Uranium Bull Market Reloaded: Cameco’s Triple‑Lever Play Across the Fuel Chain

The nuclear‑fuel sector is enjoying a clear resurgence driven by accelerating clean‑energy policy shifts, supply‑chain tightness and renewed investor appetite for uranium stocks [1]. In this environment, Cameco Corporation stands out by operating as a fully integrated player across the entire nuclear‑fuel cycle: from upstream uranium production, through downstream conversion and fuel fabrication, to reactor technology and services via its stake in Westinghouse Electric Company.

This vertical integration enables Cameco to capture margins at multiple points in the value chain, dampen exposure to commodity price swings and participate directly in the structural growth of global nuclear energy.

Across its three core divisions - Uranium, Fuel Services and Westinghouse - Cameco combines low‑cost production, contract‑backed revenue stability and strategic positioning in the expanding reactor markets. Each division contributes differently to earnings, risk and growth potential, yet together they provide a diversified, resilient portfolio capable of generating both predictable cash flow and upside from the recent surge of sector interest.

Uranium Division

Cameco’s uranium division represents the upstream segment of the nuclear fuel cycle - responsible for exploring, mining, and milling uranium ore into U₃O₈ concentrates. This stage is resource-intensive: production costs, reserve quality, and operational efficiency determine how competitively Cameco can supply uranium to the global market. The uranium produced here serves as feedstock for the company’s downstream operations, where it is refined, converted, and fabricated into reactor fuel.

Since 2021, the uranium business has undergone a notable transformation driven by market conditions and internal strategy. Rising uranium prices made production from Cameco’s own mines more economically attractive than purchasing uranium on the market. The company gradually shifted from a purchase-heavy supply model to one anchored in internal production, improving cost efficiency, reducing exposure to rising market prices, and materially strengthening margins.

Uranium Supply and Sales

Cameco’s supply volumes show three distinct phases: purchase-dominated (2021–2022), transition (2023), and production-led (2024–2025).

2021-2022: Purchase-Dependent Supply
Production averaged 2-3 million pounds per quarter, while purchases averaged 4-5 million pounds. Sales ranged from 5-8 million pounds per quarter, requiring substantial market purchases to meet contractual deliveries.

2023: Transition Year
In Q1 2023, production (4.5 million pounds) first exceeded purchases (0.4 million pounds). Production remained between 3-6 million pounds per quarter, while purchases stayed below 1 million pounds. Sales spiked to nearly 10 million pounds in Q1 and Q4, reflecting both higher output and inventory drawdowns to meet delivery commitments.

2024-2025: Production-Led Sales Structure
Production stabilized at 5-7 million pounds per quarter, covering most sales internally. Purchases fell to 1-2 million pounds, and sales ranged from 6-13 million pounds, including both regular deliveries and contract-driven spikes.

Observations:

• Peak sales in Q4 2024 (12.8 million pounds) likely reflect accelerated end-of-year deliveries rather than capacity expansion.

• In 2025, more moderate sales (6 - 8 million pounds per quarter) suggest alignment with stable production and controlled inventory management. 

Strategically, this alignment allows Cameco to smooth deliveries, reduce reliance on high-cost market purchases, and optimize margins.

Uranium Unit Costs and Profitability

Production costs have remained relatively stable, around CAD 30 - 40/lb since 2022. In contrast, purchase costs surged from roughly CAD 40/lb in 2021 to over CAD 100/lb by 2024, easing slightly to the high 90s/lb by mid-2025. This growing cost gap underscores the strategic advantage of internal production.

Gross profit has mirrored this transition. The uranium segment moved from near breakeven in early 2021 (Q4 2021: $10 million) to over $200 million per quarter by mid-2025. Margins per pound improved from negative values in 2021 to approximately $25 - 30/lb by 2025, reflecting higher production volumes and reduced dependence on costly purchases.

Price Realization and Market Exposure

The table below presents Cameco’s realized price sensitivities to the uranium spot price as reported in their 2025 Q3 quarterly report.

