40-F - CCJ - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

40-F

☐

REGISTRATION STATEMENT

PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE

ACT OF 1934

☒

ANNUAL REPORT PURSUANT TO SECTION 13(a) or

15(d) OF THE SECURITIES EXCHANGE ACT OF

1934

For the fiscal year ended

December 31, 2023

Commission file number

1-14228

CAMECO CORPORATION

(Exact name of Registrant as specified in its charter)

Canada

(Province or other jurisdiction of incorporation or organization)

1090

(Primary Standard Industrial Classification Code Number)

98-0113090

(I.R.S. Employer Identification)

2121 – 11

Street West

Saskatoon

Saskatchewan

Canada

S7M 1J3

, Telephone:

(

306

)

956-6200

(Address and telephone number of Registrant’s principal executive offices)

Cristina Giffin, Power Resources, Inc., Smith Ranch-Highland Operation

762 Ross Road

Douglas

Wyoming

, USA,

82633

Telephone: (

307

)

358-6541

(Name, address, (including zip code) and telephone number (including area code) of agent for service in the United States)

Securities registered pursuant to Section 12(b) of the Act:

Title of Class:

Common Shares

par value

Trading Symbol(s):

CCJ

Name of Exchange where Securities are listed:

New York Stock Exchange

Securities registered or to be registered pursuant to Section 12(g) of

the Act:

None

Securities for which there is a reporting obligation pursuant

to Section 15(d) of the Act:

None

Information filed with this Form:

☒

Annual Information Form

☒

Audited annual financial statements

Number of outstanding shares of each of the issuer’s classes

capital or common stock as of the close of the period covered by

the annual report:

434,175,752

Common Shares outstanding as of December 31, 2023

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of

the Exchange

Act during

the preceding

12 months

(or for

such shorter

period that

the Registrant

was required

file such reports), and (2) has been subject to such filing requirements

for the past 90 days.

☒

Yes

☐

Indicate by check

mark whether the

registrant has submitted

electronically,

every Interactive Data

File required to

be submitted pursuant to Rule 405 of

Regulation S-T (§232.405 of this chapter) during

the preceding 12 months (or

for such shorter period that the Registrant was required

to submit and post such files).

☒

Yes

☐

Indicate

check

mark

whether

the

registrant

emerging

growth

company

defined

Rule

12b-2

the

Exchange Act.

Emerging growth company

☐

If an emerging

growth company

that prepares

its financial

statements in

accordance with

U.S. GAAP,

indicate by

check mark

if the

registrant has

elected not

to use

the extended

transition period

for complying

with any

new or

revised financial accounting standards† provided pursuant

to Section 13(a) of the Exchange Act.

☐

Indicate by check mark

whether the registrant has filed a

report on and attestation to

its management’s assessment

of the effectiveness

of its internal

control over financial

reporting under Section

404(b) of the

Sarbanes-Oxley Act

(15 U.S.C. 7262(b)) by the registered public accounting

firm that prepared or issued its audit report.

☑

securities

are

registered

pursuant

Section

12(b)

the

Exchange

Act,

indicate

check

mark

whether

the

financial

statements

the

registrant

included

the

filing

reflect

the

correction

error

previously

issued

financial statements.

☐

Indicate by check

mark whether any

of those error

corrections are restatements

that required a

recovery analysis

of incentive-based compensation received by any of the registrant’s executive officers

during the relevant recovery

period pursuant to §240.10D-1(b).

☐

FORWARD-LOOKING

STATEMENTS

Certain statements

in this Annual

Report on Form

40-F and

the documents

filed as exhibits

hereto, and including

certain information

about Cameco’s

business outlook,

objectives, strategies,

plans, strategic

priorities and

results

of operations, as well as

other statements which are

not current statements or

historical facts, constitute

“forward-

looking information

”

within the

meaning of

applicable

Canadian securities

laws and

“forward-looking

statements”

within

the

meaning

the

Private

Securities

Litigation

Reform

Act

1995.

Forward-looking

information

and

statements

involve

risks,

uncertainties

and

other

factors

that

could

cause

actual

results

differ

materially

from

those

expressed

implied

them.

Sentences

and

phrases

containing

words

such

“anticipate”,

“believe”,

“estimate”,

“expect”,

“forecast”,

“goal”,

“intend”,

“outlook”,

“plan”,

“potential”,

“predict”,

“project”,

“proposed”,

“scheduled”,

“strategy”,

“target”

and

“will”,

and

the

negative

any

these

words

variations

them

comparable terminology that does not relate strictly

to current or historical facts, are all

indicative of forward-looking

information or statements.

The forward-looking information and statements included

in this Annual Report on Form 40-F (including the

exhibits hereto) represent our views as of the date of

such documents and should not be relied upon as

representing our views as of any subsequent date. While

we anticipate that subsequent events and developments

may cause our views to change, we specifically disclaim

any intention or obligation to update forward-looking

information and statements, whether as a result of new information,

future events or otherwise, except to the

extent required by applicable securities laws. Forward-looking

information and statements contained in this

Annual Report on Form 40-F about prospective results

of operations, financial position or cash flows that are

based upon assumptions about future economic conditions

and courses of action are presented for the purpose

of assisting our security holders in understanding management’s

current views regarding those future outcomes,

and may not be appropriate for other purposes.

See Cameco’s Annual Information Form for the year

ended December 31, 2023, attached as Exhibit

99.1 to this

Annual Report on Form 40-F,

under the heading “Caution about forward-looking information”,

and Cameco’s

management’s discussion and analysis for the year

ended December 31, 2023, attached as Exhibit

99.3 to this

Annual Report on Form 40-F (the “Cameco 2023 MD&A”),

under the heading “Caution about forward-looking

information”, for additional information regarding forward

-looking statements.

Certifications and Disclosure Regarding Controls and

Procedures

(a)

Certifications regarding controls and procedures

See Exhibits 99.6 and 99.7.

(b)

Evaluation of

disclosure controls

and procedures

. As

of December

31, 2023

an evaluation

of the

effectiveness of Cameco Corporation’s “disclosure controls and procedures” (as such term is defined in

Rules 13a-15(e) and 15d-15(e) of the United States Securities Exchange Act of 1934, as amended (the

“Exchange Act”)) was carried ou

by Cameco Corporation’s

Chief

Executive Officer (“CEO”)

and Chief

Financial Officer (“CFO”). Based on

that evaluation, the CEO and CFO have concluded

that as of such

date Cameco Corporation’s

disclosure controls and procedures

were effective to

provide a reasonable

level of

assurance that

information

required

to be

disclosed

by Cameco

Corporation

in reports

that it

files or

submits under

the Exchange

Act is

recorded, processed,

summarized and

reported within

the

time periods specified in United States Securities and

Exchange Commission (the “Commission”) rules

and forms.

(c)

Management’s

annual

report

internal

control

over

financial

reporting

Management

the

Company,

including

the

CEO

and

CFO,

responsible

for

establishing

and

maintaining

adequate

“internal control over financial reporting”, as that term is

defined in Rules 13a-15(f) and 15d-15(f) under

the Exchange Act, for Cameco Corporation. Management conducted an evaluation of the effectiveness

of internal control

over financial reporting

based on criteria

established in Internal

Control – Integrated

Framework (2013) issued by

the Committee of

Sponsoring Organizations of the

Treadway Commission.

Based

that

evaluation,

management

concluded

that

Cameco

Corporation’s

internal

control

over

financial reporting was effective as of December 31,

2023.

It should be noted that

while the CEO and

CFO believe that Cameco

Corporation’s disclosure controls

and procedures and

internal control over

financial reporting provide a

reasonable level of

assurance that

they are effective,

they do

not expect such

disclosure controls

and procedures

or internal control

over

financial reporting

to be

capable of

preventing

or detecting

all errors

and fraud.

A control

system, no

matter how well

conceived or operated,

can provide only

reasonable, not absolute,

assurance that the

objectives of the control system are met.

(d)

Attestation

report

the

registered

public

accounting

firm

The

effectiveness

Cameco

Corporation’s internal

control over financial

reporting as

of December 31,

2023 was

audited by KPMG

LLP,

an independent

registered public

accounting firm,

as stated

in its report,

which accompanies

the

Cameco

2023

Consolidated

Audited

Financial

Statements

that

filed

Exhibit 99.2

this

Annual

Report on Form 40-

(e)

Changes

internal

control

over

financial

reporting

During

the

fiscal

year

ended

December 31,

2023, there was no significant change in Cameco

Corporation’s internal control over

financial reporting

that materially affected, or

is reasonably likely to

materially affect, Cameco Corporation’s internal

control

over financial reporting.

Audit & Finance

Committee Financial

Expert

Cameco Corporation’s

board of

directors has determined

that at

least one member of its audit and finance committee (the “audit committee”) is an audit committee financial expert.

The audit committee financial expert

is Daniel Camus. Mr.

Camus has been determined by Cameco

Corporation’s

board

directors

independent

director

such

term

defined

under

the

Canadian

Securities

Administrators’

National Instr

ument 52-110

(Audit Committees)

(“NI 52-110”)

the Commission’s

audit committee

independence

requirements,

and

the

rules

the

New

York

Stock

Exchange

(the

“NYSE”)

relating

the

independence of audit committee members.

Information concerning the relevant

experience of Mr.

Camus is included in his biographical

information contained

in Cameco Corporation’s Annual Information Form

that is filed as Exhibit 99.1 to this Annual Report on Form

40-F.

The Commission

has indicated

that the

designation

of a

person as

an audit

committee financial

expert does

not

make such person

an “expert”

for any purpose,

impose any

duties, obligations

or liability on

such person

that are

greater

than

those

imposed

members

the

audit

committee

and

board

directors

who

not

carry

this

designation, or affect the

duties, obligations or liability

of any other member of

the audit committee or

the board of

directors.

Code of

Ethics

Cameco Corporation’s code

of conduct and

ethics (the

“Code”) is applicable

to all

directors, officers

and

employees

Cameco

Corporation,

including

the

Company’s

principal

executive

officer,

principal

financial

officer and principal

accounting officer. The Code, as

well as

Cameco Corporation’s corporate governance

practices

and mandates

of the

board of

directors

and

its committees,

and position

descriptions

for the

CEO and

the non-

executive chair, can be found on Cameco Corporation’s website at www.cameco.com under “About – Governance”

and are

also available

in print

to any

shareholder

upon request.

Since the

adoption of

the Code,

there have

not

been

any

waivers,

including

implicit

waivers,

from

any

provision

the

Code.

2023,

Cameco

Corporation

amended its previously filed Code

and made non-substantive changes,

including updates to information on

privacy,

confidentiality,

public disclosures,

and

alignment

of wording

the

Code

policy

and program

documents.

The

information on the Company’s website is not part of

this Annual Report on Form 40-

The

Code

was

furnished

the

Commission

January

12,

2024

Exhibit

report

Form

6-K

and

incorporated by reference herein as Exhibit 99.17.

Principal

Accountant

Fees

and

Services

Our

independent

registered

public

accounting

firm

KPMG LLP

Saskatoon, Saskatchewan, Canada

, Auditor Firm ID:

. See Exhibit 99.4.

Off-Balance

Sheet Arrangements

In the

normal course

of operations,

Cameco Corporation

enters into

certain

transactions that

are not

required to

be recorded

on its

balance sheet.

These activities include

the issuing

of financial

assurances

and long-term

product purchase

contracts. These

activities are

disclosed in

the following

sections

Exhibit 99.3

– 2023

Management’s

Discussion

and Analysis

and

the notes

to the

financial

statements

in Exhibit

99.2 – 2023 Consolidated Audited Financial Statements:

(a)

Financial assurances

. In the 2023 Management’s Discussion and Analysis, see the disclosure at “Off-

balance sheet

arrangements”

(page 58).

In the

2023 Consolidated

Audited Financial

Statements, see

the disclosure at notes 16 and 26 of the financial statements.

(b)

Long-term product purchase contracts

. In the 2023 Management’s Discussion and

Analysis, see the

disclosure at “Off-balance sheet arrangements” (page

58).

(c)

Other arrangements

. In the 2023

Management’s Discussion

and Analysis, see

the disclosure at

“Off-

balance sheet

arrangements” (page

58). In

the 2023

Consolidated Audited

Financial Statements,

see

the disclosure at notes 14 and 15

of the financial statements.

Tabular

Disclosure

Contractual

Obligations

the

2023

Management’s

Discussion

and

Analysis,

see

the

disclosures at “Financing Activities” (pages 57 and

58) and “Off-balance sheet arrangements”

(page 58).

Identification

the

Audit

Committee.

Cameco

Corporation

has

separately-designated

standing

audit

committee established

in accordance

with Section

3(a)(58)(A)

of the

Exchange Act.

Cameco Corporation’s

audit

committee

comprised

of:

Daniel

Camus

(chair),

Catherine

Gignac,

Jim

Gowans

and

Leontine

van

Leeuwen-

Atkins.

Audited Annual Financial Statements

The report of the independent registered public accounting firm

relating to

Cameco Corporation’s Consolidated Audited

Financial Statements as of December

31, 2023 and 2022 is included

in Exhibit 99.2 – 2023 Consolidated Audited Financial

Statements.

Mine Safety Disclosure

Neither Cameco Corporation

nor any of

its subsidiaries

is the “operator”

of any “coal

other mine”, as those terms

are defined in section 3 of

the Federal Mine Safety and Health

Act of 1977 (30 U.S.C.

802),

that

subject

the

provisions

such

Act

(30

U.S.C.

801

seq.).

Therefore,

the

provisions

Section

1503(a) of the Dodd-Frank Wall

Street Reform and Consumer

Protection Act and Item 16 of

General Instruction B

to Form

40-F requiring

disclosure concerning

mine safety

violations and

other regulatory

matters do

not apply

Cameco Corporation or any of its subsidiaries or U.S.

mines.

Disclosure Regarding Foreign Jurisdictions That Prevent

Inspections.

Not Applicable

Disclosure Pursuant to the Requirements of the New

York Stock Exchange

(a)

Corporate

governance

practices

Disclosure

the

significant

ways

which

Cameco

Corporation’s

corporate governance

practices differ

from those

required for

U.S. companies

under the

New York

Stock

Exchange (“NYSE”) listing standards can be found

on Cameco Corporation’s website at www.cameco.com

under “About – Governance.”

(b)

Presiding director at meetings of

non-management directors

. Cameco Corporation schedules regular

director sessions

in which

Cameco Corporation’s

“non-management

directors” (as

that term

is defined

the rules

of the

NYSE) meet

without

management

participation.

Ms.Catherine

Gignac,

as non-executive

chair of Cameco

Corporation, serves

as the presiding

director (the “Presiding

Director”) at such

sessions.

Each of

Cameco

Corporation’s

non-management

directors

is “independent”

as such

term

used

in the

rules of the NYSE, with the exception of Tammy

Cook-Searson. Cameco Corporation’s

criteria for director

independence

are

available

Cameco

Corporation’s

website

www.cameco.com

under

“About

–

Governance.”

(c)

Communication with non-management directors

. Shareholders may send communications

to Cameco

Corporation’s Presiding Director

or non-management directors

by mailing (by regular

mail or other means

of delivery)

to the

corporate head

office at

2121 –

Street West,

Saskatoon, Saskatchewan,

Canada,

S7M 1J3, in a sealed envelope

marked “Private and Strictly

Confidential – Attention: Chair of

the Board of

Directors of Cameco Corporation”. Any such envelope will be delivered unopened to

the Presiding Director

for appropriate

action. The

status of

all outstanding

concerns addressed

to the

Presiding Director

will be

reported to the board of directors as appropriate.

(d)

Corporate governance guidelines

. According to Section 303A.09 of the

NYSE Listed Company Manual,

a listed

company must adopt

and disclose

a set

of corporate governance

guidelines with

respect to

specified

topics. Such

guidelines and

the charters

of the

listed company’s

most important

committees of

the board

directors

are

required

posted

the

listed

company’s

website

and

available

any

shareholder upon request. Cameco

Corporation operates under corporate

governance guidelines that are

consistent

with

the

requirements

Section

303A.09

the

NYSE

Listed

Company

Manual.

Cameco

Corporation’s

corporate

governance guidelines

and the

charters of

its most

important committees

of the

board

directors

can

found

Cameco

Corporation’s

website

www.cameco.com

under

“About

–

Governance” and are available in print to any shareholder who

requests them.

(e)

Independent

directors

The

names

Cameco

Corporation’s

non-management

directors

are:

Daniel

Camus,

Tammy

Cook-Searson,

Don

Deranger,

Catherine

Gignac,

Jim Gowans,

Kathryn

Jackson,

Don Kayne, Dominique Minière and Leontine van Leeuwen-Atkins. Each of the non-management directors

“independent”,

such

term

used

the

rules

the

NYSE,

with

the

exception

Tammy

Cook-

Searson.

EXHIBIT INDEX

Exhibit No.

Description

99.1

2023 Annual Information Form

99.2

2023 Consolidated Audited Financial Statements

99.3

2023 Management’s Discussion and Analysis

99.4

Principal Accountant Fees and Services

99.5

Consent of Independent Registered Public Accounting Firm

99.6

Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or 15d 14(a) of the U.S.

Securities Exchange Act of 1934, as amended

99.7

Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or 15d 14(a) of the U.S.

Securities Exchange Act of 1934, as amended

99.8

Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of

2002

99.9

Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of

2002

99.10

Consent of Alain D. Renaud, P. Geo.

99.11

Consent of Biman Bharadwaj, P. Eng.

99.12

Consent of Scott Bishop, P. Eng.

99.13

Consent of Lloyd Rowson, P. Eng.

99.14

Consent of Gregory M. Murdock, P. Eng.

99.15

Consent of Sergey Ivanov, P. Geo.

99.16

Consent of Daley McIntyre, P. Eng.

99.17

Code of Conduct and Ethics (as amended and restated as of July 2023) (incorporated by

reference to Cameco Corporation’s Form 6-K, furnished to the Commission on January 12,

2024)

99.18

Cameco Corporation Executive Compensation Recoupment Policy (SEC and NYSE)

101

Interactive Data File (formatted as Inline XBRL)

104

Cover Page Interactive Data File (formatted as Inline

XBRL and contained in Exhibit 101)

UNDERTAKING AND

CONSENT TO SERVICE OF PROCESS

Undertaking

Registrant undertakes to

make available, in

person or by

telephone, representatives

to respond to

inquiries made

by the

Commission staff,

and to

furnish promptly,

when requested

to do

so by

the Commission

staff,

information

relating to: the

securities registered

pursuant to

Form 40-F; the

securities in

relation to

which the obligation

to file

an Annual Report on Form 40-F arises; or transactions

in said securities.

Consent to Service of Process

Registrant has previously

filed a

Form F-X in

connection with the

class of

securities in relation

to which

the obligation

to file this Annual Report on Form 40-F arises.

Any

change

the

name

address

the

agent

for

service

process

Registrant

shall

communicated

promptly

the

Commission

amendment

the

Form

F-X

referencing

the

file

number

the

relevant

registration statement.

SIGNATURES

Pursuant to the requirements of the Exchange Act, Registrant certifies that it meets all of the requirements for filing

on Form 40-F and

has duly caused this

Annual Report to be

signed on its behalf

by the undersigned, thereto

duly

authorized.

DATED this 22

day of March,

2024.

CAMECO CORPORATION

By:

/s/ Grant Isaac

Name: Grant Isaac

Title:

Executive Vice-President and

Chief Financial Officer

EX-99.1

EXHIBIT 99.1

Cameco Corporation

2023 Annual Information Form

March 22, 2024

LOGO

Cameco Corporation

2023 Annual information form

March 22, 2024

Contents

Important information about this document	1
Our business	6
Our vision, values and strategy	11
Operations, projects and investments	25
Uranium – Tier-one operations	26
Uranium – Tier-two operations	71
Uranium – Advanced projects	73
Uranium – Exploration	74
Fuel services	76
Westinghouse Electric Company	79
Other nuclear fuel cycle investments	86
Mineral reserves and resources	87
Our ESG principles and practices	92
The regulatory environment	96
Risks that can affect our business	107
1 – Operational risks	107
2 – Financial risks	114
3 – Governance and compliance risks	121
4 – Social risks	123
5 – Environmental risks	124
6 – Strategic risks	125
Legal proceedings	134
Investor information	134
Governance	139
Appendix A	144

Important information about this document

This annual information form (AIF) for the year ended December 31, 2023 provides important information about Cameco Corporation. It describes our history, our markets, our operations and projects, our mineral reserves and resources, our approach to environmental, social and governance matters (ESG), our regulatory environment, the risks we face in our business and the market for our shares, among other things.

It also incorporates by reference:

• our management’s discussion and analysis for the year ended December 31, 2023 (2023 MD&A), which is available on SEDAR+ (sedarplus.com) and on EDGAR (sec.gov) as an exhibit to our Annual Report on Form 40-F; and • our audited consolidated financial statements for the year ended December 31, 2023 (2023 financial statements), which are also available on SEDAR+ and on EDGAR as an exhibit to our Annual Report on Form 40-F.

Throughout this document, the terms we, us, our, the company and Cameco mean Cameco Corporation and its subsidiaries.

We have prepared this document to meet the requirements of Canadian securities laws, which are different from what United States (US) securities laws require.

The information contained in this AIF is presented as at December 31, 2023, the last day of our most recently completed financial year, and is based on what we knew as of March 15, 2024, except as otherwise stated.

Reporting currency and financialinformation

Unless we have specified otherwise, all dollar amounts are in Canadian dollars. Any references to $(US) mean US dollars.

The financial information in this AIF has been presented in accordance with International Financial Reporting Standards (IFRS).

Caution about forward-looking information

Our AIF and the documents incorporated by reference include statements and information about our expectations for the future. When we discuss our strategy, plans and future financial and operating performance, or other things that have not yet taken place, we are making statements considered to be forward-looking information or forward-looking statements under Canadian and US securities laws. We refer to them in this AIF as forward-looking information. In particular, the discussions under the headings Market overview and developments, Building a balanced portfolio, and Westinghouse Electric Company in this AIF contain forward-looking information.

Key things to understand about the forward-looking information in this AIF:

•	It typically includes words and phrases about the future, such as anticipate, believe, estimate, expect, plan,will, intend, goal, target, forecast, project, strategy and outlook (see examples on page 2).
•	It represents our current views and can change significantly.
---	---
•	It is based on a number of material assumptions, including those we have listed below on pages 4 and 5,<br>which may prove to be incorrect.
---	---
•	Actual results and events may be significantly different from what we currently expect, due to the risks<br>associated with our business. We list a number of these material risks below. We recommend you also review other parts of this document, including Risks that can affect our business starting on page 107, and our 2023 MD&A, which includes<br>a discussion of other material risks that could cause actual results to differ significantly from our current expectations.
---	---

Forward-looking information is designed to help you understand management’s current views of our near- and longer-term prospects, and it may not be appropriate for other purposes. We will not necessarily update this information unless we are required to by Canadian or US securities laws.

2023 ANNUAL INFORMATION FORM	Page 1

Examples of forward-looking information in this AIF

•	our view that we have the strengths to take advantage of the world’s rising demand for safe, reliable, affordable, and carbon-free energy, and our vision to energize a clean-air world
•	that we will continue to focus on delivering our products responsibly and addressing the environmental, social and governance (ESG) risks and opportunities that we believe will make our business sustainable and will<br>build long-term value
---	---
•	our expectations for the future of the nuclear industry and the potential for new enrichment technology, including that nuclear power must be a central part of the solution to the world’s shift to a low-carbon<br>climate-resilient economy and that our investment in enrichment technology, if successful, will allow us to participate in the entire nuclear fuel value chain
---	---
•	our expectations about 2024 and future global uranium supply, consumption, contracting, demand, geopolitical issues and the market, including the discussion under the headings Market overview and developmentsand Building a balanced portfolio
---	---
•	our expectations about 2024 and future consumption of conversion services
---	---
•	our expectations about 2024 and future global consumption, contracting, demand, geopolitical and market issues relating to Westinghouse Electric Company’s (Westinghouse): fuel fabrication for light water reactors;<br>reactor maintenance and other services; design, engineering, and support for the development of new reactors; and nuclear sustainability services
---	---
•	our expectations about when future reactors will come online
---	---
•	our efforts to participate in the commercialization and deployment of small modular reactors (SMRs) and contribute to the mitigation of global climate change and help to provide energy security and affordability by<br>exploring SMRs and other emerging opportunities within the fuel cycle
---	---
•	our expectations about future demand for SMRs
---	---
•	our expectation that the US Department of Energy (DOE) will make available a portion of its excess uranium inventory over the next two decades
---	---
•	the discussion under the heading Our ESG principles and practices, including our belief there is a significant opportunity for us to be part of the solution to combat climate change and that we are well<br>positioned to deliver significant long-term business value
---	---
•	our ability to implement and execute our overarching low-carbon transition strategy
---	---
•	our expectations relating to care and maintenance costs
---	---
•	our expectations of executing major supply contracts
---	---
•	our ability to capitalize on the current backlog of long-term contracting as a proven and reliable supplier with tier-one productive capacity and a record of honouring supply<br>commitments, and to increase value throughout these price cycles
---	---
•	future plans and expectations for our uranium properties, advanced projects, and fuel services operating sites, including production levels and the suspension of production at certain properties, pace of advancement and<br>expansion capacity, and carbon reduction targets
---	---
•	estimates of operating and capital costs and mine life for our tier one uranium operations
---	---
•	our expectations regarding our licence for Crow Butte
---	---
•	our ability to successfully negotiate a new collective agreement for the unionized employees at McArthur River
---	---
•	estimated decommissioning and reclamation costs for uranium properties and fuel services operating sites
---	---
•	Kazatomprom’s planned production levels and timing for JV Inkai in 2024
---	---
•	our mineral reserve and resource estimates
---	---
•	our expectations that the price of uranium, production costs, and recovery rates will allow us to operate or develop a particular site or sites
---	---
•	estimates of metallurgical recovery and other production parameters for each uranium property
---	---
•	production estimates at the McArthur River/Key Lake, Cigar Lake and Inkai operations, and the Port Hope UF6 conversion facility
---	---
•	our discussion of the ongoing conflict between Russia and Ukraine
---	---
•	our views on our ability to align our production with market opportunities and our contract portfolio
---	---
•	our expectation regarding opportunities to improve operational effectiveness and to reduce our impact on the environment, including through the use of digital and automation technologies
---	---
•	our expectations relating to our Canada Revenue Agency (CRA) transfer pricing dispute, including our confidence that the courts would reject any attempt by CRA to utilize the same or similar positions for other tax<br>years currently in dispute and our belief that CRA should return the full amount of cash and security that has been paid or otherwise secured by us
---	---
•	our expectations regarding the amount of security we will need to provide to CRA in connection with the tax debts CRA considers us owing for 2017
---	---
2023 ANNUAL INFORMATION FORM	Page 2
---	---
•	our investments allowing us to participate in the entire nuclear fuel value chain; fuel fabrication; reactor maintenance; development of new reactors; and nuclear sustainability services
---	---
•	the discussion of our expectations relating to our recent acquisition of a 49% interest in Westinghouse, including its future prospects, our belief that Westinghouse is<br>well-positioned for long-term growth driven by the expected increase in global demand for nuclear power, our expectation that the acquisition will be transformative and accretive to Cameco, our expectation<br>that the investment will augment the core of our business and offer more solutions to our customers across the nuclear fuel cycle various factors and drivers for Westinghouse’s business segments, our expectation that there will be new<br>opportunities for Westinghouse to compete for and win new business and other matters discussed under the heading Westinghouse Electric Company
---	---

Material risks

•	actual sales volumes or market prices for any of our products or services are lower than we expect, or cost of sales is higher than we expect, for any reason, including changes in market prices, loss of market share to<br>a competitor, trade restrictions, geopolitical issues or the impact of a pandemic
•	we are adversely affected by changes in currency exchange rates, royalty rates, tax rates or inflation
---	---
•	our production costs are higher than planned, or necessary supplies are not available or not available on commercially reasonable terms
---	---
•	our strategies may change, be unsuccessful or have unanticipated consequences, or we may not be able to achieve anticipated operational flexibility and efficiency
---	---
•	changing views of governments regarding the pursuit of carbon reduction strategies or our view may prove to be inaccurate on the role of nuclear power in pursuit of those strategies
---	---
•	our estimates and forecasts prove to be inaccurate, including production, purchases, deliveries, cash flow, revenue, costs, decommissioning, reclamation expenses, or receipt of future dividends from JV Inkai
---	---
•	that we may not realize the expected benefits from the Westinghouse acquisition
---	---
•	Westinghouse fails to generate sufficient cash flow to fund its approved annual operating budget or make quarterly distributions to the partners
---	---
•	we are unable to enforce our legal rights under our existing agreements, permits or licences
---	---
•	we are subject to litigation or arbitration that has an adverse outcome
---	---
•	that the courts may accept the same, similar or different positions and arguments advanced by CRA to reach decisions that are adverse to us for other tax years
---	---
•	the possibility of a materially different outcome in disputes with CRA for other tax years
---	---
•	our uranium suppliers or purchasers fail to fulfil their commitments
---	---
•	our McArthur River or Cigar Lake development, mining or production plans are delayed or do not succeed for any reason
---	---
•	our production plans for our Port Hope UF6 conversion facility do not succeed for any reason
---	---
•	McClean Lake’s mill production plan is delayed or does not succeed for any reason
---	---
•	water quality and environmental concerns could result in a potential deferral of production and additional capital and operating expenses required for the Cigar Lake and McArthur River/Key Lake operations
---	---
•	JV Inkai’s development, mining or production plans are delayed or do not succeed for any reason or JV Inkai is unable to transport and deliver its production
---	---
•	we may be unsuccessful in pursuing innovation or implementing advanced technologies, including the risk that the commercialization and deployment of SMRs or new enrichment technology may incur unanticipated delays or<br>expenses, or ultimately prove to be unsuccessful
---	---
•	the risk that we may become unable to pay future dividends at the expected rate
---	---
•	our expectations relating to care and maintenance costs prove to be inaccurate
---	---
•	the risk that we may not be able to refinance our debenture on terms that are as favourable as we expect, or that we may not realize our expected cash flow, or meet our expectations in reducing total debt
---	---
•	we are affected by natural phenomena, including inclement weather, fire, flood and earthquakes
---	---
•	the risks that generally apply to all our operations and advanced uranium projects that are discussed under the heading Risks that can affect our business in this AIF and under the heading Managing therisks in our 2023 MD&A
---	---
2023 ANNUAL INFORMATION FORM	Page 3
---	---
•	that CRA does not agree that the court rulings for the years that have been resolved in Cameco’s favour should apply to subsequent tax years
---	---
•	that CRA will not return all or substantially all of the cash and security that has been paid or otherwise secured in a timely manner, or at all
---	---
•	there are defects in, or challenges to, title to our properties
---	---
•	our mineral reserve and resource estimates are not reliable, or there are unexpected or challenging geological, hydrological or mining conditions
---	---
•	we are affected by environmental, safety and regulatory risks
---	---
•	we are adversely affected by subsurface contamination from current or legacy operations
---	---
•	necessary permits or approvals from government authorities cannot be obtained or maintained
---	---
•	we are affected by political risks, including any potential future unrest in Kazakhstan
---	---
•	operations are disrupted due to problems with our own or our suppliers’ or customers’ facilities, the unavailability of reagents, equipment, operating parts and supplies critical to production, equipment<br>failure, lack of tailings capacity, labour shortages, labour relations issues, strikes or lockouts, underground floods, cave-ins, ground movements, tailings dam failures, transportation disruptions or accidents, aging infrastructure, or other<br>development and operating risks
---	---
•	we are affected by terrorism, sabotage, blockades, civil unrest, social or political activism, outbreak of illness (such as a pandemic), accident or a deterioration in political support for, or demand for, nuclear<br>energy
---	---
•	a major accident at a nuclear power plant
---	---
•	we are impacted by changes in the regulation or public perception of the safety of nuclear power plants, which adversely affect the construction of new plants, the re-licensing of<br>existing plants, and the demand for uranium
---	---
•	government laws, regulations, policies, or decisions that adversely affect us, including tax and trade laws and sanctions on nuclear fuel imports
---	---
•	the risk that Westinghouse may not be able to meet sales commitments for any reason
---	---
•	the risk that Westinghouse may not achieve the expected growth or success in its business
---	---
•	the risk to Westinghouse’s business associated with potential production disruptions, including those related to global supply chain disruptions, global economic uncertainty, political volatility, labour relations<br>issues, and operating risks
---	---
•	the risk that Westinghouse’s strategies may change, be unsuccessful, or have unanticipated consequences
---	---
•	the risk that Westinghouse may fail to comply with nuclear licence and quality assurance requirements at its facilities
---	---
•	the risk that Westinghouse may be delayed in announcing its future financial results
---	---
•	the risk that Westinghouse may lose protections against liability for nuclear damage, including discontinuation of global nuclear liability regimes and indemnities
---	---
•	the risk that increased trade barriers may adversely impact Westinghouse’s business
---	---
•	the risk that Westinghouse may default under its credit facilities, impacting adversely Westinghouse’s ability to fund its ongoing operations and to make distributions
---	---
•	the risk that liabilities at Westinghouse may exceed our estimates and the discovery of unknown or undisclosed liabilities
---	---
•	the risk that occupational health and safety issues may arise at Westinghouse’s operations
---	---
•	the risk that there may be disputes between us and Brookfield regarding our strategic partnership
---	---
•	the risk that we may default under the governance agreement with Brookfield, including us losing some or all of our interest in Westinghouse
---	---

Material assumptions

•	our expectations regarding sales and purchase volumes and prices for uranium and fuel services, cost of sales, trade restrictions, inflation, and that counterparties to our sales and purchase agreements will honour<br>their commitments
•	our expectations for the nuclear industry, including its growth profile, market conditions, geopolitical issues, and the demand for and supply of uranium
---	---
•	the continuing pursuit of carbon reduction strategies by governments and the role of nuclear in the pursuit of those strategies
---	---
•	that no major accident at a nuclear power plant will occur
---	---
•	the absence of new and adverse government regulations, policies or decisions
---	---
•	JV Inkai’s development, mining and production plans succeed, and that JV Inkai will be able to transport and deliver its production
---	---
•	the ability of JV Inkai to pay dividends
---	---
•	that care and maintenance costs will be as expected
---	---
2023 ANNUAL INFORMATION FORM	Page 4
---	---
•	our expectations regarding spot prices and realized prices for uranium
---	---
•	that the construction of new nuclear power plants and the re-licensing of existing nuclear power plants will not be more adversely affected than expected by changes in regulation or in the public perception of the<br>safety of nuclear power plants
---	---
•	our ability to continue to supply our products and services in the expected quantities and at the expected times
---	---
•	our expected production levels for Cigar Lake, McArthur River/Key Lake, JV Inkai and our fuel services operating sites
---	---
•	our cost expectations, including production costs, operating costs, and capital costs
---	---
•	our expectations regarding tax payments, tax rates, royalty rates, currency exchange rates and interest rates
---	---
•	our entitlement to and ability to receive expected refunds and payments from CRA
---	---
•	in our dispute with CRA, that courts will reach consistent decisions for other tax years that are based upon similar positions and arguments
---	---
•	that CRA will not successfully advance different positions and arguments that may lead to different outcomes for other tax years
---	---
•	our expectation that we will recover all or substantially all of the amounts paid or secured in respect of the CRA dispute to date
---	---
•	our decommissioning and reclamation estimates, including the assumptions upon which they are based, are reliable
---	---
•	our mineral reserve and resource estimates, and the assumptions upon which they are based, are reliable
---	---
•	our understanding of the geological, hydrological and other conditions at our uranium properties
---	---
•	our Cigar Lake and McArthur River development, mining and production plans succeed
---	---
•	our Key Lake mill production plan succeeds
---	---
•	the McClean Lake mill is able to process Cigar Lake ore as expected
---	---
•	our production plans for our Port Hope UF6 conversion facility succeed
---	---
•	our operations are not significantly disrupted as a result of political instability, nationalization, terrorism, sabotage, blockades, civil unrest, breakdown, natural disasters, outbreak of illness (such as a pandemic),<br>governmental or political actions, litigation or arbitration proceedings, cyber-attacks, the unavailability of reagents, equipment, operating parts and supplies critical to production, labour shortages, labour relations issues, strikes or lockouts,<br>underground floods, cave-ins, ground movements, tailings dam failure, lack of tailings capacity, transportation disruptions or accidents, aging infrastructure or other development or operating risks
---	---
•	our and our contractors’ ability to comply with current and future environmental, safety and other regulatory requirements, and to obtain and maintain required regulatory approvals
---	---
•	that we will be successful in our efforts to renew our operating license for Crow Butte
---	---
•	nuclear power and uranium demand, supply, consumption, long-term contracting, growth in the demand for and global public acceptance of nuclear energy, and prices
---	---
•	Westinghouse’s ability to generate cash flow and fund its approved annual operating budget and make quarterly distributions to the partners
---	---
•	our ability to compete for additional business opportunities so as to generate additional revenue for us as a result of the Westinghouse acquisition
---	---
•	Westinghouse’s production, purchases, sales, deliveries, and costs
---	---
•	the market conditions and other factors upon which we have based Westinghouse’s future plans and forecasts
---	---
•	Westinghouse’s ability to mitigate adverse consequences of delays in production and construction
---	---
•	the success of Westinghouse’s plans and strategies
---	---
•	that there will not be any significant adverse consequences to Westinghouse’s business resulting from business disruptions, including those relating to supply disruptions, economic or political uncertainty and<br>volatility, labour relation issues, and operating risks
---	---
•	Westinghouse’s ability to announce future financial results when expected
---	---
•	Westinghouse will comply with the covenants in its credit agreements
---	---
•	Westinghouse will comply with nuclear license and quality assurance requirements at its facilities
---	---
•	Westinghouse maintaining protections against liability for nuclear damage, including continuation of global nuclear liability regimes and indemnities
---	---
•	that known and unknown liabilities at Westinghouse will not materially exceed our estimates
---	---
•	the absence of disputes between us and Brookfield regarding our strategic partnership, and that we do not default under the governance agreement with Brookfield
---	---
•	that we will be able to refinance our senior unsecured debentures, and assumptions regarding our expected cash flow and our ability to reduce total debt
---	---
2023 ANNUAL INFORMATION FORM	Page 5
---	---

Our business

Our vision is to energize a clean-air world. We have a 35-year proven track record of providing secure and reliable nuclear fuel supplies to a global customer base to generate safe, reliable, and affordable baseload carbon-free energy. Nuclear energy plants around the world use our uranium and fuel services to generate one of the cleanest sources of electricity available today. 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 also further enhanced our ability to meet our customers’ growing demand for reliable and secure nuclear fuel supplies, services and technologies by investing in Westinghouse. Westinghouse’s assets are expected to augment the core of our business, providing fuel fabrication for light water reactors; reactor maintenance and other services; the design engineering and support for the development of new reactors; and nuclear sustainability services. We also have made an investment in a third-generation enrichment technology, that if successful we expect will allow us to participate in the entire nuclear fuel value chain.

Cameco Corporation 2121 – 11^th^ Street West Saskatoon, Saskatchewan Canada S7M 1J3 Telephone: 306.956.6200 This is our head office, registered office and principal place of business. We are publicly listed on the Toronto and New York stock exchanges, and had a total of 2,638 employees at December 31, 2023.

With extraordinary assets, a proven operating track record, long-term contract portfolio, strong ESG commitment, employee expertise, comprehensive industry knowledge, and a strong balance sheet, the company is making investments that it expects will create a platform for strategic growth. We are confident in our ability to increase long-term growth by positioning the company as one of the global leaders in supporting the clean energy transition. And we are doing so at a time when the world’s prioritization of decarbonization and energy security is driving growth in demand and when geopolitics are creating concerns about the origin and security of supplies across the nuclear fuel cycle.

Business segments

URANIUM

Our uranium production capacity is among the world’s largest. In 2023, we continued to ramp-up to our tier-one production run rate and accounted for 16% of world production. We have controlling ownership of the world’s largest high-grade mineral reserves.

Product

•	uranium concentrates (U3O8)

Mineral reserves and resources

Mineral reserves

•	approximately 485 million pounds proven and probable

Mineral resources

•	approximately 409 million pounds measured and indicated
•	approximately 153 million pounds inferred
---	---

Tier-one operations

•	McArthur River and Key Lake, Saskatchewan
•	Cigar Lake, Saskatchewan
---	---
•	Inkai, Kazakhstan
---	---

Tier-two operations

•	Rabbit Lake, Saskatchewan
•	Smith Ranch-Highland, Wyoming
---	---
•	Crow Butte, Nebraska
---	---

Advanced projects

•	Millennium, Saskatchewan
•	Yeelirrie, Australia
---	---
•	Kintyre, Australia
---	---

Exploration

•	focused on North America
•	approximately 0.74 million hectares of land
---	---
2023 ANNUAL INFORMATION FORM	Page 6
---	---

FUEL SERVICES

We are an integrated uranium fuel supplier, offering refining, conversion, and fuel manufacturing services.

Products

•	uranium trioxide (UO3)
•	uranium hexafluoride (UF6) for light-water reactors (we have about 21% of world primary conversion capacity)
---	---
•	uranium dioxide (UO2) for CANDU heavy-water reactors
---	---
•	fuel bundles, reactor components and monitoring equipment used by CANDU heavy-water reactors
---	---

Operations

•	Blind River refinery, Ontario (refines uranium concentrates to UO3)
•	Port Hope conversion facility, Ontario (converts UO3 to UF6 or UO2)
---	---
•	Cameco Fuel Manufacturing Inc. (CFM), Ontario (manufactures fuel bundles and reactor components for CANDU heavy-water reactors)
---	---

WESTINGHOUSE ELECTRIC COMPANY (Westinghouse)

In 2023, we completed the acquisition of Westinghouse, in a strategic partnership with Brookfield. We own a 49% interest.

Products

•	Operating plant services (core business) – Provides outage and maintenance services, engineering support, instrumentation and controls equipment, plant modifications, and components and parts to nuclear<br>reactors
•	Nuclear fuel (core business) – designs and manufactures nuclear fuel supplies and services for light water reactors
---	---
•	New build – designs, develops and procures equipment for new nuclear plant projects
---	---

Operations

•	Columbia, South Carolina

(fuel fabrication)

•	Springfields, United Kingdom

(fuel fabrication)

•	Västerås, Sweden

(fuel fabrication)

For information about the financial performance of our segments for the years ended December 31, 2023 and 2022, see our 2023 MD&A as follows:

•	uranium – page 61
•	fuel services – page 62
---	---
•	Westinghouse – page 63
---	---

OTHER NUCLEAR FUEL CYCLE INVESTMENTS

Enrichment

We have a 49% interest in Global Laser Enrichment LLC (GLE) which is testing third-generation enrichment technology that, if successful, will use lasers to commercially enrich uranium. GLE is the exclusive licensee of the proprietary SILEX laser enrichment technology, that is in the development phase.

2023 ANNUAL INFORMATION FORM	Page 7

The nuclear fuel cycle

LOGO

Our operations and investments span the nuclear fuel cycle, from exploration to fuel manufacturing.

Mining

Once an orebody is discovered and defined by exploration, there are three common ways to mine uranium, depending on the depth of the orebody and the deposit’s geological characteristics:

•	Open pit mining is used if the ore is near the surface. The ore is usually mined using drilling and blasting.
•	Underground mining is used if the ore is too deep to make open pit mining economical. Tunnels and shafts provide access to the ore.
---	---
•	In situ recovery (ISR) does not require large scale excavation. Instead, holes are drilled into the ore and a solution is used to dissolve the uranium. The solution is pumped to the surface where the uranium is<br>recovered.
---	---
Mining
---

Ore from open pit and underground mines is processed to extract the uranium and package it as a powder typically referred to as uranium ore concentrates (UOC) or yellowcake (U3O8). The leftover processed rock and other solid waste (tailings) is placed in an engineered tailings facility.

Refining

Refining removes the impurities from the uranium concentrate and changes its chemical form to uraniumtrioxide (UO3).

Conversion

For light water reactors, the UO3 is converted to uranium hexafluoride (UF6) gas to prepare it for enrichment. For heavy water reactors like the CANDU reactor, the UO3 is converted into powdered uranium dioxide (UO2).

Enrichment

Uranium is made up of two main isotopes: U-238 and U-235. Only U-235 atoms, which make up 0.7% of natural uranium, are involved in the nuclear reaction (fission). Most of the world’s commercial nuclear reactors require uranium that has an enriched level of U-235 atoms.

The enrichment process increases the concentration of U-235 to between 3% and 5% by separating U-235 atoms from the U-238. Enriched UF6 gas is then converted to powdered UO2.

Fuel manufacturing

Natural or enriched UO2 is pressed into pellets, which are baked at a high temperature. These are packed into zircaloy or stainless steel tubes, sealed and then assembled into fuel bundles.

Generation

Nuclear reactors are used to generate electricity. U-235 atoms in the reactor fuel fission, creating heat that generates steam to drive turbines. The fuel bundles in the reactor need to be replaced as the U-235 atoms are depleted, typically after one or two years depending upon the reactor type. The used – or spent – fuel is stored or reprocessed. Typical activities to ensure the safe and reliable operation of nuclear power plants include overhaul, repair and replacement of system components, testing and calibration of parts, and in-service inspections. Nuclear reactors are refueled every 18 to 24 months.

Spent fuel management

The majority of spent fuel is safely stored at the reactor site. A small amount of spent fuel is reprocessed. The reprocessed fuel is used in some European and Japanese reactors.

2023 ANNUAL INFORMATION FORM	Page 8

Major developments

2021	2022	2023
January	January	March
• We announce the closing of the agreement between Cameco, Silex<br>Systems Limited and GE-Hitachi Nuclear Energy, completing the ownership restructuring of GLE with Cameco’s interest in GLE increasing from 24% to 49%.<br> <br><br><br><br>February<br> <br><br><br><br>• We announce the Supreme Court of Canada dismissed CRA’s application for leave to appeal the<br>June 26, 2020 decision of the Federal Court of Appeal with respect to the 2003, 2005 and 2006 tax years.<br> <br><br><br><br>April<br> <br><br><br><br>• We announce plans to restart production at the Cigar Lake mine.<br><br><br><br> <br>October<br> <br><br><br><br>• We file a notice of appeal with the Tax Court of Canada, asking it to order the reversal of<br>CRA’s transfer pricing adjustment and the return of $777 million in cash and letters of credit we paid or secured for the tax years 2007 through 2013, with costs.	• We announce plans to transition McArthur River and Key Lake from<br>care and maintenance to planned production of 15 million pounds per year (100% basis) by 2024, 40% below its annual licensed capacity, and to reduce production at Cigar Lake in 2024 to 13.5 million pounds per year (100% basis), 25% below its annual<br>licensed capacity starting in 2024.<br> <br><br> <br>May<br><br><br><br> <br>• We acquire an additional<br>4.522% interest in Cigar Lake increasing our interest to 54.547%.<br> <br><br> <br>October<br><br><br><br> <br>• We announce our plans to form<br>a strategic partnership with Brookfield Renewable Partners L.P., together with its institutional partners (Brookfield Renewable), to acquire Westinghouse, a global provider of nuclear services, from Brookfield Renewable. Brookfield Renewable will<br>own a 51% interest and we will own a 49% interest in Westinghouse. We are responsible to contribute approximately $2.2 billion (US) in respect of the acquisition.<br> <br><br><br><br>• We issue 34,057,250 common shares at a price of $21.95 (US) per share for gross proceeds to us of<br>approximately $747.6 million (US) pursuant to a bought deal. The net offering proceeds are intended to partially fund our share of the acquisition of Westinghouse.<br> <br><br><br><br>November<br> <br><br><br><br>• We announce that the first pounds of uranium ore from the McArthur River mine have now been milled<br>and packaged at the Key Lake mill, marking the achievement of initial production as these facilities transition back to normal operations.	• We sign a major supply contract to provide sufficient volumes of<br>natural uranium hexafluoride, or UF6 (consisting of uranium and conversion services), to meet Ukraine’s full nuclear fuel needs through 2035.<br><br><br><br> <br>• CRA has issued revised<br>assessments for the 2007 through 2013 tax years, which resulted in a refund of $297 million, consisting of $86 million in cash and $211 million in letters of credit, which were returned in the second quarter. CRA continues to hold $483 million that<br>we have remitted or secured based on prior reassessments CRA had issued in our longstanding tax dispute.<br> <br><br><br><br>November<br> <br><br><br><br>• We announce that the acquisition of Westinghouse in a strategic partnership with Brookfield<br>Renewable closed on November 7, 2023.
2023 ANNUAL INFORMATION FORM	Page 9
---	---

Updated 2024 production plan for McArthur Rive/Key Lake and Cigar Lake

In February 2024, we announced our plan for McArthur River/Key Lake to produce 18 million pounds per year (100% basis) starting in 2024 and to continue to operate Cigar Lake at its licensed capacity of 18 million pounds per year (100% basis) in 2024.

We also plan to begin the work necessary to extend the mine life at Cigar Lake to 2036. In addition, at McArthur River/Key Lake, we plan to undertake an evaluation of the work and investment necessary to expand production up to its annual licensed capacity of 25 million pounds (100% basis), which we expect will allow us to take advantage of this opportunity when the time is right.

Update for 2024 production at Inkai

Based on Kazatomprom (KAP)’s announcement on February 1, 2024, production in Kazakhstan is expected to remain approximately 20% below the level stipulated in subsoil use agreements, primarily due to the sulfuric acid shortage in the country and delays in development of new deposits.

Our current target for production at Inkai in 2024 is 8.3 million pounds of U3O8 (100% basis). However, this target is tentative and contingent upon receipt of sufficient quantities of sulfuric acid. In addition, the allocation of such production between JV Inkai participants is currently under discussion by Cameco and KAP.

How Cameco was formed

Cameco was incorporated under the Canada Business Corporations Act on June 19, 1987.

We were formed when two crown corporations were privatized and their assets merged:

•	Saskatchewan Mining Development Corporation (SMDC) (uranium mining and milling operations); and<br>
•	Eldorado Nuclear Limited (uranium mining, refining and conversion operations) (now Canada Eldor Inc.)<br>
---	---

There are constraints and restrictions on ownership of shares in the capital of Cameco (Cameco shares) set out in our company articles, and a related requirement to maintain offices in Saskatchewan. These are requirements of the Eldorado Nuclear Limited Reorganization and Divestiture Act (Canada), as amended, and The Saskatchewan Mining Development CorporationReorganization Act, as amended, and are described on pages 135 and 136.

We have made the following amendments to our articles:

2002	• increased the maximum share ownership for individual non-residents to 15% from<br>5%<br> <br><br> <br>• increased the limit on<br>voting rights of non-residents to 25% from 20%
2003	• allowed the board to appoint new directors between shareholder meetings as<br>permitted by the Canada Business Corporations Act, subject to certain limitations<br> <br><br><br><br>• eliminated the requirement for the chair of the board to be ordinarily resident in the province of<br>Saskatchewan

We have one main subsidiary:

•	Cameco Europe Ltd., a Swiss company that we have 100% ownership of through subsidiaries

At January 1, 2024, we do not have any other subsidiary that is material, either individually or collectively.

For more information

You can find more information about Cameco on SEDAR+ (sedarplus.com), EDGAR (sec.gov) and on our website (cameco.com).

See our most recent management proxy circular for additional information, including how our directors and officers are compensated and any loans to them, principal holders of our securities, and securities authorized for issue under our equity compensation plans. We expect the circular for our May 9, 2024 annual meeting of shareholders to be available on April 5, 2024.

See our 2023 financial statements and 2023 MD&A for additional financial information.

2023 ANNUAL INFORMATION FORM	Page 10

Our vision, values and strategy

Our vision

Our vision – “Energizing a clean-air world” – recognizes that we have an important role to play in enabling the vast reductions in global greenhouse gas (GHG) emissions required to achieve a resilient net-zero carbon economy. We support climate action that is consistent with the ambition of the Paris Agreement and the Canadian government’s corresponding commitment to limit global temperature rise to less than 2°C. We believe that this means the world needs to reach net-zero emissions by 2050 or sooner. The uranium we produce is used around the world in the generation of safe, carbon-free, affordable, baseload nuclear power.

We believe we have the right strategy to achieve our vision and we will do so in a manner that reflects our values. For 35 years, we have been delivering our products responsibly. Building on that strong foundation, we remain committed to our efforts to reduce our own, already low, GHG footprint in our ambition to reach net-zero emissions, while identifying and addressing the ESG risks and opportunities that we believe may have a significant impact on our ability to add long-term value for our stakeholders.

Committed to our values

Our values are discussed below. They define who we are as a company, are at the core of everything we do and help to embed ESG principles and practices as we execute on our strategy in pursuit of our vision. They are:

•	safety and environment
•	people
---	---
•	integrity
---	---
•	excellence
---	---

Safety and Environment

The safety of people and protection of the environment are the foundations of our work. All of us share in the responsibility of continually improving the safety of our workplace and the quality of our environment.

We are committed to keeping people safe and conducting our business with respect and care for both the local and global environment.

People

We value the contribution of every employee and we treat people fairly by demonstrating our respect for individual dignity, creativity and cultural diversity. By being open and honest, we achieve the strong relationships we seek.

We are committed to developing and supporting a flexible, skilled, stable and diverse workforce, in an environment that:

•	attracts and retains talented people and inspires them to be fully productive and engaged
•	encourages relationships that build the trust, credibility and support we need to grow our business<br>
---	---

Integrity

Through personal and professional integrity, we lead by example, earn trust, honour our commitments and conduct our business ethically.

We are committed to acting with integrity in every area of our business, wherever we operate.

Excellence

We pursue excellence in all that we do. Through leadership, collaboration and innovation, we strive to achieve our full potential and inspire others to reach theirs.

Our strategy

2023 ANNUAL INFORMATION FORM	Page 11

environment. Increasing populations, a growing focus on electrification and decarbonization, and concerns about energy security and affordability are driving a global focus on tripling nuclear power capacity by 2050, which is expected to durably strengthen the long-term fundamentals for our industry. 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.

Our strategy is to capture full-cycle value by:

•	remaining disciplined in our contracting activity, building a balanced portfolio in accordance with our<br>contracting framework
•	profitably producing from our tier-one assets and aligning our production decisions in all segments of the fuel<br>cycle with contracted demand and customer needs
---	---
•	being financially disciplined to allow us to:
---	---
•	execute our strategy
---	---
•	invest in new opportunities that are expected to add long-term value
---	---
•	self-manage risk
---	---
•	exploring other emerging opportunities within the nuclear power value chain, which align with our commitment to<br>manage our business responsibly and sustainably, contribute to decarbonization, and help to provide secure and affordable energy
---	---

We continually evaluate investment opportunities within the nuclear fuel value chain, which align well with our commitment to manage our business responsibly and sustainably, increase our contributions to decarbonization and help provide energy security. Expanding our participation in the fuel cycle is expected to complement our tier-one uranium and fuel services assets, creating new revenue opportunities, and it enhances our ability to meet the increasing needs of existing and new customers for secure, reliable nuclear fuel supplies, services and technologies.

We have signed a number of non-binding arrangements to explore several areas of cooperation to advance the commercialization and deployment of small modular reactors in Canada and around the world.

We will make an investment decision when an opportunity is available at the right time and the right price. We strive to pursue corporate development initiatives that will leave us and our stakeholders in a fundamentally stronger position. As such, an investment opportunity is never assessed in isolation. Investments must compete for investment capital with our own internal growth opportunities. They are subject to our capital allocation process described in our 2023 MD&A under Capital Allocation – Focus onValue, starting on page 30.

We expect our strategy will allow us to increase long-term value, and we will execute it with an emphasis on safety, people and the environment.

For more information on our strategy, see our 2023 MD&A under Our vision, value and strategy – Strategy, starting on page 23.

Market overview and developments

A market in transition

In 2023, geopolitical uncertainty and heightened concerns about energy security and climate change continued to improve the demand and supply fundamentals for the nuclear power industry and the fuel cycle that is required to support it. Increasingly, countries and companies around the globe are recognizing the critical role nuclear power must play in providing clean and secure baseload power. This growing support has led to a rise in demand as reactors are being saved from earlier retirement, 10- and 20-year life extensions are being sought and approved for existing reactor fleets in several countries, and numerous commitments and plans are being made for the construction of new nuclear generating capacity. In addition, there is increasing interest in small modular reactors (SMR), including smaller versions of existing technology and advanced technology designs, which are expected to add to demand in the decades to come, with several projects already underway.

2023 ANNUAL INFORMATION FORM	Page 12

of 2022 to $100 (US) per pound at the end of January 2024, after peaking at $106 (US) per pound earlier in the month, and the long-term price for uranium increasing about 38% over the same period. We expect there will be continued competition to secure uranium, conversion services and enrichment services under long-term contracts with proven producers and suppliers who have a diversified portfolio of assets in geopolitically attractive jurisdictions, with strong environmental, social and governance (ESG) performance, and on terms that help ensure a reliable supply is available to satisfy demand.

Durable demand growth

The benefits of nuclear energy have come clearly into focus, supporting a level of durability of demand that, we believe, has not been previously seen. The durability is being driven not only by accountability for achieving the net-zero carbon targets set by countries and companies around the world, but also by a geopolitical realignment in energy markets that is causing countries to reexamine how they plan to address their energy needs. Net-zero carbon targets are turning global attention to a triple challenge. First, about one-third of the global population must be lifted out of energy poverty by improving access to clean and reliable baseload electricity. Second, approximately 80% of the current global electricity grids that run on carbon-emitting sources of thermal power must be replaced with a clean, reliable alternative. And finally, global power grids must grow by electrifying industries, such as private and commercial transportation, and home and industrial heating, which today are largely powered with carbon-emitting sources of thermal energy. Additionally, geopolitical uncertainty has deepened concerns about energy security, highlighting the role of energy policy in balancing three main objectives: providing a clean emissions profile; providing a reliable and secure baseload profile; and providing an affordable, levelized cost profile. There is increasing recognition that nuclear power meets these objectives and has a key role to play in achieving decarbonization and energy security goals. The growth in demand is not just long-term and in the form of new builds, but medium-term in the form of reactor life extensions, and near-term with early reactor retirement plans being deferred or cancelled and new markets continuing to emerge. And, we are seeing even more long-term momentum building with the development of SMRs, where the use case extends beyond just power generation and numerous companies and countries are pursuing projects.

Demand and energy policy highlights

•	In September, the World Nuclear Association released its biennial Global Nuclear Fuel Report which provides<br>scenarios for demand and supply availability across the fuel supply chain through 2040. This included a robust demand outlook showing global nuclear generating capacity increasing to 686 GWe by 2040 in the Reference Scenario, an average annual<br>growth rate of 3.6%, compared to 2.6% in the 2021 report. This improvement was driven by improved government support, life extensions, new builds and importantly, that starting in the 2030s, the deployment of SMRs is forecasted to contribute to<br>capacity growth. Additional key themes include assumed reductions to secondary supply and decreased availability of mobile inventories, along with the need for a growing volume of future uranium supply requiring higher incentive pricing to balance<br>the market after 2030.
•	At the 28th annual Conference of Parties (COP28), the 2023 United Nations Climate Change Conference held in the<br>United Arab Emirates, 22 countries (now 28) launched a declaration to triple nuclear energy capacity by 2050. For the first time at the conference, nuclear energy was recognized alongside other low-emissions technologies for the key role it must<br>play in reaching global net-zero GHG emissions by 2050. In addition, the inaugural global stocktake was introduced at COP28, a process where countries and stakeholders can provide an update every five years to track the world’s progress toward<br>the Paris Agreement targets. In 2023, the initiative concluded that more action is required, as emissions continue to rise and put 2030 targets at risk, reinforcing that in order to achieve net zero by 2050, the world needs “absolute<br>economy-wide emission reduction targets”, which were estimated at a cost of “trillions of dollars”.
---	---
•	China Nuclear Energy Association published the “China Nuclear Energy Development Report 2023” in April,<br>which highlighted China’s continuing growth. According to the report, the country is expected to lead the world in installed nuclear capacity with 110 GWe expected by 2030, rising to 150 GWe expected by 2035, and plans to build over 90% of<br>their major nuclear power reactors domestically. Additionally, a proposal drafted by 15 Chinese national policy advisors was submitted to the government advocating for the development of new nuclear power plants at inland sites, which are now being<br>considered following the end of a post-Fukushima moratorium on proposed inland nuclear power plants.
---	---
•	In Japan, Takahama unit 2 restarted in September, becoming the country’s 12th reactor to restart since<br>Fukushima. Onagawa unit 2 and Shimane unit 2 are expected to restart in 2024. In November, the Nuclear Regulation Authority approved 20-year life extensions (beyond 40 years) for Sendai units 1 and 2; additionally, Takahama units 3 and 4 are<br>expected to receive similar life extensions, pending generator work in 2026 and 2027. In addition, Japan enacted a bill in May allowing nuclear reactors to operate beyond the 60-year limit.
---	---
2023 ANNUAL INFORMATION FORM	Page 13
---	---
•	In South Korea, Korea Hydro and Nuclear Power (KHNP) announced in September that they successfully completed fuel<br>loading at Shin Hanul unit 2, a new 1,400 MWe APR-1400 pressurized water reactor (PWR) unit. This followed an announcement from the Ministry of Industry and Energy that Shin Hanul units 3 and 4 would be completed by the end of 2024. Additionally, to<br>help achieve the plans set out in their 10th Basic Plan for Electricity Supply and Demand 2030, which targets more than 30% of its power supply to come from nuclear, the Ministry confirmed a review of the need for new nuclear power plants was<br>underway.
---	---
•	In India, the first domestically designed 700 MWe pressurized heavy water reactor, Kakrapar unit 3, reached full<br>operating capacity in August. Three more units of the same design are expected to come online in the next few years. The country is targeting an expansion of nuclear generating capacity to 22.5 GWe by 2031.
---	---
•	In February, the European Nuclear Alliance was launched. Led by France, the initiative commits 11 European<br>countries to cooperate across the nuclear fuel supply chain, and to promote new nuclear generation projects and technologies, including the advancement of SMRs. Throughout 2023, the alliance expanded and now includes a commitment from 16 European<br>countries that will prepare a roadmap to develop an integrated European nuclear industry and target 150 GWe of nuclear power by 2050.
---	---
•	In France, plans were advanced to relaunch the country’s reactor construction program: the government<br>committed to life extensions with a proposed “industrial build” program that initially includes six new European Pressurized Reactors (EPR), as well as eight additional EPRs in the future. Électricité de France filed an<br>application to build the first pair of 1,650 MWe EPRs with construction scheduled to begin in 2028.
---	---
•	In January 2024, the United Kingdom (UK) announced that they are seeking to quadruple their nuclear power output<br>by 2050. Under the “Civil Nuclear Roadmap”, the UK will invest into developing new advanced nuclear fuel, new regulations, and a new nuclear reactor.
---	---
•	In June, Sweden’s parliament adopted a new energy target, changing its focus to “100% fossil-free”<br>electricity as opposed to the previously stated focus of “100% renewable”. In August, the government announced a target to further expand the role of nuclear power and in November, announced its intention to build up to 2,500 MWe of new<br>nuclear power capacity by 2035, and up to 10 new reactors by 2045, backed by an offer of loan guarantees.
---	---
•	In Belgium, the government and nuclear operator ENGIE reached an agreement following prolonged negotiations to<br>extend the lifespans of the Doel unit 4 and Tihange unit 3 reactors by 10 years, with each now expected to operate until 2035.
---	---
•	In Bulgaria, the government issued its 30-year energy strategy to 2053, which envisions the construction of four<br>new nuclear reactor units. In December, parliament approved a government proposal to inject up to 1.5 billion levs ($(US) 838 million) into the state-owned Kozloduy Nuclear Power Plant to fund the planned construction of the first of two proposed<br>reactors using Westinghouse’s AP1000^®^ technology.
---	---
•	In Poland, the government adopted a resolution committing to finance the country’s first nuclear power<br>plant. The funds will go to Polish utility Polskie Elektrownie Jadrowe, which signed a contract with Westinghouse for multiple AP1000 reactors in February of 2023.
---	---
•	In the US, Vogtle unit 3 entered commercial service on July 31, after becoming the first Westinghouse AP1000<br>reactor in the US to successfully connect to the electrical grid. Vogtle unit 4 is expected to begin operating in the second quarter of 2024.
---	---
•	Throughout 2023, many US states expressed local support for nuclear: Ohio, Virginia, Kentucky, and Tennessee all<br>began creating state-level advisory authorities to promote, research and develop nuclear power technologies, and Michigan formed a new Nuclear Caucus to support the reopening of the Palisades nuclear power plant, and also approved extending<br>operations at the Monticello nuclear power plant through 2040.
---	---
•	In Canada, provincial support for nuclear increased in 2023. New Brunswick Power signed a three-year contract<br>with Ontario Power Generation (OPG) to enhance the operational performance of the Point Lepreau nuclear power plant. In Ontario, the Minister of Energy announced support to advance the long-term planning required to explore nuclear expansion options<br>for Bruce Power, outlining the need for nearly 18 GWe in new nuclear capacity to help the province reach its electrification and net-zero goals. Additionally, in Saskatchewan, Crown Investments Corporation provided around $479,000 to help local<br>firms build small, advanced, and micro reactors supply chain capacity, while the Alberta government announced plans to invest around $7 million to study SMRs.
---	---
•	In January 2024, OPG announced plans to proceed with the refurbishment of the Pickering Nuclear Generating<br>Station’s “B” units (units 5, 6, 7 and 8). Once the project is completed in the mid-2030s, Pickering would produce a total of 2 GWe of electricity, to help meet increasing electricity demand and fuel the province’s economic<br>growth.
---	---
2023 ANNUAL INFORMATION FORM	Page 14
---	---

According to the International Atomic Energy Agency (IAEA), globally there are currently 438 operable reactors and 58 reactors under construction. Several nations are appreciating the clean energy and energy security benefits of nuclear power and have reaffirmed their commitment with plans underway to support existing reactor units and review policies to encourage more nuclear generation. Several other non-nuclear countries have emerged as candidates for new nuclear capacity. In the EU, specific nuclear energy projects have been identified for inclusion under its sustainable financing taxonomy and are therefore eligible for access to low-cost financing. In Canada, the government revised the Canada Green Bond Framework to include nuclear energy projects. In some countries where phase-out policies have been in place, policy reversals and decisions have been made to temporarily keep reactors running, with public opinion polls showing increasing support. With a number of reactor construction projects recently approved and many more planned, demand for uranium continues to improve. There is growing recognition of the role nuclear must play in providing safe, affordable, carbon-free baseload electricity to achieve a low-carbon economy, while being a reliable energy source that helps countries move away from Russian energy supply.

LOGO

Supply uncertainty

Geopolitical uncertainty remained the most notable factor impacting security of supply in 2023. Driven by the Russian invasion of Ukraine, and more recently, the coup d’état in Niger, many governments and utilities are re-examining supply chains and procurement strategies that rely on nuclear fuel supplies from these jurisdictions. In addition, sanctions on Russia and Niger, government restrictions, and restrictions on and cancellations of some cargo insurance coverages continue to create transportation and supply chain risks for nuclear fuel supplies coming out of Central Asia. There are also transportation risks to material being shipped from Australia to Europe as a result of the conflict in the Middle East. Despite the recent increase in market prices, the deepening geopolitical uncertainty and years of underinvestment in new uranium and fuel cycle service capacities has shifted risk from producers to utilities.

2023 ANNUAL INFORMATION FORM	Page 15

Supply and trade policy highlights

•	Sprott Physical Uranium Trust (SPUT) purchased about 4 million pounds U3O8 in 2023, bringing total purchases since inception to over 45 million pounds<br>U3O8 and increasing the total net asset value to around $(US)7 billion. Volatility in equity markets has impacted SPUT’s valuation<br>(discount or premium to its net asset value) and therefore its ability to raise funds to purchase uranium.
•	In June, KAP announced plans to start production at a new uranium deposit, Inkai 3 (100% owned by KAP). KAP<br>expects approval of a Subsoil Use Agreement (SSUA) to produce 10.4 million pounds U3O8 annually for 25 years from Inkai 3’s<br>uranium resources of about 216 million pounds U3O8.
---	---
•	In September, KAP had restated its plan to increase production in 2024 to 90% of SSUAs and announced a ramp up to<br>100% of SSUAs in 2025, though the company also warned that geopolitical uncertainty, global supply chain issues, and inflationary pressure could create challenges. On January 12, 2024, KAP announced that it had faced challenges in completing<br>the development required to achieve the planned 2024 production increase, and that it expected to lower its 2024 uranium production guidance due to limited availability of sulfuric acid and delays in the construction and development of new assets,<br>including Budenovskoye 6 and 7. On February 1, 2024, KAP rescinded its 2024 target due to the shortage of sulfuric acid and construction delays in 2023, and they now plan to remain about 20% below SSUAs, expecting to produce between<br>55 million and 59 million pounds U3O8 in 2024 (previously 65 million to 66 million pounds U3O8). KAP also warned that if the acid, supply chain and construction issues persist throughout 2024, the company’s 2025 plan to increase<br>production to 100% of SSUAs (79 million to 82 million pounds U3O8) may also be affected.
---	---
•	In April, five of the G7 countries (Canada, France, Japan, UK, and US), entered into a civil nuclear fuel<br>security agreement that attempts to reduce Russia’s influence in the global nuclear fuel supply chain.
---	---
•	In December, Urenco announced its decision to expand enrichment capacity at their facility in Almelo,<br>Netherlands, increasing capacity by 15% or approximately 750,000 separative work units (SWU), by 2027. This followed a prior announcement of plans to expand enrichment capacity at its Urenco USA site, increasing capacity there by 15% or<br>approximately 700,000 SWU, by 2025.
---	---
•	In October, Orano announced a planned enrichment capacity extension project at Georges Besse 2. The project,<br>forecasted to cost €1.7 billion, seeks to increase capacity by over 30% or approximately 2.5 million SWU, beginning in 2028.
---	---
•	In July, ConverDyn announced the restart of Honeywell’s Metropolis uranium conversion facility. The restart<br>plan had been delayed by a safety equipment failure in June, resulting in a special inspection by the US Nuclear Regulatory Commission (NRC). The facility restarted production in July 2023.
---	---
•	In July, a coup d’état in Niger resulted in a group of military officers removing President Mohamed<br>Bazoum and seizing power. All exports of uranium and gold to France were suspended and in September, Orano stated that it had halted uranium processing operations at the company’s majority-owned SOMAIR (Arlit) project in Niger due to logistical<br>complications caused by international sanctions. This resulted in 2023 production dropping to 3.9 million pounds U3O8, compared to<br>around 5.2 million pounds U3O8 in 2022.
---	---
•	In December, the US House of Representatives passed the Prohibiting Russian Uranium Impacts Act. The act proposes<br>to prohibit the import of Russian low-enriched uranium (LEU) into the US but includes waivers that allow the import of LEU from Russia if the US Energy Secretary determines no alternative source can be procured, or if the shipments are of national<br>interest. The waivers would gradually reduce and eliminate Russian uranium imports by 2028. The bill is awaiting further action after it was blocked by the US Senate on grounds unrelated to the bill itself. Separately, the US Senate Energy and<br>Natural Resources Committee passed the Nuclear Fuel Security Act of 2023, which directs the Department of Energy to create a “Nuclear Fuel Security Program” and strengthen the US nuclear fuel supply chain, including new LEU and high-assay<br>low-enriched uranium (HALEU) capacity, though no new funding has yet been appropriated. Finally, a Supplemental Funding Bill is progressing through Congress and includes roughly $111 billion (US) for national security measures, including a provision<br>for $2.72 billion (US) to be allocated to a new “American Energy Independence Fund”, which would acquire non-Russian LEU and HALEU, subject to the ban on Russian imports becoming law.
---	---

Long-term contracting creates full-cycle value for proven productive assets

2023 ANNUAL INFORMATION FORM	Page 16

contracting activity takes place with proven and reliable suppliers. The higher demand discovered during this contracting cycle drives investment in higher-cost sources of production, which due to lengthy development timelines, tend to miss the contracting cycle and ramp up after demand has already been won by proven producers. When prices are declining and low, there is no perceived urgency to contract, and contracting activity and investment in new supply dramatically decreases. After years of low prices, and a lack of investment in supply, and as the uncommitted material available in the spot market begins to thin, security-of-supply tends to overtake price concerns. Utilities typically re-enter the long-term contracting market to ensure they have a reliable future supply of uranium to run their reactors.

LOGO

UxC reports that over the last five years approximately 510 million pounds U3O8 equivalent have been locked-up in the long-term market, while approximately 780 million pounds U3O8 equivalent have been consumed in reactors. We remain confident that utilities have a growing gap to fill.

We believe the current backlog of long-term contracting presents a substantial opportunity for proven and reliable suppliers with tier-one productive capacity and a record of honoring supply commitments. As a low-cost producer, we manage our operations to increase value throughout these price cycles.

LOGO

In our industry, customers do not come to the market right before they need to load nuclear fuel into their reactors. To operate a reactor that could run for more than 60 years, natural uranium and the downstream services have to be purchased years in advance, allowing time for a number of processing steps before a finished fuel bundle arrives at the power plant. At present, we believe there is a significant amount of uranium that needs to be contracted to keep reactors running into the next decade.

2023 ANNUAL INFORMATION FORM	Page 17

UxC estimates that cumulative uncovered requirements are about 2.2 billion pounds to the end of 2040. With the lack of investment over the past decade, there is growing uncertainty about where uranium will come from to satisfy growing demand, and utilities are becoming increasingly concerned about the availability of material to meet their long-term needs. In addition, secondary supplies have diminished, and the material available in the spot market has thinned as producers and financial funds continue to purchase material. Furthermore, geopolitical uncertainty is causing some utilities to seek nuclear fuel suppliers whose values are aligned with their own or whose origin of supply better protects them from potential interruptions, including from transportation challenges or the possible imposition of formal sanctions.

We will continue to take the actions we believe are necessary to position the company for long-term success. Therefore, we will continue to align our production decisions with our customers’ needs under our contract portfolio. We will undertake contracting activity which is intended to ensure we have adequate protection while maintaining exposure to the benefits that come from having uncommitted, low-cost supply to place into a strengthening market.

Building a balanced portfolio

The 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 utilities 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 diversified mining companies that produce uranium as a by-product, or by state-owned entities with production volume strategies or ambitions to serve state nuclear power ambitions with low-cost fuel supplies. 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<br>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,<br>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.
•	As we build our portfolio of long-term contracts, we decide how to best source material to satisfy that demand,<br>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.<br>
---	---
•	We do not intend to build an inventory of excess uranium. Excess inventory serves to contribute to the sense that<br>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<br>active buyers in the market in order to meet our annual delivery commitments. Historically, prior to the supply curtailments that we began in 2016, we have generally planned our annual delivery commitments to slightly exceed the annual supply we<br>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<br>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.

2023 ANNUAL INFORMATION FORM	Page 18

Long-term contracting

Uranium 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, buying and selling uranium 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<br>future earnings and cash flow
•	focus on meeting the nuclear industry’s growing annual uncovered requirements with our tier-one production<br>
---	---
•	establish and grow market share with strategic and regionally diverse customers
---	---

We 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 foruranium: use a pricing mechanism based on a term-price indicator at the time the contract is accepted and escalated to 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 contractportfolio

We 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.

2023 ANNUAL INFORMATION FORM	Page 19

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.

With respect to our existing contracts, 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, we may consider adjusting our contracts in a manner that allow us to maintain our customer relationships and is mutually beneficial.

Contract portfolio status

We have executed contracts to sell approximately 205 million pounds of U3O8 with 37 customers worldwide in our uranium segment, and over 75 million kilograms as UF6 conversion with 33 customers worldwide in our fuel services segment.

Customers – U3O8:

Five largest customers account for 62% of commitments

LOGO

Customers – UF6 conversion:

Five largest customers account for 64% of commitments

LOGO

Managing our contract commitments

We allow sales volumes to vary year-to-year depending on:

•	the level of sales commitments in our long-term contract portfolio
2023 ANNUAL INFORMATION FORM	Page 20
---	---
•	market opportunities
---	---
•	our sources of supply
---	---

To meet our delivery commitments and to mitigate risk, we have access to a number of sources of supply, which includes uranium obtained from:

•	our productive capacity
•	purchases under our JV Inkai agreement, under long-term agreements and in the spot market
---	---
•	our inventory in excess of our working requirements
---	---
•	product loans
---	---

Our supply discipline

As spot is not the fundamental market, true value is built under a long-term contract portfolio and is measured over the full commodity cycle. Therefore, we align our uranium production decisions with our contract commitments and market opportunities to avoid carrying excess inventory or having to sell into an oversupplied spot market. In accordance with market conditions, and to mitigate risk, we evaluate the optimal mix of our production, inventory and purchases in order to satisfy our contractual commitments and in order to realize the best return over the entire commodity cycle. During a prolonged period of uncertainty, this could mean leaving our uranium in the ground. For the years 2016 through 2022, we left more than 130 million pounds of uranium in the ground (100% basis) by curtailing our production. We purchased more than 60 million pounds including spot and long-term purchases and in 2018 we drew down our inventory by almost 20 million pounds. That totals over 210 million pounds (100% basis) of uranium that were not available to the market.

However, today we believe the uranium market is in transition, driven by the growing demand for nuclear energy and the increasing recognition that it is essential to the clean-energy transition and to energy security. As the market continues to transition, we expect to continue placing our uranium under long-term contracts and meet rising demand with production from our best margin operations.

With the improvements in the market, the new long-term contracts we have put in place, and a pipeline of contracting discussions, we plan to produce 18 million pounds (100% basis) at McArthur River/Key Lake and Cigar Lake in 2024. Based on KAP’s announcement on February 1, 2024, production in Kazakhstan is expected to remain approximately 20% below the level stipulated in subsoil use agreements, primarily due to the sulfuric acid shortage in the country and delays in development of new deposits. Our current target for production at Inkai in 2024 is 8.3 million pounds U3O8 (100% basis). However, this target is tentative and contingent upon receipt of sufficient quantities of sulfuric acid. In addition, the allocation of such production between the JV Inkai participants is currently under discussion by Cameco and KAP. We also plan to begin the work necessary to extend the mine life at Cigar Lake. In addition, we plan to undertake the evaluation of the work and investment necessary to expand production at McArthur River/Key Lake up to its annual licensed capacity of 25 million pounds, which we expect will allow us to take advantage of this opportunity when the time is right.

Our production decisions will continue to be aligned with market opportunities and our ability to secure the appropriate long-term contract homes for our unencumbered, in-ground inventory, demonstrating that we continue to responsibly manage our assets in accordance with our customers’ needs.

In addition to our uranium production plans, we plan to produce 12,000 tonnes at our Port Hope UF6 conversion facility in 2024 to satisfy our book of long-term business for conversion services and customer demand, at a time when conversion prices are at historic highs.

Our production plans for McArthur River/Key Lake and Cigar Lake are expected to generate strong financial performance by allowing us to source more of our committed sales from the lower cost produced pounds. In addition, with conversion demand elevated, we have been successful in securing long-term sales commitments that will support increased UF6 production at Port Hope, which is expected to further improve its contribution to our financial results. However, this is not an end to our supply discipline. We expect to continue to adjust our production in accordance with our contract portfolio. This will remain our production plan until we see further improvements in the uranium market and contracting progress, once again demonstrating that we are a responsible fuel supplier.

2023 ANNUAL INFORMATION FORM	Page 21

Managing our costs

Production costs

In order to operate efficiently and cost-effectively, we manage operating costs and improve plant reliability by prudently investing in production infrastructure, new technology, and business process improvements. Like all mining companies, our uranium segment is affected by the cost of inputs such as labour and fuel.

LOGO

*	Production supplies include reagents, fuel and other items. Contracted services include utilities and camp<br>costs, air charters, mining and maintenance contractors and security and ground freight.

Over the last number of years, the annual cash cost of production reflected the operating cost of mining and milling our share of Cigar Lake as this was our only operating site. With the restart of the McArthur River/Key Lake operations the annual cost of production will reflect a combined cost of all our operating uranium assets. See 2023 financial results by segment – Uranium starting on page 61 of our 2023 MD&A for more information. In 2024, our cash production costs may continue to be affected by inflation, the availability of personnel with the necessary skills and experience, supply chain challenges impacting the availability of materials and reagents, and our continued efforts to ramp up to planned production at McArthur River/Key Lake.

Operating costs in our fuel services segment are mainly fixed. In 2023, labour accounted for about 56% of the total. The largest variable operating cost is for anhydrous hydrogen fluoride, followed by zirconium, and energy (natural gas and electricity).

We continue to look to adopt innovative and advanced digital and automation technologies to improve efficiency and operational flexibility and to further reduce cost.

Care and maintenance costs andoperational readiness costs

In 2024, we expect to incur between $50 million and $60 million in care and maintenance costs related to the suspension of production at our Rabbit Lake mine and mill, and our US operations. Production at these operations are higher-cost and a restart is less certain. We continue to evaluate our options in order to minimize these costs.

Purchases and inventory costs

Our costs are also affected by the purchases of uranium and conversion services we make under long-term contracts and on the spot market.

To meet our delivery commitments, we make use of our mined production, inventories, purchases of our share of material from Inkai, purchases under long-term contracts, purchases we make on the spot market and product loans. In 2024, we expect the price for the majority of our purchases will be quoted at the time of delivery.

The cost of purchased material may be higher or lower than our other sources of supply, depending on market conditions. The cost of purchased material affects our cost of sales, which is determined by calculating the average of all of our sources of supply, including opening inventory, production, and purchases, and adding royalties, selling costs, and care and maintenance costs. Our cost of sales could be impacted if we do not achieve our annual production plan, or if we are unable to source uranium as planned, and we are required to purchase uranium at prices that differ from our cost of inventory.

2023 ANNUAL INFORMATION FORM	Page 22

Financial impact

The growing demand for nuclear power due to its safety, clean energy, reliability, security and affordability attributes has contributed to increased demand for nuclear fuel products and services. As a result, we have seen significant price increases across the nuclear fuel value chain, which reflect the need for capacity increases to satisfy the projected growth.

The deliberate and disciplined actions we took to curtail production and streamline operations over the past decade came with near-term costs like care and maintenance costs, operational readiness costs, and purchase costs higher than our production costs. However, we considered these costs as investments in our future.

Today, thanks to our investments, and with our continued ability to secure new long-term sales commitments, we believe we are well-positioned for growth. Our core growth is expected to come from our existing tier-one mining and fuel services assets. We do not have to build new capacity to pursue new opportunities. We have sufficient productive capacity to expand, a position we have not enjoyed in previous price cycles.

And, with the acquisition of a 49% interest in Westinghouse, we expect to be able to expand our growth profile by extending our reach in the nuclear fuel cycle at a time when there are tremendous tailwinds for the nuclear power industry. We are extending our reach with an investment in assets, that like ours, are strategic, proven, licensed and permitted, that are located in geopolitically favourable jurisdictions, and that we expect will be able to grow from their existing footprint. These assets are also expected to provide new opportunities for our existing suite of uranium and fuel services assets.

We believe our actions and investments have helped position the company to self-manage risk and as we make the transition back to a tier-one run rate, we expect to generate strong financial performance, allowing us to execute on our strategy while rewarding our stakeholders for their continued patience and support of our strategy to build long-term value.

Supply sources

Uranium supply sources include primary production (production from mines that are currently in commercial operation) and secondary supply sources (excess inventories, uranium made available from defense stockpiles and the decommissioning of nuclear weapons, re-enriched depleted uranium tails, and used reactor fuel that has been reprocessed).

Primary production

While the uranium production industry is international in scope, there are only a small number of companies operating in relatively few countries. In addition, there are barriers to entry and bringing on and ramping up production can take a significant number of years. During the low-price environment that persisted for about a decade following 2011, a number of projects were cancelled or delayed, and some production was discontinued. Current prices and contracting activity are supporting the restart of some assets, however, the market has yet to incentivise the investment in new supply necessary to meet the anticipated growth in uranium requirements.

