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Grant Isaac

President & Chief Operating Officer, Cameco Corporation

Search every verified Grant Isaac interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Grant Isaac, president and chief operating officer of Cameco, discussed the company’s outlook and the broader nuclear industry during Cameco’s Q2 2026 earnings call on July 26, 2026. He stated that the industry is not yet at replacement-rate demand, with utilities not collectively purchasing enough uranium to offset consumption under existing contracts, despite a long-term uranium price in the mid-90s that he said was likely to reach three digits. Isaac also described market-related contract terms, noting floor prices in the high 70s and ceiling prices at 160, both escalated, while saying Cameco remains disciplined in its contracting approach rather than discounting terms to win business. In a June 28, 2026 interview with CTV News, Isaac commented on Canada’s federal nuclear strategy, which aims to build up to 10 new reactors domestically and expand reactor exports. He welcomed the strategy, saying it positions Canada favorably for global demand for nuclear power and fuel. Isaac noted that 92% of the world’s reactors and 71 of 73 reactors under construction use light water reactor technology, such as Cameco’s AP1000, and argued that utilities prefer design-ready, deployment-ready reactors. He said that if a utility chose the AP1000, long-lead item ordering and engineering, procurement, and construction contracts could begin immediately. Isaac also said the nuclear industry should be industry-led and government-enabled, with industry responsible for de-risking the fuel cycle and new build opportunities.

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“What's different this time is it's no longer an inventory story. That secondary supply of material, that historic shock absorber is gone this time and it needs to be replaced by fresh production that is riskier than bringing secondary supply to the market. And risk just means there has to be a higher price to pay for that risk. So more contracting at a stronger price will convert more of those resources to reserves a”

“The uniqueness of uranium is summed up by the fact that it is a commodity with basically zero fundamental in-year demand. There is not a reactor on the planet that is loading a fuel bundle in the next 12 to 18 months that has not already procured the uranium. So what you have is you have a commodity for which in the next 12 to 18 months your primary consumer doesn't need it because they've already procured it.”

“spot market exposure is a terrible idea. It's always been a terrible idea because there's no fundamental in-year demand for uranium.”

“70% of the volumes contracted in 2025 are already pricing uranium at three-digit prices. And what I mean there is there's no utility on the planet that is running a distribution through the floors and ceilings, you know, and trying to get a contract approved by saying, 'Look, here we've got a great deal. You know, we get 10% of the downside in a price move and Cameco gets 90% of the upside.' They're running a normal ”

“We never sell a single pound into the spot market. So our response is you know is a couple of things. First of all Cameco never misses the market. Like this this notion that the the spot price will rise and and Cameco doesn't get the advantage of that spot price. It it's not true. Spot price goes up. Spot price push pressure on floors and upward pressure on floors and ceilings. We just tip simply take those spot mome”

“The spot market is not the market. And I think we can illustrate this. You put together a great set of slides for us all the time. And the slide that you see me reference constantly is the one that has uncovered requirements on one side and supply on the other. In the uncovered requirements wedge, we spend a lot of time talking about it because that's that shaded area of demand that's yet to come to the market. And i”

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