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Cameco is one of the largest global providers of the uranium fuel needed to power a secure energy future.We have interests in tier-one mining and milling operations that have the licensed capacity to produce more than 30 million pounds (our share) of uranium concentrates annually, backed by more than 457 million pounds (our share) of proven and probable mineral reserves. Our operations and projects are diversified by geography and deposit type, backed up by extensive mineral reserves and resources. All of Cameco's operations demonstrate the company's high standards for safety, health and environmental performance.ExpertiseCameco and its predecessor companies have been mining uranium for more than 60 years. We have extensive knowledge of all aspects of uranium mining and are global leaders in exploration, mine engineering, environmental protection, and worker health and safety.Most of Cameco's operating experience is in the Athabasca Basin of northern Saskatchewan, home to the world's largest, high-grade uranium deposits. Mining in this area presents geological, technical and logistical challenges that Cameco has effectively managed using innovative methods such as raise boring and jet boring.Cameco is also a leader in low-cost in situ recovery (ISR) mining. We use ISR methods at our uranium operations in the United States and Kazakhstan.

The following table is not a forecast of prices we expect to receive. The prices we actually realize will be different from the prices shown in the table.To help understand how the pricing under our current portfolio of commitments is expected to react at various spot prices at September 30, 2025, we have constructed the table that follows.The table is based on the volumes and pricing terms under the long-term commitments in our contract portfolio that have been finalized as of September 30, 2025. The table does not include volumes and pricing terms in contracts under negotiation or those that have been accepted but are still subject to contract finalization. Based on the terms and volumes under contracts that have been finalized, the table is designed to indicate how our average realized price would react under various spot price assumptions at a point in time. In other words, the prices shown in the table would only be realized if the contract portfolio remained exactly as it was on September 30, 2025, using the assumptions noted below.We intend to update this table each quarter in our MD&A to reflect deliveries made and changes to our contract portfolio. As a result, we expect the table to change from quarter to quarter.Expected realized uranium price sensitivity under various spot price assumptions at September 30, 2025(rounded to the nearest $1.00)Spot prices ($US/lb U3O8)$20$40$60$80$100$120$140202559596061626262202643465665686971202742455769737578202847505971778082202949526173828689As of September 30, 2025, we had commitments requiring delivery of an average of about 28 million pounds per year from 2025 through 2029, which included deliveries made year to date in 2025, with commitment levels in 2025 through 2027 being higher than the average, and in 2028 and 2029, lower than the average. As the market continues to improve, we expect to continue layering in volumes that capture greater future upside using market-related pricing mechanisms. AssumptionsOur portfolio is affected by more than just the spot price. We made the following assumptions (which are not forecasts) to create the table:PricesThe uranium price remains fixed at a given spot level for each annual period shownDeliveriesDeliveries based on commitments under finalized contracts include best estimates of the expected deliveries and flexibility under contract termsAnnual inflationTo reflect escalation mechanisms contained in existing contracts, the long-term US inflation rate of 2% is used, for modeling purposes only

Cameco is a prominent supplier of uranium processing services required to produce fuel for the generation of clean electricity. We operate the world's largest commercial refinery in Blind River, have about 21% of the world UF6 primary conversion capacity in Port Hope, and are a leading manufacturer of fuel assemblies and reactor components for CANDU reactors at our facilities in Port Hope and Cobourg.Our focus is on cost-competitiveness and operational efficiency. Our fuel services segment is strategically important because it helps support the growth of the uranium segment. Offering a range of products and services to customers helps us broaden our business relationships and expand our uranium market share.

We are a pure-play investment in the growing demand for nuclear energy, focused on taking advantage of the growth occurring in our industry. We have a proven track record of securely and reliably providing nuclear fuel supplies to a global customer base to generate safe, secure, carbon-free and affordable baseload electricity. Our operations span the nuclear fuel cycle from exploration to fuel services, which include uranium production, refining, UO2 and UF6 conversion services and CANDU fuel manufacturing for heavy water reactors. We have further enhanced our ability to meet growing demand with our investment in Westinghouse Electric Company (Westinghouse) which augments our core business and provides fuel fabrication, maintenance, design and engineering for light water reactors. Our investment in Global Laser Enrichment’s third-generation enrichment technology, if successful, will allow us to participate in the entire nuclear fuel value chain.  

We sell uranium and fuel services directly to nuclear utilities around the world, as uranium concentrates, UO2, UF6, conversion services or fuel fabrication. Utility companies buy the majority of their uranium and fuel services products under long-term contracts with suppliers and meet the rest of their needs on the spot market.We are also active in the spot market, buying and selling uranium where it is beneficial for us. Our activity in the spot market takes prudent consideration of the spot price and other business factors. This activity gives us insight into the underlying market fundamentals and is a source of profit.Supply & DemandWhile demand for uranium and nuclear fuel continues to increase, future supply is not keeping pace. Heightened supply risk caused by growing geopolitical uncertainty, shrinking secondary supplies and a lack of investment in new capacity over the past decade has motivated utilities to evaluate their near-, mid- and long-term nuclear fuel supply chains.Read moreContracting FrameworkThe purpose of our contracting framework is to deliver value. Our approach is to secure a solid base of earnings and cash flow by maintaining a balanced contract portfolio that optimizes our realized price.Read moreOur CustomersWe provide uranium and nuclear fuel services to utilities to 16 countries, with contracts for U308 with 41 customers in our uranium segment and UF6 conversion services with 34 customers in our fuel services segment.Read moreUranium Price SensitivityOur Uranium Price Sensitivity table is designed to indicate how our portfolio of fully-executed, long-term contracts in place on a specified date would respond to various spot prices on the same date. It is not a forecast of prices we expect to receive and the prices we actually realize will be different.Read more 

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

With operations on three continents, Cameco is proud to be an active and engaged member of the diverse communities in which we operate.We recognize the importance of sharing timely, local information about our operations, community investments and the opportunities Cameco can provide, with our neighbours around the world.Cameco Australia Australia, home to the world's largest known uranium reserves, is a big part of Cameco's plans for the future. We've been actively exploring for uranium in Australia since 1996 and are involved in several projects across the country, including two of Australia's largest undeveloped uranium deposits, Yeelirrie and Kintyre. Our Australian office is located in metropolitan Perth.Visit Cameco AustraliaCameco Fuel Services Cameco is a major supplier of uranium processing services required to produce fuel for the generation of clean electricity. Our fuel services division has three locations in Ontario: a refinery in Blind River, a conversion facility in Port Hope, and a fuel manufacturing operation with locations in Port Hope and Cobourg.Visit Cameco Fuel ServicesCameco North We're proud to call northern Saskatchewan the home of our largest operations, including our newest mine, Cigar Lake. Our people and partners here, many of whom are local residents, help maintain safe operations, protect the environment and establish strong, healthy community and business relationships.Visit Cameco NorthCameco Resources Cameco Resources is America's largest uranium producer. Our mines in Wyoming and Nebraska use an environmentally friendly in situ recovery mining process where uranium is extracted from wellfields, rather than open pits or underground shafts.Visit Cameco Resources

