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Cameco is one of the largest global providers of the uranium fuel needed to power a secure energy future.We have interests in tier-one mining and milling operations that have the licensed capacity to produce more than 30 million pounds (our share) of uranium concentrates annually, backed by more than 433 million pounds (our share) of proven and probable mineral reserves. Our operations and projects are diversified by geography and deposit type, backed up by extensive mineral reserves and resources. All of Cameco's operations demonstrate the company's high standards for safety, health and environmental performance.ExpertiseCameco and its predecessor companies have been mining uranium for more than 60 years. We have extensive knowledge of all aspects of uranium mining and are global leaders in exploration, mine engineering, environmental protection, and worker health and safety.Most of Cameco's operating experience is in the Athabasca Basin of northern Saskatchewan, home to the world's largest, high-grade uranium deposits. Mining in this area presents geological, technical and logistical challenges that Cameco has effectively managed using innovative methods such as raise boring and jet boring.Cameco is also a leader in low-cost in situ recovery (ISR) mining. We use ISR methods at our uranium operations in the United States and Kazakhstan.

 On February 17, 2022, the Canadian Nuclear Safety Commission (CNSC) announced that Cameco’s Blind River Refinery has been granted a 10-year renewal of its Fuel Facility Operating Licence. The CNSC’s Record of Decision will be available in the near future, and you can read the news release here.The renewed licence allows the Refinery to operate until February 28, 2032, at which time Cameco can request to renew the licence for another period. No changes were requested in the renewal and therefore operations are expected to safely continue in largely the same manner.As part of the CNSC’s public licence renewal process, dozens of intervenors supported Cameco’s application. Cameco also heard feedback and areas of interest about its operations, and we look forward to continued dialogue, actively engaging and making improvements.Safety is at the core of Cameco’s operations and activities, and throughout this renewed licence period we remain committed to the protection of people and the environment.For more information please contact:Sara ForseyManager, Public & Government Affairssara_forsey@cameco.com289.771.1007Virtual Community Information Session – April 27On April 27, Cameco held a virtual community information session to give an overview of our operations at the Blind River Refinery.Dale Clark, vice president of Cameco’s Fuel Services Division, Terry Davis, general manager of the Blind River Refinery and Laurie Cassidy, superintendent of compliance and licensing discussed our operations, how we protect people and the environment and more about the licence renewal process.If you were unable to join the live Information Session, a video recording is now available: Why did we hold this session?On September 30, 2020 Cameco’s Blind River Refinery applied to Canada’s nuclear regulator, the Canadian Nuclear Safety Commission to renew its Class 1B Fuel Facility Operating Licence for a period of 10 years. This information session was held to provide the public with details on our operations and provide a forum for the public to ask questions. Blind River Refinery Licence Renewal - Briefing Guide (PDF 10MB)Blind River Refinery Licensing RenewalCameco’s Blind River Refinery (BRR) holds a Class 1B Fuel Facility Operating (FFOL) Licence issued by Canada’s nuclear regulator, the Canadian Nuclear Safety Commission (CNSC). The current licence FFOL-3632.00/2022, issued on February 28, 2012 is valid until February 28, 2022.On September 30, 2020, Cameco applied to the CNSC to renew its licence for a period of 10 years. Cameco is not requesting any changes to the currently licensed activities.BRR has a long history of safe operations and has maintained strong operational and safety performance throughout the current licence period. Throughout this period:Workers were safe and properly protected. BRR achieved 14 years without a lost time injury.Environmental emissions were controlled to levels at a fraction of the release limits and BRR did not exceed any environmental action levels.Cameco invested in the local community and provided financial support and resources to local organizations.If you have any questions about the licence renewal process, please contact us at 1.905.800.2020 or cameco_ontario@cameco.com.Key DatesPublic Commission Hearing – November 24-25, 2021Intervention Deadline – October 19, 2021CNSC’s Notice of Hearing: Application:   Program summaries:  

 Canadians rely on electricity every day and every night to power their homes, hospitals, communications, transportation and vital infrastructure. At the same time, we seek to minimize our impacts on the environment, combat climate change and reduce reliance on emission-producing sources of energy. That means, more electricity. And for Cameco and Westinghouse, that means nuclear reactors.The 100% Canadian-owned modern AP1000 Gen III+ reactor has a globally proven track record, with a growing fleet delivering safe, reliable power and record-setting performance.Learn more    Westinghouse Electric Company is a nuclear reactor technology original equipment manufacturer (OEM) and a leading provider of highly technical aftermarket products and services to commercial nuclear power utilities and government agencies globally. Westinghouse is a pioneer in the nuclear energy industry; it supplied the world’s first commercial pressurized water reactor in 1957.The company enables carbon-free baseload and dispatchable energy that is needed to support the global energy transition. Like Cameco, Westinghouse has a long-term contract portfolio, which positions it well to compete for growing demand for new nuclear reactors and reactor services, as well as the fuel supplies and services needed to keep the global reactor fleet operating safely and reliably. Corporate HeadquartersCranberry Township, Pennsylvania (USA)Cameco