SPDR S&P 500 ETF and Uranium Mining Outlook
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 25 2026
0mins
Source: NASDAQ.COM
- SPDR S&P 500 ETF Advantage: The SPDR S&P 500 ETF boasts a low expense ratio of 0.0945%, making it a cost-effective long-term investment, and since its inception in 1993, it has delivered an average annual return of approximately 10%, providing a stable foundation for investors.
- Uranium Market Potential: Cameco produced 164 million pounds of uranium in 2025, accounting for 15% of global output, and is expected to benefit from the rising demand for nuclear energy, further solidifying its market position amid a global nuclear renaissance.
- Significant Competitive Edge: Cameco owns the world's largest high-grade uranium mine, McArthur River, projected to last until 2044, with extraction costs at $14.84 per pound, significantly lower than the current market price of about $90, ensuring robust profitability.
- Strong Financial Performance: Cameco's revenue grew by 11% in 2025 compared to 2024, with adjusted net earnings soaring by 114%, maintaining a gross margin of 27.8% in the capital-intensive mining sector, indicating strong financial health and future growth potential.
Trade with 70% Backtested Accuracy
Stop guessing "Should I Buy CCJ?" and start using high-conviction signals backed by rigorous historical data.
Sign up today to access powerful investing tools and make smarter, data-driven decisions.
Analyst Views on CCJ
Wall Street analysts forecast CCJ stock price to fall
12 Analyst Rating
11 Buy
1 Hold
0 Sell
Strong Buy
Current: 125.740
Low
71.80
Averages
105.67
High
118.78
Current: 125.740
Low
71.80
Averages
105.67
High
118.78
About CCJ
Cameco Corporation is a provider of uranium fuel to generate baseload electricity around the globe. Its segments include uranium, fuel services and Westinghouse. The uranium segment involves the exploration for, mining, milling, purchase and sale of uranium concentrate. The fuel services segment involves the refining, conversion and fabrication of uranium concentrate and the purchase and sale of conversion services. The Westinghouse segment reflects its earnings from this equity-accounted investment. Westinghouse is a nuclear reactor technology original equipment manufacturer and a global provider of products and services to commercial utilities and government agencies. It provides outage and maintenance services, engineering support, instrumentation and controls equipment, plant modification, and components and parts to nuclear reactors. It has two operating mines, Cigar Lake and McArthur River as well as a mill at Key Lake. It also has ownership interests in Global Laser Enrichment.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
India Signs Major Nuclear Fuel Deal with Canada
- Nuclear Fuel Supply Agreement: India has signed a $1.9 billion deal with Canada's Cameco Corporation to supply nearly 22 million pounds of uranium ore concentrate over nine years, highlighting India's ambitious nuclear expansion plans.
- Strategic Partnership: This agreement is part of a broader strategic partnership between the two nations covering minerals and energy sources, reflecting a rising global demand for long-term fuel supply amid sharply rebounding uranium spot prices.
- Energy Security Goals: India aims to achieve a nuclear capacity of 100 GW by 2047, with 24 operational reactors currently generating around 8 GW, and plans for additional units to meet growing electricity demand and decarbonization targets.
- Market Supply Impact: The agreement could remove a significant share of future uranium supply from the open market, reinforcing expectations of a structurally tight uranium sector despite anticipated increases in global production, thereby impacting future energy strategies.
See More
Eagle Nuclear Energy Corp. Goes Public, Advancing Nuclear Energy Development
- Surging Nuclear Demand: Global nuclear power capacity is projected to triple by 2050, with reactor uranium requirements expected to rise from 68,900 metric tons in 2025 to over 150,000 metric tons by 2040, indicating robust growth potential in the nuclear energy market.
- Uranium Procurement Status: In 2023, U.S. utilities purchased over 51 million pounds of uranium, yet less than 5% was sourced domestically, increasing reliance on foreign suppliers like Russia and Kazakhstan, which highlights the tightening domestic uranium supply situation.
- Successful Public Listing: Eagle Nuclear Energy Corp. officially commenced trading on Nasdaq on February 25, 2026, under the ticker NUCL, with over 99% of shareholder votes in favor of the transaction, reflecting strong market confidence in its future development.
- Resource Development Plans: The company holds rights to 32.75 million pounds of uranium at the Aurora deposit on the Oregon-Nevada border and plans to engage BBA USA for targeted drilling to support a Pre-Feasibility Study, enhancing its resource development potential.
See More
Cameco Signs Long-Term Uranium Supply Agreement with India
- Long-Term Supply Agreement: Cameco has signed a contract to supply 22 million pounds of uranium ore concentrate to India for its nuclear reactors, with a total estimated contract value of approximately C$2.6 billion (US$1.9 billion), aiming to reduce Canada's economic reliance on the U.S. while deepening commercial ties with India.
- Price Basis: The estimated value of the contract is based on a uranium price of US$86.95 per pound, which reflects the average month-end UxC and TradeTech uranium spot prices as of February 28, indicating strong market expectations for uranium demand.
