Cameco Corporation · TSX:CCO
Cameco — Q3 2023 Earnings Presentation
17 slides from Cameco's earnings presentation, Oct 31, 2023
Slide 1: 2023 Q3 Conference Call
2023 Q3 Conference Call October 31, 2023
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: Energizing a Clean-air World
Energizing a Clean-air World Highlighting Cameco’s global impact and credibility Cameco Corporation – Q3 2023 Conference Call 3
Slide 4: Uranium Market Cycles
Uranium Market Cycles Similarities to past cycles, but significant differences Supply uncertainty, Nuclear demand in focus, Supply disruptions in focus, real demand growth, too cheap to meter expected demand growth geopolitics, climate, etc. $160 $140 Defense inventory Commercial inventory drawdown,
Slide 5: Demand: More Durable Than Ever
Demand: More Durable Than Ever Climate crisis in focus like never before Global Median Surface Temperature Rise °C +4 °C Historical +2 °C Future 0 °C 1950 2000 2050 2100 Low Change Moderate Change High Change Projected Relative to Pre-Industrial Levels Cameco Corporation – Q3 2023 Conference Call 5
Slide 6: Demand: More Durable Than Ever
Demand: More Durable Than Ever Strong policies and bipartisan political support Cameco Corporation – Q3 2023 Conference Call 6
Slide 7: Demand: More Durable Than Ever
Demand: More Durable Than Ever New generation of emerging nuclear technologies Cameco Corporation – Q3 2023 Conference Call 7
Slide 8: Demand: More Durable Than Ever
Demand: More Durable Than Ever Geopolitics driving energy security & supply concerns *Expected 2023 production Russia 13% 2023 Uranium RUSSIA* Niger Forecast Production U3O8: 18 M lbs 142 4% UF6: 12 M kgU Rest of World 83% M lbs SWU: 22 M SWU Russia 2023 Conversion 25% Forecast Production Rest of Wo
Slide 9: Demand: More Durable Than Ever
Demand: More Durable Than Ever Social agenda in support of nuclear expansion Cameco Corporation – Q3 2023 Conference Call 9
Slide 10: Full Cycle Demand Growth
Full Cycle Demand Growth Durable demand in near, mid and long-term Uncovered Uranium Requirements ~ 2.3 Billion pounds through 2040 300 United States Non-U.S. Requirements 250 200 Million lb. U3O8 150 100 50 0 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
Slide 11: Supply: More Uncertain Than Ever
Supply: More Uncertain Than Ever Primary supply to fall short, no shock absorbers Supply Outlook Short of Demand Structural Primary & Secondary Supply Gap 400 350 Demand – High Case 300 250 Million lb. U3O8 200 Demand – Base Case 150 Primary Supply 100 50 Secondary Supply 0 2008 2010 2012 2014 2016
Slide 12: Fuel Bundles: More Than Uranium
Fuel Bundles: More Than Uranium Critical processing services also facing challenges EXPLORATION ENRICHMENT UF6 CONVERSION CONVERSION UF6 UO2 REPROCESSING DISPOSAL MINING AND MILLING U3O8 FUEL FABRICATION REFINING UO3 (LWR) CONVERSION NUCLEAR REACTOR SPENT FUEL STORAGE UO2 FUEL FABRICATION (HWR) *CAR
Slide 13: Full-Cycle Value Capture
Full-Cycle Value Capture Operating and invested across the fuel cycle Tier One Uranium Assets Fuel Services McArthur River (69.8%) / World’s Largest Cigar Lake (54.5%1) Inkai (40%) Blind River Refinery Key Lake (83.3%) (100%) Ontario Commercial Uranium Saskatchewan, Canada Kazakhstan Saskatchewan, C
Slide 14: Balanced and Disciplined Strategy
Balanced and Disciplined Strategy Contract portfolio informs supply decisions Strategically-aligned Operationally-flexible contracting discipline supply discipline Leading ESG Performance • Strategically • Align production with patient long-term contract portfolio contracting and customer • Balanced
Slide 15: Investor Relations Q & A
Investor Relations Q& A investor_requests@cameco.com 2121 11th Street West Saskatoon, Saskatchewan cameco.com Cameco Corporation – Q3 2023 Conference Call 15
Slide 16: Vision and Strategy
Vision and Strategy Centred on our values • Our vision is aligned with the world’s growing need for clean, affordable and secure energy solutions. • We believe our strategy of contracting discipline, operationally flexible supply discipline, and financial discipline will allow us to achieve our visi
Slide 17: Important Notes/Disclaimers
Important Notes/Disclaimers Readers should not construe the contents of this presentation as legal, tax, regulatory, financial or accounting advice and are urged to consult with their own advisers in relation to such matters. Additional information about Cameco, including audited consolidated financ