Slide 1: Investor Presentation
Investor Presentation & . Cameco
Slide 2: Investor relations contacts
Cory Kos VICE-PRESIDENT, INVESTOR RELATIONS 306.716.6782, cory_kos@cameco.com Teagan Sloboshan SPECIALIST, INVESTOR RELATIONS 306.385.3620, teagan_sloboshan@cameco.com www.cameco.com Q1 2026 Financial and outlook information as of March 31, 2026 Mineral Reserve and Resource Estimates as of December
Slide 3: 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 4: Material assumptions regarding forward-looking information
We have made material assumptions regarding: our ability to manage our costs, risks and operations; sales and purchase volumes and prices for uranium and fuel services; trade restrictions; that counterparties to our sales and purchase agreements will honour their commitments; the demand for and supp
Slide 5: Solid start to 2026: First Quarter Highlights
Solid start to 2026 Uranium segment Fuel services segment Westinghouse segment 2026 / First Quarter Highlights ©@ Disciplined strategy, performance as expected Cameco Reported solid financial performance for Q1, consistent with annual expectations Guidance unchanged — no updates to our previously re
Slide 6: Cameco Overview
CAMECO OVERVIEW 2026 • Q1 PAGE 6
Slide 7: Table of Contents
CAMECO OVERVIEW Table of Contents Cameco Overview....................................................................................... 8 Nuclear Industry.......................................................................................... 10 Nuclear Fuel Market................................
Slide 8: Cameco Overview
CAMECO OVERVIEW 2026 • Q1 PAGE 8
Slide 9: Cameco Overview
CAMECO OVERVIEW 2026 • Q1 PAGE 9
Slide 10: Nuclear Industry
NUCLEAR INDUSTRY 2026 • Q1 PAGE 10
Slide 11: Nuclear Industry
NUCLEAR INDUSTRY 2026 • Q1 PAGE 11
Slide 12: Nuclear Industry
NUCLEAR INDUSTRY 2026 • Q1 PAGE 12
Slide 13: Nuclear Industry
NUCLEAR INDUSTRY 2026 • Q1 PAGE 13
Slide 14: Nuclear Industry
NUCLEAR INDUSTRY 2026 • Q1 PAGE 14
Slide 15: Nuclear Industry
NUCLEAR INDUSTRY 2026 • Q1 PAGE 15
Slide 16: Nuclear Fuel Market
NUCLEAR FUEL MARKET 2026 • Q1 PAGE 16
Slide 17: Nuclear Fuel Market
NUCLEAR FUEL MARKET 2026 • Q1 PAGE 17
Slide 18: Nuclear Fuel Market
NUCLEAR FUEL MARKET 2026 • Q1 PAGE 18
Slide 19: Nuclear Fuel Market
NUCLEAR FUEL MARKET 2026 • Q1 PAGE 19
Slide 20: Nuclear Fuel Market
NUCLEAR FUEL MARKET 2026 • Q1 PAGE 20
Slide 21: Nuclear Fuel Market
NUCLEAR FUEL MARKET 2026 • Q1 PAGE 21
Slide 22: Nuclear Fuel Market
NUCLEAR FUEL MARKET 2026 • Q1 PAGE 22
Slide 23: Cameco's Strategy
CAMECO’S STRATEGY 2026 • Q1 PAGE 23
Slide 24: Strategy: Contracting Discipline
STRATEGY: CONTRACTING DISCIPLINE 2026 • Q1 PAGE 24
Slide 25: Strategy: Contracting Discipline
STRATEGY: CONTRACTING DISCIPLINE 2026 • Q1 PAGE 25
