Cameco employees walk down a tunnel to a Jet Boring System (JBS) machine during a media tour of Cameco’s Cigar Lake uranium mine in Cigar Lake, Sask., Monday, June 15, 2026. THE CANADIAN PRESS\Liam Richards
By Lauren Krugel
The chief executive of uranium miner Cameco Corp. says the boom in artificial intelligence has the potential to provide an uplift to the nuclear industry, but he says the company isn’t putting too much stock in it being its main growth driver.
“Artificial intelligence and data centres can provide meaningful upside, but they are not the foundation of the nuclear investment thesis, nor are they a load-bearing assumption in our strategy,” Tim Gitzel told analysts on a conference call Friday to discuss third-quarter results.
“The technology sector is projecting a need for very large amounts of reliable, around-the-clock electricity and nuclear is well suited to those requirements. But forecasts for AI-related electricity demand vary considerably, and outcomes will depend on the pace of development.”
Gitzel noted that data centres currently under construction will need power sooner than most new nuclear reactors can be delivered, so they’ll need natural gas, renewables, battery storage and grid upgrades in the meantime.
The long-term investment story for nuclear is underpinned by the need to supply existing reactors, bolster energy security and replace depleting uranium supplies amid geopolitical upheaval, Gitzel added.
“We nevertheless remain confident that demand from the technology sector is coming, and we’re excited about it.”
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Earlier Friday, Cameco reported a third-quarter profit attributable to equity holders of $43 million as its revenue edged up compared with a year ago.
The profit amounted to 10 cents per diluted share for the quarter ended Sept. 30 compared with a break-even result in the same quarter last year.
Revenue totalled $619 million for the quarter, up from $615 million a year ago.
On an adjusted basis, Cameco reported a loss of $2 million or zero cents per diluted share compared with an adjusted profit of $32 million or seven cents per diluted share a year earlier.
Cameco said its results for the quarter and first nine months of the year were generally lower than in 2025, primarily due to lower equity earnings from its investment in Westinghouse, the nuclear-services company it co-owns with Brookfield Renewable Partners, as well as lower sales volumes and higher average unit cost of sales.
The company says those factors were partially offset by higher realized prices.
An annual maintenance shutdown at Cameco’s Key Lake mill in northern Saskatchewan began in the third quarter, reducing output and increasing costs for the period.
The downtime lasted longer than usual because the company undertook several large projects to ensure the long-term sustainability of operations there. The new equipment is in the process of being commissioned, Cameco said.
This report by The Canadian Press was first published Oct. 30, 2026.
Companies in this story: (TSX:CCO)
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