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SafetyThe Inkai operation has an excellent safety record. The operation has a management system to identify, document and address risks and engage all workers and managers in development of a strong safety culture. The safety management system is certified to the international OHSAS:18001 standard and is focused on driving continual improvement in safety performance of employees and contractors.Radiation ProtectionRadiation risks are effectively managed at Inkai 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 Inkai are far below the regulated limits.Environmental ProtectionEnvironmental protection at Inkai is managed through an ISO 14001-certified environmental management system. The system provides for systematic identification and mitigation of environmental risks and reduction and effective management of waste. Inkai uses the in situ recovery (ISR) mining method which produces no tailings or waste rock and involves minimal surface disturbance. Uranium is extracted from underground by pumping a mild acid solution into the ore zone. The uranium is freed from a sandstone formation and pumped to the surface for processing.Environmental MonitoringMonitor wells are installed around the ore zones to allow testing of groundwater quality around the ore zones.Waste ManagementThe situ recovery (ISR) mining method employed at Inkai produces no tailings or waste rock. Water used in the process is recycled. Plastic, cardboard, scrap metal and other waste materials are sent for recycling to external companies.DecommissioningDetailed plans are being developed to provide for decommissioning of the Inkai mine. Once operations are complete in a wellfield, the brackish groundwater in the deep sandstone aquifer being mined recovers by natural attenuation. All piping and other infrastructure is removed and surface lands are restored to their original state.Environmental AssessmentAll new mining developments and significant changes to existing operations are subject to environmental review and licensing by Kazakh regulatory authorities.Regulatory OversightThe Inkai operation is overseen by a number of Kazakh regulatory authorities, including the Atomic Energy Committee, the Ministry of Environmental Protection, the Ministry of Emergency Situations and the Ministry of Labour and Social Protection.

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.

2025 Q3 UpdateProductionProduction on a 100% basis was 2.4 million pounds for the quarter, and 5.9 million pounds for the first nine months of this year, compared to 2.0 million pounds and 5.5 million pounds, respectively in the same period last year. Following the unplanned, temporary production suspension in January 2025, the adjusted mine plan resulted in higher second quarter production bringing production for the first nine months back in line with the annual production plan.JV Inkai is targeting 2025 production of 8.3 million pounds (100% basis) of which our purchase allocation is expected to be 3.7 million pounds. The temporary suspension in early 2025 did not have a material impact on JV Inkai’s 2025 outlook. The achievement of JV Inkai’s 2025 production target requires it to successfully manage several ongoing risks, including the availability of sulfuric acid, other procurement and supply chain issues, transportation challenges, construction delays and inflationary pressures on its production costs.Due to equity accounting, our share of production is shown as a purchase at a 5% discount to the spot price and included in inventory at this value at the time of delivery. The first shipment from JV Inkai containing our remaining share of 2024 production (approximately 900,000 pounds) and approximately 2.0 million pounds of our share of Inkai’s 2025 production is currently in transit and expected to arrive at the Blind River refinery in early November. The majority of our remaining share of 2025 production from JV Inkai is expected to be delivered before the end of 2025. Our share of the profits earned by JV Inkai on the sale of its production to the joint venture partners is included in “share of earnings from equity-accounted investee” on our consolidated statement of earnings. Excess cash, net of working capital requirements, is distributed to the partners as dividends once declared.  Delivery ScheduleThe geopolitical situation continues to cause transportation risks in the region. We could continue to experience delays in our expected Inkai deliveries. To mitigate this risk, we have inventory, long-term purchase agreements and loan arrangements in place we can utilize. Depending on when we receive shipments of our share of Inkai’s production, our share of earnings from this equity-accounted investee and the timing of the receipt of our share of dividends from the joint venture may be impacted.See full Quarterly ReportEnvironment & SafetyWorker safety, environmental monitoring and proper decommissioning after project completion are of the utmost importance to Cameco.See moreReserves & ResourcesOur mineral reserves and resources are the foundation of our company and fundamental to our success.See more

