Cameco Corporation · TSX:CCO
Cameco — Investor Presentation (October 2026)
53 slides from Cameco's investor presentation, Oct 30, 2026
Slide 1: Investor Presentation
Investor {/, Presentation |
Slide 2: Investor Relations contacts and reporting dates
Cory Kos, Vice-President, Investor Relations and Communications 306.716.6782, cory_kos@cameco.com Teagan Sloboshan, Specialist, Investor Relations 306.385.3620, teagan_sloboshan@cameco.com cameco.com Q3 2026 Financial and outlook in for mation as of June 30, 2026 Mineral Reserve and Resource Estimat
Slide 3: Table of Contents
Table of Contents Caution About Forward-Looking Information 4 2026 / Third Quarter Highlights 5 Values and Strategy 6 Cameco Overview 7 Nuclear Industry 9 Nuclear Fuel Markets 15 Cameco Strategy 22 Mining Operations 33 Fuel Services 38 Fuel Cycle Investments: WEC 39 Fuel Cycle Investments: GLE 49 Re
Slide 4: Caution About Forward-Looking Information
Caution About Forward-Looking Information Statements contained in this investor handout 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
Slide 5: 2026 Third Quarter Highlights
2026 / Third Quarter Highlights Disciplined strategy, performance as expected Solid first nine months of Uranium Fuel Services Westinghouse 2026 Segment Segment Segment (Million lb. U3O8) (Million kgU) Reported solid financial In September, the US DOC performance for Q3, consistent announced a non-b
Slide 6: Values and Strategy
Values and Strategy Committed to Our Values Disciplined Strategy Our values are at the core of everything we do, We believe our strategy of contracting defining who we are as a company and helping discipline, operationally flexible supply embed sustainable practices and principles as discipline, and
Slide 7: Our Locations
Our Locations Global presence across the fuel cycle 7
Slide 8: Cameco's Nuclear Platform
Cameco’s Nuclear Platform Operating and strategically invested across the nuclear fuel and reactor cycles TIER-ONE URANIUM OPERATIONS FUEL SERVICES WESTINGHOUSE ELECTRIC COMPANY (49%) Cigar Lake (57.4%) McArthur River (69.8%) Inkai (40%) Blind River Refinery Provider of specialized, mission-critical
Slide 9: Nuclear Fuel Cycle
Nuclear Fuel Cycle From ground-to-grid, we’re working towards a safe, secure, reliable and low-carbon energy future 9
Slide 10: Global Focus on Secure Energy
Global Focus on Secure Energy We believe nuclear is essential to achieve climate, energy and national security Benefits of nuclear Nuclear energy A central part of the Shifting to a low- solution to the world’s Nuclear for carbon economy process heat with net-zero shift to a low-carbon, targets secu
Slide 11: Global Nuclear Reactors
Global Nuclear Reactors Reactor units in operation Total Operable Reactors: 438* * 417 operating - Includes reactors in suspended operations (19 in Japan and 2 in India) 11
Slide 12: Continued Support for Nuclear
Continued Support for Nuclear Restarts, life extensions and new builds driving fuel demand growth 12
Slide 13: Need for Low-Emission Energy
Need for Low-Emission Energy Source to meet growing electricity demand •Nuclear Sourceenergyto is meet growing expected electricity to play a critical demand role in future power generation Nuclear meets all key power generation objectives If current trends continue, by 2050 energy demand may grow N
Slide 14: Favourable Market Fundamentals
Favourable Market Fundamentals Cameco strategically positioned to capture full-cycle value • Growing Global Demand Uncertain Supply Cameco is Well-Positioned Driven by: • Geopolitical / trade policy risk • Long-term contract portfolio • Energy security • Ongoing transportation issues • Operational f
Slide 15: Market Fundamentals