Proven and Probable As at December 31, 2024(100% basis)(tonnes in thousands; pounds in millions; totals may not add up due to rounding) PROVEN RESERVESPROBABLE RESERVESTOTAL MINERAL RESERVESPropertyTonnesGrade%U3O8Content(lbs U3O8)TonnesGrade%U3O8Content(lbs U3O8)TonnesGrade%U3O8Content(lbs U3O8)Cameco's shareof content(lbs U3O8)Metallurgicalrecovery (%)Cigar Lake (UG)322.016.68118.4229.414.7374.5551.415.87192.9105.298.7Key Lake (OP)61.10.520.7---61.10.520.70.695McArthur River (UG)1,970.36.81295.8520.45.5663.72,490.76.55359.6251.099.2Inkai (ISR)277,232.90.03201.690,850.80.249.4368,083.70.03251.0100.485Total279,586.3–616.591,600.6–187.6371,187.0–804.1457.2-NotesUG = underground | OP = open pit | ISR = in situ recoveryNote that the estimates in the above table:use a constant dollar average uranium price of approximately $63 (US) per pound U3O8are based on exchange rates of $1.00 US=$1.26 Cdn and $1.00 US=450 Kazakhstan Tengemay not add due to roundingOur estimate of mineral reserves and mineral resources may be positively or negatively affected by the occurrence of one or more of the material risks discussed under the heading Caution about forward-looking information in our 2024 Q4 MD&A, as well as certain property-specific risks. See Uranium - Tier-one operations in our 2024 Q4 MD&A.Metallurgical recoveryWe report mineral reserves as the quantity of contained ore supporting our mining plans and provide an estimate of the metallurgical recovery for each uranium property. The estimate of the amount of valuable product that can be physically recovered by the metallurgical extraction process is obtained by multiplying the quantity of contained metal (content) by the planned metallurgical recovery percentage. The content and our share of uranium in the table above are before accounting for estimated metallurgical recovery.Measured and IndicatedAs of December 31, 2024(100% basis)(tonnes in thousands; pounds in millions; totals may not add up due to rounding) MeasuredIndicatedTotal Measured and IndicatedPropertyTonnesGrade%U3O8Content (lbs U3O8)TonnesGrade%U3O8Content(lbs U3O8)Content(lbs U3O8)Cameco's Share(lbs U3O8)Cigar Lake75.54.888.1141.34.9515.423.612.9Kintyre   3,897.70.6253.553.553.5McArthur River71.82.283.660.32.313.16.74.7Millenium   1,442.62.3975.975.953.0Rabbit Lake   1,836.50.9538.638.638.6Tamarack   183.84.4217.917.910.3Yeelirrie27,172.90.1695.912,178.30.1232.2128.1128.1Crow Butte1,558.10.196.6939.30.357.313.913.9Gas Hills-Peach687.20.111.73,626.10.1511.613.313.3Inkai75,923.10.0358.263,488.40.0234.592.737.1North Butte-Brown Ranch604.20.081.15,530.30.078.49.49.4Ruby Ranch   2,215.30.084.14.14.1Shirley Basin89.20.160.31,638.20.114.14.44.4Smith Ranch-Highland3,703.50.107.914,372.30.0517.024.924.9Total109,885.6–183.4111,550.5–323.6507.0408.2Note that mineral resources:do not include amounts that have been identified as mineral reservesdo not have a demonstrated economic viabilitytotals may not add due to roundingInferredAs of December 31, 2024(100% basis)(tonnes in thousands; pounds in millions, totals may not add up due to rounding)PropertyTonnesGrade%U3O8Content(lbs U3O8)Cameco's Share(lbs U3O8)Cigar Lake163.45.5520.010.9Fox Lake386.77.9968.153.3Kintyre517.10.536.06.0McArthur River36.42.952.41.7Millenium412.43.1929.020.2Rabbit Lake2,460.90.6233.733.7Tamarack45.61.021.00.6Crow Butte531.40.161.81.8Gas Hills-Peach3,307.50.086.06.0Inkai33,742.20.0322.38.9North Butte-Brown Ranch294.50.070.40.4Ruby Ranch56.20.140.20.2Shirley Basin508.00.101.11.1Smith Ranch-Highland6,861.00.057.77.7Total49,323.5–199.8152.6Note that mineral resources:do not include amounts that have been identified as mineral reservesdo not have a demonstrated economic viabilitytotals may not add due to roundingMineral Reserves and ResourcesOur mineral reserves and resources are the foundation of our company and fundamental to our success.We have interests in a number of uranium properties. The tables in this section show the estimates of the proven and probable mineral reserves, and measured, indicated, and inferred mineral resources at those properties. However, only three of the properties listed in those tables are material uranium properties for us: McArthur River/Key Lake, Cigar Lake and Inkai. Mineral reserves and resources are all reported as of December 31, 2024.We estimate and disclose mineral reserves and resources in five categories, using the definition standards adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Council, and in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101), developed by the Canadian Securities Administrators.  About mineral resourcesMineral resources do not have to demonstrate economic viability but have reasonable prospects for eventual economic extraction. They fall into three categories: measured, indicated and inferred. Our reported mineral resources are exclusive of mineral reserves.measured and indicated mineral resources can be estimated with sufficient confidence to allow the appropriate application of technical, economic, marketing, legal, environmental, social and governmental factors to support evaluation of the economic viability of the depositmeasured resources: we can confirm both geological and grade continuity to support detailed mine planningindicated resources: we can reasonably assume geological and grade continuity to support mine planninginferred mineral resources are estimated using limited geological evidence and sampling information. We do not have enough confidence to evaluate their economic viability in a meaningful way. You should not assume that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource, but it is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration.Our share of uranium in the following mineral resource tables is based on our respective ownership interests. Reported mineral resources have not demonstrated economic viability. About mineral reservesMineral reserves are the economically mineable part of measured and/or indicated mineral resources demonstrated by at least a preliminary feasibility study. The reference point at which mineral reserves are defined is the point where the ore is delivered to the processing plant, except for ISR operations where the reference point is where the mineralization occurs under the existing or planned wellfield patterns. Mineral reserves fall into two categories:proven reserves: the economically mineable part of a measured resource for which at least a preliminary feasibility study demonstrates that, at the time of reporting, economic extraction could be reasonably justified with a high degree of confidenceprobable reserves: the economically mineable part of a measured and/or indicated resource for which at least a preliminary feasibility study demonstrates that, at the time of reporting, economic extraction could be reasonably justified with a degree of confidence lower than that applying to proven reservesWe use current geological models, an average uranium price of $63 (US) per pound U3O8, and current or projected operating costs and mine plans to report our mineral reserves, allowing for dilution and mining losses. We apply our standard data verification process for every estimate. For properties in which Cameco has an interest but is not the operator, we will take reasonable steps to ensure that the reserve and resource estimates that we report are reliable.Our share of uranium in the mineral reserves table below is based on our respective ownership interests.Changes this year Our share of proven and probable mineral reserves decreased from 485 million pounds U3O8 at the end of 2023, to 457 million pounds at the end of 2024. The change was primarily the result of:production at Cigar Lake, Inkai and McArthur River, which removed 27 million pounds of proven and probable reserves from our mineral inventory.The remaining changes are attributable to other adjustments based on the mineral reserve estimate updates at Cigar Lake, McArthur River and Inkai.Our share of measured and indicated mineral resources decreased from 409 million pounds U3O8 at the end of 2023 to 408 million pounds at the end of 2024. Our share of inferred mineral resources remained unchanged at 153 million pounds U3O8. Qualified personsThe technical and scientific information discussed on this page for our material properties (McArthur River/Key Lake, Cigar Lake and Inkai) was approved by the following individuals who are qualified persons for the purposes of NI 43-101:McArthur River/Key LakeGreg Murdock, general manager, McArthur River, CamecoDaley McIntyre, general manager, Key Lake, CamecoAlain D. Renaud, principal resource geologist, technical services, CamecoBiman Bharadwaj, principal metallurgist, technical services, CamecoCigar LakeKirk Lamont, general manager, /Cigar Lake, CamecoScott Bishop, director, technical services, CamecoAlain D. Renaud, principal resource geologist, technical services, CamecoBiman Bharadwaj, principal metallurgist, technical services, CamecoInkaiAlain D. Renaud, principal resource geologist, technical services, CamecoScott Bishop, director, technical services, Cameco​Biman Bharadwaj, principal metallurgist, technical services, CamecoSergey Ivanov, deputy director general, technical services, Cameco Kazakhstan LLPImportant information about mineral reserve and resource estimatesAlthough we have carefully prepared and verified the mineral reserve and resource figures in this document, the figures are estimates, based in part on forward-looking information.Estimates are based on knowledge, mining experience, analysis of drilling results, the quality of available data and management’s best judgment. They are, however, imprecise by nature, may change over time, and include many variables and assumptions, including:geological interpretationextraction planscommodity prices and currency exchange ratesrecovery ratesoperating and capital costsThere is no assurance that the indicated levels of uranium will be produced, and we may have to re-estimate our mineral reserves based on actual production experience. Changes in the price of uranium, production costs or recovery rates could make it unprofitable for us to operate or develop a particular site or sites for a period of time. See page 2 of our 2024 Q4 MD&A for information about forward-looking information.Please see our mineral reserves and resources section of our most recent annual information form for the specific assumptions, parameters and methods used for McArthur River, Inkai and Cigar Lake mineral reserve and resource estimates. Important information for US investorsWe present information about mineralization, mineral reserves and resources as required by National Instrument 43-101 – Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators (NI 43-101), in accordance with applicable Canadian securities laws. As a foreign private issuer filing reports with the US Securities and Exchange Commission (SEC) under the Multijurisdictional Disclosure System, we are not required to comply with the SEC’s disclosure requirements relating to mining properties. Investors in the United States should be aware that the disclosure requirements of NI 43-101 are different from those under applicable SEC rules, and the information that we present concerning mineralization, mineral reserves and resources may not be comparable to information made public by companies that comply with the SEC’s reporting and disclosure requirements for mining companies.

