Cameco Corporation, a leading Canadian uranium producer, reported strong financial and operational results for the third quarter of 2024, driven by higher uranium production and rising market prices. The company's performance reflects the sustained positive momentum for nuclear energy and Cameco's positioning to benefit from growing demand for uranium.

In the third quarter, Cameco's uranium production soared 43% year-over-year to 4.3 million pounds, supported by consistent output at its Key Lake mill in Saskatchewan. This higher production, combined with an average realized uranium price of $82.33 per pound, contributed to a 23% increase in uranium segment revenue to $600 million.

Bolstered by the strong operational performance and cash flow generation, Cameco's board of directors recommended a dividend growth plan to at least double the 2023 annual dividend of $0.12 per share to $0.24 per share by 2026. This reflects the company's confidence in its financial prospects and aligns with its capital allocation priorities.

For 2024, Cameco declared an annual dividend of $0.16 per common share, payable on December 13, 2024, to shareholders of record on November 27, 2024. The company expects to announce annual increases of at least $0.04 per share over the fiscal periods from 2024 through 2026, subject to board approval.