We estimate world mine production in 2023 was about 140 million pounds U3O8, up from 129 million pounds in 2022:

•	Over 80% of estimated world production was sourced from four countries: Kazakhstan (39%), Canada (21%), Namibia<br>(11%) and Australia (9%).
•	About 80% of estimated world production was attributable to five producers. Cameco accounted for approximately<br>16% (22 million pounds) of estimated world production.
---	---

Secondary sources

There are a number of secondary sources, but most of these sources are finite and will not meet long-term needs:

•	The US government has historically made some of its inventories available to the market, although in smaller and<br>predictable quantities.
•	The Russian government also holds substantial volumes of nuclear fuel inventory largely in the form of depleted<br>uranium, but overall, their contribution to secondary supplies has reduced significantly since the end of the Highly Enriched Uranium (HEU) Agreement between the Russian and United States governments.
---	---
•	Utilities, mostly in Europe and some in Japan and Russia, use reprocessed uranium and plutonium from used reactor<br>fuel.
---	---
•	Re-enriched depleted uranium tails and uranium from underfeeding are also generated when there is excess<br>enrichment capacity.
---	---
2023 ANNUAL INFORMATION FORM	Page 23
---	---

Uranium from US inventories

Historically, the US Department of Energy (DOE) was one of the primary sources of secondary supplies in the uranium market. This role has been significantly reduced since the suspension of the barter program of its natural UF6 inventory. DOE’s current primary contribution to secondary supplies is high-enriched uranium (HEU) downblending. The vast majority of the DOE’s inventory is large volumes of depleted uranium (DU).

In 2018, the DOE suspended its practice of bartering its excess uranium through 2019. The barter suspension has since been extended on an annual basis. The DOE has indicated a commitment to continue the suspension of the UF6 barter program. There is currently no available timetable to dispose of the remaining natural UF6 in DOE’s excess inventory, estimated at less than 9 million pounds.

The DOE’s DU inventory may become available to the market over the next two decades, although a significant portion of the inventory requires either further processing or the development of commercial arrangements before it can be brought to market.

Trade restraints and policies

The importation of Russian uranium into the US market is regulated by the amended USEC Privatization Act and by the Agreement Suspending the Antidumping Action against Russian Uranium Products (RSA), which together impose annual quotas on imports of Russian uranium. These quotas were set at the equivalent of 20% of annual US reactor demand and expired at the end of 2020. An amendment to the RSA was signed that extends the agreement from January 1, 2021 through December 31, 2040 and provides a clear set of rules around access to the US nuclear energy sector by Russian nuclear fuel suppliers. Since 1992, the importation of Russian uranium products in the US has been subject to a quota under the RSA. The amendment reduces the average overall quota and introduces caps, which will reduce the amount of Russian uranium, conversion and enrichment supplied to the US over the long-term. The amendment also includes important new provisions to ensure that all Russian origin uranium must be counted against the quota even if it is imported after further processing in other countries.

The US restrictions do not affect the sale of Russian uranium to other countries. A significant portion of world uranium demand is from utilities in countries that are not affected by the US restrictions. Utilities in some countries, however, adopt policies that limit the amount of Russian uranium they will buy. The Euratom Supply Agency in Europe must approve all uranium related contracts for members of the European Union (EU) and limits the use of certain nuclear fuel supplies from any one source to maintain security of supply, although these limits do not apply to uranium sold separately from enriched uranium product.

Since the Russian invasion of Ukraine on February 24, 2022, many jurisdictions have imposed strict economic sanctions against Russia, including Canada, the United States, the European Union, the United Kingdom, and others. The Canadian government has cancelled existing export permits to Russia and will not grant new export permits to Russia. The US government is yet to ban imports of Russian supplies, though the Prohibiting Russian Uranium Imports Act was passed by the United States House of Representatives in December 2023 which proposes an immediate ban on Russian imports 90 days after enactment. However, the proposed bill allows for a waiver process which authorizes imports equal to but not exceeding volumes stipulated in the RSA. These waivers would expire on January 1, 2028, and no new Russian imports would be permitted thereafter. Trade sanctions will impact the flow of nuclear fuel supplies coming in and out of Russia, including supplies shipped through Russian ports. The global nuclear industry currently relies on Russia for approximately 13% of its supply of uranium concentrates, 25% of conversion supply, and 37% of enrichment capacity. ****

The US Congress approved an omnibus spending bill for 2021, providing nearly $1.5 billion (US) in spending for nuclear programs which notably included initial funding of $75 million (US) for the creation of a national uranium reserve. This allowed the US government to begin purchasing domestically produced uranium and UF6 to guard against potential commercial and national security risks as a result of the country’s near-total reliance on foreign imports. In 2022, contracts were awarded to five US uranium producers for 1.1 million pounds U3O8. No contracts were awarded in 2023.

2023 ANNUAL INFORMATION FORM	Page 24

Conversion services

We have about 21% of world UF6 primary conversion capacity and supply UO2 for Canadian-made CANDU reactors. For conversion services, we compete with a small number of primary commercial suppliers to meet global demand. In addition, at times we compete with secondary supplies that come to market as UF6 and are described above.

Operations, projects andinvestments

Uranium

Tier-one operations
McArthur River mine/Key Lake mill	26
Cigar Lake	41
Inkai	56
Tier-two operations
Rabbit Lake	71
US ISR Operations	72
Advanced projects
Millennium	73
Yeelirrie	74
Kintyre	74
Exploration	74

Fuel services

Refining, conversion and fuel manufacturing
Blind River Refinery	77
Port Hope Conversion Services	77
Cameco Fuel Manufacturing Inc.	78

Westinghouse

Core business	82
New build	84

Other nuclear fuel cycle investments

Global Laser Enrichment (GLE)	86
2023 ANNUAL INFORMATION FORM	Page 25
---	---

Uranium production

Cameco’s share<br><br><br>(million lbs U3O8)	2022
McArthur River/Key Lake		0.8	^1^	9.4	^1^	12.6	^1^
Cigar Lake		9.6	^2^	8.2	^2^	9.8	^2^
Rabbit Lake		—	^3^	—	^3^	—	^3^
US ISR Operations		—	^3^	—	^3^	—	^3^
Total		10.4		17.6		22.4
^1^	The McArthur River/Key Lake operations restarted production in November 2022. In 2023, production continued to<br>ramp up and all remaining operational activities, including mine development and underground exploration were restarted.
---	---
^2^	At Cigar Lake, productivity in 2023 was impacted as we completed development and commissioning activities in<br>the first quarter and achieved first production from a new mining area. We had expected to recover from these delays in the second half of the year. However, in the third quarter, we determined maintenance work was required on one of the underground<br>circuits, which had not been planned. The additional time required to complete this work did not allow for the delayed production volumes to be recovered prior to year-end.
---	---
^3^	The Rabbit Lake operation remains in a state of care and maintenance, and we are no longer developing new<br>wellfields at US ISR operations.
---	---

Due to equity accounting, our share of production from Inkai is shown as a purchase. Based on KAP’s announcement on February 1, 2024, production in Kazakhstan is expected to remain approximately 20% below the level stipulated in subsoil use agreements, primarily due to the sulfuric acid shortage in the country and delays in development of new deposits. Our current target for production at Inkai in 2024 is 8.3 million pounds of U3O8 (100% basis). However, this target is tentative and contingent upon receipt of sufficient quantities of sulfuric acid. In addition, the allocation of such production between the JV Inkai participants is currently under discussion by Cameco and KAP. We received our share of JV Inkai’s 2023 production.

Uranium – Tier-one operations

McArthur River mine / Key Lake mill

2023 Production (our share)<br> <br><br><br><br>9.4M lbs<br> <br><br><br><br>2024 Production Outlook (our share)<br> <br><br><br><br>12.6M lbs<br> <br><br><br><br>Estimated Reserves (our share)<br> <br><br><br><br>265.6M lbs<br> <br><br><br><br>Estimated Mine Life<br> <br><br><br><br>2044

McArthur River is the world’s largest, high-grade uranium mine, and Key Lake is the world’s largest uranium mill. We are the operator of both the mine and mill.

McArthur River is considered a material uranium property for us. There is a technical report dated March 29, 2019 (effective December 31, 2018) that can be downloaded from SEDAR+ (sedarplus.com) or from EDGAR (sec.gov).

2023 ANNUAL INFORMATION FORM	Page 26
Location		Saskatchewan, Canada
---	---	---
Ownership		McArthur River – 69.805%
		Key Lake – 83.33%
Mine type		Underground
Mining methods		Blasthole stoping and raiseboring
End product		Uranium concentrate
Certification		ISO 14001 certified
Estimated reserves		265.6 million pounds (proven and probable), average grade U3O8: 6.72%
Estimated resources		4.9 million pounds (measured and indicated), average grade U3O8: 2.28%
		1.7 million pounds (inferred), average grade U3O8: 2.90%
Licensed capacity		Mine and mill: 25.0 million pounds per year
Licence term		Through October 2043
Total packaged production:	2000 to 2023	340.0 million pounds (McArthur River/Key Lake) (100% basis)
	1983 to 2002	209.8 million pounds (Key Lake) (100% basis)
2023 production		9.4 million pounds (13.5 million pounds on 100% basis)
2024 production outlook		12.6 million pounds (18.0 million pounds on 100% basis)
Estimated decommissioning cost		$50.6 million – McArthur River (100% basis)^1^
		$276.7 million – Key Lake (100% basis)^1^

All values shown, including reserves and resources, represent our share only, unless indicated.

^1^	These amounts represent the submitted, but not yet approved, Preliminary Decommissioning Plan (PDP) and<br>Preliminary Decommissioning Cost Estimate (PDCE) values.

Business structure

McArthur River is owned by a joint venture (MRJV)<br><br><br>between two companies:	Key Lake is owned by a joint venture between<br><br><br>the same two companies:
• Cameco – 69.805% (operator)	• Cameco – 83.333% (operator)
• Orano Canada Inc. (Orano) – 30.195%	• Orano – 16.667%

History

1976	• Canadian Kelvin Resources Ltd. and Asamera Oil Corporation Ltd. form an<br>exploration joint venture, which includes the lands that the McArthur River mine is situated on
1977	• SMDC, one of our predecessor companies, acquires a 50%<br>interest
1980	• McArthur River joint venture is formed<br><br><br><br> <br>• SMDC becomes the operator<br><br><br><br> <br>• Active surface exploration<br>begins<br> <br><br> <br>• Between 1980 and<br>1988 SMDC reduces its interest to 43.991%
1988	• Eldorado Resources Limited merges with SMDC to form Cameco<br><br><br><br> <br>• We become the operator<br><br><br><br> <br>• Deposit discovered by surface<br>drilling
1988-1992	• Surface drilling reveals significant mineralization of potentially economic<br>uranium grades, in a 1,700 metre zone at depths of between 500 to 640 metres
1992	• We increase our interest to 53.991%
1993	• Underground exploration program receives government approval –<br>program consists of shaft sinking (completed in 1994) and underground development and drilling
1995	• We increase our interest to 55.844%
1997-1998	• Federal authorities issue construction licences for McArthur River<br>after reviewing the environmental impact statement, holding public hearings, and receiving approvals from the governments of Canada and Saskatchewan
1998	• We acquire all of the shares of Uranerz Exploration and Mining Ltd.<br>(UEM), increasing our interest to 83.766%<br> <br>• We sell half of the shares of UEM to Orano, reducing<br>our interest to 69.805%, and increasing Orano’s to 30.195%
2023 ANNUAL INFORMATION FORM	Page 27
---	---
1999	• Federal authorities issue the operating licence and provincial<br>authorities give operating approval, and mining begins in December
---	---
2003	• Production is temporarily suspended in April because of a water<br>inflow<br> <br><br> <br>• Mining resumes in<br>July
2009	• UEM distributes equally to its shareholders:<br><br><br><br> <br>• its 27.922% interest in the<br>McArthur River joint venture, giving us a 69.805% direct interest, and Orano a 30.195% direct interest<br> <br><br><br><br>• its 33.333% interest in the Key Lake joint venture, giving us an 83.33% direct interest, and Orano<br>a 16.667% direct interest
2013	• Federal authorities granted a 10-year renewal of the McArthur River and<br>Key Lake operating licences
2014	• After a two-week labour disruption, we enter into a four-year<br>collective agreement with unionized employees at McArthur River and Key Lake operations
2017	• We announce our plan to temporarily suspend production at McArthur<br>River and Key Lake in 2018
2018	• We announce the suspension of production at McArthur River and Key Lake<br>for an indeterminate duration
20 22	• We announce plans to transition McArthur River and Key Lake from care<br>and maintenance to planned production of 15 million pounds per year (100% basis) by 2024
2023	• We updated our production plans for McArthur River and Key Lake to<br>achieve production of 18 million pounds per year (100% basis) starting in 2024<br> <br><br><br><br>• In October 2023, the Canadian Nuclear Safety Commission (CNSC) granted 20-year renewals to the<br>licences for both McArthur River and Key Lake.

Technical report

This description is based on the project’s technical report: McArthur River Operation, Northern Saskatchewan, Canada, dated March 29, 2019 (effective December 31, 2018). The report was prepared for us in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101), by or under the supervision of Linda Bray, P. Eng., Gregory M. Murdock, P. Eng., and Alain D. Renaud, P. Geo. The following description has been prepared under the supervision of Biman Bharadwaj, P. Eng., Daley McIntyre, P. Eng., Gregory M. Murdock, P. Eng., and Alain D. Renaud, P. Geo. They are all qualified persons within the meaning of NI 43-101 but are not independent of us. The conclusions, projections and estimates included in this description are subject to the qualifications, assumptions and exclusions set out in the technical report. We recommend you read the technical report in its entirety to fully understand the project. You can download a copy from SEDAR+ (sedarplus.com) or from EDGAR (sec.gov).

For information about uranium sales see pages 19 to 21, environmental matters see Our ESG principles and practices and The regulatory environment starting on pages 92 and 96, and taxes see page 104. For a description of royalties payable to the province of Saskatchewan on the sale of uranium extracted from orebodies within the province, see page 103. For a description of risks that might affect access, title or the right or ability to perform work on the property, see Governance and compliance risks starting at page 121, Social risks starting at page 123 and Environmental risks starting at page 124.

About the McArthur River property

Location

The McArthur River mine site is located near Toby Lake, approximately 620 kilometres north of Saskatoon. The mine site is in close proximity to other uranium production operations: the Key Lake mill is 80 kilometres southwest by road and the Cigar Lake mine is 46 kilometres northeast by air.

2023 ANNUAL INFORMATION FORM	Page 28

Access

Access to the property is by an all-weather gravel road and by air. Supplies are transported by truck from Saskatoon and elsewhere. There is a 1.6-kilometre unpaved air strip and an air terminal one kilometre east of the mine site, on the surface lease.

Saskatoon, a major population centre south of the McArthur River property, has highway and air links to the rest of North America.

Leases

Surface lease

The MRJV acquired the right to use and occupy the lands necessary to mine the deposit under a surface lease agreement with the province of Saskatchewan. The lease covers 1,425 hectares and expires in May 2043.

We are required to report annually on the status of the environment, land development and progress on northern employment and business development.

Mineral lease

We have the right to mine the deposit under ML 5516, granted to us by the province of Saskatchewan. The lease covers 1,380 hectares and expires in March 2034. We have the right to renew the lease for further 10-year terms.

Mineral claims

A mineral claim gives us the right to explore for minerals and to apply for a mineral lease. There are 28 mineral claims, totaling 87,747 hectares, adjoining the mineral lease and surrounding the deposit. The mineral claims are in good standing until 2025, or later.

Environment, social and community factors

The climate is typical of the continental sub-arctic region of northern Saskatchewan. Summers are short and cool even though daily temperatures can sometimes reach above 30°C. The mean daily temperature for the coldest month is below -20°C, and winter daily temperatures can reach below -40°C.

The deposit is 40 kilometres inside the eastern margin of the Athabasca Basin in northern Saskatchewan. The topography and environment are typical of the taiga forested lands in the Athabasca Basin.

We are committed to building long-lasting and trusting relationships with the communities in which we operate. For more information, see Our ESG principles and practices at page 92.

No communities are in the immediate vicinity of McArthur River. The community of Wollaston Lake is approximately 120 kilometres by air to the east of the mine site. The community of Pinehouse is approximately 300 kilometres south of the mine by road.

Athabasca Basin community resident employees and contractors fly to the mine site from designated pick-up points. Other employees and contractors fly to the mine from Saskatoon with pick-up points in Prince Albert and La Ronge.

Geological setting

The deposit is in the southeastern portion of the Athabasca Basin in northern Saskatchewan, within the southwest part of the Churchill structural province of the Canadian Shield. The deposit is located at or near the unconformity contact between the Athabasca Group sandstones and underlying metasedimentary rocks of the Wollaston Domain.

The deposit is similar to other Athabasca Basin deposits but is distinguished by its very high grade and overall size. Unlike Cigar Lake, there is no development of extensive hydrothermal clay alteration in the sandstone above the uranium mineralization and the deposit is relatively simple geochemically with negligible amounts of other metals.

McArthur River’s geological setting is similar to the Cigar Lake deposit in that the sandstone that overlies the deposit and basement rocks contains large volumes of water at significant pressure.

2023 ANNUAL INFORMATION FORM	Page 29

Mineralization

McArthur River’s mineralization is structurally controlled by a northeast-southwest trending reverse fault (the P2 fault), which dips 40-65 degrees to the southeast and has thrust a wedge of basement rock into the overlying sandstone with a vertical displacement ranging between 60 and 80 metres.

The deposit consists of nine mineralized zones with delineated mineral resources and/or reserves: Zones 1, 2, 3, 4, 4 South, A, B, McA North 1 and McA North 2. These and three under-explored mineralized showings, known as McA North 3, McA North 4 and McA South 1, as well as other mineralized occurrences have been identified over a strike length of 2,700 metres.

The main part of the mineralization, generally at the upper part of the basement wedge, averages 12.7 metres in width and has a vertical extent ranging between 50 metres and 120 metres.

The deposit has two distinct styles of mineralization:

•	high-grade mineralization at the unconformity near the P2 reverse fault and within both sandstone and basement<br>rocks
•	fracture controlled and vein like mineralization that occurs in the sandstone away from the unconformity and<br>within the basement quartzite
---	---

The high-grade mineralization along the unconformity constitutes most of the mineralization within the McArthur River deposit. Mineralization occurs across a zone of strongly altered basement rocks and sandstone across both the unconformity and the P2 structure. Mineralization is generally within 15 metres of the basement/sandstone contact with the exception of Zone 2.

Uranium oxide in the form of uraninite and pitchblende (+/- coffinite) occurs as disseminated grains in aggregates ranging in size from millimetres to decimetres, and as massive mineralization up to several metres thick.

Geochemically, the deposit does not contain any significant quantities of the elements nickel, copper, cobalt, lead, zinc, molybdenum, and arsenic that are present in other unconformity related Athabasca uranium deposits although locally elevated quantities of these elements have been observed in Zone B.

Deposit type

McArthur River is an unconformity-associated uranium deposit. Deposits of this type are believed to have formed through an oxidation-reduction reaction at a contact where oxygenated fluids met with reducing fluids. The geological model was confirmed by surface drilling, underground drilling, development, and production activities.

About the McArthur River operation

McArthur River is a fully developed property with sufficient surface rights to meet current mining operation needs. In February 2018, we began a planned 10-month production suspension. In response to market conditions, in July 2018 we extended the suspension for an indeterminate duration. In February 2022, we announced plans to transition from care and maintenance to planned production of 15 million pounds per year (100% basis) by 2024. In February 2023, we updated our 2024 production plan to achieve 18 million pounds per year (100% basis).

We began construction and development of the McArthur River mine in 1997 and completed it on schedule. Mining began in December 1999 and commercial production on November 1, 2000. We have successfully extracted over 340 million pounds (100% basis) since we began mining in 1999.

The mineral reserves at McArthur River are contained within seven zones: Zones 1, 2, 3, 4, 4 South, A and B. There are currently two active mining zones (Zone 2 and 4), one with development significantly advanced (Zone 1), and one in the early stages of development (Zone 4 South).

Zone 2 has been actively mined since production began in 1999. The ore zone was initially divided into three freeze panels.

As the freeze wall was expanded, the inner connecting freeze walls were decommissioned to recover the inaccessible uranium around the active freeze pipes. Mining of Zone 2 is almost complete. About 3.5 million pounds of mineral reserves remain, and we expect to recover them using a combination of raisebore and blasthole stope mining.

Zone 4 has been actively mined since 2010. The zone was divided into four freeze panels, and like in Zone 2, as the freeze wall was expanded, the inner connecting freeze walls were decommissioned. Zone 4 has 103.9 million pounds of mineral reserves secured behind freeze walls, and it will be the main source of production for the next several years. Raisebore and blasthole stope mining will be used to recover the mineral reserves.

2023 ANNUAL INFORMATION FORM	Page 30

Zone 1 is the next planned mine area to be brought into production. Freeze hole drilling was completed in 2023 and brine distribution construction work has resumed. A small section of the planned freeze wall is currently actively freezing. Once brine distribution construction is complete and an active freeze wall has been established, drill and extraction chamber development will need to be completed prior to the start of production. Once complete, an additional 48.0 million pounds of mineral reserves will be secured behind freeze walls. Blasthole stope mining is currently planned as the main extraction method in Zone 1.

Zone 4 South is in the early development stages. Access development for the freeze drifts has resumed on the lower levels and freeze drilling began at the end of 2023 on the upper freeze drifts which were established prior to the 2018 shutdown.

Permits

We need three key permits to operate the McArthur River mine:

•	Uranium Mine Operating Licence – renewed in 2023 and expires in October 2043 (from the CNSC);<br>
•	Approval to Operate Pollutant Control Facilities – renewed in 2022 and expires on June 30, 2028 (from<br>the Saskatchewan Ministry of Environment (SMOE)); and
---	---
•	Water Rights Licence and Approval to Operate Works – amended in 2011 and valid for an undefined term (from<br>the Saskatchewan Watershed Authority)
---	---

The CNSC licence conditions handbook allows McArthur River to produce up to 25.0 million pounds (100% basis) per year.

Infrastructure

Surface facilities are 550 metres above sea level. The site includes:

•	an underground mine with three shafts: one full service shaft and two ventilation shafts
•	1.6-kilometre gravel airstrip and air terminal
---	---
•	waste rock stockpiles
---	---
•	water containment ponds and treatment plant
---	---
•	a freshwater pump house
---	---
•	a powerhouse
---	---
•	electrical substations
---	---
•	backup electrical generators
---	---
•	a warehouse
---	---
•	freeze plants
---	---
•	a concrete batch plant
---	---
•	an administration and maintenance shop building
---	---
•	a permanent residence and recreation facilities
---	---
•	an ore slurry load out facility
---	---

Water, power and heat

Toby Lake, which is nearby and easy to access, has enough water to satisfy all surface water requirements. Collection of groundwater that naturally enters our shafts is sufficient to meet all underground process water requirements and supplements the surface industrial water supply. The site is connected to the provincial power grid, and it has backup generators in case there is an interruption in grid power.

McArthur River operates throughout the year despite cold winter conditions. During the winter, we heat the fresh air necessary to ventilate the underground workings using propane-fired burners.

Employees

Employees are recruited with preference given to residents of northern Saskatchewan.

We reached a new collective agreement with unionized employees at our McArthur River/Key Lake operations in July 2019. The agreement expired on December 31, 2022. Negotiations for a new agreement have commenced. As in past negotiations, work continues under the terms of the expired collective agreement. There is a risk to the production plan if we are unable to reach an agreement and there is a labour dispute.

Mining

The McArthur River deposit presents unique challenges that are not typical of traditional hard or soft rock mines. These challenges are the result of mining in or near high pressure ground water in challenging ground conditions with significant radiation concerns due to the high-grade uranium ore. We take significant steps and precautions to reduce the risks. Mine designs and mining methods are selected based on their ability to mitigate hydrological, radiological, and geotechnical risks. Operational experience gained since the start of production has resulted in a significant reduction in risk. However, there is no guarantee that our efforts to mitigate risk will be successful.

2023 ANNUAL INFORMATION FORM	Page 31

Mining methods and techniques

There are three approved mining methods at McArthur River: raisebore mining, blasthole stope mining and boxhole mining. However, only raisebore and blasthole stope mining remain in use. These methods all use ground freezing to mine the McArthur River deposit.

Ground freezing

All the mineralized areas discovered to date at McArthur River are in, or partially in, water-bearing ground with significant pressure at mining depths. This high pressure water source is isolated from active development and production areas in order to reduce the inherent risk of an inflow. To date, McArthur River has relied on pressure grouting and ground freezing to successfully mitigate the risks of the high pressure ground water.

Chilled brine is circulated through freeze holes to form an impermeable freeze barrier around the area being mined. This prevents water from entering the mine, and helps stabilize weak rock formations. Ground freezing significantly reduces, but does not fully eliminate, the risk of water inflows.

Blasthole stoping

Blasthole stoping began in 2011 and was the main extraction method prior to our production suspension. It is planned in areas where blastholes can be accurately drilled and small stable stopes excavated without jeopardizing the freeze wall integrity. The use of this method has allowed the site to improve operating costs by increasing overall extraction efficiency by reducing underground development, concrete consumption, mineralized waste generation and improving extraction cycle time.

Raisebore mining

Raisebore mining is an innovative non-entry approach that we adapted to meet the unique challenges at McArthur River, and it has been used since mining began in 1999. This method is favourable for mining the weaker rock mass areas of the deposit, and is suitable for massive high-grade zones where there is access both above and below the ore zone.

Initial processing

McArthur River produces two product streams, high-grade slurry and low-grade mineralized rock. Both product streams are shipped to the Key Lake mill to produce uranium ore concentrate.

The high-grade material is ground and thickened into a slurry underground and then pumped to surface. The material is then thickened further, blended for grade control and shipped to Key Lake in slurry totes using haul trucks.

The low-grade mineralized material is hoisted to surface and shipped as a dry product to Key Lake using covered haul trucks. Once at Key Lake, the material is ground, thickened and blended with the high-grade slurry to a nominal 5% U3O8 mill feed grade. It is then processed into uranium ore concentrate and packaged in drums for further processing offsite.

Tailings

McArthur River does not have a tailings management facility (TMF) as it ships all mineralized material to Key Lake for final milling and processing.

Waste rock

The waste rock piles are confined to a small footprint on the surface lease and managed in contained facilities. These are separated into three categories:

•	clean waste (includes mine development waste, crushed waste, and various piles for concrete aggregate and<br>backfill)
•	low-grade mineralization temporarily stored on lined pads until trucked to Key Lake
---	---
•	waste with acid-generating potential – temporarily stored on lined pads – for concrete aggregate<br>
---	---

Water inflow incidents

There have been two notable water inflow incidents at the McArthur River mine. These two inflows have strongly influenced our mine design, inflow risk mitigation and inflow preparedness:

2023 ANNUAL INFORMATION FORM	Page 32

Bay 12 Inflow: Production was suspended on April 6, 2003, as increased water inflow due to a rock fall in a new development area (Bay 12 located just above the 530-metre level) began to flood the lower portions of the mine, including the underground grinding circuit area. Additional dewatering capacity was installed, and the flooded areas were dewatered and repaired. We resumed mining in July 2003 and sealed off the excess water inflow in July 2004.

590-7820N Inflow: In November 2008, there was a small water inflow in the lower Zone 4 development area on the 590-metre level. It did not impact production but did delay local development for approximately one year. In January 2010, the inflow was sealed off and local development was resumed.

Pumping capacity and treatment limits

Our standard for this mine is to secure pumping capacity of at least one and a half times the estimated maximum sustained inflow. We review our dewatering system and requirements at least once a year and before we begin work on any new zone. As our mine plan is advanced, our dewatering system will be expanded to handle water from the new mine areas. We believe we have sufficient pumping, water treatment and surface storage capacity to handle the estimated maximum sustained inflow.

Production

McArthur River Mine

No mining took place from 2019 through 2021. In 2022, we produced 0.64 million pounds (0.45 million pounds our share) and in 2023, we produced 14.8 million pounds (10.3 million pounds our share). We plan to produce 18 million pounds (100% basis) in 2024.

The mine plan is designed to extract all current McArthur River mineral reserves. The following is a general summary of the mine plan production schedule parameters on a 100% basis for these mineral reserves:

Total mine production	• 2,135,000 tonnes of ore<br><br><br><br> <br>• 374 million pounds of U3O8,<br>based on current unmined mineral reserves<br> <br><br><br><br>• Average grade of 7.95%<br> <br><br><br><br>• 170 to 390 tonnes per day, varying with ore grade (18 million pound annual mine<br>rate)

Note: Broken and in-circuit ore inventory (previously mined material) is not included in the mine production plan total. Current broken inventory consists of 5.2 million pounds at McArthur River and 1.0 million pounds at Key Lake.

Key Lake Mill

No milling took place from 2019 through 2021. In 2022, we packaged 1.1 million pounds (0.8 million pounds our share) and in 2023, we packaged 13.5 million pounds (9.4 million pounds our share).

The mill plan is designed to process all current McArthur River mineral reserves plus Key Lake low-grade mineralization remaining from the Deilmann and Gaertner pits. In addition, a small amount of recycled product from Blind River and Port Hope facilities is planned to be processed. The following is a general summary of the mill plan production schedule parameters on a 100% basis for these mineral reserves, mineralized material, and product:

Total mill production	• 3,393,000 tonnes of mill feed including blend and recycle material<br><br><br><br> <br>• Average feed grade of<br>5.14%<br> <br><br> <br>• 380 million pounds<br>of U3O8 packaged based on an average recovery of 99.0%

Production Suspension

In 2018, we had a temporary planned production suspension and in July 2018 we extended the suspension for an indeterminate duration. There was nominal production in 2018 and no production from 2019 through 2021. A reduced workforce remained at McArthur River and Key Lake to keep the facilities in a state of safe care and maintenance. Care and maintenance activities included mine dewatering, water treatment, freeze wall maintenance, and environmental monitoring, as well as preservation maintenance and monitoring of critical facilities.

2023 ANNUAL INFORMATION FORM	Page 33

Production Resumption Plan

With our February 2022 announcement to transition McArthur River and Key Lake from care and maintenance to resuming production, through most of 2022, we undertook the necessary operational readiness activities prior to restarting production.

In November 2022, we announced that the first pounds of uranium ore from the McArthur River mine had been milled and packaged at the Key Lake mill, marking the achievement of initial production as these facilities transition back into normal operations. Total packaged production from McArthur River and Key Lake in 2022 was 1.1 million pounds (0.8 million pounds our share).

Operational readiness activities consisted of recruitment, training, infrastructure upgrades and commissioning as well as reactivation of mobile equipment previously stored for care and maintenance. Operational activities included mine dewatering, water treatment, freeze wall maintenance, and environmental monitoring.

In 2022, production forecasts were revised as we worked through normal commissioning issues to integrate the existing and new assets with upgraded operational technology which caused some delays to the schedule at the mill. During the year, we expensed operational readiness costs of approximately $169 million directly to cost of sales. With the restart of production in 2023, we no longer expense monthly operational readiness costs.

Production ramp-up activities continued in 2023. Total packaged production from McArthur River and Key Lake in 2023 was 13.5 million pounds (9.4 million pounds our share), slightly less than the announced September 3, 2023, forecast of 14 million pounds (9.8 million pounds our share).

All required mining and milling activities have now resumed at McArthur and Key Lake and the sites are expected to operate at a normal 18 million pound annual production rate in 2024, however, several operational risks remain including the availability of personnel with the necessary skills and experience, aging infrastructure, and the potential impact of supply chain challenges on the availability of materials, reagents and equipment that carry with them the risks of not achieving our production plans.

Licensed annual production capacity

The McArthur River mine and Key Lake mill are both licensed to produce up to 25 million pounds (100% basis) per year. To achieve annual production at the licensed capacity, additional investment will be required.

In 2024, we plan to undertake an evaluation of the work and investment necessary to expand production up to its annual licensed capacity, which we expect will allow us to take advantage of this opportunity when the time is right. We will continue to plan our production to align with our contract portfolio and market opportunities, demonstrating that we continue to be a responsible supplier of uranium fuel.

Key Lake mill

Location and access

The Key Lake mill is located in northern Saskatchewan, 570 kilometres north of Saskatoon. The site is 9 kilometres long and 5 kilometres wide and is connected to McArthur River by an 80-kilometre all-weather road. There is a 1.6-kilometre unpaved air strip and an air terminal on the east edge of the site.

Permits

We need two key permits to operate the Key Lake mill:

•	Uranium Mill Operating Licence – renewed in October 2023 and expires in October 2043 (from the CNSC);<br>and
•	Approval to Operate Pollutant Control Facilities – renewed in 2021 and expires on November 30,<br>2029 (from the SMOE)
---	---

The CNSC licence conditions handbook allows the Key Lake mill to produce up to 25.0 million pounds (100% basis) per year.

Supply

All McArthur River ore, including our share, is milled at Key Lake. We do not have a formal toll milling agreement with the Key Lake joint venture.

2023 ANNUAL INFORMATION FORM	Page 34

In June 1999, the Key Lake joint venture (Cameco and UEM) entered a toll milling agreement with Orano to process their total share of McArthur River ore. The terms of the agreement (as amended in January 2001) include the following:

•	processing is at cost, plus a toll milling fee; and
•	the Key Lake joint venture owners are responsible for decommissioning the Key Lake mill and for certain capital<br>costs, including the cost of any tailings management associated with milling Orano’s share of McArthur River ore
---	---

With the UEM distribution in 2009 (see History on page 28 for more information), we made the following changes to the agreement:

•	the fees and expenses related to Orano’s pro-rata share of ore produced just before the UEM distribution<br>(16.234% – the first ore stream) have not changed. Orano is not responsible for any capital or decommissioning costs related to the first ore stream.
•	the fees and expenses related to Orano’s pro-rata share of ore produced as a result of the UEM distribution<br>(an additional 13.961% – the second ore stream) have not changed. Orano’s responsibility for capital and decommissioning costs related to the second ore stream are, however, as a Key Lake joint venture owner under the original agreement.<br>
---	---

The agreement was amended again in 2011 and now requires:

•	milling of the first ore stream at the Key Lake mill until May 31, 2028; and
•	milling of the second ore stream at the Key Lake mill for the entire life of the McArthur River project<br>
---	---

Processing

McArthur River low-grade mineralization, including legacy low-grade mineralized waste rock stored at Key Lake, is ground and thickened at Key Lake and then blended with McArthur River high-grade slurry to a nominal 5% U3O8 mill feed grade. All remaining uranium processing (leaching through to calcined uranium ore concentrate packaging) and tailings disposal also occur at Key Lake.

The Key Lake mill comprises the following eight plants:

•	ore slurry receiving plant
•	grinding/blending plant
---	---
•	reverse osmosis plant
---	---
•	leaching/counter current decantation plant
---	---
•	solvent extraction plant
---	---
•	yellowcake precipitation/dewatering/calcining/packing/ammonium sulfate plant
---	---
•	bulk neutralization/lime handling/tailings treatment and pumping
---	---
•	powerhouse/utilities/acid plant/oxygen plant complex
---	---

Recovery and metallurgical testing

The McArthur River original flowsheet was largely based on the use of conventional mineral processing concepts and equipment. Where necessary, testwork was undertaken to prove design concepts or adapt conventional equipment for unique services. Simulated ore was utilized in much of the testwork because the off-site testing facilities were not licensed to receive radioactive materials. Testwork at the Key Lake metallurgical laboratory also confirmed the suitability of the Key Lake mill circuit for processing McArthur River ore with some Key Lake circuit modifications.

To date, numerous changes have been made to both the McArthur River and Key Lake processing and water treatment circuits to improve their operational reliability and efficiency. From a uranium recovery perspective, the most important was to change the McArthur River grinding circuit classification system from screens to cyclones. This was completed in late 2009 and provided a measurable recovery increase as well as reduced particle segregation issues. From 2012 to 2017 Key Lake achieved an annual mill recovery of 99% and this is assumed to continue.

Testing at Key Lake has shown that use of a silica coagulant was able to alleviate the issues caused by the cement dilution in the ore from McArthur River. This has eliminated the need to operate the gravity concentrator circuit as well as increased the solvent extraction circuit operational reliability.

Waste rock

There are five rock stockpiles at the Key Lake site:

•	three contain non-mineralized waste rock. These will be decommissioned when the site is closed.<br>
•	two contain low-grade mineralized material. These are used to lower the grade of McArthur River ore before it<br>enters the milling circuit.
---	---
2023 ANNUAL INFORMATION FORM	Page 35
---	---

Treatment of effluent

We modified Key Lake’s effluent treatment process to satisfy our licence and permit requirements.

Tailings capacity

There are two tailings management facilities (TMF) at the Key Lake site:

•	an above-ground impoundment facility, where tailings are stored within compacted till embankments. We have not<br>deposited tailings here since 1996, and are looking at several options for decommissioning this facility in the future; and
•	the Deilmann open pit, which was mined out in the 1990s. Tailings from processing McArthur River ore are<br>deposited in the Deilmann in-pit TMF.
---	---

Beginning in July 2001, periodic sloughing of the pit walls in the western portion of the Deilmann TMF was experienced. We implemented a long-term stabilization plan, with the final phase completed in 2019.

Based upon the current licence conditions, tailings capacity is sufficient to mill all the known McArthur River mineral reserves and resources, should they be converted to reserves, with additional capacity to toll mill ore from other regional deposits.

Decommissioning and financial assurances

Updated preliminary decommissioning plans for McArthur River and Key Lake were submitted in 2017 and 2018 as part of the regular five-year update schedule. Prior to revising the letters of credit, approval of the updated plans is required from the province of Saskatchewan and CNSC staff as well as formal approval from the CNSC through a Commission proceeding. The necessary approvals were received. The documents included our estimated cost for implementing the plans and addressing known environmental liabilities.

In 2022, as part of the required five-year update schedule, we submitted revised preliminary decommissioning estimates for McArthur River and Key Lake, which are currently being reviewed by the province of Saskatchewan and CNSC staff.

For more information, see Nuclear waste managementand decommissioning.

Operating and capital costs

The following is a summary of the operating and capital cost estimates for the life of mine, stated in constant 2023 dollars and reflecting a forecast life-of-mine mill production of 377 million pounds U3O8 packaged.

Operating Costs ($Cdn million)	Total<br>(2024 – 2044)
McArthur River Mining
Site administration	$	1,037.0
Mining costs		1,933.4
Process		224.4
Corporate overhead		222.6
Total mining costs	$	3,364.4
Key Lake Milling
Administration	$	891.1
Milling costs		1,818.0
Corporate overhead		165.8
Total milling costs	$	2,874.9
Total operating costs	$	6,293.3
Total operating cost per pound U3O8	$	16.70

Note: Presented as total cost to the McArthur River Joint Venture.

2023 ANNUAL INFORMATION FORM	Page 36

Estimated operating costs to the MRJV consist of annual expenditures at McArthur River to mine the mineral reserves, process it underground, including grinding, density control and pumping the resulting slurry to surface for transportation to Key Lake.

Operating costs at Key Lake consist of costs for receipt of the slurry, up to and including precipitation of the uranium into yellowcake, including cost of disposal of tailings to the Deilmann TMF.

Capital Costs ($Cdn million)	Total<br>(2024 – 2044)
McArthur River Mine Development	$	477.6
McArthur River Mine Capital
Freeze infrastructure	$	123.4
Water management		11.7
Concrete Batching and Delivery		27.7
Other mine capital		351.4
Total mine capital	$	514.2
Key Lake Mill Sustaining
Total mill capital	$	244.1
Total capital costs	$	1,193.9

Notes:

1.	Presented as total cost to the McArthur River Joint Venture.
2.	Mine development includes delineation drilling, mine development, probe and grout drilling, freeze drilling,<br>and minor support infrastructure.
---	---

Estimated capital costs to the MRJV include sustaining costs for both McArthur River and Key Lake, as well as underground development at McArthur River to bring mineral reserves into production. Overall, the largest segment of capital at McArthur River is mine development. Other significant capital includes freeze infrastructure costs.

The economic analysis, effective as of December 31, 2018, being the effective date of the technical report for McArthur River and Key Lake operations, resulted in an estimated pre-tax net present value (NPV) (at a discount rate of 8%) to Cameco for net cash flows from January 1, 2019 forward of $2.97 billion for its share of the current McArthur River mineral reserves. Using the total capital invested to December 31, 2018, along with the operating and capital estimates for the remainder of the mineral reserves, the pre-tax internal rate of return (IRR) was estimated to be 11.6%.

The analysis was from the point of view of Cameco, which owns 69.805% of the MRJV, and incorporated a projection of Cameco’s sales revenue from its proportionate share of the related production, less its share of related operating and capital costs of the MRJV, as well as royalties and surcharges that will be payable on the sale of concentrates.

For the purpose of the economic analysis, the projected impact of income taxes was excluded due to the nature of the required calculations. McArthur River operates as an unincorporated joint venture and is, therefore, not subject to direct income taxation at the joint venture level. It is not practical to allocate a resulting income tax cost to Cameco’s portion of the McArthur River operation, as Cameco’s tax expense is a function of several variables, most of which are independent of its investment in McArthur River.

2023 ANNUAL INFORMATION FORM	Page 37
Economic Analysis ($Cdn M)	Year 0			Year 1			Year 2		Year 3		Year 4		Year 5		Year 6		Year 7		Year 8		Year 9		Year 10		Year 11		Year 12
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Production volume (000’s Ibs U3O8)		—			2,78.8			12,508		12,550		12,653		12,591		12,621		12,611		12,550		12,556		12,587		12,553		12,569
Sales revenue	$	—		$	131.7		$	572.2	$	577.5	$	602.8	$	618.7	$	635.0	$	651.6	$	662.9	$	683.3	$	698.0	$	709.1	$	719.4
Operating costs		68.2			137.5			171.1		169.5		169.0		168.9		170.1		172.9		177.5		177.9		179.3		179.9		180.0
Capital costs		3.7			31.1			36.7		31.9		31.0		42.9		36.8		34.7		35.0		42.6		43.6		74.4		32.0
Basic royalty		—			5.6			24.3		24.5		25.6		26.3		27.0		27.7		28.2		29.0		29.7		30.1		30.6
Resource surcharge		—			3.9			17.2		17.3		18.1		18.6		19.0		19.5		19.9		20.5		20.9		21.3		21.6
Profit royalty		—			—			42.6		49.7		53.5		54.1		57.3		59.6		60.4		62.3		64.1		61.1		69.1
Net pre-tax cash flow	$	(71.9	)	$	(46.5	)	$	280.2	$	284.6	$	305.5	$	307.9	$	324.8	$	337.2	$	341.8	$	351.0	$	360.4	$	342.3	$	386.2
Economic Analysis ($Cdn M)	Year 13			Year 14		Year 15		Year 16		Year 17		Year 18		Year 19		Year 20		Year 21		Year 22		Year 23		Total
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Production volume [000’s Ibs U3O8)		12,567			12,630		12,618		12,602		12,591		12,603		12,611		12,649		12,779		11,705		6,060		272,553
Sales revenue	$	748.7		$	757.8	$	772.9	$	787.6	$	780.6	$	787.7	$	794.5	$	796.9	$	805.1	$	737.4	$	381.8	$	15,413.2
Operating costs		182.1			184.7		185.3		184.5		184.0		182.1		181.8		178.8		175.4		171.0		148.6		4,080.3
Capital costs		33.3			23.6		21.7		21.4		21.6		21.9		17.7		11.9		6.4		1.4		—		657.5
Basic royalty		31.8			32.2		32.8		33.5		33.2		33.5		33.8		33.9		34.2		31.3		16.2		655.1
Resource surcharge		22.5			22.7		23.2		23.6		23.4		23.6		23.8		23.9		24.2		22.1		11.5		462.4
Profit royalty		73.1			75.7		78.1		80.5		79.5		80.8		82.5		84.2		86.6		78.5		31.7		1,465.0
Net pre-tax cash flow	$	405.9		$	418.9	$	431.7	$	444.1	$	438.9	$	445.7	$	454.9	$	464.3	$	478.2	$	433.0	$	173.8	$	8,092.9
Pre-tax NAV (8%) to January 1, 2019	$	2,973.3
Pre-tax IRR (%)		11.6	%

Notes:

1.	Production volume does not include recycled product received from the Blind River Refinery and the Port Hope<br>Conversion Facility.

Our expectations and plans regarding McArthur River/Key Lake, including forecasts of operating and capital costs, net cash flow, production and mine life are forward-looking information and are based specifically on the risks and assumptions discussed on pages 3, 4 and 5. We may change our operating or capital spending plans in 2024, depending upon uranium markets, our financial position, results of operation, or other factors. Estimates of expected future production, and capital and operating costs are inherently uncertain, particularly beyond one year, and may change materially over time.

Exploration, drilling, sampling, data quality and estimates

There are no historical mineral resource estimates within the meaning of NI 43-101 to report. The original McArthur River mineral resource estimates were derived from surface diamond drilling from 1980 to 1992. In 1988 and 1989, this drilling first revealed significant uranium mineralization and by 1992, we had delineated the mineralization over a strike length of 1,700 metres at depths of between 500 to 640 metres. Following the drillhole results, development of an underground exploration project was undertaken in 1993.

Exploration

Drilling has been carried out extensively from both surface and underground to locate and delineate mineralization. Surface exploration drilling is initially used in areas where underground access is not available. The results are used to guide future underground exploration activities.

Drilling

Surface drilling

We have carried out surface drilling since 2004, to test the extension of mineralization identified from the historical surface drillholes, to test new targets along the strike, and to evaluate the P2 trend northeast and southwest of the mine. Surface drilling since 2004 has extended the potential strike length to more than 2,700 metres.

We have completed preliminary drill tests of the P2 trend at 300 metre intervals or less over 11.5 kilometres (5.0 kilometres northeast and 6.4 kilometres southwest of the McArthur River deposit) of the total 13.75 kilometres strike length of the P2 trend. Surface exploration drilling in 2015 focused on additional evaluation in the southern part of the P2 trend south of the P2 main mineralization. Starting in 2016, exploration efforts shifted away from the P2 trend to the north part of the property.

2023 ANNUAL INFORMATION FORM	Page 38

Underground drilling

In 1993, regulators approved an underground exploration program, consisting of shaft sinking, lateral development and drilling. We completed the shaft in 1994.

We have drilled more than 1,280 underground drillholes since 1993 to get detailed information along 1,800 metres of strike length. The drilling was primarily completed from the 530 and 640 metre levels.

Other data

In addition to the exploration drilling, geological data has been collected from the underground probe and grout, service, drain, freeze, and geotechnical drill programs.

Recent activity

Underground exploration at McArthur River resumed in June 2023 with the resumption of infill drilling of Zone B. Infill drilling of Zone B will continue in 2024.

Sampling, analysis and data verification

Surfacesamples

Surface holes were generally drilled on sections spaced between 50 and 200 metres with 12 to 25 metres between holes on a section when necessary. Drilled depths average 670 metres.

The orientation of mineralization is variable but, in general, vertical holes generally intersect mineralization at angles of 25 to 45 degrees, resulting in true widths being 40 to 70% of the intersected width. Angled holes usually intercept mineralization closer to perpendicular, giving intercepts that are closer to true width.

Any stratigraphy exhibiting noteworthy alteration, structures or radiometric anomalies is split and sampled.

Given that the vast majority of the deposit has been delineated from underground, few surface holes are used for mineral resource and reserve estimation purposes.

Underground samples

Underground drilling is generally planned to provide close to true thicknesses results. All underground exploration holes are core drilled and gamma probed whenever possible. McArthur River uses a high-flux gamma probe designed and constructed by alphaNUCLEAR, a member of the Cameco group of companies. This high-flux gamma probe utilizes two Geiger Müller tubes to detect the amount of gamma radiation emanating from the surroundings. The count rate obtained from the high-flux probe is compared against chemical assay results to establish a correlation to convert corrected probe count rates into equivalent % U3O8 grades for use when assay results are unavailable. The consistency between probe data and chemical assays demonstrates that secular equilibrium exists within the deposit. A small portion of the data used to estimate mineral resources is obtained from assays, and in these cases, the core depth is validated by comparing the downhole gamma survey results with a hand-held scintillometer on core before it is logged, photographed, and then sampled for uranium analysis. Attempts are made to avoid having samples cross geological boundaries.

When sampled, the entire core from each sample interval is taken for assay or other measurements to characterize the physical and geochemical properties of the deposit. This reduces the potential sample bias inherent when splitting core. Core recovery throughout the deposit has generally been very good. However, in areas of poor core recovery, uranium grade determination is generally based on radiometric probe results.

The typical sample collection process at our operations is performed by or under the supervision of a qualified geoscientist and includes the following procedures:

•	marking the sample intervals on the core boxes at nominal 0.5 metre sample lengths
•	collection of the samples in plastic bags, taking the entire core
---	---
•	documentation of the sample location, assigning a sample number, and description of the sample, including<br>radiometric values from a hand-held device
---	---
2023 ANNUAL INFORMATION FORM	Page 39
---	---
•	bagging and sealing, with sample tags inside bags and sample numbers on the bags; and
---	---
•	placement of samples in steel drums for shipping
---	---

Sample security

Current sampling protocols dictate that all samples are collected and prepared in a restricted core processing facility. The core samples are collected and transferred from the core boxes to high-strength plastic sample bags, then sealed. The sealed bags are then placed in steel drums and shipped in compliance with the Transport of Dangerous Goods regulations with tamper-resistant security seals. Chain of custody documentation is present from inserting samples into steel drums to the final delivery of results by the Saskatchewan Research Council Geoanalytical Laboratories (SRC).

All samples collected are prepared and analysed under the close supervision of qualified personnel at SRC, which is a restricted access laboratory licensed by the CNSC.

Analysis

Drill core assay sample preparation is performed at SRC’s main laboratory, which is independent of the participants of the MRJV. It involves jaw crushing to 80% passing at less than 2 mm and splitting out a 100 – 200 g sub-sample using a riffle splitter. The sub-sample is pulverized to 90% at less than 106 microns using a puck and ring grinding mill. The pulp is then transferred to a bar coded plastic snap top vial. Assaying by SRC involves digesting an aliquot of pulp in concentrated 3:1 HCL:HNO3, on a hot plate for approximately one hour. The volume is then made up in a 100 ml volumetric flask using deionized water prior to analysis by ICP-OES. Instruments used in the analysis are calibrated using certified commercial solutions. This method is ISO/IEC 17025:2017 accredited by the Standards Council of Canada.

Quality control and data verification

The quality assurance and quality control procedures used during early drilling programs were typical for the time. Many of the original signed assay certificates from surface drilling are available and have been reviewed by Cameco geologists.

More recent sample preparation and assaying was completed under the supervision of qualified personnel at SRC and includes preparing and analysing standards, duplicates and blanks. At least two standards are analysed for each 40-sample batch. We also include a pulp repeat and 1 split sample repeat with every group. Samples that fail quality controls are re-analyzed.

In 2013, McArthur River implemented an SQL server based centralized geological data management system to manage all drillhole and sample related data. All core logging, sample collection, downhole probing and sample dispatching activities are carried out and managed within this system. All assay, geochemical and physical analytical results obtained from the external laboratory are uploaded directly into the centralized database, thereby mitigating the potential for manual data transfer errors. The database used for the current mineral resource and mineral reserve estimates was validated by Cameco qualified geoscientists.

Additional data quality control measures include:

•	surveyed drillhole collar coordinates and downhole deviations are entered into the database and visually<br>validated and compared to the planned location of the holes
•	comparison of the information in the database against the original data, including paper logs, assay certificates<br>and original probing data files as required
---	---
•	validation of core logging information in plan and section views, and review of logs against photographs of the<br>core
---	---
•	checking for data entry errors such as overlapping intervals and out of range values
---	---
•	radiometric probes undergo annual servicing and re-calibration as well as additional checks including control<br>probing to ensure precision and accuracy of the probes. Servicing and re-calibration of the probes were performed to support 2023 drilling activities.
---	---
•	validating uranium grades comparing radiometric probing, core radioactivity measurements and chemical assay<br>results. New measurement data collected in 2023 was reviewed. No issues were observed.
---	---

No mineral resource estimation work was performed in 2023. Remaining quality control and data verification activities described above will be performed prior to the next resource estimate update.

2023 ANNUAL INFORMATION FORM	Page 40

Since the start of commercial production, we have regularly compared information collected from production activities, such as freeze holes, raisebore pilot holes, radiometric scanning of scoop tram buckets and mill feed sampling, to the drillhole data informed models. We also compare the uranium block model with mine production results on a quarterly basis to ensure an acceptable level of accuracy is maintained.

Our geoscientists, including a qualified person as such term is defined in NI 43-101, have witnessed or reviewed drilling, core handling, radiometric probing, logging, sampling facilities, sampling and data verification procedures employed at the McArthur River operation and consider the methodologies to be satisfactory and the results representative and reliable. There has been no indication of significant inconsistencies in the data used or verified nor any failures to adequately verify the data.

Accuracy

We are satisfied with the quality of data and consider it valid for use in the estimation of mineral resources and reserves for McArthur River. Comparison of the actual mine production with the expected production supports this opinion.

Mineral reserve and resource estimates

Please see page 87 for our mineral reserve and resource estimates for McArthur River.

Uranium – Tier-one operations

Cigar Lake

2023 Production (our share)<br> <br><br><br><br>8.2M lbs<br> <br><br><br><br>2024 Production Outlook (our share)<br> <br><br><br><br>9.8M lbs<br> <br><br><br><br>Estimated Reserves (our share)<br> <br><br><br><br>113.8M lbs<br> <br><br><br><br>Estimated Mine Life<br> <br><br><br><br>2036

Cigar Lake is the world’s highest grade uranium mine. We are a 54.5% owner and the mine operator. Cigar Lake uranium is milled at Orano’s McClean Lake mill.

Cigar Lake is considered a material uranium property for us. There is a technical report dated March 22, 2024 (effective December 31, 2023) that can be downloaded from SEDAR+ (sedarplus.com) or from EDGAR (sec.gov).

2023 ANNUAL INFORMATION FORM	Page 41
Location	Saskatchewan, Canada
---	---
Ownership	54.547%
Mine type	Underground
Mining method	Jet boring system
End product	Uranium concentrate
Certification	ISO 14001 certified
Estimated reserves	113.8 million pounds (proven and probable), average grade U3O8: 17.03%
Estimated resources	14.7 million pounds (measured and indicated), average grade U3O8: 5.32%
	10.9 million pounds (inferred), average grade U3O8: 5.55%
Licensed capacity	18.0 million pounds per year (our share 9.8 million pounds per year)
Licence term	Through June, 2031
Total packaged production: 2014 to 2023	138.4 million pounds (100% basis)
2023 production	8.2 million pounds (15.1 million pounds on 100% basis)
2024 production outlook	9.8 million pounds (18.0 million pounds on 100% basis)
Estimated decommissioning cost	$73.8 million (100% basis)^1^

All values shown, including reserves and resources, represent our share only, unless otherwise indicated.

^1^	This amount represents the submitted, but not yet approved, PDP and PDCE value.

Business structure

Cigar Lake is owned by a joint venture of three companies (CLJV):

•	Cameco – 54.547% (operator)
•	Orano – 40.453%
---	---
•	TEPCO Resources Inc. – 5.000%
---	---

History

1976	• Canadian Kelvin Resources and Asamera Oil Corporation form an exploration<br>joint venture, which includes the lands that the Cigar Lake mine was built on
1977	• SMDC, one of our predecessor companies, acquires a 50% interest
1980	• Waterbury Lake joint venture formed, includes lands now called Cigar<br>Lake
1981	• Deposit discovered by surface drilling – it was delineated by a surface<br>drilling program between 1982 and 1986
1985	• Reorganization of the Waterbury Lake joint venture – Cigar Lake Mining<br>Corporation becomes the operator of the Cigar Lake lands and a predecessor to Orano becomes the operator of the remaining Waterbury Lake lands<br> <br><br><br><br>• SMDC has a 50.75% interest
1987-1992	• Test mining, including sinking shaft 1 to 500 metres and lateral development<br>on 420 metre, 465 metre and 480 metre levels
1988	• Eldorado Resources Limited merges with SMDC to form Cameco
1993-1997	• Canadian and Saskatchewan governments authorize the project to proceed to<br>regulatory licensing stage, based on recommendation of the joint federal-provincial panel after public hearings on the project’s environmental impact
2000	• JBS tested in waste and frozen ore
2001	• Joint venture approves a feasibility study and detailed engineering begins in<br>June
2002	• Joint venture is reorganized, new joint venture agreement is signed, Rabbit<br>Lake and JEB toll milling agreements are signed, and we replace Cigar Lake Mining Corporation as Cigar Lake mine operator
2004	• Environmental assessment process is complete<br><br><br><br> <br>• CNSC issues a construction<br>licence
2023 ANNUAL INFORMATION FORM	Page 42
---	---
2005	• Development begins in January
---	---
2006	• Two water inflow incidents delay development:
	• in April, shaft 2 floods
	• in October, underground development areas flood
	• In November, we begin work to remediate the underground development<br>areas
2008	• Remediation interrupted by another inflow in August, preventing the mine from<br>being dewatered
2009	• Remediation of shaft 2 completed in May
	• We seal the 2008 inflow in October
2010	• We finish dewatering the underground development areas in February, establish<br>safe access to the 480 metre level, the main working level of the mine, and backfill the 465 metre level
	• We substantially complete clean-up, inspection, assessment and securing of<br>underground development and resume underground development in the south end of the mine
2011	• We begin to freeze the ground around shaft 2 and restart freezing the orebody<br>from underground and from the surface
	• We resume the sinking of shaft 2 and early in 2012 achieve breakthrough to the<br>480 metre level, establishing a second means of egress for the mine
	• We receive regulatory approval of our mine plan and begin work on our Seru Bay<br>project
	• Agreements are signed by the Cigar Lake and McClean Lake joint venture<br>participants to mill all Cigar Lake ore at the McClean Lake mill and the Rabbit Lake toll milling agreement is terminated
2012	• We achieve breakthrough to the 500 metre level in shaft 2
	• We assemble the first JBS unit underground and move it to a production tunnel<br>where we commence preliminary commissioning
2013	• CNSC issues an eight-year operating licence
	• We begin jet boring in ore
2014	• First Cigar Lake ore shipped to McClean Lake mill
	• McClean Lake mill starts producing uranium concentrate from Cigar Lake<br>ore
2015	• We declared commercial production in May
2016	• We updated the CNSC on our commissioning activities to satisfy a condition in<br>our federal licence
2020	• In March, production is temporarily suspended as a precautionary measure due<br>to the COVID-19 pandemic
	• In September, production resumes
	• In December, production is temporarily suspended as a precautionary measure<br>due to the COVID-19 pandemic
2021	• In April, we announce plans to restart production
	• In June, CNSC granted a 10-year renewal of Cigar Lake’s uranium operating<br>licence
2022	• In February, we announce plans to reduce production at Cigar Lake in 2024 to<br>13.5 million pounds per year (100% basis), 25% below its annual licensed capacity
	• In May, we acquire an additional 4.522 percentage interest in Cigar Lake,<br>increasing our interest to 54.547%
2023	• We updated our production plans for Cigar Lake to maintain production of 18<br>million pounds per year (100% basis) in 2024
2023 ANNUAL INFORMATION FORM	Page 43
---	---

Technical report

This description is based on the project’s technical report: Cigar Lake Operation, Northern Saskatchewan, Canada, dated March 22, 2024 (effective December 31, 2023) except for some updates that reflect developments since the technical report was published. The report was prepared for us in accordance with NI 43-101, by or under the supervision of Biman Bharadwaj, P. Eng., Scott Bishop, P. Eng., Alain D. Renaud, P. Geo., and Lloyd Rowson, P. Eng. The following description has been prepared under the supervision of the above qualified persons within the meaning of NI 43-101. They are not independent of us. The conclusions, projections and estimates included in this description are subject to the qualifications, assumptions and exclusions set out in the technical report except as such qualifications, assumptions and exclusions may be modified in this AIF. We recommend you read the technical report in its entirety to fully understand the project. You can download a copy from SEDAR+ (sedarplus.com) or from EDGAR (sec.gov).

For information about uranium sales see pages 19 to 21, environmental matters see Our ESG principles and practices and The regulatoryenvironment starting on pages 92 and 96, and taxes see page 104. For a description of royalties payable to the province of Saskatchewan on the sale of uranium extracted from orebodies within the province, see page 103. For a description of risks that might affect access, title or the right or ability to perform work on the property, see Governance and compliance risks starting at page 121, Social risks starting at page 123 and Environmental risks starting at page 124.

About the Cigar Lake property

We began developing the Cigar Lake underground mine in 2005, but development was delayed due to water inflows. In October 2014, the McClean Lake mill produced the first uranium concentrate from ore mined at the Cigar Lake operation. Commercial production was declared in May 2015. Since that time, mine operation has achieved full nameplate capacity.

Location

The Cigar Lake mine site is located near Waterbury Lake, approximately 660 kilometres north of Saskatoon. The mine site is near other uranium production operations: McClean Lake mill is 69 kilometres northeast by road and McArthur River mine is 46 kilometres southwest by air from the mine site.

Access

Access to the property is by an all-weather road and by air. Site activities occur year-round, including supply deliveries. There is an unpaved airstrip and air terminal east of the mine site.

Saskatoon, a major population centre south of the Cigar Lake deposit, has highway and air links to the rest of North America.

Leases

Surface lease

The CLJV acquired the right to use and occupy the lands necessary to mine the deposit under a surface lease agreement with the province of Saskatchewan. The lease covers approximately 715 hectares and expires in May 2044.

We are required to report annually on the status of the environment, land development and progress on northern employment and business development.

Mineral lease

We have the right to mine the deposit under ML 5521, granted to the CLJV by the province of Saskatchewan. The lease covers 308 hectares and expires on November 30, 2031. The CLJV has the right to renew the lease for further 10-year terms.

Mineral claims

A mineral claim gives us the right to explore for minerals and to apply for a mineral lease. There are 38 mineral claims totaling 95,293 hectares, adjoining the mineral lease and surrounding the site. The mineral claims are in good standing until 2037 or later.

2023 ANNUAL INFORMATION FORM	Page 44

Environment, social and community factors

The deposit is 40 kilometres west of the eastern margin of the Athabasca Basin in northern Saskatchewan. The topography and environment are typical of the taiga forested lands in the Athabasca Basin. This area is covered with 30 to 50 metres of overburden. Vegetation is dominated by black spruce and jack pine. There is a lake known as “Cigar Lake” which, in part, overlays the deposit.

We are committed to building long-lasting and trusting relationships with the communities in which we operate. For more information, see Our ESG principlesand practices at page 92.

The closest inhabited site is Points North Landing, 56 kilometres northeast by road. The community of Wollaston Lake is approximately 80 kilometres by air to the east of the mine site.

Athabasca Basin community resident employees and contractors fly to the mine site from designed pick-up points. Other employees and contractors fly to site from Saskatoon with pickup points in Prince Albert and La Ronge.

Geologicalsetting

The deposit is at the unconformity contact separating late Paleoproterozoic to Mesoproterozoic sandstone of the Athabasca Group from middle Paleoproterozoic metasedimentary gneiss and plutonic rocks of the Wollaston Group. The Key Lake, McClean Lake and Collins Bay deposits all have a similar structural setting. While Cigar Lake shares many similarities with these deposits, it is distinguished by its flat-lying geometry, size, the intensity of its alternation process, the high degree of associated hydrothermal clay alteration and the presence of massive, extremely rich, high-grade uranium mineralization.

Cigar Lake’s geological setting is similar to McArthur River’s: the permeable sandstone, which overlays the deposit and basement rocks, contains large volumes of water at significant pressure. Unlike McArthur River, however, the deposit is flat-lying with the ore zone being overlain by variably developed clay alteration as opposed to silica enrichment.

Mineralization

The Cigar Lake deposit has the shape of a flat- to cigar-shaped lens and is approximately 1,950 metres in length, 20 to 100 metres in width, and ranges up to 15.7 metres thick, with an average thickness of about 5.4 metres. It occurs at depths ranging between 410 to 450 metres below the surface. The eastern part of Cigar Lake (CL Main) is approximately 670 metres long by 100 metres wide and the western part (CLEXT) is approximately 1,280 metres long by 75 metres wide.

The deposit has two distinct styles of mineralization:

•	high-grade mineralization at or proximal to the unconformity which includes all of the mineral resources and<br>mineral reserves
•	low-grade, fracture controlled, vein-like mineralization which is located either higher up in the sandstone or in<br>the basement rock mass
---	---

The uranium oxide in the form of uraninite and pitchblende occurs as disseminated grains in aggregates ranging in size from millimetres to decimetres, and as massive lenses of mineralization up to a few metres thick in a matrix of sandstone and clay. Coffinite (uranium silicate) is estimated to form less than 3% of the total uranium mineralization.

Geochemically, the deposit contains quantities of the elements nickel, copper, cobalt, lead, zinc, molybdenum, arsenic and rare earth elements, but in non-economic concentrations. Higher concentrations of these elements are associated with massive pitchblende or massive sections of arseno-sulfides.

Deposit type

Cigar Lake is an unconformity-related uranium deposit. Deposits of this type are believed to have formed through a redox reaction at a contact where oxygenated fluids met with reducing fluids. The geological model was confirmed by surface drilling, development, and production activities.

2023 ANNUAL INFORMATION FORM	Page 45

About the Cigar Lake operation

Cigar Lake is a developed property with sufficient surface rights to meet current mining operation needs. We are currently mining in the CL Main ore body.

Permits

Please see page 51 for more information about regulatory approvals for Cigar Lake.

Infrastructure

Surface facilities are 490 metres above sea level. The site includes:

•	an underground mine with two shafts
•	access road joining the provincial highway and McClean Lake
---	---
•	site roads and site grading
---	---
•	airstrip and terminal
---	---
•	employee residence and construction camp
---	---
•	Shaft No. 1 and No. 2 surface facilities
---	---
•	freeze plants and brine distribution equipment
---	---
•	surface freeze pads
---	---
•	water supply, storage and distribution for industrial water, potable water and fire suppression
---	---
•	propane, diesel and gasoline storage and distribution
---	---
•	electrical power substation and distribution
---	---
•	compressed air supply and distribution
---	---
•	mine water storage ponds and water treatment
---	---
•	sewage collection and treatment
---	---
•	surface and underground pumping system installation
---	---
•	surface runoff containment infrastructure
---	---
•	waste rock stockpiles and aggregate processing infrastructure
---	---
•	garbage disposal landfill
---	---
•	administration, maintenance and warehousing facilities
---	---
•	ore load out facility
---	---
•	concrete batch plant
---	---
•	Seru Bay treated water effluent pipeline
---	---
•	emergency power generating facilities
---	---

The Cigar Lake mine site contains all the necessary services and facilities to operate a remote underground mine, including personnel accommodation, access to water, airport, site roads and other necessary buildings and infrastructure.

Water, power and heat

Waterbury Lake, which is nearby, provides water for the industrial activities and the camp. The site is connected to the provincial electricity grid, and it has standby generators in case there is an interruption in grid power.

Cigar Lake operates throughout the year despite cold winter conditions. During the winter, we use propane-fired burners to heat the fresh air necessary to ventilate the underground workings.

Employees

Employees are recruited with preference given to residents of northern Saskatchewan.

Mining

The Cigar Lake deposit presents unique challenges that are not typical of traditional hard or soft rock mines. These challenges are the result of mining in or near high-pressure ground water in challenging ground conditions with significant radiation concerns due to the high-grade uranium and elements of concern in the orebody with respect to water quality. We take significant steps and precautions to reduce the risks. Mine designs and the mining method are selected based on their ability to mitigate hydrological, radiological, and geotechnical risks. Operational experience gained since the start of production has resulted in a significant reduction in risk. However, there is no guarantee that our efforts to mitigate risk will be successful.

Mining methods

We use the JBS method to mine the Cigar Lake deposit.

Artificial ground freezing (AGF)

The current method of mining the Cigar Lake orebody uses progressive block freezing of portions of the mineralized zone and adjacent host rock. Freezing the orebody reduces the risk of potential inflow of groundwater and release of radon gas into the workplace, while increasing cavity stability and standup time during mining. The freezing strategy is to bulk freeze the ore zone

and the surrounding area prior to start of mining in a given area. Frozen cavity criteria are applied to each cavity prior to mining to ensure it meets the minimum standard prior to excavation.

2023 ANNUAL INFORMATION FORM	Page 46

This AGF system freezes the deposit and surrounding rock to between -5°C and -25°C in two to four years, depending on freeze pipe geometry and ground properties such as water content and thermal conductivity.

JBS mining

As a result of the unique geological conditions at Cigar Lake, we are unable to utilize traditional mining methods that require access above the ore, which necessitated the development of a non-entry mining method specifically adapted for this deposit. After many years of test mining, we selected jet boring, a non-entry mining method, and it has been used since we began mining in 2014. This method involves:

•	drilling a pilot hole into the frozen orebody, inserting a high-pressure water jet and cutting a cavity out of<br>the frozen ore;
•	collecting the ore and water mixture (slurry) from the cavity and pumping it to a storage sump, allowing it to<br>settle;
---	---
•	using a clamshell, transporting the ore from the storage sump to an underground comminution and processing<br>circuit;
---	---
•	once mining is complete, filling each cavity in the orebody with concrete; and
---	---
•	starting the process again with the next cavity
---	---

LOGO

This is a non-entry method, which means mining is carried out from headings in the basement rock below the deposit, so employees are not exposed to the ore. This mining approach is highly effective at managing worker exposure to radiation levels. Combined with ground freezing and the cuttings collection and hydraulic conveyance system, jet boring reduces radiation exposure to acceptable levels that are below regulatory limits.

The mine equipment fleet is currently comprised of three JBS units plus other equipment to support mine development, drilling and other services. Two additional scooptrams, plus some smaller ancillary equipment, will be added to the current equipment fleet to meet the production and development requirements for the remainder of the mine life.

We have divided the orebody into production panels. At least three production panels need to be frozen at one time to achieve the full annual production rate of 18 million pounds. One JBS machine will be located below each frozen panel and the three JBS machines required are currently in operation. Two machines actively mine at any given time while the third is moving, setting up, or undergoing maintenance.

Mine development

Mine development for construction and operation uses two basic approaches: drill and blast with conventional ground support is applied in areas with a competent rock mass. Most permanent areas of the mine, which contain the majority of the installed equipment and infrastructure, are hosted in competent rock mass and are excavated and supported conventionally. The production tunnels immediately below the orebody are primarily in poor, weak rock mass and are excavated and supported using the New Austrian Tunnelling Method (NATM). NATM was adopted as the primary method of developing new production cross-cuts, replacing the former Mine Development System (MDS).

NATM, as applied at Cigar Lake, involves a multi-stage sequential mechanical excavation, extensive external ground support and a specialized shotcrete liner. The liner system incorporates yielding elements which permit controlled deformation required to accommodate additive pressure from mining and ground freezing activities. The production tunnels have an inside diameter of five metres and are approximately circular in profile.

2023 ANNUAL INFORMATION FORM	Page 47

We plan our mine development to take place away from known groundwater sources whenever possible. In addition, we assess all planned mine development for relative risk and apply extensive additional technical and operating controls for all higher risk development.

In order to successfully achieve the planned production schedule, we must continue to successfully transition into new mining areas, which includes mine development and investment in critical support infrastructure. If development work is delayed for any reason, including availability of storage capacity for waste rock, our ability to meet our future production plans may be impacted.

Mine access

There are two main levels in the mine: the 480 and 500 metre levels. Both levels are in the basement rocks below the unconformity. Mining is conducted from the 480-metre level which is located approximately 40 metres below the ore zone. The main underground processing and infrastructure facilities are located on this level. The 500-metre level is accessed via a ramp from the 480-metre level. The 500-metre level provides for the main ventilation exhaust drift for the mine, the mine dewatering sump and additional processing facilities. All construction required for production has been completed.

Processing

Cigar Lake ore is processed at two locations:

Comminution is conducted underground at Cigar Lake, while leaching, purification and final yellowcake production and packaging occurs at the McClean Lake mill. The ore is trucked as a finely ground slurry from Cigar Lake to the McLean Lake mill in purpose-built containers identical to those used to transport McArthur River ore slurry to the Key Lake mill.

Recovery and metallurgical testing

Extensive metallurgical test work was performed on core samples of Cigar Lake ore from 1992 to 1999 in France at Orano’s CIME test centre. Samples used for the metallurgical test work during this period may not have been representative of the deposit as a whole. Additional test work completed by Orano in 2012 with drill core samples verified that a high uranium recovery rate could be achieved regardless of the variability of the ore. Test work also concluded that more hydrogen gas evolution took place than previously anticipated, which resulted in safety related modifications being implemented in the leaching circuit. Leaching modifications began in 2013 and were completed in 2014, with mill start-up in September 2014.

The results of this test work program provided the process design criteria for the additions and modifications required at the McClean Lake mill for processing Cigar Lake ore. Since 2014, the McClean Lake mill has processed on a daily basis a range of ore grades, at times in excess of 28% U. Additional testing was completed by Orano in 2018 and 2019 on samples from CLEXT. The test work, combined with ongoing optimization and operating experience at the McClean Lake mill, confirmed that no modifications would be required to the mill circuits to process CLEXT ore. Tailings neutralization and aging tests also completed during this period verified that the current operating practices at the McClean Lake mill will produce tailings that are stable over the long-term.

Based on the test results and past mill performance, an overall uranium recovery of 98.8% for CL Main and 98.5% for CLEXT is expected for the remainder of the mine life.

Specific ore induced risks include:

•	Elevated arsenic concentration in the mill feed may result in increased leaching circuit solution temperatures.<br>This could result in a reduction in mill feed rates and additional capital and operating expense to modify the leaching process.
•	Hydrogen evolution rates in leaching may exceed the design capacity of the hydrogen gas control system resulting<br>in reduced leach feed rates. Additional capital expense may be required to increase the capacity of the hydrogen gas control system.
---	---

Tailings

Cigar Lake site does not have a TMF. The ore is processed at the McClean Lake mill. See Toll milling agreement below for a discussion of the McClean Lake TMF.

2023 ANNUAL INFORMATION FORM	Page 48

Waste rock

The waste rock piles are separated into three categories:

•	clean waste – will remain on the mine site for use as aggregate for roads, concrete backfill and future site<br>reclamation
•	mineralized waste (>0.03% U3O8) – will be disposed of underground at the Cigar Lake mine; and
---	---
•	waste with acid-generating potential – temporarily stored on lined pads
---	---

The latter two stockpiles are contained on lined pads; however, no significant mineralized waste has been identified during development to date.

Production

The mine plan is designed to extract all current Cigar Lake mineral reserves. The following is a general summary of the mine plan production schedule parameters on a 100% basis for these mineral reserves:

Total mill production	• 205.9 million pounds of U3O8, based on current mineral reserves and an overall<br>milling recovery of 98.8% for CL Main and 98.5% for CLEXT<br> <br><br><br><br>• Full annual production of 18 million pounds of U3O8
Total mine production	• 554,500 tonnes of ore
Average annual mine production	• 115 to 160 tonnes per day during peak production, depending on ore<br>grade
Average mill feed grade	• 17.0% U3O8

Total packaged production from Cigar Lake in 2023 was 15.1 million pounds U3O8 (8.2 million pounds our share) compared to 18.0 million pounds U3O8 (9.8 million pounds our share) in 2022. In 2022, we were successful in catching up on development work that had been deferred from 2021. In 2023, productivity was impacted as we completed development and commissioning activities in the first quarter and achieved first production from a new mining area. We had expected to recover from these delays in the second half of the year. However, in the third quarter, we determined maintenance work was required on one of the underground circuits, which had not been planned. The additional time required to complete this work did not allow for the delayed production volumes to be recovered prior to year-end.

In 2024, we expect to produce at the licensed rate of 18 million pounds (100% basis) per year.

Inflation, the availability of personnel with the necessary skills and experience, and the impact of supply chain challenges on the availability of materials and reagents carry with them the risk of not achieving our production plans, production delays and increased costs in 2024 and future years.

Decommissioning and financial assurances

An updated preliminary decommissioning plan for Cigar Lake was submitted in 2017 and 2018 as part of the regular five-year update schedule. Prior to revising the letters of credit, approval of the updated plan is required from the province and CNSC staff as well as formal approval from the CNSC through a Commission proceeding. The necessary approvals were received. The document included our estimated cost for implementing the plan and addressing known environmental liabilities.

The reclamation and remediation activities associated with waste rock and tailings at the McClean Lake mill are covered by the plans and cost estimates for this facility.

In 2022, as part of the required five-year update schedule, we submitted a revised preliminary decommissioning estimate for Cigar Lake, which is currently being reviewed by the province and CNSC staff.

For more information, see Nuclear waste management and decommissioning.

Water inflow and mine/mill development

Cigar Lakewater inflow incidents

From 2006 through 2008, the Cigar Lake project suffered several setbacks because of three water inflow incidents. The first occurred in 2006, resulting in the flooding of the then partially completed Shaft No. 2. The two subsequent incidents involved inflows in the mine workings connected to Shaft No. 1 and resulted in flooding of the mine workings. We executed recovery and remediation plans for all three inflows. Re-entry into the main mine workings was achieved in 2010 and work to secure the mine was completed in 2011. The mine is fully remediated and entered commercial production in 2015.

2023 ANNUAL INFORMATION FORM	Page 49

Lessons learned from the inflows have been applied to the subsequent mine plan and development to reduce the risk of future inflows and improve our ability to manage them should they occur.

Increased pumping capacity

In 2012, we increased the installed mine dewatering capacity to 2,500 cubic metres per hour. Mine water treatment capacity has been increased to 2,550 cubic metres per hour, and regulatory approval to discharge routine and non-routine treated water to Seru Bay is in place. As a result, we believe we have sufficient pumping, water treatment and surface storage capacity to handle the estimated maximum inflow.

Current status of development

Construction of all major permanent underground development and process facilities required for the duration of the mine life is complete. A number of underground access drifts and production crosscuts remain to be driven as part of ongoing mine development to sustain production rates.

On surface, construction of all permanent infrastructure required to achieve nameplate capacity has been completed.

Underground mine development continued in 2023. We completed our second production crosscut in the western portion of the CL Main in preparation for ore mining starting in the second quarter of 2024.

During 2023, we:

•	executed planned 21-day annual maintenance activities in September
•	executed production activities from four production tunnels in the CL Main part of the orebody and one, for the<br>first time, from the CLEXT part of the orebody
---	---
•	in alignment with our long-term production planning, brought two new panels online
---	---
•	continued underground header construction activities and expanded our ground freezing program to ensure continued<br>frozen ore inventory
---	---
•	completed our freeze hole drilling program in the second quarter
---	---

In 2024, we plan to:

•	continue production activities focused on bringing one new production panel online
•	complete construction and commissioning of freeze distribution infrastructure expansion in support of future<br>production
---	---
•	continue underground mine development on two new production tunnels as well as expand ventilation and access<br>drifts in alignment with the long-term mine plan
---	---
•	commission the surface backfill batch plant to support ongoing operations
---	---
•	execute an underground geotechnical drilling program
---	---

The McClean Lake mill has been expanded to process and package all Cigar Lake ore.

Toll milling agreement

The McClean Lake joint venture agreed to process Cigar Lake’s ore slurry at its McClean Lake mill, according to the terms in its agreement with the CLJV: JEB toll milling agreement (effective January 1, 2002 and amended and restated effective November 30, 2011), dedicating the necessary McClean Lake mill capacity to process and package 18 million pounds of Cigar Lake uranium concentrate annually.

The CLJV pays a toll milling fee and its share of milling expenses.

The McClean Lake mill started receiving Cigar Lake ore in March 2014 and produced its first drum of Cigar Lake yellowcake in October 2014. All of Cigar Lake’s ore slurry from current mineral reserves will be processed at the McClean Lake mill, operated by Orano. Orano does not expect any new major infrastructure is necessary at McClean Lake mill to receive and process Cigar Lake’s mineral reserves. Minor upgrades related to throughput optimisation were completed in 2020.

The McClean Lake joint venture commenced work in 2012 to optimize its TMF to accommodate all of Cigar Lake’s current mineral reserves. This optimization included periodic raising of a bentonite amended liner, the most recent of which was completed in 2023.

2023 ANNUAL INFORMATION FORM	Page 50

In 2022, Orano received regulatory approval for the expansion of the JEB TMF.

The expansion will be achieved by the continued construction of an engineered embankment and placement of a bentonite amended liner. Following the staged expansion, the TMF is expected to have capacity to receive tailings from processing all of Cigar Lake’s current mineral reserves.

The McClean Lake joint venture is responsible for all costs of decommissioning the McClean Lake mill. As well, the joint venture is responsible for the liabilities associated with tailings produced from processing Cigar Lake ore at the McClean Lake mill.

The collective agreement with unionized employees at the McClean Lake mill ends on May 31, 2025.

Regulatory approvals

There are three key permits that are required to operate the mine.

Operating and processing licences

Federally, Cigar Lake holds a “Uranium Mine Licence” from the CNSC with a corresponding Licence Conditions Handbook (LCH). Provincially, Cigar Lake holds an “Approval to Operate Pollutant Control Facilities” from the SMOE and a “Water Rights Licence to Use Surface Water and Approval to Operate Works” from the Saskatchewan Watershed Authority.

The CNSC licence expires on June 30, 2031. The SMOE approval was extended to January 31, 2024 and then renewed in 2024 and the current approval now expires in 2030. The Saskatchewan Watershed Authority water rights licence was obtained in 1988 and was amended in 2023 and now expires in 2028.

The current Cigar Lake LCH authorizes an annual production rate up to 18 million pounds per year. The CNSC licence and LCH for the McClean Lake operation, issued by the CNSC in 2017, authorizes the production of up to 24 million pounds U3O8 annually. The licence and LCH were amended in 2022 to authorize the expansion of the JEB TMF.

Approvals, issued by the SMOE pursuant to the Saskatchewan Environmental Assessment Act, for Cigar Lake are based on estimated annual production rates of 18 million pounds U3O8 for CL Main and 6 million pounds U3O8 for CLEXT. As such, it is anticipated that the planned annual production rate of 18 million pounds U3O8 for CLEXT represents a change to the approved development that will require Ministerial Approval. Cameco plans to submit the information required to obtain this approval in 2025.

Water treatment/effluent discharge system

The mine dewatering system was designed and constructed to handle both routine and non-routine water treatment and effluent discharge, and it has been approved and licensed by the CNSC and the SMOE.

We began discharging treated water to Seru Bay in August 2013 following the receipt of regulatory approvals.

There have been ongoing efforts to optimize the current water treatment process and water handling systems to ensure acceptable environmental performance.

Operating and capital costs

The following is a summary of the Cigar Lake operating and capital cost estimates for the remaining life of mine, stated in constant 2023 dollars and reflecting a forecast life-of-mine mill production of 205.9 million pounds.

2023 ANNUAL INFORMATION FORM	Page 51
Operating Costs ($Cdn million)	Total<br>(2024 – 2036)
---	---	---
Cigar Lake Mining
Site administration	$	665.5
Mining costs		1,016.5
Process		359.8
Corporate overhead		163.0
Total mining costs	$	2,204.8
McClean Lake Milling
Administration	$	623.8
Milling costs		1,109.1
Corporate overhead		102.8
Toll milling		196.1
Total milling costs	$	2,031.8
Total operating costs	$	4,236.6
Total operating cost per pound U3O8	$	20.58

Note: presented as total cost to the CLJV (100% basis)

Operating costs consist of annual expenditures at Cigar Lake to mine the ore, treat the ore underground, including crushing, grinding and density control, followed by pumping the resulting slurry to surface for transportation to McClean Lake.

Operating costs at McClean Lake consist of the cost of offloading and leaching the Cigar Lake ore slurry into uranium solution and further processing into calcined U3O8 product.

Capital Costs ($Cdn million)	Total<br>(2024 – 2036)
Cigar Lake Mine Development	$	378.7
Cigar Lake Mine Capital
Production tunnel outfitting<br><br><br>Ground freezing system	$	138.5<br> <br>129.9
Other mine capital		319.9
Total mine capital	$	588.3
Tailings Expansion	$	52.6
Other mill capital		227.7
Total mill capital	$	280.3
Total capital costs	$	1,247.3

Note: presented as total cost to the CLJV (100% basis)

Estimated capital costs to the CLJV include sustaining capital for Cigar Lake and McClean Lake mill, as well as underground development at Cigar Lake to bring mineral reserves into production. Overall, the largest capital cost at Cigar Lake is surface freeze drilling and brine distribution infrastructure. Other significant capital includes tunnel outfitting and mine development costs.

