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A strategy to achieve our visionOur uranium and fuel services products are used around the world in the generation of safe, carbon-free, affordable, base-load nuclear energy. As we seek to power a secure energy future, we do so in a manner that reflects our values. We are committed to identifying and addressing the environmental, social and governance (ESG) risks and opportunities that we believe may have a significant impact on our ability to add long-term value.We are a pure-play investment in the growing demand for nuclear energy. We are focused on providing nuclear fuel products and services across the fuel cycle to support the generation of clean, reliable, secure and affordable energy. Nuclear energy must be a central part of the solution to the world’s shift to a low-carbon, climate resilient 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 avoid some of the worst consequences of climate change.Learn more about our business strategy

Our relationships with our workforce, Indigenous Peoples, and local communities are fundamental to our success. We aim to build a workforce that is dedicated to continuous improvement and shares our values.The following are highlights of selected social topics discussed in our 2024 Sustainability Report. Please see the report for more information or Our Performance for all indicator results.

 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 GitzelPresident and Chief Executive Officer 

 We are committed to taking meaningful action to address climate change in a manner that we expect to add long-term value for our stakeholders.We integrate climate-related risks and opportunities into our governance, strategy, risk management, metrics, and target-setting processes in alignment with the Task Force on Climate-Related Disclosures (TCFD). Climate-related disclosures have been integrated throughout our Sustainability Report and other disclosure documents, such as our management’s discussion and analysis (MD&A), and annual information form (AIF).For a summary of material risks to our business operations, revenue, or expenditures, please see our annual MD&A and AIF. GovernanceWe believe that sound governance is the foundation for strong corporate performance in all areas of our business. Within Cameco, our Board of Directors holds the highest level of oversight for our business strategy and strategic risks and opportunities, including climate-related risks and transition-related opportunities.Learn moreRisk ManagementOur approach to managing risk involves a broad, systematic approach to identifying, assessing, reporting and managing the significant risks we face in our business and operations. Our corporate risk register tracks enterprise-level risks, which are risks that have the potential to significantly affect our ability to achieve our corporate objectives or strategic plan. Once risks are identified and assessed, we develop a risk mitigation plan. Senior management is responsible for verifying that key risks, as well as emerging risks, are identified, managed to an acceptable level, and reported on regularly to the appropriate level within the organization.Cameco is aware of the increasing risk that changing climate conditions can create for our operations and value chain. We have, currently and historically, identified and managed risks posed by acute physical climate events (e.g., wildfire and flooding) and chronic changes in climate patterns (e.g., temperature and precipitation), as well as risks posed by changes in regulations or policy. Some of the elements of our risk management processes that focus on climate-related risks are:Climate risk identificationRisk assessmentfunctional riskstactical risksstrategic risksMonitoring and reportingRisk managementClimate risk integrationaccountabilityphysical risks as a part of our risk management programcapital allocationcarbon compliance costsintegrating decarbonization projects into our budgetsLearn moreStrategyCameco is 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. Through our own operations and through our investment in Westinghouse, we provide nuclear fuel and nuclear power products, services, and technologies across the fuel cycle that support the generation of carbon-free, reliable, and affordable energy.Cameco’s business strategy is to capture full-cycle value by:remaining disciplined in our contracting activity;building a balanced portfolio in accordance with our contracting framework;profitably producing from our tier-one assets and aligning our production decisions in all segments of the fuel cycle with contracted demand and customer needs;being financially disciplined to allow us to execute our strategy, invest in new opportunities that are expected to add long-term value, and to self-manage risk; andexploring 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 energy.We expect our strategy will allow us to increase long-term value for our stakeholders, and we plan to execute it with an emphasis on safety, people, and the environment. Learn moreEvaluating resilience under different transition scenariosThere are multiple initiatives underway globally, including in Canada, which recognize the need to advance nuclear power as part of the transition to decarbonize the energy sector. We completed an initial qualitative transition scenario analysis in 2022, and we update this analysis annually to reflect changes to the scenarios. Our analyses use the annual World Energy Outlook developed by the International Energy Agency (IEA). Nuclear energy is put forward in all three evaluated transition scenarios as a growing source of supply for electricity. Learn more about our work related to transition scenariosMetrics and targetsMetrics and targets are important tools to measure and monitor progress. We are focused on better understanding the impact of climate-related risks and opportunities and reducing our GHG emissions.Climate-related metricsWe have tracked and reported GHG emissions for more than two decades. Our performance on Scope 1 and Scope 2 emissions is included in our 2024 Sustainability Report.In 2024, we continued to work to better understand our total Scope 3 emissions, identify our most significant Scope 3 categories, and identify the companies in our value chain that make the largest contribution. In 2024, we refined our Scope 3 emissions and continued to engage with value chain partners to understand initiatives that may impact our emissions. In this report, we have published our first detailed Scope 3 inventory covering all 15 categories outlined by the Greenhouse Gas Protocol’s Technical Guidance for Calculating Scope 3 Emissions and have had these emissions externally verified. Read more about this work and our Scope 3 emissions our 2024 Sustainability Report.Climate-related targetsNet-zero ambition and 30 by 30 Our target to reduce our Scope 1 and Scope 2 GHG emissions by 30% by 2030, from 2015 levels, demonstrates our commitment to doing our part to help achieve the ambitions of the Paris Agreement. Although we are looking at options towards the achievement of our longer term net-zero ambition, we have not yet set a timeline for that ambition.Physical risksWe have set a target to develop site-specific adaptation plans for each majority-owned and operationally controlled site by the end of 2026 that address potentially significant physical climate risks.Learn more    

We respectfully acknowledge the lands where Cameco operates. We offer these land acknowledgments to reaffirm our commitment and responsibility to building meaningful relationships and to improving our own understanding of local Indigenous Peoples and their cultures.CanadaSaskatchewan, CanadaSaskatoon corporate office is in Treaty 6 territory, the traditional territory of Cree Peoples, and the homeland of the Métis. Cigar Lake, Key Lake, Rabbit Lake, and McArthur River operations are in Treaty 10 territory, the traditional territory of the Dene and Cree Peoples, and the homeland of the Métis.Ontario, CanadaCobourg and Port Hope fuel services facilities are in the traditional territory of the Michi Saagiig and Chippewa Nations, collectively known as the Williams Treaties First Nations, which include: Curve Lake, Hiawatha, Alderville, Scugog Island, Rama, Beausoleil, and Georgina Island First Nations. Blind River operation is in the traditional lands of the Mississaugas and we recognize the Robinson-Huron Treaty of 1850. USANebraska, USCrow Butte operation is located in Nebraska about 48 kilometres from the southern boundary of the Oglala Sioux Tribe Pine Ridge reservation in South Dakota, the closest Indigenous community to the mine.Wyoming, USSmith Ranch-Highland operation is located about 242 kilometres from the Wind River reservation, home to Eastern Shoshone and Northern Arapaho Tribes, the closest Indigenous community to the mine. AustraliaWestern AustraliaKintyre exploration project is located within the Martu native title determination in the East Pilbara region. Yeelirrie exploration project is located on Tjiwarl country in the northern goldfields region.