Cameco : 2025 Annual Information Form

About this update from Cameco Corporation

Cameco Corporation 2025 Annual information form March 19, 2026 Contents Important information about this document 3 Our business 9 Our values and strategy 14 Operations, projects and investments 29 Uranium - Tier-one operations 30 Uranium - Tier-two operations 80 Uranium - Advanced projects 81 Uranium - Exploration 83 Fuel services 85 Westinghouse Electric Company 88 Other nuclear fuel cycle investments 94 Mineral reserves and resources 95 Our sustainability principles and practices 101 The regulatory environment 104 Risks that can affect our business 114 - Strategic risks 115 - Financial risks 120 - Regulatory and governance risks 126 - Operational risks 133 Legal proceedings 141 Investor information 141 Governance 147 Appendix A 152 ‌Important information about this document This annual information form (AIF) for the year ended December 31, 2025, provides important information about Cameco Corporation. It describes our history, our markets, our operations and projects, our mineral reserves and resources, our approach to sustainability matters, our regulatory environment, the risks we face in our business and the market for our shares, among other things. It also incorporates by reference: Throughout this document, the terms we, us, our, the company and Cameco mean Cameco Corporation and its subsidiaries. our management's discussion and analysis for the year ended December 31, 2025 (2025 MD&A), which is available on SEDAR+ ( https://www.sedarplus.ca ) and on EDGAR ( https://www.sec.gov ) as an exhibit to our Annual Report on Form 40-F; and our audited consolidated financial statements for the year ended December 31, 2025 (2025 financial statements), which are also available on SEDAR+ and on EDGAR as an exhibit to our Annual Report on Form 40-F. We have prepared this document to meet the requirements of Canadian securities laws, which are different from what United States (US) securities laws require. The information contained in this AIF is presented as at December 31, 2025, the last day of our most recently completed financial year, and is based on what we knew as of March 17, 2026, except as otherwise stated. Reporting currency and financial information Unless we have specified otherwise, all dollar amounts are in Canadian dollars. Any references to US$ mean US dollars. The financial information in this AIF has been presented in accordance with International Financial Reporting Standards (IFRS). Caution about forward-looking information Our AIF and the documents incorporated by reference 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 making statements considered to be forward-looking information or forward-looking statements under Canadian and US securities laws. We refer to them in this AIF as forward-looking information . In particular, the discussions under the headings Market overview and developments, Building a balanced portfolio , and Westinghouse Electric Company in this AIF contain forward-looking information. Key things to understand about the forward-looking information in this AIF: It typically includes words and phrases about the future, such as anticipate, believe, estimate, expect, plan, will, intend, goal, target, forecast, project, strategy and outlook (see examples on page 4). It represents our current views and can change significantly. It is based on a number of material assumptions , including those we have listed below on pages 7 and 8, which may prove to be incorrect. Actual results and events may be significantly different from what we currently expect, due to the risks associated with our business. We list a number of these material risks below. We recommend you also review other parts of this document, including Risks that can affect our business starting on page 114, and our 2025 MD&A, which includes a discussion of other material risks that could cause actual results to differ significantly from our current expectations. Forward-looking information is designed to help you understand management's current views of our near- and longer-term prospects, and it may not be appropriate for other purposes. We will not necessarily update this information unless we are required to by Canadian or US securities laws. Examples of forward-looking information in this AIF our expectations about 2026 and future global uranium supply, consumption, contracting, demand, geopolitical issues and the market, including the discussion under the headings Market overview and developments and Building a balanced portfolio the discussion under the heading Our strategy , including the role of nuclear energy in the world's shift to a low-carbon, climate-resilient economy, our expectation that our strategy will allow us to increase long-term value, our intention to execute our strategy with an emphasis on safety, people and the environment, our ability to address risks and opportunities that we believe may have a significant impact on our ability to add long-term value for our stakeholders, and our expected financial capacity to execute our strategy, invest in new opportunities and self-manage risk the discussion of our expectations relating to our 49% interest in Westinghouse Electric Company (Westinghouse), including our investment expanding our participation in the nuclear fuel value chain and providing a platform for further growth and various factors and drivers for Westinghouse's business segments our expectations relating to our Canada Revenue Agency (CRA) transfer pricing dispute, including our confidence that the courts would reject any attempt by CRA to utilize the same or similar positions for other tax years currently in dispute, and our belief that CRA should return the full amount of cash and security that has been paid or otherwise secured by us our view that we have the strengths to take advantage of the world's rising demand for safe, secure, reliable, affordable, and carbon-free energy our belief that we have the right strategy to add long-term value, and our ability to do so in a manner that reflects our values that we will continue to focus on delivering our products responsibly and addressing the sustainability risks and opportunities that we believe will make our business sustainable and will build long-term value our expectations about 2026 and future consumption of conversion services our expectations for the future of the nuclear industry and the potential for new enrichment technology, including that nuclear power must be a central part of the solution to the world's shift to a low-carbon, secure energy economy while helping provide energy security and that our investment in enrichment technology, if successful, will allow us to participate in the entire nuclear fuel value chain our expectations relating to care and maintenance costs our expectations of executing major supply contracts our ability to capitalize on the current backlog of long-term contracting as a proven and reliable supplier with tier-one productive capacity and a record of honouring supply commitments, and to increase value throughout these price cycles future plans and expectations for our uranium properties, advanced projects, and fuel services operating sites, including production levels and the suspension of production at certain properties, pace of advancement and expansion capacity, and carbon reduction targets estimates of operating and capital costs and mine life for our tier-one uranium operations our expectations regarding our licence for Crow Butte our ability to successfully negotiate a new collective agreement for the unionized employees at McArthur River estimated decommissioning and reclamation costs for uranium properties and fuel services operating sites Kazatomprom's planned production levels for JV Inkai and the timing of deliveries, and our other expectations regarding JV Inkai, including the impact of the new Mineral Extraction Tax (MET) on JV Inkai's cost structure our mineral reserve and resource estimates our expectations that the price of uranium, production costs, and recovery rates will allow us to operate or develop a particular site or sites estimates of metallurgical recovery and other production parameters for each uranium property production estimates at the McArthur River/Key Lake, Cigar Lake and JV Inkai operations, and fuel services our discussion of the ongoing conflict between Russia and Ukraine our views on our ability to align our production with market opportunities and our contract portfolio, and the factors that may affect our cash production costs our expectation regarding opportunities to improve operational effectiveness and to reduce our impact on the environment, including through the use of digital and automation technologies our expectations about when future reactors will come online our efforts to explore emerging opportunities within the nuclear power value chain which contribute to decarbonization, and help provide secure and affordable energy our expectations about future demand for small modular reactors (SMR) the discussion under the heading Our Sustainability principles and practices , including our belief that we can be part of the solution to enhance national energy and climate security and our position to deliver significant longterm business value Material risks actual sales volumes or market prices for any of our products or services are lower than we expect, or cost of sales is higher than we expect, for any reason, including changes in market prices, loss of market share to a competitor, tariffs, trade restrictions or geopolitical issues we are adversely affected by changes in currency exchange rates, interest rates, royalty rates, tax rates, tariffs, or inflation our production costs are higher than planned, or affected by unexpected factors, or necessary supplies are not available or not available on commercially reasonable terms our strategies may change, be unsuccessful or have unanticipated consequences, or we may not be able to achieve anticipated operational flexibility and efficiency changing views of governments regarding the pursuit of carbon reduction strategies or that our view on the role of nuclear power in pursuit of those strategies may prove to be inaccurate our estimates and forecasts prove to be inaccurate, including production, purchases, deliveries, cash flow, revenue, costs, decommissioning, reclamation expenses, or timing or receipt of future dividends from JV Inkai that we may not realize the expected benefits from our investment in Westinghouse or any of our other joint venture investments that Westinghouse fails to generate sufficient cash flow to fund its approved annual operating budget or make distributions to the partners we are unable to enforce our legal rights under our existing agreements, permits or licences we are subject to litigation or arbitration that has an adverse outcome that the courts may accept the same, similar or different positions and arguments advanced by CRA to reach decisions that are adverse to us for other tax years currently in dispute the possibility of a materially different outcome in disputes with CRA for other tax years our expectation that the US Department of Energy (DOE) will make available a portion of its excess uranium inventory over the next two decades our ability to implement and execute our overarching low carbon transition strategy our investments allowing us to participate in the entire nuclear fuel value chain; fuel fabrication; reactor maintenance; development of new reactors; and nuclear sustainability services our expectations regarding Global Laser Enrichment LLC's (GLE) path to commercialization the risk that we and Westinghouse may not be able to meet sales commitments for any reason the risk that Westinghouse may not achieve the expected growth in its business the risk to Westinghouse's business associated with potential production disruptions, including those related to global supply chain disruptions, global economic uncertainty, political volatility, labour relations issues, and operating risks the risk that Westinghouse may not be able to implement its business objectives in a manner consistent with its or our sustainability principles and practices and other values the risk that Westinghouse's strategies may change, be unsuccessful, or have unanticipated consequences the risk that Westinghouse may be unsuccessful