Orano Increases Ownership in Cigar Lake Mine in Canada

SASKATOON, Saskatchewan, June 01, 2026 (GLOBE NEWSWIRE) -- Orano Canada Inc. (Orano Canada) and Cameco Corporation (Cameco) have reached an agreement to jointly acquire TEPCO Resources Inc. (TEPCO) 5% ownership in the Cigar Lake Joint Venture. Orano is pleased to announce that, upon closing, this transaction will increase its share by 2.129% to a total of 42.582% of the joint venture. Cameco’s ownership will also rise to a total of 57.418%.

“This agreement reflects the strength of our long-term relationship with Cameco and our shared commitment to supporting energy security through reliable, low-carbon nuclear energy. At Orano, we remain focused on investment and operational excellence in support of our customers worldwide,” said Xavier Saint Martin Tillet, Senior Executive Vice President, Orano Mining Business Unit.

“We are pleased to increase Orano’s ownership stake in the Cigar Lake mine,” said Pascal Bastien, President and CEO, Orano Canada. “This investment reflects our long-term confidence in Saskatchewan and its importance to Orano’s future growth in the global nuclear fuel cycle. We thank our long-standing partner, TEPCO, for its contribution to this operation over many years. Together with Cameco, we remain committed to the safe and reliable operation of the Cigar Lake mine and McClean Lake mill, while continuing to support our employees and the communities where we operate.”

The acquisition is subject to regulatory approvals and standard closing conditions and should be closed in the third quarter of 2026.

About Orano Canada

Headquartered in Saskatoon, Saskatchewan, Orano Canada Inc. is a leading producer of uranium, accounting for the processing of 19.8 million pounds of uranium concentrate produced in Canada in 2025. Orano Canada has been exploring for uranium, mining and milling in Canada for more than 60 years. Orano Canada is the operator of the McClean Lake uranium mill and a major partner in the Cigar Lake (currently 40.453% increasing to 42.582%), McArthur River (30.2%) and Key Lake (16.7%) operations. The McClean Lake joint venture is owned by Orano Canada (77.5%) and Denison Mines (22.5%). Orano toll mills the ore from the Cigar Lake mine at the McClean Lake mill.

The company employs about 500 people in Saskatchewan, including nearly 400 at the McClean Lake operation where over 44% of employees are self-declared Indigenous. As a sustainable uranium producer, Orano Canada is committed to safety, environmental protection, and contributing to the prosperity and well-being of neighbouring communities.

Orano Canada Inc. is a 100% subsidiary of Orano Mining, part of the multinational Orano group. As a recognized international operator in the field of nuclear materials, Orano delivers solutions to address present and future global energy and health challenges. Its expertise and mastery of cutting-edge technologies enable Orano to offer its customers high value-added products and services throughout the entire fuel cycle. Every day, the Orano group’s 18,500 employees draw on their skills, unwavering dedication to safety and constant quest for innovation, with the commitment to develop know-how in the transformation and control of nuclear materials, for the climate and for a healthy and resource-efficient world, now and tomorrow.

Visit Orano at www.oranocanada.com or follow us on LinkedIn, Facebook, Instagram and Twitter: @oranocanada

Media Contact
Carla Vipond
T: +1 (306) 343-4518
C: +1 (306) 260-9976
carla.vipond@orano.group