Cameco Corporation’s Q4 2024 Earnings Conference Call: Key Insights
On February 20, 2025, at 8:00 AM ET, Cameco Corporation (NYSE: CCJ) held its Q4 2024 earnings conference call. The call was led by Cory Kos, VP of Investor Relations, Tim Gitzel, President and CEO, Grant Isaac, EVP and CFO, and Heidi Shockey, SVP and Deputy CFO. The call was participated by several analysts, including Adam Wijaya from Goldman Sachs, Andrew Wong from RBC Capital Markets, Alexander Pearce from BMO Capital Markets, Orest Wowkodaw from Scotiabank, Lawson Winder from Bank of America Securities, and Craig Hutchison from TD Cowen.
Financial Highlights
During the call, the company reported its financial results for the quarter ended December 31, 2024. Cameco reported a net loss of $125 million or $0.20 per share, compared to a loss of $167 million or $0.28 per share in the same period last year. The improved performance was primarily driven by higher uranium prices and lower operating costs.
Operational Updates
Cameco also provided operational updates during the call. The company’s McArthur River mine, which is the world’s largest uranium mine, is expected to remain on care and maintenance until uranium prices improve. The company’s Cigar Lake mine, which is the world’s largest high-grade uranium deposit, is expected to resume production in the second half of 2025. Cameco also announced that it has entered into a strategic partnership with Orano to jointly develop and operate the ISR (in-situ recovery) projects in the Athabasca Basin.
Impact on Individual Investors
For individual investors, the earnings call provided some positive news with the improved financial performance and the anticipated resumption of production at Cigar Lake. However, the company’s decision to keep McArthur River on care and maintenance until uranium prices improve may be a concern for some investors who were hoping for a quicker return to production at the mine.
Impact on the World
At a global level, Cameco’s earnings call highlights the ongoing challenges in the uranium market, which is currently experiencing low prices due to a surplus of supply and weak demand. The company’s decision to keep McArthur River on care and maintenance is a reflection of the current market conditions and may put further pressure on uranium prices. On the other hand, the strategic partnership with Orano to jointly develop and operate ISR projects in the Athabasca Basin could lead to increased supply and potentially help stabilize uranium prices in the long term.
Conclusion
In conclusion, Cameco Corporation’s Q4 2024 earnings conference call provided some positive news for investors with the improved financial performance and the anticipated resumption of production at Cigar Lake. However, the decision to keep McArthur River on care and maintenance until uranium prices improve may be a concern for some investors. At a global level, the call highlights the ongoing challenges in the uranium market and the potential impact on uranium prices.
- Cameco reported a net loss of $125 million or $0.20 per share in Q4 2024, an improvement from the loss of $167 million or $0.28 per share in the same period last year.
- The company’s McArthur River mine is expected to remain on care and maintenance until uranium prices improve.
- Cameco announced a strategic partnership with Orano to jointly develop and operate ISR projects in the Athabasca Basin.
- The anticipated resumption of production at Cigar Lake is a positive sign for investors.
- The ongoing challenges in the uranium market may put further pressure on uranium prices.
