Cameco is one of the world's largest uranium mining and nuclear fuel supply companies, accounting for roughly 15% of global uranium production. Cameco mines uranium at three tier-one operations: McArthur River/Key Lake and Cigar Lake in Saskatchewan, Canada (two of the world's highest-grade deposits), and Inkai in Kazakhstan (40% owned, equity-accounted). Cameco also provides uranium conversion services through its Fuel Services segment, which converts uranium concentrate into UF6 and UO2 at facilities in Ontario, and manufactures fuel bundles for CANDU reactors. Cameco holds roughly 18% of global UF6 primary conversion capacity. Cameco sells uranium and conversion services directly to nuclear utilities under long-term bilateral contracts, using two pricing structures: base-escalated contracts (fixed price at signing, escalated to delivery) and market-related contracts (tied to spot or long-term uranium prices, with negotiated floor and ceiling prices). Cameco's core strategy is supply discipline — it ramps production up or down based on contracted demand rather than spot prices, sourcing supply from a mix of its own mines, purchases from Inkai, and spot market buys. Cameco also owns 49% of Westinghouse Electric (alongside Brookfield), which fabricates nuclear fuel and provides services to the existing reactor fleet, and designs new reactors including the AP1000 and AP300. Westinghouse adds a recurring, services-oriented earnings stream and exposure to new reactor construction globally.