.94% U3O8, inferred resources of 15.4 million pounds at an average grade of 1.10% and probable reserves of 93.7 million pounds at an average 1.41% U3O8, all reported at a cut-off grade of 0.25%.

In 2023, Fission Uranium Corporation filed an NI 43-101 technical report summarising the feasibility study for the project, including a construction timeline of 3 years with an estimated initial capital cost of CAD1.155 billion (USD840 million) for a ten-year life-of-mine with total production of 90.9 million lbs U3O8 (35,000 tU), and an average unit operating cost of CAD13.02 per pound U3O8.

Partners discuss licensing for Brazil's phosphate-uranium project

Tuesday, 24 February 2026

The Santa Quitéria Project is expected to produce about 2,300 tonnes of uranium concentrate per year, as part of Brazil's plan to become self-sufficient in nuclear fuel production.


Tomás Albuquerque, President of Indústrias Nucleares do Brasil (INB), met with the Governor of Ceará, Elmano de Freitas, as well as Marlos Costa, President of Brazilian Nuclear Energy Holdings Company (ENBPar), Marcelo Oliveira, the CEO of INB's project partner the fertiliser specialists Galvani, and others, including the regional coordinator of the INB Santa Quitéria Project, José Roberto de Alcântara.

The meeting was focused on "aligning the licensing process for phosphate and uranium exploration in the state, as well as discussing strategic investments in infrastructure", INB said.

The project is to be implemented at Fazenda Itataia, in the municipality of Santa Quitéria. The collophanite deposit at Itataia is composed of 99.8% phosphate and 0.2% uranium. The deposit - located in the interior of the state of Ceará - is the largest discovered uranium reserve in Brazil.

INB says the projected annual production is approximately 1.05 million tonnes of phosphate fertiliser and 220,000 tonnes of dicalcium phosphate for animal feed: "Furthermore, the project is expected to produce approximately 2,300 tonnes of uranium concentrate per year, destined to supply the Angra 1, Angra 2, and, in the future, Angra 3 nuclear power plants. This initiative reinforces the country's strategy of self-sufficiency in nuclear fuel production, with potential for export."

The Santa Quitéria Project is currently in the preliminary environmental licensing process with the Brazilian Institute of Environment and Renewable Natural Resources (IBAMA) - it was accepted for environmental review in March 2022.
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Denison granted licence for Wheeler River

Friday, 20 February 2026

The Canadian Nuclear Safety Commission has issued a licence to Denison Mines Corp to prepare a site and construct a uranium mine and mill at its Wheeler River project in Saskatchewan. The project is the first uranium mine in Canada to use the in-situ recovery mining method.


Wheeler River (Image: Denison Mines)

The Canadian Nuclear Safety Commission (CNSC) released the decision of its administrative tribunal approving the Environmental Assessment (EA) and issuing the Licence to Prepare Site & Construct a Mine and Mill for the Wheeler River Uranium Project. Denison Mines noted that with the Environmental Assessment having previously been approved by the Province of Saskatchewan, and other provincial approvals necessary to commence construction already received, federal approval of the Environmental Assessment and the issuance of the licence represent the final regulatory approvals required to commence construction of the Phoenix in-situ recovery uranium mine.

Phoenix - part of the Wheeler River project - is described by Denison as the largest undeveloped uranium project in the infrastructure-rich eastern portion of the Athabasca Basin region, in northern Saskatchewan. The project is host to the high-grade Phoenix and Gryphon uranium deposits, discovered by Denison in 2008 and 2014, respectively, and is a joint venture between Denison (90%) and JCU (Canada) Exploration Company Limited (10%). Denison is the operator. Permitting efforts for the planned Phoenix in-situ recovery (ISR) operation began in 2019.

In June 2023, the company reported an updated mineral resource estimate of 70.5 million pounds U3O8 (27,118 tU) for Phoenix, with 30.9 million pounds in the measured resources category and 39.7 million pounds of indicated resources.

In-situ recovery - also referred to as in-situ leach - is a method of recovering uranium minerals from ore in the ground by dissolving them in situ, using a mining solution injected into the orebody. The solution is then pumped to the surface, where the minerals are recovered from the uranium-bearing solution. More than half of the world's uranium production is now produced by such methods. The technique - which requires a geologically suitable orebody - has not so far been used in Canadian uranium operations, although in addition to the Phoenix deposit Denison has been investigating the potential for using ISR at other Canadian projects including the Heldeth Túé uranium deposit at Waterbury Lake and the Midwest Main project.

The licence granted by the CNSC is valid until the end of February 2031 and authorises site preparation and construction activities under the Nuclear Safety and Control Act. The licence does not authorise the operation of the facility to be constructed. Authorisation to operate the facility would be subject to a future CNSC licensing hearing and decision, should Denison submit a licence application to do so.