Market Fundamentals Risk is shifting from producers to customers. Durable demand: Producers • Decarbonization and electrification > Uncertain supply: Uranium Customers • Low prices resulted in: • Sustainable focus creating electron accountability o Supply curtailments • Traditional demand improving
Slide 16: Strong Nuclear Power Outlook
Strong Nuclear Power Outlook Constructive term contracting, improving market prices Price Increases Across the Fuel Growth from New Reactors Demand Increasing Cycle* $120 Uranium Spot Uranium Term $100 Uranium (US$/lb. U 3O8) 180%* China • Restarts and early retirement 37 Near- $80 reversals Term •
Slide 17: Market Fundamentals: Spot market is not for run rate requirements
Market Fundamentals Spot market is not for run rate requirements Spot vs. Term Market Million lb. U3O8 • Spot market for small, discretionary purchases 300 300 • Value is built under a long-term contract portfolio 250 250 200 200 • Utility contracting is still not at replacement-rate 150 150 100 100
Slide 18: Uranium Market Fundamentals
Uranium Market Fundamentals Driving contracting interest, moving toward replacement rate Utility Uncovered Uranium Requirements Supply Outlook is Uncertain ~ 3.2 billion lb. through 2045 (~65% uncovered) Structural Primary and Secondary Supply Gap Million lb. U3O8 Million lb. U3O8 500 500 Demand – 4
Slide 19: 2025 Uranium Supply by Producer
2025 Uranium Supply by Producer Top six producers represent ~77% of production 12% 19% 4% 7% 2025 Production 175 M lb. 14% 10% 10% 13% 10% 19 Source: UxC Q3 2026 Uranium Market Outlook and Cameco estimates
Slide 20: Trade Policy Uncertainty
Trade Policy Uncertainty Near-term risks — but no demand elasticity or substitute for uranium Notes: - Based on 2025 production and current operable reactors - Operable reactors in Asia include: • 33 in Japan; 19 of which are in suspended operations • 25 in India; 2 of which are in suspended operati
Slide 21: Western Conversion
Western Conversion Long-term contracting must incentivize a return of idle capacity UF6 Conversion Capacity UF6 Conversion Demand 2026 production = ~32 million kgU UF6 (85% of western capacity*) 2026 Western demand = ~47 million kgU UF6 Million kgU UF6 Million kgU UF6 16 90 Open Market Demand – 14 8
Slide 22: Balanced and Disciplined Strategy
Balanced and Disciplined Strategy Contract portfolio informs supply decisions Strategically aligned Operationally flexible Leading Sustainability contracting discipline supply discipline Performance • Strategically patient long-term • Align production with contracting contract portfolio • Balanced p
Slide 23: Operationally Flexible Supply
Operationally Flexible Supply Align production with market opportunities and contracts Spot is NOT the market Long-term value focus • Spot is thinly-traded, demand is one-time and • Multi-year requirements layered in during Cameco is a discretionary periods of above replacement-rate contracting demo
Slide 24: Contracting Strategy
Contracting Strategy Framework • We build a long-term contract portfolio by layering in volumes over time. • Based on our portfolio of long-term contracts, we decide how to best source material to satisfy that demand. • We do not intend to build an inventory of excess uranium. • Depending on the tim
Slide 25: Contracting Strategy
Contracting Strategy Framework — deliver value Ongoing long-term contracting with utilities, maintaining discipline Principles: Layer Reliable future earnings and cash flow, with a view to the industry's growing annual uncovered requirements Pricing mechanisms that provide exposure to rising market
Slide 26: Active Long-Term Contracting
Active Long-Term Contracting Remaining selective to maintain exposure to improving demand Average committed sales of Total Market Annual Long-term Contracting Volume 28 million lb. / year Cameco Total Future Commitment Level Cameco 5-year Average Commitment Level @ Dec 31 350 28 28 30 for 2026-2030