Since 1990, Blind River has received Cameco's top award for safety performance, the Mary-Jean Mitchell Green Award, more times than any other Cameco facility.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 Blind River through a formal radiation protection program and dedicated personnel who ensure that workers are safe. 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 Blind River 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 event:Posting DateSeptempber 22, 2025Incident DateSeptember 18, 2025IncidentERT ActivationDetailsA pull station was activated at the Blind River Refinery when a small fire was observed on a piece of equipment in the plant. The fire was extinguished using a nearby extinguisher. The emergency response team was activated. There was no health or safety risk posed to the workers or environment.Corrective ActionThe small fire was extinguished and cleaned up. The Canadian Nuclear Safety Commission was notified.Cameco Environmental Effect Ratingno measurable impact to the environment1Past reportingPosting DateOctober. 21, 2025Incident DateSeptember 18, 2025IncidentERT ActivationDetailsA pull station was activated at the Blind River Refinery when a small fire was observed on a piece of equipment in the plant. The fire was extinguished using a nearby extinguisher. The emergency response team was activated. There was no health or safety risk posed to the workers or environment.Corrective ActionThe small fire was extinguished and cleaned up. The Canadian Nuclear Safety Commission was notified.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateMarch 10, 2025Incident DateMarch 6, 2025IncidentTransportation Incident DetailsA tractor trailer carrying three full UO3 tote bins was involved in a minor vehicle incident while travelling south on Highway 12. A passenger vehicle pulled out in front of the tractor trailer causing the driver to swerve into the far lane attempting to avoid a collision but in doing so struck another vehicle with its trailer.There was no damage to the tractor trailer, nor the tote bins so the vehicle continued onto its intended destination.There was no health or safety risk posed to the public or the environment.Corrective ActionThe police were called and attended the scene. As there was no damage to the tractor trailer it continued to its intended destination.Cameco notified the Canadian Nuclear Safety Commission transport section.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateFebruary 28, 2025 Incident DateFebruary 27, 2025 IncidentTransportation Incident DetailsA tractor trailer carrying three full UO3 tote bins was involved in a minor incident when stopped at a red traffic light in Blind River eastbound on Highway 17. A passenger vehicle, unable to stop due to slippery road conditions, rear-ended the tractor trailer. There was no damage to the tractor trailer or the tote bins, so the vehicle was able to safely continue onto its intended destination. There was no health or safety risk posed to the public or the environment. Corrective ActionThe police were called and representatives from Cameco and the trucking company attended the scene. As there was no damage to the tractor trailer continued to its intended destination. Cameco notified the Canadian Nuclear Safety Commission transport section. Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateJanuary 28, 2025Incident DateJanuary 23, 2025IncidentTransport Occurrence (Minor Vehicle Incident)DetailsA tractor trailer carrying a sea container of uranium ore concentrate was involved in a minor incident on Highway 401 east bound near Brockville, Ontario. A passenger vehicle was merging onto Highway 401 when its driver lost control, crossing all lanes and ending up in front of the truck.There was no damage to the trailer nor the sea container, and only minor damage to the front of the truck. The truck was still roadworthy and continued to its intended destination, Cameco’s Blind River Refinery.                             There was no health or safety risk posed to the public or the environment.Corrective ActionThe passenger vehicle was towed from the scene. There was no damage to the trailer or sea container, and only minor damage to the front of the truck. The truck continued to its intended destination. Cameco notified the Canadian Nuclear Safety Commission transport section.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateNovember 29, 2024Incident DateNovember 28, 2024IncidentERT ActivationDetailsOn November 28, a pull station was activated at the Blind River Refinery when a small fire was observed inside of a 5-gallon plastic pail in the plant. The fire was extinguished using a nearby fire extinguisher.Due to the speedy response and action of the emergency response team there was no health or safety risk posed to the workers or the environment.Corrective ActionThe fire was extinguished and cleaned up. The Canadian Nuclear Safety Commission was notified.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateJuly 30, 2024Incident DateJuly 1, 2024IncidentReportable Leak & DischargeDetailsOn June 26, 2024, when the glycol heating systems were drained for maintenance, a mechanical failure occurred. It was observed that the drain valve on number three coil was leaking glycol. A pipe cap was immediately installed to stop the leak. It was assumed the leak had been minimal and there was minimal glycol in the system since the coil had been isolated and drained in 2023 when it had failed.During a maintenance inspection, it was determined that glycol had passed through the sewage plant and was released to Lake Huron on July 1, 2024. A lab investigation estimates 70L of glycol had spilled.  There was no health or safety risk posed to the public, workers, or the environment by this release.Corrective ActionAn investigation is currently underway by Cameco to prevent future occurrences.The Canadian Nuclear Safety Commission, Town of Blind River and the Ministry of Environment, and Conservation and Parks have been notified.