Slide 1: 2025 Q3 Conference Call
2025 Q3 Conference Call
Slide 2: Forward-Looking Information Caution
Forward-Looking Information Caution This presentation includes forward-looking information or forward-looking statements under Canadian and U.S. securities laws, which we refer to as “forward-looking information”. Forward-looking information can generally be identified by the use of words such as “a
Slide 3: 2025 Q3 Conference Call
2025 Q3 Conference Call
Slide 4: Westinghouse: Transformational partnership with United States Government
3) Westinghouse ©@ Cameco Transformational partnership with United States Government + Binding term sheet signed: On October 28, 2025, a strategic partnership was announced between Cameco, Brookfield, and the US Department of Commerce is expected to accelerate global deployment of Westinghouse nucle
Slide 5: Fueling a Secure Energy Future
Fueling a Secure Energy Future Operations and investments across the fuel and reactor life cycles © cnrnareo cameco assers @ Non-oPERATED CAMECO ASSETS @ NoN-cameco activiriEs > ° ° > > o > = Light water reactors ~ ENRICHMENT | co! FUEL LIGHT WATER SPENT FUEL OF UF, oF FABRICATION REACTORS STORAGE U
Slide 6: Balanced and Disciplined Strategy
Balanced and Disciplined Strategy Contract portfolio informs supply decisions © Cameco Strategically-aligned contracting discipline * Strategically patient long-term contracting + Balanced portfolio + Optimize market-related Operationally-flexible supply discipline + Align production with contract p
Slide 7: Production Update
2025 Production Update Supply to match commitments, continued supply discipline ceases r River! Lee pe eee a Annual production outlook ey Lake Je @ (our share) 78 o8 Up to 20 mibs i oy use) 4 iously 22.4 M Ib @ 100% Cigar Lake 14.3 @ 100% 18 @ 100% i aa @ *) Annual JV Inkai purchase allocation ; 3.7
Slide 8: Outlook Update
2025 Outlook Update Supply sourcing flexibility, one of many competitive advantages CONSOLIDATED URANIUM FUEL SERVICES WESTINGHOUSE Production (owned and operated properties) - up to 20 million Ib 13 to 14 million kgU - Market purchases - up to 1 million Ib - = Committed purchases (including Inkai)
Slide 9: Third Quarter Highlights
2025 Third Quarter Highlights Strategy delivering strong performance Strong Q3 2025 results All key financial metrics reported strong performance for first nine months Annual ARP in uranium and fuel services trending up, aligned with LT contracting strategy Accelerated plan to grow dividend; declare
Slide 10: Financial Strength
Financial Strength Risk managed financial discipline Liquidity’ $779 ition Cash $4 Billion Undrawn credit facility Total debt" ~$4 0 Billion Credit ratings S&P: BBB DBRS: BBB Moody’s: Baa2 Maintain strong balance sheet « Returned to tier-one cost structure and production levels, expecting strong cas
Slide 11: Cameco Corporation: Tier One Uranium Operations
Cameco Corporation Tier One Uranium Operations Operating and invested across the nuclear fuel cycle Fuel Services McArthur River (69.6%) Key Lake (63 3%) Saskatchewan, Canada The World's Largest, High-Grade Uranium Mine/Mill Licensed Capacity (100%): 25 M Ib/yr Cigar Lake (54 5%) Saskatchewan, Canad
Slide 12: Cameco Investor Relations
& Cameco Investor Relations @ Investor_Requests@cameco.com 2121 11 Street West Saskatoon, Saskatchewan cameco.com | cco. .
Slide 13: Westinghouse
Westinghouse © Illustrative framework; CAGR expected to grow with more FIDs Cameco + Nth-of-a-kind estimated cost to build an AP1000 reactor in the US: $6 billion - $8 billion US* . “ * Engineering and | _ procurement work . “ performed by WEC:25%- 40% of total plant cost, ” depending on scope proje