- High-Level Attendance: CEO Tim Gitzel attended a celebration event in Delhi alongside Indian Prime Minister Modi, Canadian Prime Minister Carney, and Saskatchewan Premier Scott Moe, highlighting the significance of the agreement and its positive impact on bilateral relations.
- Multi-Sector Cooperation: In addition to uranium supply, Canada and India have agreed to collaborate in sectors such as liquefied natural gas, critical minerals, solar energy, and hydrogen, further advancing strategic cooperation in energy and resources between the two nations.
See More
Refined Energy Commences Drilling at Dufferin West Project
- Drilling Program Launch: Refined Energy has commenced its maiden drilling program at the Dufferin West project in Saskatchewan, targeting a minimum of three holes totaling approximately 1,200 meters, with an initial budget of $1.7 million, marking a significant milestone in a globally recognized uranium district.
- Significant Project Potential: The Dufferin Project spans 10,140 hectares, with Refined holding an exclusive option to acquire up to 75%, located adjacent to NexGen Energy's SW3 property and approximately 18 km from Cameco's Centennial Deposit, where historic drill hole revealed 8.78% uranium grade, indicating strong mineral potential in the area.
- Geophysical Surveys and Target Confirmation: The drilling program will integrate previous airborne electromagnetic data and a recent ground gravity survey to further refine and prioritize additional drilling targets, showcasing the project's technical promise within uranium mineralization systems.
- Rising Market Demand: With strengthening uranium prices and accelerating global demand for nuclear power, the CEO of Refined Energy stated that the company is well-positioned to participate in the next cycle of uranium exploration and discovery, suggesting significant future growth potential.
See More
Cameco Signs Long-Term Uranium Supply Agreement with India
- Large Contract Scale: Cameco's agreement with India's Department of Atomic Energy will supply nearly 22 million pounds of uranium ore concentrate, with a total contract value of approximately CAD 2.6 billion, showcasing the company's strong position in the global uranium market.
- Delivery Timeline: Deliveries are set to begin in 2027 and continue through 2035, aligning with Cameco's long-term contracting strategy, which ensures a stable revenue stream and market share.
- India's Nuclear Expansion: With 24 operating reactors and plans to reach 100 GW by 2047, this partnership will support India's energy security needs, further solidifying Cameco's reputation as a reliable supplier.
- Diplomatic and Commercial Ties: CEO Tim Gitzel celebrated the agreement alongside Indian Prime Minister Modi, highlighting the strengthening diplomatic and commercial relationships between Canada and India, indicating potential for future collaborations.
See More
Brookfield Leads $7 Trillion AI Infrastructure Investment
- Infrastructure Investment Demand: The world is projected to require $7 trillion in investments over the next decade to build AI infrastructure, with the development of data centers and power generation capacity being the most urgent needs, presenting significant market opportunities for Brookfield Renewable and Infrastructure.
- Renewable Energy Partnership: Brookfield Renewable has signed the largest corporate power purchase agreement in history with Microsoft, committing to provide 10.5 gigawatts of renewable power by 2030 to support its cloud computing and AI operations, which will significantly enhance the company's market position and drive revenue growth.
- Nuclear Investment Strategy: Brookfield, in partnership with Westinghouse, plans to build at least $80 billion in new nuclear reactors under a strategic partnership with the U.S. government to support AI development, which not only strengthens the company's technological capabilities but also lays a foundation for future growth.
- Infrastructure Growth Expectations: Brookfield Infrastructure expects to achieve over 10% annual growth in funds from operations (FFO) per share, potentially approaching 14% in the coming years, which will support its 3.7% dividend yield and provide strong total returns for investors.
See More
India Signs Major Nuclear Fuel Deal with Canada
- Nuclear Fuel Supply Agreement: India has signed a $1.9 billion deal with Canada's Cameco Corporation to supply nearly 22 million pounds of uranium ore concentrate over nine years, highlighting India's ambitious nuclear expansion plans.
- Strategic Partnership: This agreement is part of a broader strategic partnership between the two nations covering minerals and energy sources, reflecting a rising global demand for long-term fuel supply amid sharply rebounding uranium spot prices.
- Energy Security Goals: India aims to achieve a nuclear capacity of 100 GW by 2047, with 24 operational reactors currently generating around 8 GW, and plans for additional units to meet growing electricity demand and decarbonization targets.
- Market Supply Impact: The agreement could remove a significant share of future uranium supply from the open market, reinforcing expectations of a structurally tight uranium sector despite anticipated increases in global production, thereby impacting future energy strategies.
See More
Eagle Nuclear Energy Corp. Goes Public, Advancing Nuclear Energy Development
- Surging Nuclear Demand: Global nuclear power capacity is projected to triple by 2050, with reactor uranium requirements expected to rise from 68,900 metric tons in 2025 to over 150,000 metric tons by 2040, indicating robust growth potential in the nuclear energy market.
