07:56 AM EDT, 05/11/2026 (MT Newswires) -- (Adding National Bank commentary in the fourth paragraph and updates share price in the headline and the first paragraph)

Cameco ( CCJ ) was down 1% at last look in US premarket trade on Monday after it provided an operational update for its northern Saskatchewan sites amidst flooding in the region, which is impacting roadways.

In a statement it said: "Our northern Saskatchewan sites are not directly impacted by flood waters. However, flooding has caused the collapse of the Smoothstone River Bridge, which is on the primary route we use to transport supplies to the McArthur River and Key Lake sites, and there are restrictions in place on the use of an alternative roadway. We are in regular contact with the Saskatchewan Ministry of Highways, and we are working with our sites to minimize the impact of delivery disruptions. However, we have temporarily halted production activities at Key Lake mill and reduced activity at McArthur River mine until the normal delivery of critical operating materials can resume. The timeline for the resumption of normal deliveries is currently unknown."

"At present," it added, "the Cigar Lake mine continues to operate, and our consolidated annual production plan remains unchanged. Depending on the duration of the road restrictions and our ability to make deliveries of critical operating materials, there is a risk that our 2026 production outlook for the McArthur River/Key Lake operation could be impacted."

According to National Bank, while guidance remains unchanged, a 30-day shutdown of operations at McArthur River would impact production at the asset by near 1.2 million lbs to 10.30 mln lbs, remaining within guidance of 10-11.5 mln lbs, with an expectation for the shortfall to be filled by a mixture of inventories, purchases and product loans. National Bank noted CCO currently has 9.1 million lbs in inventory at $50.24/lb and 2.68 mln lbs available for borrowing under its product loans facility. The bank said this would overall reduce the 2026 EBITDA by 4% from $1.80 billion to $1.73 billion but keep its overall equity value largely unchanged at $97.21/sh from $97.28s/h currently. "Given the importance of uranium supply from Cameco ( CCJ ) to the broader supply/demand balance, any prolonged downtime and impact to financials would ultimately be partially offset by the positive impact on uranium prices," the bank added. It reiterated its Outperform rating and C$180 target.

Shares in Cameco ( CCJ ) were down 1.3% in Canada and 1.65% in the U.S. on Friday.