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 the Port Hope conversion facility 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 the facility 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 DateOct. 2, 2025Incident DateSept. 24, 2025IncidentEnvironmental Release and ERT ActivationDetailsThere was an unplanned release from the liquid dropline in the UF6 plant. Process smoke detectors triggered an HVAC shutdown and emergency ventilation was automatically activated. Safety systems worked effectively and as intended.There was no health or safety risk posed to the public or the environment.Corrective ActionImmediate action was taken to safely stop the release. A sucker hose was deployed in the area for fume collection. Cameco activated the Emergency Response Team and completed a census of the UF6 plant.The Canadian Nuclear Safety Commission (CNSC) has been notified. Cameco Environmental Effect Ratingno measurable impact to the environment1Past reportingPosting DateOct. 2, 2025Incident DateSept. 24, 2025IncidentEnvironmental Release and ERT ActivationDetailsThere was an unplanned release from the liquid dropline in the UF6 plant. Process smoke detectors triggered an HVAC shutdown and emergency ventilation was automatically activated. Safety systems worked effectively and as intended.There was no health or safety risk posed to the public or the environment.Corrective ActionImmediate action was taken to safely stop the release. A sucker hose was deployed in the area for fume collection. Cameco activated the Emergency Response Team and completed a census of the UF6 plant.The Canadian Nuclear Safety Commission (CNSC) has been notified. Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateAugust 26, 2025 Incident DateAugust 20, 2025IncidentPressure Boundary Failure – UF6 PlantDetailsA hydrofluoric acid (HF) line in the UF6 plant failed during an attempt to clear a blockage using heat tape, in accordance with established procedures. HF levels of 10 ppm and 6 ppm were detected by monitoring equipment.Corrective ActionThe affected area was shut down, and a plant census was conducted to confirm personnel safety. Heating of HF lines has been paused pending a full investigation. The Canadian Nuclear Safety Commission (CNSC) has been notified.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateJuly 22, 2025Incident DateJuly 20, 2025IncidentEmergency Response Team (ERT) Activation  DetailsSecurity received an alarm indicating the presence of smoke in an electrical room of the UF6 plant. Upon investigation by the ERT, it was determined that the source of the smoke was an overheating transformer. No personnel were in the area at the time.Corrective ActionThe transformer was taken off-line. A maintenance notification has been submitted to initiate the rebuild or replacement of the transformer. The Canadian Nuclear Safety Commission has been notified. Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateApril 8, 2025Incident DateApril 3, 2025IncidentTransportation Incident DetailsGlobal Nuclear Fuel – Americas, LLC informed Cameco that they had received six 30B cylinders packaged in UX-30 protective shipping packages with valve protectors. The packaging requirements for the UX-30 specifies that the valve protector should be removed from the 30B cylinder prior to shipping.  Corrective ActionThis matter will be investigated in accordance with Cameco’s corrective action process. Cameco notified the Canadian Nuclear Safety Commission transport section. Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateMarch 5, 2025Incident DateFeb. 27, 2025IncidentTransportation IncidentDetailsA tractor trailer carrying one 48Y cylinder of uranium hexafluoride (UF6) was involved in a minor incident on Highway 402 near Sarnia, Ontario. The tractor trailer was travelling westbound on Highway 402 when it came to a stop behind a stationary vehicle. The stopped vehicle proceeded to back into the tractor trailer. There was no damage to the tractor trailer, nor the cylinder of UF6 and the vehicle continued onto its intended destination. There was no health or safety risk posed to the public or the environment.Corrective ActionCameco notified the Canadian Nuclear Safety Commission transport section.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateOctober 24, 2024Incident DateOctober 23, 2024IncidentERT ActivationDetailsA small release of Uranium Hexafluoride (UF6) occurred from a line on the third floor of the UF6 plant. The plant was not in operation at the time. There was no health or safety risk posed to the public or the environment.Corrective ActionThe release was successfully contained and an investigation to determine the cause has been initiated.When the release was discovered, the Emergency Response Team (ERT) was activated for standby support and performed air monitoring outside of the release area. Air monitoring was also conducted outside of the plant with nothing detected.The Canadian Nuclear Safety Commission and the Ministry of Environment, Conservation and Parks have been notified.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateMay 24, 2024Incident DateMay 14-16, 2024IncidentEnvironmental Limit ExceedanceDetailsThe Marsh Street high volume air sampler recorded a results of 148 µg TSP/m3, 121 µg TSP/m3 and 217 µg TSP/m3 suspended particulate (TSP) for the period of May 14-16, 2024. This result is above the regulatory dust criteria of 120 µg/m3 set by Environment and Climate Change Canada and the Ministry of Environment, Conservation and Parks.There was no health or safety risk posed to the public, workers, or the environment.Corrective ActionThe elevated dust results were localized and caused by sections of roadway along Marsh Street that were being prepared for paving (May 14), and asphalt paving (May 15), and street sweeping (May 16).The Canadian Nuclear Safety Commission and the Ministry of Environment, Conservation and Parks have been notified.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateApril 23, 2024Incident DateApril 18, 2024IncidentReportable SpillDetailsA vacuum truck was removing water from a storage tank containing accumulated rainwater from a floor area of a recently demolished building when the hatch of the vacuum truck leaked approximately 200L of water to the ground. Efforts were made to contain the leaked water however a small portion of that water, estimated up to 10 litres at an approximate uranium concentration of 120 µg/L, drained into the restricted harbour area where remediation activities are taking place.There was no health or safety risk posed to the public, workers, or the environment.Corrective ActionA tray was placed under the leak, a second vacuum truck emptied the truck that was leaking, sandbags were placed at the nearby catch basin perimeter, and pooling water was recovered. The catch basin was pumped out for any remaining water that could be removed.The Canadian Nuclear Safety Commission and the Ministry of Environment, Conservation and Parks have been notified.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateApril 9, 2024Incident DateApril 9, 2024IncidentEmergency Transport to External Medical FacilityDetailsA contractor sustained injuries while working at Cameco’s Dorset Street warehouse after falling from a height. The individual is in stable condition and was transported to a Toronto hospital via air ambulance.There was no health or safety risk posed to the public or the environment.There was no health or safety risk posed to the public, workers, or the environment.Corrective ActionNorthumberland Paramedics and Port Hope Police attended the location and paramedics provided medical attention. The individual was transported to a Toronto hospital via air ambulance.Cameco notified the Municipality of Port Hope, Canadian Nuclear Safety Commission.All work at the Dorset Street warehouse location has been halted while the incident is investigated.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateApril 8, 2024Incident DateApril 4, 2024IncidentTransportation IncidentDetailsA transport carrying one cylinder of uranium material was involved in a minor traffic accident on the 401 westbound between Mavis Road and Creditview Road. Traffic had slowed down and came to an abrupt stop, resulting in the transport rearending another truck.There was no damage to the cylinder and only minor damage to the front of the truck.There was no health or safety risk posed to the public, workers or the environment.Corrective ActionA new transport truck and driver carried on with the shipment.Cameco notified the Canadian Nuclear Safety Commission.