in respect of its new business initiatives, including its participation in the construction of two nuclear reactors at the Dukovany power plant in the Czech Republic, and the realization of the expected benefits of the strategic partnership with the US Government intended to accelerate the deployment of Westinghouse nuclear reactors in the US and globally the risk that Westinghouse may fail to comply with nuclear licence and quality assurance requirements at its facilities the risk that Westinghouse may lose protections against liability for nuclear damage, including discontinuation of global nuclear liability regimes and indemnities the risk that increased trade barriers may adversely impact our business, or the business of any of the joint ventures in which we have invested the risk that Westinghouse may default under its credit facilities, impacting adversely Westinghouse's ability to fund its ongoing operations and to make distributions the risk that liabilities at Westinghouse may exceed our estimates and the discovery of unknown or undisclosed liabilities that CRA does not agree that the court rulings for the years that have been resolved in Cameco's favour should apply to subsequent tax years that CRA will not return all or substantially all of the cash and security that has been paid or otherwise secured in a timely manner, or at all there are defects in, or challenges to, title to our properties our mineral reserve and resource estimates are not reliable, or there are unexpected or challenging geological, hydrological or mining conditions we are affected by environmental factors (such as climate change), safety and regulatory risks, including workforce health and safety or increased regulatory burdens or delays necessary permits or approvals from government authorities cannot be obtained or maintained we are affected by political risks, including developments in US foreign policy, global conflicts, sanctions, or any potential future unrest in Kazakhstan we may be affected by crime, corruption, the making of improper payments or the provision of benefits that may violate Canadian or US laws relating to foreign corrupt practices or sanctions we are affected by war, terrorism, cyber-attacks, sabotage, blockades, civil unrest, social or political activism, outbreak of illness (such as a pandemic), accident or a deterioration in political support for, or demand for, nuclear energy operations are disrupted due to problems with our own or our joint venture partners', suppliers' or customers' facilities, the unavailability or delayed delivery of reagents, equipment, operating parts and supplies critical to production, equipment failure, lack of tailings capacity, labour shortages, labour relations issues, strikes or lockouts, fires, underground floods, cave-ins, ground movements, tailings dam failures, transportation disruptions or accidents, aging infrastructure, or other development and operating risks the inability of Westinghouse and the US Government to enter into definitive agreements relating to the strategic partnership between Cameco, Brookfield and the US Government or to effect their future obligations related to the transactions contemplated by the strategic partnership the unavailability of US Government funding and support for the transactions contemplated by the strategic partnership, including the ability of the executive branch of the US Government to obtain funding and support via the appropriations process or from other sources the risk that occupational health and safety issues may arise at Westinghouse's operations the risk that there may be disputes between us and Brookfield Renewable Partners and its institutional partners (collectively, with Brookfield Asset Management, "Brookfield") regarding our strategic partnership, or disputes between us and any of our other joint venture partners the risk that we may default under the governance agreement with Brookfield, including us losing some or all of our interest in Westinghouse disruption or delay in the transportation of our products a major accident at a nuclear power plant we are impacted by changes in the regulation or public perception of the safety of nuclear power plants, which adversely affect the construction of new plants, the relicensing of existing plants and the demand for uranium government laws, regulations, policies or decisions that adversely affect us, including tax and trade laws, tariffs and sanctions, including changes in mining laws or regulations our uranium suppliers or purchasers fail to fulfil their commitments our McArthur River development, mining or production plans, including the planned transition into two new mine areas within zone 1 and the zone 4 clay area, are delayed or do not succeed for any reason, including unforeseen challenges during the development of these areas our Cigar Lake development, mining or production plans are delayed or do not succeed for any reason the risk that the planned infrastructure installations and repairs at the Key Lake mill during the extended 2026 maintenance shutdown may not proceed as scheduled, or may encounter unforeseen delays, reducing operational capacity and expected production levels JV Inkai's development, mining or production plans are delayed or do not succeed for any reason or JV Inkai is unable to transport and deliver its production, or its production cost structure is impacted by the new MET more adversely than we expect our production plan for our fuel services division is delayed or does not succeed for any reason our expectations relating to care and maintenance costs prove to be inaccurate we are affected by natural phenomena, such as forest fires, floods or earthquakes as well as shifts in temperature, precipitation, and the impact of more frequent severe weather conditions on our operations as a result of climate change following the execution of definitive transaction documents by Westinghouse and the US Government, the determination by the legislative, judicial or executive branches of the US federal or any US state government that any future funding commitments or other aspect of the transactions contemplated by the strategic partnership was or is not in compliance with law Material assumptions our expectations regarding sales and purchase volumes and prices for uranium and fuel services, cost of sales, trade restrictions, inflation, and that counterparties to our sales and purchase agreements will honour their commitments our expectations for the nuclear industry, including its growth profile, market conditions, geopolitical issues, and the demand for and supply of uranium the continuing pursuit of carbon reduction and energy security strategies by governments and the role of nuclear in the pursuit of those strategies the success of our plans and strategies relating to our investment in Westinghouse and our other joint venture investments our cost expectations, including production costs and the factors affecting them, operating costs, and capital costs our expectations regarding tax payments, tax rates, tariffs, royalty rates, currency exchange rates, interest rates and inflation that courts will reach consistent decisions for other tax years that are based upon similar positions and arguments, in our dispute with CRA that CRA will not successfully advance different positions and arguments that may lead to different outcomes for other tax years our expectation that we will recover all or substantially all of the amounts paid or secured in respect of the CRA dispute to date our expectations regarding spot prices and realized prices for uranium our decommissioning and reclamation estimates, including the assumptions upon which they are based, are reliable our mineral reserve and resource estimates, and the assumptions upon which they are based, are reliable our understanding of the geological, hydrological and other conditions at our uranium properties Westinghouse's ability to generate cash flow and fund its approved annual operating budget and make distributions to the partners the risks that generally apply to all our operations and advanced uranium projects that are discussed under the heading Risks that can affect our business in this AIF and under the heading Managing the risks in our 2025 MD&A our dependence, in part, on government contracts, which may only be partially funded, subject to termination, heavily regulated and audited. that the construction of new nuclear power plants and the relicensing of existing nuclear power plants will not be adversely affected by changes in regulation or in the public perception of the safety of nuclear power plants our ability to continue to supply our products and services in the expected quantities and at the expected times our expected production levels for Cigar Lake, McArthur River/Key Lake, JV Inkai and our fuel services operating sites plans to transport our products succeed, including the shipment of our share of JV Inkai production to our Blind River refinery our ability to mitigate adverse consequences of production shortfalls or delays in the shipment of our share of JV Inkai production to our Blind River refinery our ability to compete for additional business opportunities so as to generate additional revenue for us as a result of our investment in Westinghouse market conditions and other factors upon which we based our investment in Westinghouse and our related forecasts will be as expected Westinghouse's production, purchases, sales, deliveries, and costs Westinghouse's ability to mitigate adverse consequences of delays in production and construction the success of Westinghouse's plans and strategies including its participation in the construction of two nuclear reactors at the Dukovany power plant in the Czech Republic, and the strategic partnership with the US Government intended to accelerate the deployment of Westinghouse nuclear reactors in the US and globally the absence of new and adverse laws, government regulations, policies or decisions in any country where such developments would affect us, including with respect to changes in mining laws or regulations that there will not be any significant adverse consequences to Westinghouse's business resulting from business disruptions, including those relating to supply disruptions, economic or political uncertainty and volatility, labour relation issues, and operating risks Westinghouse will comply with the covenants in its credit agreement our Key Lake mill production plans succeed, and that the planned infrastructure installations and repairs at Key Lake during the extended 2026 maintenance shutdown proceed and are completed as scheduled the McClean Lake mill is able to process Cigar Lake ore as expected our Cigar Lake and McArthur River development, mining and production plans succeed, and the planned transition into two new mine areas within zone 1 and the zone 4 clay area at McArthur River does not encounter unforeseen challenges during the development of these areas JV Inkai's development, mining and production plans succeed, and that JV Inkai will be able to deliver its production, and that its production cost structure is not more adversely impacted by the new MET than we expect the ability of JV Inkai to pay dividends, or the timing of their payments that care and maintenance costs will be as expected our and our contractors' ability to comply with current and future environmental, safety and other regulatory requirements, and to obtain and maintain required regulatory approvals that we will be successful in our efforts to renew our operating licence for Crow Butte our operations and those of our joint venture investments are not significantly disrupted as a result of political instability, sanctions, nationalization, developments in US foreign policy, terrorism, sabotage, blockades, civil unrest, breakdown, natural disasters, environmental factors (including climate change), outbreak of illness (such as a pandemic), governmental or political actions, litigation or arbitration proceedings, the unavailability of reagents, equipment, operating parts and supplies critical to production, labour shortages, labour relations issues, strikes or lockouts, underground floods, cave-ins, ground movements, tailings dam failure, lack of tailings capacity, transportation disruptions or accidents, aging infrastructure or other development or operating risks that no major