Letter from our CEO
As we publish our most recent sustainability report, my hope is that it brings our company and our people to life. I hope you see that, as a responsible company focused on creating long- term sustainable value for all our stakeholders, we are taking the appropriate actions and making decisions to look after our employees, support our communities, and reduce our environmental impact.
Looking back, I am personally most proud of the creative ways we have found to continue to build capacity in Saskatchewan’s north, where our mines and mills are located. During the year, we supported two new programs that help to build a pipeline of talent benefiting nearby communities and industry. First, we started a pre-trades training program for Residents of Saskatchewan’s North (RSNs). Ten candidates, all women, started their paid rotation at our Rabbit Lake mine where they learned about industrial and heavy-duty mechanics, carpentry, electrical, plumbing, and welding.
Second, we partnered with Rise Air, a Saskatchewan-based airline, as well as industry and government, to create a training program for aspiring Indigenous pilots. In March of 2025, a celebration was held to recognize the achievements of nine students from northern Saskatchewan who successfully completed the ground school training and who will now proceed to flight training.
In 2024, we continued to make progress on reducing our greenhouse gas (GHG) emissions. I am proud to report that absolute emissions are holding well below our 2015 base year levels, even as production increases. We will continue to invest in energy efficiency and look at process improvements that will reduce our energy consumption and associated emissions. As we worked to better understand emissions in our supply chain, we engaged with suppliers making up 59% of our Scope 3 emissions profile. What we heard is promising: some suppliers are already investing in fuel efficiency and upgrading their equipment so that they can reduce the emissions associated with their services. We continue to engage with suppliers to better understand how their decarbonization efforts impact Cameco’s emissions.
I am also encouraged by the support we have from communities — 89% public support across all communities based on our surveys — and the generous ways our employees give back. These are the communities where our employees live, where many of our valued suppliers and contractors are based, and where we have long-standing partners and friends. These mutually beneficial relationships have been built upon decades of trust and willingness to have honest conversations. To give back, in 2024, together with our employees, we raised more than $1 million¹ through our Employee Giving Campaign. We also continued our support of the Cameco Riders Touchdown for Dreams program and have granted nearly 100 dreams for women living with a life-threatening cancer diagnosis. Additionally, we are providing $1.5 million in funding to the Boreal Healthcare Foundation to improve maternal and newborn care in Prince Albert and northern Saskatchewan.
A lookback wouldn’t be complete without examining the areas where we are disappointed with our performance. Our safety performance has not improved over the last three years, and we missed our Total Recordable Injury Rate target in 2024. I am dissatisfied with these results, and I am all the more committed to see us make improvements this year. As we significantly added to our team to ramp up production at our McArthur River mine and Key Lake mill, we are keenly aware of the need for enhanced training and increased awareness. In 2024, we focused on ergonomics and fatigue prevention, provided safety leadership training to more than 120 supervisors, and ran a company-wide awareness campaign called ‘Everything Starts with Safety.’ I, along with other leaders from across the company, plan to be even more visible at our operations to reinforce the message that ‘no job is so important that you can’t take the time to do it safely.’
Although the uncertainty surrounding tariffs and trade is increasing market volatility, I am optimistic about the future of nuclear energy, especially its ability to support energy reliability and security. The International Energy Agency forecasts that electricity demand will dramatically increase, particularly with the rise of electrification and the use of AI and hyperscalers providing cloud services. Our quality of life requires 24/7 dispatchable energy, and nuclear power can provide that. Conflict and geopolitical changes are forcing countries to re-examine their energy mix and their dependence on nations prone to instability for critical supplies. I firmly believe that nuclear power can support Canada’s energy security and decarbonization goals, and with our investments across the nuclear fuel and reactor life cycles, we can help our allies achieve their own energy security too.
I am also confident in Cameco’s capabilities to take advantage of this nuclear resurgence. The positive returns we are seeing from Westinghouse are confirming that we made the right investment at the right time. Our customers are in more than 30 countries, and in addition to our uranium and fuel services capabilities, through our investment, we have augmented our fuel supply capabilities and can also now compete for the growing demand for new nuclear reactors and the reactor services needed to keep the global fleet operating safely and reliably. The new reactor announcements and reactor life extensions we are seeing demonstrates to us that others are feeling confident in nuclear power too.
Looking forward, I want us to continue to safely produce uranium fuel in a way that our people are proud of. We remain committed to pursuing sustainability and providing a respectful workplace that is reflective of the communities where we operate.
In closing, I want to thank our world-class team — we are nothing without our people. I am also thankful for the support of communities around our operations, and both our returning and new customers. Finally, I want to thank our board for their strong leadership to our company and the continued confidence in our management team.
Tim Gitzel
President and Chief Executive Officer