Ownership49% - equity-accountedBusiness ActivitiesOperations and maintenance of installed base (core business)Designs and manufactures nuclear fuel supplies and services for light water reactorsProvides outage and maintenance services, engineering support, instrumentation and controls equipment, plant modifications, and components and parts to nuclear reactorsNew build:Designs, develops and procures equipment for new nuclear plants.CertificationsISO 14001; ISO 45001BackgroundOn November 7, 2023 Cameco announced the closing of the acquisition of Westinghouse in partnership with Brookfield. Cameco beneficially owns a 49% interest in Westinghouse and Brookfield beneficially owns a 51% interest. Bringing together Cameco’s expertise in the nuclear industry with Brookfield’s expertise in clean energy positions nuclear power at the heart of the energy transition and creates a powerful platform for strategic growth across the sector.This acquisition enhances Cameco’s ability to compete for more business by investing in additional nuclear fuel cycle assets expected to augment the core of our business and offer more solutions to our customers across the nuclear fuel cycle. Like Cameco, Westinghouse has nuclear assets that are strategic, proven, licensed and permitted, and that are in geopolitically attractive jurisdictions.New builds:Westinghouse undertakes its role in the design, development, engineering and procurement of equipment for new reactors. It does not provide construction services or assume any construction risk. This segment has the potential to add significant long-term value during the construction phase, and then to the core of the business through reactor services and fuel supply contracts once the reactor begins commercial operation.The focus on the importance of nuclear power in providing carbon-free, secure and affordable baseload power, as an essential part of the electricity grid in many countries, is creating new opportunities for Westinghouse’s proven AP1000 ® reactor design.In development:In addition to its AP1000 reactor design, Westinghouse has submitted its pre-application Regulatory Engagement Plan with the US Nuclear Regulatory Commission for the development of its 300 MW AP300 small modular reactor, which is based on the proven and licensed AP1000 reactor design. The AP300 small modular reactor is expected to offer the same carbon-free baseload benefits as larger nuclear reactor technologies, but tailored for specific applications, including industrial, remote mining, off-grid communities, defense facilities and critical infrastructure. We remain optimistic about the future competitiveness of this technology and its potential to make a meaningful contribution to Westinghouse’s long-term financial performance.For more information, visit www.westinghousenuclear.com or read Cameco's most recent Quarterly Report 

We sell uranium and fuel services directly to nuclear utilities around the world, as uranium concentrates, UO2, UF6, conversion services or fuel fabrication. Utility companies buy the majority of their uranium and fuel services products under long-term contracts with suppliers and meet the rest of their needs on the spot market.We are also active in the spot market, buying and selling uranium where it is beneficial for us. Our activity in the spot market takes prudent consideration of the spot price and other business factors. This activity gives us insight into the underlying market fundamentals and is a source of profit.Supply & DemandWhile 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.Read moreContracting FrameworkThe 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.Read moreOur CustomersWe provide uranium and nuclear fuel services to utilities to 16 countries, with contracts for U308 with 39 customers in our uranium segment and UF6 conversion services with 33 customers in our fuel services segment.Read moreUranium Price SensitivityOur Uranium Price Sensitivity table is designed to indicate how our portfolio of fully-executed, long-term contracts in place on a specified date would respond to various spot prices on the same date. It is not a forecast of prices we expect to receive and the prices we actually realize will be different.Read more 

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 frameworkprofitably producing from our tier-one assets and aligning our production decisions in all segments of the fuel cycle with contracted demand and customer needsbeing financially disciplined to allow us to:execute our strategyinvest in new opportunities that are expected to add long-term valueself-manage riskexploring 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 energyWe 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.UraniumUranium production is central to our strategy, as it is the biggest value driver of the nuclear fuel cycle and our business. We have tier-one assets that are licensed, permitted, long-lived, and are proven reliable with capacity to expand. These tier-one assets are backed up by idle tier-two assets and what we think is the best exploration portfolio of mineral reserves and resources that in some cases can leverage our existing infrastructure. Currently, we believe that we have ample productive capacity with the ability to expand as the demand for nuclear energy and nuclear fuel grows.We are focused on protecting and extending the value of our contract portfolio, on aligning our production decisions with our contract portfolio and market opportunities thereby optimizing the value of our lowest cost assets. We also prioritize maintaining a strong balance sheet, and on efficiently managing the company. We have undertaken a number of deliberate and disciplined actions, including a focus on operational effectiveness to allow us to operate our assets more efficiently and with more flexibility. Learn moreFuel servicesOur fuel services segment supports our strategy to capture full-cycle value by providing our customers with access to refining and conversion services for both heavy-water and light-water reactors, and CANDU fuel and reactor component manufacturing for heavy-water reactors.As in our uranium segment, we are focused on securing new long-term contracts and on