For the quarter ended 31 March, revenues dropped by 6% to C$419m from C$444m in the last year period.

Cameco president and CEO Tim Gitzel said, "Our operations continued to perform well, with the highlight being the startup of production at the Cigar Lake mine.

"While we do not expect improvement in the near to medium term, the long-term outlook for the industry remains strong, and we’re making efficient use of our resources to be ready for that future growth."

During the quarter, Cameco’s uranium sales volume increased 35% to 6.9 million pounds from 5.1 million pounds last year, while average realized uranium price decreased 5% to C$50.58 per pound primarily due to the weakening of the Canadian dollar.

In January, Cameco agreed to sell its 31.6% stake in Bruce Power to BPC Generation Infrastructure Trust (Borealis) for C$450m.