accident at a nuclear power plant will occur Westinghouse will comply with nuclear licence and quality assurance requirements at its facilities Westinghouse maintaining protections against liability for nuclear damage, including continuation of global nuclear liability regimes and indemnities the ability of Westinghouse and the US Government to enter into definitive agreements relating to the strategic partnership between Cameco, Brookfield and the US Government and their ability to meet their obligations under them the availability of US Government funding and support for the transactions contemplated by the strategic partnership, including the ability of the executive branch of the US Government to obtain funding and support via the appropriations process or from other sources the assumption that following the execution of definitive transaction documents by Westinghouse and the US Government, none of the legislative, judicial or executive branches of the US federal or any US state government will determine that any future funding commitments or other aspect of the transactions contemplated by the strategic partnership was or is not in compliance with law ‌Our business Cameco Corporation 2121 - 11 th Street West Saskatoon, Saskatchewan Canada S7M 1J3 Telephone: 306.956.6200 This is our head office, registered office and principal place of business. We are publicly listed on the Toronto and New York stock exchanges, and had a total of 3,082 employees at December 31, 2025. Our operations span the nuclear fuel cycle from exploration to fuel services, which include uranium production, refining, uranium dioxide (UO 2 ) and uranium hexafluoride (UF 6 ) conversion services and CANDU fuel manufacturing for heavy water reactors. We have further enhanced our ability to meet our customers' growing demand for reliable and secure nuclear fuel supplies, services and technologies with our investments in Westinghouse, augmenting the core of our business and providing fuel fabrication, design and engineering for light water reactors, and our investment in GLE's third-generation enrichment technology that, if successful, we expect will allow us to participate in the entire nuclear fuel value chain. With extraordinary assets and investments spanning the fuel cycle, a proven operating track record, long-term contract portfolio, strong commitment to sustainability, employee expertise, comprehensive industry knowledge, and a strong balance sheet, the company is pursuing a strategy that it expects will create a platform for strategic growth. We are confident in our ability to increase long-term value by positioning the company as an industry leader at a time when the world's prioritization of energy security, national security and increasing electrification is driving growth in demand, and when geopolitics are creating concerns about the origin and security of supplies across the fuel cycle. Business segments URANIUM Our uranium production capacity is among the world's largest. In 2025, our tier-one production accounted for 15% of world production. We have controlling ownership of the world's largest high-grade mineral reserves. Product uranium concentrates (U 3 O 8 ) Mineral reserves and resources Mineral reserves approximately 433 million pounds proven and probable Mineral resources approximately 404 million pounds measured and indicated approximately 152 million pounds inferred Tier-one operations McArthur River and Key Lake, Saskatchewan Cigar Lake, Saskatchewan Inkai, Kazakhstan Tier-two operations Rabbit Lake, Saskatchewan Smith Ranch-Highland, Wyoming Crow Butte, Nebraska Advanced projects Millennium, Saskatchewan Yeelirrie, Australia Kintyre, Australia Exploration focused on North America approximately 0.75 million hectares of land FUEL SERVICES We are an integrated uranium fuel supplier, offering refining, conversion, and fuel manufacturing services. Products uranium trioxide (UO 3 ) UF 6 for light-water reactors (we have about 18% of world primary conversion capacity) UO 2 for CANDU heavy-water reactors fuel bundles, reactor components and monitoring equipment used by CANDU heavy-water reactors Operations Blind River refinery, Ontario (refines uranium concentrates to UO 3 ) Port Hope conversion facility, Ontario (converts UO 3 to UF 6 or UO 2 ) Cameco Fuel Manufacturing Inc. (CFM), Ontario (manufactures fuel bundles and reactor components for CANDU heavy-water reactors) WESTINGHOUSE ELECTRIC COMPANY We own a 49% interest in Westinghouse in a strategic partnership with Brookfield. Products Core business - designs and manufactures nuclear fuel supplies and intermediate products and provides fuel cycle services for light water reactors New build - designs, develops and procures equipment for new AP1000 nuclear reactors. This business line also includes the design of new small modular reactors. Operations Columbia, South Carolina (fuel fabrication) Springfields, United Kingdom (fuel fabrication) Västerås, Sweden (fuel fabrication) For information about the financial performance of our segments for the years ended December 31, 2025, and 2024, see our 2025 MD&A as follows: uranium - page 57 fuel services - page 59 Westinghouse - page 59 OTHER NUCLEAR FUEL CYCLE INVESTMENTS Enrichment We have a 49% interest in GLE which is testing third-generation enrichment technology that, if successful, will use lasers to commercially enrich uranium. GLE is the exclusive licensee of the proprietary SILEX laser enrichment technology, that is in the development phase. Nuclear Fusl Cpsts Mining & NflGr›g Once an orebody is: discovered and defined' by exploration, there arp three common ways to mine uranium, d.epending on the depth of the orebady and the.deposit"s geological characteristics: Open pit mining is used if the ore is near thh surface. The of:e i8 u uaIIy mined using drilling and blasting. Underground mining is used if the ore is top deep to make open. pit.mining economical. Tunnels and shafts prDvide access to the ore. In situ recovery (ISR) does not require large scale excavation. Instead, holes are drilled into the ore and a solution is.used to dissown lha uranium. The sblutian. is pumped to the surface where the uranium is recovered. Ore from open pit and undergrourd mines is processed to extract the uranium and package it as a powder typically referred to.as uranium conce.ntrates (U @) or yeljawcake. The leftover processed rock and other solid weste (tailings) placed in an engineered tailings facility. Reining removes impurities from the uranium co.ncontrate pnd cha.nges its chemical form to uranium. trioxia. (ua,). For light water reactors, the UOP is converted to uranium. hexafluoride (UFy) gas to prepare it for enrichment..For heavy water reactors, like the CANDu reactors, the UOP is corn'arted into powdered uranium dioxide (UOP). Uranium is made up of two ma.in isotopes: U-238 and U-235.. Only U-2.35, which makes up 0.7%.of natural uranium, is involved in the nuclear fission reaction and most of the world's reactors require an enriched level of U-235. The enrich.mam process increases the concentration of U-235, with most of the existing global reactor fleet requiring between 3°é and 5%: However, to allow for extended refueling cycles an.d for some new and advanced reactor designs, higfier levels of enrichment may be required. Enriched gas is then converted to powdered UO . O I't¥tUtal or Bfx c ad UO 2 is pressed into pellets, which are baked at a high temperature. These are packed into zircaloy or.stainless steel tubes, sealed and then assembled into fuel bundles that are specific to each reactor design. Ayr 9etvfccs (LWR/HWR) Nuclear reactors are used to generate electricity. U-235 atoms in the reactor fuel fission, creating heat that generated steam .to drive turbines..Qfum a light water reactor ia operating, it .'I att$ bt' e d'M$•dh'd tnd maintained every 1&24 months, at wt ch Lima & portion of the fuel bundlac dual slao be replaced .to maximize ePlciency, Heavy water reactors (CANDU) are O .continually refuelled, but must be refurbished aRer several decades of service. S.pent fuel management The majority of spent fuel is safely stored at the reacto.r site. A small amo.unt of spent fuel is reprocessed, The reprocessed f»eI is used in .some European and Japanese reactors. Major developments 2023 ………………….. 2024 …………………….. 2025 …………………….. March We sign a major supply contract to provide sufficient volumes of natural uranium hexafluoride, or UF 6 (consisting of uranium and conversion services), to meet Ukraine's full nuclear fuel needs through 2035. CRA issues revised assessments for the 2007 through 2013 tax years, which result in a refund of $297 million, consisting of $86 million in cash and $211 million in letters of credit, which are returned in the second quarter. CRA continued to hold $483 million that we had remitted or secured based on prior reassessments CRA had issued in our longstanding tax dispute. November We announce that the acquisition of Westinghouse in a strategic partnership with Brookfield closed on November 7, 2023. May We issue $500 million of debentures, bearing interest at 4.94%, maturing in 2031. June We redeem $500 million of debentures, bearing interest at 4.19%, maturing in June 2024. December 2024 packaged production of 20.3 million pounds (100% basis) of U 3 O 8 sets both a new annual production record for the Key Lake mill, as well as a new world record for annual production from any uranium mill. October We, alongside Brookfield, enter into a strategic partnership with the US Government which is expected to accelerate the global deployment of Westinghouse nuclear reactors in the US. This collaboration provides for the US Government to arrange financing and facilitate the permitting and approvals for new Westinghouse nuclear reactors to be built in the US, with an aggregate investment value of at least US$80 billion. How Cameco was formed Cameco was incorporated under the Canada Business Corporations Act on June 19, 1987. We were formed when two Crown corporations were privatized and their assets merged: Saskatchewan Mining Development Corporation (SMDC) (uranium mining and milling operations); and Eldorado Nuclear Limited (uranium mining, refining and conversion operations) (now Canada Eldor Inc.). There are constraints and restrictions on ownership of shares in the capital of Cameco (common shares) set out in our company articles, and a related requirement to maintain offices in Saskatchewan. These are requirements of the Eldorado Nuclear Limited Reorganization and Divestiture Act (Canada), as amended, and The Saskatchewan Mining Development Corporation Reorganization Act , as amended, and are described on page 144. We have made the following amendments to our articles: 2002 • increased the maximum share ownership for individual non-residents to 15% from 5% increased the limit on voting rights of non-residents to 25% from 20% 2003 • allowed the board to appoint new directors between shareholder meetings as permitted by the Canada Business Corporations Act , subject to certain limitations eliminated the requirement for the chair of the board to be ordinarily resident in the province of Saskatchewan For more information You can find more information about Cameco on SEDAR+ ( www.sedarplus.ca), EDGAR ( www.sec.gov) and on our website ( www.cameco.com). See our most recent management proxy circular for additional information, including how our directors and officers are compensated and any loans to them, principal holders of our securities, and securities authorized for issue under our equity compensation plans. We expect the circular for our May 7, 2026, annual meeting of shareholders to be available on April 2, 2026. See our 2025 financial statements and 2025 MD&A for additional financial information. We have two main subsidiaries: Cameco Europe Ltd., a company incorporated under the laws of Switzerland, which we have 100% ownership of through subsidiaries. Cameco U.S. Holdings, Inc., a company incorporated under the laws of the state of Nevada, in which we have 100% direct ownership. At January 1, 2026, we do not have any other subsidiaries that are material, either individually or collectively. ‌Our values and strategy We believe we have the right strategy to add long-term value and we will do so in a manner that reflects our values. For over 35 years, we have been delivering our products responsibly. Building on that