aligning our production decisions with our contract portfolio that will allow us to continue to profitably produce and consistently support the long-term needs of our customers.In addition, we are pursuing non-traditional markets for our UO2 and fuel fabrication business and have been actively securing new contracts for reactor components to support refurbishment of Canadian reactors.Learn moreWestinghouseIn 2023, we completed the acquisition of Westinghouse, a global provider of mission‐critical and specialized technologies, products and services for light-water reactors across most phases of the nuclear power sector, in a strategic partnership with Brookfield. We own a 49% interest in Westinghouse.We are enhancing our ability to compete for more business by investing in additional nuclear fuel cycle assets that we expect will augment the core of our business and offer more solutions to our customers across the nuclear fuel cycle. Like Cameco, Westinghouse has nuclear assets that are strategic, proven, licensed and permitted, and that are in geopolitically attractive jurisdictions. We expect these assets, like ours, will participate in the growing demand profile for nuclear energy.In 2025, our strategic positioning was further reinforced through a binding term sheet with the US Department of Commerce, to establish a long-term partnership aimed at accelerating the deployment of Westinghouse nuclear reactor technologies across the US. This partnership is expected to support the construction of at least US$80 billion in new Westinghouse reactors. Learn moreGlobal Laser EnrichmentWe are interested in the second largest value driver of the fuel cycle, enrichment, and have a 49% interest in Global Laser Enrichment LLC (GLE). GLE is the exclusive licensee of the proprietary SILEX laser enrichment technology, a third-generation uranium enrichment technology. We are the commercial lead for the GLE project with a 49% interest and starting in 2023, an option to attain a majority interest of up to 75% ownership.Learn more

 Global Laser Enrichment LLC (GLE) is the exclusive worldwide licensee of the proprietary Separation of Isotopes by Laser EXcitation (SILEX) laser uranium enrichment technology, a third-generation enrichment technology. Cameco is the commercial lead for the GLE project with a 49% interest and we hold an option to attain a majority interest of 75%. Silex Systems Ltd. (Silex Systems) owns the other 51% interest in GLE and is the licensor of the SILEX laser enrichment technology and the technology lead for GLE.Subject to completion of the technology demonstration program and its progression through to commercialization, GLE has the potential to offer a variety of advantages to the global nuclear energy sector, including:re-enriching depleted uranium tails leftover as a by-product of first-generation gaseous diffusion enrichment operation, repurposing legacy waste into a commercial source of uranium and conversion products to fuel nuclear reactors and aiding in the responsible clean-up of legacy tails inventories, as per GLE’s agreement with the US Department of Energy (DOE);producing commercial low-enriched uranium (LEU) to fuel the world’s existing and future fleet of large-scale light-water reactors (and depending on market developments, SMR’s that also require LEU-based fuel) with greater efficiency and flexibility than current enrichment technologies; andproducing high-assay low-enriched uranium (HALEU), if a market for that fuel stock develops to serve a number of small modular reactor (SMR) and advanced reactor designs that might be commercially deployed and require HALEU-based fuel.Our view is that re-enriching US government inventories of depleted uranium tails into a commercial source of uranium and conversion is GLE’s lowest-risk path to the market. This opportunity is underpinned by an agreement GLE has with the DOE to upgrade depleted uranium tails leftover from DOE’s historic enrichment operations, which may help address the growing supply gap for Western nuclear fuel supplies and services.With the support of both Cameco and Silex Systems, GLE has accelerated its technology demonstration project activities to target an earlier delivery of the successful demonstration of Technology Readiness Level 6 (TRL-6). TRL-6 achievement will confirm large-scale system performance under relevant conditions (pilot-scale demonstration), which represents a major step up in a technology’s demonstrated readiness. Of note, GLE received the second full-scale laser system module from Silex Systems last year, which was installed in GLE’s pilot demonstration facility in the US. GLE’s efforts to bring forward planned activities and expenditures under the technology demonstration program are intended to demonstrate TRL-6 this year. Earlier TRL-6 demonstration may provide optionality for GLE to pursue government and industry support and funding related to potential commercial deployment opportunities (LEU and, potentially, HALEU) that could precede tails re-enrichment if the right conditions exist.Unless another commercial deployment opportunity materializes, GLE will continue its work to complete the technology demonstration project with the potential to deploy its enrichment technology at a commercial scale in Western Kentucky under its agreement with the DOE no later than 2030. GLE’s path to commercialization depends on several factors, including but not limited to the successful progression and completion of GLE’s technology demonstration and maturation program, a clear commercial use case, sound market fundamentals, clarity regarding future Russian fuel imports, the ability to secure substantial government support and funding (specifically, accelerated commercial pathways related to LEU and, potentially, HALEU are reliant on government funding) and long-term industry support.For more information visit www.gle-us.com

