Slide 1: Conference Call
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: Operated and non-operated Cameco assets across the nuclear fuel cycle
@ OPERATED CAMECO ASSETS @ NON-OPERATED CAMECO ASSETS @ NON-caMeco acTiViTiES > a > + > ° > o » ° Light water reactors ~ ENRICHMENT CONVERSION FUEL LIGHT WATER SPENT FUEL ‘OF UF, JRICHED FABRICATION REACTORS STORAGE UF, INTO UO, Conversion 49% interest in Global of UO, to UF, Laser Enrichment (GLE)
Slide 4: Trade Policy Uncertainty
Trade Policy Uncertainty © Near-term risks — but no demand elasticity or substitute for uranium Cameco * Based on 2024 production and current operable reactors 4 * Operable reactors in Asia include 33 in Japan, of which 14 have restarted Cameco Corporation - Qi 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 Cameco Comoration - Q1 2025 Conference Call on
Slide 6: Long-term Supply Uncertainty
Long-term Supply Uncertainty Risks to supply far greater than the risks to demand Utility Uncovered Uranium Requirements ~ 3.2 billion Ib. through 2045 (~67% uncovered) > Demand - High Case Requirements Primary Supply Cameco Comoration - Q1 2025 Conference Call 6
Slide 7: 2025 First Quarter Highlights
2025 First Quarter Highlights Strategy delivering strong performance Strong Q1 2025 results Uranium segment Improvement across all key financial metrics compared to Q1 2024 Average realized price in uranium and fuel services trending up, aligned with long-term contracting strategy Net loss due to no
Slide 8: Annual production outlook by operation
McArthur River/ Key Lake Cigar Lake Inkai (JV Inkai purchase) Fuel Services 32 (our share) 4.6 @ 100% 2.8 (our share) 5.0 @ 100% 1.1 @ 100% Combined products 3.9M kgU 12.6 (our share) Annual production outlook 18.0 @ 100% (our share) 22.4 Ibs 9.8 (our snare) 36 M Ibs @ 100% 18.0 @ 100% Annual JV Ink
Slide 9: Ongoing Long-Term Contracting
Ongoing Long-Term Contracting Remaining selective to maintain exposure to incentive pricing © Cameco Average committed sales of 28 million Ib. / year for 2025-2029 Commitments span overa decade Long-term contracts for ~220 million Ib. U* ~85 million KgU of UF,* * At December 31, 2024 million Ib. UsQ
Slide 10: Strong Financial Position
Strong Financial Position Risk managed financial discipline Liquidity’ $3614 mition Cash $4 Billion Undrawn credit facility Total debt" ~$4.0 Billion Credit ratings ssp: BBB- pDBRs: BBB Maintaining strong balance sheet «With improving prices, a retum to a tier-one cost structure and production level
Slide 11: Cameco Investor Relations
& Cameco Investor Relations @ investor_requests@cameco.com 2121 11 Street West Saskatoon, Saskatchewan cameco.com | cco. ane
Slide 12: 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 Oo * Align production with contracting re) contract portfolio + Bal