"The Commission decision to approve the EA and issue the Licence represents a landmark achievement for Denison, as well as our staff, shareholders, Indigenous partners, and other stakeholders in the project, said Denison President and CEO David Cates. "I'd like to recognise the efforts of Denison's talented teams, which have worked together tirelessly over a seven-year period to engage with Indigenous and non-Indigenous communities, comply with applicable laws and regulatory requirements, build trust with regulators and the public, and ultimately advocate for the approval of this ground-breaking project.

"Phoenix is the first uranium mine in Canada to be approved for ISR (In-situ recovery) mining and is the first large-scale Canadian uranium mine approved for construction in more than 20 years. It is a nation-building project that reflects the best of Canadian ingenuity and determination. Owing to the use of the ISR mining method, Phoenix has the potential to generate strong economics while also achieving a superior standard of sustainability when compared to conventional mining methods. With an approximately two-year construction timeline, the timing of this approval means that the project remains on track for first production by mid-2028."

Cameco, Kazatomprom release 2025 production figures

Tuesday, 17 February 2026

The world's two largest uranium producers have released their production figures for 2025 and guidance for 2026.


Cameco had revised its 2025 production downwards at the end of August, anticipating knock-on effects from delays in developing new mining areas at McArthur River in the earlier part of the year. The company's total 2025 production of 21.0 million pounds U3O8 (8078 tU) (Cameco's share) exceeded the revised consolidated annual production guidance of up to 20 million pounds, but was 10% less than 2024's production of 23.4 million pounds.

Cigar Lake's production of 19.1 million pounds (100% basis) was 1.1 million pounds more than anticipated, while production at McArthur River/Key Lake of 15.1 million pounds (100% basis) met the revised production guidance.

Total 2025 production at JV Inkai in Kazakhstan - a joint venture of Cameco and Kazatomprom - at 8.4 million pounds U3O8 was up from 7.8 million pounds in 2024. (Cameco's share of 2025 production was 3.7 million pounds.) During the year, Cameco received shipments containing the remainder of its share of Inkai's 2024 production, about 0.9 million pounds, and the entire 3.7 million pounds of its share of 2025 production.

CEO Tim Gitzel said Cameco's results reflected "another year of disciplined execution" in a year of accelerating global momentum which saw renewed commitments to nuclear energy from governments, utilities, and industrial energy users around the world, accompanied by increasing long‑term contracting activity towards the end of the year and a deepening focus on security of supply.

In addition, contributions from Cameco's investment in Westinghouse "continue to outperform the acquisition case expectations," Gitzel said.

Cameco is currently planning to produce between 17.5 million and 18 million pounds U3O8 (on a 100% basis) at Cigar Lake and between 14 million and 16.5 million pounds (100% basis) at McArthur River/Key Lake in 2026, as well as continuing work to extend the mine life at Cigar Lake. The company continues to focus on its tier-one assets, with care and maintenance costs for the ongoing curtailment of its tier-two assets expected to be CAD62-67 million (USD45.3-49.0 million) for the year.

Kazatomprom sees production increase

Kazakhstan's national atomic company Kazatomprom's 2025 production increased compared to 2024 in line with its initial guidance, the company said on 2 February.

Production volume for the year ended 31 December was 67.18 million pounds U3O8 (25,839 tU) on a 100% basis (35.15 million pounds attributable), a year-on-year increase of 10-11%. The increase in production is primarily driven by the planned ramp-up of production at JV Budenovskoye and corresponding growth in output from that project, which is fully reserved under an offtake contract for the period from 2024 to 2026, the company said.

In August, Kazatomprom announced plans for a roughly 10% cut in its uranium production in 2026, saying the current supply-demand balance and existing uncovered demand as sufficient to incentivise a return to its 100% levels. In line with this, production volumes for 2026 are expected to be 27,500-29,000 tU (71.49-75.39 million pounds U3O8) on a 100% basis, although this guidance remains subject to sulphuric acid availability.

"Kazatomprom remains fully committed to its value-over-volume strategy and the disciplined market approach," the company said.

Vanguard receives environmental permits for Paraguayan uranium project
The Yuty Prometeo-San Jose project features four concessions in the uranium-rich Paraná Basin, including three in San Jose and one in Prometeo.

9 February, 2026

Vanguard Mining has secured the necessary environmental approvals for its Yuty Prometeo-San Jose uranium project in southeastern Paraguay by obtaining the final set of four required licences.

This marks a significant regulatory advancement for the company’s 90,000-hectare (ha) project, following approval from Paraguay’s Ministerio del Ambiente y Desarrollo Sostenible.

Vanguard’s Yuty Prometeo–San Jose uranium project encompasses four concessions within the Paraná Basin, a region noted for its uranium potential. The project includes three San Jose concessions and one Prometeo concession.
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