strong foundation, we remain committed to our efforts to operate in a responsible and sustainable manner, identifying and addressing the risks and opportunities that we believe may have a significant impact on our ability to add long-term value for our stakeholders. Committed to our values Our values are discussed below. They define who we are as a company, are at the core of everything we do and help to embed sustainability principles and practices as we execute on our strategy. They are: safety and environment; people; integrity; and excellence. Safety and Environment The safety of people and protection of the environment are the foundations of our work. All of us share the responsibility of continually improving the safety of our workplace and the quality of our environment. We are committed to keeping people safe and conducting our business with respect and care for both the local and global environment. People We value the contribution of every employee and we treat people fairly by demonstrating our respect for individual dignity, creativity and cultural diversity. By being open and honest, we achieve the strong relationships that we seek. We are committed to developing and supporting a flexible, skilled, stable and diverse workforce, in an environment that: attracts and retains talented people and inspires them to be fully productive and engaged; and encourages relationships that build the trust, credibility and support we need to grow our business. Integrity Through personal and professional integrity, we lead by example, earn trust, honour our commitments and conduct our business ethically. We are committed to acting with integrity in every area of our business, wherever we operate. Excellence We pursue excellence in all that we do. Through leadership, collaboration and innovation, we strive to achieve our full potential and inspire others to reach theirs. Our strategy We are a pure-play investment in the growing demand for nuclear energy, focused on taking advantage of the near-, medium-, and long-term growth occurring in our industry. We provide nuclear fuel and nuclear power products, services, and technologies across the fuel cycle, complemented by our investment in Westinghouse, that support the generation of secure, carbon-free, reliable, and affordable energy. Our strategy is set within the context of what we believe is a transitioning market environment. Increasing populations, a growing focus on electrification and decarbonization, and concerns about energy security and affordability are driving a global focus on tripling nuclear power capacity by 2050, which is expected to durably strengthen the long-term fundamentals for our industry. Nuclear energy must be a central part of the solution to the world's shift to a low-carbon, secure energy economy. It is an option that can provide the power needed, not only reliably, but also safely and affordably, and in a way that will help achieve climate, energy and national security objectives. Our strategy is to capture full-cycle value by: remaining disciplined in our contracting activity, building a balanced portfolio in accordance with our contracting framework; profitably producing from our tier-one assets and aligning our production decisions in all segments of the fuel cycle with contracted demand and customer needs; being financially disciplined to allow us to execute our strategy, invest in new opportunities that are expected to add longterm value, and self-manage risk; and exploring other emerging opportunities within the nuclear power value chain, which align with our commitment to manage our business responsibly and sustainably, contribute to decarbonization, and help to provide secure and affordable energy. We continually evaluate investment opportunities within the nuclear fuel value chain that align well with our commitment to not only add long-term value by managing our business responsibly and sustainably, but also allow us to contribute to energy and national security solutions. Expanding our participation in the fuel cycle is expected to complement our tier-one uranium and fuel services assets, creating new revenue opportunities, and it enhances our ability to meet the increasing needs of existing and new customers for secure, reliable nuclear fuel supplies, services and technologies. We will make an investment decision when an opportunity is available both at the right time and the right price. We strive to pursue corporate development initiatives that will leave us and our stakeholders in a fundamentally stronger position. As such, an investment opportunity is never assessed in isolation. Investments must compete for investment capital with our own internal growth opportunities. They are subject to our capital allocation process described in our 2025 MD&A under Capital Allocation - Disciplined Financial Management , starting on page 29. We expect our strategy will allow us to increase long-term value, and we will execute it with an emphasis on safety, people and the environment. For more information on our strategy, see our 2025 MD&A under Our values and strategy, starting on page 22. Market overview and developments A market in transition In 2025, geopolitical uncertainty and heightened concerns about energy security, national security, and climate security continued to improve the demand and supply fundamentals for the nuclear power industry and the fuel cycle that is required to support it. Increasingly, countries and companies around the globe are recognizing the critical role nuclear power is expected to play in providing carbon-free and secure baseload power, which was reaffirmed at the 30 th Conference of Parties (COP30), with the declaration to triple nuclear energy capacity by 2050 now signed by 33 countries. This continued and growing support has led to a rise in demand as closed reactors are returning to service, reactors are being saved from retirement, life extensions are being sought and approved for existing reactor fleets, and numerous commitments and plans are advancing for the construction of new nuclear generating capacity. In addition, the market for SMRs, including smaller versions of existing technology and advanced technology designs, continues to mature, with companies in energy intensive sectors looking to nuclear to help achieve their decarbonization plans. The potential expansion of the markets and use cases for nuclear energy could add significant demand for additional capacity in the decades to come, with a growing number of agreements being signed and several projects already underway. While demand for uranium and nuclear fuel continues to increase, future supply is not keeping pace. Heightened supply risk caused by growing geopolitical uncertainty, shrinking secondary supplies and a lack of investment in new capacity over the past decade has motivated utilities to evaluate their near-, mid- and long-term nuclear fuel supply chains. The uncertainty about where nuclear fuel supplies will come from to satisfy growing demand has led to significant long-term contracting activity in recent years. In 2025, about 116 million pounds of uranium was placed under long-term contracts by utilities, with increased activity late in the year. The annual volume remained below replacement rate, potentially increasing the cumulative level of uncovered requirements in the future, when primary supply is expected to be limited, and secondary supply stocks have been drawn down. Uranium spot prices experienced volatility in 2025 and averaged US$73.54 per pound, while the long-term uranium price strengthened throughout 2025, peaking in December at a 14-year high of US$86.50 per pound. The conversion market saw historic highs in term pricing, with a 27% average yearly price increase, while the average spot price increased 4% over that timeframe, and in enrichment, spot and term prices rose over 10% and 6% respectively compared to 2024. We expect continued competition to secure uranium, conversion services and enrichment services under long-term contracts with proven sustainable producers and suppliers who have a diversified portfolio of assets in geopolitically attractive jurisdictions, and on terms that help ensure a reliable supply is available to satisfy demand. Durable demand growth The geopolitical uncertainty and a realignment of global energy markets have deepened concerns about climate, energy and national security, highlighting the role of energy policy in balancing three main objectives: providing a reliable and secure baseload profile; providing an affordable, levelized cost profile; and providing a clean emissions profile. The global call to triple nuclear energy capacity is also drawing attention to a broader triple-security challenge: enhancing climate security by accelerating the shift away from carbon-emitting thermal energy; strengthening energy security by expanding access to clean, reliable, and scalable baseload electricity for the roughly one-third of the world's population still experiencing energy poverty; and supporting national security by diversifying energy systems with dependable, domestically sourced, and geopolitically resilient power generation. There is increasing recognition that nuclear power contributes meaningfully across all three dimensions and has a key role to play in supporting long-term climate, energy, and national security objectives. The growth in demand is not just long-term and in the form of new builds, but medium-term in the form of reactor restarts and life extensions, and near-term with early reactor retirement plans being deferred or cancelled and new markets continuing to emerge. Longterm momentum remains very supportive with the installed base of nuclear capacity and an increasing focus on large-scale new build and the development of SMRs. Demand and energy policy highlights (2025 unless otherwise noted) The World Bank lifted its long-standing ban on nuclear financing in June, marking a major policy shift and opening the door for collaboration with the International Atomic Energy Agency (IAEA) and focusing on financing life extensions and potential new builds in developing countries. In November, the International Energy Agency's (IEA) World Energy Outlook 2025 highlighted unprecedented global energy security risks amid surging electricity demand from digitalization, industrial growth, and Artificial Intelligence (AI) data centers. After decades of relatively limited growth, the IEA now expects global electricity demand to grow by at least one third by 2035. In Japan, Tokyo Electric Power Co. received approval in November from the local prefectural governor to restart units 6 and 7 at the Kashiwazaki-Kariwa plant. The company subsequently restarted unit 6 in February 2026, marking the utility's first return to nuclear generation since 2011. In January 2026, Japan's nuclear watchdog halted a 12-year safety review for the Hamaoka nuclear power plant, citing a loss of trust after Chubu Electric Power Co. was suspected of falsifying earthquake resistance data. In China, the China Nuclear Energy Authority reported in June that the country is on track to double its current nuclear capacity (operating and under construction) and reach 200 GWe of nuclear capacity by 2040. Additionally, in October, China's ACP100 SMR completed cold testing, becoming the first land-based SMR to pass IAEA safety review. Non-nuclear turbine testing was completed in December, with commercial operations expected by mid-2026. South Korea's updated 11th Basic Plan, which was released in May 2024 and approved in February, reaffirmed construction of 2.8 GWe from two new large-scale reactors and an additional 700 MWe of SMR capacity, all targeted for completion by 2038. In December, India passed legislation that would open the country's nuclear power sector to private investment, ending a state monopoly and substantially revising nuclear liability provisions that had constrained new build activity. The bill is intended to support a major expansion of India's nuclear fleet, with the government targeting approximately 100 GWe of installed nuclear capacity by 2047 as part of its broader energy security and decarbonization strategy. In France, the French Nuclear Safety and Radiation Protection Authority announced that Electricité de France (EDF) would be allowed to operate twenty 1.3 GWe reactors beyond their 40-year design life, on the condition