- Uranium Procurement Status: In 2023, U.S. utilities purchased over 51 million pounds of uranium, yet less than 5% was sourced domestically, increasing reliance on foreign suppliers like Russia and Kazakhstan, which highlights the tightening domestic uranium supply situation.
- Successful Public Listing: Eagle Nuclear Energy Corp. officially commenced trading on Nasdaq on February 25, 2026, under the ticker NUCL, with over 99% of shareholder votes in favor of the transaction, reflecting strong market confidence in its future development.
- Resource Development Plans: The company holds rights to 32.75 million pounds of uranium at the Aurora deposit on the Oregon-Nevada border and plans to engage BBA USA for targeted drilling to support a Pre-Feasibility Study, enhancing its resource development potential.
See More
Cameco Signs Long-Term Uranium Supply Agreement with India
- Long-Term Supply Agreement: Cameco has signed a contract to supply 22 million pounds of uranium ore concentrate to India for its nuclear reactors, with a total estimated contract value of approximately C$2.6 billion (US$1.9 billion), aiming to reduce Canada's economic reliance on the U.S. while deepening commercial ties with India.
- Price Basis: The estimated value of the contract is based on a uranium price of US$86.95 per pound, which reflects the average month-end UxC and TradeTech uranium spot prices as of February 28, indicating strong market expectations for uranium demand.
- High-Level Attendance: CEO Tim Gitzel attended a celebration event in Delhi alongside Indian Prime Minister Modi, Canadian Prime Minister Carney, and Saskatchewan Premier Scott Moe, highlighting the significance of the agreement and its positive impact on bilateral relations.
- Multi-Sector Cooperation: In addition to uranium supply, Canada and India have agreed to collaborate in sectors such as liquefied natural gas, critical minerals, solar energy, and hydrogen, further advancing strategic cooperation in energy and resources between the two nations.
See More
Refined Energy Commences Drilling at Dufferin West Project
- Drilling Program Launch: Refined Energy has commenced its maiden drilling program at the Dufferin West project in Saskatchewan, targeting a minimum of three holes totaling approximately 1,200 meters, with an initial budget of $1.7 million, marking a significant milestone in a globally recognized uranium district.
- Significant Project Potential: The Dufferin Project spans 10,140 hectares, with Refined holding an exclusive option to acquire up to 75%, located adjacent to NexGen Energy's SW3 property and approximately 18 km from Cameco's Centennial Deposit, where historic drill hole revealed 8.78% uranium grade, indicating strong mineral potential in the area.
- Geophysical Surveys and Target Confirmation: The drilling program will integrate previous airborne electromagnetic data and a recent ground gravity survey to further refine and prioritize additional drilling targets, showcasing the project's technical promise within uranium mineralization systems.
- Rising Market Demand: With strengthening uranium prices and accelerating global demand for nuclear power, the CEO of Refined Energy stated that the company is well-positioned to participate in the next cycle of uranium exploration and discovery, suggesting significant future growth potential.
See More
Cameco Signs Long-Term Uranium Supply Agreement with India
- Large Contract Scale: Cameco's agreement with India's Department of Atomic Energy will supply nearly 22 million pounds of uranium ore concentrate, with a total contract value of approximately CAD 2.6 billion, showcasing the company's strong position in the global uranium market.
- Delivery Timeline: Deliveries are set to begin in 2027 and continue through 2035, aligning with Cameco's long-term contracting strategy, which ensures a stable revenue stream and market share.
- India's Nuclear Expansion: With 24 operating reactors and plans to reach 100 GW by 2047, this partnership will support India's energy security needs, further solidifying Cameco's reputation as a reliable supplier.
- Diplomatic and Commercial Ties: CEO Tim Gitzel celebrated the agreement alongside Indian Prime Minister Modi, highlighting the strengthening diplomatic and commercial relationships between Canada and India, indicating potential for future collaborations.
See More
Brookfield Leads $7 Trillion AI Infrastructure Investment
- Infrastructure Investment Demand: The world is projected to require $7 trillion in investments over the next decade to build AI infrastructure, with the development of data centers and power generation capacity being the most urgent needs, presenting significant market opportunities for Brookfield Renewable and Infrastructure.
- Renewable Energy Partnership: Brookfield Renewable has signed the largest corporate power purchase agreement in history with Microsoft, committing to provide 10.5 gigawatts of renewable power by 2030 to support its cloud computing and AI operations, which will significantly enhance the company's market position and drive revenue growth.
- Nuclear Investment Strategy: Brookfield, in partnership with Westinghouse, plans to build at least $80 billion in new nuclear reactors under a strategic partnership with the U.S. government to support AI development, which not only strengthens the company's technological capabilities but also lays a foundation for future growth.
- Infrastructure Growth Expectations: Brookfield Infrastructure expects to achieve over 10% annual growth in funds from operations (FFO) per share, potentially approaching 14% in the coming years, which will support its 3.7% dividend yield and provide strong total returns for investors.
See More