Slide 26: Strategy: Contracting Discipline
STRATEGY: CONTRACTING DISCIPLINE 2026 • Q1 PAGE 26
Slide 27: Strategy: Contracting Discipline
STRATEGY: CONTRACTING DISCIPLINE 2026 • Q1 PAGE 27
Slide 28: Strategy: Contracting Discipline
STRATEGY: CONTRACTING DISCIPLINE 2026 • Q1 PAGE 28
Slide 29: Strategy: Operational Discipline
STRATEGY: OPERATIONAL DISCIPLINE 2026 • Q1 PAGE 29
Slide 30: Strategy: Operational Discipline
STRATEGY: OPERATIONAL DISCIPLINE 2026 • Q1 PAGE 30
Slide 31: Strategy: Operational Discipline
STRATEGY: OPERATIONAL DISCIPLINE 2026 • Q1 PAGE 31
Slide 32: Strategy: Financial Discipline
STRATEGY: FINANCIAL DISCIPLINE 2026 • Q1 PAGE 32
Slide 33: Strategy: Financial Discipline
STRATEGY: FINANCIAL DISCIPLINE 2026 • Q1 PAGE 33
Slide 34: Mining Operations
MINING OPERATIONS 2026 • Q1 PAGE 34
Slide 35: Mining Operations
MINING OPERATIONS 2026 • Q1 PAGE 35
Slide 36: Mining Operations
MINING OPERATIONS 2026 • Q1 PAGE 36
Slide 37: Mining Operations
MINING OPERATIONS 2026 • Q1 PAGE 37
Slide 38: Mining Operations
MINING OPERATIONS 2026 • Q1 PAGE 38
Slide 39: Fuel Services
FUEL SERVICES 2026 • Q1 PAGE 39
Slide 40: Fuel Cycle Investments: WEC
FUEL CYCLE INVESTMENTS: WEC 2026 • Q1 PAGE 40
Slide 41: Fuel Cycle Investments: WEC
FUEL CYCLE INVESTMENTS: WEC 2026 • Q1 PAGE 41
Slide 42: Fuel Cycle Investments: WEC
FUEL CYCLE INVESTMENTS: WEC 2026 • Q1 PAGE 42
Slide 43: Fuel Cycle Investments: WEC
FUEL CYCLE INVESTMENTS: WEC 2026 • Q1 PAGE 43
Slide 44: Fuel Cycle Investments: WEC
FUEL CYCLE INVESTMENTS: WEC 2026 • Q1 PAGE 44
Slide 45: Fuel Cycle Investments: WEC
FUEL CYCLE INVESTMENTS: WEC 2026 • Q1 PAGE 45
Slide 46: Fuel Cycle Investments: WEC
FUEL CYCLE INVESTMENTS: WEC 2026 • Q1 PAGE 46
Slide 47: Fuel Cycle Investments: WEC
FUEL CYCLE INVESTMENTS: WEC 2026 • Q1 PAGE 47
Slide 48: Fuel Cycle Investments: WEC
FUEL CYCLE INVESTMENTS: WEC 2026 • Q1 PAGE 48
Slide 49: Fuel Cycle Investments: GLE
FUEL CYCLE INVESTMENTS: GLE 2026 • Q1 PAGE 49
Slide 50: Financials
FI FINANCIALS 2026 • Q1 PAGE 50
Slide 51: Financials, Mineral Resources
FINANCIALS, Mineral Resources Measured, Indicated and Inferred (tonnes in thousands; pounds in millions) As of December 31, 2025 (100% — only the shaded column shows our share) TOTAL M+! TOTAL Mol INFERRED GRADE CONTENT GRADE CONTENT CONTENT CONTENT GRADE CONTENT CONTENT PROPERTY. TONNES _%U:0s _(LB
Slide 52: Qualified persons
Qualified persons The technical and scientific information discussed in this document for our material properties (McArthur River/Key Lake, Inkai and Cigar Lake) was approved by the following individuals who are qualified persons for the purposes of NI 43-101: MCARTHUR RIVER/KEY LAKE CIGAR LAKE INKA
Slide 53: Powering a Secure Energy Future
@ Powering a Secure Energy Future Cameco