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateMay 3, 2024Incident DateMay 2, 2024IncidentReportable SpillDetailsOn April 18, a sink hole was observed near two groundwater supply wells for the Blind River Refinery, close to the Mississaugi River. This sinkhole was located adjacent to the golf course, situated west of the parking lot, which is part of the Town property leased from Cameco. As a precautionary measure, we promptly cordoned off the affected area and initiated the process of determining next steps to have the underground well water supply line repaired. Cameco has been closely monitoring the sinkhole and noted no significant changes. On May 2, it was observed that there is now additional groundwater flow from the well line, carrying sediment and overflowing into the river.There was no health or safety risk posed to the public, workers, or the environment by the release of groundwater that had not been used by the refinery.Corrective ActionCameco is working to rectify the situation and has contacted a contractor to install a silt curtain and are in the process of securing hydrovac services. Additionally, Cameco is actively pursuing a separate contractor to repair the well supply line.The Canadian Nuclear Safety Commission, Town of Blind River and the Ministry of Environment, Conservation and Parks have been notified.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateAugust 21, 2023Incident DateAugust 21, 2023IncidentNon-Occupational Emergency TransportDetailsAn ambulance was dispatched to the Blind River Refinery for a non-occupational medical emergency. There was no health or safety risk posed to the public, workers or the environment.Corrective ActionThe worker was transported to hospital.Cameco Environmental Effect Ratingno measurable impact to the environment1 Posting DateJuly 24, 2023Incident DateJuly 21, 2023IncidentTransportation Incident DetailsOn July 21 a tractor and trailer carrying two sea containers of uranium ore concentrate drums collided with a moose on highway 17 near English River, ON. The shipment originated from Cameco’s Key Lake operation and is destined for France.There was no damage to the trailer, sea containers or drums.There was no health or safety risk posed to the public, workers or the environment.Corrective ActionThe Ontario Provincial Police were called and attended the scene. After confirming that there was no damage to the trailer, sea containers or the drums, the trailer was safely towed to Thunder Bay, Ontario. Another truck is being sourced to complete the journey. Cameco notified the Canadian Nuclear Safety Commission.Cameco Environmental Effect Ratingno measurable impact to the environment1 Posting DateJune 2, 2023Incident DateJune 1, 2023IncidentTransportation Incident DetailsAt approximately 1:00 a.m., a tractor and trailer carrying drums of uranium ore concentrate destined for the Blind River Refinery hit a moose near Upsala, Ontario. There were no injuries and no damage to the trailer or drums.Corrective ActionThe Canadian Nuclear Safety Commission was notified. The Ontario Provincial Police were called but did not attend the scene. A new truck is being dispatched to complete the journey to the Blind River Refinery.Cameco Environmental Effect Ratingno measurable impact to the environment1 Posting DateJanuary 24, 2023Incident DateJanuary 20, 2023IncidentTransportation Incident DetailsA transport carrying uranium ore concentrate to the Blind River Refinery was involved in a minor traffic accident on the Trans-Canada Highway 1, west of Warren Ontario. A snowplow with a 3-wing plow system attached was travelling in the opposite direction and crossed the centre line and clipped the transport truck’s side mirror.There was no other damage to the transport truck or sea containers.There was no health or safety risk posed to the public, workers or the environment.Corrective ActionThe transport truck found a safe place to stop, and a mechanic was sent out to replace the mirror assembly.Cameco notified the Canadian Nuclear Safety Commission.Cameco Environmental Effect Ratingno measurable impact to the environment1 Posting DateOctober 10, 2022Incident DateOctober 11, 2022IncidentTransportation Incident DetailsAt approximately 5:15 p.m., a truck and trailer carrying uranium ore concentrate destined for the Blind River Refinery was involved in a traffic accident on Highway 17 near Calvin, Ontario. A vehicle in the eastbound lane crossed the centre line, made contact with the side of the truck, and then with the front trailer. There was no damage to the sea container, and it remained secured on the trailer.The OPP attended the scene of the accident.Corrective ActionThe Canadian Nuclear Safety Commission was notified. A new trailer was dispatched to transfer the sea container and continue its journey to the Blind River Refinery.Cameco Environmental Effect Ratingno measurable impact to the environment1 Posting DateDecember 20, 2021Incident DateDecember 20, 2021IncidentTransportation Incident DetailsAt approximately 9:00 a.m., a tractor and trailer carrying four empty UO3 bins from the Port Hope Conversion Facility to the Blind River Refinery was involved in a traffic accident on Highway 7 near Omemee. A vehicle attempted to pass the tractor and trailer causing a collision with an oncoming vehicle which subsequently hit the tractor. There was no damage to the empty UO3 tote bins, and they remained secured on the trailer.The OPP attended the scene of the accident.Corrective ActionThe Canadian