Price	2025	2026	2027	2028	2029
$20.00	$59	$43	$42	$47	$49
$40.00	$59	$46	$45	$50	$52
$60.00	$59	$56	$57	$59	$61
$80.00	$61	$65	$69	$71	$73
$100.00	$62	$68	$73	$77	$82
$120.00	$63	$69	$75	$80	$86
$140.00	$63	$71	$78	$82	$89
Range	$4	$28	$36	$35	$40

Forward pricing data (2025-2029) indicate a widening range of potential realized prices, from roughly $43/lb at $40 spot to $89/lb at $140 spot. This suggests Cameco is balancing a stable base of long-term contract deliveries with exposure to market upside. Cameco’s forward‑contracting profile shows that even with a spot uranium price of US$20/lb, the company still expects a realised price above ~US$42/lb. This gap demonstrates the protection built into its long‑term contracts and supports margin resilience even in lower‑price environments.

Reserve Base and Supply Security

As of December 2024, Cameco reported 616.5 million pounds of proven U₃O₈ reserves. This supports sustained production growth and provides flexibility to manage sales through internal output rather than expensive market purchases.

Outlook – Uranium Division

Bullish / supportive factors:

• Policy-driven long-term demand growth: Government support for new reactor builds underpins structural uranium demand. For example, the World Nuclear Association reports a projected global uranium requirement increase to 150,000 t by 2040, highlighting the nuclear fuel supply opportunity [2].

• Utility inventory rebuilds: Increased long‑term contracting activity by utilities supports both spot and term pricing for uranium. A market commentary noted that producers such as Cameco and Kazatomprom cutting output is “likely to impact market sentiment and push the spot price higher.” [3]

• Supply discipline from major producers: Kazatomprom formally cut its 2026 nominal production plan by about 10 % (from 32,777 t U₃O₈ to 29,697 t) signalling an intention to limit volume growth despite favourable price environments. [4]

Bearish / headwind factors:

• Near-term supply volatility from Kazakhstan: While Kazatomprom trimmed its medium‑term (2026) guidance, recent reports show increased uranium output in 2025 (e.g., +12 % year‑on‑year in the first nine months) which could exert downward pressure on spot/upright term prices. [5]

• Cameco’s revised 2025 production guidance: Cameco Corporation itself has reduced its 2025 output expectation (due to delays at McArthur River/Key Lake) which lowers near‑term volumes and delays margin capture, although it may help support higher prices. [3]

Net view and implications:
Medium-term fundamentals are constructive: policy support, utility replenishment, and constrained new supply suggest a structurally tighter market, favoring Cameco’s low-cost base and large proven reserves. Near-term caution is warranted due to potential volatility from Kazakh exports and operational adjustments at major producers.

Fuel Services Division

If the uranium division represents Cameco’s upstream operations - mining and milling uranium ore - the Fuel Services Division anchors the downstream segment of the nuclear fuel cycle. This division processes U₃O₈ concentrates into reactor-ready fuel products, completing Cameco’s vertical integration across the nuclear supply chain.

The division is organized into three main activities:

• Refining: Converting uranium concentrates (U₃O₈) into uranium trioxide (UO₃).

• Conversion: Transforming UO₃ into uranium hexafluoride (UF₆) or uranium dioxide (UO₂), which are intermediate products for fuel manufacturing.

• Fuel Fabrication: Producing UO₂ fuel pellets and assembling them into finished fuel bundles for CANDU and other reactor types.

Downstream operations differ structurally from uranium mining. They are largely contract-driven, priced per kilogram of uranium (kgU), and less sensitive to short-term spot market fluctuations. Costs are mostly fixed—driven by labour and energy - so profitability depends on plant utilization and contract pricing rather than ore grades or production rates. Strategically, the Fuel Services Division allows Cameco to capture additional margin from the same uranium units it mines and provides a stabilizing effect on earnings, smoothing corporate results across the volatile uranium cycle.

Production and Sales

From 2021 through Q3 2025, several operational trends emerge:

• Stable Production with Short-Term Fluctuations:
  Quarterly production ranged from 1.4-4.1 million kgU. Production largely stabilized around 3-4 million kgU per quarter, with dips in Q3 2021 (1.4 million kgU) and Q3 2022 (1.5 million kgU), reflecting scheduled maintenance or supply chain adjustments.

• Sales Trends and Inventory Management:
  Sales volumes generally track production but occasionally exceed it, indicating use of inventory to meet contract obligations. For example, Q4 2021 production was 3.1 million kgU, while sales reached 4.9 million kgU, and in Q2 2025, sales exceeded production (4.4 vs. 3.2 million kgU). Overall, quarterly sales fluctuated between 1.5-4.9 million kgU, driven more by contract timing than plant capacity.

