Cameco CEO Tim Gitzel on Oct. 20, 2025. Photo by Brian Zinchuk
By Lauren Krugel
The chief executive of Saskatchewan-based uranium miner Cameco Corp. is on a whirlwind trip to Washington to discuss next steps in a massive nuclear reactor deal announced last year with the U.S. government.
In an unusual move, CEO Tim Gitzel pre-recorded his opening remarks for the company’s fourth-quarter conference call early Friday so that he could attend a meeting the Department of Energy requested.
“Due to the exceptional circumstances, I’m recording these introductory comments just before we release (results) and then I’m catching a plane to Washington,” Gitzel said.
Other members of the leadership team then took live questions from analysts.
The agreement, announced last fall, would see the U.S. government arrange financing and facilitate the permitting and approvals for at least US$80 billion worth of new nuclear reactors south of the border. The reactors would use technology belonging to Westinghouse, which is jointly owned by Cameco and Brookfield Asset Management.
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Westinghouse calls its AP1000 pressurized water reactor the most advanced nuclear power plant that’s commercially available today. The units are able to supply more than one gigawatt of electricity to centralized power grids, and it’s that model the companies see being built under the deal.
Westinghouse AP1000 reactors at Vogtle. Cameco
A term sheet was signed in October and work toward a definitive agreement is continuing.
But president and chief operating officer Grant Isaac said a final agreement is not expected out of Gitzel’s meeting on Friday. Rather, the conversation is focused on possible sites for the reactors, the plan to order materials and securing investment from Japan under a trade agreement that country reached with the U.S. last year.
U.S. President Donald Trump issued an executive order last year that called for 10 new large nuclear reactors to be under construction by 2030.
“We’re obviously heavily involved in the conversation about ordering the kit for 10 reactors right now up front,” Isaac said.
“This is about fulfilling all of these next steps — very exciting conversations about what the order for long-lead items would look like … If we allowed ourselves to be optimistic, we do believe there’s a good chance that we will see a long-lead item order as part of this program in 2026
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“So 2026 is set to be a pretty transformative year where announcements turn into action on the gigawatt-scale new-build section.”
Earlier Friday, Cameco reported net earnings of $199 million for the fourth quarter, up from $135 million for the same quarter a year earlier.
The earnings attributable to equity holders worked out to 46 cents per common share for the quarter that ended Dec. 31, up from 31 cents per share in 2024.
The company says revenue totalled $1.20 billion, up from $1.18 billion in the same quarter last year.
Adjusted earnings worked out to 50 cents per common share in the fourth quarter, up from 36 cents per share last year.
Analysts had expected adjusted earnings of 45 cents per share, according to data compiled by LSEG Data & Analytics.
Cameco shares fell almost three per cent to $153.94 on the TSX Friday.
This report by The Canadian Press was first published Feb. 13, 2026.
Companies in this story: (TSX:CCO)
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