Cameco Corporation · TSX:CCO
Cameco — Q2 2025 Earnings Presentation
14 slides from Cameco's earnings presentation, Jul 31, 2025
Slide 1: 2025 Q2 Conference Call
2025 Q2 Conference Call July 31, 2025
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 Q2 Conference Call
2025 Q2 Conference Call July 31, 2025
Slide 4: Fueling a Secure Energy Future
Fueling a Secure Energy Future Operations across the nuclear fuel and reactor life cycles Cameco Corporation - Q2 2025 Conference Call 4
Slide 5: Continued Support for Nuclear
Continued Support for Nuclear Restarts, life extensions, and new builds driving fuel demand growth Cameco Corporation - Q2 2025 Conference Call 5
Slide 6: Cameco Corporation
Cameco Corporation Operating and invested across the nuclear fuel cycle 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 Saskatchewan
Slide 7: Balanced and Disciplined Strategy
Balanced and Disciplined Strategy Contract portfolio informs supply decisions Leading Sustainability Strategically-aligned Operationally-flexible Performance contracting discipline supply discipline • Strategically patient long-term • Align production with contracting contract portfolio • Balanced p
Slide 8: Uranium Market Fundamentals
Uranium Market Fundamentals Risks to future supply outweigh the risks to long-term demand Utility Uncovered Uranium Requirements Supply Outlook is Uncertain ~ 3.2 billion lb. through 2045 (~66% uncovered) Structural Primary & Secondary Supply Gap Million lb. U3O8 Million lb. U3O8 400 450 400 Demand
Slide 9: Uranium Market Fundamentals
Uranium Market Fundamentals Spot market cannot satisfy run rate requirements Spot vs. Term Market Millions of lb. U3O8 • Spot market for small, 300 300 discretionary purchases 250 250 200 200 • Value is built under a long- 150 150 term contract portfolio 100 100 50 50 • Utility contracting is still
Slide 10: 2025 Second Quarter Highlights
2025 Second Quarter Highlights Strategy delivering strong performance • Significant improvement across all key financial metrics compared to Q2 2024 Strong Q2 2025 results • Annual average realized price in uranium and fuel services trending higher, aligned with long-term contracting strategy • Stro
Slide 11: Strong Operational Performance
Strong Operational Performance Production to match commitments, annual outlook unchanged Six Months 2025 2025 Outlook Operation (M lb.) (M lb.) McArthur River/ 5.1 (our share) 12.6 (our share) Annual production outlook Key Lake 7.3 @ 100% 18.0 @ 100% (our share) 22.4 M lb. Cigar Lake 5.5 (our share)
Slide 12: Financial Strength
Financial Strength Risk managed financial discipline Maintain strong balance sheet Liquidity* $716 Million • With improving prices, a return to a tier-one cost structure and Cash production levels, expecting strong cash flow generation in 2025 $1 Billion • Navigate by investment grade rating Undrawn
Slide 13: Investor Relations Q & A
Investor Relations Q& A Investor_Requests@cameco.com 2121 11th Street West Saskatoon, Saskatchewan cameco.com Cameco Corporation - Q2 2025 Conference Call 13
Slide 14: Balanced and Disciplined Strategy
Balanced and Disciplined Strategy Contract portfolio informs supply decisions Leading Sustainability Strategically-aligned Operationally-flexible Performance contracting discipline supply discipline • Strategically patient long-term • Align production with contracting contract portfolio • Balanced p