Slide 27: Commercial Marketing Framework
Commercial Marketing Framework Full-cycle value = portfolio and pipeline exposure Cameco’s long-term, balanced sales portfolio designed to achieve upside exposure, downside protection • Market-Related: volume based priced at time of delivery, Terms escalated floors and ceilings • Base-Escalated: vol
Slide 28: Contracting Drives Supply
Contracting Drives Supply Tier-one supply to match commitments, new phase of supply discipline 2026 Outlook Licensed Capacity Operation (M lb., our share) (M lb., our share) McArthur River/Key Lake 10.0-10.5 17.5 14.0-14.5 @ 100% 25 @ 100% 32 M lb. (our share of tier- Cigar Lake 9.5-10.0 9.8 one lic
Slide 29: Future Uranium Supply: Proven producer advantages
Future Uranium Supply Production response challenges — proven producer advantages Existing Industrial Cameco: Permitted Mine Existing Mining Infrastructure Infrastructure Proven Mine Existing Mill A proven producer Workforce Producers with experience and Promised Proven demonstrated assets Medium Ri
Slide 30: Commitment to Sustainability
Commitment to Sustainability Sustainability integrated into all aspects of our business Learn more: cameco.com/sustainability 30
Slide 31: Financial Strength
Financial Strength Risk managed financial discipline with return to tier-one run rate Liquidity* $860 Million Intend to maintain a strong balance sheet Cash • Returned to tier-one cost structure and production levels, expecting strong cash flow generation in 2026 $1 Billion • Navigate by investment
Slide 32: Capital Allocation
Capital Allocation Capital Expenditures Framework Million CA$ $600 • sustain our assets and grow our core business in a manner that we expect will generate ongoing $500 liquidity and create sustainable long-term value $400 $300 • maintain a strong balance sheet that will allow us to execute on our s
Slide 33: Cameco's Reserves & Resources
Cameco’s Reserves & Resource Well positioned for future demand with world-class assets Proven & Probable Reserves 433 Economically minable part of 337 CANADA KAZAKHSTAN M lb. measured and indicated resources 97 121 120 37 9 Measured & Indicated 404 Resources Estimated with sufficient confidence P&P
Slide 34: McArthur River/Key Lake
McArthur River/Key Lake The world’s largest, high-grade uranium mine Proven and Probable Reserves1 Average grade U3O8 241.9 M lb. 6.48% Cameco’s Share Mine Life: 2025 Production 15.1 M lb. 2044 (100% basis) Life-of-Mine 2026 Outlook Operating Costs: 14-14.5 M lb. $21.72 (100% basis) (CA$ per pound)
Slide 35: Cigar Lake
Cigar Lake World-class, high-grade uranium mine Proven and Probable Reserves1 Average grade U3O8 94.1 M lb. 16.33% Cameco’s Share 2025 Production Mine Life: 19.1 M lb. 2036 (100% basis) Life-of-Mine Operating Costs: 2026 Outlook 17.5-18 M lb. $23.94 (100% basis) (CA$ per pound) 1 At December 31, 202
Slide 36: JV Inkai
JV Inkai A significant source of low-cost uranium production Proven and Probable Reserves1 Average grade U3O8 96.5 M lb. 0.03% Cameco’s Share2 2025 Production Mine Life: 8.4 M lb. 2045 (100% basis) Life-of-Mine 2026 Forecast Operating Costs: 10.4 M lb. $12.94 (100% basis) (CA$ per pound) 1 At Decemb
Slide 37: Exploration
Exploration Focused on the most prospective trends in the Athabasca Basin Significant land position 755,000 hectares of Cameco and JV-operated properties globally; includes 660,000 hectares in Saskatchewan History of exploration success Uranium prospects and undeveloped deposits on dozens of project
Slide 38: Fuel Services Division
Fuel Services Division Refining, conversion and fuel manufacturing Blind River Refinery Port Hope Conversion Facility Cameco Fuel Manufacturing Inc. Cameco’s Share Production 2025 Production 14.0 M kgU 2026 Outlook 13 - 14 M kgU 38
Slide 39: Why Now? Why Westinghouse?
