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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. 

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A market in transitionIn 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 30th 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 small modular reactors (SMR), 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.Supply uncertaintyGeopolitical 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.Durable demand growthThe 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.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.  Number of ReactorsChina32Asia10India6Africa & Middle East6Russia4Eastern Europe4Americas2UK2There 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.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.Supply-Demand: Putting it TogetherLike 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.  Spot MarketLong Term MarketAverage Spot Price2004208418.620053625228.6720063520049.620072025099.2920084313061.5820095415046.0620105025046.8320115611256.3620124319348.42013502438.172014437733.212015498136.552016466025.64201748.173.121.78201888.589.924.59201963.395.825.64202094.557.429.962021102.4171.7935.28202260.85113.0049.81202355.03159.6062.51202446.37119.285.14202555.311673.54UxC reports that over the last five years approximately 589 million pounds U3O8 equivalent have been contracted in the long-term market, while approximately 815 million pounds U3O8 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. 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.

Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the first quarter ended March 31, 2020 in accordance with International Financial Reporting Standards (IFRS).

Learn how uranium is mined, milled and processed at CamecoIn Uranium Part 2 - watch how uranium is turned into fuel at our fuel manufacturing facilities in Ontario.Watch Uranium Part 1 - mining and millingVideo courtesy of How It's Made, a Discovery Communications, Science Channel program

Cameco (TSX: CCO; NYSE: CCJ) today responded to the decision by President Donald Trump to implement no new trade restrictions on uranium imports into the United States following the Section 232 investigation into the matter.

Cameco (TSX: CCO; NYSE: CCJ) today responded to the decision by the United States Department of Commerce (DOC) to launch an investigation into whether the quantity and circumstances of foreign uranium imports into the US threaten to impair national security.

Uranium does not trade on an open market like other commodities. Buyers and sellers negotiate contracts privately.Cameco calculates industry average prices from the month-end prices published by UxC and TradeTech. Long-term prices prior to May 2004 are not industry-averages, but are from TradeTech only.

Cameco (TSX: CCO; NYSE: CCJ) announced Tokyo Electric Power Company Holdings, Inc. (TEPCO) has issued a termination notice for a uranium supply contract with Cameco Inc. that we do not accept. Cameco Inc. sees no basis for terminating the contract, considers TEPCO to be in default, and will pursue all its legal rights and remedies.

Key LakeU3O8 is shipped from Key Lake to the Blind River Refinery in Ontario.

The Athabasca communities, Cameco Corporation (Cameco) and AREVA Resources Canada Inc. (AREVA) are proud to announce the signing of a collaboration agreement that builds upon an enduring partnership in the development of uranium resources in the Athabasca Basin.