Shares of Saskatoon-based Cameco Corp. rose more than 20% last week after the company and Brookfield Asset Management Ltd. announced a partnership with the U.S. government to help build nuclear reactors in the United States.

Under the deal, the U.S. will arrange financing and facilitate permitting and approvals for at least US$80 billion worth of new Westinghouse nuclear reactors in the U.S.

Brookfield and Cameco acquired previously bankrupt Westinghouse in November 2023.

“We expect that the new build commitments from the U.S. will bolster broader confidence in the durable growth profile for nuclear power, and support increased demand for Westinghouse’s and Cameco’s products, services, and technologies,” Cameco CEO Tim Gitzel said in a statement. 

“This new partnership highlights the role that Westinghouse’s reactor technologies, based on fully designed, licenced, and operating reactors, are expected to play in the planned expansion of nuclear capacity and diversification of global nuclear supply chains.”

Cameco shares closed up $27.72, or 22.8%, at $148.98 in trading on the Toronto Stock Exchange, while Brookfield Asset Management class A shares gained 44¢ at C$76.85.

U.S. Commerce Secretary Howard Lutnick said the Trump administration is focused on ensuring the rapid development, deployment, and use of advanced nuclear technologies. 

“This historic partnership supports our national security objectives and enhances our critical infrastructure,” he said in a statement.

The partnership agreement will see the U.S. government receive a participation interest, which, once vested, will entitle it to 20% of any cash distributions above US$17.5 billion made by Westinghouse after its granting.

For the participation interest to take effect, the U.S. government must make a final investment decision and enter into definitive agreements to complete the construction of at least US$80 billion in new Westinghouse nuclear reactors in the U.S.

The U.S. government will also be entitled under certain circumstances to convert the participation interest into a warrant to buy shares in an initial public offering by Westinghouse equivalent to 20% of the public value of the company at the time, after deducting US$17.5 billion.

This report by The Canadian Press was first published Oct. 28, 2025.