Update: Cameco Signs UF6 Supply Deal With Slovenske Elektrarne, Keeps Outperform Rating at National Bank of Canada

10:43 AM EDT, 09/15/2025 (MT Newswires) -- Cameco (CCJ) late Friday said it has signed a new long-term agreement to supply natural uranium hexafluoride (UF6) to Slovenske elektrarne for use in nuclear power plants in Slovakia.

National Bank of Canada maintained Cameco's (CCJ) outperform rating and C$115 price target following the news. The bank based the price target on a sum-of-the-parts analysis, with the uranium and fuel services segment value derived by the mean of 2.00x NAV and 18.0x NTM EV/EBITDA.

The agreement consists of uranium and conversion services and is expected to provide a diversified and secure source of natural UF6 through 2036.

The material is set to be used at Slovenske elektrarne's Bohunice and Mochovce nuclear facilities starting in 2028.

"With this long-term agreement, we are adding a new market to our global commercial portfolio and supporting Slovakia with a stable, reliable supply of uranium fuel that is expected to enhance energy security in the region," said Cameco (CCJ) chief executive Tim Gitzel.

National Bank said Cameco (CCJ) remains well-positioned to benefit from tightening supply dynamics and higher uranium prices, supported by its long-term contract portfolio and strong balance sheet.

Cameco's (CCJ) share price gained 1% to $109.27 at last look Monday on the TSX.

Price: 109.43, Change: +1.29, Percent Change: +1.19

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