• Operational Implications:
  Inventory buffers enable Cameco to meet unexpected or large orders while avoiding over-reliance on spot purchases. Quarterly production-sales differences also reflect the contract-driven nature of downstream operations, where delivery timing is dictated by customer schedules rather than output constraints.

Fuel Services - Prices, Costs and Margins

Cameco’s downstream operations have delivered consistent, positive margins throughout 2021-2025. Key patterns include:

1. Average Realized Prices:
   Realized prices ranged from CAD 26-57/kgU, trending upward over time. Early 2021 prices were CAD 26-32/kgU, rising to CAD 35-40/kgU in 2022–2023, and spiking to CAD 48-57/kgU in 2024–2025. Price movements primarily reflect contract adjustments, with occasional sensitivity to uranium market conditions.

2. Unit Costs of Sales:
   Unit costs remained relatively stable, mostly CAD 19-36/kgU, with occasional spikes (Q3 2023: $33/kgU; Q3 2025: $41/kgU), driven by labour, energy, and plant utilization. Even at higher costs, unit costs remained below realized prices, supporting healthy margins.

3. Margin Trends:
   Margins ranged from CAD 3-29/kgU, with low points coinciding with higher unit costs or lower realized prices (e.g., Q3 2021: $3.16/kgU; Q3 2023: $6.87/kgU). The largest spike occurred in Q1 2025 (CAD 28.77/kgU), driven by higher realized prices (CAD 56.64/kgU) and controlled costs (CAD 27.87/kgU).

Strategic Implications:
Margins demonstrate the value of the downstream business model: predictable contract-based revenue, lower exposure to spot price swings, and control over plant costs. Variability is moderate and mostly tied to contract timing or operational efficiency, not market volatility. Production generally matches or exceeds sales, enabling optimized delivery timing and robust per-kgU profitability.

Fuel Services Earnings Before Tax and Seasonality

Earnings before tax (EBT) remained positive from 2021 through Q3 2025, ranging CAD 9-68 million per quarter:

• General Trends:
  Most quarters report EBT between CAD 17-46 million, indicating stable baseline profitability. Q1 2025 achieved the highest EBT (CAD 68 million) due to high realized prices and moderate unit costs, while Q3 2021 and Q3 2022 saw the lowest EBT (CAD 10 and 9 million, respectively).

• Seasonality Observations:
  Q3 consistently shows lower EBT, likely linked to contract timing, inventory drawdowns, and maintenance cycles, while Q1 and Q4 capture higher profitability from year-end deliveries and realized price adjustments. Examples: Q1 2025: CAD 68 million; Q3 2025: CAD 17 million; Q4 2024: CAD 37 million.

• Strategic Implications:
  Despite mild seasonal fluctuations, the division never posted negative EBT, reinforcing its role as a reliable, margin-stable component of Cameco’s portfolio.

Outlook - Fuel Services

Bullish / supportive factors:

• Improved realized prices & contract momentum: The division reported a realized price of CAD ~$49.11/kgU in Q3 2025 (sales volumes ~1.9 million kgU). Nine‑month adjusted EBITDA rose to CAD 156 million in 2025 versus CAD 96 million in 2024—reflecting improved contract pricing and utilization. [6]

• Commissioning & capacity improvements: For 2025, Cameco’s Fuel Services annual production expectation remains between 13 and 14 million kgU, covering conversion, UO₂ manufacturing and heavy‑water reactor fuel bundles. At the Port Hope conversion/UF₆ facility, the company is working towards a UF₆ production rate of 12,000 tonnes/year, supporting throughput and cost leverage. [7]

• Structural tightening in conversion/enrichment capacity: The company’s MD&A highlights that utilities and end‑users are increasingly entering long‑term contracts in conversion/enrichment services amid global capacity constraints [7]. Reduced upstream feedstock availability and downstream processing constraints are favourable tailwinds for downstream services like conversion and fabrication.

• Downstream demand from reactor builds & vertical integration: With the company’s full‑cycle model (upstream mining → downstream conversion/fabrication → reactor services via Westinghouse), the Fuel Services division benefits from internal feedstock integration and demand linkages. The broader nuclear expansion trend underpins long‑term demand for reloads and fresh fuel.

