On June 1, 2026, Cameco Corporation and Orano Canada Inc. announced an agreement with TEPCO Resources Inc. to acquire TEPCO's 5 percent participating interest in the Cigar Lake Joint Venture, which owns and operates the Cigar Lake uranium mine in northern Saskatchewan. Under the transaction, Cameco will acquire an additional 2.871 percentage points and Orano will acquire 2.129 percentage points, with the result that, on closing, Cameco's ownership stake in the joint venture will increase to 57.418 percent and Orano's stake will increase to 42.582 percent. Cameco's portion of the purchase price is approximately C$115.75 million, subject to customary closing adjustments. The transaction is subject to certain regulatory approvals and other standard closing conditions and is expected to close in the third quarter of 2026. Cigar Lake is among the world's highest-grade uranium mines; its reserve and resource base, on a 100 percent basis as of December 31, 2025, comprises proven and probable reserves of 172.4 million pounds of U3O8, measured and indicated resources of approximately 26.3 million pounds, and inferred resources of 20.0 million pounds. The mine has produced approximately 174.5 million packaged pounds since commencing production in 2014, and the 2026 production outlook is between 17.5 million and 18 million pounds of uranium concentrate on a 100 percent basis. In 2026, Cameco plans to continue production and development activities in the area currently being mined (CLMain) while advancing development work on the Cigar Lake extension (CLExt) required to extend the life of the mine to 2036. The transaction increases Cameco's exposure to a fully licensed, permitted, and operating tier-one uranium asset at a time of broad-based growth in global nuclear energy demand and rising uranium prices, and consolidates the joint venture into a two-party ownership structure between Cameco and Orano.