Cameco (CCO) investor relations material

Company overview and business model

• Integrated nuclear-fuel operations span uranium exploration and mining, conversion, enrichment, fuel manufacturing, and reactor services; investments include Westinghouse Electric Company and Global Laser Enrichment.

• 2025 tier-one uranium production represented ~15% of estimated world output; refining, conversion, and fuel-manufacturing services include control of ~18% of world primary conversion capacity.

• McArthur River and Key Lake are operated through joint ventures: ownership is 69.805% and 83.333%, respectively, with Orano holding the balance.

• McArthur River sends high- and low-grade material to Key Lake for processing into uranium ore concentrate; mill upgrades are planned progressively through 2027.

Financial performance and metrics

• McArthur River/Key Lake 2026 technical-report estimate: remaining capital of $2.11B, including a $1.47B attributable share; average remaining-life operating cost of $24.03/lb.

• Project economics estimate pre-tax NPV at 8% of $5.86B and pre-tax IRR of 11.9%; forecast capital expenditures through mine closure are expected to be covered by operating cash flow.

• Mine schedule assumes ramp-up to 22M lb U3O8 annually by 2030, with annual production varying from 18M to 25M lb; 9M 2026 mined and packaged production was 10.5M lb and 9.9M lb, respectively.

• Remaining mine life is estimated at ~17 years at scheduled rates and current reserves; estimated further packaged production is 354M lb.

Use of proceeds and capital allocation

• Net-proceeds allocation for each securities offering will be specified in its prospectus supplement; securities may also serve as consideration for business, asset, or securities acquisitions.

• Remaining McArthur River/Key Lake capital is estimated at $2.11B in constant 2026 dollars; major needs include mine development, freezing, water management, mill capacity, and infrastructure upgrades.