Cameco Corporation · TSX:CCO
Cameco — Investor Presentation (July 2024)
35 slides from Cameco's investor presentation, Jul 30, 2024
Slide 1: Investor Presentation
Slide 2: Forward-looking information and IR contacts
Please note that statements made in this handout, including statements regarding the outlook, company's objectives, projections, estimates, expectations or predictions, contain forward-looking information and statements within the meaning of applicable Canadian and U.S. securities laws. The company
Slide 3: Company Overview: Vision and Strategy
Energizing a clean-air world Company Overview Q2 2024 Vision and Strategy ae Energlting a clean-air world Centered on our values * Our vision is aligned with the world’s growing need for clean, affordable and secure energy solutions. + We believe our strategy of contracting discipline, rie eae opera
Slide 4: Cameco Corporation
Cameco Corporation Operating and invested across the nuclear fuel cycle ¢ Cameco Tier One Uranium Operations McArthur Key Lake World's Highest-Grade Uranium Mine Licensed Capacity (100%). 18M ibsiyr 25M Ibs/yr Favourable Market Fundamentals Cameco strategically positioned The World's Uranium Mine/Mi
Slide 5: Net-zero Carbon Targets
Net-zero Carbon Targets we Global attention on a triple challenge Energizing a clean-alr world Energy Poverty Thermal Replacement Electrifying Industry + Lift 1/3 of the global + Replace up to 80% of the * Global power grids must population out of energy current global grid running grow by electrify
Slide 6: Global Focus on Clean Energy
Global Focus on Nuclear is essential for the transition to a low-carbon economy - of climate change, providing safe, affordable, reliable, _ >140 countries Policymakers have set net-zero implementing targets, strategies to >9,000 increase supply businesses of responsibly have committed — sourced cri
Slide 7: Growing Support for Nuclear
Growing Support for Nuclear Bae Full-cycle demand continues to improve with ongoing policy support Energizing a clean-air world Second Quarter 2024 eC meco Tech Sector Needs Reliable Energy ..4 Nuclear represents the only carbon-free, reliable solution Energizing a clean-air wortd Estimated Electric
Slide 8: Strong Nuclear Power Outlook
Strong Nuclear Power Outlook © Cameco Increased term contracting, improving market prices Energizing a clean-air world Price Increases Growth from New Reactors Demand Increasing re Across the Fuel Cycle $19). —eeetitanm Spo mee Urano Term chino i 25 + Reversal of early be en 184%" Near-Term retireme
Slide 9: Geopolitical Uncertainty
Geopolitical Uncertainty ae. Security of supply driving shift in growth plans Enongicing e clasn-eicwerid 12% 2024 Uranium Niger Production ¢ A RUSSIA (estimate) Rest of World 1 55 M ibs Russia 2024 Conversion il Production Rest of World {estimate} 78% 5 4 Mkgu Russia 2024 Enrichment 36% Production
Slide 10: Uranium Market Fundamentals
* CO) Uranium Market Fundamentals we Driving contracting interest, moving toward replacement rate Energizing a clean-air world Utility Uncovered Uranium Requirements Supply Outlook is Uncertain ~ 2.1 billion Ib. through 2040 (~60% uncovered) Structural Primary & Secondary Supply Gap Milton Io. Us0s
Slide 11: Operationally Flexible Supply
+ Productive capacity missing the long-term contracting cycle leads to value-destructive spot sales © Operationally Flexible Supply Cameco Align production with market opportunities and contracts Energizing a clean-air world + Spot is thinly-traded, one-time and discretionary + Multi-year requiremen
Slide 12: Future Uranium Supply and Active Long-Term Contracting
