Slide 1: Investor Presentation
Slide 2: Forward-looking statements and IR contacts
Please note that statements made in this handout, including statements regarding the outlook, company's objectives, projections, estimates, expectations or predictions, contain forward-looking information and statements within the meaning of applicable Canadian and U.S. securities laws. The company
Slide 3: Values and Strategy
Company Overview Q4 2024 Values and Strategy Committed to our values Our values are at the core of everything we do, defining who we are as a company and helping embed sustainable practices and principles as we define our strategy. Our values include: * Safety and the environment * People * Integrit
Slide 4: Cameco Corporation
Cameco Corporation Operating and invested across the nuclear fuel cycle © Cameco Tier One Uranium Operations McArthur River Key Laki 's t, High-Grade —_A Significant Low-Cost i Source of Uranium Licensed Capacity (100%): 18 M ibiyr Licensed Capacity (100%): Licensed Capacity (100%): 25 M Ibiyr 10.4
Slide 5: Durable Demand Growth
Durable Demand Growth © Global attention on a triple challenge Cameco Energy Poverty Thermal Replacement Electrifying Industry + Lift 1/3 of the global * Replace up to 80% of the * Global power grids must population out of energy current global grid running grow by electrifying key poverty by improv
Slide 6: Global Focus on Secure Energy
Global Focus on Secure Energy Nuclear is essential to achieve climate, energy and national security Benefits of nuclear include 4 Baseload electricity generation ci Nuclear for process heat (y) Critical mineral for the energy transition & Shifting to low- carbon economy with net-zero ‘Small modular
Slide 7: Strong Nuclear Power Outlook
Strong Nuclear Power Outlook © Cameco Price Increases Across the Fuel Cycle* Constructive term contracting, improving market prices fim) Uren Spat ae Uranium Term Growth from New Reactors Demand Increasing te | Uranium (Uss/. 000) 135%" Reversal of early 0: TT 2: . os Near-Term = a retirement / clos
Slide 8: Geopolitical Uncertainty
Geopolitical Uncertainty © Security of supply driving shift in growth plans Cameco Russia® ror 2024 Uranium RUSSIA Niger Production = 1% (estimate) j 20 M Ibs* Rest of World 1 53 12Mkgu 86% | wei \ 22.6 MSWU (estimate) Russia 2024 Conversion a Production Rest of World (estimate) 11% 53 M kgu 2024 En
Slide 9: Uranium Market Fundamentals
Uranium Market Fundamentals 1G Driving contracting interest, moving toward replacement rate Cameco msde Uncovered Uranium Requirements 2.1 billion Ib. through 2040 (~57% uncovered) Million 1b. UsOs 400 Supply Outlook is Uncertain Structural Primary & Secondary Supply Gap Million Ib. UsOx 400.0 Deman
Slide 10: Operationally Flexible Supply
Operationally Flexible Supply © Cameco Align production with market opportunities and contracts Spot is NOT the market Long-term value focus * Spotis thinly-traded, one-time and * Multi-year requirements layered in discretionary during periods of above + Productive capacity missing the replacement-r
Slide 11: Future Uranium Supply
Future Uranium Supply Production response challenges — proven Volume Risks * regulatory: licensing + stakeholder. sustainability * inflation & supply-chain Demonstrated project execution operational Timing Risks + demand cycle * geopolitical/realignment * macroeconomic Assets Declared ©@ producer ad
Slide 12: Contracting Drives Supply
Contracting Drives Supply © Tier-one supply to match commitments, new phase of supply discipline Cameco ves (M iced cai ences = McArthur River/Key 12.6 175 Lake 18 @ 100% 25 @ 100% 32 mibs (our share of tier-one Gagaake 9.8 9.8 licensed > ba 18 @ 100% 18 @ 100% capacity) F 5.0 Inkai (Vv inkai purcha
Slide 13: Financial Strength
Financial Strength Risk managed financial discipline Liquidity’ $GQQ mition Cash $4 Billion Undrawn credit facility Total debt" ~$4 ro Billion Credit ratings S&P: BBB- DBRS: BBB * As at December 34, 2024 ©@ Cameco Maintain strong balance sheet ¢ With improving prices, a return to a tier-one cost str
Slide 14: Commitment to Sustainability
Commitment to Sustainability Sustainability integrated into all aspects of our business @ Cameco 100% of our product goes to producing carbon-free, base-load nuclear energy Learn more > www.cameco.com/sustainabilitiy Fourth Quarter 2024 23 Our locations Global presence across the fuel cycle eecoeeeo
Slide 15: Focus on Value
Focus on Value © Well positioned for future demand with world-class, tier-one assets Cameco Cameco’s Share 457 mvs. Proven & Probablé Reserves | 408 M Ibs Measured & Indicated Resources v Extensive reserves and resources v Diversified supply v Decisions driven by contracting success 1 53m Ibs Inferr
