Cameco Corporation · TSX:CCO
Cameco — Investor Presentation (August 2025)
52 slides from Cameco's investor presentation, August 2025
Slide 1: Powering a Secure Energy Future
OwWy VP 4 v. ee Powering a Secure Energy Future Investor Presentation
Slide 2: Investor Relations contacts
Cory Kos VICE-PRESIDENT, INVESTOR RELATIONS 306.716.6782, cory_kos@cameco.com Teagan Lubiniecki SPECIALIST, INVESTOR RELATIONS 306.385.3620, teagan_lubiniecki@cameco.com www.cameco.com Q2 2025 Financial and outlook information as of June 30, 2025 Mineral Reserve and Resource Estimates as of December
Slide 3: Strong Q2 2025 results
Strong Q2 2025 results 2025 Second Quarter Highlights © Strategy delivering strong performance Cameco Significant improvement across all key financial metrics compared to Q2 2024 Annual average realized price in uranium and fuel services trending up, aligned with long-term contracting strategy Stron
Slide 4: Table of Contents
CAMECO OVERVIEW Table of Contents Cameco Overview....................................................................................... 5 Nuclear Industry............................................................................................ 7 Nuclear Fuel Market...............................
Slide 5: Cameco Overview
CAMECO OVERVIEW 2025 • Q2 PAGE 5
Slide 6: Cameco Overview
CAMECO OVERVIEW 2025 • Q2 PAGE 6
Slide 7: Nuclear Industry
NUCLEAR INDUSTRY 2025 • Q2 PAGE 7
Slide 8: Nuclear Industry
NUCLEAR INDUSTRY 2025 • Q2 PAGE 8
Slide 9: Nuclear Industry
NUCLEAR INDUSTRY 2025 • Q2 PAGE 9
Slide 10: Nuclear Industry
NUCLEAR INDUSTRY 2025 • Q2 PAGE 10
Slide 11: Nuclear Industry
NUCLEAR INDUSTRY 2025 • Q2 PAGE 11
Slide 12: Nuclear Industry
NUCLEAR INDUSTRY 2025 • Q2 PAGE 12
Slide 13: Nuclear Fuel Market
NUCLEAR FUEL MARKET 2025 • Q2 PAGE 13
Slide 14: Nuclear Fuel Market
NUCLEAR FUEL MARKET 2025 • Q2 PAGE 14
Slide 15: Nuclear Fuel Market
NUCLEAR FUEL MARKET 2025 • Q2 PAGE 15
Slide 16: Nuclear Fuel Market
NUCLEAR FUEL MARKET 2025 • Q2 PAGE 16
Slide 17: Nuclear Fuel Market
NUCLEAR FUEL MARKET 2025 • Q2 PAGE 17
Slide 18: Nuclear Fuel Market
NUCLEAR FUEL MARKET 2025 • Q2 PAGE 18
Slide 19: Nuclear Fuel Market
NUCLEAR FUEL MARKET 2025 • Q2 PAGE 19
Slide 20: Cameco's Strategy
CAMECO’S STRATEGY SSS 2025 • Q2 PAGE 20
Slide 21: Strategy: Contracting Discipline
STRATEGY: CONTRACTING DISCIPLINE 2025 • Q2 PAGE 21
Slide 22: Strategy: Contracting Discipline
STRATEGY: CONTRACTING DISCIPLINE 2025 • Q2 PAGE 22
Slide 23: Strategy: Contracting Discipline
STRATEGY: CONTRACTING DISCIPLINE 2025 • Q2 PAGE 23
Slide 24: Strategy: Contracting Discipline
STRATEGY: CONTRACTING DISCIPLINE 2025 • Q2 PAGE 24
Slide 25: Strategy: Contracting Discipline
STRATEGY: CONTRACTING DISCIPLINE 2025 • Q2 PAGE 25
Slide 26: Strategy: Operational Discipline
STRATEGY: OPERATIONAL DISCIPLINE 2025 • Q2 PAGE 26
