Cameco (CCO) Investor presentation summary

Strategic overview and values

• Focus on disciplined contracting, operational flexibility, and financial discipline to create long-term value and manage risk.

• Core values include safety, environmental stewardship, integrity, and excellence.

• Global presence across the nuclear fuel cycle, including mining, refining, conversion, fuel manufacturing, and investments in advanced technologies.

Financial and operational highlights (Q1 2026)

• Q1 2026 financial performance met expectations, with $1.1B in cash, $1.0B in debt, and a $1.0B undrawn credit facility.

• Uranium segment delivered 7.8M lb. U3O8, produced 6.2M lb. (share), and made 0.2M lb. market purchases.

• Fuel services delivered 2.8M kgU and produced 3.3M kgU in Q1 2026.

• Received a $49M cash distribution from Westinghouse and continued negotiations on a US-backed $80B initiative for new reactors.

Market fundamentals and industry outlook

• Global demand for nuclear energy is rising due to decarbonization, electrification, and energy security needs.

• Nuclear energy is positioned as a reliable, zero-carbon baseload power source, critical for net-zero targets.

• Over 40 countries have made nuclear policy commitments; significant new builds, restarts, and life extensions are underway globally.

• Market prices for uranium, conversion, and enrichment have risen sharply since 2021, reflecting supply uncertainty and robust demand.