of making certain safety upgrades. Additionally, in October, EDF reaffirmed the company aims to finalize detailed construction plans for eight new EPR2 reactors in France by the end of 2026, with the first new unit at Penly 3 scheduled for commissioning in 2038. In January 2026, the Swiss government's Senate committee voted in favor of ending a ban on new nuclear plant licences, advancing the proposal to the full Senate by mid-2026 and pending parliamentary approval. In June, Korea Hydro & Nuclear Power (KHNP) signed an engineering, procurement and construction contract to build two APR1000 reactors at the Dukovany site in the Czech Republic, marking a diversification from the country's six operating Russian VVER reactors. This is KHNP's first nuclear project in Europe and first major overseas project since the Barakah project in the United Arab Emirates. In the United Kingdom (UK), the construction of Sizewell C's two EPR reactors, totaling 3.2 GWe of capacity, received a final investment decision for the GBP38 billion project in which the UK government will be the largest shareholder. Poland's former President Andrzej Duda signed legislation providing US$15.6 billion in financing for three Westinghouse AP1000 reactors at the Lubiatowo Kopalino site. With construction slated for 2028, the first unit is expected to be operational in 2036, followed by the remaining two units in 2039. In September, Rosatom State Nuclear Energy Corporation Director General Alexei Likhachev announced at the IAEA General Conference that Russia intends to construct 38 additional nuclear power units across large, medium and small reactor designs, roughly doubling nuclear capacity in Russia. In the US, the DOE announced in March the US$900 million solicitation in support of SMR deployment that was made under the Biden administration will be re-issued. In December, the DOE selected Tennessee Valley Authority and Holtec International (Holtec) to advance early deployment of Generation III+ light-water SMRs in the US. This included up to US$400 million federal cost-shared funding for each project to progress near-term projects in Tennessee and Michigan, support supply chain development, and help position SMRs for broader deployment. In May, the US President signed four executive orders to reshape the federal government's role in nuclear energy by coordinating agency efforts, accelerating advanced reactor deployment, and strengthening US global leadership. The orders aim to quadruple US nuclear capacity to 400 GWe by 2050 through Nuclear Regulatory Commission (NRC) reform, deploying advanced nuclear reactor technologies, reinvigorating the nuclear industrial base, and restructuring nuclear research and development at the DOE. Additionally, in June, the US Budget Bill proposed revisions to the Inflation Reduction Act but preserved key nuclear tax credits that support existing and restarted reactors while reducing incentives for solar, wind, and hydrogen. Constellation Energy (Constellation) signed a milestone 20-year power purchase agreement (PPA) with Meta in June to supply 1.1 GWe starting in mid-2027. As a result, Constellation's Clinton Clean Energy Center, which had been slated to potentially close after 2027 due to the loss of the zero-emissions credit program, is expected to operate through 2047. Additionally, Constellation's restart of Unit 1 at the Crane Clean Energy Centre under a 20-year PPA with Microsoft is progressing towards restart as early as 2027. Holtec reported in August that its Palisades nuclear plant formally shifted from decommissioning to operational status, making it the first US commercial reactor to do so. In June, Talen Energy (Talen) and Amazon announced a major expansion to their existing agreement to have Talen supply up to 1.9 GWe of nuclear power through at least 2042. Alongside this agreement, Talen and Amazon plan to explore future SMRs in Pennsylvania. In October, Cameco and Brookfield announced a strategic partnership with the US Government to accelerate deployment of Westinghouse nuclear reactors. The agreement is contingent on a final investment decision and definitive agreements for new reactor construction totaling at least US$80 billion, after which, the US Government will receive a participation interest that, once vested, entitles it to 20% of any cash distributions above US$17.5 billion from Westinghouse. In October, NextEra Energy announced two key agreements with Google to boost US nuclear capacity, including restarting Iowa's Duane Arnold plant, the third US reactor to resume operations after being shut down. The 615 MWe BWR is expected to support Google's expanding cloud and AI operations in the state. The Illinois General Assembly passed the Clean and Reliable Grid Affordability Act (Senate Bill 25) in October, lifting the state's multi-decade moratorium on new nuclear construction. In December, South Carolina utility Santee Cooper's Board of Directors approved a memorandum of understanding with Brookfield to proceed with a formal feasibility study on completing construction of VC Summer units 2 and 3, two partially built Westinghouse AP1000 units. The study seeks to recover value from a previously abandoned US$9 billion investment, potentially delivering 2.2 GWe of capacity-related financial relief to Santee Cooper customers through future power offtake agreements. In January 2026, Meta announced agreements with Vistra Corp., TerraPower LLC, and Oklo Inc. to support up to 6.6 GWe of new and existing nuclear energy capacity by 2035 in support of Meta's data centers, including the Prometheus supercluster in Ohio. In January 2026, New York State Governor Hochul announced the state plans to pursue an additional four GWe of nuclear generating capacity, adding to the previous one GWe goal. The Ontario government approved four GE-Hitachi BWRX-300 SMRs at Ontario Power Generation's (OPG) Darlington site in May at an estimated cost of $20.9 billion, marking Canada's first nuclear expansion in over 30 years. The first unit is scheduled for completion by the end of 2030, positioning it as North America's first commercial SMR. Additionally, in October, Canadian Prime Minister Mark Carney designated the Darlington New Nuclear Project as a federal priority, while he and Ontario Premier Doug Ford announced a $3 billion federal-provincial investment in the project. In November, OPG also received provincial approval to refurbish the four CANDU pressurized heavy water reactors at the Pickering B plant, enabling the facility to operate for up to 38 additional years. Finally, in February 2026, OPG completed the refurbishment of Darlington Unit 4, the fourth and final reactor at the Darlington site, months ahead of schedule and approximately $150 million under budget. According to the IAEA, there are currently 436 operable nuclear reactors and 66 reactors under construction, globally. Several nations are appreciating the energy security and carbon-free energy benefits of nuclear power and have reaffirmed their commitment with plans underway to support existing reactor units and review of policies to encourage more nuclear generation. Non-nuclear countries continue to emerge as candidates for new nuclear capacity. In some countries where nuclear phase-out policies have been in place, policy reversals and decisions to continue reactor operations and/or consider adding more nuclear capacity are under consideration. With a number of reactor construction projects recently approved and many more planned, demand for uranium continues to improve. There is growing recognition of the role nuclear must play in providing safe, affordable, carbon-free baseload electricity to achieve a low-carbon economy, with geopolitical uncertainty causing numerous utilities to move away from Russian energy supplies and seek reliable nuclear fuel suppliers whose values are aligned with their own, or whose origin of supply better protects them from potential interruptions. China Asia India Africa & Middle East Russia Eastern Europe Americas UK CURRENTLY UNDER CONSTRUCTION 10 6 6 4 4 2 2 32 Number of reactors Source: IAEA WORLD OPERABLE REACTOR COUNT 443 439 439 440 436 447 400 Number of reactors 300 200 100 0 2020 2021 2022 2023 2024 2025 Source: IAEA Supply uncertainty Geopolitical uncertainty, energy security, and national security remained the most notable factors impacting security of supply in 2025. Driven by the Russian invasion of Ukraine in 2022, the mine suspension in Niger in 2024, and supply chain challenges, particularly in Kazakhstan, many governments and utilities are re-examining procurement strategies that rely on nuclear fuel supplies from higher risk jurisdictions. In addition, sanctions on Russia and import/export restrictions added to the delivery risks for nuclear fuel supplies coming out of Central Asia. Several idled uranium mines restarted operations in 2025 in support of increased demand, though delays and higher-than-expected production costs were a common theme. Despite the positive price trend in 2025, the deepening geopolitical uncertainty, sanctions and trade policy restrictions, and years of underinvestment in new uranium and fuel cycle service capacities, risk has shifted from producers to utilities. Supply and trade policy highlights (2025 unless otherwise noted) In April, the White House issued an executive order titled "Ensuring National Security and Economic Resilience through Section 232 Actions on Processed Critical Minerals and Derivative Products," directing the Administration to assess and address national security risks arising from US reliance on foreign sources of processed critical minerals, explicitly including uranium. This was followed in January 2026 by a Section 232 presidential proclamation instructing the US Government to begin negotiations with partner countries to secure reliable supply chains for processed critical minerals, including uranium, while reserving authority to impose tariffs or minimum import price floors if negotiations fail. Separately, in April, the US President issued a reciprocal tariff executive order imposing new tariffs on a broad range of imports; however, natural uranium, UF 6 , and enriched uranium were exempt due to their compliance with the Canada-United States-Mexico Agreement (CUSMA), and a subsequent September executive order further excluded uranium and other critical minerals from country-based global tariffs, preserving the uninterrupted flow of nuclear fuel imports into the US market. As of February 2, 2026, the Sprott Physical Uranium Trust (SPUT) has raised a total of approximately US$1.2 billion and acquired approximately 11.8 million pounds of U 3 O 8 since the beginning of 2025, increasing its cumulative purchases to approximately 59.7 million pounds of U 3 O 8 since inception for a total position of over 78 million pounds. These raises enabled continued purchases of physical uranium, contributing to increased spot market demand and exerting upward pressure on uranium pricing. In February 2026, Kazatomprom (KAP) announced its 2026 guidance range of 27,500 to 29,000 tonnes of U 3 O 8 (approximately 71 million to 75 million pounds of U 3 O 8 ), noting the actual output will still depend on sulphuric acid availability. The 2026 range represents a further reduction from the planned 2026 production volume KAP had provided in its Competent Persons Report released in August, in which the company had lowered its production forecast from 37,777 tonnes (85 million pounds of U 3 O 8 ) to 29,697 tonnes (77 million pounds of U 3 O 8 ). In December, KAP announced amendments to Kazakhstan's Subsoil and Subsoil Use Code that grant the company priority rights to obtain exploration licenses in prospective uranium areas, reserve mineralized blocks, and limit other non-uranium subsoil users' ability to obtain production rights where uranium is discovered. Under the revised framework, production rights may only be transferred to entities in which KAP holds more than a 75% interest, with existing agreements remaining unaffected and additional exploration at producing uranium deposits is reserved exclusively for KAP or entities in which it holds at least a 90% interest. In June, Niger announced plans to nationalize the SOMAÏR mine, previously operated as a joint venture between Orano and the Office National des Ressources Minières du Niger. Later in the year, the country's military government moved