May 8, 2021 12:53 PM
Cameco is reporting a quarterly loss of $5 million and an adjusted net loss of $29 million.
President and CEO Tim Gitzel says these results were as expected, adding Cameco has been very deliberate in shoring up their balance sheet. He explains at the end of the first quarter Cameco had negative net debt, with $1 billion in cash and $1 billion undrawn credit facility. Gitzel says Cameco has the financial capacity to self manage risk and maintain their strategic resolve.
Gitzel says due to unplanned disruptions during the COVID-19 pandemic, Cameco is not at the regular tier-one run rate of their business. However he says during the quarter they were able to successfully add 9 million pounds of Uranium to their long-term contract portfolio.