Cameco Corporation · TSX:CCO
Cameco — IPO Roadshow (October 2022)
23 slides from Cameco's IPO roadshow presentation, Oct 12, 2022
Slide 1: Cameco and Brookfield Renewable Joint Acquisition of Westinghouse Electric Company
October 11, 2022 Cameco Corporation and Brookfield Renewable Partners Joint Acquisition of Westinghouse Electric Company A final base shelf prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in e
Slide 2: Cameco Corporation ("Cameco", the "Company", "we", "our" or "us") has filed a preliminary prospectus
Cameco Corporation ("Cameco", the "Company", "we", "our" or "us") has filed a preliminary prospectus supplement to its base shelf prospectus with the securities authorities in each of the provinces and territories of Canada and a registration statement on Form F-10 (No. 333-267625), including a base
Slide 3: Non-IFRS and Non-GAAP Measures; Qualified Persons
NON-IFRS AND NON-GAAP MEASURES This presentation contain references to certain non-IFRS and non-GAAP financial measures and industry metrics that are used by the Company and WEC, respectively, as indicators of financial performance, such as, (a) with respect to Cameco: “Adjusted EBITDA” , and (b) wi
Slide 4: Forward-looking information
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 “approximately”, “may”, “will”, "could
Slide 5: Overview
Overview Acquisition of Westinghouse Electric Company corporate group by an acquisition entity jointly owned by Brookfield Renewable and Cameco for a base purchase price of US$7.875 billion, subject to customary adjustments for cash, indebtedness and working capital Joint Venture Structure / Ownersh
Slide 6: Nuclear Fuel Cycle and Emerging Opportunities
Nuclear Fuel Cycle Nuclear sustainability services* Global Laser Enrichment C* SMR and advanced reactor technology * * Emerging Opportunities C – Cameco; W - Westinghouse C W W C C C C
Slide 7: Favorable Macroeconomic Backdrop Supportive of Nuclear Growth
Favorable Macroeconomic Backdrop Supportive of Nuclear Growth Thermal Replacement Replace up to 85%2 of grid running on carbon emitting thermal power with a clean, reliable alternative Challenges to Achieving Net-Zero Carbon Targets Energy Poverty Lift one-third3 of the global population out of ener
Slide 8: Nuclear Energy is Expected to Play a Critical Role in Future Power
Nuclear CCGT Coal Wind Solar Hydro Baseload ü ü ü û û ü Capacity Factor ü ü ü û û û Low Emissions3 ü û û ü ü ü Ability to Add Additional Capacity ü ü û ü ü û Large-Scale Output6 ü ü ü û û ü Protected from Fuel Supply Interruption ü û û û û ü Average Levelized Cost of Electricity (US$/MWh)7 ~$40 ~$80
Slide 9: Global Support for Nuclear Energy Growing
Global Support for Nuclear Energy Growing March 2022 Federal budget included ~$100M in support for small modular reactor (SMR) technology and research May 2022 Pledged to restart idled nuclear plants to stabilize energy prices and supply April 2022 Approved construction of six new nuclear reactors t
Slide 10: Shifting Industry Dynamics Supportive of Strong Uranium and Nuclear Fuels Opportunities
Shifting Industry Dynamics Supportive of Strong Uranium and Nuclear Fuels Opportunities Geopolitical Developments – Security of Supply Concerns Source: 12022 Q1 UMO, CMO and EMO Data – Base Supply from Russia | 2 Average of monthly prices reported by TradeTech on September 30, 2022 and UxC on Septem
Slide 11: Vision aligned with the world's growing need for carbon-free energy
Vision aligned with the world’s growing need for carbon-free energy Nuclear power can help avoid some of the worst consequences of climate change Our strategy is positioning Cameco to achieve our vision Growing Demand Driven By Global focus on: Electrification Decarbonization Country net-zero target
Slide 12: Cameco is Operating and Invested Across the Nuclear Fuel Cycle