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateJanuary 22, 2024Incident DateJanuary 19-20, 2024IncidentEnvironmental Limit ExceedanceDetailsThe Marsh Street high volume air sampler recorded a result of 171 µg TSP/m3 total suspended particulate (TSP) for the period of January 19-20, 2024. This result is above the regulatory dust criteria of 120 µg/m3 set by Environment and Climate Change Canada and the Ministry of Environment, Conservation and Parks.There was no health or safety risk posed to the public, workers or the environment.Corrective ActionWatermain construction work is occurring on Marsh Street and has resulted in unpaved sections of road. It is believed that the unpaved road and traffic levels are contributing to the elevated dust levels at the Marsh Street Hi-Vol. The Canadian Nuclear Safety Commission and the Ministry of Environment, Conservation and Parks have been notified.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateDecember 13, 2023Incident DateDecember 4, 2023IncidentTransportation IncidentDetailsPort Hope Conversion Facility (PHCF) was transferring waste to the Long-Term Waste Management Facility (LTWMF) on December 4, 2023, when it was discovered that the lid of the roll-off bin was slightly contaminated.There was no health or safety risk posed to the public, workers or the environment.Corrective ActionThe roll-off bin has since been decontaminated and returned to PHCF where it was cleaned and repainted as well. Cameco has modified its process to scan the top of the lid for contamination. Cameco reported the event to the Canadian Nuclear Safety Commission’s transport section.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateOctober 17, 2023Incident DateOctober 17, 2023IncidentNon-Occupational Emergency TransportDetailsAn ambulance was dispatched to the Port Hope Conversion Facility on October 17, 2023, 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 the hospital.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateOctober 10, 2023Incident DateOctober 4 - 5, 2023IncidentEnvironmental Limit Exceedance DetailsThe Marsh Street high volume air sampler recorded a result of 179 µg TSP/m3 total suspended particulate (TSP) for the period of October 4-5, 2023. This result is above the regulatory dust criteria of 120 µg/m3 set by Environment and Climate Change Canada and the Ministry of Environment, Conservation and Parks.There was no health or safety risk posed to the public, workers, or the environment.Corrective ActionWatermain construction work is occurring on Marsh Street and on-site which is believed to be contributing to the elevated localized dust loading measured by the Marsh Street Hi-Vol.The Canadian Nuclear Safety Commission and the Ministry of Environment, Conservation and Parks have been notified.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateSeptember 12, 2023Incident DateSeptember 11, 2023IncidentNon-Occupational Emergency TransportDetailsAn ambulance was dispatched to the Port Hope Conversion Facility on September 11, 2023, 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 the hospital.Cameco notified the Canadian Nuclear Safety Commission and the Municipality of Port Hope.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateJuly 24, 2023Incident DateJuly 22, 2023IncidentReportable SpillDetailsDuring the filling of an emergency generator tank with diesel, the flow was not shut off and approximately 2 litres of diesel overflowed out of the tank and into a dyke. Approximately 1 litre of diesel entered the sanitary system.There was no health or safety risk posed to the public, workers or the environment.Corrective ActionThe spill was cleaned up within 20 minutes.Cameco notified the Canadian Nuclear Safety Commission and the Municipality of Port Hope.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateJune 12, 2023Incident DateJune 5, 6 and 7, 2023IncidentEnvironmental Limit Exceedance on June 5, 6 and 7, 2023DetailsSix ambient station high volume air samplers (hi-vol) located around the Port Hope Conversion Facility recorded exceedances with the highest result of 196 µg/m3 total suspended particulate (TSP) during the period of June 5, 6 and 7, 2023. These measurements are above the dust criteria of 120 µg/m3 TSP set by the Environment and Climate Change Canada and Ontario Ministry of Environment, Conservation and Parks.There was no health or safety risk posed to the public, workers or the environment.Corrective ActionPoor air quality (smoky conditions) in the area due to wildfires in Ontario and Quebec are the likely cause. Hi-vol uranium results were within the normal range (negligible) during this period.Cameco notified the Canadian Nuclear Safety Commission and the Ontario Ministry of Environment, Conservation and ParksCameco Environmental Effect Ratingno measurable impact to the environment1Posting DateApril 7, 2023Incident DateApril 5, 2023IncidentEnvironmental Action Level Exceedance on April 5, 2023DetailsThe daily sanitary sewer discharge recorded a value of 100 µg/L on April 5 and April 6 of which met the uranium sanitary sewer action level of 100 µg/L. Facility discharge quality remains well below the sanitary sewer uranium limit of 275 µg/L (monthly average). There was no health or safety risk posed to the public, workers or the environment.Corrective ActionGroundwater infiltration, exacerbated by rain events, are the likely cause. Cameco notified the Canadian Nuclear Safety Commission and the Municipality of Port Hope.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateMarch 28, 2023Incident DateMarch 25 and 26, 2023IncidentEnvironmental Action Level ExceedanceDetailsThe daily sanitary sewer discharge recorded a value of 130 µg/L on March 25 and a value of 110 µg/L on March 26, 2023, which exceed the uranium sanitary sewer action level of 100 µg/L.Facility discharge quality remains well below the sanitary sewer uranium limit of 275 µg/L (monthly average).There was no health or safety risk posed to the public, workers or the environment.Corrective ActionGroundwater infiltration, influenced by recent warmer temperatures creating a snow and ground thaw along with rain events are the likely cause.Cameco notified the Canadian Nuclear Safety Commission and the Municipality of Port Hope.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateJanuary 25, 2023Incident DateJanuary 17-18, 2023IncidentEnvironmental Action Level ExceedanceDetailsThe daily sanitary sewer discharge recorded a value of 140 µg/L on January 17 and a value of 150 µg/L on January 18, 2023, which exceed the uranium sanitary sewer action level of 100 µg/L.Facility discharge quality remains well below the sanitary sewer uranium limit of 275 µg/L (monthly average).There was no health or safety risk posed to the public, workers or the environment.Corrective ActionAn investigation into the cause is underway.Cameco notified the Canadian Nuclear Safety Commission and the Municipality of Port Hope.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateJanuary 17, 2023Incident DateJanuary 13, 14 and 15, 2023IncidentEnvironmental Action Level ExceedanceDetailsThe daily sanitary sewer discharge recorded a value of 110 µg/L on January 13, 2023, a value of 220 µg/L on January 14, 2023 and a value of 190 µg/L on January 15, which exceed the uranium sanitary sewer action level of 100 µg/L.Facility discharge quality remains well below the sanitary sewer uranium limit of 275 µg/L (monthly average).There was no health or safety risk posed to the public, workers or the environment.Corrective ActionGroundwater infiltration is the likely cause.Cameco notified the Canadian Nuclear Safety Commission and the Municipality of Port Hope.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateJanuary 12, 2023Incident DateJanuary 12, 2023IncidentReportable SpillDetailsA small amount of fluid (<1L) leaked from a transport truck while it was being loaded. The substance is suspected to be transmission fluid.The surface runoff resulting from the rain that was occurring, carried the substance to a nearby catch basin.There was no health or safety risk posed to the public, workers or the environment.Corrective ActionOil absorbent pads were applied in the area to isolate the catch basin. The transport left the site, and the area has been cleaned up.Cameco notified the Canadian Nuclear Safety Commission and the Ministry of the Environment, Conservation and Parks.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateJanuary 9, 2023Incident DateJanuary 4-5, 2023IncidentEnvironmental Action Level Met on January 4 and 5, 2023DetailsThe daily sanitary sewer discharge recorded a value of 100 µg/L on January 4 and 5, 2023 which meets the uranium sanitary sewer action level of 100 µg/L.Facility discharge quality remains well below the sanitary sewer uranium limit of 275 µg/L (monthly average).There was no health or safety risk posed to the public, workers or the environment.Corrective ActionGroundwater infiltration, influenced by recent warmer temperatures creating a snow and ground thaw along with rain events are the likely cause.Cameco notified the Canadian Nuclear Safety Commission and the Municipality of Port Hope.