Slide 16: Cigar Lake
. (CQ) Cigar Lake x World-class, high-grade uranium mine Cameco Proven and Probable Reserves! Average grade U,0, 105.2 M Ib 15.87% Cameco’s Share Production 2024 production: 16.9 M Ib (100% basis) 2025 outlook: S 18 M I (100% basis) 54.5% sits I COS : (@ JV Inkai iG A significant source of low-cost
Slide 17: Fuel Services Division
Fuel Services Division © Cameco Refining, conversion and fuel manufacturing Blind River Refinery Port Hope Conversion Facility Cameco Fuel Manufacturing Inc. Cameco’s Share Production v7, 2024 production: 13.5 M KgU 2025 outlook: 13 - 14 M KgU Westinghouse” © Full suite portfolio of nuclear technolo
Slide 18: Westinghouse Acquisition
Brookfield EPwestinghouse ch ow” 6S FC @B Westinghouse Acquisition © Strategic rationale Cameco tg oro “r ies Strategic Growth F pplies Key Metrics Nuclear Fuel Cycle Financial Strength Strategic Partnership: Complements Expected to be Expected to enhance Provides Platform 49% Cameco Cameco’s Partic
Slide 19: Exploration
Exploration © Focused on the most prospective trends in the Athabasca Basin Cameco Significant land position + 754,000 hectares of Cameco and JV-operated properties History of exploration success ATHABASCA BASIN ] + Uranium prospects and undeveloped deposits on dozens of projects 2 ee ‘camecojJoiet
Slide 20: Additional Mine Information and Reference Figures
Additional Mine Information and Reference Figures 20
Slide 21: Uranium Mining Methods
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Slide 22: McArthur River - Raise Bore Mining System
McArthur River - Raise Bore Mining System -——_¥reezing _— Pilot hole 5 Reaming head Staggered raises iG \ ! y Bie cement 22
Slide 23: McArthur River - Ground Freezing
McArthur River - Ground Freezing Surface freeze plant Pump Warm brine from [—* Freezewall A’ - C Warm brine from Freezewall B Heat exchanger A McArthur River To ore loadout on surface — Ore slurry Ore slurry hoisting pump oS hoisting pump Grinding mill A; rr _] Thickener Grinding mill ) ke .. ot Thi
Slide 24: Cigar Lake - Jet Bore Mining System
Cigar Lake - Jet Bore Mining System (JBS) + Orebody frozen prior to mining Water jet + Ore removed using high-pressure water jet + Cavity monitored using survey equipment + Cavity backfilled with concrete + Ore slurry contained to control radiation, eliminate dust Blade screen Slurry mining cavity _
Slide 25: Ore Processing
nd Ore Processing To ore loadout on surface Ore slurry hoisting pump Ore slurry hoisting pump Xx Ball mill G r~—ti‘;é‘~*@*d Clarifier Invert Internal Support Advantages mparison + Adaptive ground support, varies with rock strength + Overall time to develop a cross cut similar to tunnel boring + Smal
Slide 26: Freeze hole specifications and timeline
et Chilled brine ———» Freeze plant [Warm brine <——— Freeze hole specifications +462 m long, overburden to ~40 m +~8- 10 days / drill hole + required accuracy of ~1.5 m + 100 - 120 holes / production panel Timeline + ~1.5 - 2 years to drill, outfit and activate a production panel | + freezing takes 2
Slide 27: In-Situ Recovery
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Slide 28: Mineral reserves
Mineral reserves As of December 31, 2024 (100% – only the shaded column shows our share) PROVEN AND PROBABLE (tonnes in thousands; pounds in millions) OUR SHARE PROVEN PROBABLE TOTAL MINERAL RESERVES RESERVES MINING GRADE CONTENT GRADE CONTENT GRADE CONTENT CONTENT METALLURGICAL PROPERTY METHOD TONN
Slide 29: Mineral resources
Mineral resources As of December 31, 2024 (100% – only the shaded columns show our share) MEASURED, INDICATED AND INFERRED (tonnes in thousands; pounds in millions) OUR OUR MEASURED RESOURCES (M) INDICATED RESOURCES (I) SHARE INFERRED RESOURCES SHARE TOTAL M+I TOTAL M+I INFERRED GRADE CONTENT GRADE
Slide 30: Caution About Forward-Looking 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 taken place, we are maki
Slide 31: Forward-looking information assumptions and risks
public perception of the safety of nuclear energy; our ability to continue to supply our products and services in the expected quantities and at the expected times; production levels; costs, including production and purchase costs; the success of our plans and strategies; market conditions and other
Slide 32: 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 • Greg Murd
Slide 33: Nuclear Fuel Cycle
Nuclear Fuel Cycle @ OPERATED CAMECO ASSETS @ NON-OPERATED CAMECO ASSETS @ NON-CAMECO AcTiviTIES ° > o . ° > + Light water reactors ENRICHMENT CONVERSION FUEL LIGHT WATER SPENT FUEL oF uF, OF ENRICHED FABRICATION REACTORS STORAGE 5 INTO UO, | iro, esr, hoe eeiceens (ec) ‘s Laser 49% interest in West
Slide 34: Cameco
rc Cameco