to sell stockpiled uranium from SOMAÏR on the international market despite ongoing arbitration and external restrictions. The disputed inventory, estimated at 1,150-1,500 tonnes of U 3 O 8 (3.0-3.9 million pounds of U 3 O 8 ), was subject to a September ruling by the International Centre for Settlement of Investment Disputes, prohibiting its sale or transfer. Boss Energy reported in December that it completed a formal review of the Honeymoon uranium project and initiated a new feasibility study, formally withdrawing its 2021 feasibility study, citing materially outdated assumptions and cost estimates. It is reviewing revised cost, production, and development parameters for 2027 onwards. Boss Energy confirmed that it remains on track to deliver 1.6 million pounds of U 3 O 8 in 2026. Throughout 2025, several new uranium projects progressed toward production. Lotus Resources restarted operations at the Kayelekera project in Malawi with the project designed for a 10-year mine life and annual production capacity of 2.4 million pounds of U 3 O 8 . Orano Canada and Denison Mines also commenced production at the McClean North deposit using the proprietary Surface Access Borehole Resource Extraction (SABRE) mining method with planned 2025 production of approximately 0.8 million pounds of U 3 O 8 . In October, GLE announced the conclusion of an independent, third-party validation that GLE had achieved Technology Readiness Level 6 (TRL-6) following the completion of its large-scale enrichment demonstration program. GLE is now focusing on detailed design in order to demonstrate full-scale prototype system performance under relevant conditions (TRL-7). In October, Urenco Group (Urenco) announced an expansion of its uranium enrichment capacity at the Almelo facility in the Netherlands, doubling its previously planned buildout to approximately 1.5 million separative work units (SWU) of additional capacity by 2030. Urenco has now committed to approximately 2.5 million SWU of new uranium enrichment capacity globally, including new centrifuge cascades already operating in the US. Urenco USA also received NRC approval to begin producing low-enriched uranium plus (LEU+), enriched up to 10% U-235, to support advanced reactor fuel supply. In January 2026, the US DOE announced US$2.7 billion in task order awards to strengthen domestic enrichment services and reduce reliance on Russian material with Centrus Energy, an Orano subsidiary, and General Matter each receiving US$900 million. The DOE also awarded US$28 million to GLE to advance next generation SILEX laser-based enrichment technology. Long-term contracting creates full-cycle value for proven productive assets Like other commodities, demand for uranium is cyclical. However, unlike other commodities, uranium is not traded in meaningful quantities on a commodity exchange. The uranium market is principally based on bilaterally negotiated long-term contracts covering the annual run-rate requirements of nuclear power plants, with a small spot market to serve discretionary demand. History demonstrates that in general, when prices are rising and high, uranium is perceived as scarce, and more contracting activity takes place with proven and reliable suppliers. The higher demand discovered during this phase drives investment in higher-cost sources of production, which due to lengthy development timelines, tend to miss the contracting cycle and ramp up after demand has already been captured by proven producers. When prices are declining and low, there is no perceived urgency to contract, and contracting activity and investment in new supply dramatically decreases. After years of low prices, and a lack of investment in supply, and as the uncommitted material available in the spot market begins to thin, security-of-supply tends to overtake price concerns. Utilities typically re-enter the long-term contracting market to ensure they have a reliable future supply of uranium to fuel their reactors. 300 Volume in million lb U 3 O 8 250 200 URANIUM CONTRACTING VOLUMES AND PRICE HISTORY Spot market Long-term market Average Spot Price 120 100 Price in US$/lb U 3 O 8 80 150 60 100 40 50 20 0 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Source: UxC estimates UxC reports that over the last five years approximately 589 million pounds U 3 O 8 equivalent have been contracted in the longterm market, while approximately 815 million pounds U 3 O 8 equivalent have been consumed in reactors. We therefore remain confident that utilities have an increasing level of uncovered requirements. We believe the current backlog of long-term contracting presents a substantial opportunity for proven and reliable suppliers with tier-one productive capacity and a record of honouring supply commitments. As a low-cost producer, we manage our operations to increase value throughout these price cycles. UTILITY UNCOVERED REQUIREMENTS 300 (2025 - 2045) US Utilities Non-US Utilities million lb U 3 O 8 250 200 150 100 50 0 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 Source: UxC estimates - December 31, 2025 In our industry, customers do not come to the market right before they need to load nuclear fuel into their reactors. To operate a reactor that could run for more than 60 years, natural uranium and the downstream services have to be purchased years in advance, allowing time for a number of processing steps before a finished fuel bundle arrives at the power plant. At present, we believe there is a significant amount of uranium that needs to be contracted to keep reactors running into the next decade. UxC estimates that cumulative uncovered requirements are about 3.1 billion pounds to the end of 2045. With the lack of investment over the past decade, there is growing uncertainty about where uranium will come from to satisfy growing demand, and utilities are becoming increasingly concerned about the availability of material to meet their long-term needs. In addition, secondary supplies have diminished, and the material available in the spot market has thinned as producers and financial funds continue to purchase material. Furthermore, geopolitical uncertainty is causing some utilities to seek nuclear fuel suppliers whose values are aligned with their own or whose origin of supply better protects them from potential interruptions, including from transportation challenges or the possible imposition of formal sanctions. We will continue to take the actions we believe are necessary to position the company for long-term success. Therefore, we will continue to align our production decisions with our customers' needs under our contract portfolio. We will undertake contracting activity which is intended to ensure we have adequate protection while maintaining exposure to the benefits that come from having uncommitted, low-cost supply to place into a strengthening market. Building a balanced portfolio The purpose of our contracting framework is to deliver value. Our approach is to secure a solid base of earnings and cash flow by maintaining a balanced contract portfolio that optimizes our realized price. Contracting decisions in all segments of our business need to consider the nuclear fuel market structure, the nature of our competitors, and the current market environment. Most run-rate fuel requirements in our industry are procured under long-term contracts. The spot market is thinly traded, where utilities tend to buy small, discretionary volumes. This market structure is reflective of the baseload nature of nuclear power and the relatively small proportion of the overall operating costs the fuel represents compared to other sources of baseload electricity. Additionally, over two thirds of the fuel supply typically comes from state-owned entities, some of whom have production volume strategies or ambitions to serve state nuclear power programs with low-cost fuel supplies, or from diversified mining companies that produce uranium as a by-product. We evaluate our strategy in the context of our market environment and continue to adjust our actions in accordance with our contracting framework: First, we build a long-term contract portfolio by layering in volumes over time. We will compete for customer demand in the market where we think we can obtain value and, in general, as part of longer-term contracts. Our contracting decisions factor in who the customer is, our desire for regional diversification, the product form, logistical factors, and our broader corporate strategy. Contracting opportunities may come in various forms and will be additive to our current committed sales. Based on our portfolio of long-term contracts, we decide how to best source material to satisfy that demand, planning our production in accordance with our contract portfolio and other available sources of supply. We do not plan our production from our tier-one assets to sell in the spot market. We do not intend to build an inventory of excess uranium. Excess inventory contributes to the sense that uranium is abundant and creates an overhang on the market, and it ties up working capital on our balance sheet. Depending on the timing, volume, and certainty of our planned production, purchase commitments, and inventory levels, we may be active buyers in the uranium market as an alternate source of short-, medium- or long-term supply. We generally plan for our annual delivery commitments to slightly exceed the annual supply we expect from our production and long-term purchase commitments, and may undertake spot market purchases to meet our delivery commitments. In general, if we choose to purchase material to meet demand, we expect the cost of that material will be more than offset by the volume of commitments in our sales portfolio that are exposed to market prices over the long term. We may also utilize flexible product loan arrangements to cover short-term supply variability and optimize our overall inventory position. Ultimately, our goal is to protect and extend the value of our contract portfolio on terms that recognize the value of our assets, including future development projects, and achieve pricing mechanisms that provide adequate protection when prices go down and exposure to rising prices. We believe using this framework will allow us to create long-term value. Our focus will continue to be on ensuring we have the financial capacity to execute our strategy and self-manage risk. Long-term contracting Uranium is not traded in meaningful quantities on a commodity exchange. Utilities have historically bought the majority of their uranium and fuel services products under long-term contracts that are bilaterally negotiated with suppliers. The spot market is discretionary and typically used for small one-time volumes, not to satisfy annual demand. We sell uranium and fuel products and services directly to nuclear utilities around the world as uranium concentrates, UO 2 and UF 6 , conversion services, or fuel fabrication and reactor components for CANDU heavy water reactors. We have a solid portfolio of long-term sales contracts that reflects our reputation as a proven, reliable supplier of geographically stable supply, and the long-term relationships we have built with our customers. In general, we are active in the market when it is beneficial for us and in support of our long-term contract portfolio. We undertake activity in the spot and term markets prudently, looking at the prices and other business factors to decide whether it is appropriate to participate in the spot or term market. Not only is this activity a source of profit, but it also gives us insight into underlying market fundamentals. We deliver the majority of our uranium under long-term contracts each year, some of which are tied to market-related pricing mechanisms quoted at the time of delivery. Therefore, our net earnings and operating cash flows are generally affected by changes in the uranium price. Market prices are influenced by the fundamentals of supply and demand, market access and trade policy issues, geopolitical events, disruptions in planned supply and demand, and other market factors. The objectives of our contracting strategy are to: optimize realized price by balancing exposure to future market prices while providing some certainty for our future earnings and cash flow; retain the flexibility to invest in our assets in step with the ongoing market transition; and maintain a disciplined approach