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateDecember 23, 2022Incident DateDecember 23, 2022IncidentReportable SpillDetailsA water main break at the Port Hope Conversion Facility resulted in approximately 40,000 litres of municipal water being released into a storm sewer basin connected to the harbour. There was no health or safety risk posed to the public, workers or the environment.Corrective ActionThe flow has been minimized and de-chlorination pucks were placed in the area within 15 minutes of the discovery of the water main break. Cameco notified the Spills Action Centre and the Canadian Nuclear Safety Commission.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateNovember 21, 2022Incident DateNovember 18, 2022IncidentReportable SpillDetailsApproximately 480 litres of potable water (municipal water) from the UO2 plant sprinkler system discharged to the ground from the sprinkler room and into a storm sewer basin connected to the harbour. The PHCF potable water system is supplied by the Municipality of Port Hope.There was no health or safety risk posed to the public or environment.Corrective ActionThe ERT was activated, and the sprinkler system was isolated to stop the release once it was determined that there was no fire. Cameco pumped the storm sewer basin out and the water was cleaned up.The likely cause appears to be excess heat in the room, which caused the sprinkler head to activate.The Canadian Nuclear Safety Commission and the Spills Action Centre have been notified.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateOctober 6, 2022Incident DateSeptember 29, 2022IncidentUpdate to September 28 Environmental Action Level ExceedanceDetailsThe daily sanitary sewer discharge recorded a value of 160 µg/L on September 29, 2022, which exceeded the uranium sanitary sewer action level of 100 µg/L.Facility discharge otherwise remains well below the sanitary sewer uranium limit of 275 µg/L (monthly average).There was no health or safety risk posed to the public, workers or the environment.Corrective ActionGroundwater infiltration associated with inactive utilities is suspected as the likely cause.Cameco notified the Canadian Nuclear Safety Commission and the Municipality of Port Hope.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateOctober 3, 2022Incident DateSeptember 28, 2022IncidentEnvironmental Action Level ExceedanceDetailsThe daily sanitary sewer discharge recorded a value of 180 µg/L on September 28, 2022, which exceeded the uranium sanitary sewer action level of 100 µg/L.Facility discharge otherwise remains well below the sanitary sewer uranium limit of 275 µg/L (monthly average).There was no health or safety risk posed to the public, workers or the environment.Corrective ActionGroundwater infiltration associated with inactive utilities is suspected as the likely cause.Cameco notified the Canadian Nuclear Safety Commission and the Municipality of Port Hope.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateSeptember 27, 2022Incident DateSeptember 22, 2022IncidentEnvironmental Action Level ExceedanceDetailsThe daily sanitary sewer discharge recorded a value of 160 µg/L on September 22, 2022, which exceeded the uranium sanitary sewer action level of 100 µg/L.Facility discharge otherwise remains well below the sanitary sewer uranium limit of 275 µg/L (monthly average).There was no health or safety risk posed to the public, workers or the environment.Corrective ActionGroundwater infiltration associated with inactive utilities is suspected as the likely cause.Cameco notified the Canadian Nuclear Safety Commission and the Municipality of Port Hope.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateAugust 31, 2022Incident DateSeptember 2, 2022IncidentEnvironmental Action Level ExceedanceDetailsThe daily fluoride emission average for the UF6 main plant stack recorded a value of 236 g HF/h on August 31, 2022, which exceeds the action level of 230 g HF/h.Facility emissions remained well below the regulatory limit of 650 g HF/h.There was no health or safety risk posed to the public, workers or the environment.Corrective ActionThe UF6 plant was safely shutdown, and an investigation was initiated.Cameco notified the Canadian Nuclear Safety Commission.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateAugust 19, 2022Incident DateAugust 18, 2022IncidentEnvironmental ReleaseDetailsApproximately 600L of potable water (town water) from the UF6 plant sprinkler system discharged through the alarm line into a storm sewer basin connected to the harbour. The PHCF potable water system is supplied by the Municipality of Port Hope.There was no health or safety risk posed to the public or environment.Corrective ActionThe sprinkler system was isolated to stop the release. A dechlorination puck was added to the catch basin. The Spills Action Centre and CNSC Duty Officer were notified.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateJune 30, 2022Incident DateJune 28, 2022IncidentEnvironmental Action Level Exceedance on June 28, 2022DetailsThe daily average for the UF6 main plant stack recorded a value of 45 gU/h on June 28, 2022, which exceeds the action level of 40 gU/h.Facility emissions remained well below the regulatory limit of 280 gU/h.There was no health or safety risk posed to the public, workers or the environment.Corrective ActionThe UF6 plant was safely shutdown, and an investigation was initiated. The suspected cause is maintenance work that occurred on June 28, 2022.Cameco notified the Canadian Nuclear Safety Commission. Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateJune 27, 2022Incident DateJune 21, 2022IncidentEnvironmental Action Level Exceedance on June 21, 2022DetailsThe daily sanitary sewer discharge recorded a value of 280 µg/L on June 21, 2022, which exceed the uranium sanitary sewer action level of 100 µg/L.Facility discharge was otherwise well below the sanitary sewer uranium limit of 275 µg/L (monthly average) during the month of June.There was no health or safety risk posed to the public, workers or the environment. Corrective ActionGroundwater infiltration is the likely cause.Cameco notified the Canadian Nuclear Safety Commission and the Municipality of Port Hope.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateMarch 29, 2022Incident DateMarch 24-27, 2022IncidentUpdate to Environmental Action Level Exceedance on March 17 & 18, 2022DetailsThe daily sanitary sewer discharge recorded a value of 140 µg/L on March 24, 2022, a value of 130 µg/L on March 25, 2022, a value of 140 µg/L on March 26, 2022, 140 µg/L on March 27, 2022, 140 µg/L, on March 28, 2022, and 140 µg/L on March 29, 2022, which exceed the uranium sanitary sewer action level of 100 µg/L. Facility discharge quality remains well below the sanitary sewer uranium limit of 275 µg/L (monthly average). Cameco is considering this event to be a continuance of the March 17 & 18 event (posted below).There was no health or safety risk posed to the public, workers or the environment.Corrective ActionGroundwater infiltration, influenced by recent warmer temperatures creating a snow and ground thaw along with rain events are the likely cause.Cameco notified the Canadian Nuclear Safety Commission and the Municipality of Port Hope.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateMarch 25, 2022Incident DateMarch 22-23, 2022IncidentUpdate to Environmental Action Level Exceedance on March 17 & 18, 2022DetailsThe Hayward Street (along the north fence line of the Port Hope Conversion Facility) and the Marsh Street high volume air sampler recorded a result of 142 µg/m3 and 139 µg/m3 respectively for the period of March 22 to March 23, 2022. These results are above the regulatory dust criteria of 120 µg/m3 set by Environment and Climate Change Canada and the Ministry of Environment, Conservation and Parks.There was no health or safety risk posed to the public, workers or the environment.Corrective ActionBoth high-volume air samplers are close to roadways, and it is believed the cause is a result of residual winter sand being suspended due to vehicle traffic. The Canadian Nuclear Safety Commission and the Ministry of Environment, Conservation and Parks have been notified.