Cameco Corporation · TSX:CCO
Cameco — Q4 2023 Earnings Presentation
22 slides from Cameco's earnings presentation, Feb 8, 2024
Slide 1: 2023 Q4 Conference Call
2023 Q4 Conference Call February 8, 2024 1 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 b
Slide 2: Forward-Looking Information Caution
2023 Q4 Conference Call February 8, 2024 1 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 b
Slide 3: Strong Long-Term Fundamentals
Strong Long-Term Fundamentals Cameco strategically positioned • Growing Demand Driven By Uncertain Supply Cameco is Well-Positioned Global focus on: • Geopolitical / trade policy risk Strategy captures full-cycle value • Energy security • Ongoing transportation issues • Long-term contract portfolio
Slide 4: Demand Fundamentals
Strong Long-Term Fundamentals Cameco strategically positioned • Growing Demand Driven By Uncertain Supply Cameco is Well-Positioned Global focus on: • Geopolitical / trade policy risk Strategy captures full-cycle value • Energy security • Ongoing transportation issues • Long-term contract portfolio
Slide 5: Global Support for Nuclear
Global Support for Nuclear Full-cycle demand continues to improve with ongoing policy support Cameco Corporation - Q4 2023 Conference Call 5 5 Demand Fundamentals The demand picture is more durable than ever Durable demand: Producers > • Decarbonization & electrification • ESG focus creating electro
Slide 6: Demand Fundamentals
Global Support for Nuclear Full-cycle demand continues to improve with ongoing policy support Cameco Corporation - Q4 2023 Conference Call 5 5 Demand Fundamentals The demand picture is more durable than ever Durable demand: Producers > • Decarbonization & electrification • ESG focus creating electro
Slide 7: Supply Fundamentals
Supply Fundamentals Uncertain future supply, risk shifting to customers Risk is shifting to Durable demand: Producers > Uranium Customers Uncertain supply: • Decarbonization & electrification • Low prices resulted in: • ESG focus creating electron accountability • Supply curtailments • Traditional d
Slide 8: Balanced and Disciplined Strategy
Supply Fundamentals Uncertain future supply, risk shifting to customers Risk is shifting to Durable demand: Producers > Uranium Customers Uncertain supply: • Decarbonization & electrification • Low prices resulted in: • ESG focus creating electron accountability • Supply curtailments • Traditional d
Slide 9: Long-Term Focus
Long-Term Focus Driving contracting interest, moving toward replacement rate Utility Uncovered Uranium Requirements 400 350 TERM SPOT 300 Total Requirements 250 ~ 4.0 billion lb. U O Million lb. U3O8 3 8 200 150 100 Total Uncovered Requirements 50 ~ 2.2 billion lb. U O 3 8 0 2024 2025 2026 2027 2028
Slide 10: Operationally Flexible Supply
Long-Term Focus Driving contracting interest, moving toward replacement rate Utility Uncovered Uranium Requirements 400 350 TERM SPOT 300 Total Requirements 250 ~ 4.0 billion lb. U O Million lb. U3O8 3 8 200 150 100 Total Uncovered Requirements 50 ~ 2.2 billion lb. U O 3 8 0 2024 2025 2026 2027 2028
Slide 11: Reserves and Resources
Reserves and Resources Well positioned for future demand with world-class, tier-one assets Cameco’s Share 485 M lb. Proven & Probable 409 M lb. Measured & Indicated Reserves Resources Extensive reserves and resources Diversified supply Decisions driven by contracting success 153 M lb. Inferred
Slide 12: Commercial Marketing Framework
Reserves and Resources Well positioned for future demand with world-class, tier-one assets Cameco’s Share 485 M lb. Proven & Probable 409 M lb. Measured & Indicated Reserves Resources Extensive reserves and resources Diversified supply Decisions driven by contracting success 153 M lb. Inferred
Slide 13: Future Uranium Supply
Future Uranium Supply Production response challenges – proven producer advantages Existing Industrial Existing Mining Permitted Mine Cameco: Infrastructure Infrastructure Proven Mine Existing Mill A proven producer Workforce Producers with experience and Promised Proven demonstrated assets Cigar Lak
Slide 14: Exploration Success
Future Uranium Supply Production response challenges – proven producer advantages Existing Industrial Existing Mining Permitted Mine Cameco: Infrastructure Infrastructure Proven Mine Existing Mill A proven producer Workforce Producers with experience and Promised Proven demonstrated assets Cigar Lak
Slide 15: Invested Across the Fuel Cycle
Invested Across the Fuel Cycle Enviable portfolio of operations and investments Tier One Uranium Operations Fuel Services McArthur River (69.8%) / World’s Largest Cigar Lake (54.5%) Inkai (40%) Blind River Refinery Key Lake (83.3%) Commercial Uranium Saskatchewan, Canada Kazakhstan (100%) Ontario Sa
Slide 16: Global Laser Enrichment
Invested Across the Fuel Cycle Enviable portfolio of operations and investments Tier One Uranium Operations Fuel Services McArthur River (69.8%) / World’s Largest Cigar Lake (54.5%) Inkai (40%) Blind River Refinery Key Lake (83.3%) Commercial Uranium Saskatchewan, Canada Kazakhstan (100%) Ontario Sa
Slide 17: Westinghouse
Westinghouse* Full suite portfolio of nuclear technology & services Develop & Deploy Active in All Phases of the Nuclear Leading Carbon-Free Technology Operating Plant Lifecycle Design and Build Installed Base (Operations and Maintenance) AP1000® AP300™ Energy eVinci™ Americas EMEA/Asia BWR VVER Out
Slide 18: Financial Strength
Westinghouse* Full suite portfolio of nuclear technology & services Develop & Deploy Active in All Phases of the Nuclear Leading Carbon-Free Technology Operating Plant Lifecycle Design and Build Installed Base (Operations and Maintenance) AP1000® AP300™ Energy eVinci™ Americas EMEA/Asia BWR VVER Out
Slide 19: Vision and Strategy
Vision and Strategy 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, operationally flexible supply discipline, and financial discipline will allow us to achieve our vis
Slide 20: Q&A
Vision and Strategy 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, operationally flexible supply discipline, and financial discipline will allow us to achieve our vis
Slide 21: 2023 Highlights
2023 Highlights Continued transition to tier-one run rate Moving into a new phase of supply discipline Strong financial results, strong balance sheet: • Key financial metrics including net earnings, adjusted net earnings, cash from operations more than doubled in 2023 compared to 2022, adjusted EBIT
Slide 22: 2023 Highlights
2023 Highlights Continued transition to tier-one run rate Moving into a new phase of supply discipline Strong financial results, strong balance sheet: • Key financial metrics including net earnings, adjusted net earnings, cash from operations more than doubled in 2023 compared to 2022, adjusted EBIT