Cameco, Orano sign game-changing 15-year contract with Rise Air

Cameco (TSX: CCO; NYSE: CCJ) and Orano Canada have entered into a groundbreaking 15-year agreement valued at around $500 million with Rise Air, an Indigenous-owned airline, to handle transportation services for their operations in northern Saskatchewan.

This long-term deal represents the most significant commitment from the companies, evolving their partnership dating back to 1993 with Orano (formerly COGEMA) and shortly after with Cameco. Previously, agreements with Rise Air typically lasted three years or less.

Derek Nice, CEO of Rise Air, said: “Securing a 15-year agreement is truly transformative for Rise Air. It means we can plan for the future with confidence — investing in modern equipment, upgrading our facilities, and expanding hiring and training. Most importantly, it allows us to focus on building long-term careers for residents of northern Saskatchewan.”

This agreement reflects Cameco’s and Orano’s trust in Rise Air to fulfill their workforce transportation needs, which are vital for ongoing growth in the North.

Tim Gitzel, president and CEO of Cameco, commented: “We are proud to continue our long-standing relationship with Rise Air, a business owned by the Indigenous communities in the Athabasca Basin and dedicated to serving the North. Air transportation is critical to our operations in northern Saskatchewan. Without the ability to fly workers to our remote sites, we cannot operate. This contract ensures continued access to our sites through an exciting new fleet of aircraft. We are jointly committing to a long-term, mutually beneficial partnership focused on providing safe, reliable transportation for our workforce,”

Orano Canada remains dedicated to successful operations in northern Saskatchewan, which rely on strong, reliable supply chain partnerships.

Jim Corman, president and CEO of Orano Canada, said: “ “For years we have entrusted Rise Air to support our northern mines by safely moving our most precious resource: our people. The renewal of this long-standing partnership through the signing of a new contract signifies our confidence in Rise Air and our commitment to continuing to work together, as we prepare for the bright future ahead for the Saskatchewan uranium industry.”

As Saskatchewan’s largest regional airline, Rise Air serves a crucial role in connecting northern communities and boosting regional economic development. This new agreement promises stability, growth, and sustained collaboration for the future.

Coreen Sayazie, chief of Black Lake First Nation, stated: “Cameco and Orano have been partners for our communities and for our regional airline for many years. All three of these companies provide job opportunities and economic benefits into the North. By signing this 15-year agreement, it demonstrates a continued long-term investment, and as both a community leader and a community member, I am happy to see this type of long-term commitment formalized in this way.”

Rise Air is entirely Indigenous-owned, with Athabasca Basin Development and Prince Albert Development Corp as its owners, impacting 12 First Nations and four municipalities.

Vice Chief Joseph Tsannie with the Prince Albert Grand Council, said: “As an investor in Rise Air, Prince Albert Development Corporation is pleased to see this agreement take place. All three companies have demonstrated a commitment to investing in our people through creative initiatives such as the Dziret’ai Pilot Training Program. Signing this agreement today is the next phase in what has been an ongoing example of companies working together with our northern communities and investing in the North. We greatly appreciate the relationship with Cameco and Orano over many years and look forward to many more to come.”

Anne Robillard, chair of Athabasca Basin Development, said: “Athabasca Basin Development (ABD) has been working together with Cameco and Orano since ABD started over twenty years ago. They are both valued partners for many of our investments, and Rise Air is one of them. A 15-year commitment like this helps our companies plan important things like workforce training and strengthens one of our largest investments. When our investments are strong, it helps improve service and build wealth for our communities – a huge win for the Athabasca.”

More information is posted on www.Dameco.com, www.Orano.group/canada/en, and www.RiseAir.ca.