Nuclear Safety Commission was notified. A new tractor was dispatched to connect the trailer and continue its journey to the Blind River Refinery.Cameco Environmental Effect Ratingno measurable impact to the environment1 Posting DateNovember 1, 2021Incident DateNovember 1, 2021IncidentTransportation IncidentDetailsAt approximately 5:40 a.m., after being parked overnight, a transport truck carrying uranium ore concentrate rolled backwards into a ditch at the edge of the parking lot when attempting to leave the Broken Canoe Trading Post in Mississiauga First Nation near Blind River. The truck had not been fully engaged into gear before the driver released the brake allowing the second (and last) trailer to roll backwards very slowly. There was no damage to the trailer, or the drums and there was no release of material. No one was injured and there was no impact on the health or safety of the public or the environment.Corrective ActionThe Canadian Nuclear Safety Commission, and the Chief of Mississauga First Nation were notified. A tow truck was dispatched, and the trailer was successfully pulled out of the ditch and inspected by Cameco personnel prior to continuing its journey to the Blind River Refinery.Cameco Environmental Effect Ratingno measurable impact to the environment1 Posting DateNovember 4, 2020Incident DateNovember 3, 2020IncidentTransportation IncidentDetailsAt approximately 7:00 p.m., a transport truck carrying empty tote bins to the Blind River Refinery struck a bull moose on Highway 69 between Noble and Pointe-au-Baril, Ontario. The tote bins, which were empty at the time of the incident, are used in the shipping of uranium trioxide. There were no injuries and no damage to the trailer or the empty tote bins. The truck suffered damage and was towed from the scene. A spare truck was dispatched to retrieve the trailer to complete the delivery to the Refinery.No one was injured and there was no impact on the health or safety of the public or the environment.Corrective ActionThe Canadian Nuclear Safety Commission was notified.Cameco Environmental Effect Rating1 DateApril 24, 2020IncidentFire in yardDetailsAt approximately 4:00 p.m., combustible material (garbage) stored in the south east yard area at the Blind River Refinery caught fire. The fire department was called and the fire was declared extinguished by the fire department at approximately 6:15 p.m.No one was injured and there was no impact on the health or safety of the public or the environment.Corrective ActionThe Canadian Nuclear Safety Commission, the Mayor of Blind River and the Chief of Mississauga First Nation were all notified. The cause of the fire is being investigated and additional monitoring and fire watch has been put in place. Environmental samples are being collected for analysis.  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 applicableNotes1 Includes all releases to the environment reportable to Ontario Ministry of Environment's Spills Action Centre and other significant events.Waste 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.DecommissioningDetailed plans and financial guarantees are in place to restore the Blind River site to public use once the facility reaches the end of its productive life.Environmental AssessmentAll new significant changes to existing operations are subject to environmental assessments to identify potential effects on the environment.Regulatory OversightThe Blind River refinment facility 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

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 McArthur River and Key Lake. Each operation has a formal radiation protection program and dedicated personnel who ensure that doses to workers are as low as reasonably achievable. The programs require that radiation protection is considered in the physical design of all facilities and operating procedures. They also provide for systematic monitoring of radiation in work areas and track exposures of individual workers using a combination of monitoring devices and health testing. Radiation exposures at McArthur River and Key Lake are far below below the regulated 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.Environmental performance reportsFor our Saskatchewan operations, every five years we also compare monitoring data collected during the reporting period against predictions contained in approved environmental risk assessments or environmental assessments. By reviewing the data from the performance reports and conducting risks assessments, we are able to demonstrate that human health and the environment in the vicinity of our Saskatchewan operations remains protected. Results from these analyses are also used to inform changes to the environmental monitoring programs conducted at each operation.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 MonitoringComprehensive monitoring programs are in place at the McArthur River and Key Lake operations to help ensure that the surrounding environment is protected. Samples of water, air, soil, plants and fish are collected from numerous locations around the sites and tested to confirm that environmental protection systems are effective. Monitoring results are submitted to federal and provincial regulatory authorities for review. Cameco also supports independent regional monitoring downstream of its Saskatchewan operations to ensure there are no cumulative effects on the regional watershed. The extensive monitoring undertaken at McArthur River and Key Lake has identified no significant impact on the surrounding environment.