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateMarch 25, 2022Incident DateMarch 21-22, 2022IncidentEnvironmental Action Level ExceedanceDetailsThe daily sanitary sewer discharge recorded a value of 140 µg/L on March 21, 2022, and a value of 120 µg/L on March 22, 2022, which exceed the uranium sanitary sewer action level of 100 µg/L. Facility discharge quality remains well below the sanitary sewer uranium limit of 275 µg/L (monthly average).There was no health or safety risk posed to the public, workers or the environment.Corrective ActionGroundwater infiltration, influenced by recent warmer temperatures creating a snow and ground thaw along with rain events are the likely cause. Cameco notified the Canadian Nuclear Safety Commission and the Municipality of Port Hope.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateMarch 22, 2022Incident DateMarch 17 & 18, 2022IncidentEnvironmental Action Level Exceedance DetailsThe daily sanitary sewer discharge recorded a value of 120 µg/L on March 17, 2022, and a value of 130 µg/L on March 18, 2022 which exceed the uranium sanitary sewer action level of 100 µg/L.There was no health or safety risk posed to the public, workers or the environment.Corrective ActionGroundwater infiltration, influenced by recent warmer temperatures creating a snow and ground thaw are the likely cause. Cameco notified the Canadian Nuclear Safety Commission and the Municipality of Port Hope.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting 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 environment1Posting DateNovember 30, 2021Incident DateNovember 25, 2021IncidentUpdate to Environmental Action Level Exceedance on October 31, 2021DetailsThe daily sanitary sewer discharge recorded a value on November 25, 2021, of 200 µg/L, on November 27, 2021 of 250 µg/L and on November 28 of 140 µg/L, exceeding the uranium sanitary sewer action level of 100 µg/L.Cameco is considering this event to be a continuance of the October 31 event (posted below).There was no health or safety risk posed to the public, workers or the environment.Corrective ActionCameco is conducting additional sampling and performing sewer line camera work to investigate the incident further.Cameco notified the Canadian Nuclear Safety Commission and the Municipality of Port Hope.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateNovember 30, 2021Incident DateNovember 29, 2021IncidentEnvironmental Release DetailsA laundry water line at the Port Hope Conversion Facility failed at a joint connecting two sections, and discharged laundry water to the ground for approximately nine minutes. The water entered a nearby catch basin which is connected to the harbour via the storm sewer network.There was no health or safety risk posed to the public or environment.Corrective ActionThe laundry equipment and catch basins were isolated and samples were acquired and sent for analysis. Repairs to the line have already started. The Canadian Nuclear Safety Commission, Spills Action Centre, Ministry of Environment, Conservation and Parks, and the Municipality of Port Hope have been notified.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateNovember 22, 2021Incident DateNovember 17, 2021IncidentUpdate to Environmental Action Level Exceedance on October 31, 2021 DetailsThe daily sanitary sewer discharge recorded a value on November 17, 2021, of 160 µg/L and on November 18, 2021, of 100 µg/L, both of which meet or exceed the uranium sanitary sewer action level of 100 µg/L. Recordings from November 1 to 5 and November 7 to 16 were all below the 100 µg/L action level.Cameco is considering this event to be a continuance of the October 31 event (posted below).There was no health or safety risk posed to the public, workers or the environment.Corrective ActionCameco is conducting additional sampling and is investigating the incident further. Cameco notified the Canadian Nuclear Safety Commission and the Municipality of Port Hope.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateNovember 9, 2021Incident DateNovember 6, 2021IncidentUpdate to Environmental Action Level Exceedance on October 31, 2021 DetailsOn November 6, 2021, the daily sanitary sewer discharge recorded a value of 130 µg/L, which exceeded the uranium sanitary sewer action level of 100 µg/L. Although recordings from November 1 to 5 were all below the 100 µg/L action level, Cameco is considering this event to be a continuance of the October 31 event (posted below).There was no health or safety risk posed to the public, workers or the environment.Corrective ActionCameco is conducting additional sampling and is investigating the incident further. Cameco notified the Canadian Nuclear Safety Commission and the Municipality of Port Hope.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateOctober 31, 2021Incident DateNovember 3, 2021IncidentEnvironmental Action Level Exceedance DetailsOn October 31, 2021, the daily sanitary sewer discharge recorded a value of 140 µg/L, which exceeded the uranium sanitary sewer action level of 100 µg/L.There was no health or safety risk posed to the public, workers or the environment.Corrective ActionCameco is conducting additional sampling and is investigating the incident further. Cameco notified the Canadian Nuclear Safety Commission and the Municipality of Port Hope.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateJuly 30, 2021Incident DateJuly 29, 2021IncidentEnvironmental Limit Exceedance DetailsThe Hayward Street high volume air sampler (along the north fence line of the Port Hope Conversion Facility) recorded a result of 126 µg/m3 total suspended particulate (TSP) for the period of July 26 to July 27. This result is above the regulatory dust criteria of 120 µg/m3 set by Environment and Climate Change Canada and the Ministry of Environment, Conservation and Parks. There was no health or safety risk posed to the public, workers, or the environment. Corrective ActionThe elevated TSP was a result of rail line replacement work occurring on site near the affected high-volume air sampler.  The Canadian Nuclear Safety Commission and the Ministry of Environment, Conservation and Parks have been notified.  Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateJune 4, 2021Incident DateJune 3, 2021IncidentEnvironmental ReleaseDetailsThe PHCF Emergency Response Team (ERT) was activated in response to a discharge of uranium to the exterior of the UO2 plant. The discharge occurred through an exhaust line about 12 feet above the ground. Berms were set up by the ERT and the area was hosed down. The water was collected and pumped to the treatment area. Samples taken in the surrounding area (adjacent and surrounding roadways) verify that the release was localized to the area immediately outside the exhaust line and therefore there was no impact to the environment. It is estimated that less than 1 g of uranium was released.There was no health or safety risk posed to the public or environment.Corrective ActionThe Hoffman vacuum (which is like a central vacuum system) external exhaust was identified as the source of the discharge. The ERT cleaned the area and all water used in the cleaning was collected and analyzed. Ambient high volume air samples in the area were also collected and will be analyzed.The Hoffman vacuum system has been taken out of service and an investigation is underway.The Canadian Nuclear Safety Commission, Spills Action Centre, Ministry of Environment, Conservation and Parks, and the Municipality of Port Hope have been notified.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateApril 22, 2021Incident DateApril 17, 2021IncidentEnvironmental ReleaseDetailsA small amount of Argon was released to the air from a valve on a tank. The valve was identified and isolated. There was no health or safety risk posed to the public or environment.Corrective ActionThe valve worked as designed, releasing pressure in the tank that occurred because of the tank being slightly overfilled. There are no further leaks. The Canadian Nuclear Safety Commission and the Ministry of Environment, Conservation and Parks have been notified.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateNovember 9, 2020Incident DateNovember 8, 2020IncidentERT ActivationDetailsA small hydrogen fluoride (HF) leak was detected inside the UF6 plant resulting in the on-site Emergency Response Team being activated as a precaution. Cameco’s controls functioned as designed and the source of the HF was identified and isolated. There was no health or safety risk posed to the public or environment.Corrective ActionCameco’s controls functioned as designed and the source of the HF was identified and isolated. The Canadian Nuclear Safety Commission has been notified.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateOctober 13, 2020Incident DateOctober 12, 2020IncidentReportable Release of Town WaterDetailsThe UF6 plant experienced a loss of cooling water supply as a result of a build up of a fine material, suspected to be algae, on the traveling screen (a continuously moving mesh screen that is used to catch and remove debris). The UF6 plant was safely shutdown using town water (chlorinated) which was discharged to the harbour. There was no health or safety risk posed to the public or environment.Corrective ActionCameco has cleaned the traveling screens and has notified the Canadian Nuclear Safety Commission and the Ministry of Environment, Conservation and Parks.