Our expectations and plans regarding Cigar Lake, including forecasts of operating and capital costs, production and mine life are forward-looking information, and are based specifically on the risks and assumptions discussed on pages 3, 4 and 5. We may change operating or capital spending plans in 2024, depending upon uranium markets, our financial position, results of operation and other factors. Estimates of expected future production and capital and operating costs are inherently uncertain, particularly beyond one year, and may change materially over time.

2023 ANNUAL INFORMATION FORM	Page 52

Exploration, drilling, sampling, data quality and estimates

There are no historical estimates within the meaning of NI 43-101 to report. The Cigar Lake uranium deposit was discovered in 1981 by surface exploration drilling.

We focus most of our exploration activities on mineral lease ML 5521. Orano is responsible for exploration activity on the 38 surrounding mineral claims. The data from the exploration program on the 38 mineral claims is not part of the database used for the estimate of the mineral resources and mineral reserves at Cigar Lake.

Exploration

After the 2006 water inflow events, it was recognized that more detailed geophysical information in the immediate deposit area was required. Since 2006, a number of geophysical surveys over the Cigar Lake deposit provided additional knowledge on geological structures and fault zones. In the fall of 2007, a supplementary geophysical program was conducted over a portion of the CL Main area of the deposit to identify major structures within the sandstone column. In 2015, Cameco conducted a geotechnical drill program consisting of nine surface diamond holes (drilled to a vertical depth of 525 metres) over the western portion of the CL Main area of the deposit. Downhole cross-well seismic was done within these boreholes to image major fault structures and geotechnical characteristics of this portion of the deposit.

This information has since been incorporated into our geological models. These are regularly updated as additional information is collected, allowing for better mine planning and mitigation of potential risk.

Drilling

Surface drilling – mineral lease

The last diamond drillhole of the 1981 program was located south of Cigar Lake and was the discovery hole for the Cigar Lake uranium deposit. The deposit was subsequently delineated by surface drilling between 1982 and 1986, and followed by several small drilling campaigns to gather geotechnical and infill data between 1986 and 2007. Additional drilling campaigns were conducted by Cameco after 2007 which targeted a broad range of technical objectives, including geotechnical, geophysical, delineation and ground freezing. Since 2012, diamond drilling managed by Cameco has mainly focused on underground geotechnical and surface ground freezing programs on CL Main along with continued delineation drilling on CLEXT. Drill depths for surface delineation holes range from approximately 460 to 550 metres.

Delineation drilling in the CL Main zone was originally completed at a nominal drillhole fence spacing of 25 to 50 metres (east-west), with holes at 20 to 25 metres (north-south) spacing on the fences. Since then, the entire portion of the CL Main deposit has had surface freezeholes installed at a nominal 7 x 7 metre pattern.

The CLEXT zone was historically drilled at a nominal drillhole fence spacing of 200 metres, with holes at 20 metre spacing on the fences. Subsequent drill programs occurring between 2011 and 2023 have since reduced the drillhole spacing down to approximately 15 x 15 metres in local areas of the deposit.

Drilling results have been used to delineate and interpret the 3-dimensional geometry of the mineralized areas, the lithostructural settings, the geotechnical conditions, and to estimate the distribution and content of uranium and other elements.

Surface freeze hole drilling over the CL Main zone, ongoing since 2012, has been completed. Drilling results obtained between September 2022 and end of 2023, representing 98 additional freeze holes and six new delineation holes, are reflected in the CL Main mineral resource and reserve estimates.

Underground drilling – mineral lease

Diamond drilling from underground is primarily to ascertain rock mass characteristics in advance of development and mining. Cigar Lake Mining Corporation, the previous operator, and Cameco have conducted underground geotechnical drilling since 1989. A total of 519 underground geotechnical holes have been completed on CL Main. In addition, 24 geotechnical holes have been completed with respect to the CLEXT.

At one time, freeze holes were drilled from underground into the deposit for the purpose of freezing the ground prior to mining. No underground freeze holes have been drilled since 2006. None of them are currently used for freezing or for mineral resource and reserve estimation purposes.

2023 ANNUAL INFORMATION FORM	Page 53

Sampling, analysis and data verification

Sampling

Vertical surface drilling generally represents the true thickness of the zone given the flat-lying mineralization. All holes are core drilled and gamma probed whenever possible. Cigar Lake uses a high-flux gamma probe designed and constructed by alphaNUCLEAR, a member of the Cameco group of companies. This high-flux gamma probe utilizes two Geiger Müller tubes to detect the amount of gamma radiation emanating from the surroundings. The count rate obtained from the high-flux probe is compared against chemical assay results to establish a correlation to convert corrected probe count rates into equivalent % U3O8 grades for use when assay results are unavailable.

The consistency between probe data and chemical assays demonstrates that secular equilibrium exists within the deposit. Approximately 25% of the data used to estimate mineral resources is obtained from assays in CL Main, while for CLEXT, all core has been assayed. In these cases, the core depth is validated by comparing the downhole gamma survey results with a hand-held scintillometer on core before it is logged, photographed, and then sampled for uranium analysis. Attempts are made to avoid having samples cross geological boundaries.

When sampled, the entire core from each sample interval is taken for assay or other measurements to characterize the physical and geochemical properties of the deposit, except for some of the earliest sampling in 1981 and 1982 (which were validated or removed following subsequent delineation drilling and whole core assay measurements). This was done to reduce the potential for sampling bias, given the high-grade nature and variability of the grades of the mineralization, and to minimize human exposure to gamma radiation and radon gas during the sampling process.

The typical sample collection process at our operations is performed by or under the supervision of a qualified geoscientist and includes the following procedures:

•	marking the sample intervals on the core boxes at nominal 0.5 metre sample lengths
•	collection of the samples in plastic bags, taking the entire core
---	---
•	documentation of the sample location, assigning a sample number, and description of the sample, including<br>radiometric values from a hand-held device
---	---
•	bagging and sealing, with sample tags inside bags and sample numbers on the bags
---	---
•	placement of samples in steel drums for shipping
---	---

Sample security

Current sampling protocols dictate that all samples are collected and prepared in a restricted core processing facility. Core samples are collected and transferred from core boxes to high-strength plastic sample bags, then sealed. The sealed bags are then placed in steel drums and shipped in compliance with the Transport of Dangerous Goods regulations with tamper-resistant security seals. Chain of custody documentation is present from inserting samples into steel drums to final delivery of results by SRC.

All samples collected are prepared and analysed under close supervision of qualified personnel at SRC, which is a restricted access laboratory licensed by the CNSC.

Analysis

Since 2002, assay sample preparation has been done at SRC, which is independent of the participants of CLJV. It involves jaw crushing to 80% passing at less than two millimetres and splitting out a 100-to-200-gram sub-sample using a riffle splitter. The sub-sample is pulverized to 90% at less than 106 microns using a puck and ring grinding mill. The pulp is then transferred to a bar coded plastic snap top vial. Assaying by SRC involves digesting an aliquot of pulp in concentrated 3:1 HCL:HNO3 on a hot plate for approximately one hour. The volume is then made up in a 100-millilitre volumetric flask using deionized water prior to analysis by ICP-OES. Instruments used in the analysis are calibrated using certified commercial solutions. This method is ISO/IEC 17025:2017 accredited by the Standards Council of Canada.

Quality control anddata verification

The quality assurance and quality control procedures used during the early drilling programs were typical for the time. The majority of uranium assays in the database from the early drilling programs were obtained from Loring Laboratories Ltd., which was independent of the participants of CLJV. For uranium assays up to 5% U3O8, 12 standards and two blanks were run with each batch of samples and for uranium assays over 5% U3O8, a minimum of four standards were run with each batch of samples.

2023 ANNUAL INFORMATION FORM	Page 54

More recent sample preparation and assaying is being completed under the close supervision of qualified personnel at SRC and includes preparing and analysing standards, duplicates, and blanks. At least two standards are analysed for each 40-sample batch. We also include a pulp repeat and one split sample repeat with every group. Samples that fail quality controls are re-analyzed.

The original database, which forms part of the database used for the current mineral resource and mineral reserve estimates, was compiled by previous operators. Many of the original signed assay certificates are available and have been reviewed by Cameco geologists.

In 2013, Cigar Lake implemented an SQL server based centralized geological data management system to manage all drillhole and sample related data. All core logging, sample collection, downhole probing and sample dispatching activities are carried out and managed within this system. All assay and geochemical analytical results obtained from the external laboratory are uploaded directly into the centralized database, thereby mitigating potential for manual data transfer errors. The database used for the current mineral resource and mineral reserve estimates was validated by Cameco qualified geoscientists.

Additional data verification measures taken on the data collected at Cigar Lake are as follows:

•	surveyed drillhole collar coordinates and downhole deviations are entered into the database and visually<br>validated and compared to the planned location of the holes. Most results were within acceptable tolerances. Holes that exceeded the thresholds were reviewed resulting in two holes being adjusted.
•	comparison of the information in the database against the original data, including paper logs, assay certificates<br>and original probing data files as required. Approximately 5% of holes in the resource estimate updates were compared against the assay certificates with no discrepancies observed. We have observed no discrepancies of note since implementation of<br>the centralized geological data management system.
---	---
•	validation of core logging information in plan and section views, and review of logs against photographs of the<br>core. Core logging information was reviewed during geological modelling. No issues were observed.
---	---
•	checking for data entry errors such as overlapping intervals and out of range values. No issues of note were<br>observed in 2023.
---	---
•	radiometric probes undergo annual servicing and re-calibration as well as additional checks including control<br>probing to ensure precision and accuracy of the probes. All probes were serviced and re-calibrated. Control probing results were within acceptable tolerances.
---	---
•	validating uranium grades comparing radiometric probing, core radioactivity measurements and chemical assay<br>results. A review of the correlation to convert corrected probe count rates into equivalent % U3O8 grades was completed in 2023.<br>Following this review, an adjustment to the correlation was applied to address a slight U3O8 overestimation bias.
---	---

Since the start of commercial production, we have compared the uranium block model with mine production results on a quarterly basis to ensure an acceptable level of accuracy is maintained. Historically, we have seen acceptable variances, but in 2022, we saw apparent model overperformance variances justifying further review. Results from the resulting investigation completed in 2023 identified a local issue with the model. We do not expect further impact.

Our geoscientists, including a qualified person as such term is defined in NI 43-101, have witnessed or reviewed drilling, core handling, radiometric probing, logging, sampling facilities, sampling and data verification procedures employed at the Cigar Lake operation and consider the methodologies to be satisfactory and the results representative and reliable. There has been no indication of significant inconsistencies in the data used or verified nor any failures to adequately verify the data.

Accuracy

We are satisfied with the quality of data and consider it valid for use in the estimation of mineral resources and reserves for Cigar Lake. Comparison of the actual mine production with the expected production supports this opinion.

Mineral reserve and resource estimates

Please see page 87 for our mineral reserve and resource estimates for Cigar Lake.

2023 ANNUAL INFORMATION FORM	Page 55

Uranium – Tier-one operations

Inkai

2023 Production (100% basis) 8.3M lbs 2024 Production Outlook (100% basis) 8.3M lbs (See Production – 2024 Production on page 63) Estimated Reserves (our share) 104.7M lbs Estimated Mine Life 2045 (based on licence term)

Inkai is a very significant uranium deposit, located in Kazakhstan. The operator is JV Inkai limited liability partnership, which we jointly own (40%)^1^with Kazatomprom (60%).

Inkai is considered a material uranium property for us. There is a technical report dated January 25, 2018 (effective January 1, 2018) that can be downloaded from SEDAR+ (sedarplus.com) or from EDGAR (sec.gov).

Location	South Kazakhstan
Ownership	40%^1^
Mine type	In situ recovery (ISR)
End product	Uranium concentrate
Certifications	BSI OHSAS 18001
	ISO 14001 certified
Estimated reserves	104.7 million pounds (proven and probable), average grade U3O8: 0.04%
Estimated resources	35.6 million pounds (measured and indicated), average grade U3O8: 0.03%
	9.6 million pounds (inferred), average grade U3O8: 0.03%
Licensed capacity (wellfields)	10.4 million pounds per year (our share 4.2 million pounds per year)^1^*
	Licence term	Through July 2045
	Total packaged production: 2009 to 2023	89.3 million pounds (100% basis)
	2023 production	8.3 million pounds (100% basis)*^1^
2024 production outlook	8.3 million pounds (100% basis)^1^<br><br><br>See Production – 2024 Production on page 63
Estimated decommissioning cost (100% basis)	$33.6 million (US) (100% basis)

All values shown, including reserves and resources, represent our share only, unless indicated.

^1^	Our ownership interest in the joint venture is 40% and we equity account for our investment. As such, our share<br>of production is shown as a purchase.

Business structure

JV Inkai is a Kazakhstan limited liability partnership between two companies:

•	Cameco – 40%
•	Kazatomprom (KAP) – 60%
---	---
2023 ANNUAL INFORMATION FORM	Page 56
---	---

History

1976-78	• Deposit is discovered
	• Exploration drilling continues until 1996
1979	• Regional and local hydrogeology studies begin
	• Borehole tests characterize the four aquifers within the Inkai deposit<br>(Uvanas, Zhalpak, Inkuduk and Mynkuduk)
1988	• Pilot test in the northeast area of block 1 begins, lasts 495 days and<br>recovers 92,900 pounds of uranium
1993	• First Kazakhstan estimates of uranium resources for block 1
1996	• First Kazakhstan estimates of uranium resources for block 2
	• Kazakhstan regulators registers JV Inkai, a joint venture among us,<br>Uranerzbergbau-GmbH and KATEP
1997	• KAP is established
1998	• KATEP transfers all of its interest in JV Inkai to KAP
	• We acquire all of Uranerzbergbau-GmbH’s interest in JV Inkai, increasing<br>our interest to 66 2/3%
	• We agree to transfer a 6 2/3% interest to KAP, reducing our holdings to a 60%<br>interest
1999	• JV Inkai receives a mining licence for block 1 and an exploration with<br>subsequent mining licence for blocks 2 and 3 from the government of Kazakhstan
2000	• JV Inkai and the government of Kazakhstan sign a subsoil use contract (called<br>the resource use contract), which covers the licences issued in 1999 (see above)
2002	• Pilot leach test in the north area of block 2 begins
2005	• Construction of ISR commercial processing facility at block 1<br>begins
2006	• Complete pilot leach test at block 2
	• Exploration-delineation drilling initiated at block 3
2007	• Sign Amendment No.1 to the resource use contract, extending the exploration<br>period at blocks 2 and 3
2008	• Commission front half of the main processing plant in the fourth quarter, and<br>begin processing solution from block 1
2009	• Sign Amendment No. 2 to the resource use contract, which approves the mining<br>licence at block 2, extends the exploration period for block 3 to July 13, 2010, and requires JV Inkai to adopt the new tax code and meet the Kazakhstan content thresholds for human resources, goods, works and services
	• Commission the main processing plant, and started commissioning the first<br>satellite plant
2010	• Receive regulatory approval for commissioning of the main processing<br>plant
	• File a notice of potential commercial discovery at block 3
	• Receive approval in principle for the extension of block 3 exploration for a<br>five-year appraisal period that expires July 2015, and an increase in annual production from blocks 1 and 2 to 3.9 million pounds (100% basis)
2011	• Receive regulatory approval for commissioning of the first satellite<br>plant
	• Sign Amendment No. 3 to the resource use contract, which extends the<br>exploration period for block 3 to July 2015 and provides government approval to increase annual production from blocks 1 and 2 to 3.9 million pounds (100% basis)
	• Sign a memorandum of agreement with KAP to increase annual production from<br>blocks 1 and 2 from 3.9 million pounds to 5.2 million pounds (100% basis)
2012	• Sign a memorandum of agreement with KAP setting out the framework to increase<br>annual production from blocks 1 and 2 to 10.4 million pounds (100% basis), to extend the term of JV Inkai’s resource use contract through 2045 and to cooperate on the development of uranium conversion capacity, with the primary focus on uranium<br>refining rather than uranium conversion
	• Start construction of a test leach facility at block 3
2013	• Sign Amendment No. 4 to the resource use contract, which provides government<br>approval to increase annual production from blocks 1 and 2 to 5.2 million pounds (100% basis)
2015	• At block 3, construction of the test leach facility is completed and the pilot<br>leach test initiated
2023 ANNUAL INFORMATION FORM	Page 57
---	---
2016	• Sign an agreement with KAP and JV Inkai to restructure and enhance JV Inkai,<br>subject to closing, increasing KAP’s holdings to a 60% interest and reducing our holdings to a 40% interest
---	---
	• Sign Amendment No. 5 to the resource use contract, which extends the<br>exploration period for block 3 to July 2018
2017	• In December, close the agreement with KAP and JV Inkai to restructure and<br>enhance JV Inkai. Under the agreement, effective January 1, 2018, our ownership interest dropped to 40% and we will equity account for our investment.
	• Sign Amendment No. 6 to the resource use contract, which grants JV Inkai the<br>right to produce up to 10.4 million pounds per year and extends the term of the resource use contract until July 13, 2045

Technical report

This description is based on the project’s technical report: Inkai Operation, South Kazakhstan Oblast, Republic of Kazakhstan, dated January 25, 2018 (effective January 1, 2018) except for some updates that reflect developments since the technical report was published. The report was prepared for us in accordance with NI 43-101, by or under the supervision of Darryl Clark, PhD, FAusIMM, Alain G. Mainville, P. Geo., Stuart B. Soliz, P. Geo., and Robert J. Sumner, PhD, P. Eng. The following description has been prepared under the supervision of Biman Bharadwaj, P. Eng., Scott Bishop, P. Eng., Sergey Ivanov, P. Geo., and Alain D. Renaud, P. Geo. They are all qualified persons within the meaning of NI 43-101 but are not independent of us. The conclusions, projections and estimates included in this description are subject to the qualifications, assumptions and exclusions set out in the technical report except as such qualifications, assumptions and exclusions may be modified in this AIF. We recommend you read the technical report in its entirety to fully understand the project. You can download a copy from SEDAR+ (sedarplus.com) or from EDGAR (sec.gov).

For information about environmental matters, see Our ESG principles and practices and The regulatory environment starting on pages 92 and 96. For a description of royalties payable to the government of Kazakhstan on the sale of uranium extracted from orebodies within the country and taxes, see page 104. For a description of risks that might affect access, title or the right or ability to perform work on the property, see Strategic risks – Foreign investments and operations and Kazakhstan at pages 129 and 130, Operational risks – Permitting and licensing at page 113, Governance and compliance risks starting at page 121, Social risks starting at page 123, and Environmental risks starting at page 124.

About the Inkai property

Location

Inkai is in the Suzak District of Turkestan Oblast, Kazakhstan near the town of Taikonur, 350 kilometres northwest of the city of Shymkent and 155 kilometres east of the city of Kyzyl-Orda. JV Inkai’s corporate office is in Shymkent.

Access

The road to Taikonur is the primary road for transporting people, supplies and uranium product to and from the mine. It is a paved road that crosses the Karatau Mountains. Rail transportation is available from Almaty to Shymkent, then northwest to Shieli, Kyzyl-Orda and beyond. A rail line also runs from the town of Dzhambul to a KAP facility to the south of Taikonur. From Almaty and Astana, commercial airline services are available to Shymkent and Kyzyl-Orda.

Property tenure – MA area and mining allotment

The resource use contract between the Republic of Kazakhstan and JV Inkai (the resource use contract) grants JV Inkai the rights to explore for and to extract uranium from the subsoil contained in the Mining Allotment Area (the MA Area). The MA Area is the 139 square kilometres area in which JV Inkai currently has the right to mine, as covered by the Mining Allotment, which includes block 1 and portions of blocks 2 and 3. The Mining Allotment was the document issued by the Geology Committee of the Republic of Kazakhstan to JV Inkai in July 2017, which graphically and descriptively defines the area in which JV Inkai has the right to mine. As provided for in Amendment No. 6, it is part of the resource use contract. JV Inkai owns uranium extracted from the subsoil contained in the MA Area and has the right to use the surface of the MA Area. JV Inkai has obligations under the resource use contract which it must comply with to maintain these rights.

In addition to complying with its obligations under the resource use contract, JV Inkai, like all subsoil users, is required to abide by the work program appended to its resource use contract, which relates to its mining operations.

2023 ANNUAL INFORMATION FORM	Page 58

Under Kazakhstan law, subsoil and mineral resources belong to the state. Currently, the state provides access to subsoil and mineral resources under a resource use contract (hydrocarbons and uranium only) and a licence (the rest of mineral resources). Minerals extracted from the subsoil by a subsoil user under a resource use contract are the property of the subsoil user unless the subsoil code (as defined below) or a resource use contract provides otherwise.

A resource use contract gives the contractor a right to use the surface of the property while exploring, mining, and reclaiming the land. However, this right must be set forth in a land lease agreement with the applicable local administrative authorities.

On a regular basis, JV Inkai obtains from local authorities the necessary land lease agreements for new buildings and infrastructure. JV Inkai does not hold land leases for the entire MA Area. JV Inkai obtains land leases gradually only for surface area required for exploration, mining, or construction of new infrastructure.

Environment, social and community factors

Inkai lies in the Betpak Dala Desert, which has a semi-arid climate, minimal precipitation, and relatively high evaporation. The average precipitation varies from 130 to 140 millimetres per year, and 22 to 40% of this is snow. The surface elevation within the MA Area ranges from 140 to 300 metres above mean sea level.

The area also has strong winds. The prevailing winds are northeast. Dust storms are common. The major water systems in the area include the Shu, Sarysu and Boktykaryn rivers.

The resource use contract prescribes that a certain level of employees be from Kazakhstan. See Resource use contract on page 63 for more information.

JV Inkai must give preference to local businesses. See Kazakhstangovernment and legislation – local content on page 66 for more information.

In accordance with JV Inkai’s corporate responsibility strategy and to comply with its obligations under the resource use contract, JV Inkai finances projects and provides goods and services to support the district’s social infrastructure.

Geological setting

South-central Kazakhstan geology is comprised of a large relatively flat basin of Cretaceous to Quaternary age continental clastic sedimentary rocks. The Chu-Sarysu basin extends for more than 1,000 kilometres from the foothills of the Tien Shan Mountains located on the south and southeast sides of the basin, and merges into the flats of the Aral Sea depression to the northwest. The basin is up to 250 kilometres wide, bordered by the Karatau Mountains on the southwest and the Kazakh Uplands on the northeast. The basin is composed of gently dipping to nearly flat-lying fluvial-derived unconsolidated sediments composed of inter-bedded sand, silt, and local clay horizons.

The Cretaceous and Paleogene sediments contain several stacked and relatively continuous, sinuous “roll-fronts” or oxidation reduction (redox) fronts hosted in the more porous and permeable sand and silt units. Several uranium deposits and active uranium ISR mines are located at these regional redox roll-fronts, developed along a regional system of superimposed mineralization fronts. The overall stratigraphic horizon of interest in the basin is approximately 200 to 250 metres in vertical section.

The Inkai deposit is one of these roll-front deposits. It is hosted within the Lower and Middle Inkuduk horizons and Mynkuduk horizon which comprise fine, medium, and coarse-grained sands, gravels and clays. The redox boundary can be readily recognised in core by a distinct colour change from grey and greenish-grey on the reduced side to light-grey with yellowish stains on the oxidized side, stemming from the oxidation of pyrite to limonite.

The sands have high horizontal hydraulic conductivities. Hydrogeological parameters of the deposit play a key role in ISR mining. Studies and mining results indicate Inkai has favourable hydrogeological conditions for ISR mining.

Mineralization

Mineralization in the Middle Inkuduk horizon occurs in the central, western, and northern parts of the MA Area. The overall strike length is approximately 35 kilometres. Width in plan view ranges from 40 to 1,600 metres and averages 350 metres. The depth ranges from 262 to 380 metres, averaging 314 metres.

2023 ANNUAL INFORMATION FORM	Page 59

Mineralization in the Lower Inkuduk horizon occurs in the southern, eastern, and northern parts of the MA Area. The overall strike length is approximately 40 kilometres. Width in plan view ranges from 40 to 600 metres and averages 250 metres. The depth ranges from 317 to 447 metres, averaging 382 metres.

Mineralization in the Mynkuduk horizon stretches from south to north in the eastern part of the MA Area. The overall strike length is approximately 40 kilometres. Width in plan view ranges from 40 to 350 metres and averages 200 metres. The depth ranges from 350 to 528 metres, averaging 390 metres.

Mineralization comprises sooty pitchblende (85%) and coffinite (15%). The pitchblende occurs as micron-sized globules and spherical aggregates, while the coffinite forms tiny crystals. Both uranium minerals occur in pores on interstitial materials such as clay minerals, as films around and in cracks within sand grains, and as replacements of rare organic matter, and are commonly associated with pyrite.

Deposit type

The Inkai uranium deposit is a roll-front type deposit. Roll-front deposits are a common example of stratiform deposits that form within permeable sandstones at the interface between oxidized and reduced environments. The Cretaceous and Paleogene sediments contain several stacked and relatively continuous, sinuous “roll-fronts”, or redox fronts hosted in the more porous and permeable sand and silt units. Microcrystalline uraninite and coffinite are deposited during diagenesis by ground water, in a crescent-shaped lens that cuts across bedding and forms at the interface between oxidized and reduced ground. Sandstone host rocks are medium to coarse grained were highly permeable at the time of mineralization. There are several uranium deposits and active ISR uranium mines at these regional oxidation roll-fronts, developed along a regional system of superimposed mineralization fronts.

About the Inkaioperation

Inkai is a developed producing property with sufficient surface rights to meet future mining operation needs for the current mineral reserves. It has site facilities and infrastructure. Plans are progressing to expand the operation to give it the capability to produce up to 10.4 million pounds per year.

Licences

The resource use contract grants JV Inkai the rights to explore for and to extract uranium from the subsoil contained in the MA Area until July 13, 2045. Other material licences JV Inkai currently holds relating to its mining activities are:

•	“Licence for radioactive substances handling” valid until December 31, 2024
•	“Licence for operation of mining production and mineral raw material processing” with an indefinite<br>term
---	---
•	“Licence for transportation of radioactive substances within the territory of the Republic of<br>Kazakhstan” valid until December 30, 2024
---	---
•	“Licence for radioactive waste handling” valid until December 30, 2024
---	---

JV Inkai’s material environmental permits are described on page 64.

Infrastructure

There are three processing facilities on the MA Area: the Main Processing Plant (MPP) and two satellite plants, Sat1 and Sat2.

As part of the expansion, the following upgrades were completed:

•	addition of new pumping stations and sand ponds at Sat2
•	expansion of the processing facilities to add processing capacity at Sat2
---	---

The existing MPP, Sat1 and Sat2 circuit capacities were estimated using Inkai daily process summaries, which were subsequently demonstrated since 2019 by actual annual production. The MPP has an ion exchange (IX) capacity of 2.7 million pounds U3O8 per year and a product drying and packaging capacity of 8.3 million pounds U3O8 per year. Sat1 and Sat2 have respective IX capacities of 6.0 and 4.5 million pounds U3O8 per year.

The following infrastructure currently exists on the MA Area: administrative, engineering and construction offices, a laboratory, shops, garages, holding ponds and reagent storage tanks, enclosures for low-level radioactive waste and domestic waste, an emergency response building, food services facilities, roads and power lines, wellfield pipelines and header houses.

2023 ANNUAL INFORMATION FORM	Page 60

As part of the expansion, the following upgrades are planned:

•	addition of calcining capability and processing capacity at the MPP
•	expansion of office buildings and the laboratory
---	---

At Taikonur, JV Inkai has an employee residence camp with catering and leisure facilities. As part of the expansion, the following upgrades are planned:

•	expansion of the camp in a phased approach with construction of two residential blocks for 165 people each and<br>addition of a dining room for 150 people
•	construction of a 24-kilometre asphalt paved road connecting the camp to the three processing facilities<br>
---	---

Water, power and heat

Groundwater wells provide sufficient water for all planned industrial activities. Potable water for use at the camp and at site facilities is supplied from shallow wells on the site. The site is connected to the national power grid. In case of power outages, there are standby generators. Operations continue throughout the year despite cold winters (lows of -35°C) and hot summers (highs of +40°C).

Employees

Taikonur has a population of about 680 who are mainly employed in uranium development and exploration. Whenever possible, JV Inkai hires personnel from Taikonur and surrounding villages.

Mining

Mining at Inkai is based upon a conventional and well-established ISR process. ISR mining of uranium is defined by the IAEA as:

“The extraction of ore from a host sandstone by chemical solutions and the recovery of uranium at the surface. ISR extraction is conducted by injecting a suitable leach solution into the ore zone below the water table; oxidizing, complexing and mobilizing the uranium; recovering the pregnant solutions through production wells; and finally, pumping the uranium bearing solution to the surface for further processing.”

ISR mining at Inkai is comprised of the following components to produce a uranium-bearing lixiviant (an aqueous solution which includes sulfuric acid), which goes to settling ponds and then to the processing plants for production as yellowcake:

•	Determination of the GT (grade x thickness) cut-off for the initial design and the operating period. The<br>design sets a lower limit to the pounds per pattern required to warrant installation of a pattern before funds are committed, and the operating cut-off applies to individual producer wells and dictates the lower limit of operation once a well has<br>entered production.
•	Preparation of a production sequence, which will deliver the uranium-bearing lixiviant to meet production<br>requirements, considering the rate of uranium recovery, lixiviant uranium head grades, and wellfield flow rates.
---	---
•	Wellfield development practices, using an optimal pattern design, distribute barren lixiviant to the<br>wellfield injectors, and then collect lixiviant, which carries the dissolved uranium, back to the MPP, Sat1 or Sat2, as the case may be.
---	---

The above factors are used to estimate the number of operating wellfields, wellfield patterns and wellfield houses over the production life. They also determine the unit cost of each of the mining components required to achieve the production schedule, including drilling, wellfield installation and wellfield operation.

There is ongoing wellfield development to support the current production plan. The mining project documents are being updated following the 2021 completion of the resource estimate report as described in Exploration on page 69 below.

Processing

As a result of extensive test work and operational experience, a very efficient process of uranium recovery has been established. The process consists of the following major steps:

•	uranium in situ leaching with a lixiviant
•	uranium adsorption from solution with IX resin
---	---
•	elution of uranium from resin with ammonium nitrate
---	---
2023 ANNUAL INFORMATION FORM	Page 61
---	---
•	precipitation of uranium as yellowcake with hydrogen peroxide and ammonia
---	---
•	yellowcake thickening, dewatering, and drying
---	---
•	packaging of dry yellowcake product in containers
---	---

All plants load and elute uranium from resin while the resulting eluate is converted to yellowcake at the MPP. Inkai is designed to produce a dry uranium product that meets the quality specifications of uranium refining and conversion facilities. Overall recovery in 2023 slightly exceeded our target of 85%.

Production

Total production

Based on current mineral reserves and resource use contract term, we expect Inkai to produce a total of 216 million pounds U3O8 (100% basis, recovered after processing) over the life of the mine from January 2024 to mid-2045.

Average annual production

Collectively the MPP, Sat1 and Sat2 have the capacity to produce about 8.3 million pounds U3O8 per year (100% basis) depending on the grade of the production solution. Construction work for a process expansion of the Inkai circuit to 10.4 million pounds U3O8 per year is in progress. The expansion project includes an upgrade to the yellowcake filtration and packaging units and the addition of a pre-dryer and calciner.

Productionincrease and restructuring – Implementation Agreement

In 2016, we signed an agreement with KAP and JV Inkai to restructure and enhance JV Inkai (the implementation agreement). The restructuring closed in December 2017 and took effect January 1, 2018. This restructuring was subject to obtaining all required government approvals, including an amendment to the resource use contract, which were obtained. The restructuring consisted of the following:

•	JV Inkai has the right to produce 10.4 million pounds of<br>U3O8 per year, an increase from the prior licensed annual production of 5.2 million pounds
•	JV Inkai has the right to produce until 2045 (previously, the licence terms, based on the boundaries prior to the<br>restructuring, were to 2024 and 2030)
---	---
•	our ownership interest in JV Inkai is 40% and KAP’s ownership interest is 60%. However, during production<br>ramp up to the licensed limit of 10.4 million pounds, we are entitled to purchase 57.5% of the first 5.2 million pounds, and, as annual production increases above 5.2 million pounds, we are entitled to purchase 22.5% of any<br>incremental production, to the maximum annual share of 4.2 million pounds. Once the ramp up to 10.4 million pounds annually is complete, we will be entitled to purchase 40% of such annual production, matching our ownership interest<br>
---	---
•	a governance framework that provides protection for us as a minority owner
---	---
•	the boundaries of the MA Area match the agreed production profile for JV Inkai to 2045
---	---
•	priority payment of the loan that our subsidiary made to JV Inkai to fund exploration and evaluation of the<br>historically defined block 3 area (in 2019, the loan was repaid)
---	---

With KAP, we completed and reviewed a feasibility study for the purpose of evaluating the design, construction, and operation of a uranium refinery in Kazakhstan. In accordance with the agreement, a decision was made not to proceed with construction of the uranium refinery as contemplated in the feasibility study. We subsequently signed an agreement to licence our proprietary UF6 conversion technology to KAP, which will allow KAP to examine the feasibility of constructing and operating its own UF6 conversion facility in Kazakhstan.

The subsoil code allows producers to deviate within 20% (above or below) from the production parameters (including annual production levels) set out in the state approved project documentation, without triggering a mandatory amendment process.

With the change in ownership interests, we account for JV Inkai on an equity basis.

2023 Production

Total 2023 production from Inkai was 8.3 million pounds (100% basis). In 2023, Inkai experienced a number of operational issues related to interruptions in reagent delivery and wellfield drilling.

2023 ANNUAL INFORMATION FORM	Page 62

The first shipment, containing approximately two thirds of our share of JV Inkai’s 2023 production arrived in the fourth quarter of 2023. The second shipment with the rest of our share of 2023 production arrived in early 2024. We continue to work closely with JV Inkai and our joint venture partner, KAP, to receive our share of production via the Trans-Caspian International Transport Route, which does not rely on Russian rail lines or ports.

Based on an adjustment to the production purchase entitlement under the 2016 implementation agreement, for 2023 we were entitled to purchase 4.2 million pounds, or 50% of JV Inkai’s planned 2023 production of 8.3 million pounds. Timing of our JV Inkai purchases will fluctuate during the quarters and may not match production, and, in particular, in 2023, timing was impacted by shipping delays.

2024 Production

Based on KAP’s announcement on February 1, 2024, production in Kazakhstan is expected to remain approximately 20% below the level stipulated in subsoil use agreements, primarily due to the sulfuric acid shortage in the country and delays in development of new deposits.

Our current target for production at Inkai in 2024 is 8.3 million pounds of U3O8 (100% basis). However, this target is tentative and contingent upon receipt of sufficient quantities of sulfuric acid. In addition, the allocation of such production between the JV Inkai participants is currently under discussion by Cameco and KAP.

Sales

There are annual uranium sales contracts entered into between JV Inkai and a Cameco subsidiary to purchase Cameco’s share of Inkai production for each year, as well as similar contracts between JV Inkai and KAP. JV Inkai currently has no other forward-sales commitments for its uranium production.

In accordance with the Kazakhstan government’s resolution on uranium concentrate pricing regulations, product is currently purchased from JV Inkai at a price equal to the uranium spot price, less a 5% discount.

Cash distribution

Excess cash, net of working capital requirements, will be distributed to the partners as dividends. In 2023, we received dividend payments from JV Inkai totaling $79 million (US), net of withholdings. Our share of dividends follows our production purchase entitlements as described above.

Resource usecontract

The resource use contract was signed by the Republic of Kazakhstan and JV Inkai and then registered on July 13, 2000 based on the licence granted on April 20, 1999. The resource use contract provides for JV Inkai’s mining rights to the MA Area, as well as containing obligations with which JV Inkai must comply in order to maintain such rights. There have been six amendments to the resource use contract, the most recent in November 2017, being Amendment No. 6 to:

•	define the boundaries of the MA Area to match the agreed production profile for JV Inkai to 2045<br>
•	increase the annual production rate from the MA Area to 10.4 million pounds U3O8
---	---
•	extend the extraction term from the MA Area until July 13, 2045
---	---

The other prior significant amendments to the resource use contract are as follows:

•	In 2007, Amendment No. 1 to the resource use contract was signed, extending the exploration period of blocks<br>2 and 3 for two years.
•	In 2009, Amendment No. 2 to the resource use contract was signed, adopting the 2009 Tax Code, implementing<br>local content and employment requirements, and extending the exploration period at block 3.
---	---
•	In 2011, Amendment No 3 to the resource use contract was signed, increasing production and giving JV Inkai<br>government approval to carry out a five-year assessment program on block 3 that included delineation drilling, uranium resource estimation, construction and operation of a processing plant at block 3, and completion of a feasibility study.<br>
---	---
•	In 2013, Amendment No. 4 to the resource use contract was signed to increase annual production from blocks 1<br>and 2 to 5.2 million pounds U3O8.
---	---
•	In 2016, Amendment No. 5 to the resource use contract was signed, extending the exploration period at block<br>3 to July 13, 2018.
---	---
2023 ANNUAL INFORMATION FORM	Page 63
---	---

In addition to complying with its obligations under the resource use contract, JV Inkai, like all subsoil users, is required to abide by the work program appended to the resource use contract, which relates to its mining operations. The current work program, to increase the annual production rate to 10.4 million pounds U3O8, is attached to Amendment No. 6.

Environment

JV Inkai has to comply with environmental requirements during all stages of the operation, and develop an environmental impact assessment for examination by a state environmental expert before making any legal, organizational, or economic decisions that could have an effect on the environment and public health.

As required under Kazakhstan law, JV Inkai has a permit for environmental emissions and discharges for the operation that is valid until December 31, 2030. JV Inkai also holds certain water use permits which have various expiry dates.

JV Inkai carries environmental insurance, as required by the resource use contract and environmental law.

Decommissioning

JV Inkai’s decommissioning obligations are defined by the resource use contract and the subsoil code. JV Inkai is required to maintain a fund, which is capped at $500,000 (US), as security for meeting its decommissioning obligations. Under the resource use contract, JV Inkai must submit a plan for decommissioning the property to the government six months before mining activities are complete.

JV Inkai has developed a preliminary decommissioning plan to estimate total decommissioning costs, and updates the plan annually, or when there is a significant change at the operation that could affect decommissioning estimates. The preliminary decommissioning estimate is $33.6 million (US).

Groundwater is not actively restored post-mining in Kazakhstan. See page 101 for additional details.

Kazakhstan government and legislation

Subsoil law

The principal legislation governing subsoil exploration and mining activity in Kazakhstan is the Code of the Republic of Kazakhstan on Subsoil andSubsoil Use No. 125-VI dated December 27, 2017 (which became effective on June 28, 2018), as amended (the subsoil code). It replaced the Law on the Subsoil and Subsoil Use dated June 24, 2010, as amended.

In general, the rights held by JV Inkai are governed by the old subsoil law that was in effect at the time of the resource use contract registration in July 2000. The subsoil use rights held by JV Inkai came into effect upon the initial issuance of these licences (April 1999) and the execution and the state registration of the resource use contract (July 2000).

The subsoil code defines the framework and procedures connected with the granting, transfer and termination of subsoil rights, and the regulation of the activities of subsoil users. The subsoil, including mineral resources in their underground state, are the property of the people of Kazakhstan and the people’s property rights are exercised by the state by the regime of state property. Resources brought to the surface belong to the subsoil user, unless otherwise provided by the subsoil code. The state has priority and approval rights with regards to strategic deposits with some exceptions (for example, for inter-group transfers in certain circumstances), if a subsoil user transfers its subsoil rights or if there is a transfer (direct or indirect) of an ownership interest in a subsoil user.

Subsoil rights go into effect when a contract with the competent authority is finalized and registered. Pursuant to the subsoil code, the subsoil user is given, among other things, the exclusive right to conduct mining operations, to build production facilities, to freely dispose of its share of production and to negotiate extensions of the contract, subject to restrictions and requirements set out in the subsoil code.

Currently, the Ministry of Energy of the Republic of Kazakhstan is the competent authority on hydrocarbons and uranium under the subsoil code.

Stabilization

The subsoil code provides, subject to a number of exceptions, that any licences issued and contracts executed before the enactment of the subsoil code remain valid. Therefore, the resource use contract remains valid. Most of the general provisions of the subsoil code apply to subsoil contracts concluded and licences issued before the subsoil code enactment. At the same time, the subsoil code’s special provisions on uranium generally do not have retrospective effect except for certain rules such as obligations in the spheres of education, science and social, regional economic development during production, procurement, environmental protection, and contract termination rules.

2023 ANNUAL INFORMATION FORM	Page 64

Given that some subsoil use contracts (including the resource use contract) contain the legislation stability guarantee and the latter is also provided for by both the stabilized law and the subsoil code, any retrospective provisions of the subsoil code do not override such stability guarantee unless an exception applies. For example, environmental regulations of the subsoil code are an exception to the stability guarantee and apply to subsoil users operating under old contracts.

Overall, the Republic of Kazakhstan has gradually weakened the stabilization guarantee, particularly in relation to the new projects, and the national security exception in the subsoil code is applied broadly to encompass security over strategic national resources.

Amendment No. 2 to the resource use contract eliminated the tax stabilization provision that applied to JV Inkai.

Transfer of subsoil rights and priority rights

The subsoil code liberates to some extent the regime of regulatory approvals by requiring the consent for the transfer of an object connected with the subsoil use right only in relation to hydrocarbons, uranium and deposits under a solid minerals licence. In addition, it abolished the requirement to obtain consent in case of a charter capital increase without change in shareholding and a transaction with government, state body, national management holding or national company. As previously, failing to obtain the consent of the competent authority makes the transaction void.

Similar to the old subsoil law, the subsoil code provides the state with the priority right with respect to the following transfers related to strategic subsoil areas: (i) transfers of a subsoil use right related to a strategic subsoil area, (ii) transfers (direct or indirect) of an ownership interest in a subsoil use, and (iii) initial public offering of shares and other securities in a subsoil user at an organized securities market, as such ownership interests, shares, or securities constitute an object connected with the subsoil use right related to the strategic subsoil area. The exemptions from the requirement to obtain the consent of the competent authority discussed above also exempts a transaction from the requirement to obtain a waiver of the priority right of the state.

The subsoil code has introduced a new requirement, which is a change of control notification to be made within 30 calendar days from such change. The subsoil code provides that control means inter alia holding more than 25% shares (participatory interests or securities convertible in shares), having voting rights for more than 25% of all votes in the highest management body.

Dispute resolution

The subsoil code contains provisions on resolution of disputes by a court order (meaning state courts) on a number of specific issues such as disputes regarding revocation of licences or termination of resource use contracts. Pursuant to amendments to the subsoil code that came into effect on January 10, 2023, disputes under contracts related to complex hydrocarbon projects are expressly allowed to be referred to international arbitration under UNCITRAL rules.

The subsoil code is silent on the status of arbitration clauses contained in uranium resource use contracts currently in effect. Therefore, strictly speaking, the subsoil code does not disallow international arbitration for uranium resource use contracts.

The resource use contract contains a dispute resolution clause referring contractual disputes to international arbitration. We believe the subsoil code does not affect this right.

Contract termination

The subsoil code introduces specific grounds for unilateral termination of subsoil use contracts (hydrocarbons and uranium).

Due to March 2021 amendments to the subsoil code, the provisions on termination of resource use contracts were given retrospective effect. Generally, however, those retrospective provisions should not override the stability guarantee and should not apply to the resource use contract.

The subsoil code applies some general grounds for unilateral repudiation retrospectively. Those are (i) a breach of the requirement to obtain the competent authority’s consent for transfer of a subsoil use right or an object connected with subsoil use right for hard minerals containing a major or strategic deposit which lead to a threat to national security; and (ii) actions of subsoil user during subsoil use operations at major deposits of hard minerals leading to a change in the economic interest of the Republic of Kazakhstan which creates a threat to national security. To the extent these grounds for unilateral termination relate to national security which is an area not covered by the stability guarantee, they apply to resource use contracts entered into before the subsoil code came into effect.

2023 ANNUAL INFORMATION FORM	Page 65

Local content

The subsoil code imposes local content requirements for works, services and employees.

The resource use contract imposes local content requirements on JV Inkai with respect to employees, goods, works and services. As such, at least 40% of the costs of the acquired goods and equipment, 90% of contract works and 100%, 70% and 60% of employees, depending on their qualifications (workers, engineers, and management, respectively), must be of local origin. Effective January 1, 2021, under Kazakhstan law this local content requirement ceased to apply to goods procured by JV Inkai.

Strategic deposits

The subsoil code provides that all uranium deposits are strategic deposits. According to a governmental resolution On Determination of the Strategic Subsoil Areas Importance dated June 28, 2018 No. 389, 137 areas are strategic deposits, including Inkai’s blocks.

Transfer of subsoil use rights on strategic areas is subject to the priority right and the competent authority’s consent, as described above.

Reintroduction of the licensing regime

The subsoil code reintroduces the licensing regime for widespread and solid minerals except uranium. The regime of the resource use contracts only applies to exploration and production rights for hydrocarbons and uranium. As such, the rights to explore and produce uranium will continue to be provided based on a resource use contract.

Decommissioning

The subsoil code modified the general provisions related to decommissioning. Some of them are applied retroactively. One such modification introduces a new requirement to provide financial security for a subsoil user’s decommissioning obligations in the form of a guarantee, insurance and/or bank deposit. As per the transitional provisions of the subsoil code, the mechanism of the decommissioning fund was preserved for old resource use contracts.

The subsoil code also contains special provisions on decommissioning of uranium wellfields. They do not have retroactive effect. However, because they fall within the sphere of environmental protection, they are not covered by the stability guarantee.

Uranium special regulations

The subsoil code differentiates uranium from the rest of solid minerals and provides an additional and distinct set of rules to govern uranium mining specifically.

The subsoil code provides that a uranium deposit is granted for mining only to a uranium national company (a joint stock company created by a decree of the government of Kazakhstan with the controlling stock belonging to the state or the national management fund on the basis of direct negotiations).

The subsoil code further stipulates that a subsoil use right for uranium mining (or a share in such subsoil use right) granted to a uranium national company on the basis of direct negotiations may only be further transferred to its subsidiary entities where the uranium national company holds more than 50% of the shares (participating interests) directly or indirectly. Such a transferee, in turn, may only transfer the subsoil use right (or share in the subsoil use right) to the uranium national company’s subsidiary entities where the uranium national company holds more than 50% of the shares (participating interests) directly or indirectly.

The uranium special rules also regulate issues such as termination of the uranium subsoil use right, provision of a uranium deposit and its extension/reduction, conditions, and periods of mining and project and design documents. The subsoil code does not make these special uranium rules retroactive, subject to a few exceptions.

2023 ANNUAL INFORMATION FORM	Page 66

Currency control regulations

Under the Law of the Republic of Kazakhstan “On Currency Regulation and Currency Control” No. 167-VI dated July 2, 2018, as amended (the Currency Control Law), the Kazakhstan Government – based on a joint recommendation from the National Bank of Kazakhstan (the NBK) and another competent state authority – Is entitled to introduce a “special currency regime” if: (a) there is a serious threat to the stability of the country’s balance of payments, the local foreign exchange market, or the economic security of the Republic of Kazakhstan; and (b) such situation (such threat) cannot be resolved by other measures of economic policy. A “special currency regime” is defined as a special regime for conducting currency transactions, which provides for a set of regulatory measures: (a) aimed at creating conditions for eliminating threats to the economic security, and the stability of the financial system, of Kazakhstan, and (b) allowing the introduction of the additional currency control restrictions on the conduct of residents and non-residents of Kazakhstan. Currency control restrictions, which could be imposed under the special currency regime, shall be temporary measures with non-discriminatory nature. These restrictions shall be cancelled as soon as the circumstances that caused their establishment are eliminated.

The restrictions, which may be introduced under the special currency regime, include:

•	the requirement to place for a specified period a deposit (without payment of interest) in the amount determined<br>as a percentage of the value of a designated currency transaction with a Kazakh bank or the NBK;
•	the requirement to obtain a special permit from the NBK to conduct a currency transaction;
---	---
•	the requirement for the mandatory sale of foreign currency received by a resident of Kazakhstan; and/or<br>
---	---
•	restrictions on the use of accounts with foreign banks, as well as settling for residents of Kazakhstan a timing<br>to return foreign currency earnings, as well as limits on volume, amount and currency of settlement on currency transactions
---	---

The Kazakhstan Government – based on a joint recommendation from the NBK and other competent state authorities – may introduce other temporary currency control measures.

Under the Currency Control Law, the requirements of the special currency regime cannot restrict:

•	fulfillment by residents of Kazakhstan of their obligations to non-residents that arose as a result of the<br>fulfillment by non-residents of their obligations under currency transactions before the introduction of the special currency regime; and
•	transfer abroad by non-residents of their dividends, remuneration and other income received on deposits and<br>securities
---	---

The resource use contract grants JV Inkai a measure of protection from currency control regulations, granting it the right to freely transfer funds, in state and other currencies, inside and outside of Kazakhstan with the exception that financial transactions within Kazakhstan must be concluded in the national currency.

Operating, capital costs and economic analysis

The following is a summary of the operating and capital cost estimates for the remaining life of mine, stated in constant 2023 dollars and reflecting a forecast life-of-mine production of 216 million pounds U3O8 and a 367 Kazakhstan Tenge to 1 Cdn dollar exchange rate assumption.

Operating Costs ($Cdn million)	Total<br>(2024 – 2045)
Site administration	$	519.3
Processing costs		382.4
Mining costs		950.3
Corporate overhead		830.3
Total operating costs	$	2,682.3
Average cost per pound U3O8	$	12.42

Note: presented as total cost to JV Inkai (100% basis).

Estimated operating costs consist of annual expenditures to mine and process the mineral reserves into U3O8 as well as site administration and corporate overhead costs.

2023 ANNUAL INFORMATION FORM	Page 67
Capital Costs ($Cdn million)	Total<br>(2024 – 2045)
---	---	---
Total wellfield development	$	994.9
Construction and maintenance capital		70.4
Sustaining capital		86.9
Total capital costs	$	1,152.2

Note: presented as total cost to JV Inkai (100% basis).

The economic analysis, effective as of January 1, 2018 being the effective date of the technical report for Inkai, undertaken from the perspective of JV Inkai, based on JV Inkai’s share (100%) of Inkai mineral reserves, results in an after tax NPV of $2.2 billion (at a discount rate of 12%), for the net annual cash flows from January 1, 2018 to mid-2045 totaling $8.9 billion. Using the total capital invested, along with the operating and capital cost estimates for the remainder of mineral reserves, the after tax IRR is estimated to be 27.1%. Payback for JV Inkai, including all actual costs was achieved in 2015, on an undiscounted, after tax basis. All future capital expenditures are forecasted to be covered by operating cash flow.

Annual Cash Flows – 100% JVInkai basis

Annual cash flows<br><br><br>($Cdn M)	2018		2019		2020			2021			2022			2023			2024			2025		2026		2027		2028		2029		2030
Production volume<br><br><br>(000’s lbs U3O8)		6,896		8,351		10,406	^1^		10,399	^1^		10,399	^1^		10,293	^1^		9,305	^1^		9,445		8,526		7,979		7,417		5,776		6,134
Sales Revenue	$	229.3	$	337.2	$	531.4		$	642.1		$	679.2		$	696.7		$	629.8		$	639.3	$	577.1	$	540.1	$	502.0	$	391.0	$	415.2
Operating Costs		67.0		77.5		89.8			86.0			86.6			87.8			82.0			82.3		79.1		77.2		76.2		69.0		70.0
Capital Costs		59.4		81.1		75.3			45.0			49.9			37.6			36.9			37.9		43.0		34.5		32.7		25.2		28.0
Mineral Extraction Tax		14.2		18.3		20.5			19.2			19.6			19.0			16.1			16.4		14.4		14.0		13.3		9.8		10.4
Corporate Income Tax		23.7		39.7		74.9			96.9			103.8			107.9			97.6			99.3		89.0		82.2		75.5		57.1		61.2
Net cash flow	$	65.1	$	120.6	$	271.0	****	$	395.1	****	$	419.3	****	$	444.5	****	$	397.2	****	$	403.4	$	351.5	$	332.2	$	304.5	$	230.0	$	245.7
2031	2032		2033		2034		2035		2036		2037		2038		2039		2040		2041		2042		2043		2044		2045		Total
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
6,986		7,908		9,650		8,389		7,522		6,186		6,917		7,321		9,115		9,412		8,876		8,762		8,892		8,421		3,475		229,159
$472.9	$	535.3	$	653.2	$	567.8	$	509.1	$	418.7	$	468.2	$	495.5	$	617.0	$	637.1	$	600.8	$	593.1	$	601.8	$	570.0	$	235.2	$	14,786.1
73.8		75.3		80.7		78.5		74.3		71.8		73.9		75.2		81.3		83.3		81.2		80.0		81.3		82.3		65.3		2,188.5
27.6		30.3		37.7		34.8		29.9		26.0		31.2		29.9		39.5		38.4		36.0		34.9		35.2		34.3		11.5		1,063.5
11.5		12.5		15.3		12.7		10.7		9.4		10.4		10.7		13.4		14.2		13.1		13.0		13.1		13.0		5.5		383.5
71.3		82.5		102.8		88.6		79.0		62.6		71.3		76.3		97.4		100.6		94.5		93.0		96.0		90.2		30.8		2,245.5
$288.7	$	334.7	$	416.7	$	353.2	$	315.2	$	248.9	$	281.5	$	303.5	$	385.4	$	400.6	$	376.1	$	372.1	$	376.2	$	350.2	$	122.1	$	8,905.1

Note: Effective January 1, 2018 and presented from the perspective of JV Inkai and based on JV Inkai’s share (100%) of the mineral reserves at an 85% recovery.

^1^

Based on KAP’s announcement on February 1, 2024, production in Kazakhstan is expected to remain approximately 20% below the level stipulated in subsoil use agreements, primarily due to the sulfuric acid shortage in the country and delays in development of new deposits. Our current target for production at Inkai in 2024 is 8.3 million pounds of U3O8 (100% basis). However, this target is tentative and contingent upon receipt of sufficient quantities of sulfuric acid. In addition, the allocation of such production between the JV Inkai participants is currently under discussion by Cameco and KAP. 2021 production was 9.0 million pounds, 2022 production was 8.3 million pounds and 2023 production was also 8.3 million pounds.

2023 ANNUAL INFORMATION FORM

Page 68

---

Estimated capital costs include wellfield development to mine the mineral reserves as well as construction and maintenance capital along with sustaining capital. Construction capital was originally heavily weighted to 2019 to 2020 due to the capital required for the production ramp up to 10.4 million pounds annually as well as upgrades to existing facilities. The spending during those years was somewhat lower than projected as the construction capital will continue through 2024 to coincide with the ramp up of production in 2025.

The current forecast production is now 216 million pounds U3O8 for the remaining term of the resource use contract, ending mid-2045. Operating costs are expected to increase by approximately 59% as compared to the 2022 AIF and increase by approximately 30% compared to the 2018 technical report as a result of the valuation of the Kazakhstan Tenge, expected adjustments to remuneration programs, and inflationary factors. There is considerable uncertainty regarding the future political and economic landscape in Kazakhstan, which could impact capital and operating cost estimates (for additional information see a discussion of Financial risks starting on page 114 and Strategic risks – Foreign investments and operations and Kazakhstan on page 129 and page 130).

Our expectations and plans regarding Inkai, including forecasts of operating and capital costs, net annual cash flow, production and mine life are forward-looking information, and are based specifically on the risks and assumptions discussed on pages 3, 4 and 5. Operating or capital spending plans may change in 2024, depending on uranium markets and other factors. Estimates of expected future production, net annual cash flows, and capital and operating costs are inherently uncertain, particularly beyond one year, and may change materially over time.

Exploration, drilling, sampling, data quality and estimates

Exploration at Inkai began in the 1970s and progressed until 1996. Since 2006, exploration and delineation drilling is conducted by JV Inkai, with the focus on block 3. From 2013 to 2016, delineation drilling was conducted at block 1 and block 2 to better establish the mineralization distribution and to support further development and wellfield design. In 2018 and 2019 JV Inkai carried out infill drilling program in the central and western parts of the MA Area (referred to as Sat1 area).

We have relied on historical data to estimate mineral reserves and resources for portions of the MA Area that came from block 1. Extensive exploration and delineation work was completed in the portion of the MA Area that came from block 3. It was used to estimate mineral reserves and resources. There are no historical mineral resources and reserves estimates within the meaning of NI 43-101 to report.

Exploration

Exploration drilling

JV Inkai’s uranium exploration and delineation drilling programs were conducted by drilling vertical holes from surface. Delineation of the deposit on the MA Area and its geological structural features was carried out by drilling on a grid at prescribed density of 3.2 to 1.6-kilometre line spacing and 200 to 50-metre hole spacing with coring. Increasing level of geological knowledge and confidence is obtained by further drilling at grids of 800 to 400 x 200 to 50 metre with coring and 200 to 100 x 50 to 25 metre grid, usually without core.

Vertical holes are drilled with a triangular drill bit for use in unconsolidated formations down to a certain depth and the rest of the hole is cored. At the Inkai deposit, approximately 50% of all exploration holes are cored through the entire mineralized interval, and 70% core recovery is required for assay sampling. Radiometric probing, hole deviation, geophysical and hole diameter surveys are done by site crews and experienced contractors.

As the mineralized horizons lie practically horizontal and the drillholes are nearly vertical, the mineralized intercepts represent the true thickness of the mineralization.

The total number of exploration holes drilled before 2018 on the MA Area was approximately 4,500.

The drilling results were used for the identification of the horizons and mineralization encountered and served for the geological modelling, the estimation of uranium distribution and content, and the understanding of hydrogeological and metallurgical characteristics.

2023 ANNUAL INFORMATION FORM	Page 69

In 2019, JV Inkai continued the infill drilling program started in 2018 in the Sat1 area aimed at upgrading the inferred and indicated resources and probable reserves to higher categories. From the beginning of the drilling program, a total of 1,208 drillholes (487,638 metres) were drilled, including 482 core holes (196,727 metres) and 716 non-core holes (290,910 metres). Drilling was carried out by progressively tightening from 400 by 100 metres to 200 by 50 metres grids. The infill drilling program was completed in September 2019. Preparation of a resource estimate report was initiated in October 2019 and was completed in 2021, incorporating the infill drilling results from 2018 and 2019. These results have been assessed and went through the local governmental approval process. The report is being used to update the mining project documents. This update also involves updating the work program for mining operations by amendment to the resource use contract and obtaining the required government approvals. This process is ongoing and at this stage JV Inkai has retained a local engineering firm to update the mining project documents.

Sampling analysis and data verification

The sampling, sample preparation, analyses, and geophysical downhole logging during the exploration and delineation programs follow the procedures and manuals which adhere to the requirements set out in the State Reserves Commission guidelines.

Sampling

•	Detailed sampling procedures guide the sampling interval within the mineralization. Holes are drilled on<br>progressively tightening grids: 3.2 to 1.6 kilometre x 200-50 metre, 800-400 metre x 200-50 metre and 200-100 metre x 50-25 metre. When core recoveries are higher than 70% and radioactivity greater than a certain threshold, core samples are taken at<br>intervals of 0.2 to 1.2 metres. Sample intervals are also differentiated by barren or low permeability material.
•	The drillholes are nearly vertical and the mineralized horizons are almost horizontal, so the mineralized<br>intercepts represent the true thickness of the mineralization.
---	---
•	JV Inkai surveys the drillholes, logging radiometric, electrical (spontaneous potential and resistivity), caliper<br>and deviation data.
---	---
•	Sampling is done on half of the core. The average core sample length is 0.4 metre.
---	---
•	The split core is tested for grainsize and carbonate content.
---	---
•	Core recovery is considered acceptable given the unconsolidated state of the mineralized material.<br>
---	---

Sample security

JV Inkai’s current sampling process follows the strict regulations imposed by the Kazakhstan government, and includes the highest level of security measures, quality assurance and quality control. We have not been able to locate the documents describing sample security for historical Kazakhstan exploration on the MA Area, but we believe the security measures taken to store and ship samples were of the same high quality.

Analysis

•	The core samples for uranium and radium determination are ground down to 1.0 mm grain size and are further<br>subdivided by one or three times quartering until the final representative weight of samples and duplicates is reached (0.2 kg).
•	The laboratory tests for uranium and radium were performed by the Central Analytical Laboratory of JSC<br>Volkovgeology, a company related to KAP, the other owner of JV Inkai. The laboratory is certified and licensed by the National Centre for Accreditation of the Republic of Kazakhstan.
---	---
•	The uranium content was determined by using the X-ray fluorescence spectrum analysis. The radium content was<br>determined from the gamma-X-ray spectrum analysis.
---	---

Quality control and data verification

•	The sampling reproducibility for the uranium and radium assays was determined by two methods: (1) having the<br>remaining half of the core sampled by another sampler and by (2) by compositing samples consisting of the original sample rejects and samples of the remaining half of the core. Reproducibility of uranium and radium assays were within acceptable<br>tolerances.
•	Internal laboratory control of the uranium and the radium grade determination is performed by comparing the<br>results of the sample and its blind duplicate. The mean square error between sample and duplicate was calculated by measuring the deviation to ensure it stayed within the prescribed limits.
---	---
•	External (inter-laboratory) controls for the uranium and radium assays were carried out at the VIMS laboratory in<br>Moscow, Russia, Nevskoe PGO laboratory in Saint-Petersburg, Russia and Kyzyltepageologiya Laboratory in Navoi, Uzbekistan. The number of control samples was approximately 2% of all samples for uranium and approximately 1% of all samples for radium.<br>
---	---
2023 ANNUAL INFORMATION FORM	Page 70
---	---
•	All of the drillhole information in use at Inkai is regularly provided to Cameco. The current database has been<br>validated a number of times by geologists with JV Inkai, JSC Volkovgeology, the State Reserve Commission, Two Key LLP, and Cameco, and is considered relevant and reliable.
---	---
•	Our geoscientists, including qualified persons as such term is defined in NI 43-101, have witnessed or reviewed<br>drilling, core handling, radiometric probing, logging and sampling facilities used at the Inkai mine and consider the methodologies to be satisfactory and the results representative and reliable.
---	---
•	We confirmed the correlation between radioactive readings and calculated radium grades.
---	---
•	We carried out data verification processes that validated the mineral resource and reserve estimates. Our<br>geoscientists, including qualified persons as such term is defined in NI 43-101, consider the data verification processes employed to be representative and reliable. There has been no indication of significant inconsistencies in the data used or<br>verified nor any failures to adequately verity the data.
---	---
•	All drilling, logging, core drilling, and subsequent core splitting and assaying, were completed under the<br>direction of various geological expeditions of the USSR Ministry of Geology and later under the supervision of JSC Volkovgeology.
---	---
•	Based on numerous quality assurance and quality controls applied by JSC Volkovgeology, including internal checks<br>and inter-laboratory checks, the repeatability of the results for uranium and radium confirmed the accuracy required and no significant systematic deviations were found.
---	---
•	Sampling and analysis procedures have been examined by an independent consultant and found to be detailed and<br>thorough.
---	---
•	The findings are supported by results of the leach tests and wellfield drilling results on the MA Area.<br>
---	---

Accuracy

We are satisfied with the quality of data and consider it valid for use in the estimation of mineral resources and reserves for the MA Area. Comparison of the actual mine production with the expected production supports this opinion.

Mineral reserve and resource estimates

Please see page 87 for our mineral reserve and resource estimates for Inkai.

Uranium – Tier-two operations

Rabbit Lake

Located in Saskatchewan, Canada, our 100% owned Rabbit Lake operation opened in 1975, and has the second largest uranium mill in the world. Due to market conditions, we suspended production at Rabbit Lake during the second quarter of 2016.

2023 ANNUAL INFORMATION FORM	Page 71
Location	Saskatchewan, Canada
---	---
Ownership	100%
End product	Uranium concentrates
ISO certification	ISO 14001 certified
Mine type	Underground
Estimated reserves	—
Estimated resources	38.6 million pounds (indicated), average grade U3O8: 0.95%
	33.7 million pounds (inferred), average grade U3O8: 0.62%
Mining methods	Vertical blasthole stoping
Licensed capacity	Mill: maximum 16.9 million pounds per year; currently 11 million
Licence term	Through October 2038
Total production: 1975 to 2023	202.2 million pounds
2023 production	0 million pounds
2024 production outlook	0 million pounds
Estimated decommissioning cost	$294.8 million^1^
^1^	This amount represents the submitted, but not yet approved, PDP and PDCE value.
---	---

Production suspension

The facilities remained in a safe state of care and maintenance throughout 2023.

While in standby, we continue to evaluate our options in order to minimize care and maintenance costs. We expect care and maintenance costs to range between $28 million and $32 million annually.

In October 2023, the CNSC granted a 15-year renewal of the operating licence for Rabbit Lake, extending the licence term to October 2038.

Future production

We do not expect any production from Rabbit Lake in 2024.

USISR Operations

Located in Nebraska and Wyoming in the US, the Crow Butte and Smith Ranch-Highland (including the North Butte satellite) operations began production in 1991 and 1975, respectively. Each operation has its own processing facility. Due to market conditions, we curtailed production and deferred all wellfield development at these operations during the second quarter of 2016.

2023 ANNUAL INFORMATION FORM	Page 72
Ownership		100%
---	---	---
End product		Uranium concentrates
ISO certification		ISO 14001 certified
Estimated reserves	Smith Ranch-Highland:	—
	North Butte-Brown Ranch:	—
	Crow Butte:	—
Estimated resources	Smith Ranch-Highland:	24.9 million pounds (measured and indicated), average grade U3O8: 0.06%
		7.7 million pounds (inferred), average grade U3O8: 0.05%
	North Butte-Brown Ranch:	9.4 million pounds (measured and indicated), average grade U3O8: 0.07%
		0.4 million pounds (inferred), average grade U3O8: 0.06%
	Crow Butte:	13.9 million pounds (measured and indicated), average grade U3O8: 0.25%
		1.8 million pounds (inferred), average grade U3O8: 0.16%
Mining methods		In situ recovery (ISR)
Licensed capacity	Smith Ranch-Highland:^1^	Wellfields: 3 million pounds per year; processing plants: 5.5 million pounds per year
	Crow Butte:	Processing plants and wellfields: 2 million pounds per year
Licence term	Smith Ranch-Highland:	Through September 2028
	Crow Butte:	Through October 2024
Total production: 2002 to 2023		33.0 million pounds
2023 production		0 million pounds
2024 production outlook		0 million pounds
Estimated decommissioning cost		Smith Ranch-Highland: $239 million (US), including North Butte
		Crow Butte: $62 million (US)
^1^	Including Highland mill.
---	---

Production and curtailment

As a result of our 2016 decision, commercial production at the US operations ceased in 2018.

We expect ongoing cash and non-cash care and maintenance costs to range between $12.5 million (US) and $14.5 million (US) for 2024.

The current operating licence for Crow Butte expires in October 2024. Efforts are underway for re-licensing with the NRC.

Future production

We do not expect any production in 2024.

Uranium – Advanced projects

Our advanced projects are part of our project pipeline and these resources are supportive of growth beyond our existing suite of tier-one and tier-two assets. We plan to advance them at a pace aligned with market opportunities.

Millennium
Location	Saskatchewan, Canada
Ownership	69.9%
End product	Uranium concentrates
Potential mine type	Underground
Estimated resources (our share)	53.0 million pounds (indicated), average grade U3O8: 2.39%<br> <br><br> <br>20.2 million pounds<br>(inferred), average grade U3O8: 3.19%

Background

The Millennium deposit was discovered in 2000 and was delineated through geophysical surveys and surface drilling work between 2000 and 2013.

2023 ANNUAL INFORMATION FORM	Page 73
Yeelirrie
---	---
Location	Western Australia
Ownership	100%
End product	Uranium concentrates
Potential mine type	Open pit
Estimated resources	128.1 million pounds (measured and indicated), average grade U3O8: 0.15%

Background

The Yeelirrie deposit was discovered in 1972 and is a near-surface calcrete-style deposit that is amenable to open pit mining techniques. It is one of Australia’s largest undeveloped uranium deposits.

Kintyre
Location	Western Australia
Ownership	100%
End product	Uranium concentrates
Potential mine type	Open pit
Estimated resources (our share)	53.5 million pounds (indicated), average grade U3O8: 0.62%<br> <br><br> <br>6.0 million pounds<br>(inferred), average grade U3O8: 0.53%

Background

The Kintyre deposit was discovered in 1985 and is amenable to open pit mining techniques.

2023 project updates

We believe that we have some of the best undeveloped uranium projects in the world. However, our primary focus is on producing from our tier-one uranium assets at a pace aligned with our contract portfolio and market opportunities.

Planning for the future

2024 Planned activity

No work is planned at Millennium, Yeelirrie or Kintyre in 2024.

Project approval

The approval received for Kintyre from the prior state government required substantial commencement of the project by March 2020, being within five years of the grant of the approval, and this was not achieved. The current government declined to grant us an extension to achieve it. In the future, we can apply for an extension of time to achieve substantial commencement of the project. If granted by a future government we could commence the Kintyre project, provided we have all other required regulatory approvals.

The approval for the Yeelirrie project, received from the prior state government, required substantial commencement of the project by January 2022, and this was not achieved. The current government declined to grant us an extension to achieve it. In the future, we can again apply for an extension of time to achieve substantial commencement of the project. If granted by a future government we could commence the Yeelirrie project, provided we have all other required regulatory approvals. Approval for the Yeelirrie project at the federal level was granted in 2019 and extends until 2043.

Uranium – Exploration

Our exploration program is focused on replacing mineral reserves as they are depleted by our production, which is key to sustaining our business, meeting our commitments, and ensuring long-term growth. Our global exploration activity is adjusted annually in line with market signals and at a pace aligned with Cameco’s mining plans and sourcing needs. In recent years, we have increased exploration spending in response to the significant positive momentum in the nuclear fuel market that has provided a clear signal that more uranium production will be required in the next decade, setting the stage for a renewed exploration cycle.

2023 ANNUAL INFORMATION FORM	Page 74

Our position as one of the world’s largest uranium producers and our continued growth across the nuclear fuel cycle has been driven by decades of experience and our history of exploration, discovery and mining success. Our land position totals 740,000 hectares (1.8 million acres) that cover exploration and development prospects in Canada, Australia, Kazakhstan and the US that are among the best in the world. In northern Saskatchewan alone, we have direct interests in 650,000 hectares (1.6 million acres) that cover many of the most prospective areas of the prolific Athabasca Basin.

In northern Saskatchewan, our well-established infrastructure includes fully licensed and fully permitted uranium mills and mines in the eastern Athabasca basin, along with a supporting network of roads, airstrips and electricity supply. That infrastructure provides us with an advantage that not only underpins the potential development of our advanced exploration projects, but also supports our ongoing work to both delineate existing prospects and deposits, and to identify future undiscovered uranium potential of the region. Additionally, our decades of work to establish a positive corporate reputation by prioritizing our relationships with northern Saskatchewan Indigenous communities, confirms our long-term commitment to continually engage and provide ongoing benefits to the people that call the region home.

The uranium endowment of the Athabasca Basin, where we are involved in 39 projects (including partner-operated joint ventures), is well known and combined with the basin’s unique geological history, it creates a remarkable mining jurisdiction hosting the highest uranium grades and some of the largest uranium deposits in the world. On our projects, we have identified numerous uranium occurrences, prospects, and undeveloped deposits of variable grades and sizes that have progressed through multiple stages of evaluation. Depending on the potential deposit size, ore and ground quality, evolving mining technologies and the uranium market environment, some of these prospects are expected to become viable, economic deposits in a uranium market and price environment that supports new primary production and provides an adequate risk-adjusted return.

The combination of our large land position and proven expertise in discovering and developing world class uranium mines provides the foundation for future mill-supposed exploration projects, ranging from early to advanced stages of greenfield exploration and for brownfield opportunities to extend the lives of our existing operations.

LOGO

2023 UPDATE

Brownfield exploration

Brownfield and advanced exploration activities include exploration near our existing operations and expenses for maintaining advanced projects and delineation drilling where uranium mineralization is being defined. In 2023, we spent about $4.5 million in Saskatchewan, $1 million in Australia and $1 million in the US on brownfields and advanced exploration projects. The spending in Saskatchewan was primarily focused on advancing the extension of the mine life at Cigar Lake and advanced exploration on the Dawn Lake project.

The Dawn Lake project is located approximately 45 km northwest of the Rabbit Lake operation, on the La Rocque Lake corridor which hosts several historic discoveries and deposits. In 2023, exploration drilling at Dawn Lake expanded the footprint of known uranium mineralization with mineralized intercepts in excess of 60% U3O8 over several metres. Although the deposit remains at a very early stage of exploration, the high-grade results and geological conditions observed to date are comparable to those of other mines and known deposits in the Athabasca Basin, generating interest and a focused effort to better understand its potential.

2023 ANNUAL INFORMATION FORM	Page 75

Regional exploration

Regional exploration is defined as projects that are considered greenfield. In 2023, we spent about $11 million on regional exploration programs that are comprised of target generation geophysical surveys and diamond drilling primarily in northern Saskatchewan.

PLANNING FOR THE FUTURE

We plan to continue to focus on our core projects in Saskatchewan under our long-term exploration framework. Our leadership position and industry expertise in both exploration and corporate social responsibility makes us a partner of choice and for properties and projects that meet our investment criteria, we may partner with other companies through strategic alliances, equity holdings and traditional joint venture arrangements to optimize our exploration activity and spending.

Brownfield exploration

In 2024, we plan to spend about $7 million on brownfields and advanced Exploration, primarily to expand the footprint of the mineralization identified on in the La Rocque Lake corridor of the Dawn Lake project.

Regional exploration

We plan to spend about $13 million on diamond drilling and target generation geophysical surveys on our core regional projects in Saskatchewan, in 2024.

Fuel services

Refining, conversion and fuelmanufacturing

We have about 21% of world UF6 primary conversion capacity and are a supplier of natural UO2. Our focus is on cost-competitiveness and operational efficiency, as well as increasing our production of UF6 in line with our contract portfolio and market opportunities.

Our fuel services segment is strategically important because it helps capture full-cycle value by supporting the growth of the uranium segment and by providing our customers with access to refining and conversion services for both heavy-water and light-water reactors, and CANDU fuel and reactor component manufacturing for heavy water reactors. Offering a range of products and services to customers helps us broaden our business relationships and meet customer needs.

As in our uranium segment, we are focused on securing new long-term contracts and on aligning our production decisions with our contract portfolio that will allow us to continue to produce and consistently support the long-term needs of our customers.

In addition, we are pursuing non-traditional markets for our UO2 and fuel fabrication business and have been actively securing new contracts for reactor components to support refurbishment of Canadian reactors.

In 2023, fuel services produced 13.3 million kgU, 2% higher than 2022.

We plan to produce between 13.5 million and 14.5 million kgU in 2024. This includes increasing annual production at our Port Hope UF6 conversion facility to 12,000 tonnes to satisfy our book of long-term business and demand for conversion services.

Inflation, the availability of personnel with the necessary skills and experience, aging infrastructure, and the potential impact of supply chain challenges on the availability of materials and reagents carry the risk of not achieving our production plans, production delays, and increased costs in 2024 and future years.

2023 ANNUAL INFORMATION FORM	Page 76

Blind River Refinery

Licensed Capacity<br> <br><br><br><br>24.0M kgU as UO3<br> <br><br><br><br>Licence renewal in<br> <br><br><br><br>February 2032

Blind River is the world’s largest commercial uranium refinery, refining uranium concentrates from mines around the world into UO3.

Location	Ontario, Canada
Ownership	100%
End product	UO3
ISO certification	ISO 14001 certified
Licensed capacity	18.0 million kgU as UO3 per year, approved to 24.0 million subject to the completion of certain equipment upgrades (advancement depends on market conditions)
Licence term	Through February 2032
Estimated decommissioning cost	$57.5 million

Markets

UO3 is shipped to Port Hope for conversion into either UF6 or UO2.

Capacity

In 2012, the CNSC granted an increase to our annual licensed production capacity from 18 million kgU per year as UO3 to 24 million kgU as UO3, subject to the completion of certain equipment upgrades. These upgrades will be advanced based on market conditions.

Licensing

In February 2022, the CNSC granted our Blind River refinery a 10-year operating licence, which will expire in February 2032.

Port Hope Conversion Services

Licensed Capacity<br> <br><br><br><br>12.5M kgU as UF6<br> <br><br><br><br>2.8M kgU as UO2<br> <br><br><br><br>Licence renewal in<br> <br><br><br><br>February 2027

Port Hope is the only uranium conversion facility in Canada and a supplier of UO2 for Canadian-made CANDU heavy-water reactors.

2023 ANNUAL INFORMATION FORM	Page 77
Location	Ontario, Canada
---	---
Ownership	100%
End product	UF6, UO2
ISO certification	ISO 14001 certified
Licensed capacity	12.5 million kgU as UF6 per year<br><br><br><br> <br>2.8 million kgU as UO2 per<br>year
Licence term	Through February 2027
Estimated decommissioning cost	$138.2 million^1^
^1^	This amount is to be reviewed at the 2024 Commission hearing.
---	---

Conversion services

At our UO2 plant, we convert UO3 to UO2 powder, used to make pellets for Canadian CANDU reactors and CANDU reactors in other countries and blanket fuel for light water nuclear reactors.

At our UF6 plant, we convert UO3 to UF6, and then ship it to enrichment plants primarily in the US and Europe. There, it is processed to become low enriched UF6, which is subsequently converted to enriched UO2 and used as reactor fuel for light water nuclear reactors.

Anhydrous hydrofluoric acid (AHF) is a primary feed material for the production of UF6. We have agreements with more than one supplier of AHF to provide us with diversity of supply.

Port Hope conversion facility clean-up and modernization (Vision in Motion)

Vision in Motion is a unique opportunity that demonstrates our continued commitment to a clean environment. It has been made possible by the opening of a long-term waste management facility by the Government of Canada’s Port Hope Area Initiative project. There is a limited opportunity during the life of this project to engage in clean-up and renewal activities that address legacy waste at the Port Hope Conversion facility inherited from historic operations. Good progress was made over the past year with the removal of old buildings and structures on site, and the project will continue to be active in the year ahead.

Licensing

In February 2017, the CNSC approved a ten-year operating licence for the Port Hope conversion facility.

Labour relations

The current collective bargaining agreement with the unionized employees at our Port Hope conversion facility ends on June 30, 2025.

Cameco Fuel Manufacturing Inc. (CFM)

Licensed Capacity<br> <br><br><br><br>1.65M kgU as UO2 fuel pellets<br><br><br><br> <br>Licence renewal in<br><br><br><br> <br>February 2043

CFM produces fuel bundles and reactor components for CANDU reactors.

2023 ANNUAL INFORMATION FORM	Page 78
Location	Ontario, Canada
---	---
Ownership	100%
End product	CANDU fuel bundles and components
ISO certification	ISO 9001 certified, ISO 14001 certified
Licensed capacity	1.65 million kgU as UO2 fuel pellets
Licence term	Through February 2043
Estimated decommissioning cost	$10.8 million

Fuel manufacturing

CFM’s main business is making fuel bundles for CANDU reactors. CFM presses UO2 powder into pellets that are loaded into tubes, manufactured by CFM, and then assembled into fuel bundles. These bundles are ready to insert into a CANDU reactor core. CFM also produces many different zirconium-based reactor components for CANDU reactors.

Manufacturing services agreements

A substantial portion of CFM’s business is the supply of fuel bundles to the Bruce Power A and B nuclear units in Ontario. We supply the UO2 for these fuel bundles.

Licensing

In January 2023, the CNSC granted a 20-year renewal to the licence for CFM. The licence renewal also granted CFM’s request for a slight production increase to 1,650 tonnes as UO2 fuel pellets.

Labour relations

The collective agreement with unionized employees at our fuel manufacturing operations in Port Hope and Cobourg expires in June 2024. Negotiations are taking place in Q2 2024. There is a risk to the production plan if we are unable to reach an agreement and there is a labour dispute.

Westinghouse Electric Company

Westinghouse is a nuclear reactor technology original equipment manufacturer (OEM) and a leading provider of highly technical aftermarket products and services to its customer base which includes commercial nuclear power utilities and government agencies globally. Westinghouse’s history in the energy industry stretches back over a century, during which time the company became a pioneer in nuclear energy.

It is the OEM or a technology provider to about 50% of the global nuclear reactor fleet, delivering capacity of about 190,000 carbon-free Mwe.

It has three fuel fabrication facilities, one in the US, one in Sweden and one in the United Kingdom (UK). In addition, it has about 90 facilities, engineering centers, and workshops, with a presence in more than 20 countries, including major nuclear component fabrication facilities in the US and Italy.

2023 ANNUAL INFORMATION FORM	Page 79

LOGO

Corporate headquarters	Cranberry Township, Pennsylvania (United States)
Ownership	49% - equity-accounted
Employees	~ 10,000
Business activities	Operations and maintenance of installed base (core business): Designs and manufactures nuclear fuel supplies and services for light water reactors. Provides outage and maintenance services, engineering support,<br>instrumentation and controls equipment, plant modifications, and components and parts to nuclear reactors.
	New build: Designs, develops and procures equipment for new nuclear plant projects. This also includes design for new small and micro reactors.
Certifications	ISO 14001
	ISO 45001
Estimated decommissioning cost	$231.1 million (US)

Background

On November 7, 2023, we announced the closing of the acquisition of Westinghouse in partnership with Brookfield. Brookfield beneficially owns a 51% interest in Westinghouse, and we beneficially own 49%. Bringing together Cameco’s expertise in the nuclear industry with Brookfield’s expertise in clean energy positions nuclear power at the heart of the energy transition and creates a powerful platform for strategic growth across the nuclear sector.

To finance Cameco’s 49% share of the purchase price, equaling $2.1 billion (US), we used $1.5 billion (US) of cash and drew the full amount of both $300 million (US) tranches of the term loan put in place concurrently with the execution of the acquisition agreement, and which mature two years and three years from the date of close. The $280 million (US) bridge commitment that we also secured concurrently with the acquisition agreement was not required to complete the transaction and was terminated.

The acquisition of Westinghouse was completed in the form of a limited partnership with Brookfield. The board of directors governing the limited partnership consists of six directors, three appointed by Cameco and three appointed by Brookfield. Decision-making by the board corresponds to percentage ownership interests in the limited partnership (51% Brookfield and 49% Cameco). However, decisions with respect to certain reserved matters under the partnership agreement, such as the approval of the annual budget, require the presence and support of both Cameco and Brookfield appointees to the board as long as certain ownership thresholds are met.

2023 ANNUAL INFORMATION FORM	Page 80

We believe Westinghouse is well-positioned for long-term growth driven by the expected increase in global demand for nuclear power. As of November 7, 2023, we receive the economic benefit of our ownership in Westinghouse. We account for our proportionate interest in Westinghouse on an equity basis.

We expect this strategic acquisition will be transformative and accretive to Cameco. We are enhancing our ability to compete for more business by investing in additional nuclear fuel cycle assets that we expect will augment the core of our business and offer more solutions to our customers across the nuclear fuel cycle. Like Cameco, Westinghouse has nuclear assets that are strategic, proven, licensed and permitted, and that are in geopolitically attractive jurisdictions. We expect these assets, like ours, will participate in the growing demand profile for nuclear energy.

Cash distributions

Annually, Cameco and Brookfield (the partners) approve a budget and business plan which outline Westinghouse’s financial projections and capital allocation priorities. The determination of whether to make cash distributions to the partners will be reviewed quarterly based on the approved budgeted expenditures and capital allocation priorities, including growth investment opportunities, as well as available cash balances. However, the timing of cash distributions is expected to be aligned with the timing of Westinghouse’s cash flows, which are typically higher in the fourth quarter.

The financial information in the sections below is derived from the annual consolidated financial statements of Westinghouse, which are reported in US dollars and prepared in accordance with US GAAP. Such numbers have been updated to reflect IFRS differences to conform with Cameco’s accounting convention and are reflected on a 100% basis due to Cameco using equity accounting for its acquisition of a 49% interest in Westinghouse as of November 7, 2023.

