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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.  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 38 countries.   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.  

Financial ReportingFor the latest financial results and updates on our operations, see our current financial reporting.View Current Financial 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

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.

Performance TableBelow are the metrics that describe our sustainability 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

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.

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 Rabbit 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 Rabbit 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 Rabbit 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 Rabbit Lake has identified no significant impact on the surrounding environment.

  2025348220243136  20259702024783  2025287420242677  202587.00202479.70Financial HighlightsDecember 31($ millions except where indicated)20252024changeRevenue$3,482$3,13611%Gross profit97078324%Net earnings attributable to equity holders590172>100%     $ per common share (diluted)1.350.39>100%Adjusted net earnings (loss) (non-IFRS)1627292>100%     $ per common share (adjusted and diluted)1.440.67>100%Cash provided by continuing operations (after working capital changes)1,40890556%Uranium   Production volume (million lbs)21.023.4(10)%Sales volume (million lbs)33.033.6(2)%Average realized prices($US/lb)$62.11$58.346% ($Cdn/lb)$87.00$79.709%1 See the Non-IFRS measures section of our 2025 Q4 MD&A. 

Cameco can provide dynamic, rewarding career opportunities in the uranium mining, milling and fuel services industry.Our values guide our business decisions and we place a safe, healthy and rewarding workplace at the top of our key measures of success.We employ a highly diverse workforce here in Saskatchewan and around the world.Why Cameco?Because we aim to:Recruit the best people who will understand and share our vision and values and who can help us effectively carry out our mission.Manage talent in relation to business needs.Manage employees’ performance constructively so they can work to the best of their abilities.Establish clear responsibilities and accountabilities for every employee.Offer competitive compensation and benefits.Develop leadership skills at all levels that reflect our corporate values, competencies and behaviours.Recognize employee contributions.Encourage creativity and sharing of ideas.Promote and support continuous learning and career development.Provide a safe and healthy working environment that is free from harassment and discrimination.Promote and support healthy lifestyles.Promote an inclusive and diverse workplace and respect cultural traditions in communities where we operate.Provide flexibility to help employees balance work and personal commitments effectively.Provide transparent and consistent employee programs, standards and procedures.Respect our employees’ privacy.Total rewardsOur total rewards include everything from competitive salaries and variable compensation to flexible benefits, career development and retirement funding support.Learn moreOur cultureBeyond Cameco's total rewards programs, we actively support a culture of excellence and integrity which is demonstrated each and every day by our people around the world.Learn moreA diverse workforceAt Cameco, we appreciate the true value of a diverse workforce and we embrace, encourage and support an inclusive and barrier-free work environment.Learn more

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 executive team

The board is responsible for supervising the management of our business and affairs, which includes overseeing management and our strategy.The board encourages open dialogue and works within a climate of respect, trust and candour. The board fulfills its duties by:maintaining a governance framework that establishes broad areas of responsibility and has appropriate checks and balances for effective decision-making and approvalsmaking decisions that set the tone, character and strategic direction for Camecoapproving the vision and value statements and enterprise-level policies developed by managementregularly monitoring management, including its leadership, recommendations, decisions and execution of strategies to ensure that they carry out their responsibilities and deliver value.Board's MandateBeyond overall stewardship and oversight of the business affairs of the company, members of Cameco's board of directors are accountable for specific duties and responsibilities.Read moreBoard CommitteesThe board carries out its responsibilities directly and through five standing committees, each mandated to provide detailed oversight of key areas.Read moreChair's RolePosition description for the board chair of Cameco Corporation.Read moreCEO's RolePosition description for the chief executive officer of Cameco Corporation.Read moreNYSE ComplianceCameco's statement of compliance with the requirements of the New York Stock Exchange.Read 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 2025 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 safety, environment (including climate), and supportive community measures into our corporate objectives which impact executive and employee compensation as we believe they are all critical to Cameco’s long-term success.Role of our boardOur board and its committees are 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.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 3,000 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 2025 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 $704 million in services from northern-owned companies over the past three years. In 2025, we spent $292 million on services for our northern Saskatchewan mine sites with northern-owned businesses. In northern Saskatchewan, we have commitments through collaboration agreements with a select number of construction and service companies that are PNCs. All PNCs must also follow our standards.Learn more about our responsible supply chainLearn more2025 Sustainability Report - GovernanceOur Performance for all indicator results.Governance at CamecoCode of Conduct and EthicsGovernanceLeadershipManagement Proxy Circular