CCJ

Near-term (0-6mo)

Earnings 5/5 — Westinghouse integration progress, uranium production volumes from McArthur River/Cigar Lake (target ~18M lbs/yr), and contract portfolio pricing are key.

Mid-term (6-24mo)

Westinghouse stake gives exposure to reactor services, fuel fabrication, and AP1000 new build pipeline. Uranium supply deficit (~50M lbs/yr gap between mine production and reactor demand) is the structural tailwind.

Catalysts

• Q1 earnings 5/5
• White House space nuclear initiative
• Uranium spot price trajectory
• Westinghouse AP1000 order pipeline

Risks

• Uranium price volatility if Kazakhstan/Namibia increase production
• Westinghouse integration execution
• Long lead times between nuclear sentiment and actual reactor orders