Westinghouse debt

As at December 31, 2023, Westinghouse had the following outstanding debt:

•	$3.5 billion (US) term loan with a maturity of August 2025
•	credit facilities of $400 million (US), which had drawings of $115 million (US) and mature in June 2026<br>
---	---
•	drawn financial assurances including letters of credit of $474 million (US) and surety bonds of $262 million (US)<br>
---	---

Effective January 25, 2024, Westinghouse refinanced its existing debt and entered into various credit agreements, which now provide total borrowing capacity of $4.6 billion (US), comprised of:

•	$3.5 billion (US) term loan which now matures on January 25, 2031, and has quarterly repayments of $8.75<br>million (US), with any remaining amounts due at maturity. The term loan is priced at the applicable term SOFR rate plus a margin that is currently 2.75%
•	credit facilities totaling $500 million (US), which mature in January 2029
---	---
•	financial assurances including letters of credit in the amount of about $570 million (US) and surety bonds of<br>$262 million (US)
---	---

The credit agreements are non-recourse to Cameco, but come with certain covenants, which if breached, could result in all amounts outstanding thereunder to be immediately due and payable by Westinghouse. We expect Westinghouse to continue to comply with these covenants in 2024.

Cameco filed a Form 51-102F4 business acquisition report in respect of its acquisition of Westinghouse on January 19, 2024. The report is available on Cameco’s issuer profile on SEDAR+ at www.sedarplus.com.

Business activities

Westinghouse’s main business activities span two key stages of the life cycle of a nuclear reactor: (i) the operations and maintenance of the installed base (core business), and (ii) the design and build of new nuclear reactors.

2023 ANNUAL INFORMATION FORM	Page 81

Westinghouse’s 2023 revenue by region was as follows:

LOGO

*	EMEA means Europe, Middle East and Africa.

Core business

Westinghouse’s core business covers two main business units: Operating plant services (OPS) and nuclear fuel.

Operating plant services

Westinghouse’s largest business unit is OPS, which accounted for approximately $2.5 billion (US) of Westinghouse’s 2023 revenue, representing about 55% of such revenue. This business unit generates revenue through four business lines:

(i) outage and maintenance services; (ii) engineering services; (iii) instrumentation and controls; and (iv) parts. Through these four business lines, Westinghouse provides services including refueling, maintenance, inspection and repair during regulation-mandated outages. Westinghouse also offers solutions to enhance the reliability, safety, lifespan, and cost-effectiveness of customer operations and supplies replacement parts and products as well as operational and technical support.

Outage and maintenance services generates revenue entirely from providing refueling, maintenance, inspection and repair services to the existing global installed reactor base and is not reliant on new plant projects. These services are provided under long-term customer relationships and demand is driven by safety related maintenance, regulatory compliance, and asset performance.

Engineering services generates stable revenue by engineering bespoke replacement components or equipment, and engineering studies to validate that changes to plant operation are within plant design safety margins, and through studies designed to establish the best course of action to improve plant performance (e.g. do nothing, repair, replace) for emergent issues. Demand for these services is driven by the long-term relationships OPS has built with its customers through prompt response to emergent business needs for customers and through providing services to recently completed nuclear units.

Instrumentation and controls generates revenue by providing advanced digital systems that include core safety and non-safety instrumentation, automation, and control systems through product development, design, assembly and testing of advanced products. This business line also provides simulation services for multiple nuclear reactor technologies.

Parts generates revenue by providing specialized manufacturing and commercial dedication capabilities to support Westinghouse’s ability to make tailored parts that are challenging to replicate. Westinghouse can offer qualified replacement parts (e.g., control rod drives) and products (safety and non-safety), as well as operational and technical support. Demand is largely driven by the need for consumables used during and between outages to maintain safe and efficient operation of nuclear power plants.

2023 ANNUAL INFORMATION FORM	Page 82

Westinghouse’s 2023 revenue by region for OPS was as follows:

LOGO

*	EMEA means Europe, Middle East and Africa.

Nuclear fuel

The 2023 revenue from the nuclear fuel business unit was approximately $1.4 billion (US), representing approximately 33% of Westinghouse’s total 2023 revenue.

The nuclear fuel business unit designs and fabricates highly engineered fuel assemblies that maximize power in a specific reactor. Westinghouse supplies fuel assemblies for a variety of reactor technologies, including pressurized water reactors (PWRs), boiling water reactors, advanced gas-cooled reactors and water-water energetic reactors (VVER). Although Westinghouse’s business in this space is largely focused on PWRs at this time, Westinghouse has made advancements and it is expected to continue to grow in a number of non-PWR technologies, including VVER.

The nuclear fuel business unit enjoys long-term customer relationships and has predictable demand for its products and services. To allow consistent power generation these reactors require an outage to refuel every 18 to 24 months during which one-third of the fuel assemblies are replaced.

Westinghouse’s 2023 revenue by region for nuclear fuel was as follows:

LOGO

*	EMEA means Europe, Middle East and Africa.
2023 ANNUAL INFORMATION FORM	Page 83
---	---

New build

In addition to growth in its core business, the focus on the importance of nuclear power in providing carbon-free, secure and affordable baseload power as an essential part of the electricity grid in many countries is creating new opportunities for Westinghouse’s proven AP1000 reactor design, as well as the smaller reactor designs it has in development. Its technology and experience provide a competitive advantage as the engineering and procurement aspects of new build programs are initiated.

Westinghouse’s new build business unit covers the design, development and procurement of equipment for new plant projects. It provides large plant Gen III and AP1000 nuclear technology globally. In addition to its AP1000 reactor design, Westinghouse has submitted its pre-application Regulatory Engagement Plan with the NRC for the development of its AP300™ small modular reactor, which is based on the proven and licensed AP1000 reactor design. Its eVinci™ microreactor design was recently awarded US Department of Energy funding for a test reactor FEED (front-end engineering design) at Idaho National Lab. The AP300 small modular reactor and the eVinci microreactor are expected to offer the same carbon-free baseload benefits as larger nuclear reactor technologies, but are tailored for specific applications, including industrial, remote mining, off-grid communities, defense facilities and critical infrastructure. As with the AP1000 reactor, they are expected to have applications beyond electricity generation, including district and process heat, desalination and hydrogen production. We are optimistic about the future competitiveness of these technologies and their potential to make a meaningful contribution to Westinghouse’s long-term financial performance. However, they are presently still in the development phase.

The 2023 revenue from the new build business unit was approximately $300 million (US) representing approximately 7% of Westinghouse’s total 2023 revenue.

Westinghouse’s 2023 revenue by region for the new build business was as follows:

LOGO

*	EMEA means Europe, Middle East and Africa.

Contracting status

Following an announcement of a successful bid, there are a number of contracts that must be signed before work commences and revenue is realized. Once contracts are signed and work begins, new build projects are expected to generate multi-year revenue streams and EBITDA for Westinghouse. In addition to the AP1000 reactors already deployed in the US and China, Poland recently signed an engineering services contract for three AP1000 reactors for its new nuclear energy program. Ukraine has also selected the AP1000 reactor for nine units and has signed an engineering services contract for the first unit, and Bulgaria has chosen the AP1000 reactor for two units at the Kozloduy nuclear site and signed a front-end engineering and design (FEED) contract. FEED contracts often precede engineering services contracts, which are required before work can begin.

Westinghouse undertakes its role in the design, development, engineering and procurement of equipment for new reactors. It does not provide construction services or assume any construction risk. This business unit has the potential to add significant long-term value during the construction phase, and then to the core of the business through reactor services and fuel supply contracts once the reactor begins commercial operation.

2023 ANNUAL INFORMATION FORM	Page 84

See the section titled New build framework starting on page 97 of Cameco’s 2023 annual MD&A for more information.

Competitive position

Demand for Westinghouse’s products and services is being driven by the increasing recognition by policy makers, industry, and general public of the critical role for nuclear energy in providing clean, secure and affordable baseload electricity.

Westinghouse has several critical-to-business suppliers with unique capabilities that are key to delivering Westinghouse’s products to its operating plant and new plant customers. It has long-standing relationships with its key suppliers, and generally has secured long-term agreements with these suppliers to solidify Westinghouse’s business relationships and security of supply. Westinghouse works closely with these suppliers to ensure that pricing and lead times from these suppliers are in line with the market expectations.

Westinghouse’s core business relies heavily on a small number of customers in 46 countries, consisting primarily of utility companies that own nuclear reactors around the globe. Westinghouse’s five largest customers accounted for nearly 30% of Westinghouse’s contracted sales.

Westinghouse’s primary competitors vary based on business unit. For OPS, the market is fragmented with several competitors globally for each business line. For nuclear fuels, Westinghouse has two primary competitors serving the same global customer base. For new build, Westinghouse has two primary competitors that offer similar services.

Business cycles

Westinghouse has a stable and predictable core business generating durable cash flows. Westinghouse’s core business is characterized by recurring and predictable revenue and cash flow streams, the majority of which are secured in advance under long-term contracts with durations that can range from three to more than ten years, depending on the product or service being provided. The 18 to 24 month outage cycle for most reactors drives some variability in its annual cash flow, which tends to be higher in the fourth quarter.

Market opportunities

Amid the ongoing demand growth and global energy security concerns, Westinghouse expects there will be new opportunities to compete for and win new business. Westinghouse’s reputation as a global leader in the nuclear industry and its position as a non-Russian alternative supplier for certified VVER fuel assemblies are expected to benefit its core business as Eastern European countries seek to develop a reliable fuel supply chain independent of Russia.

Intangible assets

Upon acquisition, the fair value of intangible assets was determined as part of the purchase price allocation. Intangible assets includes customer relationships and contracts, developed technology, the Westinghouse trade name, and product development costs.

Estimating decommissioning and environmental remediation costs

Westinghouse’s decommissioning provisions relate to the decommissioning of its fuel fabrication facilities, other licensed nuclear facilities and contaminated equipment at those locations.

Westinghouse develops conceptual decommissioning plans for its operating sites and uses them to estimate its decommissioning costs. The plans are submitted to regulators to determine the amount of financial assurance it must provide to secure its decommissioning obligations. Its plans include reclamation techniques that Westinghouse believes will generate reasonable environmental and radiological performance. Regulators give “conceptual approval” to a decommissioning plan if they believe the concept is reasonable.

The decommissioning plans are reviewed every one to five years. The cost estimates for both accounting purposes and licence applications are also reviewed. As properties approach or go into decommissioning, regulators review the detailed decommissioning plans. This can result in additional regulatory process, requirements, costs, and financial assurances.

2023 ANNUAL INFORMATION FORM	Page 85

At the end of 2023, Westinghouse had estimated total decommissioning and reclamation costs of $231.1 million (US). This is the discounted value of the obligation and is based on its current operations. Regulatory approval is required prior to beginning decommissioning. The expected timing for these costs is based on each facility’s expected operating life. The required costs for decommissioning and reclamation in each of the next five years are not expected to be material.

Westinghouse provides financial assurances using surety bonds for decommissioning liabilities to regulatory authorities, as required. It had a total of about $227 million (US) in surety bonds supporting decommissioning liabilities at the end of 2023. All of its fuel fabrication facilities have financial assurances in place in connection with the preliminary plans for decommissioning each of the sites.

In addition to these decommissioning obligations, Westinghouse has environmental remediation obligations associated with the discharge of pollutants and the disposal of waste associated with ongoing operations at its sites. At the end of 2023, Westinghouse had estimated total environmental and waste liabilities of $43.7 million (US).

Complying with regulations

Nuclear safety regulators licence Westinghouse site activities worldwide and oversee the work done with customers. Licencing requires compliance with stringent regulations, advanced training, and comprehensive programs.

Westinghouse’s US fabrication facilities are licenced by the NRC and are fully compliant with Federal Regulations. Westinghouse’s non-US fabrication facilities are compliant with regulators in their respective regions. In addition, Westinghouse voluntarily implements industry best practices and standards for safety established by the Institute for Nuclear Power Operations (INPO) and the World Association of Nuclear Operators (WANO).

Other nuclear fuel cycle investments

Global Laser Enrichment

GLE is the exclusive licensee of the proprietary Separation of Isotopes by Laser Excitation (SILEX) laser enrichment technology, a third-generation uranium enrichment technology. We are the commercial lead for the GLE project with a 49% interest and we hold an option to attain a majority interest of 75% ownership. 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 development 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<br>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<br>(DOE);
•	producing commercial low-enriched uranium (LEU) to fuel the world’s existing and future fleet of large-scale<br>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; and
---	---
•	producing high-assay low-enriched uranium (HALEU), if a market for that fuel stock develops to serve a number of<br>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.

2023 ANNUAL INFORMATION FORM	Page 86

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.

Mineral reserves and resources

Our 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, 2023.

About mineral resources

Mineral 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<br>appropriate application of technical, economic, marketing, legal, environmental, social, and governmental factors to support evaluation of the economic viability of the deposit.
•	measured resources: we can confirm both geological and grade continuity to support detailed mine planning<br>
---	---
•	indicated resources: we can reasonably assume geological and grade continuity to support mine<br>planning
---	---
•	Inferred mineral resources are estimated using limited geological evidence and sampling information. We do<br>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<br>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. Mineral resources that are not mineral reserves have no demonstrated economic viability.

About mineral reserves

Mineral 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<br>feasibility study demonstrates that, at the time of reporting, economic extraction could be reasonably justified with a high degree of confidence
•	probable reserves: the economically mineable part of a measured and/or indicated resource for which at<br>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 reserves
---	---

For properties for which we are the operator, we use current geological models, an average uranium price of $54 (US) per pound U3O8, and current or projected operating costs and mine plans to estimate our mineral reserves, allowing for dilution and mining losses. We apply our standard data verification process for every estimate. For properties in which we have an interest but are not the operator, we take reasonable steps to ensure that the reserve and resource estimates we report are reliable.

2023 ANNUAL INFORMATION FORM	Page 87

Our share of uranium in the mineral reserves table below is based on our respective ownership interests.

LOGO

Qualified persons

The technical and scientific information discussed in this AIF, including mineral reserve and resource estimates, 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 Lake	Cigar Lake
• Greg Murdock, general manager, McArthur River, Cameco<br><br><br><br> <br>• Daley McIntyre, general<br>manager, Key Lake, Cameco<br> <br><br><br><br>• Alain D. Renaud, principal resource geologist, technical services, Cameco<br><br><br><br> <br>• Biman Bharadwaj, principal<br>metallurgist, technical services, Cameco	• Lloyd Rowson, general manager, Cigar Lake, Cameco<br><br><br><br> <br>• Scott Bishop, director,<br>technical assurance & mineral reserves, technical services, Cameco<br> <br><br><br><br>• Alain D. Renaud, principal resource geologist, technical services, Cameco<br><br><br><br> <br>• Biman Bharadwaj, principal<br>metallurgist, technical services, Cameco
Inkai
• Sergey Ivanov, deputy general director, technical services, Cameco Kazakhstan<br>LLP<br> <br><br> <br>• Alain D. Renaud,<br>principal resource geologist, technical services, Cameco<br> <br><br><br><br>• Scott Bishop, director, technical assurance & mineral reserves, technical services,<br>Cameco<br> <br><br> <br>• Biman Bharadwaj,<br>principal metallurgist, technical services, Cameco

Important information about mineral reserve and resource estimates

Although 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 our 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 interpretation<br><br><br><br> <br>• extraction plans<br><br><br><br> <br>• commodity prices and currency<br>exchange rates	• recovery rates<br><br><br><br> <br>• operating and capital<br>costs
2023 ANNUAL INFORMATION FORM	Page 88
---	---

There 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 1 for information about forward-looking information, and page 107 for a discussion of the risks that can affect our business.

Please see pages 91 and 92 for the specific assumptions, parameters and methods used for the McArthur River, Cigar Lake and Inkai mineral reserve and resource estimates.

Our estimate of mineral resources and mineral reserves may be materially affected by the occurrence of one or more of the risks described under the heading Reserve and resource estimates are not precise on page 116. In addition to those risks, our estimates of mineral resources and mineral reserves for certain properties may be materially affected by the occurrence of one or more of the following risks or factors:

McArthur River and Cigar Lake mineral resource and reserve estimates

•	Water inflows – see Flooding at McArthur River and Cigar Lake at page 108<br>
•	Technical challenges – see Technical challenges at Cigar Lake and McArthur River at page 109<br>
---	---

Inkai mineral resource and reserve estimates

•	Political risks – see Foreign investments and operations at page 129 and Kazakhstan at page<br>130

The extent to which our estimates of mineral resources and mineral reserves may be affected by the foregoing issues could vary from material gains to material losses.

Important information for US investors

We present information about mineralization, mineral reserves and resources as required by NI 43-101 of the Canadian Securities Administrators, 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 US 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.

Mineral reserves

As of December 31, 2023 (100% – only the shaded column shows our share)

Proven and probable

(tonnes in thousands; pounds in millions)

			PROVEN						PROBABLE						TOTAL MINERAL RESERVES						OUR<br>SHARE<br>RESERVES
PROPERTY	MINING<br>METHOD		TONNES		GRADE<br>% U3O8		CONTENT<br>(LBS U3O8)		TONNES		GRADE<br>% U3O8		CONTENT<br>(LBS U3O8)		TONNES		GRADE<br>% U3O8		CONTENT<br>(LBS U3O8)		CONTENT<br>(LBS U3O8)		METALLURGICAL<br>RECOVERY (%)
Cigar Lake		UG		338.1		18.11		135.0		217.5		15.36		73.7		555.6		17.03		208.6	****	113.8		98.7
Key Lake		OP		61.1		0.52		0.7		—		—		—		61.1		0.52		0.7	****	0.6		95.0
McArthur River		UG		2,047.3		7.02		316.8		520.7		5.55		63.8		2,568.0		6.72		380.5	****	265.6		99.0
Inkai		ISR		239,588.4		0.04		208.8		66,046.9		0.04		52.9		305,635.3		0.04		261.7	****	104.7		85.0
Total			****	242,035.0	****	—	****	661.2	****	66,785.0	****	—	****	190.3	****	308,820.1	****	—	****	851.5	****	484.7	****	—

(UG – underground, OP – open pit, ISR – in situ recovery)

Note that the estimates in the above table:

•	use a constant dollar average uranium price of approximately $54 (US) per pound U3O8
•	are based on exchange rates of $1.00 US=$1.26 Cdn and $1.00 US=450 Kazakhstan Tenge
---	---

Metallurgical recovery

We 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.

2023 ANNUAL INFORMATION FORM	Page 89

Changes this year

Our share of proven and probable mineral reserves increased from 469 million pounds U3O8 at the end of 2022, to 485 million pounds at the end of 2023. The change was primarily the result of:

•	mineral resource estimate update at Cigar Lake Extension and subsequent conversion of indicated mineral resources<br>adding 40 million pounds to probable reserves.

partially offset by:

•	production at Cigar Lake, Inkai and McArthur River, which removed 22 million pounds of proven and probable<br>reserves from our mineral inventory

The remaining changes are attributable to other adjustments based on the mineral resource and reserve estimate updates at Cigar Lake, McArthur River and Inkai.

Mineral resources

As of December 31, 2023 (100% – only the shaded columns show our share)

Measured, indicated and inferred

(tonnes in thousands; pounds in millions)

	MEASURED RESOURCES (M)						INDICATED RESOURCES (I)								OUR<br>SHARE		INFERRED RESOURCES						OUR<br>SHARE
													TOTAL M+I		TOTAL M+I								INFERRED
			GRADE		CONTENT				GRADE		CONTENT		CONTENT		CONTENT				GRADE		CONTENT		CONTENT
PROPERTY	TONNES		% U3O8		(LBS U3O8)		TONNES		% U3O8		(LBS U3O8)		(LBS U3O8)		(LBS U3O8)		TONNES		% U3O8		(LBS U3O8)		(LBS U3O8)
Cigar Lake		86.3		5.32		10.1		143.6		5.33		16.9		27.0		14.7		163.4		5.55		20.0		10.9
Fox Lake		—		—		—		—		—		—		—		—		386.7		7.99		68.1		53.3
Kintyre		—		—		—		3,897.7		0.62		53.5		53.5		53.5		517.1		0.53		6.0		6.0
McArthur River		78.7		2.27		3.9		60.6		2.30		3.1		7.0		4.9		37.2		2.90		2.4		1.7
Millennium		—		—		—		1,442.6		2.39		75.9		75.9		53.0		412.4		3.19		29.0		20.2
Rabbit Lake		—		—		—		1,836.5		0.95		38.6		38.6		38.6		2,460.9		0.62		33.7		33.7
Tamarack		—		—		—		183.8		4.42		17.9		17.9		10.3		45.6		1.02		1.0		0.6
Yeelirrie		27,172.9		0.16		95.9		12,178.3		0.12		32.2		128.1		128.1		—		—		—		—
Crow Butte		1,558.1		0.19		6.6		939.3		0.35		7.3		13.9		13.9		531.4		0.16		1.8		1.8
Gas Hills - Peach		687.2		0.11		1.7		3,626.1		0.15		11.6		13.3		13.3		3,307.5		0.08		6.0		6.0
Inkai		87,192.7		0.03		56.1		65,236.0		0.02		32.9		89.1		35.6		36,165.2		0.03		23.9		9.6
North Butte - Brown Ranch		604.2		0.08		1.1		5,530.3		0.07		8.4		9.4		9.4		294.5		0.06		0.4		0.4
Ruby Ranch		—		—		—		2,215.3		0.08		4.1		4.1		4.1		56.2		0.13		0.2		0.2
Shirley Basin		89.2		0.15		0.3		1,638.2		0.11		4.1		4.4		4.4		508.0		0.10		1.1		1.1
Smith Ranch -Highland		3,703.5		0.10		7.9		14,372.3		0.05		17.0		24.9		24.9		6,861.0		0.05		7.7		7.7
Total	****	121,172.8	****	—	****	183.7	****	113,300.7	****	—	****	323.4	****	507.1	****	408.8	****	51,747.1	****	—	****	201.3	****	153.2

Note that mineral resources:

•	do not include amounts that have been identified as mineral reserves
•	do not have demonstrated economic viability
---	---
•	totals may not add due to rounding
---	---

Changes this year

Our share of measured and indicated mineral resources decreased from 451 million pounds U3O8 at the end of 2022, to 409 million pounds U3O8 at the end of 2023. Our share of inferred mineral resources decreased from 154 million pounds U3O8 at the end of 2022, to 153 million pounds U3O8 at the end of 2023.

2023 ANNUAL INFORMATION FORM	Page 90

Key assumptions, parameters and methods

McArthur River

Key assumptions

•	Mineral reserves assume a 99.4% planned mine recovery and have allowances for expected waste (33.6% average) and<br>backfill (5.5% average) dilution as part of the normal mining extraction process. Mineral resources do not include such allowances.
•	A constant dollar average uranium price of $54 (US) per pound<br>U3O8 with a $1.00 (US) = $1.26 (Cdn) fixed exchange rate was used to estimate the mineral reserves.
---	---
•	Mining rates assume annual packaged production of at least 18 million pounds.
---	---

Key parameters

•	Grades of U3O8 were obtained from chemical assaying of drill core or from equivalent % U3O8 grades<br>obtained from radiometric probing results. In areas of poor core recovery (usually < 75%) or missing samples, the grade was determined from probing.
•	When not measured, densities are determined using formulas based on the relation between density measurements of<br>drill core and chemical assay grades.
---	---
•	Mineral resources are estimated at a minimum mineralized thickness of 1.0 metre and at a minimum grade of 0.50% U3O8. Reported mineral reserves are based on pounds U3O8 recovered per excavation, translating into an average cut-off grade of 0.90% U3O8.<br>
---	---
•	Mineral reserves are estimated based on the use of raisebore and blasthole stope mining methods in conjunction<br>with freeze curtains.
---	---
•	Reasonable expectation for eventual economic extraction of the mineral resources is based on a uranium price of<br>$62 (US) per pound U3O8, anticipated exchange rates, mining and process recoveries, production costs, royalties and mineralized area<br>tonnage, grade, and spatial continuity considerations.
---	---

Key methods

•	The models were created from the geological interpretation in section views and in 3-dimensions from surface and<br>underground drillhole information.
•	Mineral resources and mineral reserves were estimated using 3-dimensional block models. Ordinary kriging and<br>inverse distance squared methods were used to estimate the grade and density.
---	---
•	Maptek Vulcan and Leapfrog Geo software were used to generate the mineral resource and reserve estimates.<br>
---	---

Cigar Lake

Key assumptions

•	Mineral reserves have been estimated with an average allowance of 34% dilution at 0% U3O8 and an 86% mining recovery factor. Mineral resources do not include such allowances.
•	The mining rate is assumed to vary between 115 and 160 tonnes per day and a full mill production rate of<br>approximately 18 million pounds U3O8 per year.
---	---
•	Areas being mined must meet specific ground freezing requirements before jet boring begins.<br>
---	---
•	A constant dollar average uranium price of $54 (US) per pound<br>U3O8 with a $1.00 (US) = $1.26 (Cdn) fixed exchange rate was used to estimate the mineral reserves.
---	---

Key parameters

•	Grades of U3O8 were obtained from chemical assaying of drill core or from equivalent % U3O8 grades<br>obtained from radiometric probing results. In areas of poor core recovery (usually < 75%) or missing samples, the grade was determined from probing.
•	When not measured, densities are determined using formulas based on the relation between density measurements of<br>drill core and chemical assay grades.
---	---
•	Mineral resources have been estimated using a minimum mineralization thickness of 1.0 metre and a minimum grade<br>of 1.0% U3O8 for the eastern part of the deposit and 0.8% U3O8 for the western portion.
---	---
2023 ANNUAL INFORMATION FORM	Page 91
---	---
•	Mineral reserves have been estimated on the basis of designed JBS cavities with positive economics from the<br>estimated recovered uranium.
---	---
•	Reasonable expectation for eventual economic extraction of the mineral resources is based on a uranium price of<br>$62 (US) per pound U3O8, anticipated exchange rates, mining and process recoveries, production costs, royalties and mineralized area<br>tonnage, grade, and spatial continuity considerations.
---	---

Key methods

•	The geological interpretation of the orebody was done in section views and in 3-dimensions from surface drillhole<br>information.
•	Mineral resources and mineral reserves were estimated using 3-dimensional block models. Ordinary kriging and<br>inverse distance squared methods were used to estimate the grade and density.
---	---
•	Maptek Vulcan and Leapfrog Geo software were used to generate the mineral resource and reserve estimates.<br>
---	---

Inkai

Key assumptions

•	Mineral resources have been estimated based on the use of the ISR extraction method.
•	Average metallurgical recovery of 85%.
---	---
•	A constant dollar average uranium price of $54 (US) per pound<br>U3O8, with a $1.00 US = $1.26 Cdn and 450 Kazakhstan Tenge to $1.00 US fixed exchange rate was used to estimate the mineral reserves.<br>
---	---

Key parameters

•	Grades (% U3O8) were obtained from gamma radiometric probing of drillholes, checked against assay results and prompt fission neutron logging results to account for disequilibrium.
•	Average density of approximately 1.7 tonnes per cubic metre was used, based on historical and current sample<br>measurements.
---	---
•	Mineral resources are estimated using a minimum grade of 0.012%<br>U3O8 per drillhole interval and minimum Grade x Thickness (GT) of 0.071 m% U3O8 for MPP area and 0.047 m% U3O8 for Sat1 and Sat2 areas.
---	---
•	Mineral reserves represent the in situ ore available for production within the term of the resource use contract.<br>
---	---
•	A cut-off for the mineral reserves of 0.13 m% U3O8 is applied on the estimated GT value for each block of the model.
---	---
•	Reasonable expectation for eventual economic extraction of the mineral resources is based on a uranium price of<br>$62 (US) per pound U3O8, anticipated exchange rates, mining and process recoveries, production costs, royalties and mineralized area<br>tonnage, grade, and spatial continuity considerations.
---	---

Key methods

•	The geological interpretation of the orebody was done in section and plan views derived from surface drillhole<br>information.
•	Mineral resources were estimated with the GT area average method, where the estimated variable is the uranium<br>grade multiplied by the thickness of the interval and using averages for two-dimensional block models.
---	---
•	A resource block must be confined to one aquifer taking into consideration the distribution of local aquitards.<br>
---	---
•	Considerations of the rate of in situ uranium recovery, lixiviant uranium head grades, wellfield flow rates and<br>production requirements to define the production sequence.
---	---
•	Geological modelling and mining software used were AtomGeo, MapInfo and Micromine.
---	---

Our ESG principles and practices

A key part of ourstrategy, reflecting our values

We are committed to delivering our products responsibly. We integrate ESG principles and practices into every aspect of our business, from our corporate objectives and approach to compensation, to our overall corporate strategy, risk management, and day-to-day operations, and they align with our values. We seek to be transparent with our stakeholders, keeping them updated on the risks and opportunities that we believe may have a significant impact on our ability to achieve our strategic plan and add long-term value. We recognize the importance of integrating certain ESG factors, such as safety performance, a clean environment and supportive communities, into our executive compensation strategy as we see success in these areas as critical to the long-term success of the company.

2023 ANNUAL INFORMATION FORM	Page 92

Our board of directors holds the highest level of oversight for our business strategy and strategic risks, including ESG matters and climate-related risks. Oversight of ESG and climate-related reporting and disclosure has been delegated by the board to the Safety, Health and Environment (SHE) committee of the board. We also have a multi-disciplinary ESG steering committee, chaired by our senior vice-president and chief corporate officer that includes representatives from across the organization whose role is to review our ESG governance and reporting, and our current approach to sustainability, against evolving trends. Additional information about our governance of ESG matters is included in our most recent ESG report.

In an effort to continually evolve the robustness of our sustainability commitments and communications, starting in 2020, we aligned our ESG performance indicators with the ones recommended by the Sustainability Accounting Standards Board (SASB). In addition, we began addressing the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD) in our ESG report. In 2022, we continued to progress our work, conducting a gap analysis to identify how we could better align to TCFD recommendations. Key findings from this work were actioned throughout 2022 and 2023, including the undertaking of physical and transition-related climate scenario analyses to inform our overarching climate strategy. In 2023, the IFRS published its first two sustainability standards, S1 sustainability disclosure standard and S2 climate-related disclosure via the International Sustainability Standards Board. While it is unclear when and to what extent the Canadian Securities Administrators may adopt these standards at this point, we have begun the work to better understand the requirements under these standards and how our current reporting aligns with these standards.

In July 2023, we published our 2022 ESG report. The report sets out our strategy and the policies and programs we use to govern and manage ESG issues that are important to our stakeholders. In addition to SASB and TCFD, the report provides key ESG performance indicator data based on the Global Reporting Initiative’s Sustainability Framework as well as some unique corporate indicators, to measure and report our performance on environmental, social and economic impacts in the areas we believe have a significant impact on our sustainability in the long-term and are important to our stakeholders. This is our ESG report card to our stakeholders. You can find our report at cameco.com/about/sustainability.

Environment

We recognize the critical nature of the fight against climate change, and want our employees, customers, investors, and community partners near our operations to know we are committed to being an active and constructive partner in addressing this challenge. The reduction of (GHG) emissions is important and necessary in Canada and around the world. Policy makers and major industries recognize that nuclear power must be a central part of the solution to the world’s shift to a low-carbon, climate-resilient economy. Several nations have reaffirmed their commitments to nuclear power and are developing plans to support existing reactors and are reviewing their policies to encourage more nuclear capacity. There are now 28 countries that have signed on to the declaration that was launched at COP28 to triple nuclear energy capacity by 2050.

Recently, we put further support behind our commitment to climate action and our vision of energizing a clean-air world by joining Net Zero Nuclear as a corporate partner. Net Zero Nuclear is an initiative between government, industry leaders and civil society to triple global nuclear capacity to achieve carbon neutrality by 2050. We join the initiative as a Gold Partner, deepening industry support for this initiative, which was launched by the World Nuclear Association and the Emirates Nuclear Energy Corporation, with the support of the Atoms4NetZero initiative launched by the International Atomic Energy Agency at the 2023 World Nuclear Symposium in London.

In 2022, we undertook a planning process to outline our overarching Low Carbon Transition Plan. Within this plan, we set a target to reduce our combined Scope 1 and 2 GHG emissions by 30% by 2030, from 2015 levels. We also identified the practical and achievable actions that we expect to take to decarbonize our operations and manage climate-related risks. In doing so, we are demonstrating our alignment with the ambitions of the Paris Agreement to, “limit global temperature rise to well below 2 degrees Celsius (°C), above pre-industrial levels, and to pursue efforts to limit global temperature rise even further to 1.5°C”. Our Low Carbon Transition Plan provides a foundation for managing our climate-related physical and transition risks, and it supports us in better aligning with the Government of Canada’s Net Zero Accountability Act and 2030 Emission Reduction Plan.

2023 ANNUAL INFORMATION FORM	Page 93

We recognize that climate change, including shifts in temperature, precipitation and more frequent severe weather events could affect our operations in a range of possible ways. As part of our Low Carbon Transition Plan, we have completed climate change scenario analyses to understand how projected long-term changing climate conditions could impact our employees, assets, and operations in northern Saskatchewan and Ontario, Canada. We leveraged internal subject matter expertise with help from a third-party expert to complete the assessments.

The physical risk assessment studies were undertaken to deliver initial forward-looking physical climate risk assessments and identify possible risk management and adaptation options across our mining, milling and fuel services operations. In 2024, we will focus on updating the findings from these physical climate risk assessments into our internal risk management review and developing an adaptation action plan template. The template will support the development of site-specific adaptation plans for each of our Canadian operations. We are targeting the completion of physical climate risk assessments for all our majority owned and operated facilities by the end of 2026.

We will continue to explore climate change projections for the areas where we operate and those critical to moving supplies and products through our value chain. We will use this information to identify where our existing climate-related acute and chronic risk management practices are expected to remain sufficient in the years to come and where adaptation and other enhancements may be required.

When it comes to climate change, we have tracked and reported our GHG emissions for more than two decades. A summary of our activities to understand and mitigate the risks associated with climate change scenarios is reported to the board of directors on a regular basis in accordance with our Enterprise Risk Management program, including the mitigating controls and management actions taken to reduce these risks.

To support achieving our 2030 GHG emissions reduction target, we implemented a 2023 compensable target to create tailored decarbonization pathways for each operationally controlled site. The 2023 work included an evaluation of over 160 decarbonization project ideas solicited from across the organization. Project ideas were evaluated based on cost, emissions reduction potential, implementation timeline, and other co-benefits as outlined by the climate action factors recently integrated within our Capital Allocation Committee process. The site-specific decarbonization pathways also included the development of practical project implementation timelines considering life of asset plans for each operation and technological readiness of the relevant technologies. Decarbonization efforts are already underway across our five decarbonization themes: efficiency, electrification, waste to value, fuel switching and carbon economy.

Over the past few years, we have put significant effort towards efficiency, our first decarbonization theme. We have been focused on improving the visibility of energy consumption within our organization and implementing improvements to reduce energy consumption. We have already enjoyed some significant success in our efforts to reduce our energy use and GHG emissions to date. For example, at our Port Hope conversion facility, we have achieved a 28% reduction to peak power demand and more than $2.1 million in annual energy savings with projects such as HVAC and compressed air system upgrades and lighting efficiency retrofits. In 2023, the Port Hope Closed Loop Cooling Water system was commissioned, eliminating the need to draw water from the nearby harbour. With the new closed loop system, the operation is no longer dependent on the temperature or quality of the lake water. This project has positive benefits for both the overall reliability and our environmental footprint, decreasing the energy required to change the temperature of the water and eliminating the risk of environmental releases to the lake.

At our northern Saskatchewan mining and milling operations, recent efforts have focused on the implementation of an Energy Management Information System (EMIS) in alignment with our larger digital transformation efforts. The EMIS improves our ability to visualize, monitor, and manage our energy use and emissions profile in real time. Ultimately, EMIS gives those operations the ability to identify where our highest impact emissions reduction opportunities exist and assurance that the actions we have taken are maintained over time. Two projects were advanced in 2023 at our northern Saskatchewan operations: LED lighting updates to Key Lake and Ventilation-on-Demand at McArthur River. At Key Lake, we have made upgrades in lighting, updating to LED, translating to annual reductions of approximately 725,000 kWh electricity savings or 375 tonnes of CO2e. Additionally, this project improves operator comfort and safety when working in these areas. At McArthur River, the Ventilation-on-Demand project is currently underway. It includes mine ventilation upgrades to surface heater fans and underground ventilation dampers to enable a reduction in both electricity and propane consumption.

2023 ANNUAL INFORMATION FORM	Page 94

Social

Our relationships with our workforce, Indigenous Peoples, and local communities are fundamental to our success. The safety and protection of our workforce and the public is our top priority in our assessment of risk and planning for safe operations and product transport. To deliver on our vision, we invest in programs to attract and retain a diverse and skilled workforce that better reflects the communities in which we operate and to increase the participation of underrepresented groups in trades and technical positions. We want to build a workforce that is dedicated to continuous improvement and shares our values.

We have a five-pillar approach to develop and maintain long-term relationships and provide opportunities to those living in areas near our operations. The five-pillars include workforce development, business development, community investment, environmental stewardship, and community engagement. To strengthen relationships and shape them into mutually beneficial partnerships, we have collaboration agreements in northern Saskatchewan and Ontario that follow this approach. These agreements allow us to collaboratively determine focus areas based on a community’s unique needs, optimizing benefits to the community, providing certainty around community investment and local business opportunities.

Governance

We believe that sound governance is the foundation for strong corporate performance. Our diverse and independent board of directors’ primary role is to provide strategic direction and risk oversight in order to help the company achieve its vision of “energizing a clean-air world”. The board guides the company to operate as a sustainable business, to optimize financial returns while effectively managing risk, and to conduct business in a way that is transparent, independent, and ethical.

The board has formal governance guidelines that set out our approach to governance and the board’s governance role and practices. The guidelines ensure we comply with all of the applicable governance rules and legislation in Canada and the US, conduct ourselves in the best interests of our stakeholders, and meet industry best practices. The guidelines are reviewed and updated regularly.

Our corporate governance framework includes an established and recognized management system that describes the policies, processes and procedures we use to help us fulfill all the tasks required to achieve our objectives and strategy. It sets out our vision, values, and measures of success. It speaks to our strategic planning process, leadership alignment and accountability, compliance and assessment, people and culture, process identification and work management, risk management, communications and stakeholder support, knowledge and information management, change management, problem identification and resolution, and continual improvement.

Risk and Risk Management

Our board of directors oversees management’s implementation of appropriate risk management processes and controls. We have a Risk Policy that is supported by our formal Risk Management Program.

Our Risk Management Program involves a broad, systematic approach to identifying, assessing, monitoring, reporting and managing the significant risks we face in our business and operations, including consideration of ESG and climate-related risks and cyber risks that could impact our four measures of success. The program is based on the ISO 31000 Risk Management guidelines. ISO 31000 provides guidance on risk management activities with internationally recognized practices and provides sound principles for effective management and governance of risks. Our program applies to all risks facing the company, including climate-related risks. The program establishes clear accountabilities for employees throughout the company to take ownership of risks specific to their area and to effectively manage those risks. The program is reviewed annually to ensure that it continues to meet our needs.

We use a common risk matrix throughout the company. Any risk that has the potential to significantly affect our ability to achieve our corporate objectives or strategic plan is considered an enterprise risk and is brought to the attention of senior management and the board. We continually update our risk profile by performing regular monitoring of risks across the organization. Regular monitoring helps us to properly manage risks and identify any new risks. Detailed risk reporting is provided on a quarterly basis to senior management and the board and its committees on the status of the mitigating and/or monitoring plans for each of the enterprise risks. Management also reviews monthly updates on the company’s progress in managing these risks.

2023 ANNUAL INFORMATION FORM	Page 95

See Managing the risks, starting on page 70 of our 2023 MD&A, for a discussion of the material risks, and the specific risks discussed under each operation, advanced project, and other fuel cycle investment update in our 2023 MD&A. In addition to carefully considering the other information in this AIF, we also recommend you review Risks that can affect our business starting at page 107 of this AIF which includes a discussion of other material risks that could have an impact on our business. These risks, however, are not a complete list of the potential risks our operations, advanced projects, or other investments face. There may be others we are not aware of or risks we feel are not material today that could become material in the future.

Measuring our results

Targets and Metrics: The Linkbetween ESG Factors and Executive Pay

Each year, we set corporate objectives that are aligned with our strategic plan. These objectives fall under our four measures of success: (1) outstanding financial performance, (2) safe, healthy and rewarding workplace, (3) clean environment and (4) supportive communities. Performance against specific targets under these objectives forms the foundation for a portion of annual employee and executive compensation. See our most recent management proxy circular for more information on how executive compensation is determined.

While we saw a significant improvement in our financial performance (earnings and cash flow) as our tier-one production increases and our average realized price reflects the improving market, our results still do not reflect our expected long-term run rate performance. As our long-term contract portfolio continues to grow and our tier-one production continues to ramp up, we believe that the strategic actions we have taken have helped to pave the way to stronger financial performance over time. Additionally, we will not compromise our commitment to safety, people and our environment. For more information on our compensation targets and our reported performance against those targets, see the Measuring our results section in our 2023 MD&A and our most recent management proxy circular.

The regulatory environment

This section discusses some of the more significant government controls and regulations that have a material effect on our business. A significant part of our economic value depends on our ability to comply with the extensive and complex laws and regulations that govern our activities. At this time, we do not expect any of the proposed legislation or changes to existing legislation will have a material effect on our business.

International treaty on the non-proliferation of nuclear weapons

The Treaty on the Non-Proliferation of Nuclear Weapons (NPT) is an international treaty that was established in 1970. It has three objectives:

•	to prevent the spread of nuclear weapons and weapons technology
•	to foster the peaceful uses of nuclear energy
---	---
•	to further the goal of achieving general and complete disarmament
---	---

The NPT establishes a safeguards system under the responsibility of the IAEA. Almost all countries are signatories to the NPT, including Canada, the US, the United Kingdom and France. We are therefore subject to the NPT and comply with the IAEA’s requirements.

Industry regulation and permits

Canada

Our Canadian operations have regulatory obligations to both the federal and provincial governments. There are four main regulatory agencies that issue licences and approvals:

•	CNSC (federal)
•	Fisheries and Oceans Canada (federal)
---	---
•	SMOE
---	---
•	Ontario Ministry of Environment
---	---

Environment and Climate Change Canada (federal) is also a major regulatory agency that has a mandate involving specific pieces of federal regulations.

2023 ANNUAL INFORMATION FORM	Page 96

Uranium industry regulation

The government of Canada recognizes the special importance of the uranium industry to Canada’s national interest, and regulates the industry through legislation and regulations, and exerts additional control through government policy.

Federal legislation applies to any work or undertaking in Canada for the development, production, or use of nuclear energy or for the mining, production, refinement, conversion, enrichment, processing, reprocessing, possession, or use of a nuclear substance. Federal policy requires that any property or plant used for any of these purposes must be legally and beneficially owned by a company incorporated in Canada.

Mine ownership restrictions

The federal government has instituted a policy that restricts ownership of Canadian uranium mining properties to:

•	a minimum of 51% ownership by residents
•	a basic maximum limit of 49% ownership by non-residents of uranium properties at the first stage of production<br>
---	---

The government may grant exceptions. For example, resident ownership may be less than 51% if the property is Canadian controlled. Exceptions will only be granted in cases where it is demonstrated that Canadian partners cannot be found, and it must receive Cabinet approval.

The government issued a letter to the Canadian uranium industry on December 23, 1987, outlining the details of this ownership policy. On March 3, 2010, the government announced its intention to liberalize the foreign investment restrictions on Canada’s uranium mining sector to “ensure that unnecessary regulation does not inhibit the growth of Canada’s uranium mining industry by unduly restricting foreign investment”. However, after striking an expert panel to study the issue and soliciting feedback from various stakeholders, the federal government stated in October 2011 that it would not be changing the policy.

The Canada-EU Trade Agreement (CETA) was provisionally implemented in September 2017. The Non-resident Ownership Policy provisions for CETA countries are now in effect, which removes the requirement to seek a Canadian partner to hold the majority interest in a Canadian uranium mining property before applying for an exemption. An EU company is still required to apply for an exemption to hold a majority interest in a Canadian uranium mining property and the proposal will be evaluated by the government on its merits.

Cameco ownership restriction

We are subject to ownership restrictions under the Eldorado Nuclear Limited Reorganization and Divestiture Act, which restricts the issue, transfer, and ownership, including joint ownership, of Cameco shares to prevent both residents and non-residents of Canada from owning or controlling more than a certain percentage of shares. See page 135 for more information.

Industry governance

The NuclearSafety and Control Act (NSCA) is the primary federal legislation governing the control of the mining, extraction, processing, use and export of uranium in Canada. It authorizes the CNSC to make regulations governing all aspects of the development and application of nuclear energy, including uranium mining, milling, conversion, fuel fabrication and transportation. It grants the CNSC licensing authority. A person may only possess or dispose of nuclear substances and build, operate, and decommission its nuclear facilities according to the terms and conditions of a CNSC licence. Licensees must satisfy specific conditions of the licence to maintain the right to operate their nuclear facilities.

The NSCA emphasizes the importance of environmental as well as health and safety matters and requires licence applicants and licensees to make adequate provisions for protection of the environment and for the health and safety of workers and the public.

Regulations made under the NSCA include those dealing with the specific licence requirements of facilities, radiation protection, physical security for all nuclear facilities and the transport of radioactive materials. The CNSC has also issued regulatory documents to assist licensees in complying with regulatory requirements, such as decommissioning, emergency planning, and optimizing radiation protection measures.

2023 ANNUAL INFORMATION FORM	Page 97

All of our Canadian operations are governed primarily by licences granted by the CNSC and are subject to all federal statutes and regulations that apply to us, and all the laws that generally apply in the province where the operation is located, unless there is a conflict with the terms and conditions of the licence or the federal laws that apply to us.

Uranium export

We must secure export licences and export permits from the CNSC and Global Affairs Canada to export our uranium. These arrangements are governed by the bi-lateral and multi-lateral agreements that are in place between governments.

Land tenure

Most of our uranium reserves and resources are in the province of Saskatchewan:

•	a mineral claim from the province gives us the right to explore for minerals (other<br>government approvals are required to carry out surface exploration)
•	a crown lease with the province gives us the right to mine the minerals on the<br>property
---	---
•	a surface lease with the province gives us the right to use the land for surface facilities<br>and mine shafts while mining and reclaiming the land
---	---

A mineral claim has a one-year term, with the right to renew for successive one-year periods. Generally, the holder must spend a certain amount on exploration to keep the mineral claim in good standing. If we spend more than the amount required, then the extra amount can be applied to future years.

A holder of a mineral claim in good standing has the right to convert it into a crown lease. A crown lease is for 10 years, with a right to renew for additional 10-year terms. The lessee must spend a certain amount on work during each year of the crown lease. The lease cannot be terminated unless the lessee defaults on any terms of the lease, or under any provisions of The Crown MineralsAct (Saskatchewan) or regulations under it, including any prescribed environmental concerns. Crown leases can be amended unilaterally by the lessor by an amendment to The Crown Minerals Act (Saskatchewan) or The Mineral Tenure RegistryRegulations (Saskatchewan).

A surface lease can be for up to 33 years in accordance with The Crown Resource Land Regulations, 2019 (Saskatchewan) made pursuant to The Provincial Lands Act, 2016 (Saskatchewan), as necessary for operating the mine and reclaiming the land. The province also uses surface leases to specify other requirements relating to environmental and radiation protection as well as socioeconomic objectives.

United States

Uranium industry regulation

In the US, uranium recovery is regulated by the NRC according to the Atomic Energy Act of 1954, as amended. Its primary function is to:

•	ensure employees, the public and the environment are protected from radioactive materials
•	regulate most aspects of the uranium recovery process
---	---

The NRC’s regulations for uranium recovery facilities are codified in Title 10 of the Code of Federal Regulations (10 CFR). It issues Domestic Source Material Licences under 10 CFR, Part 40. The National Environmental Policy Act governs the review of licence applications, which is implemented through 10 CFR, Part 51.

At Smith Ranch-Highland and Crow Butte, safety is regulated by the federal Occupational Safety and Health Administration.

Other governmental agencies are also involved in the regulation of the uranium recovery industry.

The NRC also regulates the export of uranium from the US and the transport of nuclear materials within the US. It does not review or approve specific sales contracts. It also grants export licences to ship uranium outside the US.

Wyoming

The uranium recovery industry is also regulated by the WDEQ, the Land Quality Division (LQD) according to the Wyoming Environmental Quality Act (WEQA) and the Land Quality Division Non Coal Rules and Regulations under the WEQA. According to the state act, the WDEQ issues a permit to mine. The LQD administers the permit. As of September 30, 2018, the NRC has entered into an agreement with the state of Wyoming, transferring regulatory authority for licensing, rulemaking, inspection, and enforcement activities necessary to regulate uranium ISR mining. The WDEQ LQD Uranium Recovery Program (URP) has assumed this regulatory authority.

2023 ANNUAL INFORMATION FORM	Page 98

The state also administers a number of EPA programs under the Clean Air Act and the Clean WaterAct. Some of the programs, like the Underground Injection Control Regulations, are incorporated in the Land Quality Division Non-Coal Rules and Regulations. Wyoming currently requires wellfield decommissioning to the standard of pre-mining use.

Nebraska

The uranium recovery industry is regulated by the NRC, and the Nebraska Department of Environmental Quality according to the Nebraska Environmental Protection Act. The Nebraska Department of Environmental Quality issues a permit to mine. The state requires wellfield groundwater be restored to the class of use water standard.

Land tenure

Our uranium resources in the US are held by subsidiaries located in Wyoming and Nebraska. The right to mine or develop minerals is acquired either by leases from the owners (private parties or the state) or mining claims located on property owned by the US federal government. Our subsidiaries acquire surface leases that allow them to conduct operations.

Kazakhstan

See Kazakhstan government andlegislation starting on page 64.

Complying with environmental regulations

Our business is required to comply with laws and regulations that are designed to protect the environment and control the management of hazardous wastes and materials. Some laws and regulations focus on environmental issues in general, and others are specifically related to mining and the nuclear sector. They change often, with requirements increasing, and existing standards being applied more stringently. While this dynamic promotes continuous improvement, it can increase expenses and capital expenditures, or limit or delay our activities.

Government legislation and regulation in various jurisdictions establish standards for system performance, standards, objectives and guidelines for air and water quality emissions, and other design or operational requirements for the various SHEQ components of our operations and the mines that we plan to develop. In addition, we must complete an environmental assessment before we begin developing a new mine or make any significant change to our operations. Once we have permanently stopped mining and processing activities, we are required to decommission and reclaim the operating site to the satisfaction of the regulators, and we may be required to actively manage former mining properties for many years.

Canada

Not only is there ongoing regulatory oversight by the CNSC, the SMOE, the Ontario Ministry of the Environment, and Environment and Climate Change Canada, but there is also public scrutiny of the impact our operations have on the environment.

The CNSC, an independent regulatory authority established by the federal government under the NSCA, is our main federal regulator in Canada. In 2019, the federal government introduced the Impact Assessment Act (IAA) along with changes to the Fisheries Act and introduced the Canadian NavigableWaters Act. The new assessment legislation broadens the scope of a federal assessment beyond strictly environment, and the Fisheries Act and the Canadian Navigable Waters Act introduced changes to the language that will take some time to fully understand as the government is still developing and issuing guidance and working out the impact of the revisions. In October 2023, the Supreme Court of Canada ruled that parts of the IAA were outside the federal government’s competence and thus unconstitutional. In response, the federal government is currently reviewing this legislative framework and amendments to the IAA may be proposed in 2024, although no timeline for tabling and passing the amendments has been announced. Accordingly, we are unable to assess the implications of the amendments at this time.

Plans to build new mines in Saskatchewan are subject to the provincial environmental assessment process. In certain cases, a review panel may be appointed, and public hearings held.

2023 ANNUAL INFORMATION FORM	Page 99

Over the past few years, CNSC audits of our operations have focused on the following SHEQ programs:

•	radiation protection
•	environmental monitoring
---	---
•	fire protection
---	---
•	operational quality assurance
---	---
•	organization and management systems effectiveness
---	---
•	transportation systems
---	---
•	geotechnical monitoring
---	---
•	training
---	---
•	ventilation systems
---	---
•	waste management
---	---

Improving our environmental performance is challenging and we have focused on maintaining our excellent water quality while maintaining production at our facilities or while they are in care and maintenance.

Efforts like these often require additional environmental studies near the operations, and we will continue to undertake these as required.

It can take a significant amount of time for regulators to make requested changes to a licence or grant a requested approval because the activity may require an approval with an extensive review of supporting technical data, management programs and procedures. We are improving the quality of our proposals and submissions and have introduced a number of programs to ensure we continue to comply with regulatory requirements, but this has also increased our capital expenditures and our operating costs.

As our SHEQ management system matures, regulators continue to review our programs and recommend ways to improve our SHEQ performance. These recommendations are generally procedural and do not involve large capital costs, although systems applications can be significant and result in higher operating costs.

Federal requirements stemming from the Species at Risk Act are introducing significant uncertainty into the management of activities in northern Saskatchewan. One specific example includes the amended national recovery strategy for woodland caribou, which contains strategic directions that have the potential to impact economic and social development in northern Saskatchewan. As a requirement of this document, the province of Saskatchewan is responsible for developing range plans that outline population and habitat protection measures for activities conducted in northern Saskatchewan. Mitigation requirements, and other measures, could have an impact on our Saskatchewan operations and advanced projects in northern Saskatchewan.

A number of government or governmental bodies have introduced or are contemplating regulatory changes in response to the potential impacts of climate change. While we have a relatively small carbon footprint, our Canadian facilities could experience higher annual operating costs due to changes in GHG pricing and regulations, such as carbon pricing, the Canadian Clean Fuel Standard, and/or other policy changes. As indicated above, we recognize that climate change, including shifts in temperature, precipitation and more frequent severe weather events could affect our operations in a range of possible ways. As part of our low-carbon transition planning, we completed a climate change scenario analysis to understand how projected long-term changing climate conditions could impact our employees, assets, and operations in northern Saskatchewan and Ontario, Canada. We leveraged internal subject matter expertise with the assistance of a third-party expert to complete the assessments. See Our ESG principles and practices – environment starting on page 94.

We believe that regulatory expectations of the CNSC and other federal and provincial regulators will continue to evolve, and lead to changes to both requirements and the regulatory framework. This will likely increase our costs.

United States

Our ISR operations in the US must meet federal, state, and local regulations governing air emissions, water discharges, handling and disposal of hazardous materials and site reclamation, among other things.

Mining activities must meet comprehensive environmental regulations from the NRC, Bureau of Land Management, Environmental Protection Agency (EPA) and state environmental agencies. The process of obtaining mine permits and licences generally takes several years, and involves environmental assessment reports, public hearings, and comments. We have the permits and licences required for our US ISR Operations for 2023.

The ISR mining method at our US ISR Operations involves extracting uranium from underground non-potable aquifers by dissolving the uranium with a carbonate-based water solution and pumping it to a processing facility on the surface. After mining is complete, ISR wellfields must be restored according to regulatory requirements. This generally involves restoring the groundwater to its pre-mining state or equivalent class of use water standard. Restoration of Crow Butte wellfields is regulated by the Nebraska Department of Environmental Quality and the NRC. Restoration of Smith Ranch-Highland wellfields is regulated by the WDEQ.

2023 ANNUAL INFORMATION FORM	Page 100

See page 106 for the status of wellfield restoration and regulatory approvals.

Kazakhstan

In its resource use contract with the Kazakhstan government, JV Inkai committed to conducting its operations according to good international mining practices. It must comply with the environmental requirements of Kazakhstan legislation and regulations, and, as an industrial company, it must also reduce, control, or eliminate various kinds of pollution and protect natural resources. JV Inkai is required to submit annual reports on pollution levels to the Kazakhstan environmental, tax and statistics authorities. The authorities conduct tests to validate JV Inkai’s results.

Environmental protection legislation in Kazakhstan has evolved rapidly, especially in recent years. As the subsoil use sector has evolved, there has been a trend towards greater regulation, heightened enforcement, and greater liability for non-compliance. The most significant development was the adoption of the Ecological Code in 2007. This code replaced the three main laws related to environmental protection. Kazakhstan enacted a new ecological code, which took effect July 1, 2021 (2021 Ecological Code).

JV Inkai is required to comply with environmental requirements during all stages of the project and must develop an environmental impact assessment for examination by a state environmental expert before making any legal, organizational, or economic decisions that could have an effect on the environment and public health.

Under the 2007 Ecological Code, JV Inkai required an environmental permit to operate. The permit certifies the holder’s right to discharge emissions into the environment, provided that it complies with the requirements of the permit and that code.

JV Inkai obtained a permit for environmental emissions and discharges for the operation under the 2007 Ecological Code. This permit is no longer in effect. JV Inkai has obtained a permit under the 2021 Ecological Code.

Facilities, based on their environmental impact, are divided into 4 categories both under the 2007 Ecological Code and the 2021 Ecological Code. In August 2021, JV Inkai was assigned category 1 and obtained an emissions permit under the 2021 Ecological Code, valid until the end of 2030. Generally, this new permit is similar to an emissions permit issued under the 2007 EcologicalCode. After expiry of this emissions permit at the end of 2030, JV Inkai will be required to have a comprehensive environmental permit.

A comprehensive environmental permit includes standards for emissions, waste accumulation, and water use. An operator of a category I facility must introduce and invest in best available techniques. The best available techniques are technologies, ways, and methods that are used during an activity and are effective, advanced, and practically applicable. Operators of category I facilities who operate under this permit and invest in best available techniques are exempt from payments for emissions into the environment.

JV Inkai also holds the required permits under the Water Code.

Government authorities and the courts enforce compliance with these permits, and violations can result in the imposition of administrative, civil or criminal penalties, the suspension or stopping of operations, orders to pay compensation, orders to remedy the effects of violations and orders to take preventive steps against possible future violations. In certain situations, the issuing authority may suspend or revoke the permits. With the adoption of the 2021 Ecological Code, the level of administrative penalties has generally been increased.

The ISR mining method at Inkai uses an acid in the mining solution to extract uranium from underground non potable aquifers. The injection and recovery system is engineered to prevent the mining solution from migrating to the aquifer above the orebody, which has water with higher purity.

JV Inkai is not required to actively restore groundwater post-mining. After a number of decommissioning steps are taken, natural attenuation of the residual acid in the mined-out horizon, as a passive form of groundwater restoration, has been accepted. Attenuation is a combination of neutralization of the groundwater residual acid content by interaction with the host rock minerals and other chemical reactions which immobilize residual groundwater contaminants in the mined-out subsoil horizon. This approach is considered acceptable because it results in water quality similar to the pre-mining baseline status.

JV Inkai has environmental insurance, as required by the 2007 Ecological Code, the 2021 Ecological Code, and the resource use contract.

2023 ANNUAL INFORMATION FORM	Page 101

Taxes and Royalties

Transfer pricing dispute

Background

Since 2008, CRA has disputed our marketing and trading structure and the related transfer pricing methodology we used for certain intercompany uranium sale and purchase agreements.

For the years 2003 to 2014, CRA shifted Cameco Europe Limited’s income (as recalculated by CRA) back to Canada and applied statutory tax rates, interest and instalment penalties, and, from 2007 to 2011, transfer pricing penalties. In addition, for 2014 to 2017, CRA has advanced an alternate reassessing position, see Reassessments, remittances and next steps below for more information.

In September 2018, the Tax Court of Canada (Tax Court) ruled that our marketing and trading structure involving foreign subsidiaries, as well as the related transfer pricing methodology used for certain intercompany uranium sales and purchasing agreements, were in full compliance with Canadian law for the tax years in question (2003, 2005 and 2006). On June 26, 2020, the Federal Court of Appeal (Court of Appeal) upheld the Tax Court’s decision.

On February 18, 2021, the Supreme Court of Canada (Supreme Court) dismissed CRA’s application for leave to appeal the June 26, 2020 decision of the Court of Appeal. The dismissal means that the dispute for the 2003, 2005 and 2006 tax years is fully and finally resolved in our favour. Although not technically binding, there is nothing in the reasoning of the lower court decisions that should result in a different outcome for the 2007 through 2014 tax years, which were reassessed on the same basis.

Refund and cost award

The Minister of National Revenue issued new reassessments for the 2003 through 2006 tax years in accordance with the decision and in July 2021, refunded the tax paid for those years. In October 2023, pursuant to a cost award from the courts, we received a payment of approximately $12 million for disbursements which is in addition to the $10 million we received from CRA in April 2021 as reimbursement for legal fees.

Reassessments, remittances and next steps

The Canadian income tax rules include provisions that generally require larger companies like us to remit or otherwise secure 50% of the cash tax plus related interest and penalties at the time of reassessment. Following the Supreme Court’s dismissal of CRA’s application for leave to appeal, we wrote to CRA requesting reversal of CRA’s transfer pricing adjustments for 2007 through 2013 and the return of the $780 million in cash and letters of credit we paid or provided for those years. Given the strength of the court decisions received, our request was made on the basis that the Tax Court would reject any attempt by CRA to defend its reassessments for the 2007 through 2013 tax years applying the same or similar positions already denied for previous years.

In March 2023, CRA issued revised reassessments for the 2007 through 2013 tax years, which resulted in a refund of $297 million of the $780 million in cash and letters of credit held by CRA at the time. The refund consisted of cash in the amount of $86 million and letters of credit in the amount of $211 million, which were returned in the second quarter. CRA continues to hold $483 million ($209 million in cash and $274 million in letters of credit) that we have remitted or secured to date for these tax years.

The series of court decisions that were completely and unequivocally in our favour for the 2003, 2005 and 2006 tax years, determined that the income earned by our foreign subsidiary from the sale of non-Canadian produced uranium was not taxable in Canada. In accordance with these decisions, CRA issued reassessments reducing the proposed transfer pricing adjustment from $5.1 billion to $3.3 billion, resulting in a reduction of $1.8 billion in income taxable in Canada compared to the previous reassessments issued to us by CRA for the 2007 through 2013 tax years.

The remaining transfer pricing adjustment of $3.3 billion for the 2007 to 2013 tax years relates to the sale of Canadian-produced uranium by our foreign subsidiary. We maintain that the clear and decisive court decisions described above apply, and that CRA should fully reverse the remaining transfer pricing adjustments for these years and return all cash and security being held.

2023 ANNUAL INFORMATION FORM	Page 102

In October 2021, due to a lack of significant progress on our points of contention, we filed a notice of appeal with the Tax Court for the years 2007 through 2013. We have asked the Tax Court to order the complete reversal of CRA’s transfer pricing adjustment for those years and the return of all cash and letters of credit being held, with costs.

In 2020, CRA advanced an alternate reassessing position for the 2014 tax year in the event the basis for its original reassessment, noted above, is unsuccessful. Subsequent to this, we received a reassessment for the 2015 and 2016 tax years and in late 2023, we received a reassessment for the 2017 tax year, all reflecting this alternative reassessing position. CRA did not require additional security for the tax debts they considered owing for 2014 through 2016 but did require additional letters of credit related to the tax debts they considered owing for 2017 as discussed above. We have issued letters of credit in the amount of $70 million as security for 2017. Coupled with the amounts still being held for the 2007 through 2013 tax years, CRA now holds about $553 million as security ($209 million in cash and $344 million in letters of credit).

The new basis of reassessment is inconsistent with the methodology CRA has pursued for prior years and we are disputing it separately. Our view is that this alternate methodology will not result in a materially different outcome from our 2014 to 2017 filing positions. On October 12, 2022, we filed an appeal with the Tax Court for the years 2014 and 2015., We filed a notice of objection in March 2023 for 2016 and recently filed a notice of objection for 2017. We are confident the courts would reject any attempt by CRA to utilize its alternate reassessing position for tax years 2014 through 2017 and believe CRA should return all cash and letters of credit being held. However, timing of any further payments is uncertain, and there can be no assurance that the courts will take this position.

We will not be in a position to determine the definitive outcome of the dispute for any tax year other than 2003 through 2006 until such time as all reassessments have been issued advancing CRA’s arguments and final resolution is reached for that tax year. CRA may also advance alternative reassessment methodologies for years other than 2003 through 2006, such as the alternative reassessing position advanced for 2014 through 2017.

Caution about forward-looking information relating to our CRA tax dispute

This discussion of our expectations relating to our tax dispute with CRA and future tax reassessments by CRA is forward-looking information that is based upon the assumptions and subject to the material risks discussed under the heading Caution about forward-looking information beginning on page 1 and also on the more specific assumptions and risks listed below. Actual outcomes may vary significantly.

Assumptions

•	the courts will reach consistent decisions for subsequent tax years that are based on similar positions and arguments
•	CRA will not successfully advance different positions and arguments that may lead to a different outcome for other tax years
---	---

Material risks that could cause actual results to differ materially

•	the possibility the courts may accept the same, similar or different positions and arguments advanced by CRA to reach decisions that are adverse to us for other tax years
•	the possibility that we will not be successful in eliminating all double taxation
---	---
•	the possibility that CRA does not agree that the court decisions for the years that have been resolved in Cameco’s favour should apply to subsequent tax years
---	---
•	the possibility CRA will not return all or substantially all of the cash and security that has been paid or otherwise secured by Cameco in a timely manner, or at all
---	---
•	the possibility of a materially different outcome in disputes for other tax years
---	---

Canadian royalties

We pay royalties on the sale of all uranium extracted at our mines in the province of Saskatchewan.

Two types of royalties are paid:

•	Basic royalty: This royalty is calculated as 5% of gross sales of uranium, less the Saskatchewan resource<br>credit of 0.75%.
2023 ANNUAL INFORMATION FORM	Page 103
---	---
•	Profit royalty: A 10% royalty is charged on profit up to and including $28.182/kg U3O8 ($12.78/lb) and a 15% royalty is charged on profit in excess of $28.182/kg U3O8. Profit is determined as revenue less certain operating, exploration, reclamation and capital costs. Both exploration and capital costs are deductible at the discretion of the producer.<br>
---	---

As a resource corporation in Saskatchewan, we also pay a corporate resource surcharge of 3% of the value of resource sales.

Canadian income taxes

We are subject to federal income tax and provincial taxes in Saskatchewan and Ontario. Current income tax expense for 2023 was $26 million.

Our Ontario fuel services operations are eligible for a manufacturing and processing tax credit.

The Organization for Economic Co-operation and Development has proposed the introduction of rules that would impose a global minimum tax rate of 15% beginning in 2024. Switzerland, Luxembourg, and Germany have all enacted or substantively enacted these rules.

US taxes

Our subsidiaries in Wyoming and Nebraska pay severance taxes, property taxes and Ad Valorem taxes in those states. They incurred $0.81 million (US) in taxes in 2023.

Our US subsidiaries are subject to US federal and state income tax.

Kazakhstan taxes

Stability of the tax regime envisaged by a number of resource use contracts, including the resource use contract, was abolished with the entry into legal force of the 2009 Tax Code in 2009. Amendment No. 2 to the resource use contract, signed in 2009, by making applicable the 2009 Tax Code, eliminated the tax stabilization provision of the resource use contract.

A new tax code, effective January 1, 2018 (the 2018 Tax Code), provides that subsoil users pay all taxes and payments provided in the tax legislation effective as of the date of occurrence of tax obligations. Although under the 2018 Tax Code the main principles of subsoil users’ taxation remain the same (for example, the rate of corporate income tax, 20%), there were several important changes introduced to the 2018 Tax Code as briefly described below:

•	Starting January 1, 2023, significant changes were introduced in relation to computation of the mineral<br>extraction tax on uranium, including changes to the tax base and the tax rate. It is expected that the amount of tax may increase due to such changes.
•	The exemption of dividends payable by a subsoil user to a foreign shareholder from income tax withholding at the<br>source of payment was abolished starting January 1, 2023. Under the 2018 Tax Code, the standard tax rate on dividends is 15%. A reduced rate of 10% may be applied subject to compliance with certain conditions (similar to those<br>that were provided in respect of the prior dividend exemption). Potentially, dividends that will be paid to us by JV Inkai may qualify for this reduced rate under the 2018 Tax Code. In addition, such dividends may qualify for reduced 5%<br>withholding tax on dividends under the Canada-Kazakhstan double taxation treaty (subject to compliance with certain requirements).
---	---
•	Starting January 1, 2023, the 3% limitation on deductions (for corporate income tax purposes) applies to the<br>expenses incurred for the purchase of certain services from a non-resident related party registered in a state with favorable taxation.
---	---
•	Tax authorities have expanded authority to recognize a notification on high-risk violations as non-fulfilled when<br>the tax authority disagrees with the circumstances stated in the taxpayer’s explanation. Further, tax authorities will no longer issue a decision on recognizing a notification as not fulfilled in cases when a notification is not fulfilled in<br>accordance with the procedure and within the time limited provided by paragraph 2 of Article 96 of the 2018 Tax Code. Moreover, when a taxpayer submits an explanation to a notification on cameral control with a medium risk degree, it has the right<br>(but is not obliged) to attach to the explanation extracts from their tax and/or accounting registers (records) and/or documents related to the specified violations confirming the accuracy of data entered in tax returns.
---	---
•	According to the recent amendments, subparagraph 7 of paragraph 1 of Article 118 of the 2018 Tax Code, debit<br>operations on bank accounts of a taxpayer may be suspended only in the case of a failure to fulfil the notification on cameral control. However, the recognition by a tax authority of a notification on the elimination of violations as not fulfilled<br>does not serve as a ground for suspension of debit transactions on bank accounts.
---	---
•	Apart from the above, certain changes were introduced to the VAT refund rules (i.e., changes to the formation of<br>the report “Pyramid”, confirmation of elimination of violations, etc.).
---	---
2023 ANNUAL INFORMATION FORM	Page 104
---	---

JV Inkai’s costs could be impacted by potential changes to the 2018 Tax Code and by possible increased financial contributions to social and other state causes, although these risks cannot be quantified or estimated at this time.

Nuclear wastemanagement and decommissioning

Once we have permanently stopped mining and processing activities, we are required to decommission the operating sites. This includes reclaiming all waste rock, TMF and other areas of the site affected by our activities to the satisfaction of regulatory authorities.

Estimating decommissioning and reclamation costs

We develop conceptual decommissioning plans for our operating sites and use them to estimate our decommissioning costs. We also submit them to regulators to determine the amount of financial assurance we must provide to secure our decommissioning obligations. Our plans include reclamation techniques that we believe generate reasonable environmental and radiological performance. Regulators give “conceptual approval” to a decommissioning plan if they believe the concept is reasonable.

We started conducting reviews of our conceptual decommissioning plans for all Canadian sites in 1996. We typically review them every five years, or when we amend or renew an operating licence. We review our cost estimates for both accounting purposes and licence applications. For our US sites, they are reviewed annually. A preliminary decommissioning plan has been established for Inkai. The plan is updated every five years or as significant changes take place, which would affect the decommissioning estimate.

As properties approach or go into decommissioning, regulators review the detailed decommissioning plans. This can result in additional regulatory process, requirements, costs, and financial assurances.

At the end of 2023, our estimate of total decommissioning and reclamation costs was $1.36 billion. This is the undiscounted value of the obligation and is based on our current operations. We had accounting provisions of $1.05 billion at the end of 2023 (the present value of the $1.36 billion). Regulatory approval is required prior to beginning decommissioning. The expected timing for these costs is based on each mine or fuel service facility’s expected operating life. Our required costs for decommissioning and reclamation in each of the next five years are not expected to be material. However, we may choose to undertake progressive reclamation activities, for example, as we do at our US assets and through our Vision in Motion project at our Port Hope fuel services facilities.

We provide financial assurances for decommissioning and reclamation such as letters of credit or surety bonds to regulatory authorities, as required. We had a total of about $1.06 billion in financial assurances supporting our reclamation liabilities at the end of 2023. This amount is based on the approved preliminary decommissioning estimates and will increase to reflect the submitted preliminary decommissioning estimate amounts once they are approved. All of our North American operations have financial assurances in place in connection with our preliminary plans for decommissioning of the sites.

Please also see note 16 to our 2023 financial statements for our estimate of decommissioning and reclamation costs and related financial assurances.

Canada

Decommissioning estimates^1^ ****

(100% basis)
McArthur River	$	50.6 million
Rabbit Lake	$	294.8 million
Key Lake	$	276.7 million
Cigar Lake	$	73.8 million
^1^	These amounts represent the submitted, but not yet approved, PDP and PDCE values.
---	---

Preliminary decommissioning plans for all Saskatchewan mining operations were submitted in 2017 and 2018 as part of the regular five-year update schedule. Prior to revising the letters of credit, approval of the updated plans is required from the province and CNSC staff as well as formal approval from the CNSC through a Commission proceeding. All Saskatchewan mining operations have received the necessary approvals.

2023 ANNUAL INFORMATION FORM	Page 105

In 2022, as part of the required five-year update schedule, we submitted revised preliminary decommissioning estimates for all Saskatchewan mining operations, which are currently being reviewed the province and CNSC staff.

The reclamation and remediation activities associated with waste rock and tailings from processing Cigar Lake ore and uranium solution are covered in the plans and cost estimates for the facility that will be processing it.

Decommissioning estimates

(100% basis)
Port Hope	$	138.2 million	^1^
Blind River	$	57.5 million
CFM	$	10.8 million
^1^	This amount is to be reviewed at the 2024 Commission hearing.
---	---

We renewed our licence for Port Hope in 2017. As part of that process, an update to the Port Hope Conversion Facility preliminary decommissioning plan was finalized and accepted in February 2017 and the letter of credit was updated in March 2017. In 2022, as part of the required five-year update schedule, we submitted a revised preliminary decommissioning estimate for Port Hope, which has been accepted by CNSC staff and a Commission hearing is being set for 2024. The letter of credit will be revised after receiving approval from the CNSC through the Commission hearing.

We renewed our licence for Blind River in 2022. As part of the process, an update to the Blind River preliminary decommissioning plan was finalized and accepted in February 2022. An update to the CFM preliminary decommissioning plan was also finalized and accepted in February 2022.

Recycling uraniumbyproducts

We have arrangements with two facilities for processing certain uranium-bearing by-products from Blind River and Port Hope. An agreement has been in place with the White Mesa mill in Blanding, Utah for a number of years. Recycled by-product material was being processed at Key Lake until the decision was made in 2018 to suspend production and place the mill and the McArthur River mine in care and maintenance.

United States

After mining has been completed, an ISR wellfield has to be restored according to regulatory requirements. This generally involves restoring the groundwater to its pre-mining state or equivalent class of water standard.

For wellfield restoration to be complete, regulatory approval is required. It is difficult for us to estimate the timing for wellfield restoration due to the uncertainty in timing for receiving final regulatory approval.

Crow Butte

Restoration of Crow Butte wellfields is regulated by the Nebraska Department of Environmental Quality and the NRC. There are five wellfields being restored at Crow Butte. The groundwater at mine unit #1 has been restored to pre mining quality standards, all wells are plugged, and the piping removed.

Our estimated cost of decommissioning the property is $62 million (US). We have provided the state of Nebraska with $62 million (US) in financial assurances as security for decommissioning the property.

Smith Ranch-Highland

Restoration of Smith Ranch-Highland wellfields is regulated by the Wyoming Department of Environmental Quality (WDEQ).

In 2018, the NRC transferred to the state of Wyoming its authority to regulate uranium ISR mining in the state. There are nine wellfields being restored at Smith Ranch-Highland, one wellfield in stability, and two wellfields (mine unit A and mine unit B) that have been fully restored.

Restoration of mine unit B was approved by the WDEQ in 2008, while NRC approval has not yet been attained. An Alternate Concentration Limit (ACL) request was submitted to the NRC in May 2013. The NRC subsequently requested additional information, and that additional sampling be conducted.

Our estimated cost of decommissioning the property is $239 million (US), including North Butte. We have provided the state of Wyoming with $239 million (US) in financial assurances as security for decommissioning the property.

2023 ANNUAL INFORMATION FORM	Page 106

Westinghouse and JV Inkai

Please see Estimating decommissioning and environmental remediation costs on page 85 for information on Westinghouse’s decommissioning obligations.

Please see Decommissioning on page 64 for information on JV Inkai’s decommissioning obligations in Kazakhstan.

Risks that can affect our business ****

The nature of our business means we face many kinds of risks and hazards – some that relate to the nuclear energy industry in general, and others that apply to specific properties, operations, investments, or planned operations. These risks could have a significant impact on our business, earnings, cash flows, financial condition, results of operations or prospects, which may result in a significant decrease in the market price of our common shares. In addition to considering the other information in this AIF, you should consider carefully the risks discussed in this section in deciding whether to invest in securities of Cameco.

The following section describes the risks that are most material to our business. Many of these risks, or similar risks, also apply to our JV Inkai partnership as well as our investment in Westinghouse. Such risks to JV Inkai or Westinghouse also could have a significant impact on our earnings, cash flows, or financial condition, which may result in a significant decrease in the market price of our common shares. This is not, however, a complete list of the potential risks we face – there may be others we are not aware of, or risks we feel are not material today that could become material in the future. Our risk policy and process involves a broad, systematic approach to identifying, assessing, reporting and managing the significant risks we face in our business and operations. However, there is no assurance that we will be successful in preventing the harm that any of these risks could cause.

Please also see the risk discussion in our 2023 MD&A.

Types of risk

•	Operational
•	Financial
---	---
•	Governance and compliance
---	---
•	Environmental
---	---
•	Social
---	---
•	Strategic
---	---

1 – Operational risks

General operating risks and hazards

We are subject to a number of operational risks and hazards, many of which are beyond our control.

These risks and hazards include:

•	catastrophic accidents resulting in large-scale releases of hazardous chemicals (such as a release of UF6 or anhydrous hydrogen fluoride used in the UF6 conversion process or release of ammonia at our mining and milling<br>operations), or a tailings facility failure
•	environmental incidents (including hazardous emissions from our refinery and conversion facilities)
---	---
•	industrial safety accidents
---	---
•	equipment failures
---	---
•	fires
---	---
•	transportation incidents, which may involve radioactive or other hazardous materials
---	---
•	transportation and delivery disruptions
---	---
•	labour shortages, disputes or strikes
---	---
•	availability of personnel with the necessary skills and experience
---	---
•	cyberattacks
---	---
•	joint venture dispute or litigation
---	---
•	non-compliance with legal requirements, including exceedances of applicable air or water limits or requirements
---	---
•	inability to obtain and renew the licences and other approvals needed to operate, restart, and to increase production at our mines, mills, and processing facilities, or to develop new mines, or for Westinghouse to<br>operate its fuel fabrication or other facilities or undertake its other commercial activities
---	---
•	workforce health and safety or increased regulatory burdens resulting from a pandemic or other causes
---	---
•	uncertain impact of changing regulations or policy leading to higher annual operating costs, including GHG pricing and regulations (e.g., carbon pricing, the Canadian Clean Fuel Standard)
---	---
•	blockades or other acts of social or political activism
---	---
2023 ANNUAL INFORMATION FORM	Page 107
---	---
•	cost increases for labour, contracted or purchased materials, supplies and services
---	---
•	shortages of, or interruptions in the supply of, required equipment, materials, and supplies (including anhydrous hydrofluoric acid at our conversion facilities)
---	---
•	interruptions in the supply of electricity, water, and other utilities or other infrastructure
---	---
•	inability of our innovation initiatives to achieve the expected cost saving and operational flexibility objectives
---	---
•	natural phenomena, such as forest fires, floods, and earthquakes as well as shifts in temperature, precipitation, and the impact of more frequent severe weather conditions on our operations as a result of climate change
---	---
•	outbreak of illness (such as a pandemic)
---	---
•	unusual, unexpected or adverse mining or geological conditions
---	---
•	underground water inflows at our mining operations
---	---
•	ground movement or cave-ins at our mining operations
---	---
•	subsurface contamination from current or legacy operations
---	---

There is no assurance that any of the above risks will not result in:

•	damage to or destruction of our properties and facilities located on these properties
•	personal injury or death
---	---
•	environmental damage
---	---
•	delays in, or interruptions of, our exploration or development activities or transportation and delivery of our products
---	---
•	delays in, interruptions of, or decrease in production at our operations
---	---
•	costs, expenses, or monetary losses
---	---
•	legal liability
---	---
•	adverse government or regulatory action
---	---

Any of these events could result in one or more of our operations becoming unprofitable, cause us not to receive an adequate return on invested capital, or have a material and adverse effect on our earnings, cash flows, financial condition, results of operations or prospects.

JV Inkai and Westinghouse operate independently from Cameco, however may be subject to the same or similar operational risks.

Insurance coverage ****

We buy insurance to cover losses or liabilities arising from some of the operating risks and hazards listed above, as well as other business risks. We do not have dedicated cyber insurance coverage and we do not buy property insurance coverage for our suspended Rabbit Lake operation.

We believe we have a reasonable amount of coverage for the risks we choose to insure against. There is no assurance, however, that this coverage will be adequate, that it will continue to be available, that premiums will be economically feasible, or that we will maintain this coverage. Like other nuclear energy and mining companies, we do not have insurance coverage for certain environmental losses or liabilities and other risks, either because it is not available, or because it cannot be purchased at a reasonable cost. Insurance availability at any time is driven by several factors and availability may be impacted by the announced intention of certain providers to restrict underwriting of certain industries, assets or projects. We may also be required to increase the amount of our insurance coverage due to changes in the regulation of the nuclear industry.

We may suffer material losses from uninsurable or uninsured risks or insufficient insurance coverage, which could have a material and adverse effect on our earnings, cash flows, financial condition, results of operations or prospects.

JV Inkai and Westinghouse also buy insurance to cover losses or liabilities arising from some of the operating risks and hazards listed above, as well as other business risks. Similar risks would apply with respect to their insurance coverage as a result of uninsurable or uninsured risks or insufficient insurance coverage.

Flooding at McArthur River and Cigar Lake

The sandstone that overlays the McArthur River and Cigar Lake deposits and basement rock is water-bearing with significant pressure at mining depths. This high-pressure water source is isolated from active development and production areas in order to reduce the inherent risk of an inflow. McArthur River relies on pressure grouting and ground freezing, and sufficient pumping, water treatment and above ground storage capacity to mitigate the risks of the high-pressure ground water. Cigar Lake relies on these same controls except for pressure grouting. These steps reduce, but do not fully eliminate, the risk of water inflows.

2023 ANNUAL INFORMATION FORM	Page 108

A water inflow could have a material and adverse effect on us, including:

•	significant delays or interruptions in production or lower production
•	significant delays or interruptions in mine development
---	---
•	loss of mineral reserves
---	---
•	a material increase in capital or operating costs
---	---
•	erosion of stakeholder support, including governments, communities and shareholders
---	---

It could also have a material and adverse effect on our earnings, cash flows, financial condition, results of operations or prospects. The degree of impact depends on the magnitude, location and timing of the flood or water inflow. Floods and water inflows are generally not insurable.

McArthur River and Cigar Lake have had water inflows. There is no guarantee that there will not be water inflows at McArthur River or Cigar Lake in the future.

McArthurRiver

Production was suspended for three months in 2003 due to a water inflow event that occurred as the result of a ground failure during tunnel development. This resulted in flooding of portions of the mine and caused a major setback in the development advancement of a new mining zone. In 2008, we also had a small water inflow event that did not impact production but caused significant development delay.

Cigar Lake

We have had three water inflows at Cigar Lake since 2006 (please see page 49 for details).

These water inflows caused:

•	a significant delay in development and production at the property
•	a significant increase in capital costs
---	---
•	the need to notify many of our customers of the interruption in planned uranium supply
---	---

Technical challenges at Cigar Lake and McArthur River

The unique nature of the deposits at Cigar Lake and McArthur River poses many technical challenges, including but not limited to: high-pressure ground water management, unplanned water inflows, weak and altered ground conditions, unplanned ground failures, schedule uncertainty of development and freeze times of new mine zones, radiation protection, ore-handling and transport controls, water treatment performance and other mining-related challenges such as variable dilution and recovery values.

The areas being mined at Cigar Lake must meet specific ground freezing requirements before we begin jet boring. We have encountered longer than anticipated freeze durations due to inherent variability of the underlying geology across the deposit.

The Cigar Lake orebody contains elements of concern with respect to the water quality and the receiving environment. The distribution of elements such as arsenic, molybdenum, selenium and others is non-uniform throughout the orebody, and this can present challenges in attaining and maintaining the required effluent concentrations. There have been ongoing efforts to optimize the current water treatment process and water handling systems to ensure acceptable environmental performance, which is expected to avoid the need for additional capital upgrades and potential deferral of production.

