Letter from our CEO
I am pleased to share Cameco’s 2025 Sustainability Report, highlighting the progress we’ve made across our company. As I reflect on the past year, I see our commitment to operating sustainably and with integrity embedded in everything we do. It’s evident in how we manage our environmental impacts, in the way we treat our people, and in the way we operate in our communities by giving back and building local capacity.
2025 was a transformative year for Cameco. Driven by a deepening focus on energy security, we are seeing interest in nuclear energy translate into real demand. Cameco can meet this demand. In 2025, we entered into two major agreements. One is a partnership with the US Department of Commerce and Brookfield Asset Management to accelerate the deployment of Westinghouse’s nuclear reactor technologies across the US, including the AP1000®, with an aggregate investment value of at least US$80 billion. The other is a long-term supply agreement with India, which is not only significant for Cameco, but also for Saskatchewan and our country.
As energy security takes the front seat, we cannot lose sight of the global need to mitigate our collective impacts on climate change and prepare for the changes we are already experiencing. Cameco continues to work towards its 30 by 30 target, from a 2015 baseline, by implementing projects to reduce greenhouse gas (GHG) emissions. This year, we saw the devastating effects of climate change firsthand: Our province experienced more than 500 wildfires, with 2.9 million hectares burned,¹ and most scenarios predict extreme weather events will become more severe and frequent. To make sure our assets, operations, and people are prepared for potential changing climate conditions and extreme events, our teams developed a sequence of actions — called climate adaptation pathways — to help mitigate climate-related physical risks for our mining and fuel services sites. To continue producing the nuclear fuel the world needs, we will continue to invest in our sites and people.
Our commitment to our people is reflected in our focus on improving safety performance. I am pleased the rate of safety-related incidents is decreasing, which is a step in the right direction, but I believe we can do better. To further reduce injuries at our sites, we’re trying new ways of getting our people to think about safety through targeted communications campaigns and a hand injury prevention program. Safety remains a priority for us, from the board level to the operations at our sites.
I am incredibly proud of Cameco’s employees and what they do for our company and our communities. They live our value of integrity, fuel our performance, and believe we have the responsibility to give back in the communities in which we operate. This year, for the first time since 2015, our employee giving campaign raised more than $1 million. We also made a significant investment in our community to support the development of more committed, talented, and skilled individuals like Cameco’s employees in our province and industry. In 2025, we announced a $10-million donation to the University of Saskatchewan to support Indigenous and northern students and STEM programs for students pursuing careers in the nuclear industry, mining, and other technical careers. The University of Saskatchewan is an important institution for our province and company, where many of our employees, including all of Cameco’s officers, are proud graduates. We want to invest in programs that actually make a difference. I know this donation will do exactly that.
Increased confidence in our future allows us to help build stability for our communities. In 2025, we revised our northern procurement program with the goal of providing more consistent work to Preferred Northern Contractors (PNCs). This will allow them to invest in hiring and the capital projects necessary to build their capacity. One example of supporting the long-term stability of local businesses is our agreement with Rise Air, an Indigenous-owned airline that is essential to our operations in northern Saskatchewan. In 2025, Cameco and Orano Canada Inc. signed a 15-year agreement, worth approximately $500 million, to provide workforce transportation to our mine sites. This agreement will allow Rise Air to make investments to continue to provide safe and reliable transportation to Saskatchewan’s North for years to come.
In closing, I want to thank Cameco’s employees. All the accomplishments you see in this report are because of our people. I also want to thank our board for their guidance and our shareholders and communities for their support. I am excited and optimistic about the year ahead as we continue to provide the nuclear fuel and nuclear power products, services, and technologies the world needs to power a secure energy future.
Tim Gitzel
President and Chief Executive Officer