Seen a few articles where information is stated as Cameco's...

Seen a few articles where information is stated as Cameco's production was X but these articles are stating pounds that is attributable to Cameco alone, not actual pounds produced from the Cigar Lake and McArthur River mines. They then use those figures to speak about demand, etc
Cameco owns 54.55% of Cigar Lake and 69.81% of McArthur River
Cigar Lake has the capability of producing 18mlbspa and McArthur River 25mlbspa
The below figures are taken from Cameco announcements



Even though Cameco missed their revised targets and doubled earnings, concern was Cameco's 2024 forecasts of 18mlbs each from Cigar Lake and McArthur River, which in total is 7.4mlbs more than 2023 actual. This is where the market focused. Will the extra pounds make a difference to supply vs demand in 2024? There are different forecast graphs by different companies, with some being more bullish than others when looking out each year for 10 or 20 years down the track
Cameco says "commitments requiring delivery of an average of about 27 million pounds of uranium per year from 2024 through 2028, with commitment levels higher than the average in 2024 and 2025, and below the average in 2026 through 2028"
A JV with Kazatomprom for the Inkai mine (40% Cameco, 60% Kazatomprom) is forecast to produce the same in 2024 as 2023



Being conservative, if 28mlbs needs to be delivered in 2024 and 2025 where is Cameco going to get the extra pounds from?
Cameco says "We maintain the flexibility to source material through various means beyond production if required, including increasing our market purchases, pulling forward long-term purchases, using inventory or borrowing product."
Cameco could revise down 2024 production forecasts in a few months and/or Kazatomprom could revise down as well. Then what?

There will be more supply coming in the years ahead with more mines starting/restarting, but there doesn't look to be much new supply coming in during 2024 and 2025 which IMO the gains in U and U stocks will be made. If Sprott and other U ETF's also join the party then watch out!

U is fickle and a bit*ch. Fukushima is the most recent example of that and the aftermath which impacted the U industry for over a decade
As long as no nuclear incidents of any type occur during 2024 and 2025 things should work out

GL to all U investors