Metallurgical test work has been used to design the McClean Lake mill circuits and associated modifications relevant to Cigar Lake ore. Samples used for metallurgical test work may not be representative of the deposit as a whole. There is a risk that elevated arsenic concentration in the mill feed may result in increased leaching circuit solution temperatures, potentially causing an increase in costs and reducing production.

If any of these technical challenges are not managed, it could have a material and adverse effect on our earnings, cash flows, financial condition, results of operations or prospects.

2023 ANNUAL INFORMATION FORM	Page 109

McArthur River mine and Key Lake mill ramp up

In 2018, production was suspended. In November 2022, the McArthur River mine and Key Lake mill resumed production.

The extended period of time the assets were on care and maintenance, the operational changes made, aging infrastructure, and commissioning issues that we have worked through at the mill caused delays to the production schedule in 2022 and 2023. In addition, inflation, the availability of personnel with the necessary skills and experience, and the potential impact of supply chain challenges on the availability of materials and reagents carry with them the risks of not achieving our production plans, production delays and increased costs.

Information technology systems

We have become increasingly dependent on the availability and integrity of our electronic information and the reliability of our information technology systems and infrastructure. We rely on our information technology to process, transmit and store electronic information, including information we use to safely operate our assets. Our information technology systems are subject to disruption, damage, or failure from a variety of sources, including without limitation, security breaches, cyber-attacks, computer viruses, malicious software, natural disasters or defects in hardware or software systems.

Cyber attackers may use a range of techniques, from manipulating people to using sophisticated malicious software and hardware on a single or distributed basis. Often, advanced cyber attackers use a combination of techniques in their attempt to evade safeguards and delay discovery of a cyber-attack. We take measures to secure our infrastructure against potential cyber-attacks that may damage our infrastructure, systems, and data. We have implemented a defense in depth security program to secure and protect our information and business operations including formalizing and implementing an information security policy, user awareness training, and introducing system security configuration standards and access control measures. As technologies evolve and cyber-attacks become more sophisticated, we may incur significant costs to upgrade or enhance our security measures to mitigate potential harm.

We do not have dedicated cyber insurance coverage. However, to reduce the risk of successful cyber-attacks and to reduce the impact of any successful cyber-attacks, we have implemented several layers of perimeter and endpoint security defense and response mechanisms, security event logging and monitoring of network activities, and developed a cyber incident response process.

Despite the measures put in place to protect our systems and data, there can be no assurance that these measures will be sufficient to protect against such cyber-attacks or mitigate against such risks, or if such cyber-attacks or risks occur, that they will be adequately addressed in a timely manner.

Such a breach could result in unauthorized access to proprietary, confidential or sensitive information, destruction or corruption of data, disruption or delay in our business activities, remediation costs that may include liability for stolen assets or information, repairing system damage or incentives offered to customers or suppliers in an effort to maintain business relationships after an attack, legal or regulatory consequences, and a negative effect on our reputation and customer confidence. Disruption of critical information technology services or breaches of information security could have a material and adverse effect on our earnings, cash flows, financial condition, or results of operations.

JV Inkai and Westinghouse operate independently from Cameco, but have similar risks related to information technology systems.

Tailings management

Managing tailings is integral to mining. Cameco has four tailings management facilities (TMFs), two at the Key Lake mill and two at the Rabbit Lake operation (where the site is in a state of safe care and maintenance). Key Lake and Rabbit Lake each have one active in pit TMF and one inactive above ground TMF.

Cameco manages these facilities in accordance with Mining Association of Canada’s Towards Sustainable Mining Tailings Management Protocol, which provides a comprehensive approach across the entire life cycle of a tailings facility, from the initial planning through to closure and post-closure. Our program includes requirements for an independent tailings review board, annual reviews, and emergency preparedness to complement the robust operating, maintenance and surveillance programs for each TMF. In addition, our active tailings management facilities are in pit with no risk of dam failure. If a TMF failure, regulatory, or other issues prevent us from maintaining the existing tailings management capacity at our Key Lake mill, or if these issues prevent Orano from maintaining or increasing tailing capacity at the McClean Lake mill, then uranium production could be constrained and this could have a material and adverse effect on our earnings, cash flows, financial condition, or results of operations.

2023 ANNUAL INFORMATION FORM	Page 110

A failure of the confining embankment for either of Cameco’s above ground TMFs (one at Key Lake, one at Rabbit Lake) may release stored water and tailings into the environment. This failure could result in environmental damage, increased costs, and regulatory action. Such an event could have a material and adverse effect on our earnings, cash flows, financial condition, or results of operations.

We have designed and operated our tailings management facilities with the intent to achieve a safe state both during operations and post-decommissioning. Our conceptual decommissioning plans for our Canadian properties address decommissioning of our tailing management facilities. Among other things, the plans are based upon a conceptual design model of the decommissioned facility that seeks to limit the environmental impact in accordance with regulatory requirements. Although we seek to ensure closure design of the facility accomplishes that objective, due to the inherent uncertainty with modeling outcomes, we cannot guarantee that we will. As the facilities approach or go into decommissioning, this can result in additional requirements and costs. In addition, as the facilities are decommissioned, there is a possibility of increased loadings to the environment, resulting in environmental damage, increased costs and regulatory action among other things. The occurrence of one or more of these events could have a material and adverse effect on our earnings, cash flows, financial condition, or results of operations.

Mining at JV Inkai is done using in-situ recovery and does not have any associated tailings.

Aging facilities ****

Our fuel services facilities and mining and milling facilities in northern Saskatchewan are aging. This exposes us to many risks, including the potential for higher maintenance and operating costs, the need for significant capital expenditures to upgrade and refurbish these facilities, the potential for decreases or delays in, or interruption of, production, and the potential for environmental damage.

These risks could have a material and adverse effect on our earnings, cash flows, financial condition, or results of operations.

Ability to attract and retain a skilled anddiverse workforce

The company’s ability to manage its operations efficiently and effectively including maintaining strong safety and environmental performance, is dependent on the efforts of the company’s employees and contractors, including our executive, and senior technical and operating personnel. Having a diverse and inclusive workplace is integral to the success of the company to bring new ideas, perspectives, experiences, and expertise to the company which can create a competitive advantage and enhance the support of the communities where we operate.

We, JV Inkai and Westinghouse compete with other companies in the mining and nuclear industry on a global basis to attract and retain workers at all levels with appropriate skills and experience necessary to operate our mines, processing and manufacturing facilities and work at our corporate offices. We, JV Inkai and Westinghouse may not always be able to fill positions on a timely basis. There is a limited pool of skilled people and competition is intense. We also experience employee turnover because of an aging workforce. From time to time, the mining or nuclear energy industry experiences a shortage of tradespeople and other skilled or experienced personnel globally, regionally, or locally. We have a comprehensive strategy to attract and retain high caliber people, including programs to increase inclusion and diversity in our workplace. Our goal is to create an inclusive work environment, with a workforce that is skilled, diverse and reflects the demographics where we operate. Despite our efforts, there is no assurance the company will be able to attract and retain a skilled and diverse workforce that is fully reflective of the communities closest to our operations. Failure to do so could adversely impact our measures of success, increase our recruiting and training costs and reduce the efficiency of our operations, and have an adverse effect on our earnings, cash flows, financial condition or results of operations.

Collective agreements

We have unionized employees and face the risk of strikes. On December 31, 2023, we had 2,638 employees (including employees of our subsidiaries). This includes 770 unionized employees at McArthur River, Key Lake, Port Hope, and at CFM’s facilities, who are members of four different locals of the United Steelworkers trade union.

•	The collective agreement with the bargaining unit employees at our conversion facilities at Port Hope ends on<br>June 30, 2025.
2023 ANNUAL INFORMATION FORM	Page 111
---	---
•	The collective agreement with the bargaining unit employees at the McArthur River and Key Lake operations ended<br>on December 31, 2022. Negotiations for a new agreement have commenced. As in past negotiations work continues under the terms of the expired agreement.
---	---
•	The collective agreement with the bargaining unit employees at CFM ends on June 1, 2024.<br>
---	---
•	Orano’s collective agreement with bargaining unit employees at the McClean Lake mill ends on May 31,<br>2025.
---	---

We cannot predict whether we or Orano will reach new collective agreements with these and other employees without a work stoppage or work interruptions while negotiations are underway.

A lengthy work interruption could have a material and adverse effect on our earnings, cash flows, financial condition or results of operations.

Westinghouse also has unionized employees and has similar risks related to work stoppage and work interruptions.

Occupational health and safety and accident risks

Some of the tasks undertaken by our employees and contractors are inherently dangerous and have the potential to result in serious injury or death. Accordingly, our operations are exposed to the risk of accidents that may give rise to personal injury, loss of life, disruption to service and economic loss, including, for example, resulting from related litigation.

We are subject to increasingly stringent laws and regulations governing health and safety matters. Any violation of these obligations, or serious accidents involving our employees, contractors or members of the public, could expose us to adverse regulatory consequences, including the forfeiture or suspension of its operating licences, potential litigation, claims for material financial compensation, reputational damage, fines or other legislative sanctions, which may materially and adversely impact our financial condition.

JV Inkai and Westinghouse operate independently from Cameco, but have similar risks related to occupational health and safety and accident risks at their operations.

Suppliesand contractors

Supplies

We buy reagents and other production inputs and supplies from suppliers around the world. If there is a shortage of, or disruption in the delivery of, any of these supplies, including parts and equipment, or their costs rise significantly, it could limit or interrupt production or increase production costs. It could also have an adverse effect on our ability to carry out operations or have a material and adverse effect on our earnings, cash flows, financial condition, or results of operations. We examine our entire supply chain as necessary to identify areas to diversify or add inventory where we may be vulnerable, but there is no assurance that we will be able to mitigate the risk. Disruptions to the supply chain worldwide due to the COVID-19 pandemic and the February 2022 Russian invasion of Ukraine has increased the risk. In 2023, planned production from our fuel services operations was impacted by hydrogen supply issues.

Presently, JV Inkai is experiencing procurement and supply chain issues, most notably, related to the availability of sulfuric acid. KAP announced on February 1, 2024, that it will only produce approximately 80% of its permitted uranium output allowed under SSUAs, instead of the previously announced 90% level, due to difficulties procuring sufficient levels of sulfuric acid and delays in development of new deposits. KAP cited increased demand for sulfuric acid by the agricultural sector for fertilizer production, as well as supply chain disruptions and geopolitical uncertainty, as factors contributing to the procurement issue. Our current target for production at Inkai in 2024 is 8.3 million pounds of U3O8 (100% basis). However, this target is tentative and contingent upon receipt of sufficient quantities of sulfuric acid. In addition, the allocation of such production between the JV Inkai participants is currently under discussion by Cameco and KAP. However, KAP has indicated that if limited availability of sulfuric acid continues through the year, its production plans for 2025 could be negatively impacted. While KAP will actively pursue alternative sources of sulfuric acid, its continued shortage in Kazakhstan could have a material and adverse effect on our earnings, cash flows, financial condition, or results of operations.

Westinghouse is exposed to similar risks related to production inputs and supplies. A shortage of, or disruption in the delivery, of any of these supplies could limit or interrupt their production or increase their production costs.

2023 ANNUAL INFORMATION FORM	Page 112

Contractors

In some cases, we rely on a single contractor or supplier to provide us with services and/or reagents or other production inputs and supplies. Relying on a single contractor or supplier is a security of supply risk because we may not receive quality service, timely service, or service that otherwise meets our needs. These risks could have a material and adverse effect on our earnings, cash flows, financial condition, or results of operations.

Transportation

Due to the geographical location of many of our mines and operations, including Inkai, and our customers, we are highly dependent on third parties for the provision of transportation services, including road, air, and port services. We negotiate prices for the provision of these services in circumstances where we may not have viable alternatives to using specific providers. We require regulatory approvals to transport and export our products. Contractual disputes, demurrage charges and port capacity issues, regulatory issues, availability of transports and vessels, inclement weather or other factors can have a material adverse effect on our ability to transport materials and our products according to schedules and contractual commitments. These risks could have a material and adverse effect on our earnings, cash flows, financial condition, or results of operations.

The geopolitical situation continues to cause transportation risks in the region. We could continue to experience delays in our expected 2024 Inkai deliveries. To mitigate this risk, we have inventory, long-term purchase agreements and loan arrangements in place we can draw on. Depending on when we receive shipments of our share of Inkai’s production, our share of earnings from this equity-accounted investee and the timing of the receipt of our share of dividends from the joint venture may be impacted.

Permitting and licensing

All mining projects and processing facilities around the world require government approvals, licences, or permits, and operations and development projects in Canada, the US, Kazakhstan, and Australia are no exception. Depending on the location of the project, this can be a complex and time-consuming process involving multiple government agencies. We also require governmental permits to export and transport our products.

Many approvals, licences and permits must be obtained from regulatory authorities and maintained, but there is no assurance that they will grant or renew them, approve any additional licences or permits for potential changes to operations in the future or in response to new legislation, or that they will process any of the applications on a timely basis. Stakeholders, like environmental groups, non-government organizations (NGOs) and Indigenous groups claiming rights to traditional lands, can raise legal challenges. A significant delay in obtaining or renewing the necessary approvals, licences or permits, or failure to receive the necessary approvals, licences or permits, could interrupt operations, or prevent them from operating, or disrupt the transportation and sale of our products, which could have a material and adverse effect on our earnings, cash flows, financial condition, results of operations, or prospects.

Intellectual property

Westinghouse has developed and owns various forms of proprietary nuclear intellectual property. To protect its intellectual property rights, Westinghouse may be required to spend significant resources to monitor and protect these rights, including through litigation. Such litigation could be costly and may result in the impairment or loss of portions of Westinghouse’s intellectual property. Furthermore, Westinghouse’s efforts to enforce its intellectual property rights may be met with defenses, counterclaims, and countersuits attacking the validity and enforceability of Westinghouse’s intellectual property rights and may result in invalidation or cancellation of such rights. The costs of protecting its intellectual property rights, as well as the impairment or cancellation of such rights, could have a material adverse effect on Westinghouse’s earnings, cash flows, financial condition, results of operations, or prospects.

In addition, companies have increasingly become subject to infringement threats from non-operating organizations (sometimes referred to as “patent trolls”) filing lawsuits for patent infringement in order to extract settlements. Westinghouse may become subject to claims for infringement and it may be required to defend itself from such claims. All of these types of matters, regardless of their merit, can be time consuming, costly to defend in litigation, divert Westinghouse’s attention and resources, damage Westinghouse’s reputation and cause Westinghouse to incur significant expenses. Westinghouse’s current exposure with respect to pending legal matters could change if determinations by judges and other finders of fact are not in accordance with Westinghouse’s evaluation of such claims. Should Westinghouse’s evaluations prove incorrect and such claims are successful, Westinghouse’s exposure could exceed expectations and have a material adverse effect on its business, financial results and financial condition.

2023 ANNUAL INFORMATION FORM	Page 113

Fuel fabrication defects and product liability

We fabricate nuclear fuel bundles, other reactor components, and monitoring equipment. These products are complex and may have defects that can be detected at any point in their product life cycle. Flaws in the products could materially and adversely affect our reputation, which could result in a significant cost to us and have a negative effect on our ability to sell our products in the future. We could also incur substantial costs to correct any product errors, which could have an adverse effect on our operating margins. While we have introduced significant automation to limit the potential for quality issues, there is no guarantee that we will detect all defects or errors in our products.

It is possible that some customers may demand compensation if we deliver defective products. If there are a significant number of product defects, it could have a significant impact on our operating results.

Agreements with some customers may include specific terms limiting our liability to customers. Even if there are limited liability provisions in place, existing or future laws, or unfavourable judicial decisions may make them ineffective. We have not experienced any material product liability claims to date, however, they could occur in the future because of the nature of nuclear fuel products. A successful product liability claim could result in significant monetary liability and could seriously disrupt our fuel manufacturing business and the company overall.

Failure to comply with nuclear licence and quality assurance requirements at certain Westinghouse facilities could result in costs,additional regulatory oversight and reputational risk

Westinghouse is a supplier of nuclear reactors, components, fuel and fuel handling equipment, maintenance and operating support services, and dismantling and decontamination services to the global nuclear power sector. Westinghouse and its affiliates maintain licences from nuclear regulatory authorities in the United States, United Kingdom, and Sweden to operate fuel fabrication facilities. These facilities are subject to significant regulatory scrutiny and any failure to comply with safety, security and quality assurances requirements at those facilities could result in increased regulatory oversight and civil penalties, as well as costs in remedying noncompliance and reputational risk.

In addition, enhanced safety or security requirements promulgated by these regulatory bodies could necessitate capital expenditures by Westinghouse. Significant non-compliance could result in revocation of certain of Westinghouse’s licences.

Further, Westinghouse operates major nuclear component fabrication facilities in the United States. Components fabricated by Westinghouse at these facilities must comply with stringent quality requirements, including certifications under nuclear quality standards. Failure to adhere to these standards could result in liability under customer contracts, including replacement of supplied components and potential exposure to litigation over nuclear power plant shutdowns resulting from defective components. Quality control issues at these facilities could also result in additional regulatory oversight and costs arising out of implementation of corrective actions. Any such adverse effects would negatively impact our business, financial results, and financial condition.

2 – Financialrisks

Volatility and sensitivity to prices

We are concentrated in the nuclear fuel business, with our primary focus on uranium mining. As such, our earnings and cash flow are closely related to, and sensitive to, fluctuations in the spot and long-term market prices of U3O8 and uranium conversion services.

Many factors beyond our control affect these prices, including the following, among others:

•	demand for nuclear power and the rate of construction of nuclear power plants
•	timing and volume of demand for uranium and conversion services
---	---
•	forward contracts of U3O8 supplies for nuclear power plants
---	---
•	accidents in any part of the world affecting the nuclear industry in a specific region or in general, such as the<br>March 11, 2011 accident at Fukushima Dai-ichi Nuclear Power Plant in Japan
---	---
•	terrorist attacks on uranium mining, transport, or production or on nuclear power plants
---	---
•	war and civil disturbances (including the ongoing conflict between Russia and Ukraine)
---	---
2023 ANNUAL INFORMATION FORM	Page 114
---	---
•	uncertain legal, political, and economic environments
---	---
•	political and economic conditions in countries producing and buying uranium
---	---
•	government laws, policies, and decisions, including trade restrictions and sanctions
---	---
•	reprocessing of used reactor fuel and the re-enrichment of depleted uranium tails
---	---
•	uranium from underfeeding generated using excess enrichment capacity
---	---
•	sales of excess civilian and military inventories of uranium by governments and industry participants<br>
---	---
•	levels of uranium production and production costs
---	---
•	significant production interruptions or delays in expansion plans or new mines going into production<br>
---	---
•	actions of investment and hedge funds in the uranium market
---	---
•	transactions by speculators and producers
---	---
•	prices of alternate sources to nuclear power, including oil, natural gas, coal, hydroelectric, solar and wind<br>
---	---

We cannot predict the effect that any one or all of these factors will have on the prices of U3O8 and uranium conversion services.

Prices have fluctuated widely in the last several years, though have seen notable recovery in 2022 and 2023 with long term U3O8 prices now approaching levels seen before the March 11, 2011 accident at Fukushima. We have experienced difficult uranium markets, which have adversely impacted our financial condition and prospects, though the recent price trend has been positive.

The table below shows the range in spot prices over the last five years.

Range of spot uranium prices<br>US/lb of U3O8
		2020		2021		2022		2023
High	28.90	$	33.93	$	45.75	$	58.20	$	91.00
Low	24.05		24.63		27.98		43.08		50.48

All values are in US Dollars.

Spot UF6 conversion values<br>US/kg U
High	22.13	$	22.50	$	21.75	$	40.00	$	46.00
Low	13.75		21.50		16.10		16.25		39.75

All values are in US Dollars.

The next table shows the range in term prices over the last five years.

Range of long-term uranium prices<br>US/lb of U3O8
		2020		2021		2022		2023
High	32.50	$	36.00	$	43.00	$	52.00	$	68.00
Low	31.00		32.50		33.50		42.88		52.50

All values are in US Dollars.

Term UF6 conversion values<br>US/kg U
High	18.13	$	19.00	$	19.00	$	27.25	$	34.25
Low	15.50		18.00		18.00		18.50		27.50

All values are in US Dollars.

Notes:

•	Spot and long-term uranium prices are the average of prices published monthly by UxC, LLC (UxC) and from The<br>Nuexco Exchange Value, published by TradeTech.
•	Spot and term UF6 conversion values are the average of<br>the North American prices published monthly by UxC and from The Nuexco Conversion Value, published by TradeTech.
---	---
2023 ANNUAL INFORMATION FORM	Page 115
---	---

If prices for U3O8 or uranium conversion services fall below our own production costs for a sustained period, continued production or conversion at our sites may cease to be profitable and we may have to change our operating plans. This would have a material and adverse effect on our earnings, cash flows, financial condition, results of operations or prospects. We have been impacted by low U3O8 prices in the past. In 2016, we suspended production at Rabbit Lake and curtailed production at our US mines and in 2018, we suspended production at our McArthur River and Key Lake operations and reduced our dividend.

Declines in U3O8 prices could also delay or deter a decision to build a new mine or begin commercial production once constructed, or adversely affect our ability to finance our operations, as well as necessitate a decision to cut production volumes further for an extended period. Any of these events could have an adverse effect on our future earnings, cash flows, financial condition, results of operations, or prospects.

A sustained decline in U3O8 prices may require us to write down our mineral reserves and mineral resources, and any significant write downs may lead to material write downs of our investment in the mining properties affected, and an increase in charges for amortization, reclamation, and closures.

In our uranium segment, we use a uranium contracting strategy to reduce volatility in our future earnings and cash flow from exposure to fluctuations in uranium prices. It involves building a portfolio that consists of base-escalated contracts and market-related contracts with terms of 5 to 10 years (on average). This strategy can create opportunity losses because we may not fully realize the benefit immediately if there is a significant increase in U3O8 prices. This strategy also creates currency risk since we receive payment under the majority of our sales contracts in US dollars. In addition, this strategy has provided us with a measure of protection for our business from the low uranium prices experienced since 2011. As of December 31, 2023, in our uranium segment, our portfolio of long-term contracts totals approximately 205 million pounds. This includes annual average sales commitments over the next five years of about 27 million pounds per year, with commitment levels in 2024 and 2025 higher than the average and in 2026 through 2028 lower than the average. As the market improves, we expect to continue to layer in volumes capturing greater upside using market-related pricing mechanisms. As a result, we may become more exposed to fluctuations in uranium prices and this could have an adverse effect on our future earnings, cash flows, financial condition, results of operations or prospects. There is no assurance that our contracting strategy will be successful.

We make purchases on the spot market and under long-term agreements to supplement our production and supply our contracts. There are, however, risks associated with these purchases, including the risk of losses, which could have an adverse effect on our earnings, cash flows, financial condition, or results of operations.

JV Inkai and Westinghouse operate independently from Cameco, but may be subject to the same or similar volatility and sensitivity to uranium prices.

Reserve, resource, production, capital and operating cost estimates

Reserve and resource estimates are not precise

Our mineral reserves and resources are the foundation of our uranium mining operations and are fundamental to our success.

The uranium mineral reserves and resources reported in this AIF are estimates and are therefore subjective and subject to numerous inherent uncertainties. There is no assurance that the indicated tonnages or grades of uranium will be mined or milled or that we will receive the uranium price we used in estimating these reserves.

While we believe that the mineral reserve and resource estimates included in this AIF are well established and reflect management’s best estimates, reserve and resource estimates, by their nature, are imprecise, do not reflect exact quantities and depend to a certain extent on statistical inferences that may ultimately prove unreliable. The tonnage and grade of reserves we actually recover, and rates of production from our current mineral reserves, may be less than our estimates. Fluctuations in the market price of uranium and changing exchange rates and operating and capital costs can make reserves uneconomic to mine in the future and ultimately cause us to reduce our reserves.

Short-term operating factors relating to mineral reserves, like the need for orderly development of orebodies or the processing of different ore grades, can also prompt us to modify reserve estimates or make reserves uneconomic to mine in the future, and can ultimately cause us to reduce our reserves. Reserves also may have to be re-estimated based on actual production experience.

Mineral resources may be upgraded to proven or probable mineral reserves if they demonstrate profitable recovery. Estimating reserves or resources is always affected by economic and technological factors, which can change over time, and experience in using a particular mining method. There is no assurance that any resource estimate will ultimately be upgraded to proven or probable reserves. If we do not obtain or maintain the necessary permits or government approvals, or there are changes to applicable legislation, it could cause us to reduce our reserves.

2023 ANNUAL INFORMATION FORM	Page 116

Mineral resource and reserve estimates can be uncertain because they are based on data from limited sampling and drilling and not from the entire orebody. As we gain more knowledge and understanding of an orebody, the resource and reserve estimate may change significantly, either positively or negatively.

The reliability of resource and reserve estimates is highly dependent upon the accuracy of the assumptions upon which they are based and the quality of information available. These assumptions may prove to be inaccurate.

If our mineral reserve or resource estimates for our uranium properties are inaccurate or are reduced in the future, it could:

•	require us to write down the value of a property
•	result in lower uranium concentrate production than previously estimated
---	---
•	result in lower revenue than previously estimated
---	---
•	require us to incur increased capital or operating costs, or
---	---
•	require us to operate mines or facilities unprofitably
---	---

This could have a material and adverse effect on our earnings, cash flows, financial condition, results of operations, or prospects.

Production, capital and operating cost estimates may be inaccurate

We, JV Inkai and Westinghouse establish our operating and capital plans based on the information available at the time, including expert opinions. There is no assurance, however, that these plans will not change as new information is available or there is a change in expert opinion.

Studies we use may contain estimated capital and operating costs, production and economic returns and other estimates that may be significantly different than actual results.

We, JV Inkai and Westinghouse prepare estimates of future production, capital costs and operating costs for particular operations, but there is no assurance we will achieve these estimates. Estimates of expected future production, capital costs and operating costs are inherently uncertain, particularly beyond one year, and could change materially over time.

Production, capital cost and operating cost estimates for:

•	McArthur River/Key Lake assume that development, mining, milling, and production plans proceed as expected<br>
•	Cigar Lake assume that development, mining, milling, and production plans proceed as expected<br>
---	---
•	Inkai assume that development, mining, and production plans proceed as expected
---	---
•	Westinghouse assume that their operating and capital plans proceed as expected
---	---

Production estimates for uranium refining, conversion and fuel manufacturing assume there is no disruption or reduction in supply from us or third-party sources, and that estimated rates and costs of processing are accurate, among other things.

Our actual production and costs may vary from estimates for a variety of reasons, including, among others:

•	actual ore mined varying from estimated grade, tonnage, dilution, metallurgical and other characteristics
•	mining and milling losses greater than planned
---	---
•	short-term operating factors relating to the ore, such as the need for sequential development of orebodies and the processing of new or different ore grades
---	---
•	risks and hazards associated with mining, milling, uranium refining, conversion and fuel manufacturing
---	---
•	failure of mining methods and plans
---	---
•	failure to obtain and maintain the necessary regulatory and participant approvals
---	---
•	natural phenomena, such as forest fires, floods, or earthquakes as well as shifts in temperature, precipitation, and the impact of more frequent severe weather condition as the result of climate change
---	---
•	labour shortages or strikes
---	---
•	development, mining, or production plans for McArthur River are delayed or do not succeed for any reason
---	---
•	difficulties in milling McArthur River ore at Key Lake
---	---
•	development, mining, or production plans for Cigar Lake are delayed or do not succeed for any reason
---	---
•	difficulties in milling Cigar Lake ore at McClean Lake
---	---
•	development, mining, or production plans for Inkai are delayed or do not succeed for any reason
---	---
•	interruptions in the supply of electricity, water, and other utilities or infrastructure
---	---
•	delays, interruption or reduction in production or construction activities due to fires, failure or unavailability of critical equipment, shortage of supplies, underground floods, earthquakes, tailings dam failures,<br>lack of tailings capacity, ground movements and cave-ins, outbreak of illness (such as a pandemic), cyber-attacks, or other difficulties
---	---
2023 ANNUAL INFORMATION FORM	Page 117
---	---

Operating costs may also be affected by a variety of factors including changing waste to ore ratios, ore grade metallurgy, mine and mill recoveries, labour costs, costs of supplies and services (for example, fuel and power), general inflationary pressures, and currency exchange rates, and increasing regulatory burdens.

Failure to achieve production or cost estimates or a material increase in costs could have a material and adverse effect on our earnings, cash flows, financial condition, or results of operations.

Market price volatility

The company’s common shares are listed on the TSX and the NYSE. The price of our common shares may be significantly affected by factors unrelated to our performance, including the following:

•	market risk and sentiment
•	legal, political, and economic environments factors
---	---
•	energy prices
---	---
•	a reduction in analytical coverage of us by investment banks with research capabilities
---	---
•	a drop in trading volume and general market interest in our securities may adversely affect an investor’s<br>ability to liquidate an investment and consequently an investor’s interest in acquiring a significant stake in us
---	---
•	our failure to meet the reporting and other obligations under Canadian and US securities laws or imposed by the<br>exchanges could result in a delisting of our common shares from the TSX or NYSE
---	---

As a result of any of these factors, the market price of our common shares may increase or decline even if our operating results, underlying asset values or prospects have not changed. This may cause decreases in asset values that are deemed to be non-temporary, which may result in impairment losses. There can be no assurance that continuing fluctuations in price and volume will not occur. If such increased levels of volatility and market turmoil continue, our operations could be adversely impacted, and the trading price of our common shares may be materially adversely affected.

Currency fluctuations

Our earnings and cash flow may also be affected by fluctuations in the exchange rate between the Canadian and US dollar. We sell the majority of our uranium and fuel services products under long-term sales contracts, which are routinely denominated in US dollars. Our product purchases are denominated in US dollars while our production costs are largely denominated in Canadian dollars. Our consolidated financial statements are expressed in Canadian dollars.

Any fluctuations in the exchange rate between the US dollar and Canadian dollar can result in favourable or unfavourable foreign currency exposure, which can have a material effect on our future earnings, cash flows, financial condition or results of operations, as has been the case in the past. While we use a hedging program to limit any adverse effects of fluctuations in foreign exchange rates, there is no assurance that these hedges will eliminate any potential material negative impact of fluctuating exchange rates.

Customers

Our main business relates to the production and sale of uranium concentrates (our uranium segment) and providing uranium conversion services (our fuel services segment). We rely heavily on a small number of customers to purchase a significant portion of our uranium concentrates and conversion services. Westinghouse’s core business also relies heavily on a small number of customers, consisting primarily of utility companies that own nuclear reactors around the globe.

At December 31, 2023:

•	in our uranium segment, our five largest customers account for 62% of our contracted supply of U3O8
•	in our fuel services segment, our five largest UF6<br>conversion customers account for 64% of our contracted supply of UF6 conversion services
---	---
•	Westinghouse’s five largest customers accounted for nearly 30% of its contracted sales<br>
---	---
2023 ANNUAL INFORMATION FORM	Page 118
---	---

We are a supplier of UO2 used by Canadian CANDU heavy water reactors. Our sales to our largest customer accounted for 45% of our UO2 sales in 2023. In addition, revenues in 2023 from our two largest customers of our uranium segment represented $260 million or approximately 17% of total segment revenues, while revenues from our two largest customers from our conversion segment represented $60 million or approximately 35% of total segment revenues.

Sales for the Bruce A and B reactors represent a substantial portion of our fuel manufacturing business.

If we or Westinghouse lose any of our largest customers, if any of them curtails their purchases, or if we are unable to transport our products to them, it could have a material and adverse effect on our earnings, cash flows, financial condition or results of operations.

Counterparty and credit risk

Our business operations expose us to the risk of counterparties not meeting their contractual obligations, including:

•	customers
•	suppliers
---	---
•	financial institutions and other counterparties to our derivative financial instruments and hedging arrangements<br>relating to foreign currency exchange rates and interest rates
---	---
•	financial institutions which hold our cash on deposit and through which we make short-term investments<br>
---	---
•	insurance providers
---	---

Credit risk is the risk that counterparties will not be able to pay for services provided under the terms of the contract. If a counterparty to any of our significant contracts defaults on a payment or other obligation or becomes insolvent, it could have a material and adverse effect on our cash flows, earnings, financial condition, or results of operations.

JV Inkai and Westinghouse operate independently of Cameco, but have similar risks related to counterparty and credit risk.

Uranium products, conversion and fuel services

In our uranium and fuel services segments, we manage the credit risk of our customers for uranium products, conversion, and fuel services by:

•	monitoring their creditworthiness
•	asking for pre-payment or another form of security if they pose an unacceptable level of credit risk<br>
---	---

As of December 31, 2023, 83% of our forecast revenue under contract for the period 2024 to 2026 is with customers whose creditworthiness meets our standards for unsecured payment terms.

Other

We manage the credit risk on our derivative and hedging arrangements, cash deposits and insurance policies by dealing with financial institutions and insurers that meet our credit rating standards and by limiting our exposure to individual counterparties.

We diversify or increase inventory in our supply chain to limit our reliance on a single contractor, or limited number of contractors. We also monitor the creditworthiness of our suppliers to manage the risk of suppliers defaulting on delivery commitments.

There is no assurance, however, that we will be successful in our efforts to manage the risk of default or credit risk.

Liquidity and financing

Liquidity, or access to funds, is essential to our business.

Nuclear energy and mining are extremely capital-intensive businesses, and companies need significant ongoing capital to maintain and improve existing operations, invest in large scale capital projects with long lead times, and manage uncertain development and permitting timelines and the volatility associated with fluctuating commodity prices and input prices.

We believe our current financial resources are sufficient to support projects planned for 2024, based on the assumption that we will refinance our $500 million debenture on or prior to its June 24, 2024 maturity. We have a number of alternatives to fund future capital requirements, including using our operating cash flow, drawing on our cash balances, drawing on existing credit facilities, entering new credit facilities, and raising additional capital through debt or equity financings.

2023 ANNUAL INFORMATION FORM	Page 119

There is no assurance that we will obtain the financing we need when needed. Volatile uranium markets, a claim against us, an adverse court or arbitration decision, a significant event disrupting our business or operations, or other factors, may make it difficult or impossible for us to obtain debt or equity financing on favourable terms, or at all.

A lack of liquidity could result in a delay or postponement of any or all of our exploration, development or other growth initiatives, or could otherwise have a material adverse impact on our financial condition.

We also believe JV Inkai and Westinghouse each currently have financial resources and will generate operating cash flows sufficient to support their annual operating budget. Default by Westinghouse under its credit facilities would impact its ability to fund its ongoing operations.

Failure to realize any or all of the anticipated benefits from the acquisition of Westinghouse

Following the acquisition of Westinghouse on November 7, 2023, we expect to see certain near-term benefits, including potential new revenue opportunities related to integrated fuel supply and improved access for uranium and conversion services, as well as longer-term opportunities for growth from new capacity.

Any benefits and growth that we realize from such efforts may differ materially from our estimates. In particular, our estimates of the potential benefits and growth from the acquisition are based in part on a valuation of Westinghouse that may differ from the performance of Westinghouse in the future.

In addition, any benefits that we realize may be offset, in whole or in part, by reductions in revenues, or through increases in other expenses, including costs to achieve our estimated synergies and growth. Our plans for Westinghouse are subject to numerous risks and uncertainties that may change at any time.

We cannot provide any assurance that the benefits we expect will be achieved on a timely basis or at all.

Decommissioning and reclamation obligations

Environmental regulators are demanding more and more financial assurances so that the parties involved, and not the government, bear the cost of decommissioning and reclaiming sites. Our North American operations have financial assurances in place in connection with our preliminary plans for decommissioning of the sites.

We have filed conceptual decommissioning plans for our North American facilities with the regulators. We review these plans for Canadian facilities every five years, or at the time of an amendment or renewal of an operating licence. Plans for our US sites are reviewed every year. Regulators review our conceptual plans on a regular basis. As sites approach or go into decommissioning, regulators review the detailed decommissioning plans, and this can lead to additional requirements, costs, and financial assurances. It is not possible to predict what level of decommissioning and reclamation and financial assurances regulators may require in the future.

If we must comply with additional regulations, or the actual cost of decommissioning and reclamation in the future is significantly higher than our current estimates, this could have a material and adverse effect on our earnings, cash flows, financial condition, or results of operations.

JV Inkai and Westinghouse also have decommissioning and reclamation obligations. If the actual cost or liabilities are significantly higher than current estimates, this could have a material and adverse effect on the financial condition of JV Inkai or Westinghouse.

The liabilities of Westinghouse may exceed our estimates, and there may also be unknown or undisclosed liabilities in connection withits acquisition

Westinghouse has various potential liabilities relating to the conduct of its business prior to the acquisition, including, but not limited to, potential liability for unfunded pension liabilities, liability for cleanup, decommissioning or remediation of environmental conditions, intellectual property disputes, and other potential liabilities that could adversely affect Westinghouse’s financial position. These potential liabilities could negatively impact the value of our investment in Westinghouse. Although we have conducted what we believe to be a sufficient level of investigation in connection with the acquisition, it is possible that the potential liabilities we have identified may exceed our expectations, and there may be liabilities that we failed to discover or were unable to quantify accurately or at all in our due diligence, which we conducted prior to the entry into the acquisition agreement. Only certain of these events may entitle the purchaser to recourse under the acquisition agreement for such liabilities and contingencies. The discovery of any material liabilities, or the inability to obtain full recourse for such liabilities, could have a material adverse effect on our investment in Westinghouse and our ability to realize the benefits thereof.

2023 ANNUAL INFORMATION FORM	Page 120

In connection with the acquisition, the strategic partnership and the general partner obtained representation and warranty coverage, with total limits of up to $800 million (US) above retention of 0.5% of the enterprise value. Nevertheless, this insurance policy is subject to certain exclusions and limitations. In addition, there may be circumstances for which the insurer may elect to limit such coverage or refuse to indemnify us or situations for which the coverage provided under the representation and warranty insurance policy may not be sufficient or applicable.

3 – Governance and compliance risks

Litigation

We are currently subject to litigation or threats of litigation and may be involved in disputes with other parties in the future that result in litigation. This litigation may involve joint venture participants, suppliers, customers, governments, regulators, tax authorities, or other persons.

We cannot accurately predict the outcome of any litigation. The costs of defending or settling litigation can be significant. If a dispute cannot be resolved favourably, it may have a material and adverse effect on our earnings, cash flows, financial condition, results of operations, or prospects. See Legal proceedings on page 134 for more information.

We are currently involved in a tax dispute with CRA and in 2017 settled a dispute with the IRS. See Transfer pricing dispute at pages 102 and 103. In addition, we are subject to the risk that CRA, the IRS or other tax authorities in other countries may seek to challenge or reassess our income tax returns on the same or a different basis for the same periods or other previously reported periods. Substantial success for CRA in the tax dispute would be material, and other unfavourable outcomes of challenges or reassessments initiated by the IRS or tax authorities in other countries could be material to our cash flows, financial condition, results of operations or prospects.

JV Inkai and Westinghouse operate independently from Cameco, but may be subject to the same or similar litigation risks.

Joint ventures and Partnerships

We participate in McArthur River, Key Lake, Cigar Lake, Inkai, Millennium, GLE, and Westinghouse through joint ventures or partnerships with third parties. Some of these joint ventures are unincorporated and some are incorporated (like JV Inkai and GLE). We have other joint ventures and may enter more in the future.

There are risks associated with joint ventures and partnerships, including:

•	disagreement with a joint venture participant or partner about how to develop, operate or finance a project<br>
•	a joint venture participant or partner not complying with a joint venture or partnership agreement<br>
---	---
•	possible litigation or arbitration between joint venture participants or partners about joint venture/partnership<br>matters
---	---
•	the inability to exert control over decisions related to a joint venture/partnership we do not have a controlling<br>interest in
---	---

The other owner of JV Inkai is KAP, an entity majority owned by the government of Kazakhstan, so its actions and priorities could be dictated by government policies instead of commercial considerations.

These risks could result in legal liability, affect our ability to develop or operate a project under a joint venture or partnership, or have a material and adverse effect on our earnings, cash flows, financial condition, results of operations or prospects.

We do not currently control Westinghouse

We do not currently control Westinghouse. We beneficially own 49% of Westinghouse and Brookfield Renewable beneficially owns 51%. Although we will have certain governance and approval rights in connection with our ownership interest in the strategic partnership used for the acquisition, we cannot provide any assurance that Westinghouse will be operated in the same way we would operate Westinghouse if we were its sole owner.

2023 ANNUAL INFORMATION FORM	Page 121

Risks to our business associated with entry into the strategic partnership with Brookfield Renewable

Although we have certain rights pursuant to a shareholders’ agreement between us and Brookfield Renewable with regards to the governance of the general partner of the strategic partnership, including the right to designate directors of the boards of directors of the general partner and certain material subsidiaries of the general partner and the strategic partnership, our beneficial ownership in the strategic partnership entities is 49%, whereas Brookfield Renewable beneficially owns 51%, and the directors are entitled to weighted voting corresponding to the designating shareholder’s proportionate equity interest. Consequently, other than in the case of certain reserved matters expressly set out in the governance agreement, Brookfield Renewable has the power to control the strategic partnership entities. Accordingly, we cannot provide any assurance that the strategic partnership entities will be operated in the same way they would have been operated if we were the sole owner.

We expect that the strategic partnership entities will, to the greatest extent possible, be funded by their own cash flows and third-party funding. Pursuant to the governance agreement, to the extent a strategic partnership entity requires additional capital to meet a funding shortfall for certain approved activities, if approved as a reserved matter, the strategic partnership may make equity funding requests to us and Brookfield Renewable, on a pro rata basis on the basis of our and Brookfield Renewable’s respective equity interests in the strategic partnership and general partner. Failure by us to meet such an equity funding request would not constitute a default under the governance agreement, but in the event that Brookfield Renewable elects to participate in the equity financing and we do not, our interest in the strategic partnership may be diluted. There can be no assurance that we or Brookfield Renewable will have the necessary capital resources to meet an equity funding request if and when made by the strategic partnership. In the event that the strategic partnership cannot raise the necessary funds from us or Brookfield Renewable or otherwise obtain adequate required capital on favorable terms or at all, it may be required to scale back or entirely halt any operating or expansion plans and its business, financial condition and results of operations could be adversely affected.

Further, disputes may arise between us and Brookfield Renewable that may adversely affect the success of the strategic partnership entities and have a material adverse effect on our business, results of operations and financial performance. Our failure to otherwise comply with our obligations under the governance agreement may result in us being in default under the governance agreement and could result in us losing some or all of our interest in the strategic partnership.

Government laws and regulations

In addition to laws and regulations relating to the protection of the environment, employee health and safety, and waste management (see Environmentalrisks), our business activities are subject to extensive and complex laws and regulations in other areas.

There are laws and regulations for uranium exploration, development, mining, milling, refining, conversion, fuel manufacturing, transport, exports, imports, taxes and royalties, labour standards, occupational health, waste disposal, protection, and remediation of the environment, decommissioning and reclamation, safety, hazardous substances, emergency response, land use, water use and other matters.

Significant financial and management resources are required to comply with these laws and regulations, and this will likely continue as laws and government regulations become more and more strict. We are unable to predict the ultimate cost of compliance or its effect on our business because legal requirements change frequently, are subject to interpretation, and may be enforced to varying degrees.

Some of our operations are regulated by government agencies that exercise discretionary powers conferred by statute. If these agencies do not apply their discretionary authority consistently, then we may not be able to predict the ultimate cost of complying with these requirements or their effect on operations.

Existing, new, or changing laws, regulations and standards of regulatory enforcement could disrupt transportation of our products, increase costs, lower, delay or interrupt production, or affect decisions about whether to continue with existing operations or development projects. This could have a material and adverse effect on our earnings, cash flows, financial condition, results of operations, or prospects.

If we do not comply with the laws and regulations that apply to our business, or it is alleged we do not comply, then regulatory or judicial authorities could take any number of enforcement actions, including:

•	corrective measures that require us to increase capital or operating expenditures or install additional equipment<br>
•	remedial actions that result in temporary or permanent shut-down or reduction of our operations<br>
---	---
2023 ANNUAL INFORMATION FORM	Page 122
---	---
•	requirements that we compensate communities that suffer loss or damage because of our or their activities<br>
---	---
•	civil or criminal fines or penalties
---	---

Legal and political circumstances are different outside North America, which can change the nature of regulatory risks in foreign jurisdictions when compared with regulatory risks associated with operations in North America.

JV Inkai and Westinghouse operate independently of Cameco, but are subject to regulatory risks that could impact their financial condition and their operations could be subject to enforcement actions.

Internal controls overfinancial reporting

We use internal controls over financial reporting to provide reasonable assurance that we authorize transactions, safeguard assets against improper or unauthorized use, and record and report transactions properly. This gives us reasonable assurance that our financial reporting is reliable and prepared in accordance with IFRS.

It is impossible for any system to provide absolute assurance or guarantee reliability, regardless of how well it is designed or operated. We continue to evaluate our internal controls to identify areas for improvement and provide as much assurance as reasonably possible. We conduct an annual assessment of our internal controls over financial reporting and produce an attestation report of their effectiveness by our independent auditors to meet the requirement of Section 404 of the Sarbanes-Oxley Act of 2002.

If we do not satisfy the requirements for internal controls on an ongoing, timely basis, it could negatively affect investor confidence in our financial reporting, which could have an impact on our business and the trading price of our common shares. If a deficiency is identified and we do not introduce new or better controls, or have difficulty implementing them, it could harm our financial results or our ability to meet reporting obligations.

Westinghouse operates independently of Cameco and provides their own financial reporting that is subject to similar risks.

Anti-bribery and anti-corruption laws

We are subject to anti-bribery and anti-corruption laws, including the Corruption of Foreign Public Officials Act (Canada) and the United StatesForeign Corrupt Practices Act of 1977. Failure to comply with these laws could subject us to, among other things, reputational damage, civil or criminal penalties, other remedial measures and legal expenses which could adversely affect our business, results from operations, and financial condition. It may not be possible for us to ensure compliance with anti-bribery and anti-corruption laws in every jurisdiction in which our employees, agents, sub-contractors, investment operations or joint venture partners are located or may be located in the future.

4 – Social risks

Defects in title

We have investigated our rights to explore and mine our material properties, and those rights are in good standing to our knowledge. There is no assurance, however, that these rights will not be revoked or significantly altered to our detriment, or that our rights will not be challenged by third parties, including local governments and by Indigenous groups, such as First Nations and Métis in Canada.

Relationshipswith Indigenous peoples and local communities

Our ability to foster and maintain the support of local communities and governments for our development projects and operations is critical to the conduct and growth of our business, and we do this by engaging in dialogue and consulting with them about our activities and the social and economic benefits they will generate. There is no assurance, however, that this support can be fostered or maintained. There is an increasing focus on ensuring that appropriate programs and policies, including for ESG matters, are in place to manage nuclear energy and mining activities to protect the environment and communities affected by the activities. Some NGOs are vocal critics of the nuclear energy and mining industries, and oppose globalization, nuclear energy, and resource development. Adverse publicity generated by these NGOs or others, related to the nuclear energy industry or the extractive industry in general, or our operations in particular, could have an adverse effect on our reputation or financial condition and may affect our relationship with the communities we operate in. While we are committed to operating in a socially responsible way, there is no guarantee that our efforts will mitigate this risk.

2023 ANNUAL INFORMATION FORM	Page 123

Indigenous rights, title claims, engagement and consultation

Managing Indigenous rights, title claims, engagement and related consultation is an integral part of our exploration, development, and mining activities, and we are committed to managing them effectively. We have signed agreements with the communities closest to our Canadian mining operations to help mitigate the risks associated with potential Indigenous land or consultation claims that could impact our Canadian mining operations. These agreements provide substantial socioeconomic opportunities to these communities and are intended to provide us with support for these operations from those communities. There is no assurance, however, that we will not face material adverse consequences because of the legal and factual uncertainties inherent with Indigenous rights, title claims and consultation.

Exploration, development, mining, milling and decommissioning activities at our various properties in Saskatchewan may be affected by claims by Indigenous groups, and related consultation issues. We also face similar issues with our activities in other provinces and countries.

It is generally acknowledged that under historical treaties, First Nations in northern Saskatchewan ceded title to most traditional lands in the region in exchange for treaty benefits and reserve lands. Some First Nations in Saskatchewan, however, assert that their treaties are not an accurate record of their agreement with the Canadian government and that they did not cede title to the minerals when they ceded title to their traditional lands. Further, the United Nations Declaration on the Rights of Indigenous PeoplesAct (UNDRIP) came into force on June 21, 2021, and on June 21, 2023, the Government of Canada released the UN Declaration Act Action Plan, which includes 181 measures aimed at implementing the goals of UNDRIP from 2023 to 2028. These measures create some additional risk for future activities, which we will continue to monitor in the coming years.

5 – Environmental risks

Complex legislation and environmental, health and safety risk

Our activities have an impact on the environment, so our operations are subject to extensive and complex laws and regulations relating to the protection of the environment, employee health and safety, and waste management. We also face risks that are unique to uranium mining, processing, and fuel manufacturing. Laws to protect the environment as well as employee health and safety are becoming more stringent for members of the nuclear energy industry.

Our facilities operate under various operating and environmental approvals, licences, and permits that have conditions that we must meet as part of our regular business activities. In a number of instances, our right to continue operating these facilities depends on our compliance with these conditions.

Our ability to obtain approvals, licences, and permits, maintain them, and successfully develop and operate facilities may be adversely affected by the real or perceived impact of our activities on the environment and human health and safety at development projects and operations and in surrounding communities. The real or perceived impact of activities of other nuclear energy or mining companies can also have an adverse effect on our ability to secure and maintain approvals, licences and permits.

Our compliance with laws and regulations relating to the protection of the environment, employee health and safety, and waste management requires significant expenditures, and can cause delays in production or project development. This has been the case in the past and may be so in the future. Failing to comply can lead to fines and penalties, temporary or permanent suspension of development and operational activities, clean-up costs, damages, and the loss of, or the inability to obtain, key approvals, permits, and licences. We are exposed to these potential liabilities for our development projects and operations as well as our closed operations. There is no assurance that we have been or will be in full compliance with all these laws and regulations, or with all the necessary approvals, permits, and licences.

These risks could delay or interrupt our operations or project development activities, delay, interrupt or lower our production, and could have a material and adverse effect on our earnings, cash flows, financial condition, results of operations or prospects.

JV Inkai and Westinghouse operate independently of Cameco, but have risks related to environment, health and safety, which could impact the operation of their facilities, their ability to secure and maintain approvals, licences and permits and could have a material and adverse effect on their earnings, cash flows, financial condition, results of operations or prospects.

2023 ANNUAL INFORMATION FORM	Page 124

Treated water releases

Responsible management of water is critical to our business success. At our Canadian operations, treated water releases are monitored and studies are conducted to monitor conditions in the downstream receiving environment. However, changes in ore chemistry, identification of new elements of concern, changes in regulatory requirements or other issues, may result in additional costs and regulatory action, and could also require installation of new water treatment facilities. The occurrence of one or more of these events could have a material and adverse effect on our earnings, cash flows, financial condition, or results of operations.

Air emissions at Port Hope Conversion Facility

At the Port Hope Conversion Facility, the main stacks for UF6 and UO2 are continuously monitored and have discharge limits in place, which are monitored while the plants are operational. A large-scale process failure or catastrophic accident has potential to significantly impact the surrounding community and have other consequences, including constraining production, regulatory action, and environmental damage. The occurrence of one or more of such events could have a material and adverse effect on our earnings, cash flows, financial condition, or results of operations.

6 – Strategic risks

Major nuclear incident risk

Due to their inherent materiality, major accidents in the nuclear industry, and most notably at nuclear power plants, such as the Chernobyl nuclear power plant accident of 1986 in the Soviet Union and the accident in 2011 at the Fukushima-Daiichi nuclear power plant in Japan, garner significant worldwide attention and spawn global public sentiment favouring more significant regulation for nuclear power generation. For example, following the accident at Fukushima, certain countries, like Germany and Switzerland, announced their intention to phase out nuclear power. As of April 15, 2023, Germany had shut down all of its 17 nuclear reactors. Prior to the accident in 2011 at Fukushima, Japan had 54 nuclear reactors, which represented 12% of global nuclear generating capacity. As of December 2023, Japan has restarted 12 reactors. The effect of the 2011 accident at the Fukushima-Daiichi nuclear power plant on the uranium market has had a material and adverse effect on our earnings, cash flows, financial condition, results of operations, and prospects.

Westinghouse has various contracts in place with Energoatom, Ukraine’s national nuclear power company, and actively carries on business in the country. The military conflict between Russia and Ukraine has had and continues to have a negative impact on Westinghouse’s operations in Ukraine, resulting in loss of revenue and corresponding loss of earnings. Furthermore, certain nuclear power plants are located in the disputed territory.

Another major accident at a nuclear power plant, or a similar disaster related to the nuclear industry, including as the result of the military conflict between Russia and Ukraine, could lead to more countries adopting increasingly stringent safety regulations in the nuclear industry, cause the public sentiment to shift more in favour of phasing-out nuclear power, and reverse or halt the recent positive trend towards nuclear power. The reaction to any such major accident could be significantly more severe and may result in a rapid global abandonment of nuclear power generation. Any such event may result in, among other things, a significant reduction in the demand for uranium and the resulting decline in the price of uranium.

Another major accident at a nuclear power plant, or a similar disaster related to the nuclear industry, could have a material and adverse effect on our earnings, cash flows, financial condition, results of operations, and prospects.

JV Inkai and Westinghouse operate independently from Cameco, but may be subject to similar nuclear incident risks.

Public acceptance of nuclear energy is uncertain

Because of unique political, technological, and environmental factors affecting the nuclear industry, including public attention following the 2011 accident at Fukushima in Japan, the industry is subject to public opinion risks that could have a material adverse impact on the demand for nuclear power and increase the regulation of the nuclear power industry.

A major shift in public opinion, whether due to an accident at a nuclear power plant, changing views regarding the pursuit of carbon reduction strategies, or other causes, could impact the continuing acceptance of nuclear energy and the future prospects for nuclear power generation, which could have a material adverse effect on our earnings, cash flows, financial condition, results of operations, or prospects.

2023 ANNUAL INFORMATION FORM	Page 125

In addition, we may be impacted by changes in regulation and public perception of the safety of nuclear power plants, which could adversely affect the construction of new plants, the re-licensing of existing plants, the demand for our and Westinghouse’s products and services and the future prospects for nuclear generation. These events could have a material adverse effect on our earnings, cash flows, financial condition, results of operations or prospects.

Industry concentration risk

We are concentrated in the nuclear fuel business, with our primary focus on uranium mining. As such, we are sensitive to changes in, and our performance and future prospects, will depend to a greater extent on, the overall condition of the nuclear energy industry and the public acceptance of nuclear energy. We may be susceptible to increased risks, compared to diversified metals trading companies or diversified mining companies, as a result of the fact that our operations are concentrated in the nuclear fuel business.

Because we derive the majority of our revenues from sales of nuclear fuel, our results of operations and cash flows will fluctuate as the price of nuclear fuel increases or decreases. A sustained period of declining nuclear fuel prices would materially and adversely affect our results of operations and cash flows. Additionally, if the market price for nuclear fuel declines or remains at relatively low levels for a sustained period, we may have to revise our operating plans, including reducing operating costs and capital expenditures, terminating, or suspending mining operations at one or more of our properties, and discontinuing certain exploration and development plans. In the past, we have been impacted by the sustained period of low prices. In a sustained period of low prices, we may be unable to decrease our costs in an amount sufficient to offset reductions in revenues and may incur losses. See Financial risks – Volatility and sensitivity to prices on page 114.

Mine concentration risk

Our main sources of uranium production are mines at Cigar Lake and McArthur River and our interest in JV Inkai.

In 2024, our share of planned Cigar Lake production is 9.8 million pounds. Cigar Lake production is milled at the McClean Lake mill operated by Orano. There is a risk to our Cigar Lake production plan if the McClean Lake mill is unable to mill Cigar Lake production.

In 2024, our share of planned McArthur River production is 12.6 million pounds. McArthur River production is milled at the Key Lake mill we operate. See McArthur River mine and Key Lake mill ramp up on page 110.

We own a 40% interest in JV Inkai and presently, JV Inkai is experiencing procurement and supply chain issues, most notably, related to the availability of sulfuric acid. It is also experiencing challenges related to construction delays and inflationary pressures on its production costs. Production plans for 2024 and subsequent years are uncertain and being reassessed (see 2024 Production on page 63).

Any disruption in or reduction in production from one or more of these mines could have a material and adverse effect on our earnings, cash flows, financial condition, results of operations or prospects.

EnvironmentalRegulatory Uncertainty

Laws and regulations on the environment, employee health and safety, and waste management continue to evolve, and this can create significant uncertainty around the environmental, employee health and safety, and waste management costs we and Westinghouse incur. If new legislation and regulations are introduced in the future, then they could lead to additional capital and operating costs, restrictions and delays at existing operations or development projects, and the extent of any of these possible changes cannot be predicted in a meaningful way.

Environmental and regulatory review is a long and complex process that can delay the opening, modification or expansion of a mine, conversion facility or refining facility, or extend decommissioning activities at a closed mine or other facility.

These risks could delay or interrupt our, Westinghouse’s or JV Inkai’s operations or project development activities, delay, interrupt or lower our production, and could have a material and adverse effect on our earnings, cash flows, financial condition, results of operations or prospects.

Alternate sources of energy

Nuclear energy competes with other sources of energy like oil, natural gas, coal, hydroelectric, solar and wind. Some of these sources can be considered substitutes for nuclear energy, particularly over the longer term. Sustained lower costs for these energy sources may result in lower demand for nuclear energy and consequently a reduction in demand for uranium and lower uranium prices.

2023 ANNUAL INFORMATION FORM	Page 126

A major shift in the power generation industry towards non-nuclear power or non-uranium based sources of nuclear energy, whether due to lower cost of power generation associated with such sources, government policy decisions, or otherwise, could have a material adverse effect on our earnings, cash flows, financial condition, results of operations, or prospects.

JV Inkai and Westinghouse operate independently from Cameco but may be subject to similar risks related to a reduction in demand for uranium and lower uranium prices due to alternate sources of energy.

Industry competition and international trade restrictions

The international uranium industry, which includes supplying uranium concentrates and uranium conversion services, is highly competitive. We directly compete with a relatively small number of uranium mining and enrichment companies in the world. Their supply may come from mining uranium, excess inventories, including inventories made available from decommissioning of nuclear weapons, reprocessed uranium and plutonium derived from used reactor fuel, and from using excess enrichment capacity to re-enrich depleted uranium tails and generate uranium from underfeeding. The number of potential end customers for our uranium products, being utility companies, is relatively small.

The supply of uranium is affected by a number of international trade agreements and government legislation and policies. These and any similar future agreements, governmental legislation, policies, or trade restrictions are beyond our control and may affect the supply of uranium available in the US, Europe and Asia, the world’s largest markets for uranium.

For conversion services, we compete with a small number of primary commercial suppliers. In addition, we compete with the availability of additional supplies from excess inventories, including those from decommissioning nuclear weapons and using excess enrichment capacity to re-enrich depleted uranium tails and generate uranium from underfeeding.

The nuclear energy industry is global and also susceptible to nuclear trade controls due to the sensitive nature of nuclear technologies, equipment and material and the importance of nuclear energy to national security. The ability of Westinghouse to conduct business globally is dependent on its ability to maintain and secure new licenses for the export of nuclear technology, equipment, and materials. While licences are not always required, there are certain nuclear exports and destinations for those exports that are subject to stringent licensing requirements. For example, Westinghouse’s continued ability to sell services and equipment to reactors in China is dependent on its existing specific authorization under applicable law. In case of geopolitical circumstances that would result in sanctions on China, this specific authorization would be limited or terminated, negatively impacting the business.

Any political decisions about the uranium market can affect our future prospects. There is no assurance that the US or other governments will not enact legislation or take other actions that restricts who can buy or supply uranium or facilitates a new supply of uranium.

Technical innovation and obsolescence

Requirements for our products or those of Westinghouse may be affected by technological changes and innovation in nuclear reactors and other uses of uranium. These technological changes could reduce the demand for nuclear reactors and uranium, which could have a material adverse impact on our future earnings, cash flows, financial condition or results of operations.

Reputational risks

Damage to our reputation can occur from actual or perceived actions or inactions and a variety of events and circumstances, either for us, our joint ventures or the businesses we have invested in, many of which are out of our control. The growing use of social media to generate, publish and discuss community news and issues and to connect with others has made it significantly easier for individuals and groups to share their opinions of us and our activities, whether accurate or not. We do not control how we are perceived by others. Loss of reputation could result in, among other things, a decrease to the price of our common shares, decreased investor confidence, challenges in maintaining positive relationships with the communities in which we operate and other important stakeholders, and increased risks in obtaining permits or financing for our operations, any of which could have a material and adverse effect on our earnings, cash flows, financial condition, results of operations, or prospects.

2023 ANNUAL INFORMATION FORM	Page 127

Replacement of depleted reserves

Cigar Lake, Inkai and McArthur River mines are currently our main sources of mined uranium concentrates. We must replace mineral reserves depleted by production at these mines to maintain or increase our annual production levels over the long term. Reserves can be replaced by expanding known orebodies, locating new deposits, or making acquisitions. Substantial expenditures are required to establish new mineral reserves. We may not be able to sustain or increase production if:

•	we do not identify, discover, or acquire other deposits
•	we do not find extensions to existing ore bodies
---	---
•	we do not convert resources to reserves at our mines or other projects
---	---

This could have a material and adverse effect on our ability to maintain production to or beyond currently contemplated mine lives, as well it could have a material and adverse effect on our earnings, cash flows, financial condition, results of operations or prospects.

Although we have successfully replenished reserves in the past through ongoing exploration, development and acquisition programs, there is no assurance that we will be successful in our current or future exploration, development, or acquisition efforts.

Development and expansion projects to sustain production and fuel growth

Our ability to sustain and increase our uranium production depends in part on successfully developing new mines and/or expanding existing operations.

Several factors affect the economics and success of these projects:

•	the attributes of the deposit, including its depth, size and grade
•	capital and operating costs
---	---
•	metallurgical recoveries
---	---
•	the accuracy of reserve estimates
---	---
•	government regulations
---	---
•	availability of appropriate infrastructure, particularly power and water
---	---
•	future uranium prices
---	---
•	the accuracy of feasibility studies
---	---
•	acquiring surface or other land rights
---	---
•	receiving necessary government permits
---	---
•	receiving necessary stakeholder support
---	---

The effect of these factors, either alone or in combination, cannot be accurately predicted and their impact may result in our inability to extract uranium economically from any identified mineral resource.

Generally, development projects have no operating history that can be used to estimate future cash flows. We must invest a substantial amount of capital and time to develop a project and achieve commercial production. A change in costs or construction schedule can affect the economics of a project. Actual costs could increase significantly, and economic returns could be materially different from our estimates. We could fail to obtain the necessary governmental approvals for construction or operation. In any of these situations, a project might not proceed according to its original timing, or at all.

It is not unusual in the nuclear energy or mining industries for new or expanded operations to experience unexpected problems during start-up or ramp-up, resulting in delays, higher capital expenditures than anticipated and reductions in planned production. Production may be insufficient to recover exploration, development, and production costs. Delays, additional costs or reduced or insufficient production could have a material and adverse effect on our earnings, cash flows, financial condition, results of operations or prospects.

There is no assurance we will be able to complete development of new mines, or expand existing operations, economically or on a timely basis.

Uranium explorationis highly speculative

Uranium exploration is highly speculative and involves many risks, and few properties that are explored are ultimately developed into producing mines.

2023 ANNUAL INFORMATION FORM	Page 128

Even if mineralization is discovered, it can take several years in the initial phases of drilling until a production decision is possible, and the economic feasibility of developing an exploration property may change over time. We are required to make a substantial investment to establish proven and probable mineral reserves, to determine the optimal metallurgical process to extract minerals from the ore, to construct mining and processing facilities (in the case of new properties) and to extract and process the ore. We might abandon an exploration project because of poor results or because we feel that we cannot economically mine the mineralization.

Given these uncertainties, there is no assurance that our exploration activities will be successful and result in new reserves to expand or replace our current mineral reserves to maintain or increase our production.

Competition forsources of uranium

There is competition for mineral acquisition opportunities throughout the world, so we may not be able to acquire rights to explore additional attractive uranium mining properties on terms that we consider acceptable.

There is no assurance that we will acquire any interest in additional uranium properties or access uranium from other sources, that will result in additional uranium concentrates we can sell. If we are not able to acquire these interests or rights, it could have a material and adverse effect on our future earnings, cash flows, financial condition, or results of operations. Even if we do acquire these interests or rights, the resulting business arrangements may ultimately prove not to be beneficial.

Changes in climate conditions and regulatory regime could adversely affect our business and operations

There is significant evidence of the effects of climate change on our planet and an intensifying focus on addressing these issues. We recognize that climate change is a global challenge that may have both favorable and adverse affects on our business in a range of possible ways. Mining and uranium processing operations are energy intensive and result in a carbon footprint either directly or through the purchase of fossil-fuel based electricity. As such, we are impacted by current and emerging policy and regulation relating to GHG emission levels, energy efficiency, and reporting of climate-change related risks. While some of the costs associated with reducing emissions may be offset by increased energy efficiency, technological innovation, or the increased demand for our uranium and conversion services, the current regulatory trend may result in additional transition costs at some of our operations. A number of government or governmental bodies have introduced or are contemplating regulatory changes in response to the potential impacts of climate change. Where legislation already exists, regulations relating to emissions levels and energy efficiency are becoming more stringent. Changes in legislation and regulation will likely increase our compliance costs.

In addition, the physical risks of climate change may also have an adverse effect at our operations. These may include shifts in temperature and precipitation as well as extreme weather events such as floods, droughts, forest and bush fires, and extreme storms. Such events may occur more frequently. These physical impacts could require us to suspend or reduce production or close operations and could prevent us from pursuing expansion opportunities. These effects may adversely impact the cost, production, and financial performance of our operations.

As noted in the Our ESG principles and practices section starting on page 92, in 2022 and 2023, Cameco completed a physical risk assessment study to deliver an initial forward-looking physical climate risk assessment across our sites in Northern Saskatchewan and Ontario and to identify possible risk management and adaptation options. The next steps for the northern Saskatchewan and Ontario physical risk assessments are to embed the physical climate risk findings into Cameco’s internal risk processes and develop an adaptation action plan for each site in the study. We are targeting the completion of similar assessments for all our majority owned and operated facilities over the next five years.

However, we can provide no assurance that efforts to mitigate the risks of climate change will be effective and that physical risks of climate change will not have a material and adverse effect on our earnings, cash flows, financial condition, results of operations, or prospects.

JV Inkai and Westinghouse operate independently from Cameco, but may be subject to similar climate change risks.

Foreign investments and operations

2023 ANNUAL INFORMATION FORM	Page 129

We, JV Inkai and Westinghouse do business in countries and jurisdictions outside of Canada and the US, including the developing world. Doing business in these countries poses risks because they have different economic, cultural, regulatory, and political environments. Future economic and political conditions could also cause governments of these countries to change their policies on foreign investments, development and ownership of resources, or impose other restrictions, limitations or requirements that we may not foresee today.

Risks related to doing business in a foreign country can include:

•	uncertain legal, political, and economic environments
•	strong governmental control and regulation
---	---
•	lack of an independent judiciary
---	---
•	war, terrorism, and civil disturbances (including the ongoing conflict between Russia and Ukraine)
---	---
•	crime, corruption, making improper payments or providing benefits that may violate Canadian or US law or laws relating to foreign corrupt practices
---	---
•	unexpected changes in governments and regulatory officials
---	---
•	uncertainty or disputes as to the authority of regulatory officials
---	---
•	changes in a country’s laws or policies, including those related to mineral tenure, mining, imports, exports, tax, duties, and currency
---	---
•	cancellation or renegotiation of permits or contracts
---	---
•	exposure to global public health issues (for example, an outbreak of illness)
---	---
•	disruption in transportation between jurisdictions
---	---
•	royalty and tax increases or other claims by government entities, including retroactive claims
---	---
•	expropriation and nationalization
---	---
•	delays in obtaining necessary permits or inability to obtain or maintain them
---	---
•	currency fluctuations
---	---
•	high inflation
---	---
•	joint venture participants falling out of political favour
---	---
•	restrictions on local operating companies selling their production offshore
---	---
•	exchange or capital controls, including restrictions on local operating companies holding US dollars or other foreign currencies in offshore bank accounts
---	---
•	import and export regulations, including restrictions on the export of uranium
---	---
•	limitations on the repatriation of earnings
---	---
•	exposure to different employment practices and labour laws
---	---
•	increased financing costs
---	---

If one or more of these risks occur, it could have a material and adverse effect on our earnings, cash flows, financial condition, results of operations or prospects.

We and Westinghouse also risk being at a competitive disadvantage to companies from countries that are not subject to Canadian or US law or laws relating to foreign corrupt practices.

We enter joint venture arrangements with local participants from time to time to mitigate political risk. There is no assurance that these joint ventures will mitigate our political risk in a foreign jurisdiction.

We do not have political risk insurance for our foreign investments, including our investment in JV Inkai.

Kazakhstan

Kazakhstan declared itself independent in 1991 after the dissolution of the Soviet Union. Our investment in JV Inkai is subject to the greater risks associated with doing business in developing countries, which have significant potential for social, economic, political, legal, and fiscal instability. Kazakhstan laws and regulations are complex and still developing and their application can be difficult to predict. The other owner of JV Inkai is KAP, an entity majority owned by the government of Kazakhstan. We have entered into agreements with JV Inkai and KAP intended to mitigate political risk. Among other things, this risk includes the imposition of governmental laws or policies that could restrict or hinder JV Inkai paying us dividends, or selling us our share of JV Inkai production, or that impose discriminatory taxes or currency controls on these transactions. The restructuring of JV Inkai, which took effect January 1, 2018, was undertaken with the objective to better align the interests of Cameco and KAP and includes a governance framework that provides for protection for us as a minority owner of JV Inkai. There can be no assurance we will be successful in managing this risk.

Complex legal regime

JV Inkai has a contract with the Kazakhstan government and was granted licences to conduct mining and exploration activities at Inkai. The licensing regime has long been abolished but licences issued before such abolishment remain valid. JV Inkai’s ability to conduct these activities, however, depends on the regulator’s view on whether its licences are still valid and other government approvals being granted.

2023 ANNUAL INFORMATION FORM	Page 130

To maintain and increase production at Inkai, JV Inkai needs ongoing support, agreement, and co-operation from KAP and from the Kazakhstan government. Kazakhstan foreign investment, environmental and mining laws and regulations are complex and still developing, so it can be difficult to predict how they will be applied. JV Inkai’s best efforts may therefore not always reflect full compliance with the law, and non-compliance can lead to an outcome that is disproportionate to the nature of the breach.

Subsoil law

Amendments to the old subsoil law in 2007 allow the government to reopen resource use contracts in certain circumstances, and in 2009, the Kazakhstan government passed a resolution that classified 231 blocks, including Inkai’s blocks, as strategic deposits. The Kazakhstan government re-approved this list in 2011 and in 2018 and Inkai’s blocks remain on it. These actions may increase the government’s ability to expropriate JV Inkai’s properties in certain situations. In 2009, at the request of the Kazakhstan government, JV Inkai amended the resource use contract to adopt a new tax code, even though the government had agreed to tax stabilization provisions in the original contract.

The previous subsoil use law which went into effect in 2010 weakened the stabilization guarantee of the prior law and the current subsoil code contains a significant number of provisions which apply retrospectively. These developments reflect increased political risk in Kazakhstan.

Nationalization

Industries like mineral production are regarded as nationally or strategically important, but there is no assurance they will not be expropriated or nationalized. Government policy can change to discourage foreign investment and nationalize mineral production, or the government can implement new limitations, restrictions, or requirements.

One of the recent examples of the legislation that poses a risk of property confiscation is the Law on Return of Illegally Diverted Assets to the State adopted after re-election of President Tokayev. This law is aimed at confiscation of assets deemed to have been illegally acquired by persons holding a responsible public position or a managerial position in state or quasi-state companies (target persons) or by individuals/legal entities affiliated with the target persons. As the law establishes extremely broad categories of affiliated persons such as, for example, individuals and legal entities related to target persons by common commercial interests, foreign investors are potentially at risk of being declared as affiliated to target persons and their assets deemed illegally diverted and confiscated. There is no assurance that our investment in Kazakhstan will not be nationalized, taken over or confiscated by any authority or body, whether the action is legitimate or not. While there are provisions for compensation and reimbursement of losses to investors under these circumstances, there is no assurance that these provisions would restore the value of our original investment or fully compensate us for the investment loss. This could have a material and adverse effect on our earnings, cash flows, financial condition, results of operations or prospects.

Government regulations

Our investment in Kazakhstan may be affected in varying degrees by government regulations restricting production, price controls, export controls, currency controls, taxes and royalties, expropriation of property, environmental, mining and safety legislation, and annual fees to maintain mineral properties in good standing. Kazakhstan regulatory authorities exercise considerable discretion in the interpretation and enforcement of local laws and regulations. At times, authorities use this discretion to enforce rights in a manner that is inconsistent with relevant legislation, particularly with respect to licence issuance, renewal, and compliance. Requirements imposed by regulatory authorities may be costly and time-consuming and may result in delays in the commencement, continuation, or expansion of production operations. Regulatory authorities may impose more onerous requirements and obligations than those currently in effect.

There is no assurance that the laws in Kazakhstan which provide protection to investments, including foreign investments, will not be amended, or abolished, or that these existing laws will be enforced or interpreted to provide adequate protection against any or all of the risks described above. There is also no assurance that the resource use contract can be enforced or will provide adequate protection against any or all the risks described above.

See pages 64 to 67 for a more detailed discussion of the regulatory and political environment in Kazakhstan.

2023 ANNUAL INFORMATION FORM	Page 131

Presidential succession and instability

The first President of Kazakhstan, Nursultan Nazarbayev, was in office since Kazakhstan became an independent republic in 1991 until he resigned on March 20, 2019. He was succeeded by Kassym-Jomart Tokayev. Subsequently Kazakhstan experienced some instability.

In early January 2022, Kazakhstan saw the most significant instability since it became independent in 1991. The events resulted in a state of emergency being declared across the country. With the assistance of the Collective Security Treaty Organization (CSTO), the government restored order and in the second half of January, the state of emergency was gradually lifted and withdrawal of CSTO forces from Kazakhstan was completed. In November 2022, President Tokayev was re-elected for a new 7-year term.

There is considerable uncertainty regarding the future political and economic landscape in Kazakhstan, which could have a material and adverse effect on our earnings, cash flows, financial condition, results of operations or prospects.

Compliance with sanctions

It has been reported in the media that Kazakhstan’s official stance is that it is dedicated to complying with the sanctions imposed against Russia and that the government holds consultations with Western partners to prevent the imposition of secondary sanctions, has introduced restrictions on the export of certain types of goods which are intended for military purposes, and has launched an online tracking system for all goods passing through Kazakhstan’s borders.

However, since EU lawmakers adopted the 11th sanctions package that make it possible for the sanctions to be imposed on companies and individuals in third countries that are found to be helping Russia to circumvent sanctions, there is a risk of persons, banks, and companies based in Kazakhstan being subjected to secondary sanctions.

Australia

Western AustralianGovernment’s uranium policy

State governments in Australia have prohibited uranium mining or uranium exploration from time to time. From 2002 to 2008, uranium mining was banned in Western Australia, where our Kintyre and Yeelirrie projects are located. In 2017, the Western Australian state government announced a ban on the grant of future uranium mining leases and that it would not prevent the progress of four uranium projects that had received approval from the previous government, two of the approved projects being Kintyre and Yeelirrie.

The approval received for Kintyre from the prior state government required substantial commencement of the project by March 2020, and this was not achieved. The current government declined to grant us an extension to achieve it. In the future, we can apply for an extension of time to achieve substantial commencement of the project. If granted by a future government we could commence the Kintyre project, provided we have all other required regulatory approvals.

The approval received for Yeelirrie project from the prior state government required substantial commencement of the project by January 2022, and this was not achieved. The current government declined to grant us an extension to achieve it. In the future we can again apply for an extension of time to achieve substantial commencement of the project. If granted by a future government we could commence the Yeelirrie project, provided we have all other required regulatory approvals. Approval for the Yeelirrie project at the federal level was granted in 2019 and extends until 2043.

A prohibition or restriction on uranium exploration or mining in the future that interferes with the development of Kintyre or Yeelirrie could have a material and adverse effect on our future earnings, cash flows, financial condition, results of operations, or prospects.

Conflict in Ukraine

On February 24, 2022, Russia commenced a military invasion of Ukraine. In response, many jurisdictions have imposed strict economic sanctions against Russia, including Canada, the United States, the European Union, the United Kingdom, and others. Currently, the global nuclear industry relies on Russia for approximately 14% of its supply of uranium concentrates, 27% of conversion supply and 39% of enrichment capacity. With continued conflict, there is ongoing uncertainty about the ability to continue to rely on nuclear fuel supplies coming out of Russia or that ship through Russian ports. The geopolitical situation continues to cause transportation risks in Central Asia, which impacted our shipments of finished product from JV Inkai in 2022 and 2023. We may continue to experience delays in our expected deliveries in 2024. See Uranium – Tier-one operations – Inkaiand Operational risks – Transportation.

2023 ANNUAL INFORMATION FORM	Page 132

Our business has been and may continue to be impacted by the ongoing conflict between Russia and Ukraine and the related economic sanctions.

In March 2023, we signed a major supply contract with Energoatom, Ukraine’s state-owned nuclear energy utility, to supply 100% of Energoatom’s UF6 requirements, including an option to supply up to 100% of the fuel requirements for the six reactors at the Zaporizhzhya nuclear power plant, currently under Russian control, should it return to Energoatom’s operation. The military conflict between Russia and Ukraine may have a negative impact on this supply contract, which could have a material and adverse effect on our earnings, cash flow, financial condition, result of operations, or prospects.

The military conflict between Russia and Ukraine has had and continues to have a negative impact on Westinghouse’s operations in Ukraine, resulting in the loss of revenue and the corresponding loss of earnings, See Strategic risks – Major nuclear incident risk.

Governments continue to develop and implement economic sanctions in response to the conflict. For instance, the Prohibiting Russian Uranium Imports Actwas passed by the United States House of Representatives in December 2023 which, if enacted, would ban imports of enriched Russian uranium to the United States. This ban would be subject to certain waivers until 2028 allowing the import of low-enriched uranium from Russia if the United States energy secretary determines there is no alternative source available or if the shipments are in the national interest. Sanctions such as these may lead to significant volatility in global uranium prices. In addition, with the United States presidential election occurring in late 2024, there remains significant uncertainty regarding future economic sanctions in the United States and how they may be altered by a potentially new administration.

As we have from time to time purchased uranium enrichment services from a Russia-based entity in order to sell enriched uranium directly to customers, we may be required to purchase such enrichment services from other suppliers. Cameco infrequently purchases these services, as the majority of our customers work directly with their own enrichment services providers. In addition, our customer contracts may require deliveries of uranium to areas that are directly affected by the ongoing conflict and the related economic sanctions. These deliveries may need to be adjusted in consideration of the ongoing conflict and/or to comply with applicable sanctions.

The ongoing conflict and economic sanctions may also give rise to additional indirect impacts, including increased fuel prices, supply chain challenges, logistics and transport disruptions and heightened cybersecurity disruptions and threats. Increased fuel prices and ongoing volatility of such prices may have adverse impacts on our costs of doing business.

We have not yet been materially affected by the current conflict and economic sanctions, but there remains significant uncertainty surrounding the outcome of the ongoing conflict, future economic sanctions, our contractual arrangements with Energoatom and shipments of our share of finished JV Inkai product. We will continue to monitor the potential impacts on our business as the situation develops.

Westinghouse’s comprehensive protections against liability for nuclear damage depend on the viability of global indemnities and continuation ofnuclear liability regimes

Global nuclear liability regimes shield nuclear industry participants from unlimited exposure to nuclear accident risks and ensure compensation for victims of nuclear incidents. The US regime, based on the Price-Anderson Nuclear Industries Indemnity Act, as amended, provides for “economic channeling” of liability by establishing requirements for nuclear reactor operators to maintain two layers of insurance (totaling approximately $14 billion (US)), which cover anyone potentially liable, including suppliers, for nuclear damage. International global nuclear liability regimes under the 1963 Vienna Convention on Civil Liability, as amended by the 1997 Protocol; the Paris Convention on Third Party Liability in the Field of Nuclear Energy and the Brussels Supplementary Convention; and the 1997 Convention on Supplementary Compensation for Nuclear Damage provide for legal channeling of liability to the operator of a nuclear installation.

While these nuclear liability regimes shield nuclear suppliers and service providers from nuclear damage in the specific jurisdiction in which a nuclear incident occurs, radioactive releases can be transboundary, and there is no single global nuclear liability regime. Only approximately 70 countries are party to an existing liability regime, and not all the regimes are interconnected. This exposes suppliers to potential liability in jurisdictions not party to a nuclear liability regime. In addition, nuclear liability regimes cover only offsite nuclear damage and do not apply to property damage to the plant itself or any equipment onsite, which typically is covered by separate insurance maintained by nuclear operators.

2023 ANNUAL INFORMATION FORM	Page 133

To address these gaps, Westinghouse obtains from its customers global indemnities against nuclear damage as well as waivers of any onsite property damage. However, should an existing nuclear liability regime be repealed in any country, should any such indemnity be insufficient or should a customer become unable to act on an indemnity due to a bankruptcy or other financial hardship, Westinghouse could be exposed to claims in the event of a nuclear incident.

Legal proceedings

We are currently involved in a dispute with CRA. See Transfer pricing dispute at page 102 for more details about this dispute.

Investor information

Share capital

Our authorized share capital consists of:

•	first preferred shares
•	second preferred shares
---	---
•	common shares
---	---
•	one class B share
---	---

Preferred shares

We do not currently have any preferred shares outstanding, but we can issue an unlimited number of first preferred or second preferred shares with no nominal or par value, in one or more series. The board must approve the number of shares, and the designation, rights, privileges, restrictions and conditions attached to each series of first or second preferred shares.

Preferred shares can carry voting rights, and they rank ahead of common shares and the class B share for receiving dividends and distributing assets if the company is liquidated, dissolved or wound up.

Firstpreferred shares

Each series of first preferred shares ranks equally with the shares of other series of first preferred shares. First preferred shares rank ahead of second preferred shares, common shares and the class B share.

Second preferred shares

Each series of second preferred shares ranks equally with the shares of other series of second preferred shares. Second preferred shares rank after first preferred shares and ahead of common shares and the class B share.

Common shares

We can issue an unlimited number of common shares with no nominal or par value. Only holders of common shares have full voting rights in Cameco.

If you hold our common shares, you are entitled to vote on all matters that are to be voted on at any shareholder meeting, other than meetings that are only for holders of another class or series of shares. Each Cameco share you own represents one vote, except where noted below. As a holder of common shares, you are also entitled to receive any dividends that are declared by our board of directors.

Common shares rank after preferred shares with respect to the payment of dividends and the distribution of assets if the company is liquidated, dissolved or wound up, or any other distribution of our assets among our shareholders if we were to wind up our affairs.

Holders of our common shares have no pre-emptive, redemption, purchase or conversion rights for these shares. Except as described under Ownership and voting restrictions, non-residents of Canada who hold common shares have the same rights as shareholders who are residents of Canada.

On December 31, 2023, we had 434,175,752 common shares outstanding. These were fully paid and non-assessable.

2023 ANNUAL INFORMATION FORM	Page 134

On February 29, 2024, there were 1,396,289 stock options outstanding to acquire common shares of Cameco under the company’s stock option plan with exercise prices ranging from $11.32 to $16.38.

In 2023 and 2024, no stock options were granted.

Our articles of incorporation have provisions that restrict the issue, transfer, and ownership of voting securities of Cameco (see Ownership and votingrestrictions below).

Class B shares

The province of Saskatchewan holds our one class B share outstanding. It is fully paid and non-assessable.

The one class B share entitles the province to receive notices of and attend all meetings of shareholders, for any class or series.