Blind River Refinery World’s Largest Commercial Uranium Refinery 18 M kgU as UO3 p.a. (licensed up to 24 M kgU subject to certain equipment upgrades) Cameco Fuel Manufacturing Manufactures Fuel Bundles and Reactor Components for CANDU heavy water Reactors Capacity: 1.2 M kgU as UO2 fuel pellets Port
Slide 13: Cameco's Disciplined Strategy of Full-Cycle Value Capture
Align production with contract portfolio and market signals Strategically patient long-term contracting Balanced portfolio Optimize market-related portion of contract portfolio, with focus on protection from commodity volatility Self-manage risk Supports opportunistic investment in nuclear fuel valu
Slide 14: Westinghouse Operates Globally in Nuclear Services and Technology
Operating Plant Services (“OPS”) Environmental Services Global provider of engineering, maintenance and repair services as well as highly-engineered parts and consumables to the global nuclear power sector The company operates through three key business segments: Revenue by Business Segment (US$) US
Slide 15: Westinghouse Business Unit Overview
Westinghouse Business Unit Overview Operating Plant Services Nuclear Fuel Environmental Services Energy Systems Business Unit Outage and Maintenance Services Engineered Systems and Solutions Parts Nuclear Fuel Government Services Decontamination & Decommissioning New Plant Projects Description Refue
Slide 16: Westinghouse: Strong Financial Profile
Adjusted EBITDA (US$M) & Adjusted EBITDA Margin (%)1 Adjusted Free Cash Flow (US$M) and Adjusted Free Cash Flow Margin (%)1 18% 20% 21% 21% +7% CAGR 78% 79% 78% 79% Westinghouse: Strong Financial Profile – Long-Term Relationships Source: WEC historical financial statements | 1Adjusted EBITDA, Adjust
Slide 17: Strategic Partnership Between Cameco and Brookfield Renewable
Strategic Partnership Between Cameco and Brookfield Renewable Expected to Complement Cameco’s Participation in the Nuclear Fuel Value Chain Complements Cameco’s tier-one uranium assets and fuel services with Westinghouse’s global nuclear fuel and plant services platform for light water reactors Expe
Slide 18: Expect Partnership to Enhance Cameco's Financial Profile
Expect Partnership to Enhance Cameco’s Financial Profile and Diversify Business Mix Cameco Standalone Revenue ($M) Comparison of Cameco and Westinghouse ($M) Westinghouse shown on a pro rata 49% basis. Revenue (LTM June 2022) Adjusted EBITDA1 (LTM June 2022) $1,800 $1,475 $1,781 Uranium Earnings ($M
Slide 19: Acquisition is Expected to Generate Additional Revenue Opportunities
Acquisition is Expected to Generate Additional Revenue Opportunities Near-Term Potential New Revenue Opportunities Opportunity to Win New Business from Customers Seeking an Integrated Fuel Supply Option New customers: mainly Eastern Europe (Bulgaria, Slovakia) Existing customers: mainly Eastern Euro
Slide 20: Additional Information
Additional Information © i & Energizing a clean-air world
Slide 21: Adjusted EBITDA and Adjusted Free Cash Flow Reconciliations
Adjusted EBITDA, Adjusted EBITDA margin, Adjusted free cash flow and Adjusted free cash flow margin are non-GAAP measures which do not have a standardized meaning or a consistent basis of calculation under IFRS and U.S. GAAP and should not be considered in isolation or as a substitute for financial
Slide 22: Proven and Probable Mineral Reserves
Property Mining Method Proven Probable Total Mineral Reserves Cameco Share Reserves Content (LBS U3O8) Metallurgical Recovery (%) Property Mining Method Tonnes Grade % U3O8 Content (LBS U3O8) Tonnes Grade % U3O8 Content (LBS U3O8) Tonnes Grade % U3O8 Content (LBS U3O8) Our Share Reserves Content (LB
Slide 23: Measured, Indicated and Inferred Resources
Measured, indicated and inferred (tonnes in thousands; pounds in millions) Property Measured Resources (M) Indicated Resources (I) Cameco Share Total M+I Content (LBS U3O8) Inferred Resources Cameco Share Inferred Content (LBS U3O8) Property Tonnes Grade % U3O8 Content (LBS U3O8) Tonnes Grade % U3O8