McArthur River/Key Lake
- McArthur River/Key Lake, located in northern Saskatchewan, Canada, are the world's largest high-grade uranium mine and mill.
- In service since 1999 and 1983 respectively, Cameco operates the ISO 14001 certified operations, which have collectively produced 583 million pounds using a variety of mining methods.
Operation
McArthur River Reserves
2026 Q2 Update
- Production
McArthur River Production
Cameco's Share (million lb)Three months
ended June 30Six months
ended June 302026 2025 Change 2026 2025 Change 2026 Plan 2.3 1.8 28% 5.8 5.1 14% 10.0 to 11.5 In the second quarter of 2026, total packaged production from McArthur River and Key Lake was 3.3 million pounds (2.3 million pounds our share) compared to 2.6 million pounds (1.8 million pounds our share) in the second quarter of 2025. In the first six months of the year, total packaged production from McArthur River and Key Lake was 8.3 million pounds (5.8 million pounds our share) compared to 7.3 million pounds (5.1 million pounds our share) in the first six months of 2025. Production has been higher in 2026 due to differences in the mine plan
In May, flooding in northern Saskatchewan affected the primary transportation route used to supply the McArthur River and Key Lake operations. Although the sites themselves were not directly impacted, the delivery of critical operating materials and reagents was interrupted, resulting in a temporary suspension of production at Key Lake and reduced mining activity at McArthur River for approximately two weeks. We continue to expect production between 14.0 million to 16.5 million pounds of U3O8 (10.0 million to 11.5 million pounds our share) in 2026.
- Maintenance Shutdowns
The annual maintenance outage at the Key Lake mill is expected to begin in the third quarter. Due to the nature of the work being carried out, the planned shutdown period is expected to be longer than in previous years and there is a risk that production may be impacted if there are restart challenges or delays in commissioning new equipment.
There is no planned shutdown of the McArthur River mine in 2026.
- Labour Relations
A new collective agreement with the United Steelworkers Local 8914 was reached in April 2026, for a 3-year term, expiring in December 2028.
Environment & Safety
Worker safety, environmental monitoring and proper decommissioning, after mining is completed, are of the utmost importance to Cameco.
Reserves & Resources
Our mineral reserves and resources are the foundation of our company and fundamental to our success.
Caution about Forward-Looking Information
This page may contain forward-looking information that is based upon the assumptions and subject to the material risks discussed on page 2 of Cameco's most recent Quarterly MD&A.
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