The class B shareholder can only vote at a meeting of class B shareholders, and only as a class if there is a proposal to:

•	amend Part 1 of Schedule B of the articles, which states that:
•	Cameco’s registered office and head office operations must be in Saskatchewan
---	---
•	the vice-chair of the board, chief executive officer (CEO), president, chief financial officer (CFO) and<br>generally all of the senior officers (vice-presidents and above) must live in Saskatchewan
---	---
•	all annual meetings of shareholders must be held in Saskatchewan
---	---
•	amalgamation, if it would require an amendment to Part 1 of Schedule B of the articles, or
---	---
•	an amendment to the articles in a way that would change the rights of class B shareholders
---	---

The class B shareholder can request and receive information from us to determine whether or not we are complying with Part 1 of Schedule B of the articles.

The class B shareholder does not have the right to receive any dividends declared by Cameco. The class B share ranks after first and second preferred shares, but equally with common shareholders, with respect to the distribution of assets if the company is liquidated, dissolved or wound up. The class B shareholder has no pre-emptive, redemption, purchase or conversion rights with its class B share, and the share cannot be transferred.

Ownership and voting restrictions

The federal government established ownership restrictions when Cameco was formed so we would remain Canadian controlled. There are restrictions on issuing, transferring, and owning Cameco common shares whether you own the shares as a registered shareholder, hold them beneficially or control your investment interest in Cameco directly or indirectly. These are described in the Eldorado Nuclear LimitedReorganization and Divestiture Act (Canada) (ENL Reorganization Act) and our company articles.

The following is a summary of the restrictions listed in our company articles.

Residents

A Canadian resident, either individually or together with associates, cannot hold, beneficially own or control shares or other Cameco securities, directly or indirectly, representing more than 25% of the votes that can be cast to elect directors.

Non-residents

A non-resident of Canada, either individually or together with associates, cannot hold, beneficially own or control shares or other Cameco securities, directly or indirectly, representing more than 15% of the total votes that can be cast to elect directors.

Voting restrictions

All votes cast at the meeting by non-residents, either beneficially or controlled directly or indirectly, will be counted and pro-rated collectively to limit the proportion of votes cast by non-residents to no more than 25% of the total shareholder votes cast at the meeting.

We limit the counting of votes by non-residents of Canada at our annual meeting of shareholders to abide by this restriction. This has resulted in non-residents receiving less than one vote per share.

2023 ANNUAL INFORMATION FORM	Page 135

Enforcement

The company articles allow us to enforce the ownership and voting restrictions by:

•	suspending voting rights
•	forfeiting dividends and other distributions
---	---
•	prohibiting the issue and transfer of Cameco shares
---	---
•	requiring the sale or disposition of Cameco shares
---	---
•	suspending all other shareholder rights.
---	---

To verify compliance with restrictions on ownership and voting of Cameco shares, we require existing shareholders, proposed transferees or other subscribers for voting shares to declare their residency, ownership of Cameco shares and other things relating to the restrictions. Nominees such as banks, trust companies, securities brokers or other financial institutions who hold the shares on behalf of beneficial shareholders need to make the declaration on their behalf.

We cannot issue or register a transfer of any voting shares if it would result in a contravention of the resident or non-resident ownership restrictions.

If we believe there is a contravention of our ownership restrictions based on any shareholder declarations filed with us, or our books and records or those of our registrar and transfer agent or otherwise, we can suspend all shareholder rights for the securities they hold, other than the right to transfer them. We can only do this after giving the shareholder 30 days’ notice, unless he or she has disposed of the holdings, and we have been advised of this.

Understandingthe terms

Please see our articles for the exact definitions of associate, resident, non-resident, control, and beneficial ownership which are used for the restrictions described above.

Other restrictions

The ENL Reorganization Act imposes some additional restrictions on Cameco. We must maintain our registered office and our head office operations in Saskatchewan. We are also prohibited from:

•	creating restricted shares (these are generally defined as a participating share with restrictive voting rights)<br>
•	applying for continuance in another jurisdiction
---	---
•	enacting articles of incorporation or bylaws that have provisions that are inconsistent with the ENLReorganization Act
---	---

We must maintain our registered office and head office operations in Saskatchewan under the SaskatchewanMining Development Corporation Reorganization Act. This generally includes all executive, corporate planning, senior management, administrative and general management functions.

Credit ratings

Credit ratings provide an independent, professional assessment of a corporation’s credit risk. They are not a comment on the market price of a security or suitability for an individual investor and are, therefore, not recommendations to buy, hold or sell our securities.

We provide rating agencies DBRS Limited (DBRS) and S&P Global Ratings (S&P) with confidential information to support the credit rating process.

The credit ratings assigned to our securities by external ratings agencies are important to our ability to raise capital at competitive pricing to support our business operations and execute our strategy.

We have three series of senior unsecured debentures outstanding:

•	$100 million of debentures issued on November 14, 2012, that have an interest rate of 5.09% per year<br>and mature on November 14, 2042
•	$500 million of debentures issued on June 24, 2014, that have an interest rate of 4.19% per year and<br>mature on June 24, 2024 (classified as current)
---	---
•	$400 million of debentures issued on October 21, 2020, that have an interest rate of 2.95% per year and<br>mature on October 21, 2027
---	---
2023 ANNUAL INFORMATION FORM	Page 136
---	---

We have a commercial paper program which is supported by a $1 billion unsecured revolving credit facility that matures October 1, 2027. As of December 31, 2023, there were no amounts outstanding under the commercial paper facility.

Additionally, we have approximately $800 million in term loan debt. We have drawn the full amount of the single advance $600 million (US) term loan that was put in place concurrently with the execution of the Westinghouse acquisition agreement, of which $300 million (US) matures in November 2025 and $300 million (US) matures in November 2026. In early 2024, we completed a partial repayment of $200 million (US) on the $300 million (US) tranche which matures in November 2026, leaving a principal balance of $100 million (US) on that tranche. The term loan facility requires interest rate elections on each tranche, priced at the applicable rate of:

•	SOFR plus a credit spread adjustment of 0.10% and a margin that currently ranges from 1.7% to 1.95%, or<br>
•	US base rate, plus a margin that currently ranges from 0.7% to 0.95%
---	---

The margins are dependent on Cameco’s credit rating and as such could change over the term if the credit rating changes.

The table below shows the current DBRS and S&P ratings and the rating trends/outlooks of our commercial paper and senior unsecured debentures:

Rating Agency	Rating	Rating Trend/Outlook
Commercial paper
DBRS	R-2 (middle)	Stable
S&P	A-3	Stable
Senior Unsecured Debentures
DBRS	BBB	Stable
S&P	BBB-	Stable

The rating agencies may revise or withdraw these ratings at any time if they believe circumstances warrant. The rating trend/outlook represents the ratings agency’s assessment of the likelihood and direction that the rating could change in the future.

A change in our credit ratings could affect our cost of funding and our access to capital through the capital markets.

On May 28, 2020, DBRS changed Cameco’s rating outlook to stable from negative. The change was based on the improving outlook for the uranium industry, including the uranium price increases in 2020. On May 26, 2021, May 27, 2022 and

October 12, 2023, DBRS confirmed the rating and the outlook.

On February 16, 2022, S&P revised its outlook for Cameco to stable from negative and affirmed the BBB- rating. The outlook reflected the estimated improvement in profitability and credit measures, with an expected reduction in unit costs based on expanded uranium output with the restart of McArthur River/Key Lake and relatively favourable prices. On March 12, 2024 S&P confirmed their BBB- rating and Stable outlook.

Commercial paper

Rating scales for commercial paper are meant to indicate the risk that a borrower will not fulfill its near-term debt obligations in a timely manner.

The table below explains the credit ratings of our commercial paper in more detail:

	Rating	Ranking
DBRS<br> <br>rates commercial paper bycategories ranging<br> <br>from a high of R-1 to a low of D	R-2 (Middle)	• middle of the R-2 category<br><br><br><br> <br>• represents “adequate<br>credit quality”<br> <br><br><br><br>• fifth highest of 10 available credit rating categories
S&P<br> <br>rates commercial paper bycategories ranging<br> <br>from a high of A-1 (high) to a low of D	A-3	• represents “adequate protection parameters”<br><br><br><br> <br>• third highest of six<br>available credit rating categories

Senior unsecured debentures

Long-term debt rating scales are meant to indicate the risk that a borrower will not fulfill its full obligations, with respect to interest and principal, in a timely manner.

2023 ANNUAL INFORMATION FORM	Page 137

The table below explains the credit ratings of our senior unsecured debentures in more detail:

	Rating	Ranking
DBRS	BBB	• middle of the BBB category
rates senior unsecured debentures by categories ranging from a high of AAA to a low of D		• represents “adequate credit quality”<br><br><br><br> <br>• fourth highest of eight<br>available credit rating categories
		• capacity for the payment of financial obligations is considered<br>acceptable
		• may be vulnerable to future economic events
S&P	BBB-	• the lower end of the BBB category
rates senior unsecured debentures by categories ranging from a high of AAA to a low of D		• exhibits “adequate protection parameters”<br><br><br><br> <br>• fourth highest of 10<br>available credit rating categories
		• adverse economic conditions or changing circumstances are more likely to lead<br>to a weakened capacity to meet financial commitments

Payments to credit rating agencies

Over the last two years, we paid $1,384,500 in connection with credit ratings related services.

Material contracts

Below is a list of material contracts entered into and still in effect, which have been filed on SEDAR+ in accordance with National Instrument 51-102 Continuous Disclosure requirements:

Supplemental indentures

We entered into the Sixthsupplemental indenture with CIBC Mellon on November 14, 2012, relating to the issue of $100 million in unsecured debentures at an interest rate of 5.09% per year and due in 2042.

We entered into the Seventh supplemental indenture with CIBC Mellon on June 24, 2014, relating to the issue of $500 million in unsecured debentures at an interest rate of 4.19% per year and due in 2024.

We entered into the Eighth supplemental indenture with CIBC Mellon on October 21, 2020, relating to the issue of $400 million in unsecured debentures at an interest rate of 2.95% per year and due in 2027.

We entered into the Resignation and Appointment Agreement with CIBC Mellon and BNY Trust Company of Canada on February 22, 2021, relating to resignation of CIBC Mellon as trustee and appointment of BNY as trustee under the above supplemental indentures.

See Senior unsecured debentures, above for more information about these debentures.

Resource use contract

See page 63 at Resource usecontract for information about this contract.

Market for our securities

Our common shares are listed and traded on the Toronto Stock Exchange (TSX) (under the symbol CCO) and the New York Stock Exchange (under the symbol CCJ).

We have a registrar and transfer agent in Canada and the US for our common shares:

Canada	TSX Trust Company<br> <br>301 – 100 Adelaide<br>Street West<br> <br>Toronto, ON M5H 4H1	US	Equiniti Trust Company, LLC<br> <br>55 Challenger Road<br>2^nd^ floor<br> <br>Ridgefield Park, New Jersey<br><br><br>United States of America 07660
2023 ANNUAL INFORMATION FORM	Page 138
---	---

Trading activity

The table below shows the high and low closing prices and trading volume for our common shares on the TSX in 2023.

2023	High ()	Low ()	Volume
January				27,180,990
February				27,336,592
March				26,572,625
April				18,832,797
May				20,244,351
June				25,178,696
July				18,587,612
August				22,318,028
September				25,753,210
October				26,390,916
November				24,623,312
December				26,030,946

All values are in US Dollars.

Dividend

In 2023, our board of directors declared a dividend of $0.12 per common share which was paid on December 15, 2023. The decision to declare an annual dividend by our board is reviewed regularly and will be based on our cash flow, financial position, strategy and other relevant factors including appropriate alignment with the cyclical nature of our earnings.

The table below shows the dividends per common share for the last three fiscal years.

	2023		2022		2021
Cash dividends	$	0.12	$	0.12	$	0.08
Total dividends paid (millions)	$	52	$	52	$	32

Governance

Directors

Director	Board committees	Principal occupation or employment
Daniel Camus<br> <br>Westmount, Québec,<br>Canada<br> <br>Director since 2011	Audit and finance (Chair)<br> <br>Human resources and<br>compensation	Corporate director as of 2011
Tammy Cook-Searson<br> <br>Lac La Ronge,<br>Saskatchewan, Canada<br> <br>Director since 2023	Safety, health and environment<br><br><br>Technical	2005 to present – Chief of the Lac La Ronge Indian Band and President of Kitsaki Management Limited Partnership
Don Deranger<br> <br>Prince Albert,<br>Saskatchewan, Canada<br> <br>Director since 2009	Nominating, corporate governance and risk<br><br><br>Safety, health and environment<br> <br>Technical	May 2013 to present – non-executive chair of the board of Points Athabasca Contracting LP, a civil, earthworks and industrial<br>contracting company<br> <br>1997 to present – Advisor to First Nations Communities
Catherine Gignac<br> <br>Mississauga, Ontario,<br>Canada<br> <br>Director since 2014	A member of all board committees<br> <br>Nominating,<br>corporate governance and risk (Chair)	Corporate director as of 2011
2023 ANNUAL INFORMATION FORM	Page 139
---	---
Director	Board committees	Principal occupation or employment
---	---	---
Tim Gitzel<br> <br>Saskatoon, Saskatchewan,<br>Canada<br> <br>Director since 2011	None	July 2011 to present – President and Chief Executive Officer
Jim Gowans<br> <br>Surrey, British Columbia,<br>Canada<br> <br>Director since 2009	Safety, health and environment (Chair)<br> <br>Audit<br>and finance<br> <br>Technical	Corporate director as of 2018<br> <br>August 2019 to<br>May 2020 – Interim president, CEO and a director of Trilogy Metals Inc.<br> <br>January 2016 to 2018 – President and CEO of Arizona Mining Inc., an<br>exploration and development company
Kathryn Jackson<br> <br>Indialantic, Florida,<br>USA<br> <br>Director since 2017	Human resources and compensation<br> <br>Nominating,<br>corporate governance and risk<br> <br>Safety, health and environment<br><br><br>Technical (Chair)	Corporate director as of 2008
Don Kayne<br> <br>Delta, British Columbia,<br>Canada<br> <br>Director since 2016	Human resources and compensation (Chair)<br><br><br>Safety, health and environment	May 2011 to present – President and CEO of Canfor Corporation<br><br><br>September 2012 to April 2022 – Chief Executive Officer of Canfor Pulp Products Incorporated, an integrated forest products company
Dominique Minière<br> <br>Toronto,<br>Ontario, Canada<br> <br>Director since 2023	Human resources and compensation<br> <br>Safety, health<br>and environment<br> <br>Technical	Corporate director as of 2023<br> <br>January 2022 to<br>December 2022 – Executive Vice President of Ontario Power Generation<br> <br>September 2020 to December 2021 – Executive Vice President and Chief<br>Strategy Officer of Ontario Power Generation<br> <br>March 2019 to September 2020 – Nuclear President of Ontario Power Generation
Leontine van Leeuwen-Atkins<br> <br>Calgary,<br>Alberta, Canada<br> <br>Director since 2020	Audit and finance<br> <br>Nominating, corporate<br>governance and risk<br> <br>Technical	Corporate director as of 2019<br> <br>2006 to 2019<br>– Partner at KPMG Canada

Each director is elected for a term of one year and holds office until the next annual meeting unless he or she steps down, as required by corporate law.

Officers

Officer	Principal occupation or employment for past fiveyears
Catherine Gignac<br> <br>Chair<br><br><br>Mississauga, Ontario, Canada	Assumed current position November 2023
Tim Gitzel<br> <br>President and Chief Executive<br>Officer<br> <br>Saskatoon, Saskatchewan, Canada	Assumed current position July 2011
Grant Isaac<br> <br>Executive Vice-President and<br>Chief Financial Officer<br> <br>Saskatoon, Saskatchewan, Canada	Assumed current position February 2023<br> <br>July<br>2011 to February 1, 2023 – Senior Vice-President and Chief Financial Officer
Sean Quinn<br> <br>Senior Vice-President, Chief<br>Legal Officer<br> <br>and Corporate Secretary<br> <br>Saskatoon,<br>Saskatchewan, Canada	Assumed current position April 2014
2023 ANNUAL INFORMATION FORM	Page 140
---	---
Officer	Principal occupation or employment for past fiveyears
---	---
Brian Reilly<br> <br>Senior Vice-President and<br>Chief Operating Officer<br> <br>Saskatoon, Saskatchewan, Canada	Assumed current position July 2017
Heidi Shockey<br> <br>Senior Vice-President and<br>Deputy Chief Financial Officer<br> <br>Saskatoon, Saskatchewan, Canada	Assumed current position February 2023<br> <br>April<br>2013 to February 1, 2023 – Vice-President, Controller<br> <br>October 2017 to April 2020 – Vice-President, Controller and Treasurer
Alice Wong<br> <br>Senior Vice-President and<br>Chief Corporate Officer<br> <br>Saskatoon, Saskatchewan, Canada	Assumed current position July 2011

To our knowledge, the total number of common shares that the directors and executive officers as a group either:

(i) beneficially owned; or (ii) exercised direction or control over, directly or indirectly, was 782,482 as at March 15, 2024. This represents less than 1% of our outstanding common shares.

To the best of our knowledge, none of the directors, executive officers or shareholders that either: (i) beneficially owned; or (ii) exercised direction or control of, directly or indirectly, over 10% of any class of our outstanding securities, nor their associates or affiliates, have or have had within the three most recently completed financial years, any material interests in material transactions which have affected, or will materially affect, the company.

Other information aboutour directors and officers

None of our directors or officers, or a shareholder with significant holdings that could materially affect control of us, is or was a director or executive officer of another company in the past 10 years that:

•	was the subject of a cease trade or similar order, or an order denying that company any exemption under<br>securities legislation, for more than 30 consecutive days while the director or executive officer held that role with the company
•	was involved in an event that resulted in the company being subject to one of the above orders after the director<br>or executive officer no longer held that role with the company
---	---
•	while acting in that capacity, or within a year of acting in that capacity, became bankrupt, made a proposal<br>under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold the assets of that company, except<br>for:
---	---
•	Jim Gowans was a director of Gedex Technologies Inc. (Gedex), an Ontario-based developer of airborne geological<br>imaging technology, from 2015 to November 2019. Gedex was under a CCAA protection from August 12 to December 5, 2019.
---	---

None of them in the past 10 years:

•	became bankrupt
•	made a proposal under any legislation relating to bankruptcy or insolvency
---	---
•	has been subject to or launched any proceedings, arrangement or compromise with any creditors, or<br>
---	---
•	had a receiver, receiver manager or trustee appointed to hold any of their assets
---	---

None of them has ever been subject to:

•	penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory<br>authority or has entered into a settlement agreement with a securities regulatory authority, or
•	any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important<br>to a reasonable investor in making an investment decision
---	---

About the audit and finance committee

Audit and finance committee charter

See appendix A for a copy of the audit and finance committee charter. You can also find a copy on our website (cameco.com/about/governance/board committees).

2023 ANNUAL INFORMATION FORM	Page 141

Composition of the audit and finance committee

The committee is made up of four members: Daniel Camus (chair), Catherine Gignac, Jim Gowans, and Leontine van Leeuwen-Atkins. Each member is independent and financially literate using criteria that meet the standards of the Canadian Securities Administrators as set out in National Instrument 52-110.

Relevant education and experience

Daniel Camus is the former group chief financial officer and former head of strategy and international activities of Electricité de France SA (EDF), a France-based integrated energy operator active in the generation, distribution, transmission, supply and trading of electrical energy with international subsidiaries. He is the audit committee chair and board member of the non-governmental organization, MedAccess plc, located in London, UK. He is the former audit committee chair and board member of the non-governmental organization, FIND Diagnostics, located in Geneva, Switzerland and former Chief Financial Officer of the humanitarian finance organization, The Global Fund to Fight AIDS, Tuberculosis and Malaria. Mr. Camus received his PhD in Economics from Sorbonne University and an MBA in finance and economics from the Institute d’Études Politiques de Paris.

Catherine Gignac, a corporate director, is a former mining equity research analyst with leading global brokerage firms. She currently serves on the board of one other publicly-traded company and served on the board of the publicly-traded company, Corvus Gold Inc., for six years and as chair of its board for five years. She has served on the audit, compensation, nominating and sustainability committees of other public-traded company boards. She has more than 30 years’ experience as a mining equity research analyst and geologist. She held senior positions with leading firms, including Merrill Lynch Canada, RBC Capital Markets, UBS Investment Bank and Dundee Capital Markets Inc. and Loewen Ondaatje McCutcheon Limited. Ms. Gignac was the principal of Catherine Gignac & Associates from 2011 to 2015.

Jim Gowans, a corporate director, is a former mining executive. He served as interim President and CEO of Trilogy Metals Inc. from 2019 to 2020, as the president and CEO of Arizona Mining Inc. from 2016 to 2018, and at Barrick Gold Corporation in various senior executive positions throughout 2014 and 2015. He has over 30 years of experience as a senior mining executive and is the past chair of the Mining Association of Canada. Mr. Gowans currently serves on the board of three other publicly-traded companies. He received his applied science degree in mineral engineering from the University of British Columbia and attended the Banff School of Advanced Management.

Leontine van Leeuwen-Atkins, a corporate director, is a former Partner with KPMG Canada, and served as a board member of KPMG Canada’s National Board of Directors until 2019. Ms. Atkins serves on the board of one other publicly-traded company and as its audit committee chair. She serves on the board of one private company as well as audit committee member. She is a Fellow of the Chartered Professional Accountants (CPA) of Alberta and holds the ICD.D designation from the Institute of Corporate Directors. She has over 30 years of experience in the global mining, power, utility and oil and gas industries, with a focus on corporate strategy. Ms. Atkins received her bachelor of business administration degree in finance from Acadia University and a master of business administration degree from Dalhousie University.

2023 ANNUAL INFORMATION FORM	Page 142

Auditors’ fees

The table below shows the fees billed by the external auditors for services in 2023 and 2022:


Audit fees
Cameco^1^	88.7	82.8
Subsidiaries^2^	4.9	4.7
Total audit fees	93.6	87.5
Audit-related fees
Translation services^3^<br><br><br>Pensions^4^	0<br> <br>1.2	4.8<br> <br>1.0
Total audit-related fees	1.2	5.8
Tax fees
Compliance	0.2	0.2
Planning and advice^5^	5.0	4.1
Total tax fees	5.2	4.3
All other fees<br><br><br>Other non-audit fees^6^	0	2.4
Total other non-audit fees	0	2.4
Total fees	100	100.0

All values are in US Dollars.

^1^	Includes amounts billed for the audit of Cameco’s annual consolidated financial statements and the review<br>of interim financial statements.
^2^	Includes amounts billed for the audit of Cameco’s subsidiary financial statements.
---	---
^3^	Translation services for 2022 relate to the French translation of the 2021 annual financial statements and<br>MD&A, 2022 Q2 interim financial statements and MD&A, and certain sections of the September 2022 base shelf prospectus. No invoices were issued in 2023 for translation services.
---	---
^4^	Includes amounts billed for the audit of Cameco’s pension plan financial statements.<br>
---	---
^5^	Includes amounts billed for tax compliance and tax advisory services.
---	---
^6^	Other non-audit fees for 2022 includes amounts billed for Cameco’s I-4 Membership. No invoices were issued<br>in 2023.
---	---

Approving services

The audit and finance committee must pre-approve all services the external auditors will provide to make sure they remain independent. This is according to our audit and finance committee charter and consistent with our corporate governance practices. The audit and finance committee pre-approves services up to a specific limit. If we expect the fees to exceed the limit, or the external auditors to provide new audit or non-audit services that have not been pre-approved in the past, then this must be pre-approved separately.

Any service that is not generally pre-approved must be approved by the audit and finance committee before the work is carried out, or by the committee chair, or board chair in their absence, as long as the proposed service is presented to the full audit and finance committee at its next meeting.

The committee has adopted a written policy that describes the procedures for implementing these principles.

Interest of experts

Our auditor is KPMG LLP, independent chartered accountants, who have audited our 2023 financial statements.

KPMG LLP are the auditors of Cameco and have confirmed with respect to Cameco that they are independent within the meaning of the relevant rules and related interpretations prescribed by the relevant professional bodies in Canada and any applicable legislation or regulations and that they are independent accountants with respect to Cameco under all relevant US professional and regulatory standards.

2023 ANNUAL INFORMATION FORM	Page 143

The individuals who are qualified persons for the purposes of NI 43-101 are listed under Mineral reservesand resources on page 88 and under Technical report on pages 28, 44 and 58. As a group, they beneficially own, directly or indirectly, less than 1% of any class of the outstanding securities of Cameco and our associates and affiliates.

Appendix A

Audit and finance committee of theBoard of Directors

Mandate

Purpose

The primary purpose of the audit and finance committee (the “committee”) is to assist the board of directors (the “board”) in fulfilling its oversight responsibilities for (a) the accounting and financial reporting processes, (b) the internal controls, (c) the external auditors, including performance, qualifications, independence, and their audit of the corporation’s financial statements, (d) the performance of the corporation’s internal audit function, (e) financial matters and risk management of financial risks, (f) the corporation’s process for monitoring compliance with laws and regulations (other than environmental and safety laws) and its code of conduct and ethics, and (g) prevention and detection of fraudulent activities. The committee shall also prepare such reports as required to be prepared by it by applicable securities laws.

In addition, the committee provides an avenue for communication between each of the internal auditor, the external auditors, management, and the board. The committee shall have a clear understanding with the external auditors that they must maintain an open and transparent relationship with the committee and that the ultimate accountability of the external auditors is to the board and the committee, as representatives of the shareholders. The committee, in its capacity as a committee of the board, subject to the requirements of applicable law, is directly responsible for the appointment, compensation, retention, and oversight of the external auditors.

The committee has the authority to communicate directly with the external auditors and internal auditor.

The committee shall make regular reports to the board concerning its activities and in particular shall review with the board any issues that arise with respect to the quality or integrity of the corporation’s financial statements, the performance and independence of the external auditors, the performance of the corporation’s internal audit function, or the corporation’s process for monitoring compliance with laws and regulations other than environmental and safety laws.

Composition

The board shall appoint annually, from among its members, a committee and its chair. The committee shall consist of at least three members and shall not include any director employed by the corporation.

Each committee member will be independent pursuant to the standards for independence adopted by the board.

Each committee member shall be financially literate with at least one member having accounting or related financial expertise, using the terms defined as follows:

“Financially literate” means the ability to read and understand a set of financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the corporation’s financial statements; and

“Accounting or related financial expertise” means the ability to analyse and interpret a full set of financial statements, including the notes attached thereto, in accordance with Canadian generally accepted accounting principles.

In addition, where possible, at least one member of the committee shall qualify as an “audit committee financial expert” within the meaning of applicable securities law.

Members of the committee may not serve on the audit and finance committees of more than three public companies (including Cameco’s) without the approval of the board.

2023 ANNUAL INFORMATION FORM	Page 144

Meetings

The committee will meet at least four times annually and as many additional times as the committee considers necessary to carry out its duties effectively. The committee will hold separate closed sessions with the external auditors, the internal auditor, the chief financial officer and other members of management at each regularly scheduled meeting.

A majority of the members of the committee shall constitute a quorum. No business may be transacted by the committee except at a meeting of its members at which a quorum of the committee is present.

The committee may invite such officers, directors and employees of the corporation as it may see fit from time to time to attend at meetings of the committee and assist thereat in the discussion and consideration of any matter.

A meeting of the committee may be convened by the chair of the committee, a member of the committee, the external auditors, the internal auditor, the chief executive officer or the chief financial officer. The secretary, who shall be appointed by the committee, shall, upon direction of any of the foregoing, arrange a meeting of the committee. The committee shall report to the board in a timely manner with respect to each of its meetings.

Duties and responsibilities

To carry out its oversight responsibilities, the committee shall:

Financial reporting process

1.	Review with management and the external auditors any items of concern, any proposed changes in the selection or<br>application of major accounting policies and the reasons for the change, any identified risks and uncertainties, and any issues requiring management judgement, to the extent that the foregoing may be material to financial reporting.<br>
2.	Consider any matter required to be communicated to the committee by the external auditors under applicable<br>generally accepted auditing standards, applicable law and listing standards, including the external auditors’ report to the committee (and management’s response thereto) on: (a) all critical accounting policies and practices used by<br>the corporation; (b) all material alternative accounting treatments of financial information within generally accepted accounting principles that have been discussed with management, including the ramifications of the use of such alternative<br>treatments and disclosures and the treatment preferred by the external auditors; and (c) any other material written communications between the external auditors and management.
---	---
3.	Require the external auditors to present and discuss with the committee their views about the quality, not just<br>the acceptability, of the implementation of generally accepted accounting principles with particular focus on accounting estimates and judgements made by management and their selection of accounting principles.
---	---
4.	Discuss with management and the external auditors (a) any accounting adjustments that were noted or<br>proposed (i.e. immaterial or otherwise) by the external auditors but were not reflected in the financial statements, (b) any material correcting adjustments that were identified by the external auditors in accordance with generally<br>accepted accounting principles or applicable law, (c) any communication reflecting a difference of opinion between the audit team and the external auditors’ national office on material auditing or accounting issues raised by the<br>engagement, and (d) any “management” or “internal control” letter issued, or proposed to be issued, by the external auditors to the corporation.
---	---
5.	Discuss with management and the external auditors any significant financial reporting issues considered during<br>the fiscal period and the method of resolution. Resolve disagreements between management and the external auditors regarding financial reporting.
---	---
6.	Review with management and the external auditors (a) any off-balance sheet financing mechanisms being used<br>by the corporation and their effect on the corporation’s financial statements and (b) the effect of regulatory and accounting initiatives on the corporation’s financial statements, including the potential impact of proposed<br>initiatives.
---	---
7.	Review with management and the external auditors and legal counsel, if necessary, any litigation, claim or<br>other contingency, including tax assessments, that could have a material effect on the financial position or operating results of the corporation, and the manner in which these matters have been disclosed or reflected in the financial statements.<br>
---	---
8.	Review with the external auditors any audit problems or difficulties experienced by the external auditors in<br>performing the audit, including any restrictions or limitations imposed by management, and management’s response. Resolve any disagreements between management and the external auditors regarding these matters.
---	---
2023 ANNUAL INFORMATION FORM	Page 145
---	---
9.	Review the results of the external auditors’ audit work including findings and recommendations,<br>management’s response, and any resulting changes in accounting practices or policies and the impact such changes may have on the financial statements.
---	---
10.	Review and discuss with management and the external auditors the audited annual financial statements and<br>related management discussion and analysis, make recommendations to the board with respect to approval thereof, before being released to the public, and obtain an explanation from management of all significant variances between comparable reporting<br>periods.
---	---
11.	Review and discuss with management and the external auditors all interim unaudited financial statements and<br>related interim management discussion and analysis and make recommendations to the board with respect to the approval thereof, before being released to the public.
---	---
12.	Obtain confirmation from the chief executive officer and the chief financial officer (and considering the<br>external auditors’ comments, if any, thereon) to their knowledge:
---	---
(a)	that the audited financial statements, together with any financial information included in the annual MD&A<br>and annual information form, fairly present in all material respects the corporation’s financial condition, cash flow and results of operation, as of the date and for the periods presented in such filings; and
---	---
(b)	that the interim financial statements, together with any financial information included in the interim<br>MD&A, fairly present in all material respects the corporation’s financial condition, cash flow and results of operation, as of the date and for the periods presented in such filings.
---	---
13.	Review news releases to be issued in connection with the audited annual financial statements and related<br>management discussion and analysis and the interim unaudited financial statements and related interim management discussion and analysis, before being released to the public. Discuss the type and presentation of information to be included in news<br>releases (paying particular attention to any use of “pro-forma” or “adjusted” non-GAAP, information).
---	---
14.	Review any news release, before being released to the public, containing earnings guidance or financial<br>information based upon the corporation’s financial statements prior to the release of such statements.
---	---
15.	Review the appointment of the chief financial officer and have the chief financial officer report to the<br>committee on the qualifications of new key financial executives involved in the financial reporting process.
---	---
16.	Consult with the human resources and compensation committee on the succession plan for the chief financial<br>officer and controller. Review the succession plans in respect of the chief financial officer and controller.
---	---

Internal controls

17.	Receive from management a statement of the corporation’s system of internal controls over accounting and<br>financial reporting.
18.	Consider and review with management, the internal auditor and the external auditors, the adequacy and<br>effectiveness of internal controls over accounting and financial reporting within the corporation and any proposed significant changes in them.
---	---
19.	Consider and discuss the scope of the internal auditors’ and external auditors’ review of the<br>corporation’s internal controls, and obtain reports on significant findings and recommendations, together with management responses.
---	---
20.	Discuss, as appropriate, with management, the external auditors and the internal auditor, any major issues as<br>to the adequacy of the corporation’s internal controls and any special audit steps in light of material internal control deficiencies.
---	---
21.	Review annually the disclosure controls and procedures, including (a) the certification timetable and<br>related process and (b) the procedures that are in place for the review of the corporation’s disclosure of financial information extracted from the corporation’s financial statements and the adequacy of such procedures. Receive<br>confirmation from the chief executive officer and the chief financial officer of the effectiveness of disclosure controls and procedures, and whether there are any significant deficiencies and material weaknesses in the design or operation of<br>internal control over financial reporting which are reasonably likely to adversely affect the corporation’s ability to record, process, summarize and report financial information or any fraud, whether or not material, that involves management<br>or other employees who have a significant role in the corporation’s internal control over financial reporting. In addition, receive confirmation from the chief executive officer and the chief financial officer that they are prepared to sign the<br>annual and quarterly certificates required by applicable securities law.
---	---
2023 ANNUAL INFORMATION FORM	Page 146
---	---
22.	Review management’s annual report and the external auditors’ report on the assessment of the<br>effectiveness of the corporation’s internal control over financial reporting.
---	---
23.	Receive a report, at least annually, from the technical committee of the board on the corporation’s<br>mineral reserves.
---	---

External auditors

(i)	External Auditors’ Qualifications and Selection
24.	Subject to the requirements of applicable law, be solely responsible to select, retain, compensate, oversee,<br>evaluate and, where appropriate, replace the external auditors, who must be registered with agencies mandated by applicable law. The committee shall be entitled to adequate funding from the corporation for the purpose of compensating the external<br>auditors for completing an audit and audit report.
---	---
25.	Instruct the external auditors that:
---	---
(a)	they are ultimately accountable to the board and the committee, as representatives of shareholders; and<br>
---	---
(b)	they must report directly to the committee.
---	---
26.	Ensure that the external auditors have direct and open communication with the committee and that the external<br>auditors meet regularly with the committee without the presence of management to discuss any matters that the committee or the external auditors believe should be discussed privately.
---	---
27.	Evaluate the external auditors’ qualifications, performance, and independence. As part of that evaluation:<br>
---	---
(a)	at least annually, request and review a formal report by the external auditors describing: the firm’s<br>internal quality-control procedures; any material issues raised by the most recent internal quality-control review, or peer review, of the firm, or by any inquiry or investigation by governmental or professional authorities, within the preceding<br>five years, respecting one or more independent audits carried out by the firm, and any steps taken to deal with any such issues; and (to assess the auditors’ independence) all relationships between the external auditors and the corporation,<br>including the amount of fees received by the external auditors for the audit services and for various types of non-audit services for the periods prescribed by applicable law; and
---	---
(b)	annually review and confirm with management and the external auditors the independence of the external<br>auditors, including the extent of non-audit services and fees, the extent to which the compensation of the audit partners of the external auditors is based upon selling non-audit services, the timing and process for implementing the rotation of the<br>lead audit partner, reviewing partner and other partners providing audit services for the corporation, whether there should be a regular rotation of the audit firm itself, and whether there has been a “cooling off” period of one year for<br>any former employees of the external auditors who are now employees with a financial oversight role, in order to assure compliance with applicable law on such matters; and
---	---
(c)	annually review and evaluate senior members of the external audit team, including their expertise and<br>qualifications. In making this evaluation, the audit and finance committee should consider the opinions of management and the internal auditor.
---	---

Conclusions on the independence of the external auditors should be reported to the board.

28.	Review and approve the corporation’s policies for the corporation’s hiring of employees and former<br>employees of the external auditors. Such policies shall include, at minimum, a one-year hiring “cooling off” period.
(ii)	Other Matters
---	---
29.	Meet with the external auditors to review and approve the annual audit plan of the corporation’s financial<br>statements prior to the annual audit being undertaken by the external auditors, including reviewing the year-to-year co-ordination of the audit plan and the planning, staffing and extent of the scope of the annual audit. This review should include<br>an explanation from the external auditors of the factors considered by the external auditors in determining their audit scope, including major risk factors. The external auditors shall report to the committee all significant changes to the approved<br>audit plan.
---	---
2023 ANNUAL INFORMATION FORM	Page 147
---	---
30.	Review and approve the basis and amount of the external auditors’ fees with respect to the annual audit in<br>light of all relevant matters.
---	---
31.	Review and pre-approve all audit and non-audit service engagement fees and terms in accordance with applicable<br>law, including those provided to the subsidiaries of the corporation by the external auditors or any other person in its capacity as external auditors of such subsidiary. Between scheduled committee meetings, the chair of the committee, on behalf of<br>the committee, is authorised to pre-approve any audit or non-audit service engagement fees and terms. At the next committee meeting, the chair shall report to the committee any such pre-approval given. Establish and adopt procedures for such<br>matters.
---	---

Internal auditor

32.	Review and approve the appointment or removal of the internal auditor.
33.	Review and discuss with the external auditors, management, and internal auditor the responsibilities, budget<br>and staffing of the corporation’s internal audit function.
---	---
34.	Review and approve the mandate for the internal auditor and the scope of annual work planned by the internal<br>auditor, receive summary reports of internal audit findings, management’s response thereto, and reports on any subsequent follow-up to any identified weakness.
---	---
35.	Ensure that the internal auditor has direct and open communication with the committee and that the internal<br>auditor meets regularly with the committee without the presence of management to discuss any matters that the committee or the internal auditor believe should be discussed privately, such as problems or difficulties which were encountered in the<br>course of internal audit work, including restrictions on the scope of activities or access to required information, and any disagreements with management.
---	---
36.	Review and discuss with the internal auditor and management the internal auditor’s ongoing assessments of<br>the corporation’s business processes and system of internal controls.
---	---
37.	Review the effectiveness of the internal audit function, including staffing, organizational structure and<br>qualifications of the internal auditor and staff.
---	---

Compliance

38.	Monitor compliance by the corporation with all payments and remittances required to be made in accordance with<br>applicable law, where the failure to make such payments could render the directors of the corporation personally liable.
39.	The receipt of regular updates from management regarding compliance with laws and regulations and the process<br>in place to monitor such compliance, excluding, however, legal compliance matters subject to the oversight of the safety, health and environment committee of the board. Review the findings of any examination by regulatory authorities and any<br>external auditors’ observations relating to such matters.
---	---
40.	Establish and oversee the procedures in the code of conduct and ethics policy to address:<br>
---	---
(a)	the receipt, retention and treatment of complaints received by the corporation regarding accounting, internal<br>accounting or auditing matters; and
---	---
(b)	confidential, anonymous submissions by employees of concerns regarding questionable accounting and auditing<br>matters.
---	---

Receive periodically a summary report from the senior vice-president, chief legal officer and corporate secretary on such matters as required by the code of conduct and ethics.

41.	Review and recommend to the board for approval a code of conduct and ethics for employees, officers and<br>directors of the corporation. Monitor management’s implementation of the code of conduct and ethics and the global anti-corruption program and review compliance therewith by, among other things, obtaining an annual report summarizing statements<br>of compliance by employees pursuant to such policies and reviewing the findings of any investigations of non-compliance. Periodically review the adequacy and appropriateness of such policies and programs and make recommendations to the board<br>thereon.
2023 ANNUAL INFORMATION FORM	Page 148
---	---
42.	Monitor management’s implementation of the anti-fraud policy; and review compliance therewith by, among<br>other things, receiving reports from management on:
---	---
(a)	any investigations of fraudulent activity;
---	---
(b)	monitoring activities in relation to fraud risks and controls; and
---	---
(c)	assessments of fraud risk.
---	---

Periodically review the adequacy and appropriateness of the anti-fraud policy and make recommendations to the board thereon.

43.	Review all proposed related party transactions and situations involving a director’s, senior<br>officer’s or an affiliate’s potential or actual conflict of interest that are not required to be dealt with by an “independent committee” pursuant to securities law rules, other than routine transactions and situations arising in<br>the ordinary course of business, consistent with past practice. Between scheduled committee meetings, the chair of the committee, on behalf of the committee, is authorized to review all such transactions and situations. At the next committee<br>meeting, the chair shall report the results of such review.
44.	Monitor management of hedging, debt and credit, make recommendations to the board respecting policies for<br>management of such risks, and review the corporation’s compliance therewith.
---	---
45.	Approve the review and approval process for the expenses submitted for reimbursement by the chief executive<br>officer.
---	---
46.	Oversee management’s mitigation of material risks within the committee’s mandate and as otherwise<br>assigned.
---	---
47.	Undertake such other tasks as may be directed to it from time to time by the board.
---	---

Financial oversight

48.	Assist the board in its consideration and ongoing oversight of matters pertaining to:
(a)	capital structure and funding including finance and cash flow planning;
---	---
(b)	capital management planning and initiatives;
---	---
(c)	property and corporate acquisitions and divestitures including proposals which may have a material impact on<br>the corporation’s capital position;
---	---
(d)	the corporation’s annual budget and business plan;
---	---
(e)	the corporation’s insurance program;
---	---
(f)	directors’ and officers’ liability insurance and indemnity agreements;
---	---
(g)	the annual approval to elect the end-user exception under Dodd Frank; and
---	---
(h)	matters the board may refer to the committee from time to time in connection with the corporation’s<br>capital position.
---	---

Organizational matters

49.	The procedures governing the committee shall, except as otherwise provided for herein, be those applicable to<br>the board committees as set forth in Part 7 of the General Bylaws of the corporation.
50.	The members and the chair of the committee shall be entitled to receive remuneration for acting in such<br>capacity as the board may from time to time determine.
---	---
51.	The committee shall have the resources and authority appropriate to discharge its duties and responsibilities,<br>including the authority to:
---	---
(a)	select, retain, terminate, set and approve the fees and other retention terms of special or independent<br>counsel, accountants or other experts, as it considers appropriate; and
---	---
2023 ANNUAL INFORMATION FORM	Page 149
---	---
(b)	obtain appropriate funding to pay, or approve the payment of, such approved fees;
---	---

without seeking approval of the board or management.

52.	Any member of the committee may be removed or replaced at any time by the board and shall cease to be a member<br>of the committee upon ceasing to be a director. The board may fill vacancies on the committee by appointment from among its members. If and whenever a vacancy shall exist on the committee, the remaining members may exercise all its powers so long as<br>a quorum remains in office. Subject to the foregoing, each member of the committee shall remain as such until the next annual meeting of shareholders after that member’s election.
53.	The committee shall annually review and assess the adequacy of its mandate and recommend any proposed changes<br>to the nominating, corporate governance and risk committee for recommendation to the board for approval.
---	---
54.	The committee shall participate in an annual performance evaluation, the results of which will be reviewed by<br>the board.
---	---
55.	The committee shall perform any other activities consistent with this mandate, the corporation’s governing<br>laws and the regulations of stock exchanges, as the committee or the board considers necessary or appropriate.
---	---
56.	A standing invitation will be issued to all non-executive directors to attend the financial oversight portion<br>of each committee meeting.
---	---
2023 ANNUAL INFORMATION FORM	Page 150
---	---

EX-99.2

2023 CONSOLIDATED FINANCIAL

STATEMENTS

AND NOTES

EXHIBIT 99.2

Cameco Corporation

2023 Consolidated Audited Financial Statements

February 7, 2024

exhibit992p2i0 2

CAMECO CORPORATION

Cameco Corporation

2023 consolidated financial statements

February 7, 2024

2023 CONSOLIDATED FINANCIAL

STATEMENTS

AND NOTES

Report of management’s accountability

The accompanying consolidated financial statements have been prepared by management in accordance with International

Financial Reporting Standards as issued by the International Accounting Standards Board. Management is responsible for

ensuring that these statements, which include amounts based upon estimates and judgments, are consistent with other

information and operating data contained in the annual financial review and reflect the corporation's business transactions and

financial position.

Management is also responsible for the information disclosed in the management’s discussion and analysis including

responsibility for the existence of appropriate information systems, procedures and controls to ensure that the information

used internally by management and disclosed externally is complete and reliable in all material respects.

In addition, management is responsible for establishing and maintaining an adequate system of internal control over financial

reporting. The internal control system includes an internal audit function and a code of conduct and ethics, which is

communicated to all levels in the organization and requires all employees to maintain high standards in their conduct of the

Company's affairs. Such systems are designed to provide reasonable assurance that the financial information is relevant,

reliable and accurate and that the Company’s assets are appropriately accounted for and adequately safeguarded.

Management conducted an evaluation of the effectiveness of the system of internal control over financial reporting based on

the criteria established in “Internal Control – Integrated Framework (2013)” issued by the Committee of Sponsoring

Organizations of the Treadway Commission. Based on this evaluation, management concluded that the Company’s system of

internal control over financial reporting was effective as of December 31, 2023.

KPMG LLP has audited the consolidated financial statements in accordance with the standards of the Public Company

Accounting Oversight Board (United States).

The board of directors annually appoints an audit and finance committee comprised of directors who are not employees of the

corporation. This committee meets regularly with management, the internal auditor and the shareholders' auditors to review

significant accounting, reporting and internal control matters. Both the internal and shareholders' auditors have unrestricted

access to the audit and finance committee. The audit and finance committee reviews the consolidated financial statements,

the report of the shareholders' auditors, and management’s discussion and analysis and submits its report to the board of

directors for formal approval.

Original signed by Tim S. Gitzel

Original signed by Grant E. Isaac

President and Chief Executive Officer

Executive Vice-President and Chief Financial Officer

February 7, 2024

CAMECO CORPORATION

Report of independent registered public accounting firm

the Shareholders and Board of Directors of Cameco Corporation

Opinion on the consolidated financial statements

We have audited the accompanying consolidated statements of financial position of Cameco Corporation (the “Company”) as

of December 31, 2023 and 2022, the related consolidated statements of earnings, comprehensive income, changes in equity

and cash flows for each of the years then ended, and the related notes (collectively, the “consolidated financial statements”).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the

Company as of December 31, 2023 and 2022,

and its financial performance and its cash flows for each of the years then

ended, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards

Board.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States)

(“PCAOB”), the Company’s internal control over financial reporting as of December 31, 2023, based on criteria established in

Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway

Commission (COSO), and our report dated February 7, 2024 expressed an unqualified opinion on the effectiveness of the

Company’s internal control over financial reporting.

Basis for opinion

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express

an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the

PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws

and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform

the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material

misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material

misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond

to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the

consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates

made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that

our audits provide a reasonable basis for our opinion.

Critical audit matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial

statements that was communicated or required to be communicated to the audit and finance committee and that: (1) relates to

accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging,

subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the

consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below,

providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Assessment of recoverability of deferred tax assets

As discussed in note 22 to the consolidated financial statements, as of December 31, 2023 the Company has recorded a

deferred tax asset of $892,860,000. The realization of this deferred tax asset is dependent on the generation of future taxable

income in certain jurisdictions during the periods in which the Company’s deferred tax assets are available. Based on

projections of future taxable income over the periods in which the deferred tax assets are available, realization of these

deferred tax assets is probable. As discussed in note 5D, the calculation of income taxes requires the use of judgment and

estimates. The determination of the recoverability of deferred tax assets is dependent on assumptions and judgments

regarding future market conditions and production rates, which can materially impact estimated future taxable income.

2023 CONSOLIDATED FINANCIAL

STATEMENTS

AND NOTES

We identified the assessment of the recoverability of the deferred tax asset as a critical audit matter due to the high degree of

judgment required in assessing the significant assumptions and judgments that are reflected in the projections of future

taxable income.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and

tested the operating effectiveness of certain internal controls related to the Company’s assessment of the recoverability of the

deferred tax asset, including controls related to the assumptions and judgments used in the projections of future taxable

income. To

assess the Company’s ability to estimate future taxable income, we compared the Company’s previous forecasts

to actual results. To

assess the Company’s estimate of future taxable income, we evaluated certain significant assumptions in

the projections. We compared forecast production rates to historical data, board approved budgets and life of mine plans. We

involved income tax professionals with specialized skills and knowledge to assist in assessing the Company’s application of

the tax regulations in relevant jurisdictions.

Original signed by KPMG LLP

Chartered Professional Accountants

We have served as the Company’s auditor since 1988.

Saskatoon, Canada

February 7, 2024

CAMECO CORPORATION

Report of independent registered public accounting firm

the Shareholders and Board of Directors of Cameco Corporation

Opinion on internal control over financial reporting

We have audited Cameco Corporation’s (the “Company”) internal control over financial reporting as of December 31, 2023,

based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring

Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective

internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control – Integrated

Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States)

(“PCAOB”), the consolidated statements of financial position of the Company as of December 31, 2023 and 2022, the related

consolidated statements of earnings, comprehensive income, changes in equity and cash flows for each of the years then

ended, and the related notes (collectively, the "consolidated financial statements") and our report dated February 7, 2024

expressed an unqualified opinion on those consolidated financial statements.

Basis for opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its

assessment of the effectiveness of internal control over financial reporting, included in the accompanying Report of

management’s accountability. Our responsibility is to express an opinion on the Company’s internal control over financial

reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent

with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the

Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform

the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all

material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control

over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and

operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other

procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our

opinion.

Definition and limitations of internal control over financial reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the

reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally

accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures

that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and

dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to

permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and

expenditures of the company are being made only in accordance with authorizations of management and directors of the

company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or

disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also,

projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate

because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

2023 CONSOLIDATED FINANCIAL

STATEMENTS

AND NOTES

Original signed by KPMG LLP

Chartered Professional Accountants

Saskatoon, Canada

February 7, 2024

CAMECO CORPORATION

Consolidated statements of earnings

For the years ended December 31

Note

2023

2022

($Cdn thousands, except per share amounts)

Revenue from products and services

2,587,758

1,868,003

Cost of products and services sold

1,805,768

1,457,336

Depreciation and amortization

220,324

177,376

Cost of sales

2,026,092

1,634,712

Gross profit

561,666

233,291

Administration

245,539

172,029

Exploration

17,551

10,578

Research and development

21,036

12,175

Other operating expense (income)

(7,509)

22,944

Loss on disposal of assets

2,188

514

Earnings from operations

282,861

15,051

Finance costs

(115,869)

(85,728)

Gain (loss) on derivatives

37,791

(72,949)

Finance income

111,670

37,499

Share of earnings from equity-accounted investees

154,462

93,988

Other income

16,238

96,934

Earnings before income taxes

487,153

84,795

Income tax expense (recovery)

126,337

(4,469)

Net earnings

360,816

89,264

Net earnings (loss) attributable to:

Equity holders

360,847

89,382

Non-controlling interest

(31)

(118)

Net earnings

360,816

89,264

Earnings per common share attributable to equity holders:

Basic

0.83

0.22

Diluted

0.83

0.22

See accompanying notes to consolidated financial statements.

2023 CONSOLIDATED FINANCIAL

STATEMENTS

AND NOTES

Consolidated statements of comprehensive income

For the years ended December 31

Note

2023

2022

($Cdn thousands)

Net earnings

360,816

89,264

Other comprehensive income (loss), net of taxes:

Items that will not be reclassified to net earnings:

Remeasurements of defined benefit liability

(5,205)

19,242

Remeasurements of defined benefit liability - equity-accounted

investee

(20,199)

Items that are or may be reclassified to net earnings:

Exchange differences on translation of foreign operations

(76,960)

(38,141)

Gains on derivatives designated as cash flow hedges -

equity-accounted investee

3,506

Exchange differences on translation of foreign operations -

equity-accounted investee

23,520

Other comprehensive loss, net of taxes

(75,338)

(18,899)

Total comprehensive income

285,478

70,365

Other comprehensive income (loss) attributable to:

Equity holders

(75,338)

(18,901)

Non-controlling interest

Other comprehensive loss for the year

(75,338)

(18,899)

Total comprehensive income (loss) attributable to:

Equity holders

285,509

70,481

Non-controlling interest

(31)

(116)

Total comprehensive income for the year

285,478

70,365

Net of tax (2023 - $

1,581

; 2022 - $(

5,440

))

Net of tax (2023 - $

5,144

; 2022 - $

)

Net of tax (2023 - $(

909

); 2022 - $

)

See accompanying notes to consolidated financial statements.

CAMECO CORPORATION

Consolidated statements of financial position

As at December 31

Note

2023

2022

($Cdn thousands)

Assets

Current assets

Cash and cash equivalents

566,809

1,143,674

Short-term investments

1,138,174

Accounts receivable

422,333

183,944

Current tax assets

974

1,056

Inventories

692,261

664,698

Supplies and prepaid expenses

149,352

157,910

Current portion of long-term receivables, investments and other

10,161

32,180

Total

current assets

1,841,890

3,321,636

Property, plant and equipment

3,368,772

3,473,490

Intangible assets

43,577

47,117

Long-term receivables, investments and other

613,773

595,507

Investment in equity-accounted investees

3,173,185

210,972

Deferred tax assets

892,860

984,071

Total

non-current assets

8,092,167

5,311,157

Total assets

9,934,057

8,632,793

Liabilities and shareholders' equity

Current liabilities

Accounts payable and accrued liabilities

577,550

374,714

Current tax liabilities

24,076

6,498

Current portion of long-term debt

499,821

Current portion of other liabilities

48,544

131,324

Current portion of provisions

39,113

48,305

Total

current liabilities

1,189,104

560,841

Long-term debt

1,284,353

997,000

Other liabilities

343,420

216,162

Provisions

1,022,871

1,022,725

Total

non-current liabilities

2,650,644

2,235,887

Shareholders' equity

Share capital

2,914,165

2,880,336

Contributed surplus

215,679

224,687

Retained earnings

2,979,743

2,696,379

Other components of equity

(15,282)

34,652

Total shareholders' equity attributable to equity holders

6,094,305

5,836,054

Non-controlling interest

Total shareholders' equity

6,094,309

5,836,065

Total liabilities and shareholders' equity

9,934,057

8,632,793

Commitments and contingencies [notes 9, 16, 22]

See accompanying notes to consolidated financial statements.

2023 CONSOLIDATED FINANCIAL

STATEMENTS

AND NOTES

Consolidated statements of changes in equity

Attributable to equity holders

Foreign

Equity

Non-

Contributed

Retained

currency

Cash flow

investments

controlling

Total

($Cdn thousands)

capital

surplus

earnings

translation

hedges

at FVOCI

Total

interest

equity

Balance at January 1, 2023

2,880,336

224,687

2,696,379

35,400

(748)

5,836,054

5,836,065

Net earnings (loss)

360,847

(31)

360,816

Other comprehensive

income (loss)

(25,404)

(53,440)

3,506

(75,338)

Total comprehensive

income (loss)

335,443

(53,440)

3,506

285,509

(31)

285,478

Share-based compensation

3,692

Stock options exercised

33,829

(6,292)

27,537

Restricted share units

released

(6,408)

Dividends

(52,079)

Transactions with owners -

contributed equity

Balance at December 31, 2023

2,914,165

215,679

2,979,743

(18,040)

3,506

(748)

6,094,305

6,094,309

Balance at January 1, 2022

1,903,357

230,039

2,639,650

73,543

(748)

4,845,841

127

4,845,968

Net earnings (loss)

89,382

(118)

89,264

Other comprehensive

income (loss)

19,242

(38,143)

(18,901)

(18,899)

Total comprehensive

income (loss)

108,624

(38,143)

70,481

(116)

70,365

Share-based compensation

3,318

Stock options exercised

12,101

(2,469)

9,632

Restricted share units

released

(6,201)

Dividends

(51,895)

Equity issuance [note 17]

964,878

Balance at December 31, 2022

2,880,336

224,687

2,696,379

35,400

(748)

5,836,054

5,836,065

See accompanying notes to consolidated financial statements.

CAMECO CORPORATION

Consolidated statements of cash flows

For the years ended December 31

Note

2023

2022

($Cdn thousands)

Operating activities

Net earnings

360,816

89,264

Adjustments for:

Depreciation and amortization

220,324

177,376

Deferred sales

(21,468)

43,528

Unrealized loss (gain) on derivatives

(61,658)

82,636

Share-based compensation

3,692

3,318

Loss on disposal of assets

2,188

514

Finance costs

115,869

85,728

Finance income

(111,670)

(37,499)

Share of earnings from equity-accounted investees

(154,462)

(93,988)

Other income

(16,238)

(96,934)

Other operating expense (income)

(7,509)

22,944

Income tax expense (recovery)

126,337

(4,469)

Interest received

113,797

35,443

Income taxes received (paid)

70,372

(1,521)

Dividends from equity-accounted investee

113,642

117,698

Other operating items

(65,896)

(119,431)

Net cash provided by operations

688,136

304,607

Investing activities

Additions to property, plant and equipment

(153,631)

(143,448)

Acquisitions

(3,028,977)

(101,681)

Decrease (increase) in short-term investments

1,136,687

(1,044,473)

Decrease (increase) in long-term receivables, investments and other

1,000

(2,000)

Proceeds from sale of property, plant and equipment

780

Net cash used in investing

(2,044,852)

(1,290,822)

Financing activities

Increase in long-term debt

816,582

Interest paid

(40,798)

(38,856)

Proceeds from issuance of shares, stock option plan

27,537

9,632

Proceeds from issuance of shares, net of issue costs

953,285

Lease principal payments

(2,430)

(2,908)

Dividends paid

(52,079)

(51,895)

Net cash provided by financing

748,812

869,258

Decrease in cash and cash equivalents, during the year

(607,904)

(116,957)

Exchange rate changes on foreign currency cash balances

31,039

13,184

Cash and cash equivalents, beginning of year

1,143,674

1,247,447

Cash and cash equivalents, end of year

566,809

1,143,674

Cash and cash equivalents is comprised of:

Cash

229,732

701,818

Cash equivalents

337,077

441,856

Cash and cash equivalents

566,809

1,143,674

See accompanying notes to consolidated financial statements.

2023 CONSOLIDATED FINANCIAL

STATEMENTS

AND NOTES

Notes to consolidated financial statements

For the years ended December 31, 2023 and 2022

Cameco Corporation

Cameco Corporation is incorporated under the Canada Business Corporations Act. The address of its registered office is 2121

11th Street West, Saskatoon, Saskatchewan, S7M 1J3. The consolidated financial statements as at and for the year ended

December 31, 2023 comprise Cameco Corporation and its subsidiaries (collectively, the Company or Cameco) and the

Company’s interests in associates and joint arrangements.

Cameco is one of the world’s largest providers of the uranium needed to generate clean, reliable baseload electricity around

the globe. The Company has operations in northern Saskatchewan and the United States, as well as a

% interest in Joint

Venture Inkai LLP (JV Inkai), a joint arrangement with Joint Stock Company National Atomic Company Kazatomprom

(Kazatomprom), located in Kazakhstan. Cameco also has a

% interest in Westinghouse Electric Company (Westinghouse),

a joint venture with Brookfield Renewable Partners and its institutional partners (collectively, Brookfield). Westinghouse is one

of the world’s largest nuclear services businesses with corporate headquarters in Pennsylvania and operations around the

world. Both JV Inkai and Westinghouse are accounted for on an equity basis (see note 12).

Cameco has

two

operating mines, Cigar Lake and McArthur River. Operations at McArthur River/Key Lake, which had been

suspended in 2018, resumed in November of 2022. The Rabbit Lake operation was placed in care and maintenance in 2016.

Cameco’s operations in the United States, Crow Butte and Smith Ranch-Highland, are not currently producing as the decision

was made in 2016 to curtail production and defer all wellfield development. See note 29 for the financial statement impact.

The Company is also a leading provider of nuclear fuel processing services, supplying much of the world’s reactor fleet with

the fuel to generate one of the cleanest sources of electricity available today. It operates the world’s largest commercial

refinery in Blind River, Ontario, controls a significant portion of the world UF

primary conversion capacity in Port Hope,

Ontario and is a leading manufacturer of fuel assemblies and reactor components for CANDU reactors at facilities in Port

Hope and Cobourg, Ontario.

Material accounting policies

Statement of compliance

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards

(IFRS) as issued by the International Accounting Standards Board (IASB).

These consolidated financial statements were authorized for issuance by the Company’s board of directors on February 7,

2024.

Basis of presentation

These consolidated financial statements are presented in Canadian dollars, which is the Company’s functional currency. All

financial information is presented in Canadian dollars, unless otherwise noted. Amounts presented in tabular format have been

rounded to the nearest thousand except per share amounts and where otherwise noted.

The consolidated financial statements have been prepared on the historical cost basis except for the following material items

which are measured on an alternative basis at each reporting date:

CAMECO CORPORATION

Derivative financial instruments

Fair value through profit or loss (FVTPL)

Equity investments

Fair value through other comprehensive income

(FVOCI)

Liabilities for cash-settled share-based payment arrangements

FVTPL

Net defined benefit liability

Fair value of plan assets less the present value of the

defined benefit obligation

The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgments,

estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities,

revenue and expenses. Actual results may vary from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in

the period in which the estimates are revised and in any future periods affected. The areas involving a higher degree of

judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are

disclosed in note 5.

This summary of material accounting policies is a description of the accounting methods and practices that have been used in

the preparation of these consolidated financial statements and is presented to assist the reader in interpreting the statements

contained herein. These accounting policies have been applied consistently to all entities within the consolidated group.

Consolidation principles

Business combinations

The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Company. The Company

measures goodwill at the acquisition date as the fair value of the consideration transferred, including the recognized amount of

any non-controlling interests in the acquiree, less the net recognized amount (generally fair value) of the identifiable assets

acquired and liabilities assumed, all measured as of the acquisition date. When the excess is negative, a bargain purchase

gain is recognized immediately in earnings. In a business combination achieved in stages, the acquisition date fair value of the

Company’s previously held equity interest in the acquiree is also considered in computing goodwill.

Consideration transferred includes the fair values of the assets transferred, liabilities incurred and equity interests issued by

the Company. Consideration also includes the fair value of any contingent consideration and share-based compensation

awards that are replaced mandatorily in a business combination.

The Company elects on a transaction-by-transaction basis whether to measure any non-controlling interest at fair value, or at

their proportionate share of the recognized amount of the identifiable net assets of the acquiree, at the acquisition date.

Acquisition-related costs are expensed as incurred, except for those costs related to the issue of debt or equity instruments.

ii.

Subsidiaries

The consolidated financial statements include the accounts of Cameco and its subsidiaries. Subsidiaries are entities over

which the Company has control. Subsidiaries are fully consolidated from the date on which control is acquired by the Company

and are deconsolidated from the date that control ceases.

iii.

Joint arrangements

A joint arrangement can take the form of a joint operation or joint venture. All joint arrangements involve a contractual

arrangement that establishes joint control.

2023 CONSOLIDATED FINANCIAL

STATEMENTS

AND NOTES

A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the

assets, and obligations for the liabilities, relating to the arrangement. A joint operation may or may not be structured through a

separate vehicle. These arrangements involve joint control of one or more of the assets acquired or contributed for the

purpose of the joint operation. The consolidated financial statements of the Company include its share of the assets in such

joint operations, together with its share of the liabilities, revenues and expenses arising jointly or otherwise from those

operations. All such amounts are measured in accordance with the terms of each arrangement.

A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net

assets of the arrangement. A joint venture is always structured through a separate vehicle. It operates in the same way as

other entities, controlling the assets of the joint venture, earning its own revenue and incurring its own liabilities and expenses.

Interests in joint ventures are accounted for using the equity method of accounting, whereby the Company’s proportionate

interest in the assets, liabilities, revenues and expenses of jointly controlled entities are recognized on a single line in the

consolidated statements of financial position and consolidated statements of earnings. The share of joint ventures results is

recognized in the Company’s consolidated financial statements from the date that joint control commences until the date at

which it ceases.

When acquiring an additional interest in a joint arrangement, previously held interests are not remeasured at fair value. In an

acquisition of an asset or group of assets that does not constitute a business, the directly attributable transaction costs are

included in the cost of the asset or group of assets.

iv.

Investments in equity-accounted investees

Cameco’s investments in equity-accounted investees include investments in joint ventures and an associate.

Associates are those entities over which the Company has significant influence, but not control or joint control, over the

financial and operating policies. Significant influence is presumed to exist when the Company holds between 20% and 50% of

the voting power of another entity

but can also arise where the Company holds less than 20% if it has the power to be actively

involved and influential in policy decisions affecting the entity. A joint venture is an arrangement in which the Company has

joint control, whereby it has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its

liabilities.

Investments in the joint ventures and associate are accounted for using the equity method. The equity method involves the

recording of the initial investment at cost and the subsequent adjusting of the carrying value of the investment for Cameco’s

proportionate share of the earnings or loss and OCI and any other changes in the associates’ net assets, such as dividends.

The cost of the investment includes transaction costs.

Adjustments are made to align the accounting policies of the joint ventures and associate with those of the Company before

applying the equity method. When the Company’s share of losses exceeds its interest in an equity-accounted investee, the

carrying amount of that interest is reduced to zero, and the recognition of further losses is discontinued except to the extent

that the Company has incurred legal or constructive obligations or made payments on behalf of the associate. If the associate

subsequently reports profits, Cameco resumes recognizing its share of those profits only after its share of the profits equals

the share of losses not recognized.

Transactions eliminated on consolidation

Intra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are

eliminated in preparing the consolidated financial statements. Unrealized gains arising from transactions with its equity-

accounted investees JV Inkai and Westinghouse are eliminated against the investment to the extent of the Company’s interest

in the investee. Unrealized losses are eliminated in the same manner as unrealized gains, but only to the extent that there is

no evidence of impairment.

CAMECO CORPORATION

Foreign currency translation

Items included in the financial statements of each of Cameco’s subsidiaries, associates and joint arrangements are measured

using their functional currency, which is the currency of the primary economic environment in which the entity operates. The

consolidated financial statements are presented in Canadian dollars, which is Cameco’s functional and presentation currency.

Foreign currency transactions

Foreign currency transactions are translated into the respective functional currency of the Company and its entities using the

average monthly exchange rates prevailing at the date of the transactions. At the reporting date, monetary assets and

liabilities denominated in foreign currencies are translated to the functional currency at the exchange rate at that date. Non-

monetary items that are measured in terms of historical cost in a foreign currency are translated using the average monthly

exchange rate at the date of the transaction. The applicable exchange gains and losses arising on these transactions are

reflected in earnings with the exception of foreign exchange gains or losses on provisions for decommissioning and

reclamation activities that are in a foreign currency, which are capitalized in property,

plant and equipment.

ii.

Foreign operations

The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are

translated to Canadian dollars at exchange rates at the reporting dates. The revenues and expenses of foreign operations are

translated to Canadian dollars at the average monthly exchange rate at the dates of the transactions.

Foreign currency differences are recognized in other comprehensive income. When a foreign operation is disposed of, in

whole, the relevant amount in the foreign currency translation account is transferred to earnings as part of the gain or loss on

disposal.

When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the

foreseeable future, foreign exchange gains and losses arising from such a monetary item are considered to form part of the

net investment in a foreign operation, and are recognized in other comprehensive income and presented within equity in the

foreign currency translation account.

Cash and cash equivalents

Cash and cash equivalents consists of balances with financial institutions and investments in money market instruments,

which have a term to maturity of three months or less at the time of purchase and are measured at amortized cost.

Short-term investments

Short-term investments are comprised of money market instruments with terms to maturity between three and 12 months and

are measured at amortized cost.

Inventories

Inventories of broken ore, uranium concentrates, and refined and converted products are measured at the lower of cost and

net realizable value. The cost of inventories is based on the weighted average method.

Cost includes direct materials, direct labour, operational overhead expenses and depreciation. Net realizable value is the

estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses.

Consumable supplies and spares are valued at the lower of cost or replacement value.

2023 CONSOLIDATED FINANCIAL

STATEMENTS

AND NOTES

Property, plant and equipment

Buildings, plant and equipment and other

Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment charges. The cost

of self-constructed assets includes the cost of materials and direct labour, borrowing costs and any other costs directly

attributable to bringing the assets to the location and condition necessary for them to be capable of operating in the manner

intended by management, including the initial estimate of the cost of dismantling and removing the items and restoring the site

on which they are located.

When components of an item of property, plant and equipment have different useful lives, they are accounted for as separate

items of property, plant and equipment and depreciated separately.

Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from

disposal with the carrying amount of property, plant and equipment, and are recognized in earnings.

ii.

Mineral properties and mine development costs

The decision to develop a mine property within a project area is based on an assessment of the commercial viability of the

property, the availability of financing and the existence of markets for the product. Once the decision to proceed to

development is made, development and other expenditures relating to the project area are deferred as part of assets under

construction and disclosed as a component of property, plant and equipment with the intention that these will be depreciated

by charges against earnings from future mining operations. No depreciation is charged against the property until the

production stage commences. After a mine property has been brought into the production stage, costs of any additional work

on that property are expensed as incurred, except for large development programs, which will be deferred and depreciated

over the remaining life of the related assets.

The production stage is reached when a mine property is in the condition necessary for it to be capable of operating in the

manner intended by management. The criteria used to assess the start date of the production stage are determined based on

the nature of each mine construction project, including the complexity of a mine site. A range of factors is considered when

determining whether the production stage has been reached, which includes, but is not limited to, the demonstration of

sustainable production at or near the level intended (such as the demonstration of continuous throughput levels at or above a

target percentage of the design capacity).

iii.

Depreciation

Depreciation is calculated over the depreciable amount, which is the cost of the asset less its residual value. Assets which are

unrelated to production are depreciated according to the straight-line method based on estimated useful lives as follows:

Land

Not depreciated

Buildings

years

Plant and equipment

years

Furniture and fixtures

years

Other

years

Mining properties and certain mining and conversion assets for which the economic benefits from the asset are consumed in a

pattern which is linked to the production level are depreciated according to the unit-of-production method. For conversion

assets, the amount of depreciation is measured by the portion of the facilities' total estimated lifetime production that is

produced in that period. For mining assets and properties, the amount of depreciation or depletion is measured by the portion

of the mines' proven and probable mineral reserves recovered during the period.

Depreciation methods, useful lives and residual values are reviewed at each reporting period and are adjusted if appropriate.

CAMECO CORPORATION

iv.

Repairs and maintenance

The cost of replacing a component of property, plant and equipment is capitalized if it is probable that future economic benefits

embodied within the component will flow to the Company. The carrying amount of the replaced component is derecognized.

Costs of routine maintenance and repair are charged to products and services sold.

Goodwill and intangible assets

Goodwill arising from the acquisition of subsidiaries is initially recognized at cost, measured as the excess of the fair value of

the consideration paid over the fair value of the identifiable net assets acquired. Goodwill is subsequently measured at cost,

less accumulated impairment losses.

Intangible assets acquired individually or as part of a group of assets are initially recognized at cost and measured

subsequently at cost less accumulated amortization and impairment losses. Subsequent expenditure is capitalized only when

it increases the future economic benefits embodied in the specific asset to which it relates. The cost of a group of intangible

assets acquired in a transaction, including those acquired in a business combination that meet the specified criteria for

recognition apart from goodwill, is allocated to the individual assets acquired based on their relative fair values.

Intangible assets that have finite useful lives are amortized using the units of production method over their estimated

remaining useful lives. Amortization methods and useful lives are reviewed at each reporting period and are adjusted if

appropriate.

Leases

Cameco recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is

initially measured at cost, which is the initial amount of the lease liability adjusted for any lease payments made at or before

the commencement date, plus any initial direct costs incurred, less any lease incentives received, and subsequently at cost

less any accumulated depreciation and impairment losses. The right-of-use asset is subsequently depreciated using the

straight-line method from the commencement date to the end of the lease term, unless the cost of the right-of-use asset

reflects that the Company will exercise a purchase option, in which case the right-of-use asset will be depreciated on the same

basis as that of property, plant and equipment.

The lease liability is measured at amortized cost using the effective interest method. It is initially measured at the present value

of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease, or,

if that rate cannot be readily determined, the Company’s incremental borrowing rate. Generally, Cameco uses its incremental

borrowing rate as the discount rate. Current borrowing rates available for classes of leased assets are compared with the rates

of Cameco’s existing debt facilities to ensure that use of the Company’s incremental borrowing rate is reasonable.

The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made.

It is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the

estimate of the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the

assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is

reasonably certain not to be exercised.

Cameco uses judgement in determining the lease term for some lease contracts that include renewal options. The assessment

of whether the Company is reasonably certain to exercise such options impacts the lease term, which affects the amount of

lease liabilities and right-of-use assets recognized.

The Company has elected not to recognize right-of-use assets and lease liabilities for leases of low-value assets and short-

term leases that have a lease term of 12 months or less. The lease payments associated with these leases are recognized as

an expense on a straight-line basis over the lease term.

2023 CONSOLIDATED FINANCIAL

STATEMENTS

AND NOTES

Finance income and finance costs

Finance income comprises interest income on funds invested. Interest income and interest expense are recognized in

earnings as they accrue, using the effective interest method. Finance costs are comprised of interest and fees on borrowings

and unwinding of the discount on provisions.

Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are

expensed in the period incurred.

Research and development costs

Expenditures on research are charged against earnings when incurred. Development costs are recognized as assets when the

Company can demonstrate technical feasibility and that the asset will generate probable future economic benefits.

Impairment

Non-derivative financial assets

Cameco recognizes loss allowances for expected credit losses (ECLs) on financial assets measured at amortized cost and

contract assets. It measures loss allowances at an amount equal to lifetime ECLs, except for debt securities that are

determined to have low credit risk at the reporting date and other debt securities, loans advanced and bank balances for which

credit risk has not increased significantly since initial recognition. For these, loss allowances are measured equal to 12-month

ECLs.

Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument while 12-

month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting

date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when

estimating ECLs is the maximum contractual period over which the Company is exposed to credit risk.

ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of the difference

between the cash flows due to the entity in accordance with the contract and the cash flows that the Company expects to

receive. ECLs are discounted at the effective interest rate of the financial asset.

When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when

estimating ECLs, the Company considers reasonable and supportable information that is relevant and available without undue

cost or effort. This includes both quantitative and qualitative information and analysis, based on the Company’s historical

experience and informed credit assessment and including forward-looking information.

The Company considers a financial asset to be in default when the borrower is unlikely to pay its credit obligations in full,

without recourse by Cameco to actions such as realizing security (if any is held).

The Company considers a debt security to have low credit risk when it is at least an A (low) DBRS or A- S&P rating.

Financial assets carried at amortized cost. A financial asset is ‘credit-impaired’ when one or more events that have a

detrimental effect on the estimated future cash flows of the financial asset have occurred. Evidence can include significant

financial difficulty of the borrower or issuer, a breach of contract, restructuring of an amount due to the Company on terms that

the Company would not consider otherwise, indications that a debtor or issuer will enter bankruptcy or other financial

reorganization, or the disappearance of an active market for a security.

Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets.

The gross carrying amount of a financial asset is written off when the Company has no reasonable expectations of recovering

a financial asset in its entirety or a portion thereof.

CAMECO CORPORATION

ii.

Non-financial assets

The carrying amounts of Cameco’s non-financial assets are reviewed throughout the year to determine whether there is any

indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. Goodwill is tested

annually for impairment.

For impairment testing, assets are grouped together into CGUs which are the smallest group of assets that generate cash

inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill arising from a

business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the

combination.

The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. Value in use is

based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current

market assessments of the time value of money and the risks specific to the asset or CGU. Fair value is determined as the

amount that would be obtained from the sale of the asset or CGU in an arm’s-length transaction between knowledgeable and

willing parties. For exploration properties, fair value is based on the implied fair value of the resources in place using

comparable market transaction metrics.

An impairment loss is recognized if the carrying amount of an asset or its CGU exceeds its recoverable amount. Impairment

losses are recognized in earnings. Impairment losses recognized in respect of CGUs are allocated first to reduce the carrying

amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro

rata basis.

Impairment losses recognized in prior periods are assessed throughout the year, whenever events or changes in

circumstances indicate that the impairment may have reversed. If the impairment has reversed, the carrying amount of the

asset is increased to its recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying

amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no

impairment loss had been recognized. A reversal of an impairment loss is recognized immediately in earnings. An impairment

loss in respect of goodwill is not reversed.

Exploration and evaluation expenditures

Exploration and evaluation expenditures are those expenditures incurred by the Company in connection with the exploration

for and evaluation of mineral resources before the technical feasibility and commercial viability of extracting a mineral resource

are demonstrable. These expenditures include researching and analyzing existing exploration data, conducting geological

studies, exploratory drilling and sampling, and compiling prefeasibility and feasibility studies. Exploration and evaluation

expenditures are charged against earnings as incurred, except when there is a high degree of confidence in the viability of the

project and it is probable that these costs will be recovered through future development and exploitation.

Exploration and evaluation costs that have been acquired in a business combination or asset acquisition are capitalized under

the scope of IFRS 6, Exploration for and Evaluation of Mineral Resources, and are reported as part of property, plant and

equipment.

Provisions

A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be

estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions

are determined by discounting the risk-adjusted expected future cash flows at a pre-tax risk-free rate that reflects current

market assessments of the time value of money. The unwinding of the discount is recognized as a finance cost.

2023 CONSOLIDATED FINANCIAL

STATEMENTS

AND NOTES

Environmental restoration

The mining, extraction and processing activities of the Company normally give rise to obligations for site closure and

environmental restoration. Closure and restoration can include facility decommissioning and dismantling, removal or treatment

of waste materials, as well as site and land restoration. The Company provides for the closure, reclamation and

decommissioning of its operating sites in the financial period when the related environmental disturbance occurs, based on the

estimated future costs using information available at the reporting date. Costs included in the provision comprise all closure

and restoration activity expected to occur gradually over the life of the operation and at the time of closure. Routine operating

costs that may impact the ultimate closure and restoration activities, such as waste material handling conducted as a normal

part of a mining or production process, are not included in the provision.

The timing of the actual closure and restoration expenditure is dependent upon a number of factors such as the life and nature

of the asset, the operating licence conditions and the environment in which the mine operates. Closure and restoration

provisions are measured at the expected value of future cash flows, discounted to their present value using a current pre-tax

risk-free rate. Significant judgments and estimates are involved in deriving the expectations of future activities and the amount

and timing of the associated cash flows.

At the time a provision is initially recognized, to the extent that it is probable that future economic benefits associated with the

reclamation, decommissioning and restoration expenditure will flow to the Company, the corresponding cost is capitalized as

an asset. The capitalized cost of closure and restoration activities is recognized in property, plant and equipment and

depreciated on a unit-of-production basis. The value of the provision is gradually increased over time as the effect of

discounting unwinds. The unwinding of the discount is an expense recognized in finance costs.

Closure and rehabilitation provisions are also adjusted for changes in estimates. The provision is reviewed at each reporting

date for changes to obligations, legislation or discount rates that effect change in cost estimates or life of operations. The cost

of the related asset is adjusted for changes in the provision resulting from changes in estimated cash flows or discount rates,

and the adjusted cost of the asset is depreciated prospectively.

ii.

Waste disposal

The refining, conversion and manufacturing processes generate certain uranium-contaminated waste. The Company has

established strict procedures to ensure this waste is disposed of safely. A provision for waste disposal costs in respect of

these materials is recognized when they are generated. Costs associated with the disposal, the timing of cash flows and

discount rates are estimated both at initial recognition and subsequent measurement.

Employee future benefits

Pension obligations

The Company accrues its obligations under employee benefit plans. The Company has both defined benefit and defined

contribution plans. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a

separate entity. A defined benefit plan is a pension plan other than a defined contribution plan.

The liability recognized in the consolidated statements of financial position in respect of defined benefit pension plans is the

present value of the defined benefit obligation at the reporting date less the fair value of plan assets. The defined benefit

obligation is calculated annually, by qualified independent actuaries using the projected unit credit method prorated on service

and management's best estimate of expected plan investment performance, salary escalation, retirement ages of employees

and expected health care costs. The present value of the defined benefit obligation is determined by discounting the estimated

future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the

benefits will be paid, and that have terms to maturity approximating the terms of the related pension liability.

CAMECO CORPORATION

The Company recognizes all actuarial gains and losses arising from defined benefit plans in other comprehensive income, and

reports them in retained earnings. When the benefits of a plan are improved, the portion of the increased benefit relating to

past service by employees is recognized immediately in earnings.

For defined contribution plans, the contributions are recognized as employee benefit expense in earnings in the periods during

which services are rendered by employees. Prepaid contributions are recognized as an asset to the extent that a cash refund

or a reduction in future payments is available.

ii.

Other post-retirement benefit plans

The Company provides certain post-retirement health care benefits to its retirees. The entitlement to these benefits is usually

conditional on the employee remaining in service up to retirement age and the completion of a minimum service period. The

expected costs of these benefits are accrued over the period of employment using the same accounting methodology as used

for defined benefit pension plans. Actuarial gains and losses are recognized in other comprehensive income in the period in

which they arise. These obligations are valued annually by independent qualified actuaries.

iii.

Short-term employee benefits

Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is

provided. A liability is recognized for the amount expected to be paid under short-term cash bonus plans if the Company has a

present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the

obligation can be measured reliably.

iv.

Termination benefits

Termination

benefits are payable when employment is terminated by the Company before the normal retirement date, or

whenever an employee accepts an entity’s offer of benefits in exchange for termination of employment. Cameco recognizes

termination benefits as an expense at the earlier of when the Company can no longer withdraw the offer of those benefits and

when the Company recognizes costs for a restructuring. If benefits are payable more than 12 months after the reporting

period, they are discounted to their present value.

Share-based compensation

For equity-settled plans, the grant date fair value of share-based compensation awards granted to employees is recognized as

an employee benefit expense, with a corresponding increase in equity, over the period that the employees unconditionally

become entitled to the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which

the related service and vesting conditions are expected to be met, such that the amount ultimately recognized as an expense

is based on the number of awards that meet the related service and non-market performance conditions at the vesting date.

For cash-settled plans, the fair value of the amount payable to employees is recognized as an expense, with a corresponding

increase in liabilities, over the period that the employees unconditionally become entitled to payment. The liability is re-

measured at each reporting date and at settlement date. Any changes in the fair value of the liability are recognized as

employee benefit expense in earnings.

When the terms and conditions of equity-settled plans at the time they were granted are subsequently modified, the fair value

of the share-based payment under the original terms and conditions and under the modified terms and conditions are both

determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over

the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based

payment expense is not adjusted if the modified fair value is less than the original fair value.

Cameco’s contributions under the employee share ownership plan are expensed during the year of contribution. Shares

purchased with Company contributions and with dividends paid on such shares become unrestricted on January 1 of the

second plan year following the date on which such shares were purchased.

2023 CONSOLIDATED FINANCIAL

STATEMENTS

AND NOTES

Revenue recognition

Cameco supplies uranium concentrates, uranium conversion services, fabrication services and other services. Revenue is

measured based on the consideration specified in a contract with a customer. The Company recognizes revenue when it

transfers control, as described below, over a good or service to a customer. Customers do not have the right to return

products,

except in limited circumstances.

Cameco’s sales arrangements with its customers are pursuant to enforceable contracts that indicate the nature and timing of

satisfaction of performance obligations, including significant payment terms, where payment is usually due in 30 days. Each

delivery is considered a separate performance obligation under the contract.

Uranium supply

In a uranium supply arrangement, Cameco is contractually obligated to provide uranium concentrates to its customers.

Cameco-owned uranium may be physically delivered to either the customer or to conversion facilities (Converters).

For deliveries to customers, terms in the sales contract specify the location of delivery. Revenue is recognized when the

uranium has been delivered and accepted by the customer at that location.

When uranium is delivered to Converters, the Converter will credit Cameco’s account for the volume of accepted uranium.

Based on delivery terms in the sales contract with its customer, Cameco instructs the Converter to transfer title of a

contractually specified quantity of uranium to the customer’s account at the Converter’s facility. At this point, control has been

transferred and Cameco recognizes revenue for the uranium supply.

Toll conversion services

In a toll conversion arrangement, Cameco is contractually obligated to convert customer-owned uranium to a chemical state

suitable for enrichment. Based on delivery terms in a sales contract with its customer, Cameco either (i) physically delivers

converted uranium to enrichment facilities (Enrichers) where it instructs the Enricher to transfer title of a contractually specified

quantity of converted uranium to the customer’s account at the Enricher’s facility, or (ii) transfers title of a contractually

specified quantity of converted uranium to either an Enricher’s account or the customer’s account at Cameco’s Port Hope

conversion facility. At this point, the customer obtains control and Cameco recognizes revenue for the toll conversion services.

