Uranium mining resurgence: Cameco and Wheaton Precious Metals

What happened: Cameco, the world's second-largest uranium miner, has seen a resurgence in its stock price, gaining over 10% in April 2026 alone. This is driven by strong Q1 2026 earnings, with EPS growth of 88% year-over-year. The company's diversified operations across uranium, nuclear fuel, and technology, along with its exposure to the nuclear fuel cycle, have attracted investors. Additionally, Cameco's 49% stake in Westinghouse Electric and its position as the largest Western-aligned uranium miner have further bolstered its appeal.

Market impact: The uranium mining sector has seen increased interest, with Cameco emerging as a top pick among energy stocks. This narrative is pushing up uranium prices, benefiting other uranium miners like Wheaton Precious Metals. The resurgence in nuclear energy, driven by global demand and geopolitical factors, is also positively impacting nuclear energy companies like Constellation Energy and BWX Technologies. The energy sector is seeing a shift towards cleaner, more secure sources, with nuclear power playing a significant role.

What to watch next: Cameco's Q2 2026 earnings, scheduled for late July 2026, will provide insight into the sustainability of its recent performance. Additionally, the U.S. Department of Energy's decision on uranium reserve purchases, expected in Q3 2026, could further boost Cameco's stock price. Lastly, the progress of Oklo's microreactors could indicate the potential for smaller, cheaper nuclear reactors, further driving demand for uranium.