Ah, sorry. My oversight. Here's an excerpt...

Summary

• The company posted a loss in 2020 and has committed sales volumes of only between 23 million and 25 million pounds of uranium for 2021.
• With its main mines closed, Cameco can make a profit through uranium market purchases only if spot prices keep under $40 per pound.
• Ironically, an increase in uranium prices would significantly increase its losses.
• The company's plan is to put McArthur River back into production when uranium prices recover, but I doubt this can be done.
• I continue to think that Cameco shouldn't be worth more than $800 million.

You just heard The Prayer for the Dead, my fellow stockholders, and you didn't say, "Amen." This company is dead. I didn't kill it. Don't blame me. It was dead when I got here. It's too late for prayers. For even if the prayers were answered, and a miracle occurred, and the yen did this, and the dollar did that, and the infrastructure did the other thing, we would still be dead. - Lawrence Garfield, Other People's Money (1991)

Introduction

Cameco (NYSE: CCJ) is a uranium company that currently produces no uranium and its story reminds me a lot of a fictional company in the movie Other People's Money called New England Wire & Cable Co.

Just like New England Wire & Cable, its best years are far behind it, investors have been hoping for several years that a change in the market will help it turn around its business, and the share price is soaring.

Cameco recently postedweak 2020 results and the outlook for 2021 is dim, yet I've been told numerous times that I was wrong in my latest bearish articleon SA because the share price keeps rising. Well, a soaring share price doesn't fix the fundamentals of the business and I continue to think Cameco is a sell.

Cameco's financial performance

In 2020, the company lost a total of C$53.2 million ($42 million). With the Cigar Lake mine closing twicedue to COVID-19, output was just five million pounds of uranium. With sales commitments of 30.6 million pounds, it was nearly impossible for the company to finish the year in the green. During 2020, Cameco incurred a total of C$196 million ($155 million) in care and maintenance costs, C$113 million ($89 million) in direct administration costs and C$96 million ($76 million) in finance costs.

seeking alpha article saying that CCJ losses would actually increase with increases in Uranium price. dont have time for a deep dive.   Cameco’s Future Grim After Poor 2020 Results (NYSE:CCJ) | Seeking Alpha