Conversion supply

A conversion supply arrangement is a combination of uranium supply and toll conversion services. Cameco is contractually

obligated to provide converted uranium to its customers. Based on delivery terms in the sales contract, Cameco either (i)

physically delivers converted uranium to the Enricher where it instructs the Enricher to transfer title of a contractually specified

quantity of converted uranium to the customer’s account at the Enricher’s facility, or (ii) transfers title of a contractually

specified quantity of converted uranium to either an Enricher’s account or a customer’s account at Cameco’s Port Hope

conversion facility. At this point, the customer obtains control and Cameco recognizes revenue for both the uranium supplied

and the conversion service provided.

Fabrication services

In a fabrication services arrangement, Cameco is contractually obligated to provide fuel bundles or reactor components to its

customers. In a contract for fuel bundles, the bundles are inspected and accepted by the customer at Cameco’s Port Hope

fabrication facility or another location based on delivery terms in the sales contract. At this point, the customer obtains control

and Cameco recognizes revenue for the fabrication services.

CAMECO CORPORATION

In some contracts for reactor components, the components are made to a customer’s specification and if a contract is

terminated by the customer, Cameco is entitled to reimbursement of the costs incurred to date, including a reasonable margin.

Since the customer controls all of the work in progress as the products are being manufactured, revenue and associated costs

are recognized over time, before the goods are delivered to the customer’s premises. Revenue is recognized on the basis of

units produced as the contracts reflect a per unit basis. Revenue from these contracts represents an insignificant portion of

Cameco’s total revenue. In other contracts where the reactor components are not made to a specific customer’s specification,

when the components are delivered to the location specified in the contract, the customer obtains control and Cameco

recognizes revenue for the services.

Other services

Uranium concentrates and converted uranium are regulated products and can only be stored at regulated facilities. In a

storage arrangement, Cameco is contractually obligated to store uranium products at its facilities on behalf of the customer.

Cameco invoices the customer in accordance with the contract terms and recognizes revenue on a monthly basis.

Cameco also provides customers with transportation of its uranium products. In the contractual arrangements where Cameco

is acting as the principal, revenue is recognized as the product is delivered.

Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity

instrument of another.

Trade receivables and debt securities are initially recognized when they are originated. All other financial assets and liabilities

are initially recognized when the company becomes a party to the contractual provisions of the instrument. A financial asset

(unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value

plus, for an item not at fair value through profit or loss, transaction costs that are directly attributable to its acquisition or issue.

A trade receivable without a significant financing component is initially measured at the transaction price.

Financial assets

On initial recognition, financial assets are classified as measured at: amortized cost, fair value through other comprehensive

income, or fair value through profit or loss based on the Company’s business model for managing its financial assets and their

cash flow characteristics. Classifications are not changed subsequent to initial recognition unless the Company changes its

business model for managing its financial assets, in which case all affected financial assets are reclassified on the first day of

the first reporting period following the change in business model.

Amortized cost

A financial asset is measured at amortized cost if it is not designated as at fair value through profit or loss, is held within a

business model whose objective is to hold assets to collect contractual cash flows and its contractual terms give rise to cash

flows on specified dates that are solely payments of principal and interest on the principal amount outstanding. Assets in this

category are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by

impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss, as is

any gain or loss on derecognition. The Company’s financial assets measured at amortized cost include cash and cash

equivalents, short-term investments and accounts receivable.

2023 CONSOLIDATED FINANCIAL

STATEMENTS

AND NOTES

Fair value through other comprehensive income (FVOCI)

A debt investment is measured at FVOCI if it is not designated as at fair value through profit or loss, is held within a business

model whose objective is achieved by both collecting contractual cash flows and selling financial assets and its contractual

terms give rise to cash flows on specified dates that are solely payments of principal and interest on the principal amount

outstanding. These assets are subsequently measured at fair value. Interest income calculated using the effective interest

method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are

recognized in other comprehensive income (OCI). On derecognition, gains and losses accumulated in OCI are reclassified to

profit or loss.

On initial recognition of an equity investment that is not held for trading, Cameco may irrevocably elect to present subsequent

changes in the investments fair value in OCI. This election is made on an investment-by-investment basis. These assets are

subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly

represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never

reclassified to profit or loss.

Fair value through profit or loss (FVTPL)

All financial assets not classified as measured at amortized cost or FVOCI are measured at FVTPL. This includes all derivative

financial assets. On initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the

requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an

accounting mismatch that would otherwise arise. These assets are subsequently measured at fair value. Net gains and losses,

including any interest or dividend income, are recognized in profit or loss. The Company’s financial assets measured at FVTPL

include foreign currency contracts.

Derecognition of financial assets

Cameco derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the

rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of

the financial asset are transferred or in which it neither transfers or retains substantially all of the risks and rewards of

ownership and it does not retain control of the financial asset.

If the Company enters into a transaction whereby it transfers assets recognized in its statement of financial position, but

retains either all or substantially all of the risks and rewards of the transferred assets, the transferred assets would not be

derecognized.

ii.

Financial liabilities

On initial recognition, financial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is classified

as FVTPL if it is classified as held-for-trading, is a derivative or is designated as such on initial recognition. Financial liabilities

at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss.

Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense

and foreign exchange gains and losses are recognized in profit or loss as is any gain or loss on derecognition. The Company’s

financial liabilities measured at amortized cost include accounts payable and accrued liabilities, lease obligations and long-

term debt. The Company’s financial liabilities measured at FVTPL include foreign currency contracts and interest rate

contracts.

A financial liability is derecognized when its contractual obligations are discharged or cancelled, or expire. The Company also

derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially

different, in which case a new financial liability based on the modified terms is recognized at fair value. On derecognition of a

financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash

assets transferred or liabilities assumed) is recognized in profit or loss.

CAMECO CORPORATION

iii.

Derivative financial instruments

The Company holds derivative financial instruments to reduce exposure to fluctuations in foreign currency exchange rates and

interest rates. Embedded derivatives are separated from the host contract and accounted for separately if the host contract is

not a financial asset and certain criteria are met.

Derivative financial instruments are initially measured at fair value in the consolidated statements of financial position, with any

directly attributable transaction costs recognized in profit or loss as incurred. Subsequent to initial recognition, derivatives are

measured at fair value, and changes in fair value are recognized in profit or loss.

The purpose of hedging transactions is to modify the Company’s exposure to one or more risks by creating an offset between

changes in the fair value of, or the cash flows attributable to, the hedged item and the hedging item. When hedge accounting

is appropriate, the hedging relationship is designated as a fair value hedge, a cash flow hedge, or a foreign currency risk

hedge related to a net investment in a foreign operation. While Cameco does not have any instruments that have been

designated as hedge transactions at December 31, 2023 and 2022, its equity-investee Westinghouse does. These cash flow

hedges are recognized in other comprehensive income.

Income tax

Income tax expense is comprised of current and deferred taxes. Current tax and deferred tax are recognized in earnings

except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive

income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or

substantively enacted at the reporting date, and any adjustments to tax payable in respect of previous years. Current tax

assets and liabilities are measured at the amount expected to be paid or recovered from the taxation authorities.

Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for

financial reporting purposes and the amounts used for taxation purposes. In addition, deferred tax is not recognized for taxable

temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected

to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted

by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax

liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on

different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities

will be realized simultaneously.

A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it

is probable that future taxable income will be available against which they can be utilized. Deferred tax assets are reviewed at

each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

The Company’s exposure to uncertain tax positions is evaluated and a provision is made where it is probable that this

exposure will materialize.

Share capital

Common shares are classified as equity. Incremental costs directly attributable to the issue of common shares are recognized

as a reduction of equity, net of any tax effects.

Earnings per share

The Company presents basic and diluted earnings per share data for its common shares. Earnings per share is calculated by

dividing the net earnings attributable to equity holders of the Company by the weighted average number of common shares

outstanding.

2023 CONSOLIDATED FINANCIAL

STATEMENTS

AND NOTES

Diluted earnings per share is determined by adjusting the net earnings attributable to equity holders of the Company and the

weighted average number of common shares outstanding, for the effects of all dilutive potential common shares. The

calculation of diluted earnings per share assumes that outstanding options which are dilutive to earnings per share are

exercised and the proceeds are used to repurchase shares of the Company at the average market price of the shares for the

period. The effect is to increase the number of shares used to calculate diluted earnings per share.

Segment reporting

An operating segment is a component of the Company that engages in business activities from which it may earn revenues

and incur expenses, including revenues and expenses that relate to transactions with any of the Company’s other segments.

be classified as a segment, discrete financial information must be available and operating results must be regularly

reviewed by the Company’s executive team. Cameco has three reportable segments, uranium, fuel services and

Westinghouse.

Segment capital expenditure is the total cost incurred during the period to acquire property, plant and equipment, and

intangible assets other than goodwill.

Accounting standards

Changes in accounting policy

A number of amendments to existing standards became effective January 1, 2023 but they did not have a material effect on

the Company’s financial statements.

Income taxes

In May 2023, the International Accounting Standards Board (IASB) issued International Tax Reform –

Pillar Two Model Rules,

which amended IAS 12,

Income Taxes

(IAS 12). The amendments are effective for annual periods beginning on or after

January 1, 2023. The amendments apply to income taxes arising from changes to tax law enacted to implement the Pillar Two

model rules published by the Organisation for Economic Co-operation and Development. Cameco applied the temporary

mandatory exception from deferred tax accounting for the top-up tax related to Pillar Two income taxes. We have not included

additional disclosures arising from this amendment in these consolidated annual financial statements for the year ended

December 31, 2023 because the impact was not material.

ii.

Disclosure of accounting policies

In February 2021, the IASB issued an amendment to IAS 1,

Disclosure of Accounting Policies

(IAS 1). The amendment was

effective for annual reporting periods beginning on or after January 1, 2023 and provided requirements and guidance to help

entities make more effective accounting policy disclosures. We have reviewed our disclosures in note 2 and amended them to

only include accounting policy information that we considered material based on the new guidance.

New standards and interpretations not yet adopted

number of amendments to existing standards are not yet effective for the year ended December 31, 2023 and have not been

applied in preparing these consolidated financial statements. Cameco does not intend to early adopt any of the amendments

and does not expect them to have a material impact on its financial statements.

Determination of fair values

A number of the Company’s accounting policies and disclosures require the measurement of fair value, for both financial and

non-financial assets and liabilities.

CAMECO CORPORATION

The fair value of an asset or liability is generally estimated as the amount that would be received on sale of an asset, or paid to

transfer a liability in an orderly transaction between market participants at the reporting date. Fair values of assets and

liabilities traded in an active market are determined by reference to last quoted prices, in the principal market for the asset or

liability. In the absence of an active market for an asset or liability,

fair values are determined based on market quotes for

assets or liabilities with similar characteristics and risk profiles, or through other valuation techniques. Fair values determined

using valuation techniques require the use of inputs, which are obtained from external, readily observable market data when

available. In some circumstances, inputs that are not based on observable data must be used. In these cases, the estimated

fair values may be adjusted in order to account for valuation uncertainty, or to reflect the assumptions that market participants

would use in pricing the asset or liability.

All fair value measurements are categorized into one of three hierarchy levels, described below, for disclosure purposes. Each

level is based on the transparency of the inputs used to measure the fair values of assets and liabilities:

Level 1 – Values based on unadjusted quoted prices in active markets that are accessible at the reporting date for identical

assets or liabilities.

Level 2 – Values based on quoted prices in markets that are not active or model inputs that are observable either directly or

indirectly for substantially the full term of the asset or liability.

Level 3 – Values based on prices or valuation techniques that require inputs that are both unobservable and significant to the

overall fair value measurement.

When the inputs used to measure fair value fall within more than one level of the hierarchy, the level within which the fair value

measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety.

Transfers between levels of the fair value hierarchy are recognized at the end of the reporting period during which the transfer

occurred. There were

transfers between level 1, level 2, or level 3 during the period. Cameco does not have any recurring

fair value measurements that are categorized as level 3 as of the reporting date.

Further information about the techniques and assumptions used to measure fair values is included in the following notes:

Note 6 - Acquisitions

Note 25 - Share-based compensation plans

Note 27 - Financial instruments and risk management

Use of estimates and judgments

The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgments,

estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities,

revenues and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in

the period in which the estimates are revised and in any future period affected.

Information about critical judgments in applying the accounting policies that have the most significant effect on the amounts

recognized in the consolidated financial statements is discussed below. Further details of the nature of these judgments,

estimates and assumptions may be found in the relevant notes to the consolidated financial statements.

2023 CONSOLIDATED FINANCIAL

STATEMENTS

AND NOTES

Recoverability of long-lived and intangible assets and investments

Cameco assesses the carrying values of property, plant and equipment, intangible assets and investments in associates and

joint ventures when there is an indication of possible impairment. If it is determined that carrying values of assets cannot be

recovered, the unrecoverable amounts are charged against current earnings. Recoverability is dependent upon assumptions

and judgments regarding market conditions, costs of production, sustaining capital requirements, mineral reserves and the

impact of geopolitical events. Other assumptions used in the calculation of recoverable amounts are discount rates, future

cash flows and profit margins. A material change in assumptions may significantly impact the potential impairment of these

assets.

Cash generating units

In performing impairment assessments of long-lived assets, assets that cannot be assessed individually are grouped together

into the smallest group of assets that generates cash inflows that are largely independent of the cash inflows from other assets

or groups of assets. Management is required to exercise judgment in identifying these CGUs.

Provisions for decommissioning and reclamation of assets

Significant decommissioning and reclamation activities are often not undertaken until near the end of the useful lives of the

productive assets. Regulatory requirements and alternatives with respect to these activities are subject to change over time.

significant change to either the estimated costs, timing of the cash flows or mineral reserves may result in a material change in

the amount charged to earnings.

Income taxes

Cameco operates in a number of tax jurisdictions and is, therefore, required to estimate its income taxes in each of these tax

jurisdictions in preparing its consolidated financial statements. In calculating income taxes, consideration is given to factors

such as tax rates in the different jurisdictions, non-deductible expenses, changes in tax law and management’s expectations of

future operating results. Cameco estimates deferred income taxes based on temporary differences between the income and

losses reported in its consolidated financial statements and its taxable income and losses as determined under the applicable

tax laws. The tax effect of these temporary differences is recorded as deferred tax assets or liabilities in the consolidated

financial statements. The calculation of income taxes requires the use of judgment and estimates. The determination of the

recoverability of deferred tax assets is dependent on assumptions and judgments regarding future market conditions and

production rates, which can materially impact estimated future taxable income. If these judgments and estimates prove to be

inaccurate, future earnings may be materially impacted.

Mineral reserves

Depreciation on property, plant and equipment is primarily calculated using the unit-of-production method. This method

allocates the cost of an asset to each period based on current period production as a portion of total lifetime production or a

portion of estimated mineral reserves. Estimates of life-of-mine and amounts of mineral reserves are updated annually and are

subject to judgment and significant change over time. If actual mineral reserves prove to be significantly different than the

estimates, there could be a material impact on the amounts of depreciation charged to earnings.

CAMECO CORPORATION

Acquisitions

Westinghouse Electric Company (Westinghouse)

On November 7, 2023, Cameco acquired a

% interest in Westinghouse, one of the world’s largest nuclear services

businesses, in partnership with Brookfield Asset Management alongside its publicly listed affiliate Brookfield Renewable

Partners (Brookfield) and its institutional partners. Brookfield, with its institutional partners, owns the other

%. The

acquisition represents an investment in additional nuclear fuel cycle assets that the Company expects will augment the core of

its business.

finance its

% share of the purchase price, $

2,140,305,000

(US), Cameco used a combination of cash, debt and equity.

The Company used $

1,540,305,000

(US) of cash and $

600,000,000

(US) in term loans (see note 14). In 2022, Cameco had

issued

34,057,250

common shares pursuant to a public offering to help fund the acquisition (see note 17). At December 31,

2023, $

50,000,000

(US) remained in escrow, to be paid upon finalization of the closing statement.

The purchase price was allocated to the underlying assets and liabilities assumed based on their fair values at the date of

acquisition. The values assigned to Cameco’s share of the net assets acquired were as follows:

Net assets acquired

(USD)

Cash and cash equivalents

254,800

Other current assets

938,413

Property, plant and equipment

787,278

Intangible assets

2,852,780

Goodwill

568,631

Non-current assets

346,891

Current liabilities

(1,164,621)

Non-current liabilities

(2,443,867)

Total

2,140,305

Cash

1,540,305

Term

loans [note 14]

600,000

Total

2,140,305

Fair values were determined using a number of different valuation methodologies depending on the characteristics of the

assets being valued. Methods included discounted cash flows, relief from royalty and multi-period excess earnings, quoted

market prices and the direct cost method.

Intangible assets include customer relationships and contracts, developed technology, the Westinghouse

trade name and

product development costs. Goodwill reflects the value assigned to the expected future earnings capabilities of the

organization. This is the earnings potential that we anticipate will be realized through new business arrangements.

The valuation of the assets and liabilities assumed was not finalized as of the date of these financial statements. The

accounting for the acquisition will be revised when the valuation is complete. Following the completion of the valuation, if new

information obtained within one year of the acquisition date about facts and circumstances that existed at the date of

acquisition, identifies adjustments to the above amounts, or any additional provisions that existed at the date of acquisition,

further revisions will be made.

2023 CONSOLIDATED FINANCIAL

STATEMENTS

AND NOTES

Additional interest in Cigar Lake Joint Venture (CLJV)

On May 19, 2022, Cameco and Orano Canada Inc. (Orano) completed the acquisition of Idemitsu Canada Resources Ltd.’s

(Idemitsu)

7.875

% participating interest in the CLJV by acquiring their pro rata shares through an asset purchase. Cameco’s

ownership stake in the Cigar Lake uranium mine in northern Saskatchewan is now

54.547

% (previously

50.025

%). The

primary reason for the business combination was to increase our ownership interest.

Cash consideration of $

101,681,000

was paid for the additional

4.522

% interest. While Cameco received the economic benefit

of owning the additional interest as of January 1, 2022, the additional interest has been proportionately consolidated with the

results of Cameco commencing on May 19, 2022.

CLJV allocates uranium production to each joint operation participant and the joint operation participant derives revenue

directly from the sale of such product. Mining and milling expenses incurred by joint operations are included in the cost of

inventory. As such, there is no revenue or profit or loss of the acquiree included in the consolidated statements of earnings. If

the acquisition had occurred at the beginning of the year, Cameco’s share of production would have included an additional

296,000

pounds. The impact to the financial statements would not have been material.

Acquisition costs of $

1,495,000

have been included in administration expense in the consolidated statements of earnings for

the year ended December 31, 2022.

Included in the identifiable assets and liabilities acquired at the date of acquisition are inputs, production processes and

outputs. Therefore, Cameco has determined that together the acquired set is a business. In accordance with the acquisition

method of accounting, the purchase price was allocated to the underlying assets and liabilities assumed based on their fair

values at the date of acquisition. Fair values were determined based on discounted cash flows and quoted market prices. The

values assigned to the net assets acquired were as follows:

Property, plant and equipment

97,930

Deferred tax asset

28,196

Inventory

9,909

Working capital

(24)

Reclamation provision

(2,528)

Sales contracts

(9,000)

Net assts acquired

124,483

Cash paid

101,681

Bargain purchase gain [note 21]

(a)

22,802

(a)

The bargain purchase gain resulted from applying the measurement requirements under IFRS 3,

Business Combinations

This standard requires the measurement of tax attributes that were acquired as part of the transaction be in accordance with

IAS 12,

Income Taxes

, rather than at fair value. The measured amount of these attributes exceeded the amount paid for them

and the resulting gain is included in other income (expense) in the consolidated statement of earnings.

CAMECO CORPORATION

Accounts receivable

2023

2022

Trade receivables

413,792

167,688

GST/VAT

receivables

6,772

5,856

Other receivables

1,769

10,400

Total

422,333

183,944

The Company’s exposure to credit and currency risks as well as credit losses related to trade and other receivables, excluding

goods and services tax (GST)/value added tax (VAT)

receivables, is disclosed in note 27.

Inventories

2023

2022

Uranium

Concentrate

511,654

537,426

Broken ore

71,463

46,703

583,117

584,129

Fuel services

108,711

80,144

Other

433

425

Total

692,261

664,698

Cameco expensed $

1,833,000,000

of inventory as cost of sales during 2023 (2022 - $

1,359,000,000

2023 CONSOLIDATED FINANCIAL

STATEMENTS

AND NOTES

Property, plant and equipment

At December 31, 2023

Land

Plant

Furniture

Exploration

and

Under

and

buildings

equipment

fixtures

construction

evaluation

Total

Cost

Beginning of year

5,197,138

2,812,309

84,080

234,590

1,088,234

9,416,351

Additions

9,062

29,498

3,461

111,518

153,631

Transfers

40,011

63,819

3,334

(106,835)

329

Change in reclamation provision [note 16]

(5,343)

Disposals

(13,604)

(3,744)

(69)

(1,989)

(19,406)

Effect of movements in exchange rates

(13,940)

(4,277)

(87)

(4)

(19,884)

(38,192)

End of year

5,213,324

2,897,605

90,719

237,280

1,068,442

9,507,370

Accumulated depreciation and impairment

Beginning of year

3,300,869

2,067,999

79,576

36,798

467,071

5,952,313

Depreciation charge

146,574

98,694

4,267

249,535

Transfers

(11)

Change in reclamation provision [note 16]

(a)

(7,509)

Disposals

(13,604)

(3,456)

(69)

(17,129)

Effect of movements in exchange rates

(13,340)

(4,227)

(87)

(10,159)

(27,813)

End of year

3,412,990

2,159,021

83,676

36,798

456,912

6,149,397

Right-of-use assets

Beginning of year

5,959

1,565

1,928

9,452

Additions

3,398

126

844

4,368

Disposals

(214)

Depreciation charge

(1,003)

(399)

(1,076)

(2,478)

Transfers

(28)

(677)

376

(329)

End of year

8,326

401

2,072

10,799

Net book value at December 31, 2023

1,808,660

738,985

9,115

200,482

611,530

3,368,772

CAMECO CORPORATION

At December 31, 2022

Land

Plant

Furniture

Exploration

and

Under

and

buildings

equipment

fixtures

construction

evaluation

Total

Cost

Beginning of year

5,152,209

2,732,561

84,366

167,200

1,073,239

9,209,575

Acquisitions [note 6]

67,998

27,646

2,216

97,930

Additions

4,385

8,927

209

129,734

193

143,448

Transfers

25,023

39,091

(167)

(63,518)

429

Change in reclamation provision

(93,451)

Disposals

(4,885)

(8,423)

(650)

(1,046)

(15,004)

Effect of movements in exchange rates

45,859

12,507

252

14,802

73,424

End of year

5,197,138

2,812,309

84,080

234,590

1,088,234

9,416,351

Accumulated depreciation and impairment

Beginning of year

3,101,740

1,962,228

78,119

36,798

458,247

5,637,132

Depreciation charge

137,543

101,923

1,857

241,323

Change in reclamation provision

(a)

22,944

Disposals

(4,851)

(8,201)

(649)

(13,701)

Effect of movements in exchange rates

43,493

12,049

249

8,824

64,615

End of year

3,300,869

2,067,999

79,576

36,798

467,071

5,952,313

Right-of-use assets

Beginning of year

931

1,584

1,641

4,156

Additions

5,917

1,330

606

7,853

Disposals

(11)

Depreciation charge

(870)

(560)

(687)

(2,117)

Transfers

(19)

(778)

368

(429)

End of year

5,959

1,565

1,928

9,452

Net book value at December 31, 2022

1,902,228

745,875

6,432

197,792

621,163

3,473,490

Cameco has contractual capital commitments of approximately $

60,525,000

at December 31, 2023. Certain of the contractual

commitments may contain cancellation clauses, however the Company discloses the commitments based on management’s

intent to fulfill the contract. The majority of this amount is expected to be incurred in 2024.

(a) Asset retirement obligation assets are adjusted when the Company updates its reclamation provisions due to new cash

flow estimates or changes in discount and inflation rates. When the assets of an operation have been written off due to an

impairment, as is the case with our Rabbit Lake operation and some of our operations in the United States, the adjustment is

recorded directly to the statement of earnings as other operating expense or income.

2023 CONSOLIDATED FINANCIAL

STATEMENTS

AND NOTES

10.

Intangible assets

Reconciliation of carrying amount

At December 31, 2023

Intellectual

property

Cost

Beginning of year

118,819

End of year

118,819

Accumulated amortization and impairment

Beginning of year

71,758

Amortization charge

3,484

End of year

75,242

Net book value at December 31, 2023

43,577

At December 31, 2022

Intellectual

Contracts

property

Total

Cost

Beginning of year

110,618

118,819

229,437

Effect of movements in exchange rates

8,027

End of year

118,645

118,819

237,464

Accumulated amortization and impairment

Beginning of year

109,886

68,304

178,190

Amortization charge

739

3,454

4,193

Effect of movements in exchange rates

7,964

End of year

118,589

71,758

190,347

Net book value at December 31, 2022

47,061

47,117

Amortization

The intangible asset values relate to intellectual property acquired with Cameco Fuel Manufacturing Inc. (CFM) and purchase

and sales contracts acquired with NUKEM. The CFM intellectual property is being amortized on a unit-of-production basis over

its remaining life. Amortization is allocated to the cost of inventory and is recognized in cost of products and services sold as

inventory was sold. The purchase and sales contracts were amortized to earnings over the terms of the underlying contracts.

Amortization of the purchase contracts was allocated to the cost of inventory and included in cost of products and services

sold as inventory was sold. Sales contracts were amortized to revenue.

CAMECO CORPORATION

11.

Long-term receivables, investments and other

2023

2022

Deferred charges

29,585

Derivatives [note 27]

28,467

2,807

Investment tax credits

95,940

95,812

Amounts receivable related to tax dispute [note 22]

(a)

209,125

295,221

Product loan

(b)

288,294

200,998

Other

2,108

3,264

623,934

627,687

Less current portion

(10,161)

(32,180)

Net

613,773

595,507

(a)

Cameco was required to remit or otherwise secure 50% of the cash taxes and transfer pricing penalties, plus related

interest and instalment penalties assessed, in relation to its dispute with Canada Revenue Agency (CRA). In light of our view

of the likely outcome of the case, Cameco expects to recover the amounts remitted to CRA, including cash taxes, interest and

penalties paid. $

86,097,000

was received during the year (see note 22).

(b)

Cameco loaned

5,400,000

pounds of uranium concentrate to its joint venture partner, Orano Canada Inc., (Orano). Orano

was obligated to repay the Company in kind with uranium concentrate no later than December 31, 2023. During 2022, the

repayment terms were extended to

December 31, 2028

. As at December 31, 2023,

3,000,000

pounds have been returned as

repayment on this loan.

Cameco also agreed to lend to Orano up to

1,148,200

kgU of conversion supply and up to an additional

1,200,000

pounds of

uranium concentrate over the period 2022 to 2024. Repayment to Cameco is to be made in kind with U

quantities drawn

being repaid by

December 31, 2027

and quantities of UF

drawn by

December 31, 2035

As at December 31, 2023,

3,600,000

pounds of U

(December 31, 2022 -

3,571,001

pounds) and

1,148,200

kgU of UF

conversion supply (December 31, 2022 -

700,000

kgU) were drawn on the loans and are recorded at Cameco’s weighted

average cost of inventory.

12.

Equity-accounted investees

2023

2022

Interest in Westinghouse

2,899,379

Interest in JV Inkai

273,806

210,972

Interest in Global Laser Enrichment LLC (GLE)

3,173,185

210,972

Joint ventures

Westinghouse

Westinghouse is a nuclear reactor technology original equipment manufacturer and a global provider of products and services

to commercial utilities and government agencies. Effective November 7, 2023, Cameco holds a

% interest and Brookfield

holds

%. Cameco has joint control with Brookfield over the strategic operating, investing and financing activities of

Westinghouse. The Company determined that the joint arrangement should be classified as a joint venture after concluding

that neither the legal form of the separate entity, the terms of the contractual arrangement, or other facts and circumstances

would give the Company rights to the assets and obligations for the liabilities relating to the arrangement. As a result, Cameco

accounts for Westinghouse on an equity basis.

2023 CONSOLIDATED FINANCIAL

STATEMENTS

AND NOTES

Westinghouse provides outage and maintenance services, engineering support, instrumentation and controls equipment, plant

modification, and components and parts to nuclear reactors. Westinghouse has three fabrication facilities that design and

manufacture nuclear fuel supplies for light water reactors. In addition, Westinghouse designs, develops and procures

equipment for the build of new nuclear reactor plants.

The following table summarizes the total comprehensive loss of Westinghouse (

100

%) for the period commencing November

7, 2023:

2023

Revenue from products and services

1,063,417

Cost of products and services sold

(408,745)

Depreciation and amortization

(124,012)

Marketing, administrative and general expenses

(498,775)

Finance income

3,846

Finance costs

(59,414)

Other expense

(39,641)

Income tax recovery

13,555

Net loss

(49,769)

Other comprehensive income

13,933

Total comprehensive loss

(35,836)

The following table summarizes the financial information of Westinghouse (

100

%) for the year ending December 31 and

reconciles it to the carrying amount of Cameco’s interest:

2023

Cash and cash equivalents

265,146

Other current assets

2,364,602

Intangible assets

7,655,386

Goodwill

1,534,947

Non-current assets

3,102,566

Current liabilities

(2,464,058)

Non-current liabilities

(6,684,673)

Net assets

5,773,916

Net assets attributable to non-controlling interest

(24,036)

Net assets attributable to shareholders

5,749,880

Cameco's share of net assets attributable to shareholders (

2,817,441

Acquisition costs

(a)

83,916

Impact of foreign exchange

(1,978)

Carrying amount of interest in Westinghouse

2,899,379

(a) Cameco incurred $

million of acquisition costs that were included in the cost of the investment.

ii.

Global Laser Enrichment LLC (GLE)

GLE is the exclusive licensee of the proprietary Separation of Isotopes by Laser Excitation (SILEX) laser enrichment

technology, a third-generation uranium enrichment technology.

Cameco owns a

% interest in GLE with an option to attain a

majority interest of up to

% ownership. Cameco has joint control with SILEX over the strategic operating, investing and

financing activities and as a result, accounts for GLE on an equity basis. In 2014, an impairment charge was recognized for its

full carrying value of $

183,615,000

. Following the impairment, under the equity method of accounting, Cameco discontinued

recognizing its share of losses in GLE. Cameco’s contributions to GLE are recorded in earnings as research and development.

CAMECO CORPORATION

Associate

JV Inkai

JV Inkai is the operator of the Inkai uranium deposit located in Kazakhstan. Cameco holds a

% interest and Kazatomprom

holds a

% interest in JV Inkai. Cameco does not have joint control over the joint venture and as a result, Cameco accounts

for JV Inkai on an equity basis.

JV Inkai is a uranium mining and milling operation that utilizes in-situ recovery (ISR) technology to extract uranium. The

participants in JV Inkai purchase uranium from Inkai and, in turn, derive revenue directly from the sale of such product to third-

party customers.

The following table summarizes the total comprehensive earnings of JV Inkai (

100

%):

2023

2022

Revenue from products and services

708,679

476,354

Cost of products and services sold

(99,160)

(66,119)

Depreciation and amortization

(35,187)

(24,749)

Finance income

1,343

1,341

Finance costs

(1,069)

(2,635)

Other expense

(34,738)

(30,770)

Income tax expense

(106,419)

(74,763)

Net earnings

433,449

278,659

Total comprehensive income

433,449

278,659

The following table summarizes the financial information of JV Inkai (

100

%) and reconciles it to the carrying amount of

Cameco’s interest:

2023

2022

Cash and cash equivalents

24,074

14,950

Other current assets

551,917

373,868

Non-current assets

332,655

334,954

Current liabilities

(40,985)

(34,606)

Non-current liabilities

(30,211)

(37,644)

Net assets

837,450

651,522

Cameco's share of net assets (

334,980

260,609

Consolidating adjustments

(a)

(74,223)

(82,275)

Fair value increment

(b)

81,090

83,675

Dividends declared but not received

5,952

Dividends in excess of ownership percentage

(c)

(74,843)

(48,641)

Impact of foreign exchange

850

(2,396)

Carrying amount of interest in JV Inkai

273,806

210,972

(a) Cameco records certain consolidating adjustments to eliminate unrealized profit and amortize historical differences in

accounting policies. This amount is amortized to earnings over units of production.

(b) Upon restructuring, Cameco assigned fair values to the assets and liabilities of JV Inkai. This increment is amortized to

earnings over units of production.

(c) Cameco’s share of dividends follows its production purchase entitlements which is currently higher than its ownership

interest.

2023 CONSOLIDATED FINANCIAL

STATEMENTS

AND NOTES

13.

Accounts payable and accrued liabilities

2023

2022

Trade payables

388,902

249,962

Non-trade payables

108,856

65,182

Payables due to related parties [note 25]

79,792

59,570

Total

577,550

374,714

The Company’s exposure to currency and liquidity risk related to trade and other payables is disclosed in note 27.

14.

Long-term debt

2023

2022

Unsecured debentures

Series F -

5.09

% debentures due

November 14, 2042

99,374

99,355

Series G -

4.19

% debentures due

June 24, 2024

499,821

499,407

Series H -

2.95

% debentures due

October 21, 2027

398,582

398,238

Term

loans

786,397

1,784,174

997,000

Less current portion

(499,821)

Total

1,284,353

997,000

Cameco has a $

1,000,000,000

unsecured revolving credit facility that is available until

October 1, 2027

. Upon mutual

agreement, the facility can be extended for an additional year on the anniversary date. In addition to direct borrowings under

the facility, up to $

100,000,000

can be used for the issuance of letters of credit and, to the extent necessary, it may be used to

provide liquidity support for the Company’s commercial paper program. The agreement also provides the ability to increase the

revolving credit facility above $

1,000,000,000

by increments no less than $

50,000,000

, to a total of $

1,250,000,000

. The

facility ranks equally with all of Cameco’s other senior debt. As of December 31, 2023 and 2022, there were

amounts

outstanding under this facility.

Cameco has $

1,771,663,000

(2022 - $

1,756,754,000

) in letter of credit facilities. Outstanding and committed letters of credit at

December 31, 2023 amounted to $

1,383,689,000

(2022 - $

1,593,379,000

), the majority of which relate to future

decommissioning and reclamation liabilities (note 16).

On November 7, 2023, the Company utilized a term loan for $

600,000,000

(US) with a syndicate of lenders. The proceeds of

the term loan were used to finance the

% acquisition of Westinghouse. The term loan consists of two $

300,000,000

(US)

tranches. The first tranche has a floating interest rate of SOFR plus

1.80

% and matures on November 7, 2025. The second

tranche has a floating interest rate of SOFR plus

2.05

% and matures on November 7, 2026.

Cameco is bound by a covenant in its revolving credit facility and term loan. The covenant requires a funded debt to tangible

net worth ratio equal to or less than

:1. Non-compliance with this covenant could result in accelerated payment and

termination of the revolving credit facility and term loan. At December 31, 2023, Cameco was in compliance with the covenant

and does not expect its operating and investing activities in 2024 to be constrained by it.

The table below represents currently scheduled maturities of long-term debt:

2024

2025

2026

2027

2028

Thereafter

Total

499,821

393,420

392,977

398,582

99,374

1,784,174

CAMECO CORPORATION

15.

Other liabilities

2023

2022

Deferred sales [note 18]

45,372

66,845

Derivatives [note 27]

22,344

58,342

Accrued pension and post-retirement benefit liability [note 26]

77,002

66,180

Lease obligation

10,816

9,287

Product loan

(a)

166,052

78,094

Sales contracts [note 6]

6,314

9,000

Other

64,064

59,738

391,964

347,486

Less: current portion

(48,544)

(131,324)

Net

343,420

216,162

Expenses related to short-term leases and leases of low-value assets were insignificant during 2023

(a) The Company has standby product loan facilities with various counterparties. The arrangements allow it to borrow up to

1,978,000

kgU of UF

conversion services and

3,506,000

pounds of U

by September 30, 2026 with repayment in kind up to

December 31, 2026

. Under the facilities, standby fees of up to

% are payable based on the market value of the facilities and

interest is payable on the market value of any amounts drawn at rates ranging from

0.5

% to

2.0

%. At December 31, 2023, we

have

1,777,000

kgU of UF

conversion services (December 31, 2022 -

1,529,000

kgU) drawn on the loans with repayment in

the following years:

2024

2025

2026

Total

kgU of UF

528,000

1,249,000

1,777,000

We also have

2,756,000

pounds of U

(December 31, 2022 -

1,393,000

pounds) drawn with repayment in the following

years:

2024

2025

2026

Total

lbs of U

630,000

2,126,000

2,756,000

The loans are recorded at Cameco’s weighted average cost of inventory.

2023 CONSOLIDATED FINANCIAL

STATEMENTS

AND NOTES

16.

Provisions

Reclamation

Waste disposal

Total

Beginning of year

1,061,096

9,934

1,071,030

Changes in estimates and discount rates [note 9]

Capitalized in property, plant and equipment

2,166

Recognized in earnings [note 9]

(7,509)

2,148

(5,361)

Provisions used during the period

(37,194)

(1,788)

(38,982)

Unwinding of discount [note 20]

39,096

523

39,619

Effect of movements in exchange rates

(6,488)

End of period

1,051,167

10,817

1,061,984

Current

35,356

3,757

39,113

Non-current

1,015,811

7,060

1,022,871

1,051,167

10,817

1,061,984

Reclamation provision

Cameco's estimates of future decommissioning obligations are based on reclamation standards that satisfy regulatory

requirements. Elements of uncertainty in estimating these amounts include potential changes in regulatory requirements,

decommissioning and reclamation alternatives and amounts to be recovered from other parties.

Cameco estimates total undiscounted future decommissioning and reclamation costs for its existing operating assets to be

1,356,018,000

(2022 - $

1,356,092,000

). The expected timing of these outflows is based on life-of-mine plans with the

majority of expenditures expected to occur after

2027

. These estimates are reviewed by Cameco technical personnel as

required by regulatory agencies or more frequently as circumstances warrant. In connection with future decommissioning and

reclamation costs, Cameco has provided financial assurances of $

1,060,769,000

(2022 - $

1,035,348,000

) in the form of letters

of credit to satisfy current regulatory requirements.

The reclamation provision relates to the following segments:

2023

2022

Uranium

874,773

870,877

Fuel services

176,394

190,219

Total

1,051,167

1,061,096

Waste disposal

The fuel services segment consists of the Blind River refinery, Port Hope conversion facility and Cameco Fuel Manufacturing

Inc.. The refining, conversion and manufacturing processes generate certain uranium contaminated waste. These include

contaminated combustible material (paper, rags, gloves, etc.) and contaminated non-combustible material (metal parts, soil

from excavations, building and roofing materials, spent uranium concentrate drums, etc.). These materials can in some

instances be recycled or reprocessed. A provision for waste disposal costs in respect of these materials is recognized when

they are generated.

Cameco estimates total undiscounted future costs related to existing waste disposal to be $

9,681,000

(2022 - $

8,919,000

The majority of these expenditures are expected to occur within the next

three years

CAMECO CORPORATION

17.

Share capital

Authorized share capital:

Unlimited number of first preferred shares

Unlimited number of second preferred shares

Unlimited number of voting common shares,

stated par value, not convertible or redeemable, and

One Class B share

Common Shares

Number issued

(number of shares)

2023

2022

Beginning of year

432,518,470

398,059,265

Issued:

Stock option plan [note 25]

1,657,282

401,955

Equity issuance

(a)

34,057,250

End of year

434,175,752

432,518,470

(a) On October 17, 2022, Cameco issued

34,057,250

common shares pursuant to a public offering for a total consideration of

996,867,000

. The proceeds of the issue after deducting expenses were $

964,878,000

. Excluding the deferred tax recoveries,

the net cash proceeds amounted to $

953,285,000

All issued shares are fully paid. Holders of the common shares are entitled to exercise one vote per share at meetings of

shareholders, are entitled to receive dividends if, as and when declared by our Board of Directors and are entitled to

participate in any distribution of remaining assets following a liquidation.

The shares of Cameco are widely held and

no shareholder, resident in Canada, is allowed to own more than 25% of the

Company’s outstanding common shares, either individually or together with associates. A non-resident of Canada is not

allowed to own more than 15%. In addition, no more than 25% of total shareholder votes cast may be cast by non-resident

shareholders.

Class B share

One Class B share issued during 1988 and assigned $

of share capital

entitles the shareholder to vote separately as a class

in respect of any proposal to locate the head office of Cameco to a place not in the province of Saskatchewan

Dividends

Dividends on Cameco Corporation common shares are declared in Canadian dollars. For the year ended December 31, 2023,

the dividend declared per share was $

0.12

(December 31, 2022 - $

0.12

18.

Revenue

Cameco’s sales contracts with customers contain both fixed and market-related pricing. Fixed-price contracts are typically

based on a term-price indicator at the time the contract is accepted and escalated over the term of the contract. Market-related

contracts are based on either the spot price or long-term price, and the price is quoted at the time of delivery rather than at the

time the contract is accepted. These contracts often include a floor and/or ceiling prices, which are usually escalated over the

term of the contract. Escalation is generally based on a consumer price index. The Company’s contracts contain either one of

these pricing mechanisms or a combination of the two. There is no variable consideration in the contracts and therefore no

revenue is considered constrained at the time of delivery. Cameco expenses the incremental costs of obtaining a contract as

incurred as the amortization period is less than a year.

2023 CONSOLIDATED FINANCIAL

STATEMENTS

AND NOTES

The following table summarizes Cameco’s sales disaggregated by geographical region and contract type and includes a

reconciliation to the Company’s reportable segments (note 29):

For the year ended December 31, 2023

Uranium

Fuel services

Other

Total

Customer geographical region

Americas

1,043,475

307,885

9,959

1,361,319

Europe

592,068

88,759

680,827

Asia

516,699

28,913

545,612

2,152,242

425,557

9,959

2,587,758

Contract type

Fixed-price

821,958

414,289

9,959

1,246,206

Market-related

1,330,284

11,268

1,341,552

2,152,242

425,557

9,959

2,587,758

For the year ended December 31, 2022

Uranium

Fuel services

Other

Total

Customer geographical region

Americas

806,915

289,028

20,025

1,115,968

Europe

284,602

52,112

2,769

339,483

Asia

388,629

23,923

412,552

1,480,146

365,063

22,794

1,868,003

Contract type

Fixed-price

478,552

355,479

22,794

856,825

Market-related

1,001,594

9,584

1,011,178

1,480,146

365,063

22,794

1,868,003

Deferred sales

The following table provides information about contract liabilities (note 15) from contracts with customers:

2023

2022

Beginning of year

66,845

23,316

Additions

25,935

45,978

Recognized in revenue

(47,403)

(2,463)

Effect of movements in exchange rates

(5)

End of year

45,372

66,845

Deferred sales primarily relates to advance consideration received from customers for future uranium and conversion

deliveries as well as revenue related to the storage of uranium and converted uranium held at Cameco facilities.

The revenue

related to storage is recognized over time while the revenue related to future uranium and conversion deliveries is expected to

be recognized between 2024 and 2030.

CAMECO CORPORATION

Cameco recognized a decrease of revenue of $

648,000

(2022 - decrease of revenue of $

194,000

) during 2023 from

performance obligations satisfied (or partially satisfied) in previous periods. This is due to the difference between actual pricing

indices and the estimates at the time of invoicing.

Future sales commitments

Cameco’s sales portfolio consists of short and long-term sales commitments. The contracts can be executed well in advance

of a delivery and include both fixed and market-related pricing.

The following table summarizes the expected future revenue,

by segment, related to only fixed-price contracts with remaining future deliveries as follows:

2024

2025

2026

2027

2028

Thereafter

Total

Uranium

676,996

756,597

406,045

367,194

349,872

565,998

3,122,702

Fuel services

356,742

397,922

383,045

356,792

333,166

1,474,806

3,302,473

Total

1,033,738

1,154,519

789,090

723,986

683,038

2,040,804

6,425,175

The sales contracts are denominated largely in US dollars and converted from US to Canadian dollars at a rate of $

1.30

The amounts in the table represent the consideration the Company will be entitled to receive when it satisfies the remaining

performance obligations in the contracts. The amounts include assumptions about volumes for contracts that have volume

flexibility. Cameco’s total revenue that will be earned will also include revenue from contracts with market-related pricing. The

Company has elected to exclude these amounts from the table as the transaction price will not be known until the time of

delivery. Contracts with an original duration of one year or less have been included in the table.

19.

Employee benefit expense

The following employee benefit expenses are included in cost of products and services sold, administration, exploration,

research and development and property, plant and equipment:

2023

2022

Wages and salaries

340,910

278,980

Statutory and company benefits

63,657

52,247

Expenses related to defined benefit plans [note 26]

5,572

5,656

Expenses related to defined contribution plans [note 26]

18,644

15,189

Equity-settled share-based compensation [note 25]

8,152

6,859

Cash-settled share-based compensation [note 25]

59,225

24,369

Total

496,160

383,300

20.

Finance costs

2023

2022

Interest on long-term debt

52,426

40,059

Unwinding of discount on provisions [note 16]

39,619

28,979

Other charges

23,824

16,690

Total

115,869

85,728

borrowing costs were determined to be eligible for capitalization during the year.

2023 CONSOLIDATED FINANCIAL

STATEMENTS

AND NOTES

21.

Other income (expense)

2023

2022

Foreign exchange gains

15,692

74,132

Bargain purchase gain [note 6]

22,802

Other

546

Total

16,238

96,934

22.

Income taxes

Significant components of deferred tax assets and liabilities

Recognized in earnings

As at December 31

2023

2022

2023

2022

Assets

Property, plant and equipment

67,736

84,668

515,872

448,136

Provision for reclamation

(4,157)

(3,817)

199,659

203,816

Inventories

3,292

1,689

11,540

8,248

Foreign exploration and development

(51)

(1,816)

2,589

2,641

Income tax losses (gains)

(141,907)

(66,227)

93,776

235,683

Defined benefit plan actuarial losses

4,279

2,698

Long-term investments and other

(17,704)

(2,355)

65,145

82,849

Deferred tax assets

(92,791)

12,142

892,860

984,071

Liabilities

Property, plant and equipment

Inventories

Deferred tax liabilities

Net deferred tax asset (liability)

(92,791)

12,142

892,860

984,071

Deferred tax allocated as

2023

2022

Deferred tax assets

892,860

984,071

Deferred tax liabilities

Net deferred tax asset

892,860

984,071

Cameco has recorded a deferred tax asset of $

892,860,000

(2022 - $

984,071,000

). The realization of this deferred tax asset is

dependent upon the generation of future taxable income in certain jurisdictions during the periods in which the Company’s

deferred tax assets are available. The Company considers whether it is probable that all or a portion of the deferred tax assets

will not be realized. In making this assessment, management considers all available evidence, including recent financial

operations, projected future taxable income and tax planning strategies. Based on projections of future taxable income over

the periods in which the deferred tax assets are available, realization of these deferred tax assets is probable and

consequently the deferred tax assets have been recorded.

CAMECO CORPORATION

Movement in net deferred tax assets and liabilities

2023

2022

Deferred tax asset at beginning of year

984,071

937,579

Recovery (expense) for the year in net earnings

(92,791)

12,142

Recovery for the year in equity

11,593

Recovery for the year in purchase price equation

28,196

Recovery (expense) for the year in other comprehensive income

1,581

(5,440)

Effect of movements in exchange rates

(1)

End of year

892,860

984,071

Significant components of unrecognized deferred tax assets

2023

2022

Income tax losses

357,148

337,749

Property, plant and equipment

2,299

2,297

Provision for reclamation

68,038

78,336

Long-term investments and other

127,420

18,628

Total

554,905

437,010

Tax rate reconciliation

The provision for income taxes differs from the amount computed by applying the combined expected federal and provincial

income tax rate to earnings before income taxes. The reasons for these differences are as follows:

2023

2022

Earnings before income taxes and non-controlling interest

487,153

84,795

Combined federal and provincial tax rate

26.9%

Computed income tax expense

131,044

22,810

Increase (decrease) in taxes resulting from:

Difference between Canadian rates and rates

applicable to subsidiaries in other countries

2,990

8,986

Change in unrecognized deferred tax assets

16,759

1,234

Income in equity-accounted investees

(41,519)

(25,264)

Change in uncertain tax positions

(9,331)

(6,282)

Bargain purchase gain

(6,129)

Other taxes

11,709

Foreign exchange permanent differences

12,044

(2,487)

Other permanent differences

2,641

2,663

Income tax expense (recovery)

126,337

(4,469)

2023 CONSOLIDATED FINANCIAL

STATEMENTS

AND NOTES

Earnings and income taxes by jurisdiction

2023

2022

Earnings (loss) before income taxes

Canada

562,139

99,944

Foreign

(74,986)

(15,149)

487,153

84,795

Current income taxes

Canada

26,230

2,260

Foreign

7,316

5,413

33,546

7,673

Deferred income taxes (recovery)

Canada

104,885

(10,178)

Foreign

(12,094)

(1,964)

92,791

(12,142)

Income tax expense (recovery)

126,337

(4,469)

Reassessments

Canada

On February 18, 2021, the Supreme Court of Canada (Supreme Court) dismissed Canada Revenue Agency’s (CRA)

application for leave to appeal the June 26, 2020 decision of the Federal Court of Appeal (Court of Appeal). The dismissal

means that the dispute for the 2003, 2005 and 2006 tax years is fully and finally resolved in the Company’s favour.

In September 2018, the Tax

Court of Canada (Tax Court) ruled that the marketing and trading structure involving foreign

subsidiaries, as well as the related transfer pricing methodology used for certain intercompany uranium sales and purchasing

agreements, were in full compliance with Canadian law for the tax years in question. Management believes the principles in

the decision apply to all subsequent tax years, and that the ultimate resolution of those years will not be material to Cameco’s

financial position, results of operations or liquidity in the year(s) of resolution. Due to a revised CRA reassessment position for

certain years, CRA has released approximately $

86,000,000

of cash held on account (see note 11).

As CRA continues to pursue reassessments for tax years subsequent to 2006, Cameco is utilizing its appeal rights under

Canadian federal and provincial tax rules.

CAMECO CORPORATION

Income tax losses

At December 31, 2023, income tax losses carried forward of $

1,760,518,000

(2022 - $

2,171,825,000

) are available to reduce

taxable income. These losses expire as follows:

Date of expiry

Canada

Other

Total

2026

14,382

2027

239

2028

2029

12,273

12,320

2030

42,357

2031

21,268

2032

272

22,905

23,177

2033

35,206

2034

16,340

4,557

20,897

2035

7,448

7,283

14,731

2036

45,551

5,737

51,288

2037

34,120

3,005

37,152

2038

322

2039

953

141

1,094

2040

3,110

372

3,482

2041

2042

2043

No expiry

446,639

1,035,704

1,482,343

4,607

629,477

1,126,434

1,760,518

Included in the table above is $

1,447,529,000

(2022 - $

1,329,261,000

) of temporary differences related to loss carry forwards

where no future benefit has been recognized.

2023 CONSOLIDATED FINANCIAL

STATEMENTS

AND NOTES

23.

Per share amounts

Per share amounts have been calculated based on the weighted average number of common shares outstanding during the

period. The weighted average number of paid shares outstanding in 2023 was

433,382,879

(2022 -

405,494,353

2023

2022

Basic earnings per share computation

Net earnings attributable to equity holders

360,847

89,382

Weighted average common shares outstanding

433,383

405,494

Basic earnings per common share

0.83

0.22

Diluted earnings per share computation

Net earnings attributable to equity holders

360,847

89,382

Weighted average common shares outstanding

433,383

405,494

Dilutive effect of stock options

1,972

1,641

Weighted average common shares outstanding, assuming dilution

435,355

407,135

Diluted earnings per common share

0.83

0.22

In both 2023 and 2022, there were

options excluded from the diluted weighted average number of common shares

because their inclusion would have been anti-dilutive.

24.

Supplemental cash flow information

Other operating items included in the statements of cash flows are as follows:

2023

2022

Changes in non-cash working capital:

Accounts receivable

(242,416)

99,601

Inventories

38,394

(162,858)

Supplies and prepaid expenses

8,410

(63,500)

Accounts payable and accrued liabilities

169,044

16,401

Reclamation payments

(38,982)

(28,492)

Other

(346)

19,417

Total

(65,896)

(119,431)

CAMECO CORPORATION

The changes arising from financing activities were as follows:

Long-term

Interest

Lease

Dividends

debt

payable

obligation

payable

capital

Total

Balance at January 1, 2023

997,000

4,011

9,287

2,880,336

3,890,634

Changes from financing cash flows:

Dividends paid

(52,079)

Interest paid

(40,439)

(359)

(40,798)

Lease principal payments

(2,430)

Shares issued, stock option plan

27,537

Term loan issuance

816,582

Total cash changes

816,582

(40,439)

(2,789)

(52,079)

27,537

748,812

Non-cash changes:

Amortization of issue costs

1,377

Dividends declared

52,079

Interest expense

50,690

359

51,049

Right-of-use asset additions

4,368

Other

142

(411)

(269)

Shares issued, stock option plan

6,292

Foreign exchange

(30,785)

(317)

(31,100)

Total non-cash changes

(29,408)

50,515

4,318

52,079

6,292

83,796

Balance at December 31, 2023

1,784,174

14,087

10,816

2,914,165

4,723,242

25.

Share-based compensation plans

The Company has the following plans:

Stock option plan

The Company has established a stock option plan under which options to purchase common shares may be granted to

employees of Cameco. Options granted under the stock option plan have an exercise price of not less than the closing price

quoted on the Toronto

Stock Exchange (TSX) for the common shares of Cameco on the trading day prior to the date on which

the option is granted. The options carry vesting periods of

one

three years

, and expire

eight years

from the date granted.

The aggregate number of common shares that may be issued pursuant to the Cameco stock option plan shall not exceed

43,017,198

of which

32,196,059

shares have been issued.

2023 CONSOLIDATED FINANCIAL

STATEMENTS

AND NOTES

Stock option transactions for the respective years were as follows:

(Number of options)

2023

2022

Beginning of year

3,053,571

3,458,001

Options granted

Options expired

(2,475)

Options exercised [note 17]

(1,657,282)

(401,955)

End of year

1,396,289

3,053,571

Exercisable

1,396,289

3,053,571

Weighted average share prices were as follows:

2023

2022

Beginning of year

$15.75

$16.72

Options granted

Options expired

26.81

Options exercised

16.62

23.96

End of year

$14.73

$15.75

Exercisable

$14.73

$15.75

The weighted average share price at the dates of exercise during 2023 was $

45.19

per share (2022 - $

30.88

Total

options outstanding and exercisable at December 31, 2023 were as follows:

Options outstanding

Options exercisable

Option price per share

Number

Weighted

average

remaining

life

Weighted

average

exercisable

price

Number

Weighted

average

exercisable

price

11.32

14.7

658,804

1.3

$14.08

658,804

$14.08

14.71

16.38

737,485

3.0

$15.32

737,485

$15.32

1,396,289

The foregoing options have expiry dates ranging from February 29, 2024 to February 28, 2027.

CAMECO CORPORATION

Executive performance share unit (PSU)

The Company has established a PSU plan whereby it provides each plan participant an annual grant of PSUs in an amount

determined by the board. Each PSU represents one phantom common share that entitles the participant to a payment of one

Cameco common share purchased on the open market, or cash with an equivalent market value, at the participant’s discretion

provided they have met their ownership requirements, at the end of each three-year period if certain performance and vesting

criteria have been met. The final value of the PSUs will be based on the value of Cameco common shares at the end of the

three-year

period and the number of PSUs that ultimately vest. During the vesting period, dividend equivalents accrue to the

participants in the form of additional share units as of each normal cash dividend payment date of Cameco’s common shares.

Vesting of PSUs at the end of the three-year period is based on Cameco’s ability to meet its annual operating targets and

whether the participating executive remains employed by Cameco at the end of the

three-year vesting period

. If the participant

elects a cash payout, the redemption amount will be based on the volume-weighted average trading price of Cameco’s

common shares on March 1 or, if March 1 is not a trading day,

on the first trading day following March 1. As of December 31,

2023, the total number of PSUs held by the participants, after adjusting for forfeitures on retirement, was

830,279

(2022 -

1,255,255

Restricted share unit (RSU)

The Company has established an RSU plan whereby it provides each plan participant an annual grant of RSUs in an amount

determined by the board. Each RSU represents one phantom common share that entitles the participant to a payment of one

Cameco common share purchased on the open market, or cash with an equivalent market value, at the board’s discretion.

The RSUs carry vesting periods of one to three years

, and the final value of the units will be based on the value of Cameco

common shares at the end of the vesting periods. In addition, certain eligible participants have a single vesting date on the

third anniversary of the date of the grant. These same participants, if they have met or are not subject to share ownership

requirements, may elect to have their award paid as a lump sum cash amount. During the vesting period, dividend equivalents

accrue to the participants in the form of additional share units as of each normal cash dividend payment date of Cameco’s

common shares. As of December 31, 2023, the total number of RSUs held by the participants was

814,683

(2022 -

1,131,493

Phantom stock option

The Company has established a phantom stock option plan for eligible non-North American employees. Employees receive

the equivalent value of shares in cash when exercised. Options granted under the phantom stock option plan have an award

value equal to the closing price quoted on the TSX for the common shares of Cameco on the trading day prior to the date on

which the option is granted. The options

vest over three years and expire eight years from the date granted

. As of

December 31, 2023, the number of options held by participating employees was

45,551

(2022 -

94,135

) with exercise prices

ranging from $

11.61

to $

15.27

per share (2022 - $

11.32

to $

19.30

) and a weighted average exercise price of $

12.29

(2022 -

12.55

Phantom restricted share unit (PRSU)

The Company has established a PRSU plan whereby it provides non-North American employees an annual grant of PRSUs in

an amount determined by the board. Each PRSU represents one phantom common share that entitles the participant to a

payment of cash with an equivalent market value.

The PRSUs carry vesting periods of one to three years

, and the final value

of the units will be based on the value of Cameco common shares at the end of the vesting periods. In addition, certain eligible

participants have a single vesting date on the third anniversary of the date of the grant. During the vesting period, dividend

equivalents accrue to the participants in the form of additional share units as of each normal cash dividend payment date of

Cameco’s common shares. As of December 31, 2023, the total number of PRSUs held by the participants was

28,000

(2022 -

21,148

2023 CONSOLIDATED FINANCIAL

STATEMENTS

AND NOTES

Employee share ownership plan

Cameco also has an employee share ownership plan, whereby both employee and Company contributions are used to

purchase shares on the open market for employees. The Company’s contributions are expensed during the year of

contribution.

Under the plan, employees have the opportunity to participate in the program to a maximum of 6% of eligible

earnings each year with Cameco matching the first 3% of employee-paid shares by 50%. Cameco contributes $1,000 of

shares annually to each employee that is enrolled in the plan

Shares purchased with Company contributions and with

dividends paid on such shares become unrestricted 12 months from the date on which such shares were purchased

. At

December 31, 2023, there were

2,838

participants in the plan (2022 -

2,603

). The total number of shares purchased in 2023

with Company contributions was

100,379

(2022 -

116,530

). In 2023, the Company’s contributions totaled $

4,460,000

(2022 -

3,541,000

Deferred share unit (DSU)

Cameco offers a DSU plan to non-employee directors. A DSU is a notional unit that reflects the market value of a single

common share of Cameco.

60% of each director’s annual retainer is paid in DSUs. In addition, on an annual basis, directors

can elect to receive 25%, 50%, 75% or 100% of the remaining 40% of their annual retainer and any additional fees in the form

of DSUs

. If a director meets their ownership requirements, the director may elect to take 25%, 50%, 75% or 100% of their

annual retainer and any fees in cash, with the balance, if any, to be paid in DSUs.

Each DSU fully vests upon award

. Dividend

equivalents accrue to the participants in the form of additional share units as of each normal cash dividend payment date of

Cameco’s common shares. The DSUs will be redeemed for cash upon a director leaving the board. The redemption amount

will be based upon the weighted average of the closing prices of the common shares of Cameco on the TSX for the last 20

trading days prior to the redemption date multiplied by the number of DSUs held by the director. As of December 31, 2023, the

total number of DSUs held by participating directors was

564,401

(2022 -

547,304

Equity-settled plans

Cameco records compensation expense under its equity-settled plans with an offsetting credit to contributed surplus, to reflect

the estimated fair value of units granted to employees. During the year, the Company recognized the following expenses

under these plans:

2023

2022

Employee share ownership plan

4,460

3,541

Restricted share unit plan

3,692

3,273

Stock option plan

Total

8,152

6,859

Fair value measurement of equity-settled plans

The fair value of RSUs granted was determined based on their intrinsic value on the date of grant. Expected volatility was

estimated by considering historic average share price volatility.

The inputs used in the measurement of the fair values at grant date of the equity-settled RSU plan were as follows:

Grant date

Mar 1/23

Number of options granted

129,623

Average strike price

$37.30

Expected forfeitures

11%

Weighted average grant date fair values

$37.30

CAMECO CORPORATION

Cash-settled plans

Cameco has recognized the following expenses under its cash-settled plans:

2023

2022

Performance share unit plan

22,013

11,221

Restricted share unit plan

19,045

9,342

Deferred share unit plan

15,447

2,811

Phantom stock option plan

1,908

751

Phantom restricted share unit plan

812

244

Total

59,225

24,369

At December 31, 2023, a liability of $

79,771,000

(2022 - $

59,577,000

) was included in the consolidated statement of financial

position to recognize accrued but unpaid expenses for cash-settled plans.

Fair value measurement of cash-settled plans

The fair value of the units granted through the PSU plan was determined based on Monte Carlo simulation and projections of

the non-market criteria. The fair value of RSUs and PRSUs granted was determined based on their intrinsic value on the date

of grant. The phantom stock option plan was measured based on the Black-Scholes option-pricing model. Expected volatility is

estimated by considering historic average share price volatility.

The inputs used in the measurement of the fair values of the cash-settled share-based payment plans at the March 1, 2023

grant date were as follows:

Phantom

PSU

RSU

Number of units

232,160

162,930

9,997

Expected vesting

83%

Expected life of option

years

Expected forfeitures

Weighted average measurement date fair values

$37.30

The inputs used in the measurement of the fair values of the cash-settled share-based payment plans at the reporting date

were as follows:

Phantom

stock options

PSU

RSU

Number of units

45,551

830,279

561,210

28,000

Expected vesting

70%

Average strike price

$12.29

Expected dividend

$0.12

Expected volatility

48%

Risk-free interest rate

3.5%

Expected life of option

3.4

years

0.8

years

1.0

years

1.0

years

Expected forfeitures

Weighted average measurement date fair values

$46.08

$57.13

In addition to these inputs, other features of the PSU grant were incorporated into the measurement of fair value. The non-

market criteria relating to realized selling prices and operating targets have been incorporated into the valuation at both grant

and reporting date by reviewing prior history and corporate budgets.

2023 CONSOLIDATED FINANCIAL

STATEMENTS

AND NOTES

26.

Pension and other post-retirement benefits

Cameco maintains both defined benefit and defined contribution plans providing pension benefits to substantially all of its

employees. All regular and temporary employees participate in a registered defined contribution plan. This plan is registered

under the Pension Benefits Standard Act, 1985. In addition, all Canadian-based executives participate in a non-registered

supplemental executive pension plan which is a defined benefit plan.

Under the supplemental executive pension plan (SEPP), Cameco provides a lump sum benefit equal to the present value of a

lifetime pension benefit based on the executive’s length of service and final average earnings. The plan provides for

unreduced benefits to be paid at the normal retirement age of 65, however unreduced benefits could be paid if the executive

was at least 60 years of age and had 20 years of service at retirement. This program provides for a benefit determined by a

formula based on earnings and service, reduced by the benefits payable under the registered base plan. Security is provided

for the SEPP benefits through a letter of credit held by the plan’s trustee. The face amount of the letter of credit is determined

each year based on the wind-up liabilities of the supplemental plan, less any plan assets currently held with the trustee. A

valuation is required annually to determine the letter of credit amount. Benefits will continue to be paid from plan assets until

the fund is exhausted, at which time Cameco will begin paying benefits from corporate assets.

Cameco also maintains non-pension post-retirement plans (“other benefit plans”) which are defined benefit plans that cover

such benefits as group life insurance and supplemental health and dental coverage to eligible employees and their

dependents. The costs related to these plans are charged to earnings in the period during which the employment services are

rendered. These plans are funded by Cameco as benefit claims are made.

The board of directors of Cameco has final responsibility and accountability for the Cameco retirement programs. The board is

ultimately responsible for managing the programs to comply with applicable legislation, providing oversight over the general

functions and setting certain policies.

Cameco expects to pay $

2,174,000

in contributions and letter of credit fees to its defined benefit plans in 2024.

The post-retirement plans expose Cameco to actuarial risks, such as longevity risk, market risk, interest rate risk, liquidity risk

and foreign currency risk. The other benefit plans expose Cameco to risks of higher supplemental health and dental utilization

than expected. However, the other benefit plans have limits on Cameco’s annual benefits payable.

The effective date of the most recent valuation for funding purposes on the registered defined benefit pension plans is

January 1, 2021. The next planned effective date for valuations is January 1, 2024.

CAMECO CORPORATION

Cameco has more than one defined benefit plan and has generally provided aggregated disclosures in respect of these plans,

on the basis that these plans are not exposed to materially different risks. Information relating to Cameco’s defined benefit

plans is shown in the following table:

Pension benefit plans

Other benefit plans

2023

2022

2023

2022

Fair value of plan assets, beginning of year

4,402

5,693

Interest income on plan assets

201

157

Return on assets excluding interest income

(555)

Benefits paid

(901)

(890)

Administrative costs paid

(3)

Fair value of plan assets, end of year

3,717

4,402

Defined benefit obligation, beginning of year

51,218

69,998

19,364

24,697

Current service cost

1,567

2,302

689

915

Interest cost

2,527

1,867

987

726

Actuarial loss (gain) arising from:

financial assumptions

4,784

(20,913)

443

(5,881)

experience adjustment

1,559

1,396

161

Benefits paid

(1,704)

(3,666)

(820)

(1,254)

Foreign exchange

234

Defined benefit obligation, end of year

60,038

51,218

20,681

19,364

Defined benefit liability [note 15]

(56,321)

(46,816)

(20,681)

(19,364)

The percentages of the total fair value of assets in the pension plans for each asset category at December 31 were as follows:

Pension benefit plans

2023

2022

Asset category

(a)

Canadian equity securities

U.S. equity securities

12%

11%

Global equity securities

Canadian fixed income

31%

28%

Other

(b)

44%

49%

Total

100%

(a) The defined benefit plan assets contain

material amounts of related party assets at December 31, 2023 and 2022

respectively.

(b) Relates mainly to the value of the refundable tax account held by the Canada Revenue Agency. The refundable total is

approximately

equal to half of the sum of the realized investment income plus employer contributions less half of the benefits

paid by the plan

2023 CONSOLIDATED FINANCIAL

STATEMENTS

AND NOTES

The following represents the components of net pension and other benefit expense included primarily as part of administration.

Pension benefit plans

Other benefit plans

2023

2022

2023

2022

Current service cost

1,567

2,302

689

915

Net interest cost

2,326

1,710

987

726

Administration cost

Defined benefit expense [note 19]

3,896

4,015

1,676

1,641

Defined contribution pension expense [note 19]

18,644

15,189

Net pension and other benefit expense

22,540

19,204

1,676

1,641

The total amount of actuarial losses (gains) recognized in other comprehensive income is:

Pension benefit plans

Other benefit plans

2023

2022

2023

2022

Actuarial loss (gains)

6,343

(19,517)

461

(5,720)

Return on plan assets excluding

interest income

(18)

555

6,325

(18,962)

461

(5,720)

The assumptions used to determine the Company’s defined benefit obligation and net pension and other benefit expense

were as follows at December 31 (expressed as weighted averages):

Pension benefit plans

Other benefit plans

2023

2022

2023

2022

Discount rate - obligation

3.8%

4.5%

4.6%

5.1%

Discount rate - expense

4.5%

2.3%

5.1%

2.9%

Rate of compensation increase

2.9%

3.0%

Health care cost trend rate

5.0%

Dental care cost trend rate

4.5%

At December 31, 2023, the weighted average duration of the defined benefit obligation for the pension plans was

17.9

years

(2022 -

17.1

years) and for the other benefit plans was

11.4

years (2022 -

11.3

years).

% change at the reporting date to one of the relevant actuarial assumptions, holding other assumptions

constant, would have affected the defined benefit obligation by the following:

Pension benefit plans

Other benefit plans

Increase

Decrease

Increase

Decrease

Discount rate

(7,739)

9,817

(2,143)

2,628

A 1% change in any of the other assumptions would not have a significant impact on the defined benefit obligation.

The methods and assumptions used in preparing the sensitivity analyses are the same as the methods and assumptions used

in determining the financial position of Cameco’s plans as at December 31, 2023. The sensitivity analyses are determined by

varying the sensitivity assumption and leaving all other assumptions unchanged. Therefore, the sensitivity analyses do not

recognize any interdependence in the assumptions. The methods and assumptions used in determining the above sensitivity

are consistent with the methods and assumptions used in the previous year.

CAMECO CORPORATION

In addition, an increase of one year in the expected lifetime of plan participants in the pension benefit plans would increase the

defined benefit obligation by $

1,583,000

measure the longevity risk for these plans, the mortality rates were reduced such that the average life expectancy for all

members increased by one year. The reduced mortality rates were subsequently used to re-measure the defined benefit

obligation of the entire plan.

27.

Financial instruments and related risk management

Cameco is exposed in varying degrees to a variety of risks from its use of financial instruments. Management and the board of

directors, both separately and together, discuss the principal risks of our businesses. The board sets policies for the

implementation of systems to manage, monitor and mitigate identifiable risks. Cameco’s risk management objective in relation

to these instruments is to protect and minimize volatility in cash flow. The types of risks Cameco is exposed to, the source of

risk exposure and how each is managed is outlined below.

Market risk

Market risk is the risk that changes in market prices, such as commodity prices, foreign currency exchange rates and interest

rates, will affect the Company’s earnings or the fair value of its financial instruments. Cameco engages in various business

activities which expose the Company to market risk. As part of its overall risk management strategy, Cameco uses derivatives

to manage some of its exposures to market risk that result from these activities.

Derivative instruments may include financial and physical forward contracts. Such contracts may be used to establish a fixed

price for a commodity, an interest-bearing obligation or a cash flow denominated in a foreign currency.

Market risks are

monitored regularly against defined risk limits and tolerances.

Cameco’s actual exposure to these market risks is constantly changing as the Company’s portfolios of foreign currency and

interest rate contracts change.

The types of market risk exposure and the way in which such exposure is managed are as follows:

Commodity price risk

As a significant producer and supplier of uranium and nuclear fuel processing services, Cameco bears significant exposure to

changes in prices for these products. A substantial change in prices will affect the Company’s net earnings and operating cash

flows. Prices for Cameco’s products are volatile and are influenced by numerous factors beyond the Company’s control, such

as supply and demand fundamentals and geopolitical events.

Cameco’s sales contracting strategy focuses on reducing the volatility in future earnings and cash flow, while providing both

protection against decreases in market price and retention of exposure to future market price increases. To mitigate the risks

associated with the fluctuations in the market price for uranium products, Cameco seeks to maintain a portfolio of uranium

product sales contracts with a variety of delivery dates and pricing mechanisms that provide a degree of protection from

pricing volatility.

Foreign exchange risk

The relationship between the Canadian and US dollar affects financial results of the uranium business as well as the fuel

services business. Sales of uranium product, conversion and fuel manufacturing services are routinely denominated in US

dollars while production costs are largely denominated in Canadian dollars.

2023 CONSOLIDATED FINANCIAL

STATEMENTS

AND NOTES

Cameco attempts to provide some protection against exchange rate fluctuations by planned hedging activity designed to

smooth volatility. To

mitigate risks associated with foreign currency, Cameco enters into forward sales and option contracts to

establish a price for future delivery of the foreign currency. These foreign currency contracts are not designated as hedges and

are recorded at fair value with changes in fair value recognized in earnings. Cameco also has a natural hedge against US

currency fluctuations because a portion of its annual cash outlays, including purchases of uranium and conversion services, is

denominated in US dollars.

Cameco holds a number of financial instruments denominated in foreign currencies that expose the Company to foreign

exchange risk. Cameco measures its exposure to foreign exchange risk on financial instruments as the change in carrying

values that would occur as a result of reasonably possible changes in foreign exchange rates, holding all other variables

constant. As of the reporting date, the Company has determined its pre-tax exposure to foreign currency exchange risk on

financial instruments to be as follows based on a

% weakening of the Canadian dollar:

Carrying value

Currency

(Cdn)

Gain (loss)

Cash and cash equivalents

USD

144,149

7,207

Accounts receivable

USD

371,618

18,581

Accounts payable and accrued liabilities

USD

(302,364)

(15,118)

Long-term debt

USD

(786,397)

(39,320)

Net foreign currency derivatives

USD

11,942

(102,567)

% strengthening of the Canadian dollar against the currencies above at December 31, 2023 would have had an equal but

opposite effect on the amounts shown above, assuming all other variables remained constant.

Interest rate risk

The Company has a strategy of minimizing its exposure to interest rate risk by maintaining target levels of fixed and variable

rate borrowings. The proportions of outstanding debt carrying fixed and variable interest rates are reviewed by senior

management to ensure that these levels are within approved policy limits. At December 31, 2023, the proportion of Cameco’s

outstanding debt that carries fixed interest rates is

% (2022 -

%).

Cameco was exposed to interest rate risk during the year through its interest rate swap contracts whereby fixed rate payments

on a notional amount of $

75,000,000

of the Series H senior unsecured debentures were swapped for variable rate payments.

Under the terms of the swap, Cameco makes interest payments based on

the three-month Canada Dealer Offered Rate

plus

an average margin of

1.3

% and receives fixed interest payments of

2.95

%. At December 31, 2023, the fair value of Cameco’s

interest rate swap net liability was $

5,819,000

(2022 - $

7,284,000

Cameco is also exposed to interest rate risk through its term loan which consists of two $

300,000,000

(US) tranches. The first

tranche has a floating interest rate of SOFR plus

1.80

% and matures on November 7, 2025. The second tranche has a floating

interest rate of SOFR plus

2.05

% and matures on November 7, 2026.

Cameco measures its exposure to interest rate risk as the change in cash flows that would occur as a result of reasonably

possible changes in interest rates, holding all other variables constant. As of the reporting date, the Company has determined

the impact on earnings of a

% increase in interest rate on its variable rate financial instruments to be as follows:

Gain (loss)

Interest rate contracts

(760)

Floating rate term loan

(7,946)

CAMECO CORPORATION

Counterparty credit risk

Counterparty credit risk is associated with the ability of counterparties to satisfy their contractual obligations to Cameco,

including both payment and performance. The maximum exposure to credit risk, as represented by the carrying amount of the

financial assets, at December 31 was:

2023

2022

Cash and cash equivalents

566,809

1,143,674

Short-term investments

1,138,174

Accounts receivable [note 7]

415,561

178,088

Derivative assets [note 11]

28,467

2,807

Cash and cash equivalents

Cameco held cash and cash equivalents of $

566,809,000

at December 31, 2023 (2022 - $

1,143,674,000

). Cameco mitigates

its credit risk by ensuring that balances are held with counterparties with high credit ratings. The Company monitors the credit

rating of its counterparties on a monthly basis and has controls in place to ensure prescribed exposure limits with each

counterparty are adhered to.

Impairment on cash and cash equivalents has been measured on a 12-month ECL basis and reflects the short maturities of

the exposures. The Company considers that its cash and cash equivalents have low credit risk based on the external credit

ratings of the counterparties. Cameco has assessed its counterparty credit risk on cash and cash equivalents by applying

historic global default rates to outstanding cash balances based on S&P rating. The conclusion of this assessment is that the

loss allowance is insignificant.

Short-term investments

Cameco held no short-term investments at December 31, 2023 (2022 - $

1,138,174,000

). The Company mitigates its credit risk

by requiring that the issuer/guarantor of the investment have a minimum short-term credit rating and/or a long-term debt rating

at the time of purchase, according to the investment credit ratings as issued by DBRS or S&P,

or the equivalent of the DBRS

or S&P rating at another reputable rating agency.

In addition to the credit-rating requirement, Cameco also mitigates risk by prescribing limits by counterparty and types of

investment products.

Cameco has assessed its counterparty credit risk related to short-term investments by applying historic default rates to

outstanding investment balances based on S&P rating. The conclusion of this assessment is that the loss allowance is

insignificant.

Accounts receivable

Cameco’s sales of uranium product, conversion and fuel manufacturing services expose the Company to the risk of non-

payment. Cameco manages the risk of non-payment by monitoring the credit-worthiness of its customers and seeking pre-

payment or other forms of payment security from customers with an unacceptable level of credit risk.

2023 CONSOLIDATED FINANCIAL

STATEMENTS

AND NOTES

A summary of the Company’s exposure to credit risk for trade receivables is as follows:

Carrying

value

Investment grade credit rating

290,204

Non-investment grade credit rating

123,588

Total gross carrying amount

413,792

Loss allowance

Net

413,792

At December 31, 2023, there were no significant concentrations of credit risk and

amounts were held as collateral.

Historically, Cameco has experienced minimal customer defaults and, as a result, considers the credit quality of its accounts

receivable to be high.

Cameco uses customer credit rating data, historic default rates and aged receivable analysis to measure the ECLs of trade

receivables from corporate customers, which comprise a small number of large balances. Since the Company has not

experienced customer defaults in the past, applying historic default rates in calculating ECLs, as well as considering forward-

looking information, resulted in an insignificant allowance for losses.

The following table provides information about Cameco’s aged trade receivables as at December 31, 2023:

Corporate

Other

customers

Total

Current (not past due)

393,296

2,366

395,662

1-30 days past due

16,531

889

17,420

More than 30 days past due

131

579

710

Total

409,958

3,834

413,792

Liquidity risk

Financial liquidity represents Cameco’s ability to fund future operating activities and investments. Cameco ensures that there

is sufficient capital in order to meet short-term business requirements, after taking into account cash flows from operations and

the Company’s holdings of cash and cash equivalents. The Company believes that these sources will be sufficient to cover the

likely short-term and long-term cash requirements.

The table below outlines the Company’s available debt facilities at December 31, 2023:

Outstanding and

Total amount

committed

Amount available

Unsecured revolving credit facility [note 14]

1,000,000

Letter of credit facilities [note 14]

1,771,663

1,383,689

387,974

CAMECO CORPORATION

The tables below present a maturity analysis of Cameco’s financial liabilities, including principal and interest, based on the

expected cash flows from the reporting date to the contractual maturity date:

Due in

Carrying

Contractual

less than

Due in 1-3

Due in 3-5

Due after 5

amount

cash flows

1 year

years

Accounts payable and accrued liabilities

577,550

Long-term debt

1,784,174

1,794,580

500,000

794,580

400,000

100,000

Foreign currency contracts

16,525

11,762

4,763

Interest rate contracts

5,819

2,576

2,437

806

Lease obligation [note 15]

10,816

12,937

2,300

3,332

2,617

4,688

Total contractual repayments

2,394,884

2,407,411

1,094,188

805,112

403,423

104,688

Due in

less than

Due in 1-3

Due in 3-5

Due after 5

Total

1 year

years

Total interest payments on long-term debt

299,775

85,322

121,213

21,980

71,260

Measurement of fair values

Accounting classifications and fair values

The following tables summarize the carrying amounts and accounting classifications of Cameco’s financial instruments at the

reporting date:

At December 31, 2023

FVTPL

Amortized

cost

Total

Financial assets

Cash and cash equivalents

566,809

Accounts receivable [note 7]

422,333

Derivative assets [note 11]

Foreign currency contracts

28,467

989,142

1,017,609

Financial liabilities

Accounts payable and accrued liabilities [note 13]

577,550

Current portion of long-term debt [note 14]

499,821

Lease obligation [note 15]

10,816

Derivative liabilities [note 15]

Foreign currency contracts

16,525

Interest rate contracts

5,819

Long-term debt [note 14]

1,284,353

22,344

2,372,540

2,394,884

Net

6,123

(1,383,398)

(1,377,275)

2023 CONSOLIDATED FINANCIAL

STATEMENTS

AND NOTES

At December 31, 2022

FVTPL

Amortized

cost

Total

Financial assets

Cash and cash equivalents

1,143,674

Short-term investments

1,138,174

Accounts receivable [note 7]

183,944

Derivative assets [note 11]

Foreign currency contracts

2,807

2,465,792

2,468,599

Financial liabilities

Accounts payable and accrued liabilities [note 13]

374,714

Lease obligation [note 15]

9,287

Derivative liabilities [note 15]

Foreign currency contracts

51,058

Interest rate contracts

7,284

Long-term debt [note 14]

997,000

58,342

1,381,001

1,439,343

Net

(55,535)

1,084,791

1,029,256

Cameco has pledged $

156,274,000

of cash as security against certain of its letter of credit facilities. This cash is being used

as collateral for an interest rate reduction on the letter of credit facilities. The collateral account has a term of

five years

effective November 1, 2023. Cameco retains full access to this cash.

Cameco has issued guarantees to certain banks in respect of the credit facilities granted to various subsidiaries. These

facilities consist of daily overdraft limits and credit lines. At December 31, 2023 the Company has issued guarantees of up to

278,006,000

209,927,000

(US)), which is the maximum amount the Company could be exposed to at any point in time.

Cameco has not irrevocably designated a financial asset that would otherwise meet the requirements to be measured at

amortized cost at FVOCI or FVTPL to eliminate or significantly reduce an accounting mismatch that would otherwise arise.

The following tables summarize the carrying amounts and level 2 fair value measurements of Cameco’s financial instruments:

As at December 31, 2023

Carrying value

Fair value

Derivative assets [note 11]

Foreign currency contracts

28,467

Current portion of long-term debt [note 14]

(499,821)

(500,000)

Derivative liabilities [note 15]

Foreign currency contracts

(16,525)

Interest rate contracts

(5,819)

Long-term debt [note 14]

(1,284,353)

(1,303,681)

Net

(1,778,051)

(1,797,558)

CAMECO CORPORATION

As at December 31, 2022

Carrying value

Fair value

Derivative assets [note 11]

Foreign currency contracts

2,807

Derivative liabilities [note 15]

Foreign currency contracts

(51,058)

Interest rate contracts

(7,284)

Long-term debt [note 14]

(997,000)

(1,014,010)

Net

(1,052,535)

(1,069,545)

The preceding tables exclude fair value information for financial instruments whose carrying amounts are a reasonable

approximation of fair value. The carrying values of Cameco’s cash and cash equivalents, short-term investments, accounts

receivable, and accounts payable and accrued liabilities approximate their fair values as a result of the short-term nature of the

instruments.

There were no transfers between level 1 and level 2 during the period. Cameco does not have any financial instruments that

are classified as level 3 as of the reporting date.

Financial instruments measured at fair value

Cameco measures its derivative financial instruments and long-term debt at fair value. Derivative financial instruments and

long-term debt are classified as a recurring level 2 fair value measurement.

The fair value of Cameco’s long-term debt is determined using quoted market yields as of the reporting date, which ranged

from

3.1

% to

4.9

% (2022 -

3.3

% to

4.2

%). The fair value of the floating rate term loan is equal to its carrying value.

Foreign currency derivatives consist of foreign currency forward contracts, options and swaps. The fair value of foreign

currency options is measured based on the Black Scholes option-pricing model. The fair value of foreign currency forward

contracts and swaps is measured using a market approach, based on the difference between contracted foreign exchange

rates and quoted forward exchange rates as of the reporting date.

Interest rate derivatives consist of interest rate swap contracts. The fair value of interest rate swaps is determined by

discounting expected future cash flows from the contracts. The future cash flows are determined by measuring the difference

between fixed interest payments to be received and floating interest payments to be made to the counterparty based on

Canada Dealer Offer Rate forward interest rate curves.