Future Uranium Supply © Cameco Production response challenges— proven producer advantages Energizing a clean-air world Cameco: —_ A proven producer Producers a a | with experience and Proven demonstrated assets Permitted Mine Proven Mine ing Industrial astructure Existing Mining Workforce E ik) Q Q
Slide 13: Contracting Drives Supply
Contracting Drives Supply Bae Tier-one supply to match commitments, new phase of supply discipline — Snersizing’ clean-sirwortd 2024 Li ed it Operation (M Ib, our share) ris seetont , McArthur River/Key 12.6 17.5 ake 18.@ 100% 25@100% [YAEL 1 (our share of tier-one Ek Cigar Lake 9.8 9.8 licensed 18
Slide 14: Financial Strength
Financial Strength Bit Risk managed financial discipline Energizing a clean-air world iauidity’ Maintain strong balance sheet Liquidity $362 Million a . ji 7 . ‘ Cash + With improving prices, transition to tier-one costs, and increasing production, expecting strong cash flow generation in 2024 + Nav
Slide 15: Environment, Social, Governance
Environment, Social, Governance Bd ESG integrated into all aspects of our business Energizing 3 clean-air world 100% of our product goes to producing carbon-free, base-load electricity Learn more > www. cameco.com/esg Second Quarter 2024 25 Our locations fo Global presence across the fuel cycle Ener
Slide 16: Focus on Value
Focus on Value ae. Well positioned for future demand with world-class, tier-one Assets Energizing a clean-air wortd Cameco’s Share 485 mins Proven & Probable 409 M Ibs Measured & Indicated i Resources v Extensive reserves and resources v Diversified supply v Decisions driven by contracting success 1
Slide 17: Cigar Lake and JV Inkai
Cigar Lake de World-class, high-grade uranium mine Proven and Probable Reserves! Average grade U0, 113.8 M Ibs 17.03% Cameco’s Share Production 2023 production: A) J pia 15.1M IDS (100% basis) 7 s Ne 2024 outlook: =z 7 = —F 18.0 M IDS (100% basis) Nig BA. 5% JV Inkai ¢ Cameco A significant source of
Slide 18: Fuel Services Division and Westinghouse
Blind River Refinery Port Hope Conversion Facility Cameco Fuel Manufacturing Inc. Cameco’s Share CS /) (100 0 — Fuel Services Division Refining, conversion and fuel manufacturing ¢ Cameco Energlting a clean-air world Production aed lo" iS 2023 production: 13.3 M KgU 2024 outlook: 13.5 - 14.5 M KgU W
Slide 19: Westinghouse Acquisition: Strategic rationale
Strategic rationale = Westinghouse Acquisition @ Cameco Energizing a clean-air wortd & Platform for Reliable and Secure Accretive on Participation Across Enhanced Strategic Growth Fuel Supplies Key Metrics Nuclear Fuel Cycle Financial Strength Strategic Partnership: Complements Expectedto be Expecte
Slide 20: Exploration
Exploration Focused on the most prospective trends in the Athabasca Basin Alberta ATHABASCA:-BASIN ¢ Cameco Energizing a clean-air world Significant land position * 650,000 hectares of Cameco and JV-operated properties History of exploration success « Uranium prospects and undeveloped deposits on do
Slide 21: Additional Mine Information and Reference Figures
Additional Mine Information and Reference Figures 21
Slide 22: Athabasca Basin uranium deposit model
ON DH onID euojspues erseqeyly ojey voResayy vogezyeseulw WwnuEl) japow yisodeq wniuein eoseqeuy i] winiuuet|W\ 22
Slide 23: McArthur River - Raise Bore Mining System
McArthur River - Raise Bore Mining System -—— Freezing __ Pilot hole ~. Reaming |) head Staggered raises VA aN \ : if, SS J _ Backfill cement by @ Cameco 23
Slide 24: McArthur River - Underground Ore Processing
