Uranium Price Sensitivity

The following table is not a forecast of prices we expect to receive. The prices we actually realize will be different from the prices shown in the table.

It is designed to indicate how the portfolio of fully-executed, long-term contracts we had in place on March 31, 2023 would respond to various spot prices at March 31, 2023. In other words, we would realize these prices only if the contract portfolio remained the same as it was on March 31, 2023 and none of the assumptions we list below change.

We intend to update this table each quarter in our MD&A to reflect deliveries made and changes to our contract portfolio. As a result, we expect the table to change from quarter to quarter.

Expected realized uranium price sensitivity under various spot price assumptions at March 31, 2023

(rounded to the nearest $1.00)

Our portfolio includes a mix of fixed-price and market-related contracts, which we target at a 40:60 ratio. Those that are fixed at higher prices or have high floor prices will yield prices that are higher than current market prices.

As of March 31, 2023, we had commitments requiring delivery of an average of 26 million pounds per year from 2023 through 2027, with commitment levels in 2023 through 2025 higher than the average and in 2026 and 2027 lower than the average.

Assumptions

Our portfolio is affected by more than just the spot price. We made the following assumptions (which are not forecasts) to create the table:

Prices

• The uranium price remains fixed at a given spot level for each annual period shown

Deliveries

• Deliveries based on commitments under finalized contracts include best estimates of the expected deliveries under contract terms

Annual inflation

• To reflect escalation mechanisms contained in existing contracts, the long-term US inflation rate of 2% is used, for modeling purposes only