We are dedicated to our core value of integrity and apply high standards of ethical behaviour and transparency to our business activities.The following are highlights of selected governance topics. Please see our 2024 Sustainability Report for more information or Our Performance for all indicator results.Governance for sustainability mattersWe are dedicated to conducting our business responsibly and overseeing and managing our risks in a diligent manner.  We integrate key sustainability factors (safety performance, a clean environment, and supportive communities) into our executive and employee compensation strategy as we believe these factors are critical to Cameco’s long-term success.Role of our boardOur board is responsible for overseeing the integration of sustainability principles throughout the company. The board’s goal is to help ensure that we operate as a sustainable business, optimizing financial returns while effectively managing risk, including sustainability matters and climate-related risks.Management's roleOur executives work with leaders and experts across the company to better understand and manage sustainability topics and climate-related risks and opportunities. The chart below illustrates how sustainability topics and climate-related information flows between groups with sustainability and climate-related responsibilities across Cameco. Learn more about governance for sustainability mattersBusiness Ethics and Integrity At Cameco, one of our four core values is integrity. Through our personal and professional integrity, we lead by example, earn trust, honour our commitments, and conduct our business ethically. Our reputation for maintaining the highest standards of ethical behaviour has helped Cameco to grow into the global business it is today.Our Code of Conduct and Ethics guides how we uphold our value of integrity. The Code applies to all employees, officers and members of Cameco’s board and subsidiary boards and sets out our principles and guidelines for ethical behaviour. Our corporate ethics program is underpinned by:Conduct and ethics committee - Our conduct and ethics committee shares the responsibility for oversight and reporting of ethics matters and practices to executive officers and the board.Conduct and ethics training - All new employees take a mandatory Code of Conduct and Ethics training course. Targeted employees are required to take mandatory refresher courses annually.Ethics hotline - Through a third-party service provider, we also offer an anonymous ethics hotline that is open to all employees, contractors, and suppliers from across our operations. Information about the hotline is broadly communicated.Learn more about our conduct and ethicsTax Transparency Cameco’s commitment to ethical behaviour and integrity includes transparency into our corporate taxation. We pay significant amounts of taxes across multiple jurisdictions, including for income taxes. As a result, our consolidated tax rate is a blend of rates applicable in Canada and in the jurisdictions of our foreign subsidiaries and affiliates. In addition, we collect and remit uranium royalties, property taxes, sales and use tax, indirect taxes, and employment taxes from our more than 2,800 employees.At Cameco, we believe that tax is a fundamental component of overall financial performance. We are guided by our Code of Conduct and Ethics and comply with all tax laws that apply to our operations. Our tax department works collaboratively with other business units to preserve long-term value, and we monitor and adjust to legislative changes in each jurisdiction where we do business. We have annually reported payments to governments, as required by Canada’s Extractive Sector Transparency Measures Act (ESTMA). Extending beyond tax transparency, our 2024 ESTMA report details royalties, fees, and other payments made to Indigenous, municipal, provincial, and federal governments in Canada, the US, and Australia by Cameco and our subsidiaries for commercial development related to the exploration and extraction of minerals.Learn more about tax transparencyResponsible Supply Chain We are committed to fair competition in all dealings with suppliers, supporting local procurement, and making our purchases honestly and objectively. We use ISNetworld to screen contractors who provide services at our sites. All contractors must meet our basic requirements including demonstrating technical capabilities and having adequate safety practices and appropriate insurance in place. As a supplier to the Canadian nuclear industry, our fuel services facilities follow Canadian Standards Association’s (CSA) N299 standard, which sets out quality assurance program requirements for the supply of items and services for nuclear power plants.We also want to make sure that our suppliers and contractors respect and uphold our ethical, safety and environmental practices. Our Supplier Code of Conduct and Ethics outlines our expectations for those who provide goods and/or services to Cameco, including their representatives and employees. The Supplier Code requires our suppliers to adhere to all human rights, labour, and employment laws in the countries where they operate.Human rights in the supply chainWe are committed to respecting and observing the protection of human rights and share the values reflected in international proclamations about human rights, such as the Universal Declaration of Human Rights. We respect human rights wherever we operate and prohibit human trafficking, slavery, forced labour, and child labour within our operations and our supply chain, which is reinforced by our Supplier Code of Conduct and Ethics.Commitment to local procurement We are committed to using local suppliers wherever we operate. It is a commitment codified in our Procurement of Goods and Services Policy and exemplified by our spending in northern Saskatchewan, where we have procured more than $594 million in services from northern-owned companies over the past three years. In 2024, 71% of all spend on services at our northern Saskatchewan mine sites was with northern-owned businesses. In northern Saskatchewan, we have commitments through collaboration agreements with a select number of construction and civil works companies that are Preferred Northern Contractors (PNCs). All PNCs must also follow our standards.Learn more about our responsible supply chainLearn more2024 Sustainability Report - GovernanceOur Performance for all indicator results.Governance at CamecoCode of Conduct and EthicsGovernanceLeadershipManagement Proxy Circular