Bearish / headwind factors:

• Input / energy / labour cost exposure: The MD&A flags inflation in reagents, supply‑chain lead times, aging infrastructure, labour and energy costs as risks for the Fuel Services segment [7]. If contract pricing does not fully compensate for rising input costs, margins could compress.

• Sales volume & timing volatility: While pricing improved, Q3 2025 Fuel Services production was 3.1 million kgU (down 3 % year‑on‑year) and sales volume fell ~46 % year‑on‑year (~1.9 million kgU) due to contract timing and inventory shifts [8]. These timing effects introduce near‑term earnings variability even in a stable demand environment.

• Competition & capacity expansions elsewhere: While not quantified in the company’s disclosures, broader industry commentary notes potential new capacity in conversion/fabrication from competitors, which could ease downstream tightness and apply pricing pressure [9].

• Geopolitical / supply‑chain shocks: Though Cameco is vertically integrated, downstream services remain indirectly exposed to upstream disruptions, regulatory shifts or supply‑chain constraints that can affect customer demand or timing.

Net view and implications:
The medium‑term fundamentals for the Fuel Services division are constructive: stable throughput, improving realized pricing, supportive structural demand and vertical integration provide a foundation for margin expansion. Near‑term caution is warranted given timing volatility, cost inflation and competitive risk, but the contract‑backed nature of this business gives it earnings stability and downside protection.

Westinghouse – Reactor Technology and Services

Cameco’s 49% acquisition of Westinghouse Electric Company, completed in November 2023 alongside Brookfield Renewable, represents a major downstream expansion. The acquisition extends Cameco’s footprint from uranium production into reactor technology, engineering services, and nuclear fuel fabrication. This step completes the company’s integration across the nuclear value chain, providing contract-based, technology-driven earnings that reduce exposure to commodity cycles.

Westinghouse specializes in:

• Nuclear plant engineering, maintenance, and operations

• Fuel supply, including fabrication and delivery

• Licensing, consulting, and reactor refurbishment

By incorporating Westinghouse, Cameco secures a pipeline of demand for fuel, participates in reactor construction programs, and captures margins across the broader nuclear value chain. This vertical integration positions the company to deliver end-to-end solutions for utilities, from raw uranium to fully serviced reactor operations.

Westinghouse Historical Financial Performance

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Revenue (CAD mln)	521	656	670	726	841	770	1,033	697
Adjusted EBITDA (CAD mln)	101	77	121	122	162	92	352	124
CapEx (CAD mln)	42	33	32	33	78	43	46	47
Adjusted FCF (CAD mln)	59	44	89	89	84	49	306	77

Observations:

• Revenue growth is primarily driven by long-term service contracts and project activity.

• EBITDA and free cash flow are influenced by project timing and CapEx cycles, demonstrating the capital-light, high-margin nature of the segment.

• Adjusted free cash flow peaked in Q2 2025 (CAD 306 million), reflecting strong cash conversion and operational efficiency.

Strategic Role and Benefits

Westinghouse provides Cameco with a stable, cash-generative downstream platform that offsets the cyclicality of uranium mining and conversion. Its contract-backed revenue base and expanding EBITDA margins serve as a strategic hedge against uranium price volatility, reinforcing Cameco’s vertically integrated position across the nuclear fuel cycle.

Outlook – Westinghouse

Bullish / Supportive Factors:

• US Government Strategic Partnership (~US$80 billion Reactor Deployment): On 28 October 2025, the U.S. Government entered a strategic partnership with Westinghouse, Cameco, and Brookfield to build at least US$80 billion of new reactors in the U.S. using Westinghouse technology, including profit‑sharing mechanisms [10].

• New Fuel Supply Contracts & Licensing Extensions: Westinghouse signed a fuel‑supply agreement with MVM Group (Hungary) for VVER‑440 reloads from 2028 onwards [11]. An extension of the AP1000® design certification to 2046 enhances the long‑term licensing basis for reactor builds [12].

• SMR / Modular Reactor Partnerships & Supply‑Chain Build‑Out: Westinghouse has signed MoUs with six UK suppliers to support its AP1000® and AP300™ reactor technology roll‑out, strengthening its modular reactor readiness and supply‑chain footprint [13].

• Reactor‑Build Programs in U.S. and Europe: Together these developments provide an expanded service and fuel‑supply pipeline for Cameco via Westinghouse, anchoring downstream demand.