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateAugust 28, 2020Incident DateAugust 27, 2020IncidentReportable SpillDetailsA build up of algae on the cooling water intake screens from Lake Ontario required Cameco to shut down of the cooling water pumps. When the pumps were shut down, municipal water that is also used as part of the cooling water process at this facility was not immediately isolated and a small volume (approximately 60 m3) was released to the harbour without first mixing with the water from Lake Ontario that is part of the cooling water process. There was no health or safety risk posed to the public or environment.Corrective ActionCameco isolated municipal water usage at the facility and the release of municipal water to the harbour was stopped. Cameco notified the Canadian Nuclear Safety Commission and the Ministry of Environment, Conservation and Parks.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateJuly 23, 2020Incident DateJuly 22, 2020IncidentEnvironmentalDetailsA small fluorine leak occurred in the UF6 plant. The plant responded appropriately with all safety systems performing as designed to mitigate impacts to the environment, and Cameco took steps to safely shut down the UF6 plant. There was no health or safety risk posed to the public, workers or the environment.Corrective ActionThe source of the fluorine was identified and isolated, and the plant was safely shut down. Ambient air monitoring stations results were reviewed for the 24-hour period and found to be normal at less than 2 µg F. The plant has safely returned to operation. The Canadian Nuclear Safety Commission and the Ministry of Environment, Conservation and Parks have been notified.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateMay 25, 2020Incident DateApril 2020IncidentEnvironmental Action Level ExceedanceDetailsA fence line gamma radiation monitor at the Port Hope Conversion Facility recorded a result of 0.28µSv/h for the month of April which is above the action level of 0.22µSv/h. Action levels are NOT an indication of an unsafe condition, but rather an early warning that something has changed and should be investigated. There was no health or safety risk posed to the public, workers or the environment.Corrective ActionA direct reading dosimeter has been put in place to monitor gamma levels in real time at the location. Temporary shielding has been added and is proving to be effective. The Canadian Nuclear Safety Commission has been notified.Cameco Environmental Effect Ratingno measurable impact to the environment1Posting DateMarch 17, 2020Incident DateMarch 13, 2020IncidentEnvironmental Action Level ExceedanceDetailsThe daily sanitary sewer discharge value exceeded the uranium sanitary sewer action level of 100 µg/L on March 13, 2020. There was no health or safety risk posed to the public, workers or the environment.Corrective ActionCameco is conducting additional sampling and is investigating the incident further. Cameco notified the Canadian Nuclear Safety Commission and the Municipality of Port Hope.Cameco Environmental Effect Ratingno measurable impact to the environment1DateJanuary 29, 2020IncidentEnvironmental Action Level ExceedanceDetailsAn air sampling station near the Port Hope Conversion Facility recorded levels of 131 µg/m3 total suspended particulate (dust) in the air. This measurement is above the 120 µg/m3 dust criteria set by Environment and Climate Change Canada and the Ministry of Environment, Conservation and Parks. Current weather conditions are dry and dusty (including salt on roadways and across the site). There was no health or safety risk posed to the public, workers or the environment.Corrective ActionCameco notified the Canadian Nuclear Safety Commission and the Ontario Ministry of Environment, Conservation and Parks.Cameco Environmental Effect Ratingno measurable impact to the environment1DateJanuary 17-18, 2020IncidentEnvironmental Action Level ExceedanceDetailsAn air sampling station near the Port Hope Conversion Facility recorded levels of 910 µg/m3, 189 µg/m3 and 582 µg/m3 total suspended particulate (dust) in the air. This measurement is above the 120 µg/m3 dust criteria set by Environment and Climate Change Canada and the Ministry of Environment, Conservation and Parks. Canadian Nuclear Laboratories (CNL) continues remediation work on the property adjacent to the waterworks hi-vol location. There was no health or safety risk posed to the public, workers or the environment.Corrective ActionCameco notified the Canadian Nuclear Safety Commission and the Ontario Ministry of Environment, Conservation and Parks.Cameco Environmental Effect Ratingno measurable impact to the environment1DateJanuary 11, 2020IncidentEnvironmental Action Level ExceedanceDetailsAn air sampling station near the Port Hope Conversion Facility recorded levels of 142 µg/m3 total suspended particulate (dust) in the air. This measurement is above the 120 µg/m3 dust criteria set by Environment and Climate Change Canada and the Ministry of Environment, Conservation and Parks. Canadian Nuclear Laboratories (CNL) continues remediation work on the property adjacent to the waterworks hi-vol location. There was no health or safety risk posed to the public, workers or the environment.Corrective ActionCameco notified the Canadian Nuclear Safety Commission and the Ontario Ministry of Environment, Conservation and Parks. Cameco informed CNL of the exceedance.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.Wastes generated at the facility are segregated at the point of generation into contaminated and non-contaminated. Non-contaminated waste is either recycled or transferred to a suitable facility. Contaminated waste is stored in appropriate containers pending assessment of recycling or disposal options.DecommissioningDetailed plans and financial guarantees are in place to restore the conversion facility 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 Port Hope conversion 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

Building a balanced portfolioThe purpose of our contracting framework is to deliver value. Our approach is to secure a solid base of earnings and cash flow by maintaining a balanced contract portfolio that optimizes our realized price. Contracting decisions in all segments of our business need to consider the nuclear fuel market structure, the nature of our competitors, and the current market environment. The vast majority of run-rate fuel requirements are procured under long-term contracts. The spot market is thinly-traded, where certain utilities may buy small, discretionary volumes. This market structure is reflective of the baseload nature of nuclear power and the relatively small proportion of the overall operating costs the fuel represents compared to other sources of baseload electricity. Additionally, about half of the fuel supply typically comes from state-owned entities with production volume strategies or ambitions to serve state nuclear power ambitions with low-cost fuel supplies, or from diversified mining companies that produce uranium as a by-product. We evaluate our strategy in the context of our market environment and continue to adjust our actions in accordance with our contracting framework:First, we build a long-term contract portfolio by layering in volumes over time. In addition to our committed sales, we will compete for customer demand in the market where we think we can obtain value and, in general, as part of longer-term contracts. We will take advantage of opportunities the market provides, where it makes sense from an economic, logistical, diversification and strategic point of view. Those opportunities may come in the form of spot, mid-term or long-term demand, and will be additive to our current committed sales.Based on our portfolio of long-term contracts, we decide how to best source material to satisfy that demand, planning our production in accordance with our contract portfolio and other available sources of supply. We will not produce from our tier-one assets to sell into an oversupplied spot market.We do not intend to build an inventory of excess uranium. Excess inventory serves to contribute to the sense that uranium is abundant and creates an overhang on the market, and it ties up working capital on our balance sheet.Depending on the timing and volume of our production, purchase commitments, and our inventory volumes, we may be active buyers in the market in order to meet our annual delivery commitments. Historically, prior to the tier one supply curtailments that we undertook from 2016-2022, we have generally planned our annual delivery commitments to slightly exceed the annual supply we expect to come from our annual production and our long-term purchase commitments and have therefore relied on the spot market to meet a small portion of our delivery commitments. In general, if we choose to purchase material to meet demand, we expect the cost of that material will be more than offset by the volume of commitments in our sales portfolio that are exposed to market prices at the time of delivery over the long-term.In addition to this framework, our contracting decisions always factor in who the customer is, our desire for regional diversification, the product form, and logistical factors.Ultimately, our goal is to protect and extend the value of our contract portfolio on terms that recognize the value of our assets, including future development projects, and pricing mechanisms that provide adequate protection when prices go down and exposure to rising prices. We believe using this framework will allow us to create long-term value. Our focus will continue to be on ensuring we have the financial capacity to execute on our strategy and self-manage risk.  