Our Expertise  Cameco is a pure-play investment in the growing demand for nuclear energy. We provide nuclear fuel and nuclear power products, services, and technologies across the fuel cycle, augmented by our investment in Westinghouse, in support of the generation of carbon-free, reliable, secure, and affordable energy. Backed by more than 35 years of deep industry experience across the nuclear fuel cycle and set within the context of the transitioning market environment, our strategy is to capture full-cycle value through responsible production planning at our tier one brownfield assets, disciplined marketing activity and long-term contracting and prudent financial management.  Growing Demand   A growing focus on electrification and decarbonization; increasing populations; demands from the tech sector such as the generative AI revolution; and concerns about energy security and affordability are driving interest in nuclear power and a transition in the nuclear fuel market.  We believe the interest in nuclear power is expected to durably strengthen the long-term fundamentals for our industry. More than 130 companies have endorsed the Net Zero Nuclear Industry Pledge, along with 14 financial institutions and 31 countries that have signed the declaration. The world cannot achieve a net-zero future without nuclear power – and Cameco will be a strategic partner on that journey.   Supplying the World  Uranium supply and fuel cycle services are facing several risks: mine depletion, a decade of significant underinvestment, declining secondary supplies, global production shortfalls, supply chain and transportation limitations, and geopolitical challenges.  Uncertainty about where nuclear fuel supplies will come from to satisfy growing demand continues to drive long-term contracting activity as risk shifts from producers to utilities.  Focus on Sustainability   We take pride in our strong sustainable performance and we hold ourselves accountable for high quality and credible reporting on sustainability matters. For over 17 years, we have disclosed our performance through an extensive range of environment, safety, social, economic and governance indicators, guided by a suite of policies, programs and practices. We are striving to achieve a 30% absolute reduction in Cameco’s combined Scope 1 and 2 emissions by 2030 from 2015 levels as a milestone towards our longer-term net-zero ambition.  

Performance TableBelow are the metrics that describe our ESG performance for the last three years. The reference column indicates the alignment of that specific metric with the Sustainability Accounting Standards Board (SASB) indicators. In instances where there is no SASB metric suggested, we include the corresponding reference to the metric suggested by the GRI standards. Note that in some cases a single metric aligns with both the SASB and GRI standards but only the SASB reference is noted.All references that start with EM-MM refer to SASB metrics for the Extractives & Minerals Processing Sector – Metals & Mining.We welcome feedback at sustainabledevelopment@cameco.com

2025 Q3 UpdateProductionCigar Lake Production Cameco's Share (million lbs)Three months ended September 30Six months ended September 30 20252024Change20252024Change2025 Plan2.21.547%7.86.716%9.81Depending on operational performance of the Cigar Lake mine and the McClean Lake mill in the fourth quarter, we may exceed this target by up to 1 million pounds (100% basis).Total packaged production from Cigar Lake was 4 million pounds (2.2 million pounds our share) in the third quarter of 2025 compared to 2.7 million pounds (1.5 million pounds our share) in the third quarter of 2024. In the first nine months of the year, total packaged production from Cigar Lake was 14.3 million (7.8 million pounds our share) compared to 12.3 million pounds (6.7 million pounds our share) in the first nine months of 2024 as a result of the strong performance at both the Cigar Lake mine and McClean Lake mill.We continue to expect production of 18 million pounds (9.8 million pounds our share) in 2025. However, depending on operational performance of the Cigar Lake mine and McClean Lake mill in the fourth quarter, we may exceed this target by up to 1 million pounds (100% basis). See full Quarterly ReportEnvironment & SafetyWorker safety, protection of the environment and proper decommissioning after mining is completed, are of the utmost importance to Cameco.See moreReserves & ResourcesOur mineral reserves and resources are the foundation of our company and fundamental to our success.See more

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.Recognized for four consecutive years by the Canadian Institute of Mining's John T. Ryan Regional Safety Trophy, Cigar Lake's risk-based approach and strong safety culture seeks to introduce safety controls before incidents occur.Radiation ProtectionRadiation risks are effectively managed at Cigar Lake 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 Cigar Lake are far below the regulated 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.Environmental performance reportsFor our Saskatchewan operations, every five years we also compare monitoring data collected during the reporting period against predictions contained in approved environmental risk assessments or environmental assessments. By reviewing the data from the performance reports and conducting risks assessments, we are able to demonstrate that human health and the environment in the vicinity of our Saskatchewan operations remains protected. Results from these analyses are also used to inform changes to the environmental monitoring programs conducted at each operation.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 MonitoringComprehensive monitoring programs are in place at the Cigar Lake operation to help protect the surrounding environment. Samples of water, air, soil, plants and fish are collected from numerous locations around the site and tested to confirm that environmental protection systems are effective. Monitoring results are submitted to federal and provincial regulatory authorities for review. Cameco also supports independent regional monitoring downstream of its Saskatchewan operations to ensure there are no cumulative effects on the regional watershed. The extensive monitoring undertaken at Cigar Lake has identified no significant impact on the surrounding environment.