Bearish / Headwind Factors:

• Execution Risk from Large‑Scale Reactor Projects: Large new‑build programs (such as AP1000® deployments) historically involve schedule delays and cost overruns, which could delay expected cash flows.

• Market, Regulatory & Supply‑Chain Risks: Reactor programmes remain exposed to permitting, grid‑integration, competition, and geopolitical risk which could affect timing and margins.

• Inflationary Pressures: Rising labour, materials and energy costs could compress margins if not passed through contracts.

Implications:
Westinghouse strengthens Cameco’s vertical integration, diversifies revenue streams beyond commodity exposure, and underpins long‑term demand for both upstream uranium and fuel‑services. While near‑term volatility remains possible due to execution or regulatory timing risks, the structural demand from reactor builds, licensing extensions and fuel‑contract visibility supports a favorable medium‑ to long‑term growth trajectory for Cameco.

Financial Management and Capital Discipline

Cameco’s financial profile over 2021-2025 reflects a deliberate shift toward capital efficiency, stronger cash generation, and conservative leverage. The company’s ability to fund growth internally while maintaining balance sheet strength underscores the disciplined financial management underpinning its uranium, fuel services, and Westinghouse operations.

Free Cash Flow (FCF) Dynamics

Cameco’s financial profile over 2021–2025 reflects a deliberate shift toward capital efficiency, stronger cash generation, and conservative leverage. The company’s ability to fund growth internally while maintaining balance sheet strength underscores the disciplined financial management underpinning its uranium, fuel services, and Westinghouse operations.

• 2021-2022: Transition Years
  Free cash flow was volatile, ranging from +$171.8 million (Q3 2021) to -$89.8 million (Q3 2022). The negative outlier in 2022 reflected working capital absorption tied to inventory build-up and timing of deliveries rather than structural weakness. Capex remained modest at $30–40 million per quarter, primarily sustaining upstream operations.

• 2023–2024: Structural Improvement
  Cash generation improved sharply, with consistent quarterly FCF above $140 million in late 2023 and a peak of $465 million in Q4 2024 - Cameco’s strongest cash quarter in five years. This surge coincided with record uranium segment margins and rising contributions from the newly consolidated Westinghouse business.

• 2025 YTD: Continued Strength
  Through Q3 2025, FCF has remained positive in all quarters ($53–$390 million), demonstrating resilience even amid uranium price volatility. This sustained FCF performance positions Cameco to self-fund growth initiatives and capital programs without increasing debt reliance.

Key Indicator: Cumulative free cash flow generation since 2023 exceeds $1.2 billion, marking a decisive turn from prior years’ variability to sustained cash generation.

Capital Structure and Leverage

Cameco has maintained a conservatively levered balance sheet throughout the period. The debt-to-capital ratio declined from ~17% in 2021 to ~13% by Q3 2025, reflecting both stronger equity capital and prudent debt management.

• Debt Profile Stability:
  Long-term debt has remained largely unchanged near CAD 1.0 billion, except for temporary increases in Q3 2023–Q2 2024 (peaking at CAD 1.4 billion) associated with the Westinghouse acquisition financing. These were subsequently reduced as FCF strengthened and integration cash flows stabilized.

• Equity Expansion:
  Shareholder equity rose from CAD 4.9 billion (2021) to CAD 6.8 billion (Q3 2025) - an increase of nearly 40%, driven by retained earnings and share issuances in 2022–2023 to support growth investments.

Key Indicator: Leverage (Debt / [Debt + Equity]) peaked at 18.1% in Q2 2024 during the Westinghouse acquisition, then normalized to 12.8% by Q3 2025, confirming management’s commitment to restoring balance sheet flexibility post-acquisition.

Earnings and Shareholder Returns

Earnings per share (EPS) trends reflect both operational recovery and portfolio diversification.

• 2021–2022:
  Cameco reported small net losses in several quarters due to low uranium prices and purchase-heavy cost structures, with EPS bottoming at –$0.18 in Q3 2021.

• 2023–2024:
  Profitability improved materially with higher realized prices and greater mine utilization. EPS averaged $0.10–$0.40 per quarter, peaking at $0.43 in Q4 2023, coinciding with strong uranium and fuel services margins.