No credible path to energy security without nuclear Why Now? Why Westinghouse? The only commercially proven Westinghouse supports the global nuclear buildout gigawatt-scale solution that provides reliable power at scale ✓ Competitive on a global scale across the serviced fleet ✓ Proven, deployed AP1
Slide 40: Powering a reliable, affordable and sustainable nuclear future
Powering a reliable, affordable and sustainable nuclear future Proven at scale. Trusted for decades. Critical to what’s next. Global At the core of Visibility for Disciplined Proven partner Built for scale leader operations growth Execution Up to 57% #1 ~105 GWe ~40% $13bn ~30% Of the global Global
Slide 41: Diversified businesses support stable, recurring cash flows
Diversified businesses support stable, recurring cash flows which anchor significant nuclear growth opportunities Operating Plants New Plants Predictable, non-discretionary demand with long-term customer relationships Long-cycle growth driven by new plant sales and innovation Nuclear fuel Outage ser
Slide 42: AP1000: The world's only commercially proven Gen III+ reactor
AP1000® The world’s only commercially proven, fleet-scale Gen III+ reactor 6 14 ~$6tn $1tn+ Operating AP1000 Estimated GDP estimated to be AP1000 reactors total global generated from deployment reactors under addressable of a ten-reactor AP1000 construction market by 20501 fleet2 Learn more >> 42 1.
Slide 43: Global AP1000 Reactor Pipeline
Global AP1000® Reactor Pipeline Operating: In Construction: Pipeline: 6 14 91units ~105 GWe As of July 30, 2026. COD timeframe is illustrative only. Up to Projects may not progress through all milestones, and/or may progress at different rates. In addition, a project may leave the pipeline at any po
Slide 44: AP1000: Reactor the solution of choice for scaling nuclear globally
AP1000® Reactor the solution of choice for scaling nuclear globally Each AP1000® deployment can create 80+ years of recurring revenue Each new build expands the installed base and creates long-term fuel and lifecycle-service opportunities. World’s only proven Gen III+ reactor with a fully passive sa
Slide 45: The Modern AP1000 Reactor
The Modern AP1000® Reactor Proven, Operating, Repeatable The AP1000® plant minimizes the five major risks to new nuclear construction with a proven design, operating experience and planned fleet-scale deployment. Risks Standardize Sequence Simplify Deploys a proven, operating reactor design Deploys
Slide 46: New Build: Illustrative Contracting Framework
AP1000® New Build: Illustrative Contracting Framework Estimated cost to build an nth-of-a-kind AP1000® reactor two-pack in the US: $14 to $17 billion USD* Estimated engineering and procurement work performed by WEC: 40% - 45% of total plant cost, depending on project scope (excludes China) WEC expec
Slide 47: 80 Years of Service
80 Years of Service Expanding Westinghouse value as the fleet ages 0 – 20 Years 20 – 40 Years 40 – 60 Years 60 – 80 Years Operate & Optimize Maintain & Modernize Extend & Upgrade Maximize Value ~34 YEARS ~44 YEARS Average age of operating global Average age of operating U.S. 250 reactor fleet reacto
Slide 48: AP300 SMR & eVinci Microreactor
AP300TM SMR & eVinciTM Microreactor Based on proven foundations and modular deployment – Westinghouse’s next-generation reactors are engineered for compelling cost, schedule, and operating economics. $ Amounts in USD Estimated unit economics for Estimated unit economics for New Plants AP300 SMR1 eVi
Slide 49: Global Laser Enrichment
Global Laser Enrichment Developing 3rd generation laser enrichment technology GLE is the exclusive worldwide licensee of the proprietary Separation of Isotopes by Laser EXcitation (SILEX) technology • Cameco is the commercial lead for GLE with a 49% interest (option to attain 75% ownership) • Subjec
Slide 50: Mineral Reserves
Mineral Reserves Proven and Probable (tonnes in thousands; pounds in millions) As of December 31, 2025 (100% – only the shaded column shows our share) (UG – underground, OP – open pit, ISR – in situ recovery) Note that the estimates in the above table: • use a constant dollar average uranium price o
Slide 51: Mineral Resources
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) Mineral Resources by Region 120.4 Millions of pounds 6 16.6 181.6 120.9 8.9 64.4 37.1 Canada United States Australia Kazakhstan Measure
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
°C Powering a Secure Energy Future Cameco —