Slide 1: 2026 Q2 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: Slide 3
Slide 4: Continued Support for Nuclear
Continued Support for Nuclear 1C Restarts, life extensions, and new builds driving fuel demand growth Cameco POLAND. 6-9 GWe Nuclear Project BELGIUM Reactor life extensions CANADA UNITED KINGDOM SOUTH KOREA CANADA-us | * Green Bond Framework 8 planned reactors Reversed phase-out Nuclear | + First SM
Slide 5: Cameco Corporation
Cameco Corporation © Operating and invested across the nuclear fuel cycle, more than mining TIER-ONE URANIUM OPERA TIONS FUEL SERVICES (49%) Provider of specialized, mission-critical nuclear technologies, products and services @) WESTINGHOUSE ELECTRIC COMPANY McArthur River (69.2%) Key Lake (83.3%)
Slide 6: Active Long-Term Contracting
Active Long-Term Contracting Remaining selective to maintain exposure to improving demand Average committed sales of = Total Market Annual Long-term Contracting Volume 28 pees @a Cameco Total Future Commitment Level million Ib. / year —o= Cameco 5-year Average Commitment Level @ Dec 31 350 30 for 20
Slide 7: 2026 / Second Quarter Highlights
2026 / Second Quarter Highlights Disciplined strategy, performance as expected Solid first half of 2026 y Reported solid financial performance for Q2, consistent with annual expectations Updated Guidance — increased fevenue, average realized price and cost of sales outlook reflecting an increased sp
Slide 8: Contracting Drives Supply
Contracting Drives Supply Tier-one supply to match commitments 2026 Outlook _‘| Licensed capacity McArthur River/Key Lake Cigar Lake Inkai (JV Inkai purchase) Fuel Services 10.0-11.5 14.0-16.5 @ 100% 9.5-10.0 17.5-18.0 @ 100% 4.2 10.4 @ 100% Combined products 13 — 14M kgU v3 25 @ 100% 9.8 18 @ 100%
Slide 9: with the industry's only operating modern reactor
with the industry's only operating modern reactor featuring fully passive safety systems with a fully designed and licensed reactor that is setting new operational records with a development pipeline of up to 91 reactor opportunities Based on the fully licensed & operating AP1000 technology Utilizes
Slide 10: Balanced and Disciplined Strategy
Balanced and Disciplined Strategy Contract portfolio informs supply decisions Strategically aligned Operationally flexible contracting discipline supply discipline Strategically patient long-term contracting Balanced portfolio * Align production with contract portfolio and customer signals Brownfiel
Slide 11: Cameco
© Cameco Investor Relations ‘@) investor_requests@cameco.com 2121 11" Street West Saskatoon, Saskatchewan cameco.com