• 2025 YTD:
  Results have shown continued improvement, led by strong contributions from Westinghouse. EPS reached $0.74 in Q2 2025, Cameco’s highest quarterly figure since 2011, before moderating in Q3 as delivery timing normalized.

Key Indicator: Weighted average shares increased from ~397 million (2021) to ~435 million (2025), primarily from the Westinghouse transaction-related issuance. However, per-share earnings growth outpaced dilution, reflecting genuine profitability improvement.

Conclusion and Overall Summary

Near‑Term Outlook (2025‑2026):
Cameco is positioned to benefit from its vertically integrated model in the near term: its upstream uranium business enjoys low‑cost production and a strong contract‑backed pricing profile (even with low spot prices) which should help protect margins. Its downstream Fuel Services business delivers predictable earnings, and its stake in Westinghouse Electric Company adds a technology-and-services layer that smooths earnings volatility. With more than ~457 million pounds of proven and probable uranium reserves as of end‑2024, Cameco stands among the larger dedicated uranium producers in the world.

For investors, this means: expect relative stability in earnings and cash flow, even if spot uranium prices fluctuate, plus modest margin improvement from contract re‑pricing and improved downstream throughput. However, watch for short‑term volume or timing disruption (e.g., maintenance, supply chain or contract delivery shifts) and cost pressures (energy, labour) that could temper upside.

Medium‑Term Growth (2027‑2030+):
Over the medium term, the big opportunity lies in structural demand growth in nuclear power (new reactor builds, fuel reloads, SMRs), supply constraints (from conversion/fabrication/upstream capacity), and the synergy of Cameco’s integrated business model (own mining → own downstream services → reactor technology via Westinghouse). This gives the company the potential for meaningful margin expansion and scale-up of earnings beyond commodity-driven cycles. The large reserve base (~457 million lb) provides a long runway of supply security, supporting higher utilisation and favourable contract positioning. For investors, this suggests the potential for compound cash-flow growth and stronger alignment with long-term nuclear sector growth.

Key Investor Takeaway:
Cameco offers a compelling risk‑reward mix: near-term resilience and margin protection through contracts and integration, and medium-term growth upside from structural nuclear trends and the company’s large reserve and service footprint. The reason for investing in Cameco is less about pure spot-commodity speculation and more about buying into a business model that captures multiple value points along the nuclear fuel chain, backed by one of the stronger reserve bases in the industry.

References

[1] White, J. (2025) “Uranium Bull Market Reawakens” Sprott.com, 9 June 2025

[2] Hodgson, C. (2025) “Uranium shortfall threatens nuclear energy renaissance, industry warned” FT.com, 5 Sep 2025

[3] Williams, G. (2025) “Cameco, Kazatomprom Production Cuts Stoke Uranium Market Tightness” Investingnews.com, 29 Aug 2025

[4] Enerdata (2025) “Kazaktomprom Plans to Reduce by 10% its Uranium Production in 2025” Enerdata.net, 26 Aug 2025

[5] Xinhua (2025) “Kazakh National Atomic Company Boosts Uranium Output by 12 pct in First Nine Months” English.news.cn, 4 Nov 2025

[6] Cameco (2025) “2025 Q3 MD&A Financial Statements and Notes” Cameco.com, 5 Nov 2025

[7] Cameco (2025) “Cameco announces Third Quarter Results” Cameco.com, 5 Nov 2025

[8] Velasco, ER (2025) “Cameco Narrows Sales Guidance on Breakeven Q3 2025” TheDeepDive.ca, 5 Nov 2025

[9] Charles, R. (2025) “What You Need to Understand About the Nuclear Sector Before You Invest in Uranium” CruxInvestor.com, 14 Oct 2025

[10] Walton, R. (2025) “US partners with Westinghouse, Cameco and Brookfield on $80B nuclear deployment” Utilitydive.com, 28 Oct 2025

[11] Westinghouse Electric Company (2025) “Westinghouse and Hungary Establish Landmark Nuclear Fuel Partnership” Info.westinghouse.nuclear.com, 8 Nov 2025

[12] Westinghouse Electric Company (2025) “Westinghouse AP1000® Design Receives US Licensing Extension to 2046” Info.westinghouse.nuclear.com, 26 Aug 2025

[13] Westinghouse Electric Company (2025) “Westinghouse Expands Supply Chain with Six UK Companies” Info.westinghouse.nuclear.com, 3 Sep 2025