Cameco and Slovenské elektrárne Ink Long-Term UF6 Deal

09/12/2025 – 05:57 PM

Speaking from Saskatchewan, Cameco (TSX: CCO; NYSE: CCJ) announced today a finalized long-term supply agreement with Slovenské elektrárne (SE) of Slovakia. The deal will see Cameco providing natural uranium hexafluoride (UF₆) to SE through 2036 for use in its nuclear power plants. According to the agreement, Cameco will supply both uranium ore and conversion services to SE, securing a diversified and reliable source of natural UF₆. The material will support the operations at SE’s Bohunice and Mochovce nuclear facilities, with deliveries commencing in 2028.

Representatives from both Cameco and SE met in London earlier this month to commemorate the agreement.

Cameco CEO Tim Gitzel stated, “Cameco is proud to play an essential role helping Slovakia meet its nuclear fuel needs. With this long-term agreement, we are adding a new market to our global commercial portfolio and supporting Slovakia with a stable, reliable supply of uranium fuel that is expected to enhance energy security in the region.”

Branislav Strýček, Chairman and CEO of Slovenské elektrárne, highlighted the strategic importance of the deal: “Conversion is one of the most critical parts of the nuclear fuel cycle. Slovenské elektrárne has succeeded in securing a long-term and reliable supply of a significant share of this key raw material until 2036, which is a significant step for Slovakia’s energy security. The contract is strategic for Slovenské elektrárne – allowing us to diversify our suppliers, reduce our dependence on one source, and at the same time guarantee the smooth operation of our nuclear power plants.”

While specific financial details remain confidential, analysts note that the agreement underscores the increasing demand for uranium amid a global push for cleaner energy sources and renewed interest in nuclear power. This deal not only benefits Cameco by expanding its market reach into Eastern Europe but also highlights the growing geopolitical considerations surrounding nuclear fuel supply chains. Securing long-term fuel supplies is critical as nuclear power plants require continuous operation to be economically viable, making reliability a key factor in supply decisions.

Cameco, a leading player in the uranium market, has been strategically positioning itself to capitalize on the resurgence of nuclear energy. Beyond its mining operations, Cameco’s investments in conversion, enrichment, and fuel fabrication capabilities provides it with end-to-end control over the fuel cycle. This latest agreement reinforces the company’s commitment to bolstering the energy security of its partners by offering reliable, diversified supply options in a market where stability and predictability are paramount.

About Cameco

Cameco is one of the largest global providers of the uranium fuel needed to power a secure energy future. Our competitive position is based on our controlling ownership of the world’s largest high-grade reserves and low-cost operations, as well as significant investments across the nuclear fuel cycle, including ownership interests in Westinghouse Electric Company and Global Laser Enrichment. Utilities around the world rely on Cameco to provide global nuclear fuel solutions for the generation of safe, reliable, carbon-free nuclear power. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan, Canada.

As used in this news release, the terms we, us, our, the Company and Cameco mean Cameco Corporation and its subsidiaries unless otherwise indicated.

About Slovenské elektrárne

With a share exceeding 60% of total electricity production in Slovakia, Slovenské elektrárne, a.s. is the country’s largest electricity producer. Since shutting down its last coal-fired power plant at the end of Q1 2024, all electricity generated by the company is free of direct CO₂ emissions. It operates five nuclear reactors, 31 hydropower plants, and two photovoltaic plants.

The company’s commitment to producing electricity from low-carbon sources makes it a leader in sustainable energy production in Central and Eastern Europe. The company has been listed four times in the prestigious Europe’s Climate Leaders index, published since 2021 by The Financial Times and Statista.