Long-term contractingUranium is not traded in meaningful quantities on a commodity exchange. Utilities have historically bought the majority of their uranium and fuel services products under long-term contracts that are bilaterally negotiated with suppliers. The spot market is discretionary and typically used for one-time volumes, not to satisfy annual demand. We sell uranium and fuel products and services directly to nuclear utilities around the world as uranium concentrates, UO2 and UF6, conversion services, or fuel fabrication and reactor components for CANDU heavy water reactors. We have a solid portfolio of long-term sales contracts that reflect our reputation as a proven, reliable supplier of geographically stable supply, and the long-term relationships we have built with our customers.In general, we are active in the market when it is beneficial for us and in support of our long-term contract portfolio. We undertake activity in the spot and term markets prudently, looking at the prices and other business factors to decide whether it is appropriate to purchase or sell into the spot or term market. Not only is this activity a source of profit, but it also gives us insight into underlying market fundamentals. We deliver the majority of our uranium under long-term contracts each year, some of which are tied to market-related pricing mechanisms quoted at time of delivery. Therefore, our net earnings and operating cash flows are generally affected by changes in the uranium price. Market prices are influenced by the fundamentals of supply and demand, market access and trade policy issues, geopolitical events, disruptions in planned supply and demand, and other market factors. The objectives of our contracting strategy are to:optimize realized price by balancing exposure to future market prices while providing some certainty for our future earnings and cash flowfocus on meeting the nuclear industry’s growing annual uncovered requirements with our tier-one productionestablish and grow market share with strategic and regionally diverse customersWe have a portfolio of long-term contracts, each bilaterally negotiated with customers, that have a mix of base-escalated pricing and market-related pricing mechanisms, including provisions that provide exposure to rising market prices and also protect us when the market price is declining. This is a balanced and flexible approach that allows us to adapt to market conditions, put a floor on our average realized price and deliver the best value over the long term.This approach has allowed our realized price to outperform the market during periods of weak uranium demand, and we expect it will enable us to realize increases linked to higher market prices in the future.Base-escalated contracts for uranium: use a pricing mechanism based on a term-price indicator at the time the contract is accepted and escalated to the time of each delivery over the term of the contract.Market-related contracts for uranium: are different from base-escalated contracts in that the pricing mechanism may be based on either the spot price or the long-term price, and that price is generally set a month or more prior to delivery rather than at the time the contract is accepted. These contracts may provide for discounts and typically include floor prices and/or ceiling prices, which are established at time of contract acceptance and usually escalate over the term of the contract.Fuel services contracts: the majority of our fuel services contracts use a base-escalated mechanism per kgU and reflect the market at the time the contract is accepted.Optimizing our contract portfolioWe work with our customers to optimize the value of our contract portfolio. With respect to new contracting activity, there is often a lag from when contracting discussions begin and when contracts are executed. With our large pipeline of business under negotiation in our uranium segment, and a value driven strategy, we continue to be strategically patient in considering the commercial terms we are willing to accept. We layer in contracts over time, with higher commitments in the near term and declining over time in accordance with utilities growing uncovered requirements. Demand may come in the form of off-market negotiations or through on-market requests for proposals. We remain confident that we can add acceptable new sales commitments to our portfolio of long-term contracts to underpin the ongoing operation of our productive capacity and capture long-term value.Given our view that additional long-term supply will need to be incented to meet the growing demand for safe, reliable, carbon-free nuclear energy, our preference today is to sign long-term contracts with market-related pricing mechanisms. However, we believe our customers expect prices to rise and prefer to lock-in today’s prices, with a fixed-price mechanism. Our goal is to balance all these factors, along with our desire for customer and regional diversification, with product form, and logistical factors to ensure we have adequate protection and will have exposure to rising market prices under our contract portfolio, while maintaining the benefits that come from having low-cost supply to deliver into a strengthening market. At times, we may also look for opportunities to optimize the value of our portfolio. In cases where there is a changing policy, operating, or economic environment, including the introduction of new taxes or tariffs in certain jurisdictions, we manage risk accordingly. We have taken actions such as positioning material ahead of expected deliveries, revising our contract terms to protect us from unexpected future implementation of taxes or tariffs, and adjusting our contracts to minimize potential negative impacts while maintaining strong customer relationships, and we will continue to consider additional mitigation in the future. 

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We sell uranium and fuel services directly to nuclear utilities around the world as uranium concentrates, UO2 and UF6, conversion services, or fuel fabrication. We have a solid portfolio of long-term sales contracts that reflect the long-term, trusting relationships we have with our customers.UraniumCustomers: 41 nuclear utilities worldwide44% of volume to Americas (US, Canada, Latin America)17% of volume to Asia39% of volume to Europefive largest customers account for 58% of commitmentsCommitments:As of December 31, 2024 approximately 220 million pounds of U3O8 contracted  Uranium CustomersAmerica44Europe39Asia17Conversion – UF6Customers:34 nuclear utilities worldwide50% of volume to Americas (US, Canada, Latin America)5% of volume to Asia45% of volume to Europefive largest customers account for 59% of commitmentsCommitments:As of December 31, 2024, about 85 million kilograms as UF6 conversionConversion – UO2 and UO3Cameco is a leading supplier of uranium dioxide (UO2) used by the Canadian operators of CANDU heavy water reactors. Cameco provides intermediate fuel services product, uranium trioxide (UO3), through our Blind River refinery – the world's largest uranium refinery.Fuel ManufacturingCameco is one of two nuclear fuel manufacturers in Canada, and the largest Canadian-based supplier of reactor components to CANDU operators in Canada.Customers: utilities operating CANDU reactors Products:finished fuel for CANDU reactorsspecialty alloy products for various CANDU reactor applications Capacity:1.65 million KgU as UO2 pellets per year  Conversion CustomersAmerica50Europe45Asia5