Cameco is reporting a net loss of $5 million and an adjusted net loss of $29 million for the first quarter of 2021.
The loss comes as the Cigar Lake mine was temporarily shutdown from December to April over COVID-19 concerns.
The uranium producer did continue to pay its employees.
The mine shut down cost $33 million, but that $12 million was recovered through the Canadian Employment Wage Subsidy.
The Cigar Lake mine did restart last month, sending its first shipment of ore to the McClean Lake mill at the end of April.
Cameco is crediting the vaccine rollout in Northern Saskatchewan for it to operate with greater safety and certainty.
It was able to procure an additional nine million pounds of uranium to fulfill contracts.
The company was not in a position to provide an additional 2021 outlook as it does not know the production rate at the Cigar Lake mine.