Slide 27: Strategy: Operational Discipline
STRATEGY: OPERATIONAL DISCIPLINE 2025 • Q2 PAGE 27
Slide 28: Strategy: Operational Discipline
STRATEGY: OPERATIONAL DISCIPLINE 2025 • Q2 PAGE 28
Slide 29: Strategy: Financial Discipline
STRATEGY: FINANCIAL DISCIPLINE 2025 • Q2 PAGE 29
Slide 30: Strategy: Financial Discipline
STRATEGY: FINANCIAL DISCIPLINE 2025 • Q2 PAGE 30
Slide 31: Strategy: Financial Discipline
STRATEGY: FINANCIAL DISCIPLINE 2025 • Q2 PAGE 31
Slide 32: Mining Operations
MINING OPERATIONS 2025 • Q2 PAGE 32
Slide 33: Mining Operations
MINING OPERATIONS 2025 • Q2 PAGE 33
Slide 34: Mining Operations
MINING OPERATIONS 2025 • Q2 PAGE 34
Slide 35: Mining Operations
MINING OPERATIONS 2025 • Q2 PAGE 35
Slide 36: Mining Operations
MINING OPERATIONS 2025 • Q2 PAGE 36
Slide 37: Fuel Services
FUEL SERVICES 2025 • Q2 PAGE 37
Slide 38: Fuel Cycle Investments: WEC
FUEL CYCLE INVESTMENTS: WEC 2025 • Q2 PAGE 38
Slide 39: Fuel Cycle Investments: WEC
FUEL CYCLE INVESTMENTS: WEC 2025 • Q2 PAGE 39
Slide 40: Fuel Cycle Investments: WEC
FUEL CYCLE INVESTMENTS: WEC 2025 • Q2 PAGE 40
Slide 41: Fuel Cycle Investments: WEC
FUEL CYCLE INVESTMENTS: WEC 2025 • Q2 PAGE 41
Slide 42: Fuel Cycle Investments: WEC
FUEL CYCLE INVESTMENTS: WEC 2025 • Q2 PAGE 42
Slide 43: Fuel Cycle Investments: WEC
FUEL CYCLE INVESTMENTS: WEC 2025 • Q2 PAGE 43
Slide 44: Fuel Cycle Investments: WEC
FUEL CYCLE INVESTMENTS: WEC 2025 • Q2 PAGE 44
Slide 45: Fuel Cycle Investments: WEC
FUEL CYCLE INVESTMENTS: WEC 2025 • Q2 PAGE 45
Slide 46: Fuel Cycle Investments: GLE
FUEL CYCLE INVESTMENTS: GLE 2025 • Q2 PAGE 46
Slide 47: Mineral Reserves
FINANCIALS, Mineral Reserves Proven and Probable (tonnes in thousands; pounds in millions) As of December 31, 2024 (100% — only the shaded column shows our share) OUR ‘SHARE PROVEN PROBABLE TOTAL MINERAL RESERVES RESERVES ‘MINING GRADE CONTENT GRADE CONTENT GRADE CONTENT CONTENT METALLURGICAL PROPER
Slide 48: Mineral Resources
FINANCIALS Mineral Resources Measured, Indicated and Inferred (tonnes in thousands; pounds in millions) As of December 31, 2024 (100% — only the shaded column shows our share) our ‘our MEASURED RESOURCES 0) __ _INDICATED RESOURCES (7)_ SHARE ____ INFERRED RESOURCES _ SHARE TOTAL Mel TOTAL Mel INFERR
Slide 49: Caution About Forward-Looking Information
ADDITIONAL 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 t
Slide 50: Material assumptions
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 51: Qualified persons
Qualified persons The technical and scientific information discussed in this presentation for our material properties (McArthur River/Key Lake, Cigar Lake and Inkai) was approved by the following individuals who are qualified persons for the purposes of NI 43-101: MCARTHUR RIVER/KEY LAKE CIGAR LAKE
Slide 52: Slide 52