SafetyWe manage the safety of our workers through programs, systems, and standards, with our Safety, Health, Environment and Quality (SHEQ) Policy providing overarching guidance. There are many aspects of the management system that contribute to a safe work environment, a few examples include:Risk assessments help identify issues and determine the appropriate controls; the corrective action process verifies that incidents and near misses are reported, tracked, investigated and shared with colleagues; and emergency preparedness and planning prepare us to respond to serious incidents.We have developed 12 corporate safety standards to help protect our workers from our most common hazards. Some standards guide our general safety practices, such as our job hazard analysis and our job task observation, and other standards deal with specific hazardous situations (similar to other companies’ life saving rules): such as fall protection, confined space entry, rigging and hoisting, and control of hazardous energy (also referred to as lockout/tagout).Routine audits are conducted to monitor compliance with regulations and our own requirements. These and other aspects of the management system are routinely examined to verify that they continue to be effective at keeping our workers safe.Radiation ProtectionRadiation risks are effectively managed at CFM through a formal radiation protection program and dedicated personnel who ensure that doses to workers are as low as reasonably achievable. The program ensures that radiation protection is considered in the physical design of all facilities and operating procedures. It also provides for systematic monitoring of radiation in work areas and tracking the exposures of individual workers using a combination of monitoring devices and health testing. Radiation exposures at CFM are far below regulatory limits.Environmental ProtectionAt Cameco, protection of the environment is one of our highest corporate priorities during all stages of our activities, from exploration through development, operations, decommissioning, and reclamation.We monitor our performance by tracking corporate and site-specific key performance indicators, conducting environmental monitoring programs, and regularly auditing our adherence to the requirements of these programs We use the information from all of our programs to help us to identify opportunities to improve.Environmental management systemWe have a ISO 14001-certified environmental management system used across our operating sites, which is supported by a corporate Environmental Management Program that outlines the operating requirements sites must meet. Our environmental management system encourages and promotes continuous adaptation of our practices based on new information and technologies.Environmental risk assessmentsWe complete environmental risk assessments to systematically identify, quantify, and to characterize the potential risks to the environment, workers, and the public. We use our environmental risk assessments to inform our decisions and actions. Additionally, we complete an iterative process, where required, to verify that our proposed measures to protect the environment and the public are effective. We review or update the assessments every five years, incorporating results from our environmental monitoring programs and other scientific advances.Corrective action processWe have a corrective action process in place to systematically investigate and address the causes of non-conformance to regulatory requirements or internal standards. The process includes classifying the non-conformance, assigning the appropriate level of investigation (dependent on incident significance), and tracking the recommended corrective actions to prevent and mitigate similar occurrences.AuditsTo support our culture of continuous improvement, our processes and operations undergo regular audits, including:Our environmental management system is audited by a third-party every three years as a requirement to maintain our ISO 14001 certification.Our SHEQ team conducts an internal audit of our SHEQ programs on a three-year cycle. The total audit scope is split in half and executed on a rotating basis. This means that all our sites undergo at least two audits to cover all aspects of our SHEQ programs within every three-year period. The audit follows the ISO 19001 process and encompasses our environmental and safety programs.We also maintain and implement an internal audit program at our corporate office. Results and recommendations from this systematic and documented process are presented to senior management, who are responsible for implementing them and correcting any deficiencies. The internal audit group reports to the audit and finance committee of the board.Environmental Incidents and Other Events​​Environmental incidents and other events are reported to regulatory agencies as required by federal and provincial regulations. This includes releases to the environment reportable to Ontario Ministry of Environment's Spills Action Centre.If you have questions about any of the items posted here, please contact us.Latest Incident or EventPosting DateApril 10, 2026Incident DateApril 10, 2026IncidentNon-Occupational Emergency Transport to External Medical FacilityDetailsAn employee was transported by ambulance from CFM Port Hope to an external hospital due to a non-occupational medical issue. There was no health or safety risk posed to the public or the environment.Corrective ActionThe employee was assessed and provided care by the occupational nurse. The individual was transported to hospital by ambulance for further medical attention.Cameco Environmental Effect Ratingno measurable impact to the environment1 Past ReportingPosting DateApril 10, 2026Incident DateApril 10, 2026IncidentNon-Occupational Emergency Transport to External Medical FacilityDetailsAn employee was transported by ambulance from CFM Port Hope to an external hospital due to a non-occupational medical issue. There was no health or safety risk posed to the public or the environment.Corrective ActionThe employee was assessed and provided care by the occupational nurse. The individual was transported to hospital by ambulance for further medical attention.