that optimizes the value of our in-ground inventory, based on our view that prevailing industry expectations likely overestimate future supply and underestimate future demand. We have a portfolio of long-term contracts, each bilaterally negotiated with customers, that have a mix of base-escalated pricing and market-related pricing mechanisms, including provisions that provide exposure to rising market prices while also protecting us when the market price is declining. This is a balanced and flexible approach that allows us to adapt to market conditions, put a floor on our average realized price and deliver the best value over the long term. This approach has allowed our realized price to outperform the market during periods of weak uranium demand, and we expect it will enable us to realize increases linked to higher market prices in the future. Base-escalated contracts for uranium: use a pricing mechanism based on a term-price indicator at the time the contract is accepted and escalated to the time of each delivery over the term of the contract. Market-related contracts for uranium: are different from base-escalated contracts in that the pricing mechanism may be based on either the spot price or the long-term price, and that price is generally set a month or more prior to delivery rather than at the time the contract is accepted. These contracts may provide discounts and typically include floor prices and/or ceiling prices, which are established at the time of contract acceptance and usually escalate over the term of the contract. Fuel services contracts: the majority of our fuel services contracts use a base-escalated mechanism per kgU and reflect the market at the time the contract is accepted. Optimizing our contract portfolio We work with our customers to optimize the value of our contract portfolio. With respect to new contracting activity, there is often a lag from when contracting discussions begin and when contracts are executed. With a value-driven strategy and numerous contracting opportunities in our uranium segment, we continue to be strategically patient in considering the commercial terms we are willing to accept. We layer in contracts over time, with higher commitments in the near term and declining over time in anticipation of utilities growing uncovered requirements. Demand may come in the form of off-market negotiations or through on-market requests for proposals. We remain confident that we can add acceptable new sales commitments to our portfolio of long-term contracts to underpin the ongoing operation of our productive capacity and capture long-term value. Given our view that additional long-term supply will need to be incented to meet the growing demand for safe, reliable, carbon-free nuclear energy, our preference today is to sign long-term contracts with market-related pricing mechanisms. However, we believe our customers expect prices to rise and prefer to lock in today's prices, with a fixed-price mechanism. Our goal is to balance all these factors, along with our desire for customer and regional diversification, with product form, and logistical factors to ensure we have adequate protection and will have exposure to rising market prices under our contract portfolio, while maintaining the benefits that come from having low-cost supply to deliver into a strengthening market. At times, we may also look for opportunities to optimize the value of our portfolio. In cases where there is a changing policy, operating, or economic environment, including the introduction of new taxes or tariffs in certain jurisdictions, we manage risk accordingly. We have taken actions such as positioning material ahead of expected deliveries, revising our contract terms to protect us from unexpected future implementation of taxes or tariffs, and adjusting our contracts to minimize potential negative impacts while maintaining strong customer relationships, and we will continue to consider additional mitigation in the future. Contract portfolio status We have executed contracts to sell about 230 million pounds of U 3 O 8 with 39 customers worldwide in our uranium segment, and about 83 million kilograms as UF 6 conversion with 33 customers worldwide in our fuel services segment. We sell uranium and fuel services products to nuclear utilities in 16 countries. Economic dependence Customers - U 3 O 8 : Five customers account for 56% of commitments COMMITTED U 3 O 8 SALES BY REGION Asia 22% Americas 38% Europe 40% Customers - UF 6 conversion : Five customers account for 53% of commitments COMMITTED UF 6 SALES BY REGION Asia 9% Americas 43% Europe 48% Managing our contract commitments We allow sales volumes to vary year-to-year depending on: the level of sales commitments in our long-term contract portfolio; market opportunities; and our sources of supply. To meet our delivery commitments and to mitigate risk, we have access to a number of sources of supply, which includes uranium obtained from: our productive capacity; purchases under our JV Inkai agreement, under long-term agreements and in the spot market; our inventory in excess of our working requirements; and product loans. Our supply discipline As spot is not the fundamental market, true value is built under a long-term contract portfolio and is measured over the full commodity cycle. Therefore, we align our uranium production decisions with our contract commitments and market opportunities to avoid carrying excess inventory or having to sell into a spot market where there is typically no fundamental demand from end-users to absorb additional supply. In accordance with market conditions and our contract portfolio, we evaluate the optimal mix of our production and purchases, in order to satisfy our contractual commitments, maintain an appropriate working inventory and realize the best return over the entire commodity cycle. Today, we believe the uranium market is in transition, driven by the growing demand for nuclear energy and the increasing recognition that it is essential for energy security, national security, and climate security. However, as the transition continues, we will not act in advance of market demand. Our production decisions will continue to be aligned with market opportunities and our ability to secure the appropriate long-term contract homes for our unencumbered, in-ground inventory. We expect to maintain supply discipline by placing our uranium under long-term contracts and investing in our best margin assets to meet those commitments. Our production plans for McArthur River/Key Lake and Cigar Lake are expected to generate strong financial performance by allowing us to source the majority of our committed sales from the lower cost produced pounds. We are investing in capital projects to help ensure the reliability and sustainability of our existing operations, and to replace aging infrastructure in order to maintain capacity at current production levels and to position us for future production flexibility, although no decision on future production levels has been made. In addition, with conversion demand elevated, we have been successful in securing longterm sales commitments that will support optimizing production at Port Hope, which is expected to further improve its contribution to our financial results. However, we remain in supply discipline. Our Rabbit Lake and US In Situ Recovery (ISR) assets remain in a safe state of care and maintenance, and we expect to continue to adjust our production in accordance with our contract portfolio. This will remain our production plan until we see further improvements in the term uranium market and contracting progress, once again demonstrating that we are a responsible fuel supplier. Managing our costs Production costs In order to operate efficiently and cost-effectively, we manage operating costs and improve plant reliability by prudently investing in production infrastructure, new technology, and business process improvements. Like all mining companies, our uranium segment is affected by the cost of inputs such as labour and fuel. 2025 URANIUM OPERATING COSTS BY CATEGORY Production Supplies 32% Labor 38% Contracted Services 30% * Production supplies include reagents, fuel and other items. Contracted services include utilities and camp costs, air charters, mining and maintenance contractors and security and ground freight. The annual cash cost of production reflects the operating cost of mining and milling our share of the Cigar Lake, McArthur River, and Key Lake operations. The annual cost of production will reflect a combined cost of all our operating uranium assets. See 2025 financial results by segment - Uranium starting on page 57 of the 2025 MD&A for more information. In 2026, our cash production costs may continue to be affected by inflation, the availability of personnel with the necessary skills and experience, supply chain challenges impacting the availability of materials and reagents, and continued work to maintain the long-term reliability of our assets. Operating costs in our fuel services segment are mainly fixed. In 2025, labour and contracted services in fuel services accounted for about 60% of the total. The largest variable operating cost is for anhydrous hydrogen fluoride, followed by zirconium, and energy (natural gas and electricity). We continue to look to adopt innovative and advanced digital and automation technologies to improve efficiency and operational flexibility and to further reduce costs. Care and maintenance costs In 2026, we expect to incur between $62 million and $67 million in care and maintenance costs related to the suspension of production at our Rabbit Lake mine and mill, and our US operations. Production at these operations is higher-cost and the timing of a restart is uncertain. We continue to evaluate our options in order to minimize these costs. Purchases and inventory costs Our costs are also affected by the purchases of uranium and conversion services we make under long-term contracts and on the spot market. To meet our delivery commitments, we make use of our mined production, inventories, purchases of our share of material from Inkai, purchases under long-term contracts, purchases we make on the spot market and product loans. In 2026, we expect the price for the majority of our purchases will be quoted at the time of delivery. The cost of purchased material may be higher or lower than our other sources of supply, depending on market conditions. The cost of purchased material affects our cost of sales, which is determined by calculating the average of all of our sources of supply, including opening inventory, production, and purchases, and adding royalties, selling costs, and care and maintenance costs. Our cost of sales could be impacted if we do not achieve our annual production plan, or if we are unable to source uranium as planned, and we are required to purchase uranium at prices that differ from our cost of inventory. In addition, our cost of sales is impacted by our outstanding product loans which are revalued each period based on our weighted average carrying cost of inventory. Potential tariff impact While we currently do not anticipate the direct impact of a tariff in the US to be material on our 2026 financial results, there continues to be uncertainty around the exact details of how these tariffs may be applied or if they will be applied to uranium products. See Optimizing our contract portfolio starting on page 23 for more information. Financial impact The growing demand for nuclear power due to its safety, carbon-free energy, reliability, security and affordability attributes has contributed to increased demand for nuclear fuel products and services. As a result, we have seen significant price increases across the nuclear fuel value chain, which reflect the need for capacity increases to satisfy the projected growth. The deliberate and disciplined actions we took to curtail production and streamline operations over the past decade came with costs like care and maintenance costs, operational readiness costs, and purchase costs higher than our production costs. However, we considered these costs as investments in our future. Today, thanks to our investments, and with our continued ability to secure new long-term sales commitments, we believe we are well-positioned for growth. Our core growth is expected to come from our existing mining and fuel services assets. We