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Cameco Acknowledges United States and Republic of Korea Announcement of Framework for the Deployment of Nuclear Power

TSX:CCOCCJ
  • The US & Korea announced a framework anticipating a US$120 billion Korean investment to finance Westinghouse reactor technology buildout in the US.
  • The framework contemplates constructing up to eight large nuclear reactors in the US, including six Westinghouse AP1000 reactors & up to two Korean APR1400 reactors.
  • This framework is separate from the Department of Energy's American Nuclear Supply Chain Loans conditional commitment & outlines a potential funding pathway under Cameco's October 2025 partnership with Brookfield Asset Management & the US Department of Commerce.
  • The framework includes a potential one-time waiver under a 2025 Westinghouse intellectual property settlement to allow construction of up to two APR1400 reactors in the US.
  • Westinghouse is expected to receive approximately US$2 billion of value per APR1400 reactor through licensing, engineering services, subcontracting opportunities & fuel fabrication supply.
  • Korea may make a potential equity investment in Westinghouse, subject to definitive agreements & approvals, which Cameco does not expect to affect its ownership interest in Westinghouse.
  • Cameco CEO Tim Gitzel stated the company supports the US goal of quadrupling civil nuclear capacity by 2050 & prioritizes the American Nuclear Supply Chain Loans commitment to accelerate AP1000 construction timelines by up to three years.
  • Framework terms are non-binding & subject to final negotiations, regulatory approvals, site identification, financing arrangements, & execution of definitive agreements.
  • Forward-looking information includes expectations regarding the Framework, reactor deployment on federal lands, potential equity investment, & the waiver agreement, with material risks including failure to secure approvals or complete transactions.
  • Cameco is a global provider of uranium fuel with head office in Saskatoon, Saskatchewan, Canada, holding controlling ownership of high-grade reserves & interests in Westinghouse Electric Company & Global Laser Enrichment.