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateMarch 17, 2026Incident DateMarch 16, 2026IncidentFalse Fire AlarmDetailsCameco Fuel Manufacturing’s Port Hope facility experienced a temporary power failure that led to a fire alarm activation. The alarm was triggered due to a reduction in air pressure within the sprinkler system. The Emergency Operations Centre (EOC) was activated, and Port Hope Fire and Emergency Services attended the site. The cause of the alarm was investigated, and it was confirmed there was no fire. Power has since been restored.Corrective ActionAn hourly fire watch was implemented until the system was restored. A fire systems contractor was contacted and attended the site to reset the system and to confirm normal operations.The Canadian Nuclear Safety Commission has been notified. Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateJanuary 30, 2026Incident DateJanuary 30, 2026IncidentReportable SpillDetailsDuring routine maintenance checks of the supplier owned liquid hydrogen storage tank, a small leak was discovered which appeared to be coming from the piping system underneath the tank.There was no health or safety risk posed to the public or the environment.Corrective ActionThe tank owner was contacted for support, and a technician was deployed who arrived at site. A repair was completed on the valve packing which stopped the leak.Cameco notified the Canadian Nuclear Safety Commission and the Ministry of Environment, Conservation and Parks.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateApril 7, 2025 Incident DateApril 3, 2025  IncidentReportable Spill DetailsGroundwater was observed to be seeping from the access cover of a pumping well in the CFM Port Hope Parking lot and a small portion entered into the municipal catch basin, which ultimately discharges to Gages Creek. The total volume of untreated groundwater discharge is unknown but the flow rate was estimated at less than 1L/minute.There was no health or safety risk posed to the public, workers, or the environment by the release of groundwater. Corrective ActionCFM staff mobilized a collection system to pump excess water into a temporary holding tank and will monitor well levels and pump down as required. Two water samples were collected for sampling – one at the surcharging maintenance hole and one from the municipal catch basin. The Spills Action Centre, the Municipality of Port Hope, the CNSC Project Officer and the CNSC Duty Officer have been notified.  Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateFebruary 21, 2025Incident DateFebruary 20, 2025IncidentFalse Fire AlarmDetailsAt approximately 12:05 p.m. the fire panel indicated an alarm for the Fuel Storage Building dry chemical system at CFM Port Hope. Site personnel performed a visual check on the exterior of the building and no smoke or flame were detected. The Port Hope Fire Emergency Services responded to the site and investigated the cause of the alarm. It was confirmed that there was no indication of fire and there was no release of the dry chemical suppression system. The incident is suspected to be a false alarm. There was no health or safety risk posed to the public or the environment.Corrective ActionEmergency Operations Centre (EOC) was activated. Site personnel safely evacuated and were accounted for. Port Hope Fire Emergency Services responded to the incident. The system has been put on an impairment (bypass). Cameco has notified the Canadian Nuclear Safety Commission.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateSeptember 26, 2024Incident DateSeptember 26, 2024 IncidentFalse Fire Alarm (suspected)DetailsA fire alarm was activated in the fuel storage area at Cameco Fuel Manufacturing, automatically triggering a response from the Municipality of Port Hope Fire Services and Port Hope Police. Fire Services personnel inspected the area and confirmed that there was no indication of a fire, and this incident is suspected to be a false alarm.The cause of the alarm is under investigation.Corrective ActionThe Emergency Operations Centre was activated, workers were evacuated to the muster area and roll call taken. Personnel returned to work after all clear was given.The Canadian Nuclear Safety Commission has been notified.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateJuly 22, 2024Incident DateJuly 11, 2024 IncidentFalse Fire Alarm DetailsA fire alarm was activated due to an automated signal received from the fire suppression system on one of the two pelleting areas of the dust control units. This signal automatically triggers a fire department response. Municipality of Port Hope Fire Services responded, walked the area and confirmed that there was no fire and that this was a false alarm.  Corrective ActionThe Emergency Operations Centre was activated, personnel were evacuated to the muster area and roll call taken. Personnel returned to work after the all clear was given.  The issue was related to a faulty notifier module in the CO2 fire suppression system which was replaced the following day. The Canadian Nuclear Safety Commission has been notified. Cameco Environmental Effect Ratingno measurable impact to the environmentLevel 2 Level2Posting DateMay 14, 2024Incident DateMay 13, 2024IncidentReportable SpillDetailsOn May 13, 2024, at 7:30 a.m., an overflow was observed from a groundwater treatment system maintenance hole cover in the CFM Port Hope parking lot. The groundwater flowed to the municipal storm sewer system, which discharges to Gages Creek. It is estimated that 100L of untreated groundwater was discharged.There was no health or safety risk posed to the public, workers, or the environment by the discharge of untreated groundwaterCorrective ActionThe pump was shut down, stopping the flow of groundwater. The cause of the leak was found and repaired; the system was then returned to normal operation by 10:30 a.m. Two water samples were collected for evaluation of volatile organic compound (VOC) concentrations – one at the maintenance hole and one from ponded water at the municipal catch basin inlet. Results are pending.The Canadian Nuclear Safety Commission, the Spills Action Centre and the