Kalkine’s “Global Critical Minerals Report” provides an overview of the minerals driving the global energy transition and advanced technologies. The report examines key regions including Australia, Canada, the United States, and the United Kingdom, covering the value chain from mining and refining to battery, semiconductor, and defence manufacturing.
The report analyses strategic raw-material supply chains and geopolitical resource positioning across global markets, highlighting how access to critical minerals is increasingly shaping national security, industrial policy, and economic competitiveness. It also evaluates the critical minerals value chain across upstream mining, midstream processing and refining, and downstream manufacturing, where supply concentration and processing bottlenecks continue to influence global supply dynamics.
As demand from electric vehicles, renewable energy infrastructure, AI hardware, and defence technologies continues to rise, governments and corporations are strengthening supply security through mining investments, strategic partnerships, and the development of domestic reserves. While the sector faces challenges such as long project development timelines and commodity price volatility, structural demand and supportive policy initiatives are expected to drive long-term growth across the critical minerals sector.
Image source: © 2026 Krish Capital Pty. Ltd., Analysis: Kalkine Group
Image source: © 2026 Krish Capital Pty. Ltd., Analysis: Kalkine Group
Amid elevated Market Volatility and Global Economic Headwinds, Cameco Corporation (TSX: CCO) stands out as our defensive pick within the Energy Sector, supported by rigorous fundamental and technical research.
Section1: Company Overview and Fundamental Insights:
Cameco Corporation (TSX: CCO) is one of the largest global providers of the uranium fuel needed to power a secure energy future. Our competitive position is based on our controlling ownership of the world's largest high-grade reserves and low-cost operations, as well as significant investments across the nuclear fuel cycle, including ownership interests in Westinghouse Electric Company and Global Laser Enrichment. Utilities around the world rely on Cameco to provide global nuclear fuel solutions for the generation of safe, reliable, carbon-free nuclear power. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan, Canada.
Kalkine’s “Global Critical Minerals Report” covers the Investment Highlights, Key Financial Metrics, Risks, Technical Analysis along with the Valuation, Target Price, and Recommendation on the stock.
The top 8 shareholders together form ~21.96% of the total shareholding. The Vanguard Group, Inc. and Mirae Asset Global Investments (USA) LLC hold a maximum stake in the company at ~4.10% and ~3.39%, respectively.
The company reported rising Gross Margin in Q4 2025 against pcp, which is a key positive. Along with this, the company also clocked higher Pretax ROA and Net Margin displaying its decent growth and operating efficiency.
Section 2: Business Updates and Financial Highlights
The picture below gives an overview of the company’s recent activity, such as an update on CAD 2.6 bn Long-Term Uranium Supply Deal with India.
Section 3: Key Risks and Company Outlook
Section 4: Stock Recommendation Summary
The stock has witnessed a downside of ~3.37% and an upside of ~18.93% over the last 1 week and 3 months respectively. Moreover, it is trading above the average 52-week high price of CAD 182.72 and 52-week low price of CAD 49.75, providing an opportunity to ride the trend.
Valuation Methodology: EV to Sales Based Relative Valuation (Illustrative)
Markets are trading in a highly volatile zone currently due to certain macroeconomic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is March 05, 2026. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.
Note 4: Dividend Yield may vary as per the stock price movement.
Note 5: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.
Technical Indicators Defined: -
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
Disclaimer-
This report (“Report”) has been issued by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and prepared by Kalkine and its related bodies corporate who are authorised to provide general financial product advice. Kalkine.com.au and its associated pages are published by Kalkine.
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Past performance is not a reliable indicator of future performance.
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