Mid-year updates from major uranium producers 

Kazakhstan's national atomic company said its production on both a 100% basis (that is, the entirety of production of the entities in which the company has an interest) and attributable basis (that is, Kazatomprom's share of the total production once joint venture partners and other third-party shareholders have been accounted for) was higher in the first half of 2026 compared with the same period in 2025, due to a higher 2026 production plan, in line with its guidance and Subsoil Use Agreements’ requirements for the year. Kazatomprom's production of 13,291 tonnes of uranium (tU) on a 100% basis was 9% up on the 12,242 tU produced in the same period in 2025.

First-half 2026 sales volumes "closely aligned with results from the corresponding period last year, reflecting stable overall performance", the company said in its second quarter operations and trading update, released on 3 August, although it noted that sales volumes can vary substantially each quarter, and quarterly sales volumes vary from year to year.

"At this time, the Company reiterates its 2026 guidance in relation to production and sales volumes," Kazatomprom said. The company previously set its 2026 production guidance at 27,500-29,000 tU (on a 100% basis).

In its second quarter results last week, Canadian nuclear company Cameco said its production outlook also unchanged, despite uranium production being impacted by "challenging spring road conditions" along supply routes in northern Saskatchewan: in May, flooding caused the collapse a bridge on the primary route used to transport supplies to the McArthur River and Key Lake sites, resulting in a temporary suspension of production at Key Lake and reduced mining activity at McArthur River for about two weeks.

Total production from Cameco's operations in Canada - Cigar Lake and McArthur River/Key Lake - for the first half of the year was 10.1 million pounds U3O8 (3885 tU) (Cameco's share), 5% down from the same period in 2025. Production at JV Inkai in Kazakhstan - a joint venture of Cameco and Kazatomprom - was 5.3 million pounds U3O8 for the first half of the year (on 1 100% basis), and JV Inkai remains on track to produce 10.4 million pounds U3O8 (100% basis) in 2026. Of that, Cameco's purchase allocation is expected to be 4.2 million pounds U3O8: 0.8 million pounds were delivered in the first half of the year, and the majority of Cameco's share of 2026 production is expected to be received before the end of 2026, the company said.

Cameco's uranium inventory stood at 8.7 million pounds U3O8 as of 30 June.