McArthur River nd Freezing LIT McArthur River - Underground Ore Processing To ore loadout From raise bore on surface L__] — Grizzly screen Sorted ore Ore slurry Ore slurry hoisting pump Grizzly x hoisting pump Grinding mill mill ' [wo om Thickener 2) mae | 24
Slide 25: Cigar Lake - Jet Bore Mining System
Cigar Lake - Jet Bore Mining System (JBS) + Orebody frozen prior to mining Water jet + Ore removed using high-pressure water jet + Cavity monitored using survey equipment + Cavity backfilled with concrete + Ore slurry contained to control radiation, eliminate dust Blade screen Slurry sandstone minin
Slide 26: Cigar Lake - Underground Ore Processing
Cigar Lake - U nd Ore Processing From Jet Boring Machine To ore loadout on surface Ore slurry hoisting pump Ball mill i) .« w Clarifier mu »_| ROMs North ROM South ROM Cam trian Tunneling Method (NATM) + Overall time to develop a cross cut similar to tunnel boring - Adaptive ground support, varies w
Slide 27: Freeze hole specifications
Freeze hole specifications + 462 m long, overburden to ~40 m + ~8 - 10 days / drill hole + required accuracy of ~1.5 m + 100 - 120 holes / production panel Timeline + ~1.5 - 2 years to drill, outfit and activate a production panel + freezing takes 2 - 5 years, depending on hole spacing and ground co
Slide 28: Inkai in-situ recovery process
OOOUI) ®) = 119M Buono) Jayinbe 1aM0} 2 []2M uo INpold © r jjem uoNdafu| & sake} Suluyuod 42M0} at = sduuind BR | auojspues ayqyssowiqns =2h a eB 3SOH pue suaaing 23 SS ee 35 a a gs sake} 3 S= = Suiulyuod go Fy saddn ma 2. Ss ¢ B Fs 3 E 2 z & = s & 4 FF eS a | $ sjoaei3 pue £ sAej> ‘spues 3 Ey aiqea
Slide 29: Mineral reserves
Mineral reserves As of December 31, 2023 (100% – only the shaded column shows our share) PROVEN AND PROBABLE (tonnes in thousands; pounds in millions) OUR SHARE PROVEN PROBABLE TOTAL MINERAL RESERVES RESERVES MINING GRADE CONTENT GRADE CONTENT GRADE CONTENT CONTENT METALLURGICAL PROPERTY METHOD TONN
Slide 30: Mineral resources
Mineral resources As of December 31, 2023 (100% – only the shaded columns show our share) MEASURED, INDICATED AND INFERRED (tonnes in thousands; pounds in millions) OUR OUR MEASURED RESOURCES (M) INDICATED RESOURCES (I) SHARE INFERRED RESOURCES SHARE TOTAL M+I TOTAL M+I INFERRED GRADE CONTENT GRADE
Slide 31: Caution About Forward-Looking Information
Caution About Forward-Looking Information Statements contained in this presentation include statements and information about our expectations for the future. When we discuss our strategy, plans and future financial and operating performance, or other things that have not yet taken place, we are maki
Slide 32: Forward-looking information assumptions and risks
public perception of the safety of nuclear energy; our ability to continue to supply our products and services in the expected quantities and at the expected times; production levels; costs, including production and purchase costs; the success of our plans and strategies; market conditions and other
Slide 33: Qualified persons
Qualified persons The technical and scientific information discussed in this presentation for our material properties (McArthur River/Key Lake, Cigar Lake and Inkai) was approved by the following individuals who are qualified persons for the purposes of NI 43-101: MCARTHUR RIVER/KEY LAKE Greg Murd
Slide 34: Nuclear Fuel Cycle
Nuclear Fuel Cycle Lies WaTBA REACTORS >>) i) 15] +6 1) 12 ) pe 13) 5 a ENRICHMENT CONVERSION OF FUEL LIGHT WATER beet io OF OF Urs ENRICHED FABRICATION REACTORS SPENT FUEL u _UFsinto Uo: fl STORAGE Global Laser Perea Westinghouse t-snalnaiy e © @ ® u aii EXPLORATION — MINING + MILLING REFINING U:0e
Slide 35: Energizing a clean-air world
Energizing a clean-air world