Municipality of Port Hope have been notified.Cameco Environmental Effect Ratingno measurable impact to the environment1Cameco Environmental Effect RatingLevel 1 - no measurable impact to the environmentLevel 2 - negligible impactLevel 3 - short-term, seasonal impactLevel 4 - mortality of some species, but not affecting ecosystem functionLevel 5 - impairment of ecosystem functionN/A - not applicableWaste ManagementSolid wastes contaminated by uranium are reprocessed, recycled and re-used to the extent possible. Waste materials that cannot be reprocessed, recycled or re-used are safely stored on site until appropriate disposal options are available.Wastes generated at the facility are segregated at the point of generation into contaminated and non-contaminated. Non-contaminated waste is either recycled or transferred to a suitable facility. Contaminated waste is stored in appropriate containers pending assessment of recycling or disposal options.DecommissioningDetailed plans and financial guarantees are in place to ensure that sufficient funds are in place to restore CFM facilities to public use once the operation reaches the end of its productive life.Environmental AssessmentAll new significant changes to existing operations may be subject to environmental assessments to identify potential effects on the environment.Regulatory OversightCFM is licensed and regulated by the Canadian Nuclear Safety Commission (CNSC). The operation is also subject to other federal and provincial regulations for the protection of people and the environment, including by Environment Canada and Ontario’s Ministry of the Environment. Federal and provincial regulators conduct regular site inspections and audits to verify that people and the environment are protected. Sustainability at CamecoWhen measuring the sustainability and ethical impact of a company, environmental, social and governance (ESG) are key factors considered by the public and investors. Sustainability and ESG matters have been an important focus at Cameco for many years and we have a strong performance record.Learn more

Building a balanced portfolioThe 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 always 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 dp 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 contractingUranium 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, UO2 and UF6, 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 flowretain the flexibility to invest in our assets in step with the ongoing market transitionmaintain 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 demandWe 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 portfolioWe 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 inonsidering 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, carbonfree 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. 

We recognize and embrace our responsibility to minimize our impacts on air, land, and water and to safeguard the biodiversity of surrounding ecosystems.The following are highlights of selected priority environmental topics. Please see our 2024 Sustainability Report for more information or Our Performance for all indicator results. WaterResponsible water management is critical to our business. We recognize the importance of preserving this resource for the Indigenous Peoples and local communities we share it with today. We work continuously with regulators, governments, researchers, and communities to understand possible impacts, develop best practices, and make changes that mitigate potential impacts on the environment. At our sites and facilities, we have robust water management and monitoring programs that apply to all withdrawals and discharges, and we tailor our water management practices to local uses and conditions.Water sources and usesThe vast majority of water (groundwater, surface water, or precipitation) managed by our Saskatchewan facilities is not intentionally withdrawn for mining use but instead intercepted as part of our mining operations through mine dewatering or from the operation of our tailings management facilities. Where possible, we use this intercepted water to support our operational water requirements.Water discharges At Cameco, we carefully manage our treated water discharges to keep potential risks to human health and the environment as low as reasonably achievable and to comply with applicable legal and regulatory requirements. To protect people and the environment, we have implemented management tools consistent with our overall management approach, which include:inflow reductionwater segregationwater treatmentDischarge monitoringWe have monitoring programs to verify that human health and the environment remain protected in the vicinity of our operations. We adhere to regulatory requirements from the Canadian Nuclear Safety Commission, the Saskatchewan Ministry of Environment, and Environment and Climate Change Canada.Watershed stewardshipAs part of our environmental monitoring programs, we take more than 22,000 samples related to water quality each year. We collect water samples at or immediately downstream of our operations (near-field), in close proximities to our operations (mid-field), and at locations at a further distance (five to ten kilometres) from our operations (far-field). These samples are sent for testing for different chemicals and other indicators of quality to both internal laboratories and an accredited third-party facility. Learn more about our watershed stewardshipTailings ManagementTailings and waste rock are an inevitable byproduct of most mining activities. Responsible and safe management of mining waste streams is critical to protecting the environment as well as the safety of our workers, operations and communities.  