believe we have sufficient productive capacity, including the ability to expand our existing assets. We do not have to build greenfield capacity to pursue new opportunities, a position we have not enjoyed in previous price cycles. And, with our 49% interest in Westinghouse, we expect to be able to expand our growth profile by extending our reach in the nuclear fuel cycle at a time when there are tremendous tailwinds for the nuclear power industry. We are extending our reach with an investment in assets like ours, that are strategic, proven, licensed and permitted, are located in geopolitically favourable jurisdictions, and we expect will be able to grow from their existing footprint. These assets are also expected to provide new opportunities for our existing suite of uranium and fuel services assets. We believe our actions and investments have helped to position the company to self-manage risk, generate strong financial performance, and allow us to execute on our strategy while rewarding our stakeholders for their continued patience and support of our strategy to build long-term value. Supply sources Uranium supply sources include primary production (production from mines that are currently in commercial operation) and secondary supply sources (excess inventories, uranium made available from defense stockpiles and the decommissioning of nuclear weapons, re-enriched depleted uranium tails, and used reactor fuel that has been reprocessed). Primary production While the uranium production industry is international in scope, there are only a small number of companies operating in relatively few countries. In addition, there are barriers to entry and bringing on and ramping up production can take a significant number of years. During the low-price environment that persisted for about a decade following 2011, a number of projects were cancelled or delayed, and some production was discontinued. Current prices and contracting activity are supporting the restart of some assets, however, the market has yet to incentivise the investment in new supply necessary to meet the anticipated growth in uranium requirements. We estimate world mine production in 2025 was about 164 million pounds U 3 O 8 , up from 160 million pounds in 2024: Over 82% of estimated world production was sourced from four countries: Kazakhstan (40%), Canada (21%), Namibia (13%) and Australia (8%). About 76% of estimated world production was attributable to five producers. Cameco accounted for approximately 15% (24 million pounds) of estimated world production. Secondary sources There are a number of secondary sources, but most of these sources are finite and will not meet long-term needs: The US Government has historically made some of its inventories available to the market, although in smaller and predictable quantities. The Russian government also holds substantial volumes of nuclear fuel inventory largely in the form of depleted uranium, but overall, their contribution to secondary supplies has reduced significantly since the end of the Highly Enriched Uranium (HEU) Agreement between the Russian and United States governments. Utilities, mostly in Europe and some in Japan and Russia, use reprocessed uranium and plutonium from used reactor fuel. Re-enriched depleted uranium tails and uranium from underfeeding are also generated when there is excess enrichment capacity. Uranium from US inventories Historically, the DOE was one of the primary sources of secondary supplies in the uranium market. This role has been significantly reduced since the suspension of the barter program of its natural UF 6 inventory. The DOE's current primary contribution to secondary supplies is HEU downblending. The vast majority of the DOE's inventory is large volumes of depleted uranium (DU). In 2018, the DOE announced it was suspending its practice of bartering its excess uranium through the end of 2019. This barter suspension has since been extended on an annual basis. The DOE has indicated a commitment to continue the suspension of the UF 6 barter program. There is currently no available timetable to dispose of the remaining natural UF 6 in the DOE's excess inventory, estimated at less than 9 million pounds. The DOE's DU inventory may become available to the market over the next two decades, although a significant portion of the inventory requires either further processing or the development of commercial arrangements before it can be brought to market. Trade restraints and policies The importation of Russian uranium into the US market is regulated by the amended USEC Privatization Act and by the Agreement Suspending the Antidumping Action against Russian Uranium Products (RSA), which together impose annual quotas on imports of Russian uranium. These quotas were set at the equivalent of 20% of annual US reactor demand and expired at the end of 2020. An amendment to the RSA was signed that extends the agreement from January 1, 2021, through December 31, 2040, and provides a clear set of rules around access to the US nuclear energy sector by Russian nuclear fuel suppliers. Since 1992, the importation of Russian uranium products in the US has been subject to a quota under the RSA. The amendment reduces the average overall quota and introduces caps, which will reduce the amount of Russian uranium, conversion and enrichment supplied to the US over the long-term. The amendment also includes important new provisions to ensure that all Russian origin uranium must be counted against the quota even if it is imported after further processing in other countries. The US restrictions do not affect the sale of Russian uranium to other countries. A significant portion of world uranium demand is from utilities in countries that are not affected by the US restrictions. Utilities in some countries, however, adopt policies that limit the amount of Russian uranium they will buy. The Euratom Supply Agency in Europe must approve all uranium related contracts for members of the European Union (EU) and limits the use of certain nuclear fuel supplies from any one source to maintain security of supply, although these limits do not apply to uranium sold separately from enriched uranium product. Since the Russian invasion of Ukraine on February 24, 2022, many jurisdictions have imposed strict economic sanctions against Russia, including Canada, the US, the EU, the UK, and others. The Canadian government cancelled existing export permits to Russia and ceased issuing new permits for controlled exports to Russia, subject to limited exceptions. The US Government enacted the Prohibiting Russian Uranium Imports Act on May 13, 2024, which banned imports of uranium from Russia as of August 11, 2024, unless the Secretary of Energy grants a waiver to allow such imports. These waivers expire on January 1, 2028, and no new Russian imports would be permitted thereafter. Future related actions by the US administration remain uncertain; however, trade sanctions and Russian export restraints of low-enriched uranium (LEU) to the US will further impact the flow of nuclear fuel supplies coming in and out of Russia, including supplies shipped through Russian ports. The global nuclear industry currently relies on Russia for approximately 14% of its supply of uranium concentrates, 21% of conversion supply, and 42% of enrichment capacity. In January 2026, the DOE announced US$2.7 billion in task-order awards to strengthen domestic uranium enrichment services and reduce reliance on Russian material, with American Centrifuge Operating, LLC (a subsidiary of Centrus Energy Corp.) and General Matter, Inc. awarded funding to develop high-assay low-enriched uranium (HALEU) enrichment capacity, and Orano Federal Services, LLC (a subsidiary of Orano S.A.) awarded funding to expand LEU enrichment capacity, each with awards of up to US$900 million. The DOE also awarded US$28 million to GLE to advance next generation SILEX laser-based enrichment technology. Beginning in 2024, actions by the current US administration increased geopolitical and trade uncertainty, as evolving Canada-US tariff measures and related retaliatory actions created volatility and reduced visibility across the bilateral trade environment and nuclear fuel supply chains. In April 2025, the White House issued an executive order titled "Ensuring National Security and Economic Resilience through Section 232 Actions on Processed Critical Minerals and Derivative Products," directing the Administration to assess and address national security risks arising from US reliance on foreign sources of processed critical minerals, explicitly including uranium. This was followed in January 2026 by a Section 232 presidential proclamation instructing the US Government to begin negotiations with partner countries to secure reliable supply chains for processed critical minerals, including uranium, while reserving authority to impose tariffs or minimum import price floors if negotiations fail. Separately, in April, the US President issued a reciprocal tariff executive order imposing new tariffs on a broad range of imports; however, natural uranium, UF 6 , and enriched uranium were exempt due to their compliance with the Canada-United States-Mexico Agreement (CUSMA), and a subsequent September executive order further excluded uranium and other critical minerals from country-based global tariffs, preserving the uninterrupted flow of nuclear fuel imports into the US market. The CUSMA is scheduled for its first mandatory joint review in mid-2026. As ongoing tariff actions between Canada and the US continue to evolve, uncertainty remains on whether additional tariffs or other restrictive trade measures or countermeasures will be implemented and, if so, their scope, magnitude, duration, and applicability to uranium or conversion sales. Such measures could include, among others, increased tariffs on Canadian energy exports, export restrictions on certain commodities (including Canadian energy products), limitations on cross-border supply chains, or the introduction of additional regulatory barriers to trade. Conversion services We have about 18% of world UF 6 primary conversion capacity and supply UO 2 for Canadian-made CANDU reactors. For conversion services, we compete with a small number of primary commercial suppliers to meet global demand. In addition, at times we compete with secondary supplies that come to market as UF 6 and are described above. Changes to contracts A description of the aspects of our business that we reasonably expect to be affected in the current financial year by renegotiation or termination of contracts or sub-contracts, and the likely effect, is included in Operations, projects and investments beginning on page 29 and Risks that can affect our business beginning on page 114. Environmental Protection A description of the financial and operational effects of environmental protection requirements on our capital expenditures, profit or loss and competitive position of Cameco in the current financial year and the expected effect in future years is contained in Decommissioning and financial assurances on pages 39 and 52 in respect of McArthur River, Key Lake and Cigar Lake , Decommissioning on page 69 in respect of Inkai , Estimating decommissioning and environmental remediation costs on page 93 in respect of Westinghouse, Nuclear waste management and decommissioning on page 112 relating to Cameco generally, and Risks that can affect our business on page 114 . ‌Operations, projects and investments Uranium Tier-one operations McArthur River mine/Key Lake mill 30 Cigar Lake 44 Inkai 58 Tier-two operations Rabbit Lake 80 US ISR Operations 80 Advanced projects Millennium 81 Yeelirrie 82 Kintyre 82 Exploration 83 Fuel services Refining, conversion and fuel manufacturing Blind River Refinery 86 Port Hope Conversion Services 86 Cameco Fuel Manufacturing Inc. 87 Westinghouse Core business 90 New build 91 Other nuclear fuel cycle investments GLE 94 Uranium production Cameco's share (million lb U 3 O 8 ) 2024 2025 2026 Plan McArthur River/Key Lake 14.2 1 10.5 1 10.0 to 11.5 Cigar Lake 9.2 2 10.4 2 9.5 to 10.0 Rabbit Lake - 3 - 3 - 3 US ISR Operations - 3 0.1 3 - 3 Total 23.4 21.0 19.5 to 21.5 1 In 2024, record production was achieved due to improved performance of the Key Lake mill. Total packaged production from McArthur River and Key Lake in 2025 w...

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