Canadian uranium producer Cameco says it is well placed to respond to any uptick in demand from the market and would do so first by increasing production at its core sites.

Talking in a company podcast discussing its long-term strategy, Cameco president and chief operating officer Grant Isaac said the company was currently focused on supply discipline, meeting the actual needs of its customers rather than giving lofty forecasts for future growth without proven demand.

However, Isaac said the company was ready to boost production from its tier one* assets such as McArthur River mine and Key Lake mill from a current 14-16.5 million pounds of U3O8 (10-11.5 million pounds is Cameco's share for 2026)**  to 25 million pounds of U308 if and when demand rises.

For the full year, Cameco has a production outlook of 19.5-21.5 million pounds of U308, despite disruptions such as flooding at its Cigar Lake mine that have now been overcome.