To strengthen our tailings management approach, we seek to apply lessons learned from industry incidents and are committed to continuous improvement. Milling of uranium ore produces tailings, which are primarily composed of the residual rock left after the uranium is recovered, mineral precipitates, and minor amounts of processing chemicals. These tailings are safely stored on-site within engineered tailings management facilities. The annual tonnage of tailings produced varies and is dependent on the ore grade and the production rate. The high uranium grade of our mines in northern Saskatchewan means we obtain more uranium per tonne of rock processed than low grade facilities, resulting in lower amounts of tailings per unit of uranium produced.Tailings management is relevant only to our Canadian operations because the in situ recovery method used in our US operations does not produce tailings or waste rock. We have four tailings facilities in Saskatchewan, two at our Key Lake site and two at our Rabbit Lake site. Both Key Lake and Rabbit Lake have one active in-pit tailings facility (in-pit facility) and one above-ground tailings management facility (above-ground tailings facility).We employ broad, risk-based practices to effectively manage our tailings and mine waste storage facilities. We have accountability at the highest level of the organization, and systems and procedures that follow best practices contained in industry recognized standards. Learn more about our tailings management practicesGHG EmissionsAt Cameco, we recognize the critical nature of the fight against climate change and that there are risks and opportunities associated with climate change and the energy transition as we seek to achieve our strategic plan.  We are committed to addressing these risks and taking advantage of the opportunities in a manner that we expect to add long-term value for our stakeholders.Our GHG emissions are directly related to the type and amount of energy we consume. Cameco quantifies emissions following the globally recognized GHG Protocol Corporate Standard.Scope 1~131,381 tCO2eOur Scope 1 emissions are primarily associated with the consumption of propane and natural gas for heating. We also use diesel and gasoline to operate heavy-duty and light vehicles across our operations, and relatively small quantities of diesel for back-up power generation. We release small quantities of GHG emissions from chemical processes during milling and from Cameco operated landfills.Scope 2~178,306 tCO2eAll Scope 2 emissions arise from electricity consumption and correlate to the emissions intensity of grid-supplied electricity in the regions we operate. Our main source of power for our northern Saskatchewan operations is hydroelectric. However, our location-based Scope 2 emissions use a single emissions factor that reflects the energy mix from the entire provincial grid in Saskatchewan and Ontario (data in the performance table).Scope 3~620,000 tCO2eScope 3 emissions are not covered in Scope 1 or 2 and result from activities that occur in our value chain. Building on our work from last year, where we reported our total Scope 3 emissions in our 2023 Sustainability Report, we are now reporting our Scope 3 emissions broken down by category as noted below. Scope 3 Emissions by Category   Our GHG reduction targetOur 30 by 30 reduction target means that we will work to permanently reduce our Scope 1 and Scope 2 GHG emissions by 155,000 tCO₂e across our operated facilities by 2030. Under this target, we will also strive to achieve a minimum reduction of 30,000 tCO₂e from Scope 1 emissions specifically. This sub-target demonstrates our commitment to reducing the direct carbon footprint of Cameco facilities and maintain alignment with facility-based emissions reductions required by regulators. Learn more about our GHG emissions and energy useDecommissioningOur commitment to protecting the environment and the needs of the communities around our operations extends to the full life-cycle of our mines and facilities. This includes planning for decommissioning and preparing our sites for permanent closure. Conceptual plans for each site describes activities required to reclaim the site to defined final end-state objectives, after the operating life of a facility. The plan includes a preliminary cost estimate for labour, materials, equipment, waste management, regulatory approvals, monitoring, and administration to carry out the plan.At the end of 2024, our estimated future decommissioning and reclamation costs (total and undiscounted) for our assets were approximately $1.38 billion, with some revised estimates still subject to regulatory approval. We have recorded accounting provisions for the discounted value of these estimates, and every quarter, we update these estimates based on new cash flow estimates, discount, and inflation rates. To verify we can pay for these future obligations, we have financial assurances of $1.13 billion (in the form of letters of credit or surety bonds to satisfy current regulatory requirements), which is based on previously approved preliminary decommissioning estimates and will increase once the regulator approves all revised estimates and confirms the value of financial assurances required. The expected timing for these costs is based on each mine or fuel services facility’s expected operating life. Our required costs for decommissioning and reclamation in each of the next five years are not expected to be material. Proactive reclamationIf part of an active site is ready for reclamation before the full site reaches the end of its life, we can proceed proactively with reclamation work on that area. Some of the projects we have undertaken in the last few years include:Water restoration in the U.S.In 2024, one mine unit had a final restoration report and decommissioning plan submitted. Five mine units are undergoing reverse osmosis treatment, six mine units are currently in stability, and two mine units are preparing to enter the stability stage.Waste rock pile revegetation at Key LakeThe Key Lake operation continues to undergo progressive reclamation. At one of Key Lake’s waste rock piles, we have been successful at revegetating a portion of a covered pile through the application of local lake bottom organic sediments as a nutrient source and seed bank to establish shrubs, bushes, and trees. Learn more2024 Sustainability Report - EnvironmentOur Performance for all indicator results.Environment and safety at our uranium operationsEnvironment and safety at our fuel services businessCigar LakeMcArthur River/Key LakeRabbit LakeBlind River RefineryPort Hope Conversion FacilityCameco Fuel Manufacturing