Where applicable, the fair value of the derivatives reflects the credit risk of the instrument and includes adjustments to take

into account the credit risk of the Company and counterparty. These adjustments are based on credit ratings and yield curves

observed in active markets at the reporting date.

2023 CONSOLIDATED FINANCIAL

STATEMENTS

AND NOTES

Derivatives

The following table summarizes the fair value of derivatives and classification on the consolidated statements of financial

position:

2023

2022

Non-hedge derivatives:

Foreign currency contracts

11,942

(48,251)

Interest rate contracts

(5,819)

(7,284)

Net

6,123

(55,535)

Classification:

Current portion of long-term receivables, investments and other [note 11]

9,137

1,331

Long-term receivables, investments and other [note 11]

19,330

1,476

Current portion of other liabilities [note 15]

(14,338)

(25,913)

Other liabilities [note 15]

(8,006)

(32,429)

Net

6,123

(55,535)

The following table summarizes the different components of the gains (losses) on derivatives included in net earnings:

2023

2022

Non-hedge derivatives:

Foreign currency contracts

38,975

(66,360)

Interest rate contracts

(1,184)

(6,589)

Net

37,791

(72,949)

28.

Capital management

Cameco’s management considers its capital structure to consist of bank overdrafts, long-term debt, short-term debt (net of

cash and cash equivalents and short-term investments), non-controlling interest and shareholders’ equity.

Cameco’s capital structure reflects its strategy and the environment in which it operates. Delivering returns to long-term

shareholders is a top priority. The Company’s objective is to maximize cash flow while maintaining its investment grade rating

through close capital management of our balance sheet metrics. Capital resources are managed to allow it to support

achievement of its goals while managing financial risks such as weakness in the market, litigation risk and refinancing risk.

The overall objectives for managing capital in 2023 reflect the environment that the Company is operating in, similar to the

prior comparative period.

CAMECO CORPORATION

The capital structure at December 31 was as follows:

2023

2022

Current portion of long-term debt [note 14]

499,821

Long-term debt [note 14]

1,284,353

997,000

Cash and cash equivalents

(566,809)

(1,143,674)

Short-term investments

(1,138,174)

Net debt

1,217,365

(1,284,848)

Non-controlling interest

Shareholders' equity

6,094,305

5,836,054

Total

equity

6,094,309

5,836,065

Total capital

7,311,674

4,551,217

Cameco is bound by certain covenants in its general credit facilities. These covenants place restrictions on total debt, including

guarantees and set minimum levels for net worth. As of December 31, 2023, Cameco met these requirements.

29.

Segmented information

Cameco has three reportable segments: uranium, fuel services and Westinghouse. Cameco's reportable segments are

strategic business units with different products, processes and marketing strategies.

The uranium segment involves the

exploration for, mining, milling, purchase and sale of uranium concentrate. The fuel services segment involves the refining,

conversion and fabrication of uranium concentrate and the purchase and sale of conversion services. The Westinghouse

segment reflects our earnings from this equity-accounted investment (see note 12). Westinghouse is a nuclear reactor

technology original equipment manufacturer and a global provider of products and services to commercial utilities and

government agencies. It provides outage and maintenance services, engineering support, instrumentation and controls

equipment, plant modification, and components and parts to nuclear reactors.

Cost of sales in the uranium segment includes care and maintenance costs for our operations that have had production

suspensions as well as operational readiness costs for our operations that have resumed operations. Operational readiness

costs include costs to complete critical projects, perform maintenance readiness checks, and recruit and train sufficient mine

and mill personnel before beginning operations. Cameco expensed $

50,615,000

of care and maintenance costs during the

year (2022 - $

218,439,000

of care and maintenance and operational readiness costs).

Accounting policies used in each segment are consistent with the policies outlined in the summary of material accounting

policies.

2023 CONSOLIDATED FINANCIAL

STATEMENTS

AND NOTES

Business segments - 2023

For the year ended December 31, 2023

Uranium

Fuel

services

(i)

WEC

(i)

Adjustments

Other

Total

Revenue

2,152,242

425,557

521,074

(521,074)

9,959

2,587,758

Expenses

Cost of products and services sold

1,532,316

266,062

200,285

(200,285)

7,390

1,805,768

Depreciation and amortization

175,457

35,426

60,766

(60,766)

9,441

220,324

Cost of sales

1,707,773

301,488

261,051

(261,051)

16,831

2,026,092

Gross profit (loss)

444,469

124,069

260,023

(260,023)

(6,872)

561,666

Administration

244,400

(244,400)

245,539

Exploration

17,551

Research and development

21,036

Other operating income

(1,875)

(5,634)

(7,509)

Loss on disposal of assets

1,825

363

2,188

Finance costs

26,274

(26,274)

115,869

Loss (gain) on derivatives

2,838

(2,838)

(37,791)

Finance income

(1,885)

1,885

(111,670)

Share of earnings from

equity-accounted investees

(178,848)

24,386

(154,462)

Other expense (income)

(545)

19,424

(19,424)

(15,693)

(16,238)

Earnings (loss) before income taxes

606,361

129,340

(31,028)

6,642

(224,162)

487,153

Income tax expense

126,337

Net earnings

360,816

Capital expenditures for the year

105,384

42,546

42,405

(42,405)

5,701

153,631

(i) Consistent with the presentation of financial information for internal management purposes, Cameco’s share of

Westinghouse’s financial results have been presented as a separate segment. In accordance with IFRS, this investment is

accounted for by the equity method of accounting in these consolidated financial statements and the associated revenues and

expenses are eliminated in the “Adjustments” column.

CAMECO CORPORATION

For the year ended December 31, 2022

Uranium

Fuel

services

Other

Total

Revenue

1,480,146

365,063

22,794

1,868,003

Expenses

Cost of products and services sold

1,223,558

215,660

18,118

1,457,336

Depreciation and amortization

135,800

32,618

8,958

177,376

Cost of sales

1,359,358

248,278

27,076

1,634,712

Gross profit (loss)

120,788

116,785

(4,282)

233,291

Administration

172,029

Exploration

10,578

Research and development

12,175

Other operating expense (income)

25,845

(2,901)

22,944

(Gain) loss on disposal of assets

726

(212)

514

Finance costs

85,728

Loss on derivatives

72,949

Finance income

(37,499)

Share of earnings from equity-accounted investee

(93,988)

Other income

(22,802)

(74,132)

(96,934)

Earnings (loss) before income taxes

200,429

119,898

(235,532)

84,795

Income tax recovery

(4,469)

Net earnings

89,264

Capital expenditures for the year

101,547

39,736

2,198

143,481

Geographic segments

Revenue is attributed to the geographic location based on the location of the entity providing the services. The Company’s

revenue from external customers is as follows:

2023

2022

Canada

1,877,742

994,534

United States

710,016

873,469

2,587,758

1,868,003

The Company’s non-current assets, excluding deferred tax assets and financial instruments, by geographic location

are as follows:

2023

2022

Canada

2,947,395

3,042,533

Australia

389,152

397,678

United States

75,769

80,352

Kazakhstan

Germany

3,412,349

3,520,607

2023 CONSOLIDATED FINANCIAL

STATEMENTS

AND NOTES

Major customers

Cameco relies on a small number of customers to purchase a significant portion of its uranium concentrates and uranium

conversion services. During 2023, revenues from one customer of Cameco’s uranium and fuel services segments represented

approximately $

254,786,000

(2022 - $

227,846,000

), approximately

% (2022 -

%) of Cameco’s total revenues from these

segments.

As customers are relatively few in number, accounts receivable from any individual customer may periodically

exceed 10% of accounts receivable depending on delivery schedule.

30.

Group entities

The following are the principal subsidiaries, associate and joint venture of the Company:

Principal place

Ownership interest

of business

2023

2022

Subsidiaries:

Cameco Fuel Manufacturing Inc.

Canada

100%

Cameco Marketing Inc.

Canada

100%

Cameco Inc.

100%

Power Resources, Inc.

100%

Crow Butte Resources, Inc.

100%

Cameco U.S. Holdings, Inc.

100%

Cameco Australia Pty. Ltd.

Australia

100%

Cameco Europe Ltd.

Switzerland

100%

Associate:

JV Inkai

Kazakhstan

40%

Joint Venture:

Watt New Aggregator L.P.

(Westinghouse)

49%

31.

Joint operations

Cameco conducts a portion of its exploration, development, mining and milling activities through joint operations. Operations

are governed by agreements that provide for joint control of the strategic operating, investing and financing activities among

the partners. These agreements were considered in the determination of joint control. Cameco’s significant Canadian uranium

joint operation interests are McArthur River, Key Lake and Cigar Lake. The Canadian uranium joint operations allocate

uranium production to each joint operation participant and the joint operation participant derives revenue directly from the sale

of such product. Mining and milling expenses incurred by joint operations are included in the cost of inventory.

CAMECO CORPORATION

Cameco reflects its proportionate interest in these assets and liabilities as follows:

Principal place

of business

Ownership

2023

2022

Total assets

McArthur River

Canada

69.81%

1,048,746

998,368

Key Lake

Canada

83.33%

504,508

527,841

Cigar Lake

(a)

Canada

54.55%

1,158,583

1,219,036

2,711,837

2,745,245

Total liabilities

McArthur River

69.81%

50,199

37,881

Key Lake

83.33%

244,480

240,487

Cigar Lake

(a)

54.55%

48,967

50,362

343,646

328,730

(a) Cameco’s ownership stake in the Cigar Lake uranium mine in northern Saskatchewan was previously

50.025

%. On May

19, 2022, Cameco and Orano completed the acquisition of Idemitsu’s

7.875

% participating interest in the CLJV by acquiring

their pro rata shares through an asset purchase (note 6).

32.

Related parties

Transactions with key management personnel

Key management personnel are those persons that have the authority and responsibility for planning, directing and controlling

the activities of the Company, directly or indirectly.

Key management personnel of the Company include executive officers,

vice-presidents, other senior managers and members of the board of directors.

In addition to their salaries, Cameco also provides non-cash benefits to executive officers and vice-presidents and contributes

to pension plans on their behalf (note 26). Senior management and directors also participate in the Company’s share-based

compensation plans (note 25).

Executive officers are subject to terms of notice ranging from three to six months. Upon resignation at the Company’s request,

they are entitled to termination benefits of up to the lesser of 18 to 24 months or the period remaining until age 65. The

termination benefits include gross salary plus the target short-term incentive bonus for the year in which termination occurs.

Compensation for key management personnel was comprised of:

2023

2022

Short-term employee benefits

30,733

23,557

Share-based compensation

(a)

41,694

21,149

Post-employment benefits

6,730

6,532

Termination

benefits

541

Total

79,698

51,238

(a) Excludes deferred share units held by directors (see note 25).

Other related party transactions

Cameco purchases uranium concentrates from JV Inkai. For the year ended December 31, 2023, Cameco had purchases of

392,656,000

286,664,000

(US)) (2022 - $

206,818,000

155,937,000

(US))). Cameco received a cash dividend from JV

Inkai of $

113,642,000

83,059,000

(US)) (2022 - $

117,698,000

92,425,000

(US))).

2023 CONSOLIDATED FINANCIAL

STATEMENTS

AND NOTES

33.

Subsequent event

On February 5, 2024, Cameco initiated a partial repayment of $

200,000,000

(US) on the $

600,000,000

(US) term loan used to

finance the

% acquisition of Westinghouse. The partial repayment will be applied to the $

300,000,000

(US) tranche which

matures in November 2026.

EX-99.3

EXHIBIT 99.3

Cameco Corporation

2023 Management’s Discussion and Analysis

February 8, 2024

LOGO

Management’s discussion and analysis

February 8, 2024

10	MARKET OVERVIEW AND DEVELOPMENTS
17	2023 PERFORMANCE HIGHLIGHTS
22	OUR VISION, VALUES AND STRATEGY
32	OUR ESG PRINCIPLES AND PRACTICES
36	MEASURING OUR RESULTS
38	FINANCIAL RESULTS
69	OPERATIONS AND PROJECTS
100	MINERAL RESERVES AND RESOURCES
105	ADDITIONAL INFORMATION

This management’s discussion and analysis (MD&A) includes information that will help you understand management’s perspective of our audited consolidated financial statements (financial statements) and notes for the year ended December 31, 2023. The information is based on what we knew as of February 7, 2024.

We encourage you to read our audited consolidated financial statements and notes as you review this MD&A. You can find more information about Cameco, including our financial statements and our most recent annual information form, on our website at cameco.com, on SEDAR+ at www.sedarplus.com or on EDGAR at sec.gov. You should also read our annual information form before making an investment decision about our securities.

The financial information in this MD&A and in our financial statements and notes is prepared according to International Financial Reporting Standards (IFRS), unless otherwise indicated.

Unless we have specified otherwise, all dollar amounts are in Canadian dollars.

Throughout this document, the terms we, us, our, the Company and Cameco mean Cameco Corporation and its subsidiaries, unless otherwise indicated.

Caution about forward-looking information

Our MD&A includes statements and information about our expectations for the future. When we discuss our strategy, plans, future financial and operating performance, or other things that have not yet taken place, we are making statements considered to be forward-looking information or forward-looking statements under Canadian and United States (US) securities laws. We refer to them in this MD&A as forward-looking information.

Key things to understand about the forward-looking information in this MD&A:

•	It typically includes words and phrases about the future, such as: anticipate, believe, estimate, expect, plan,<br>will, intend, goal, target, forecast, project, vision, strategy and outlook (see examples below).
•	It represents our current views and can change significantly.
---	---
•	It is based on a number of material assumptions, including those we have listed on page 5, which may prove to be<br>incorrect.
---	---
•	Actual results and events may be significantly different from what we currently expect, due to the risks<br>associated with our business. We list a number of these material risks on page 4. We recommend you also review our most recent annual information form, which includes a discussion of other material risks that could cause actual results<br>to differ significantly from our current expectations.
---	---
•	Forward-looking information is designed to help you understand management’s current views of our near- and<br>longer-term prospects, and it may not be appropriate for other purposes. We will not necessarily update this information unless we are required to by securities laws.
---	---

Examples of forward-looking information in this MD&A

•	our view that we have the strengths to take advantage of the world’s rising demand for safe, clean, secure, reliable, affordable and carbon-free energy, and our vision to energize a<br>clean-air world
•	that we will continue to focus on delivering our products responsibly and addressing the environmental, social and governance (ESG) risks and opportunities that we believe will make our business sustainable and will<br>build long-term value
---	---
•	our expectations about when future reactors will come online
---	---
•	our expectations about 2024 and future global uranium supply, consumption, contracting, demand, geopolitical issues and the market including the discussion under the heading Market overview and developments
---	---
•	our expectations for the future of the nuclear industry and the potential for new enrichment technology, including that nuclear power must be a central part of the solution to the world’s shift to a low-carbon climate-resilient economy and that our investment in enrichment technology, if successful, will allow us to participate in the entire nuclear fuel value chain
---	---
•	our efforts to participate in the commercialization and deployment of small modular reactors (SMRs) and increase our contributions to global climate change solutions by exploring SMRs and other emerging opportunities<br>within the fuel cycle
---	---
•	our expectations about future demand for SMRs
---	---
•	our views on our ability to self-manage risk
---	---
•	the discussion under the heading Our business
---	---
•	the discussion under the heading Our strategy
---	---
•	our expectations regarding the effect of supply scarcity on our long-term contract portfolio
---	---
•	our expectations regarding the operation of, and production levels for, the Cigar Lake mine and McArthur River/Key Lake operation and the Port Hope UF6 conversion<br>facility, as well as our exploration activities at these and other sites
---	---
•	our expectations regarding the future average unit cost of production at McArthur River/Key Lake and at Cigar Lake
---	---
•	our expectation regarding the timing of filing a new technical report for Cigar Lake
---	---
•	our expectations regarding our licences for McArthur River, Key Lake and Crow Butte
---	---
•	Kazatomprom’s planned production levels and timing for JV Inkai
---	---
•	the discussion under the heading Our ESG principles and practices including our belief there is a significant opportunity for us to be part of the solution to combat climate change and that we are well positioned<br>to deliver significant long-term business value
---	---
•	our expectations for uranium purchases, sales and deliveries
---	---
•	our intentions regarding future dividend payments
---	---
•	the discussion of our expectations relating to our Canada Revenue Agency (CRA) transfer pricing dispute, including our confidence that the courts would reject any attempt by CRA to utilize the same or similar positions<br>for other tax years currently in dispute, our plan to file a notice of objection for 2017 and our belief that CRA should return the full amount of cash and security that has been paid or otherwise secured by us
---	---
•	our expectations regarding the amount of security we will need to provide to CRA in connection with the tax debts CRA considers us owing for 2017
---	---
•	the discussion of our future plans for Cigar Lake and McArthur River/Key Lake under the heading 2023 performance highlights
---	---
•	our views on our ability to align our production with market opportunities and our contract portfolio
---	---
•	our expectation regarding opportunities to improve operational effectiveness and to reduce our impact on the environment, including through the use of digital and automation technologies
---	---

2 CAMECO CORPORATION

•	the discussion under the heading Outlook for 2024, including expected business resiliency, expectations for 2024 average unit cost of sales, average purchase price per pound, deliveries and production, 2024<br>financial outlook, our revenue, expectations for 2024 cash balances, tax rates, adjusted net earnings and cash flow sensitivity, and our price sensitivity analysis for our uranium segment
•	the discussion under the heading Liquidity and capital resources, including expected liquidity to meet our 2024 obligations and our expectations regarding how the ratings agencies will consider our investment in<br>Westinghouse in their analysis
---	---
•	our expectation that the uranium contract portfolio we have built will continue to provide a solid revenue stream, and our portfolio management strategy, including our inventory strategy and the extent of our spot<br>market purchases
---	---
•	our expectation that our cash balances and operating cash flows will meet our anticipated 2024 capital requirements
---	---
•	our expectations for our and Westinghouse’s future capital expenditures and sources of funds
---	---
•	our expectation that in 2024 we will be able to comply with all the covenants in our credit agreements
---	---
•	our expectation that Westinghouse will continue to comply with the covenants in its credit agreements
---	---
•	life of mine operating cost estimates for the Cigar Lake, McArthur River/Key Lake and JV Inkai operations
---	---
•	our future plans and expectations for uranium properties, advanced uranium projects, and fuel services operating sites, including production levels and suspension of production at certain properties, pace of advancement<br>and expansion capacity, carbon reduction targets and mine life, and that our core growth is expected to come from our existing tier-one mining and fuel services assets
---	---
•	our expectations related to care and maintenance costs
---	---
•	our mineral reserve and resource estimates
---	---
•	our decommissioning estimates
---	---
•	the discussion of our expectations relating to our acquisition of a 49% interest in Westinghouse Electric Company (Westinghouse), including the acquisition expanding our participation in the nuclear fuel value chain,<br>and providing a platform for further growth, and various factors and drivers for Westinghouse’s business segment
---	---
•	our expectation that the acquisition will enhance our participation in the nuclear fuel cycle
---	---
•	our expectation that the Westinghouse acquisition will be accretive to us and augment the core of our business
---	---
•	our expectation of Westinghouse being well positioned to participate in the growing demand profile for nuclear energy
---	---
•	our plans to update our physical climate risk assessments, incorporate these findings into our internal risk management review and developing an adaptation action plan template and our expectations regarding the timing<br>for implementation of these plans
---	---
•	our expectations regarding our research and development expenses for 2024
---	---
•	our expectations regarding the timing of the Canadian Nuclear Safety Commission’s review of our preliminary decommissioning cost estimate for the Port Hope conversion facility
---	---
•	our expectations regarding which extraction methods we will use in the future
---	---
•	our expectation that Westinghouse’s durable and growing business will allow Westinghouse to self-fund its approved annual operating budget, maintain its existing capacity to service its annual financial obligations<br>from de-risked cash flows, and pay annual distributions to its owners
---	---
•	our 2024 outlook for Westinghouse’s Adjusted EBITDA, capital expenditures and revenue
---	---
•	our expectation that strategic initiatives, including the development of the AP300^™^ small modular reactor and the eVinci^™^ microreactor, will provide new business opportunities for Westinghouse that will make a meaningful contribution to Westinghouse’s long-term financial performance
---	---
•	our expectation for Westinghouse projects generating multi-year revenue streams and EBITDA for Westinghouse
---	---
•	our expectation that the timing of cash distributions from Westinghouse will be aligned with the timing of Westinghouse’s cash flows
---	---
•	our expectation that Westinghouse’s new opportunities will allow Westinghouse to compete for and win new business
---	---
•	our expectation that Westinghouse’s reputation and position will benefit its core business as Eastern European countries seek to develop a reliable fuel supply chain
---	---
•	our expectations regarding the growth of Westinghouse’s Adjusted EBITDA over the next five years
---	---
•	our estimates in respect of the framework for the timing of revenue flows and profitability of contracts under a new build project
---	---
•	our expectation with respect to the development of its AP300 small modular reactor and eVinci microreactor
---	---
•	our expectation on Westinghouse being well-positioned for future growth
---	---
•	our expectation around the refinancing of our senior unsecured debentures, our expected cash flow and our plan to reduce total debt, with a focus on the floating rate term loan
---	---
•	our expectations regarding when Global Laser Enrichment’s technology will be deployed at a commercial scale
---	---

MANAGEMENT’S DISCUSSION AND ANALYSIS 3

Material risks

•	actual sales volumes or market prices for any of our products or services are lower than we expect, or cost of sales is higher than we expect, for any reason, including changes in market prices, loss of market share to<br>a competitor, trade restrictions, geopolitical issues or the impact of a pandemic
•	we are adversely affected by changes in currency exchange rates, interest rates, royalty rates, tax rates, or inflation
---	---
•	our production costs are higher than planned, or necessary supplies are not available, or not available on commercially reasonable terms
---	---
•	our strategies may change, be unsuccessful or have unanticipated consequences, or we may not be able to achieve anticipated operational flexibility and efficiency
---	---
•	changing views of governments regarding the pursuit of carbon reduction strategies or our view may prove to be inaccurate on the role of nuclear power in pursuit of those strategies
---	---
•	our estimates and forecasts prove to be inaccurate, including production, purchases, deliveries, cash flow, revenue, costs, decommissioning, reclamation expenses, or receipt of future dividends from JV Inkai
---	---
•	that we may not realize the expected benefits from the Westinghouse acquisition
---	---
•	Westinghouse fails to generate sufficient cash flow to fund its approved annual operating budget or make quarterly distributions to the partners
---	---
•	we are unable to enforce our legal rights under our existing agreements, permits or licences
---	---
•	we are subject to litigation or arbitration that has an adverse outcome
---	---
•	that the courts may accept the same, similar or different positions and arguments advanced by CRA to reach decisions that are adverse to us for other tax years
---	---
•	the possibility of a materially different outcome in disputes with CRA for other tax years
---	---
•	that CRA does not agree that the court rulings for the years that have been resolved in Cameco’s favour should apply to subsequent tax years
---	---
•	that CRA will not return all or substantially all of the cash and security that has been paid or otherwise secured in a timely manner, or at all
---	---
•	there are defects in, or challenges to, title to our properties
---	---
•	our mineral reserve and resource estimates are not reliable, or there are unexpected or challenging geological, hydrological or mining conditions
---	---
•	we are affected by environmental, safety and regulatory risks, including workforce health and safety or increased regulatory burdens or delays resulting from a pandemic or other causes
---	---
•	we are adversely affected by subsurface contamination from current or legacy operations
---	---
•	necessary permits or approvals from government authorities cannot be obtained or maintained
---	---
•	we are affected by political risks, including any potential future unrest in Kazakhstan
---	---
•	operations are disrupted due to problems with our own or our suppliers’ or customers’ facilities, the unavailability of reagents, equipment, operating parts and supplies critical to production, equipment<br>failure, lack of tailings capacity, labour shortages, labour relations issues, strikes or lockouts, underground floods, cave-ins, ground movements, tailings dam failures, transportation disruptions or<br>accidents, aging infrastructure or other development and operating risks
---	---
•	we are affected by terrorism, sabotage, blockades, civil unrest, social or political activism, outbreak of illness (such as a pandemic), accident or a deterioration in political support for, or demand for, nuclear<br>energy
---	---
•	a major accident at a nuclear power plant
---	---
•	we are impacted by changes in the regulation or public perception of the safety of nuclear power plants, which adversely affect the construction of new plants, the relicensing of existing plants and the demand for<br>uranium
---	---
•	government laws, regulations, policies or decisions that adversely affect us, including tax and trade laws and sanctions on nuclear fuel imports
---	---
•	our uranium suppliers or purchasers fail to fulfil their commitments
---	---
•	our McArthur River development, mining or production plans are delayed or do not succeed for any reason
---	---
•	our Cigar Lake development, mining or production plans are delayed or do not succeed for any reason
---	---
•	our production plans for our Port Hope UF6 conversion facility do not succeed for any reason
---	---
•	the McClean Lake’s mill production plan is delayed or does not succeed for any reason
---	---
•	water quality and environmental concerns could result in a potential deferral of production and additional capital and operating expenses required for the Cigar Lake and McArthur River/Key Lake operations
---	---
•	JV Inkai’s development, mining or production plans are delayed or do not succeed for any reason, or JV Inkai is unable to transport and deliver its production
---	---
•	we may be unsuccessful in pursuing innovation or implementing advanced technologies, including the risk that the commercialization and deployment of SMRs or new enrichment technology may incur unanticipated delays or<br>expenses, or ultimately prove to be unsuccessful
---	---
•	our expectations relating to care and maintenance costs prove to be inaccurate
---	---
•	the risk that we may not be able to refinance our debenture on terms that are as favourable as we expect, or that we may not realize our expected cash flow, or meet our expectations in reducing total debt
---	---
•	the risk that we may become unable to pay future dividends at the expected rate
---	---
•	we are affected by natural phenomena, including inclement weather, fire, flood and earthquakes
---	---
•	the risks that generally apply to all our operations and advanced uranium projects that are discussed under the heading Managing the risks beginning on page 70
---	---

4 CAMECO CORPORATION

•	the risks relating to our tier-one uranium operations discussed under the heading McArthur River mine/Key Lake mill – Managing Our Risks beginning on page 75, under<br>the heading Cigar Lake – Managing Our Risks beginning on page 79, and under the heading Inkai – Managing Our Risks beginning on page 83
•	unexpected changes in uranium supply, demand, long-term contracting, and prices
---	---
•	changes in consumer demand for nuclear power and uranium as a result of changing societal views and objectives regarding nuclear power, electrification and decarbonization
---	---
•	the risk that our views regarding nuclear power, its growth profile, and benefits may prove to be incorrect
---	---
•	the risk that we and Westinghouse may not be able to meet sales commitments for any reason
---	---
•	the risk that Westinghouse may not achieve the expected growth in its business
---	---
•	the risk to Westinghouse’s business associated with potential production disruptions, including those related to global supply chain disruptions, global economic uncertainty, political volatility, labour relations<br>issues, and operating risks
---	---
•	the risk that Westinghouse may not be able to implement its business objectives in a manner consistent with its or our environmental, social, governance and other values
---	---
•	the risk that Westinghouse’s strategies may change, be unsuccessful, or have unanticipated consequences
---	---
•	the risk that Westinghouse may be unsuccessful in respect of its new business
---	---
•	the risk that Westinghouse may be delayed in announcing its future financial results
---	---
•	the risk that Westinghouse may fail to comply with nuclear license and quality assurance requirements at its facilities
---	---
•	the risk that Westinghouse may lose protections against liability for nuclear damage, including discontinuation of global nuclear liability regimes and indemnities
---	---
•	the risk that increased trade barriers may adversely impact Westinghouse’s business
---	---
•	the risk that Westinghouse may default under its credit facilities, impacting adversely Westinghouse’s ability to fund its ongoing operations and to make distributions
---	---
•	the risk that liabilities at Westinghouse may exceed our estimates and the discovery of unknown or undisclosed liabilities
---	---
•	the risk that occupational health and safety issues may arise at Westinghouse’s operations
---	---
•	the risk that there may be disputes between us and Brookfield regarding our strategic partnership
---	---
•	the risk that we may default under the governance agreement with Brookfield, including us losing some or all of our interest in Westinghouse
---	---

Material assumptions

•	our expectations regarding sales and purchase volumes and prices for uranium and fuel services, cost of sales, trade restrictions, inflation and that counterparties to our sales and purchase agreements will honour their<br>commitments
•	our expectations for the nuclear industry, including its growth profile, market conditions, geopolitical issues and the demand for and supply of uranium
---	---
•	the continuing pursuit of carbon reduction strategies by governments and the role of nuclear in the pursuit of those strategies
---	---
•	the assumptions discussed under the heading 2024 Financial Outlook
---	---
•	our expectations regarding spot prices and realized prices for uranium, and other factors discussed under the heading Price sensitivity analysis: uranium segment
---	---
•	Westinghouse’s ability to generate cash flow and fund its approved annual operating budget and make quarterly distributions to the partners
---	---
•	our ability to compete for additional business opportunities so as to generate additional revenue for us as a result of the Westinghouse acquisition
---	---
•	market conditions and other factors upon which we based the Westinghouse acquisition and our related forecasts will be as expected
---	---
•	the success of our plans and strategies relating to the Westinghouse acquisition
---	---
•	that the construction of new nuclear power plants and the relicensing of existing nuclear power plants will not be more adversely affected than expected by changes in regulation or in the public perception of the safety<br>of nuclear power plants
---	---
•	our ability to continue to supply our products and services in the expected quantities and at the expected times
---	---
•	our expected production levels for Cigar Lake, McArthur River/Key Lake, JV Inkai and our fuel services operating sites
---	---
•	our cost expectations, including production costs, operating costs, and capital costs
---	---
•	our expectations regarding tax payments, tax rates, royalty rates, currency exchange rates and interest rates
---	---
•	our entitlement to and ability to receive expected refunds and payments from CRA
---	---
•	in our dispute with CRA, that courts will reach consistent decisions for other tax years that are based upon similar positions and arguments
---	---
•	that CRA will not successfully advance different positions and arguments that may lead to different outcomes for other tax years
---	---
•	our expectation that we will recover all or substantially all of the amounts paid or secured in respect of the CRA dispute to date
---	---
•	our decommissioning and reclamation estimates, including the assumptions upon which they are based, are reliable
---	---

MANAGEMENT’S DISCUSSION AND ANALYSIS 5

•	our mineral reserve and resource estimates, and the assumptions upon which they are based, are reliable
•	our understanding of the geological, hydrological and other conditions at our uranium properties
---	---
•	our Cigar Lake and McArthur River development, mining and production plans succeed
---	---
•	our Key Lake mill production plan succeeds
---	---
•	the McClean Lake mill is able to process Cigar Lake ore as expected
---	---
•	our production plans for our Port Hope UF6 conversion facility succeed
---	---
•	JV Inkai’s development, mining and production plans succeed, and that JV Inkai will be able to transport and deliver its production
---	---
•	the ability of JV Inkai to pay dividends
---	---
•	that care and maintenance costs will be as expected
---	---
•	our and our contractors’ ability to comply with current and future environmental, safety and other regulatory requirements, and to obtain and maintain required regulatory approvals
---	---
•	that we will be successful in our efforts to renew our operating license for Crow Butte
---	---
•	that we will be able to refinance our senior unsecured debentures, and assumptions regarding our expected cash flow and our ability to reduce total debt
---	---
•	our operations are not significantly disrupted as a result of political instability, nationalization, terrorism, sabotage, blockades, civil unrest, breakdown, natural disasters, outbreak of illness (such as a pandemic),<br>governmental or political actions, litigation or arbitration proceedings, the unavailability of reagents, equipment, operating parts and supplies critical to production, labour shortages, labour relations issues, strikes or lockouts, underground<br>floods, cave-ins, ground movements, tailings dam failure, lack of tailings capacity, transportation disruptions or accidents, aging infrastructure or other development or operating risks
---	---
•	that no major accident at a nuclear power plant will occur
---	---
•	nuclear power and uranium demand, supply, consumption, long-term contracting, growth in the demand for and global public acceptance of nuclear energy, and prices
---	---
•	Westinghouse’s production, purchases, sales, deliveries, and costs
---	---
•	the assumptions and discussion set out under the heading Westinghouse Electric Company – Future Prospects
---	---
•	the market conditions and other factors upon which we have based Westinghouse’s future plans and forecasts
---	---
•	Westinghouse’s ability to mitigate adverse consequences of delays in production and construction
---	---
•	the success of Westinghouse’s plans and strategies
---	---
•	the absence of new and adverse government regulations, policies or decisions
---	---
•	that there will not be any significant adverse consequences to Westinghouse’s business resulting from business disruptions, including those relating to supply disruptions, economic or political uncertainty and<br>volatility, labour relation issues, and operating risks
---	---
•	Westinghouse’s ability to announce future financial results when expected
---	---
•	Westinghouse will comply with the covenants in its credit agreements
---	---
•	Westinghouse will comply with nuclear license and quality assurance requirements at its facilities
---	---
•	Westinghouse maintaining protections against liability for nuclear damage, including continuation of global nuclear liability regimes and indemnities
---	---
•	that known and unknown liabilities at Westinghouse will not materially exceed our estimates
---	---
•	the absence of disputes between us and Brookfield regarding our strategic partnership, and that we do not default under the governance agreement with Brookfield
---	---

6 CAMECO CORPORATION

[This page is intentionally left blank.]

LOGO

8 CAMECO CORPORATION

LOGO

MANAGEMENT’S DISCUSSION AND ANALYSIS 9

Market overview and developments

A market in transition

While demand 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. The uncertainty about where nuclear fuel supplies will come from to satisfy growing demand has led to increased long-term contracting activity and in 2023, about 160 million pounds of uranium was placed under long-term contracts by utilities. While it is the highest annual volume contracted since 2012, it remains below replacement rate and includes our contract with Ukraine, which alone accounted for about 30 million of those pounds. Prices across the nuclear fuel cycle continued to rise in 2023, with spot enrichment prices up 38%, conversion prices continuing to achieve record highs, uranium spot prices more than doubling from around $48 (US) per pound at the end of 2022 to $100 (US) per pound at the end of January 2024, after peaking at $106 (US) per pound earlier in the month, and the long-term price for uranium increasing about 38% over the same period. We expect there will be continued competition to secure uranium, conversion services and enrichment services under long-term contracts with proven producers and suppliers who have a diversified portfolio of assets in geopolitically attractive jurisdictions, with strong environmental, social and governance (ESG) performance, and on terms that help ensure a reliable supply is available to satisfy demand.

DURABLE DEMAND GROWTH

The benefits of nuclear energy have come clearly into focus, supporting a level of durability that, we believe, has not been previously seen. The durability is being driven not only by accountability for achieving the net-zero carbon targets set by countries and companies around the world, but also by a geopolitical realignment in energy markets that is causing countries to reexamine how they plan to address their energy needs. Net-zero carbon targets are turning global attention to a triple challenge. First, about one-third of the global population must be lifted out of energy poverty by improving access to clean and reliable baseload electricity. Second, approximately 80% of the current global electricity grids that run on carbon-emitting sources of thermal power must be replaced with a clean, reliable alternative. And finally, global power grids must grow by electrifying industries, such as private and commercial transportation, and home and industrial heating, which today are largely powered with carbon-emitting sources of thermal energy. Additionally, geopolitical uncertainty has deepened concerns about energy security, highlighting the role of energy policy in balancing three main objectives: providing a clean emissions profile; providing a reliable and secure baseload profile; and providing an affordable, levelized cost profile. There is increasing recognition that nuclear power meets these objectives and has a key role to play in achieving decarbonization and energy security goals. The growth in demand is not just long-term and in the form of new builds, but medium-term in the form of reactor life extensions, and near-term with early reactor retirement plans being deferred or cancelled and new markets continuing to emerge. And, we are seeing even more long-term momentum building with the development of SMRs, where the use case extends beyond just power generation and numerous companies and countries are pursuing projects.

10 CAMECO CORPORATION

Demand and energy policy highlights

•	In September, the World Nuclear Association released its biennial Global Nuclear Fuel Report which provides<br>scenarios for demand and supply availability across the fuel supply chain through 2040. This included a robust demand outlook showing global nuclear generating capacity increasing to 686 GWe by 2040 in the Reference Scenario, an average annual<br>growth rate of 3.6%, compared to 2.6% in the 2021 report. This improvement was driven by improved government support, life extensions, new builds and importantly, that starting in the 2030s, the deployment of SMRs is forecasted to contribute to<br>capacity growth. Additional key themes include assumed reductions to secondary supply and decreased availability of mobile inventories, along with the need for a growing volume of future uranium supply requiring higher incentive pricing to balance<br>the market after 2030.
•	At the 28th annual Conference of Parties (COP28), the 2023 United Nations Climate Change Conference held in the<br>United Arab Emirates, 22 countries (now 28) launched a declaration to triple nuclear energy capacity by 2050. For the first time at the conference, nuclear energy was recognized alongside other low-emissions<br>technologies for the key role it must play in reaching global net-zero greenhouse gas emissions by 2050. In addition, the inaugural global stocktake was introduced at COP28, a process where countries and<br>stakeholders can provide an update every five years to track the world’s progress toward the Paris Agreement targets. In 2023, the initiative concluded that more action is required, as emissions continue to rise and put 2030 targets at risk,<br>reinforcing that in order to achieve net zero by 2050, the world needs “absolute economy-wide emission reduction targets”, which were estimated at a cost of “trillions of dollars”.
---	---
•	China Nuclear Energy Association published the “China Nuclear Energy Development Report 2023” in April,<br>which highlighted China’s continuing growth. According to the report, the country is expected to lead the world in installed nuclear capacity with 110 GWe expected by 2030, rising to 150 GWe expected by 2035, and plans to build over 90% of<br>their major nuclear power reactors domestically. Additionally, a proposal drafted by 15 Chinese national policy advisors was submitted to the government advocating for the development of new nuclear power plants at inland sites, which are now being<br>considered following the end of a post-Fukushima moratorium on proposed inland nuclear power plants.
---	---
•	In Japan, Takahama unit 2 restarted in September, becoming the country’s 12th reactor to restart since<br>Fukushima. Onagawa unit 2 and Shimane unit 2 are expected to restart in 2024. In November, the Nuclear Regulation Authority approved 20-year life extensions (beyond 40 years) for Sendai units 1 and 2;<br>additionally, Takahama units 3 and 4 are expected to receive similar life extensions, pending generator work in 2026 and 2027. In addition, Japan enacted a bill in May allowing nuclear reactors to operate beyond the<br>60-year limit.
---	---
•	In South Korea, Korea Hydro and Nuclear Power (KHNP) announced in September that they successfully completed fuel<br>loading at Shin Hanul unit 2, a new 1,400 MWe APR-1400 pressurized water reactor (PWR) unit. This followed an announcement from the Ministry of Industry and Energy that Shin Hanul units 3 and 4 would be<br>completed by the end of 2024. Additionally, to help achieve the plans set out in their 10th Basic Plan for Electricity Supply and Demand 2030, which targets more than 30% of its power supply to come from nuclear, the Ministry confirmed a review of<br>the need for new nuclear power plants was underway.
---	---
•	In India, the first domestically designed 700 MWe pressurized heavy water reactor, Kakrapar unit 3, reached full<br>operating capacity in August. Three more units of the same design are expected to come online in the next few years. The country is targeting an expansion of nuclear generating capacity to 22.5 GWe by 2031.
---	---
•	In February, the European Nuclear Alliance was launched. Led by France, the initiative commits 11 European<br>countries to cooperate across the nuclear fuel supply chain, and to promote new nuclear generation projects and technologies, including the advancement of SMRs. Throughout 2023, the alliance expanded and now includes a commitment from 16 European<br>countries that will prepare a roadmap to develop an integrated European nuclear industry and target 150 GWe of nuclear power by 2050.
---	---
•	In France, plans were advanced to relaunch the country’s reactor construction program: the government<br>committed to life extensions with a proposed “industrial build” program that initially includes six new European Pressurized Reactors (EPR), as well as eight additional EPRs in the future. Électricité de France filed an<br>application to build the first pair of 1,650 MWe EPRs with construction scheduled to begin in 2028.
---	---
•	In January 2024, the United Kingdom (UK) announced that they are seeking to quadruple their nuclear power output<br>by 2050. Under the “Civil Nuclear Roadmap”, the UK will invest into developing new advanced nuclear fuel, new regulations, and a new nuclear reactor.
---	---

MANAGEMENT’S DISCUSSION AND ANALYSIS 11

•	In June, Sweden’s parliament adopted a new energy target, changing its focus to “100% fossil-free”<br>electricity as opposed to the previously stated focus of “100% renewable”. In August, the government announced a target to further expand the role of nuclear power and in November, announced its intention to build up to 2,500 MWe of new<br>nuclear power capacity by 2035, and up to 10 new reactors by 2045, backed by an offer of loan guarantees.
•	In Belgium, the government and nuclear operator ENGIE reached an agreement following prolonged negotiations to<br>extend the lifespans of the Doel unit 4 and Tihange unit 3 reactors by 10 years, with each now expected to operate until 2035.
---	---
•	In Bulgaria, the government issued its 30-year energy strategy to 2053,<br>which envisions the construction of four new nuclear reactor units. In December, parliament approved a government proposal to inject up to 1.5 billion levs ($838 million (US)) into the state-owned Kozloduy Nuclear Power Plant to fund the<br>planned construction of the first of two proposed reactors using Westinghouse’s AP1000^®^ technology.
---	---
•	In Poland, the government adopted a resolution committing to finance the country’s first nuclear power<br>plant. The funds will go to Polish utility Polskie Elektrownie Jadrowe, which signed a contract with Westinghouse for multiple AP1000 reactors in February of 2023.
---	---
•	In the US, Vogtle unit 3 entered commercial service on July 31, after becoming the first Westinghouse AP1000<br>reactor in the US to successfully connect to the electrical grid. Vogtle unit 4 is expected to begin operating in the second quarter of 2024.
---	---
•	Throughout 2023, many US states expressed local support for nuclear: Ohio, Virginia, Kentucky, and Tennessee all<br>began creating state-level advisory authorities to promote, research and develop nuclear power technologies, and Michigan formed a new Nuclear Caucus to support the reopening of the Palisades nuclear power plant, and also approved extending<br>operations at the Monticello nuclear power plant through 2040.
---	---
•	In Canada, provincial support for nuclear increased in 2023. New Brunswick Power signed a three-year contract<br>with Ontario Power Generation (OPG) to enhance the operational performance of the Point Lepreau nuclear power plant. In Ontario, the Minister of Energy announced support to advance the long-term planning required to explore nuclear expansion options<br>for Bruce Power, outlining the need for nearly 18 GWe in new nuclear capacity to help the province reach its electrification and net-zero goals. Additionally, in Saskatchewan, Crown Investments Corporation<br>provided around $479,000 to help local firms build small, advanced, and micro reactors supply chain capacity, while the Alberta government announced plans to invest around $7 million to study SMRs.
---	---
•	In January 2024, OPG announced plans to proceed with the refurbishment of the Pickering Nuclear Generating<br>Station’s “B” units (units 5, 6, 7 and 8). Once the project is completed in the mid-2030s, Pickering would produce a total of 2 GWe of electricity, to help meet increasing electricity demand and<br>fuel the province’s economic growth.
---	---

12 CAMECO CORPORATION

LOGO

SUPPLY UNCERTAINTY

Supply and trade policy highlights

•	Sprott Physical Uranium Trust (SPUT) purchased about 4 million pounds U3O8 in 2023, bringing total purchases since inception to over 45 million pounds<br>U3O8 and increasing the total net asset value to around $7 billion (US). Volatility in equity markets has impacted SPUT’s<br>valuation (discount or premium to its net asset value) and therefore its ability to raise funds to purchase uranium.
•	In June, Kazatomprom (KAP) announced plans to start production at a new uranium deposit, Inkai 3 (100% owned by<br>KAP). KAP expects approval of a Subsoil Use Agreement (SSUA) to produce 10.4 million pounds U3O8 annually for 25 years from Inkai<br>3’s uranium resources of about 216 million pounds U3O8.
---	---

MANAGEMENT’S DISCUSSION AND ANALYSIS 13

•	In September, KAP had restated its plan to increase production in 2024 to 90% of SSUAs and announced a ramp up to<br>100% of SSUAs in 2025, though the company also warned that geopolitical uncertainty, global supply chain issues, and inflationary pressure could create challenges. On January 12, 2024, KAP announced that it had faced challenges in completing<br>the development required to achieve the planned 2024 production increase, and that it expected to lower its 2024 uranium production guidance due to limited availability of sulfuric acid and delays in the construction and development of new assets,<br>including Budenovskoye 6 and 7. On February 1, 2024, KAP rescinded its 2024 target due to the shortage of sulfuric acid and construction delays in 2023, and they now plan to remain about 20% below SSUAs, expecting to produce between<br>55 million and 59 million pounds U3O8 in 2024 (previously 65 million to 66 million pounds U3O8). KAP also warned that if the acid, supply chain and construction issues persist throughout 2024, the company’s 2025 plan to increase<br>production to 100% of SSUAs (79 million to 82 million pounds U3O8) may also be affected.
•	In April, five of the G7 countries (Canada, France, Japan, UK, and US), entered into a civil nuclear fuel<br>security agreement that attempts to reduce Russia’s influence in the global nuclear fuel supply chain.
---	---
•	In December, Urenco announced its decision to expand enrichment capacity at their facility in Almelo,<br>Netherlands, increasing capacity by 15% or approximately 750,000 separative work units (SWU), by 2027. This followed a prior announcement of plans to expand enrichment capacity at its Urenco USA site, increasing capacity there by 15% or<br>approximately 700,000 SWU, by 2025.
---	---
•	In October, Orano announced a planned enrichment capacity extension project at Georges Besse 2. The project,<br>forecasted to cost €1.7 billion, seeks to increase capacity by over 30% or approximately 2.5 million SWU, beginning in 2028.
---	---
•	In July, ConverDyn announced the restart of Honeywell’s Metropolis uranium conversion facility. The restart<br>plan had been delayed by a safety equipment failure in June, resulting in a special inspection by the US Nuclear Regulatory Commission. The facility restarted production in July 2023.
---	---
•	In July, a coup d’état in Niger resulted in a group of military officers removing President Mohamed<br>Bazoum and seizing power. All exports of uranium and gold to France were suspended and in September, Orano stated that it had halted uranium processing operations at the company’s majority-owned SOMAIR (Arlit) project in Niger due to logistical<br>complications caused by international sanctions. This resulted in 2023 production dropping to 3.9 million pounds U3O8, compared to<br>around 5.2 million pounds U3O8 in 2022.
---	---
•	In December, the US House of Representatives passed the Prohibiting Russian Uranium Impacts Act. The act proposes<br>to prohibit the import of Russian low-enriched uranium (LEU) into the US, but includes waivers that allow the import of LEU from Russia if the US Energy Secretary determines no alternative source can be<br>procured, or if the shipments are of national interest. The waivers would gradually reduce and eliminate Russian uranium imports by 2028. The bill is awaiting further action after it was blocked by the US Senate on grounds unrelated to the bill<br>itself. Separately, the US Senate Energy and Natural Resources Committee passed the Nuclear Fuel Security Act of 2023, which directs the Department of Energy to create a “Nuclear Fuel Security Program” and strengthen the US nuclear fuel<br>supply chain, including new LEU and high-assay low-enriched uranium (HALEU) capacity, though no new funding has yet been appropriated. Finally, a Supplemental Funding Bill is progressing through Congress and<br>includes roughly $111 billion (US) for national security measures, including a provision for $2.72 billion (US) to be allocated to a new “American Energy Independence Fund”, which would acquire<br>non-Russian LEU and HALEU, subject to the ban on Russian imports becoming law.
---	---

Long-termcontracting creates full-cycle value for proven productive assets

Like other commodities, the demand for uranium is cyclical. However, unlike other commodities, uranium is not traded in meaningful quantities on a commodity exchange. The uranium market is principally based on bilaterally negotiated long-term contracts covering the annual run-rate requirements of nuclear power plants, with a small spot market to serve discretionary demand. History demonstrates that in general, when prices are rising and high, uranium is perceived as scarce, and more contracting activity takes place with proven and reliable suppliers. The higher demand discovered during this contracting cycle drives investment in higher-cost sources of production, which due to lengthy development timelines, tend to miss the contracting cycle and ramp up after demand has already been won by proven producers. When prices are declining and low, there is no perceived urgency to contract, and contracting activity and investment in new supply dramatically decreases. After years of low prices, and a lack of investment in supply, and as the uncommitted material available in the spot market begins to thin, security-of-supply tends to overtake price concerns. Utilities typically re-enter the long-term contracting market to ensure they have a reliable future supply of uranium to run their reactors.

14 CAMECO CORPORATION

LOGO

MANAGEMENT’S DISCUSSION AND ANALYSIS 15

16 CAMECO CORPORATION

2023 performance highlights

It was another positive year for the nuclear energy industry. Demand for nuclear power, including support for existing reactors, continues to grow, catalyzed by the increasing recognition by policy makers and major industries that nuclear energy must play an important role in achieving the objectives of providing clean, secure, reliable and affordable energy. We recently announced our commitment to the Net Zero Nuclear initiative, which is calling for collaboration among government, industry leaders and civil society to triple global nuclear capacity to achieve carbon neutrality by 2050. We believe nuclear energy is back in durable growth mode, and we too are back in durable growth mode. This growth will be sought in the same manner as we approach all aspects of our business; strategic, deliberate, disciplined and responsible and with a focus on generating full-cycle value.

In our uranium segment, our portfolio of long-term contracts totals approximately 205 million pounds representing only about 20% of our current reserve and resource base, providing us with plenty of exposure to improving demand from our customers as they look to secure their long-term needs. We continue to have a large and growing pipeline of uranium business under discussion. Our focus continues to be on obtaining market-related pricing mechanisms, while also providing adequate downside protection. We continue to be strategically patient in our discussions to maximize value in our contract portfolio and to maintain exposure to higher prices with unencumbered future productive capacity. In addition, with strong demand in the UF6 conversion market, we were successful in adding new long-term contracts that bring our total contracted volumes to over 75 million kgU of UF6 that will underpin that operation for years to come.

At McArthur River/Key Lake, we produced 13.5 million pounds (100% basis) of packaged uranium concentrate (14.8 million pounds at the mine, 13.5 million pounds of which were packaged at the mill), slightly below our most recent estimate of 14 million pounds (100% basis). At Cigar Lake, we produced 15.1 million pounds (100% basis) of packaged uranium, which is in line with our most recent estimate of up to 16.3 million pounds (100% basis). Any pounds we did not produce in 2023 remain available to us and, with increasing supply pressures, have potentially become more valuable when delivered in the future.

Through our investment in Inkai, we were impacted by the 20% supply reduction enacted by Kazatomprom (KAP) across all uranium mines in Kazakhstan and the continued supply chain challenges it has faced. As well, delivery of our share of 2023 production from JV Inkai was delayed due to the challenges of transporting uranium via an alternate route that does not rely on Russian rail lines or ports. The first shipment, containing approximately two thirds of our share of Inkai’s 2023 production, arrived in the fourth quarter. The second shipment with the remainder of our share of 2023 production has arrived at a Canadian port.

Cameco has 35 years of experience in this market, and we have designed our strategy of full-cycle value capture to be resilient. Given the nature of our contracts, we have good visibility into when and where we need to deliver material, and we have put in place a number of tools that allow us to self-manage risk.

We have built a strong reputation as a proven and reliable supplier with a diversified production portfolio, that provides us with the flexibility to work with our customers to ensure they maintain access to our reliable supplies to satisfy their ongoing fuel requirements. In addition to our production, we can source material from market purchases today, and while these purchases would be more expensive than our production, our strategy positions us to benefit from added demand for nuclear fuel supplies and services. We have exposure to higher prices under the market-related contracts in our long-term portfolio and a pipeline of contracting discussions underway, which we expect will also benefit from the increased focus on securing access to scarce supplies and generate long-term value for Cameco. Also, we do not have to buy every pound in the spot market. We can source from inventory, to be replaced by production or purchases later. Further, we have the ability to pull forward long-term purchase arrangements that we put in place in a much lower-price environment, and with licensed storage facilities, we have secured the ability to borrow product under the terms of some of our storage agreements.

Global production shortfalls and transportation challenges in 2023 further highlighted the growing security of supply risk at a time when we believe the demand outlook is stronger and more durable than ever, with 28 countries around the world committing to triple nuclear power capacity by 2050. In this environment, uncertainty about where nuclear fuel supplies will come from to satisfy growing demand continues to drive long-term contracting as risk shifts from producers to utilities.

We delivered 32 million pounds of uranium and 12 million kgU in our fuel services segment to our customers in alignment with our contract portfolio and profitable opportunities in the market. We generated $688 million in cash from operations, with

MANAGEMENT’S DISCUSSION AND ANALYSIS 17

higher sales volumes and higher average realized prices in both our uranium and fuel services segments than in 2022. To meet our sales commitments and maintain a working inventory we purchased 11.3 million pounds of uranium at an average cost of $59.42 (US) per pound. While the unit cost of our purchases is significantly higher than the average production costs at McArthur River/Key Lake and Cigar Lake in 2023, we benefit from higher prices under the market-related portion of our long-term contract portfolio and higher prices benefit the pounds we have under negotiation. See 2023 financial results by segment – Uranium starting on page 61 for more information.

Thanks to our disciplined strategy, our balance sheet is strong, and we expect it will enable us to continue executing our strategy as well as to self-manage risk, including from global macro-economic uncertainty and volatility. As of December 31, 2023, we had $567 million in cash and cash equivalents with $1.8 billion in total debt. In addition, we have a $1.0 billion undrawn credit facility.

On November 7, 2023, we announced the closing of the acquisition of Westinghouse Electric Company (Westinghouse) in a strategic partnership with Brookfield Asset Management alongside its publicly listed affiliate Brookfield Renewable Partners (Brookfield) and institutional partners. Cameco now owns a 49% interest and Brookfield owns the remaining 51% in Westinghouse. We believe bringing together our expertise in the nuclear industry with Brookfield’s expertise in clean energy positions nuclear power at the heart of the clean energy transition and creates a powerful platform for strategic growth across the nuclear sector. See Westinghouse Electric Company beginning on page 94 for more information.

In the current environment, we believe the risk to uranium supply is greater than the risk to uranium demand and expect it will create a renewed focus on ensuring availability of long-term supply to fuel nuclear reactors. With the improvements in the market and to help meet our sales commitments, we plan to produce 18 million pounds (100% basis) at each of McArthur River/Key Lake and Cigar Lake in 2024. Based on KAP’s announcement on February 1, 2024, production in Kazakhstan is expected to remain 20% below the level stipulated in subsoil use agreements, similar to in 2023, primarily due to the sulfuric acid shortage in the country. We are still in discussions with JV Inkai and KAP to determine how this may impact production at Inkai in 2024 and thereafter and therefore our corresponding purchase obligation. We also plan to begin the work necessary to extend the mine life at Cigar Lake to 2036, subject to approval of Orano’s board, which we expect will be granted in the first quarter of 2024. In addition, at McArthur River/Key Lake, we plan to undertake an evaluation of the work and investment necessary to expand production up to its annual licensed capacity of 25 million pounds (100% basis), which we expect will allow us to take advantage of this opportunity when the time is right. See Uranium – Tier-one operations starting on page 73 for more information.

If we took advantage of all of the tier-one expansion opportunities available to us, our annual share of tier-one supply could be about 32 million pounds. However, we will continue to align our production with our contract portfolio and market opportunities, demonstrating that we continue to responsibly manage our supply in accordance with our customers’ needs.

In addition to our uranium production, at our Port Hope UF6 conversion facility we plan to produce 12,000 tonnes in 2024 to satisfy our book of long-term business and demand for conversion services, at a time when conversion prices are at historic highs.

We will continue to look for opportunities to improve operational effectiveness, to improve our safety performance and reduce our impact on the environment, including through the use of digital and automation technologies to allow us to operate our assets with more flexibility and efficiency. This is key to our ability to continue to align our production decisions with our contract portfolio commitments and opportunities. With a solid base of contracts to underpin our productive capacity, and a growing contracting pipeline we plan to return to our tier-one cost structure, which we expect will generate strong financial performance.

As we execute on our strategy, we will continue to focus on protecting the health and safety of our employees, delivering our products safely and responsibly and addressing the ESG risks and opportunities that we believe will make our business sustainable and will build long-term value.

18 CAMECO CORPORATION

Financial performance

HIGHLIGHTS<br>DECEMBER 31 ( MILLIONS EXCEPT WHERE INDICATED)
Revenue	2,588	1,868	39	%
Gross profit	562	233	>100	%
Net earnings attributable to equity holders	361	89	>100	%
per common share (diluted)	0.83	0.22	>100	%
Adjusted net earnings (non-IFRS, see page 41)	339	135	>100	%
per common share (adjusted and diluted)	0.78	0.33	>100	%
Adjusted EBITDA (non-IFRS, see page 41)	831	431	93	%
Cash provided by operations	688	305	>100	%

All values are in US Dollars.

Net earnings attributable to equity holders (net earnings) and adjusted net earnings in 2023 significantly outperformed 2022. See 2023 consolidated financial results beginning on page 39 for more information. Of note:

•	generated $688 million in cash from operations
•	received refund of $297 million from CRA, consisting of cash in the amount of $86 million and letters<br>of credit in the amount of $211 million. Also, received $12 million from CRA for disbursements related to the September 2018 Tax Court decision and cost award. See Transfer pricing dispute on page 46 for more information.<br>
---	---
•	received a cash dividend of $79 million (US), net of withholdings, from JV Inkai
---	---
•	completed acquisition of 49% interest in Westinghouse for a $2.1 billion (US) purchase price. To finance the<br>acquisition, we used $1.5 billion (US) of cash and drew the full amount of both $300 million (US) tranches of the term loan put in place concurrently with the execution of the acquisition agreement. See Westinghouse Electric Company<br>starting on page 94 for more information.
---	---
•	incurred $51 million in care and maintenance costs compared to $218 million in care and maintenance and<br>operational readiness costs in 2022
---	---

Our segment updates and other fuel cycle investment updates

In our uranium segment, we continued to execute our strategy, further ramping up our tier-one assets which had a positive impact on our operations. Of note in 2023, we:

•	delivered 32 million pounds in alignment with the commitments under our contract portfolio and profitable<br>market opportunities
•	produced 15.1 million pounds (100% basis) at Cigar Lake. Production was impacted by delays associated with<br>the first production from a new mining zone and some unplanned maintenance work.
---	---
•	produced 13.5 million pounds (100% basis) at McArthur River/Key Lake. Production was impacted by challenges<br>related to length of time the facility was in care and maintenance, the operational changes that were implemented throughout the mill, aging infrastructure, availability of personnel with the necessary skills and experience, and the impact of supply<br>chain challenges on the availability of materials and reagents.
---	---
•	purchased 11.3 million pounds of uranium, including our spot purchases and committed purchase volumes<br>(including JV Inkai purchases)
---	---
•	signed major supply agreement to meet Ukraine’s full nuclear fuel needs through 2035
---	---
•	received 20-year licence renewals from the Canadian Nuclear Safety<br>Commission (CNSC) for McArthur River, Key Lake and a 15-year licence renewal for Rabbit Lake
---	---
•	maintained Rabbit Lake and US ISR operations on care and maintenance
---	---

In 2023, in our fuel services segment, we:

•	delivered 12.0 million kgU under contract
•	produced 13.3 million kgU
---	---
•	received a 20-year licence renewal from the CNSC for Cameco Fuel<br>Manufacturing (CFM). The licence renewal also grants CFM’s request for a slight production increase to 1,650 tonnes as UO2 fuel pellets.
---	---
•	commissioned a Closed Loop Cooling Water system at the Port Hope conversion facility, which is expected to<br>provide environmental and operational improvements
---	---

MANAGEMENT’S DISCUSSION AND ANALYSIS 19

See Operations and projects beginning on page 69 for more information.

HIGHLIGHTS
Uranium	Production volume (million lbs)	17.6	****	10.4	69	%
	Sales volume (million lbs)	32.0	****	25.6	25	%
	Average realized price1	49.76	****	44.73	11	%
		67.31	****	57.85	16	%
	Revenue ( millions)	2,152	****	1,480	45	%
	Gross profit ( millions)	444	****	121	>100	%
	Net earnings attributable to equity holders	606	****	200	>100	%
	Adjusted EBITDA (non-IFRS, see page 41)	835	****	380	>100	%
Fuel services	Production volume (million kgU)	13.3	****	13.0	2	%
	Sales volume (million kgU)	12.0	****	11.1	8	%
	Average realized price 2	35.61	****	32.92	8	%
	Revenue ( millions)	426	****	365	17	%
	Gross profit ( millions)	124	****	117	6	%
	Net earnings attributable to equity holders	129	****	120	8	%
	Adjusted EBITDA (non-IFRS, see page<br>41)	164	****	153	7	%
Westinghouse	Revenue	521	****	—	—
(our share)	Net loss attributable to equity holders	(24	)	—	—
	Adjusted EBITDA (non-IFRS, see page<br>41)	101	****	—	—

All values are in US Dollars.

^1^	Uranium average realized price is calculated as the revenue from sales of uranium concentrate, transportation<br>and storage fees divided by the volume of uranium concentrates sold.
^2^	Fuel services average realized price is calculated as revenue from the sale of conversion and fabrication<br>services, including fuel bundles and reactor components, transportation and storage fees divided by the volumes sold.
---	---

Industryprices


Uranium (US/lb U3O8)1
Average annual spot market price	62.51	49.81	25	%
Average annual long-term price	58.20	49.75	17	%
Fuel services (US/kgU as UF6)1
Average annual spot market price
North America	41.23	31.96	29	%
Europe	41.23	31.96	29	%
Average annual long-term price
North America	30.55	24.75	23	%
Europe	30.55	24.94	22	%

All values are in US Dollars.

Note: the industry does not publish UO2 prices.

^1^	Average of prices reported by TradeTech and UxC, LLC (UxC)

On the spot market, where purchases call for delivery within one year, the volume reported by UxC for 2023 decreased to 55 million pounds U3O8 equivalent, compared to 62 million pounds U3O8 equivalent in 2022. In 2023, total spot purchases by producers, junior uranium companies, financial funds and intermediaries was approximately 42 million pounds U3O8 equivalent, compared to approximately 53 million pounds U3O8 equivalent in 2022; in 2023, these purchases represented over 75% of spot market purchases compared to over 85% in 2022. At the end of 2023, the average reported spot price was $91.00 (US) per pound, up $43.33 (US) per pound from the end of 2022. During the year, the uranium spot price ranged from a month-end low of $50.48 (US) per pound to a month-end high of $91.00 (US) per pound, averaging $62.51 (US) for the year.

Long-term contracts generally call for deliveries to begin more than two years after the contract is finalized, and use a number of pricing formulas, including base-escalated prices set at time of contracting and escalated over the term of the contract, and market referenced prices (spot and long-term indicators) determined near the time of delivery, which also often include floor

20 CAMECO CORPORATION

prices and ceiling prices that are also escalated to time of delivery. The volume of long-term contracting reported by UxC for 2023 was about 160 million pounds U3O8 equivalent, up from about 125 million pounds U3O8 equivalent in 2022, including two contracts that combined totaled over 60 million pounds. Higher volumes can largely be attributed to utilities turning their attention to securing their long-term fuel needs to support the durable growth in demand for nuclear power and in light of the growing uncertainty of supply driven by heightened geopolitical tensions, and ongoing production challenges. The average reported long-term price at the end of the year was $68.00 (US) per pound, up $16.00 (US) from the end of 2022. During the year, the uranium long-term price steadily increased from a month-end low of $52.50 (US) per pound in January to a high of $68.00 (US) per pound in December, averaging $58.20 (US) for the year.

Since the Russian invasion of Ukraine in February 2022, conversion prices in both the North American and European markets have continued to increase. At the end of 2023, the average reported spot price for North American delivery reached a record high of $46.00 (US) per kilogram uranium as UF6 (US/kgU as UF6), up $6.00 (US) from the end of 2022. Long-term UF6 conversion prices for North American delivery finished 2023 at $34.25 (US/kgU as UF6), up $7.00 (US) from the end of 2022.

LOGO

MANAGEMENT’S DISCUSSION AND ANALYSIS 21

Our vision, values and strategy

Our vision

Our vision – “Energizing a clean-air world” – recognizes that we have an important role to play in enabling the vast reductions in global GHG emissions required to achieve a resilient net-zero carbon economy. We support climate action that is consistent with the ambition of the Paris Agreement and the Canadian government’s corresponding commitment to limit global temperature rise to less than 2°C. We believe that this means the world needs to reach net-zero emissions by 2050 or sooner. The uranium we produce is used around the world in the generation of safe, carbon-free, affordable, base-load nuclear power.

We believe we have the right strategy to achieve our vision and we will do so in a manner that reflects our values. For 35 years, we have been delivering our products responsibly. Building on that strong foundation, we remain committed to our efforts to reduce our own, already low, greenhouse gas footprint in our ambition to reach net-zero emissions, while identifying and addressing the ESG risks and opportunities that we believe may have a significant impact on our ability to add long-term value for our stakeholders.

Committed to our values

•	safety and environment
•	people
---	---
•	integrity
---	---
•	excellence
---	---

SAFETY AND ENVIRONMENT

We are committed to keeping people safe and conducting our business with respect and care for both the local and global environment.

PEOPLE

We value the contribution of every employee, and we treat people fairly by demonstrating our respect for individual dignity, creativity and cultural diversity. By being open and honest, we achieve the strong relationships we seek.

We are committed to developing and supporting a flexible, skilled, stable and diverse workforce, in an environment that:

•	attracts and retains talented people and inspires them to be fully productive and engaged
•	encourages relationships that build the trust, credibility and support we need to grow our business<br>
---	---

INTEGRITY

Through personal and professional integrity, we lead by example, earn trust, honour our commitments and conduct our business ethically.

We are committed to acting with integrity in every area of our business, wherever we operate.

EXCELLENCE

We pursue excellence in all that we do. Through leadership, collaboration and innovation, we strive to achieve our full potential and inspire others to reach theirs.

22 CAMECO CORPORATION

Our strategy

We are a pure-play investment in the growing demand for nuclear energy, focused on taking advantage of the near-, medium-, and long-term growth occurring in our industry. We provide nuclear fuel and nuclear power products, services, and technologies across the fuel cycle, augmented by our investment in Westinghouse, that support the generation of clean, reliable, secure, and affordable energy. Our strategy is set within the context of what we believe is a transitioning market environment. Increasing populations, a growing focus on electrification and decarbonization, and concerns about energy security and affordability are driving a global focus on tripling nuclear power capacity by 2050, which is expected to durably strengthen the long-term fundamentals for our industry. 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.

Our strategy is to capture full-cycle value by:

•	remaining disciplined in our contracting activity, building a balanced portfolio in accordance with our<br>contracting framework
•	profitably producing from our tier-one assets and aligning our production<br>decisions in all segments of the fuel cycle with contracted demand and customer needs
---	---
•	being financially disciplined to allow us to:
---	---
•	execute our strategy
---	---
•	invest in new opportunities that are expected to add long-term value
---	---
•	to self-manage risk
---	---
•	exploring other emerging opportunities within the nuclear power value chain, which align with our commitment to<br>manage our business responsibly and sustainably, contribute to decarbonization, and help to provide secure and affordable energy
---	---

We expect our strategy will allow us to increase long-term value, and we will execute it with an emphasis on safety, people and the environment.

URANIUM

Uranium production is central to our strategy, as it is the biggest value driver of the nuclear fuel cycle and our business. We have tier-one assets that are licensed, permitted, long-lived, and are proven reliable with capacity to expand. These tier-one assets are backed up by idle tier-two assets and what we think is the best exploration portfolio of mineral reserves and resources that in some cases can leverage our existing infrastructure. Currently, we believe that we have ample productive capacity with the ability to expand as the demand for nuclear energy and nuclear fuel grows.

We are focused on protecting and extending the value of our contract portfolio, on aligning our production decisions with our contract portfolio and market opportunities thereby optimizing the value of our lowest cost assets. We also prioritize maintaining a strong balance sheet, and on efficiently managing the company. We have undertaken a number of deliberate and disciplined actions, including a focus on operational effectiveness to allow us to operate our assets more efficiently and with more flexibility.

FUEL SERVICES

Our fuel services segment supports our strategy to capture full-cycle value by providing our customers with access to refining and conversion services for both heavy-water and light-water reactors, and CANDU fuel and reactor component manufacturing for heavy-water reactors.

As in our uranium segment, we are focused on securing new long-term contracts and on aligning our production decisions with our contract portfolio that will allow us to continue to profitably produce and consistently support the long-term needs of our customers.

WESTINGHOUSE

In 2023, we completed the acquisition of Westinghouse, a global provider of mission-critical and specialized technologies, products and services for light-water reactors across most phases of the nuclear power sector, in a strategic partnership with Brookfield. We own a 49% interest in Westinghouse.

MANAGEMENT’S DISCUSSION AND ANALYSIS 23

We are enhancing our ability to compete for more business by investing in additional nuclear fuel cycle assets that we expect will augment the core of our business and offer more solutions to our customers across the nuclear fuel cycle. Like Cameco, Westinghouse has nuclear assets that are strategic, proven, licensed and permitted, and that are in geopolitically attractive jurisdictions. We expect these assets, like ours, will participate in the growing demand profile for nuclear energy.

Westinghouse has a stable and predictable core business generating durable cash flows. Like Cameco, Westinghouse has a long-term contract portfolio, which we believe positions it well to compete for growing demand for new nuclear reactors and reactor services, as well as the fuel supplies and services needed to keep the global reactor fleet operating safely and reliably. This strong base of business also helps protect Westinghouse from macro-economic headwinds as utility customers run their critical nuclear power plants. Its durable and growing business is expected to allow Westinghouse to self-fund its approved annual operating budget, to service its annual financial obligations from de-risked cash flows, and to pay annual distributions to its owners. See Westinghouse starting on page 94 for more information.

OTHER NUCLEAR FUEL CYCLE INVESTMENTS

In particular, we are interested in the second largest value driver of the fuel cycle, enrichment, and have a 49% interest in Global Laser Enrichment LLC (GLE). GLE is the exclusive licensee of the proprietary SILEX laser enrichment technology, a third-generation uranium enrichment technology. We are the commercial lead for the GLE project with an option to attain a majority interest of up to 75% ownership. See Global Laser Enrichment starting on page 99 for more information.

Additionally, we have signed a number of non-binding arrangements to explore several areas of cooperation to advance the commercialization and deployment of small modular reactors in Canada and around the world.

We will make an investment decision when an opportunity is available at the right time and the right price. We strive to pursue corporate development initiatives that will leave us and our stakeholders in a fundamentally stronger position. As such, an investment opportunity is never assessed in isolation. Investments must compete for investment capital with our own internal growth opportunities. They are subject to our capital allocation process described under Capital Allocation – Focus on Value, starting on page 30.

BUILDING A BALANCED PORTFOLIO

•

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.

•

As we build 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.

---

24 CAMECO CORPORATION

•

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 supply curtailments that we began in 2016, 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.

LONG-TERM CONTRACTING

The objectives of our contracting strategy are to:

•	optimize realized price by balancing exposure to future market prices while providing some certainty for our<br>future earnings and cash flow
•	focus on meeting the nuclear industry’s growing annual uncovered requirements with our tier-one production
---	---
•	establish and grow market share with strategic and regionally diverse customers
---	---

MANAGEMENT’S DISCUSSION AND ANALYSIS 25

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 PORTFOLIO

Given our view that additional long-term supply will need to be incented to meet the growing demand for safe, clean, 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.

CONTRACT PORTFOLIO STATUS

Customers – U3O8:

Five largest customers account for 62% of commitments

LOGO

26 CAMECO CORPORATION

Customers – UF6 conversion:

Five largest customers account for 64% of commitments

LOGO

MANAGING OUR CONTRACT COMMITMENTS

We allow sales volumes to vary year-to-year depending on:

•	the level of sales commitments in our long-term contract portfolio
•	market opportunities
---	---
•	our sources of supply
---	---

To meet our delivery commitments and to mitigate risk, we have access to a number of sources of supply, which includes uranium obtained from:

•	our productive capacity
•	purchases under our JV Inkai agreement, under long-term agreements and in the spot market
---	---
•	our inventory in excess of our working requirements
---	---
•	product loans
---	---

OUR SUPPLY DISCIPLINE

MANAGEMENT’S DISCUSSION AND ANALYSIS 27

With the improvements in the market, the new long-term contracts we have put in place, and a pipeline of contracting discussions, we plan to produce 18 million pounds (100% basis) at McArthur River/Key Lake and Cigar Lake in 2024. Based on KAP’s announcement on February 1, 2024, production in Kazakhstan is expected to remain 20% below the level stipulated in subsoil use agreements, similar to in 2023, primarily due to the sulfuric acid shortage in the country. We are still in discussions with JV Inkai and KAP to determine how this may impact production at Inkai in 2024 and thereafter and therefore our corresponding purchase obligation. We also plan to begin the work necessary to extend the mine life at Cigar Lake subject to approval of Orano’s board. In addition, we plan to undertake the evaluation of the work and investment necessary to expand production at McArthur River/Key Lake up to its annual licensed capacity of 25 million pounds, which we expect will allow us to take advantage of this opportunity when the time is right.

Our production plans for McArthur River/Key Lake and Cigar Lake are expected to generate strong financial performance by allowing us to source more of our committed sales from the lower-cost produced pounds. In addition, with conversion demand elevated, we have been successful in securing long-term sales commitments that will support increased UF6 production at Port Hope, which is expected to further improve its contribution to our financial results. However, this is not an end to our supply discipline. We expect to continue to adjust our production in accordance with our contract portfolio. This will remain our production plan until we see further improvements in the uranium market and contracting progress, once again demonstrating that we are a responsible fuel supplier.

MANAGING OUR COSTS

Production costs

LOGO

*	Production supplies include reagents, fuel and other items. Contracted services include utilities and camp<br>costs, air charters, mining and maintenance contractors and security and ground freight.

28 CAMECO CORPORATION

Over the last number of years, the annual cash cost of production reflected the operating cost of mining and milling our share of Cigar Lake as this was our only operating site. With the restart of the McArthur River/Key Lake operations the annual cost of production will reflect a combined cost of all our operating uranium assets. See 2023 financialresults by segment – Uranium starting on page 61 for more information. In 2024, our cash production costs may continue to be affected by inflation, the availability of personnel with the necessary skills and experience, supply chain challenges impacting the availability of materials and reagents, and our continued efforts to ramp up to planned production at McArthur River/Key Lake.

We continue to look to adopt innovative and advanced digital and automation technologies to improve efficiency and operational flexibility and to further reduce cost.

Care and maintenance costs

Purchases and inventory costs

Our costs are also affected by the purchases of uranium and conversion services we make under long-term contracts and on the spot market.

Financial impact

MANAGEMENT’S DISCUSSION AND ANALYSIS 29

CAPITAL ALLOCATION – FOCUS ON VALUE

Delivering long-term value is a top priority. While we navigate by our investment-grade rating, we continually evaluate our investment options to ensure we allocate our capital in a way that we believe will:

•	sustain our assets and grow our core business in a manner that we expect will create sustainable long-term value<br>
•	maintain a strong balance sheet that will allow us to execute on our strategy, take advantage of strategic<br>opportunities and self-manage risk
---	---
•	allow us to sustainably execute on our dividend while considering the cyclical nature of our earnings and cash<br>flow
---	---

To deliver value, free cash flow must be productively reinvested in the business. We start by determining how much cash we have to invest (investable capital). Investable capital takes into account, our expected cash flow from operations, including the expected cash distributions from JV Inkai and our Westinghouse investment, minus the cash required to satisfy our financing costs, for working capital purposes, and the other uses of cash we consider to be higher priority, such as dividends. This investable capital can be reinvested in the core business of the company, including to manage the physical and transition risks and opportunities associated with changing climate conditions, or to take advantage of new opportunities in line with our long-term strategy. If after consideration of investment opportunities there is excess investable capital available, it can be considered for debt reduction, or shareholder returns.

Reinvestment

We have a multidisciplinary capital allocation committee that evaluates all sustaining, capacity replacement, or growth investment opportunities.

These opportunities are ranked using return criteria that includes both financial and non-financial metrics, with a current priority focus on five main value drivers:

•	cost reduction
•	emission reduction
---	---
•	operational flexibility
---	---
•	improving safety performance
---	---
•	enabling digital technology
---	---

Only those that meet the required risk-adjusted return criteria are considered for investment. We also must identify, at the corporate level, the expected impact on cash flow, earnings, and the balance sheet. All project risks must be identified, including the risks of not investing. Allocation of capital only occurs once an investment has cleared these hurdles.

This may result in some opportunities being held back in favour of higher return investments and should allow us to generate the best return on investment decisions when faced with multiple prospects, while also controlling our costs and meeting ESG objectives, including achieving the 30% reduction in our GHG emissions by 2030 compared to 2015 levels.

Return

We believe in returning cash to shareholders under appropriate circumstances but are also focused on protecting the company and rewarding those shareholders who understand and support our strategy to build long-term value. If we have excess cash and determine the best use is to return it to shareholders, we can do that through a share repurchase or dividend—an annual dividend, one-time supplemental dividend or a progressive dividend. The decision to return capital and the type of return is evaluated regularly by our board of directors with careful consideration of our cash flow, financial position, strategy, and other relevant factors including appropriate alignment with the cyclical nature of our earnings. For example, in 2022, the board increased the dividend by 50% to reflect the expected improvement in our financial performance as we began the transition to our tier-one run rate.

In Action

The current objective of our capital allocation will be to ensure we have the financial capacity to execute on our 2024 production plan and to return to our tier-one cost structure. In addition, we expect to allocate the capital necessary to allow us to begin work on extending the mine life at Cigar Lake and to undertake evaluation of the work and investment required to expand production at McArthur River/Key Lake up to its licensed capacity of 25 million pounds per year (100% basis).

30 CAMECO CORPORATION

We will maintain our focus on improving operational effectiveness across the company through for example, the use of digital and automation technologies. The particular goals of this work being to reduce operating costs, increase operational flexibility, improve our safety performance and reduce our impact on the environment, including the reduction of our GHG emissions.

Over the coming months, we will look for an opportunity to refinance the $500 million senior unsecured debenture maturing on June 24, 2024, prior to maturity or as it comes due. Ultimately our decision will be made with consideration for our cash generation, the interest rate environment and other capital allocation considerations. In addition, we have initiated a partial repayment of $200 million (US) on the $600 million (US) floating-rate term loan that was used to finance the acquisition of Westinghouse. The prepayment will be applied to the $300 million (US) tranche which matures in November 2026. See Liquidity and capital resources – Financing Activities starting on page 54 for more information about the term loan.

We will continue to navigate by our investment-grade rating through close management of our balance sheet metrics, maintaining sufficient liquidity, including a minimum cash balance for working capital requirements and that would allow us to pursue other value-adding opportunities. If the market transition continues as expected, our priorities might include consideration of:

•	the opportunities available to add value with our licensed and permitted<br>tier-two assets and brownfield infrastructure
•	further value-adding opportunities in the nuclear fuel value chain
---	---
•	the return of excess cash to shareholders
---	---

Any opportunities will be rigorously assessed by our capital allocation committee before an investment decision is made.

Shares and stock options outstanding

At February 6, 2024, we had:

•	434,175,752 common shares and one Class B share outstanding
•	1,396,289 stock options outstanding, with exercise prices ranging from $11.32 to $16.38
---	---

Dividend

In 2023, our board of directors declared a dividend of $0.12 per common share, which was paid December 15, 2023. See the section titled Return on page 30 for more information regarding the factors the board considers in deciding to declare an annual dividend.

MANAGEMENT’S DISCUSSION AND ANALYSIS 31

Our ESG principles and practices

A key part of our strategy, reflecting our values

ENVIRONMENT

We recognize the critical nature of the fight against climate change, and want our employees, customers, investors, and community partners near our operations to know we are committed to being an active and constructive partner in addressing this challenge. The reduction of carbon and greenhouse gas (GHG) emissions is important and necessary in Canada and around the world. Policy makers and major industries recognize that nuclear power must be a central part of the solution to the world’s shift to a low-carbon, climate-resilient economy. Several nations have reaffirmed their commitments to nuclear power and are developing plans to support existing reactors and are reviewing their policies to encourage more nuclear capacity. There are now 28 countries that have signed on to the declaration that was launched at COP28 to triple nuclear energy capacity by 2050.

As one of the world’s largest producers of the uranium needed to fuel nuclear reactors, we believe this represents a significant opportunity for us to be part of the solution to combat climate change given 100% of our product is used to produce clean, carbon-free base-load electricity. We enable vast emissions reductions globally through nuclear power and are committed to transforming our already low operational GHG emissions footprint to achieve our ambition of having net-zero emissions while delivering significant long-term business value. In the 35 years we have been in business, we have sold over 954 million pounds of product for nuclear power generation. By reducing the need for fossil-fuel based electricity, this has avoided up to 16 billion tonnes of CO2e emissions, equivalent to removing all gas-powered vehicles in the world from operation for 3.5 years.

32 CAMECO CORPORATION

In 2022, we undertook a planning process to outline our overarching Low Carbon Transition Plan. Within this plan, we set a target to reduce our Scope 1 and 2 GHG emissions by 30% by 2030, from 2015 levels. We also identified the practical and achievable actions that we expect to take to decarbonize our operations and manage climate-related risks. In doing so, we are demonstrating our alignment with the ambitions of the Paris Agreement to, “limit global temperature rise to well below 2 degrees Celsius (°C), above pre-industrial levels, and to pursue efforts to limit global temperature rise even further to 1.5°C”. Our Low Carbon Transition Plan provides a foundation for managing our climate-related physical and transition risks, and it supports us in better aligning with the Government of Canada’s Net Zero Accountability Act and 2030 Emission Reduction Plan.

MANAGEMENT’S DISCUSSION AND ANALYSIS 33

SOCIAL

GOVERNANCE

34 CAMECO CORPORATION

Risk and Risk Management

Our board of directors oversees management’s implementation of appropriate risk management processes and controls. We have a Risk Policy that is supported by our formal Risk Management Program.

In addition to considering the other information in this MD&A, you should carefully consider the material risks discussed starting on page 4, under the heading Managing the risks, starting on page 70, and the specific risks discussed under each operation, advanced project, and other fuel cycle investment update in this document. These risks, however, are not a complete list of the potential risks our operations, advanced projects, or other investments face. There may be others we are not aware of or risks we feel are not material today that could become material in the future.

We recommend you also review our annual information form, which includes a discussion of other material risks that could have an impact on our business.

MANAGEMENT’S DISCUSSION AND ANALYSIS 35

Measuring our results

Targets and Metrics: The link between ESG factors and executive pay

Each year, we set corporate objectives that are aligned with our strategic plan. These objectives fall under our four measures of success: outstanding financial performance, safe, healthy and rewarding workplace, clean environment and supportive communities. Performance against specific targets under these objectives forms the foundation for a portion of annual employee and executive compensation. See our most recent management proxy circular for more information on how executive compensation is determined.

2023<br>OBJECTIVES^1^	TARGET	RESULTS
OUTSTANDING FINANCIAL PERFORMANCE
Earnings measure	Achieve targeted adjusted net earnings.	• adjusted net earnings was above the target
Cash flow measure	Achieve targeted cash flow from operations (before working capital changes).	• cash flow from operations was below the target
SAFE, HEALTHY AND REWARDING WORKPLACE
Workplace safety measure	Strive for no injuries at all Cameco-operated sites. Maintain a long-term downward trend in combined employee and contractor total recordable injury rate while achieving targets on specified leading indicators.	• we did not achieve our target for TRIR<br><br><br><br> <br>• performance of the<br>leading indicators was above the target range
CLEAN ENVIRONMENT
Environmental performance measures	Achieve corporate environmental targets.<br> <br><br><br><br>Develop tailored decarbonization pathways for operationally controlled sites.	• performance on corporate environmental targets was within the target<br>range<br> <br><br> <br>• Completed<br>decarbonization pathways for all operationally controlled sites
SUPPORTIVE COMMUNITIES
Stakeholder support measure	Enhance the skill set of Residents of Saskatchewan’s North (RSN) for changing industrial environments	• RSN skill enhancement was above the target
^1^	Detailed results for our 2023 corporate objectives and the related targets will be provided in our 2024<br>management proxy circular prior to our Annual Meeting of Shareholders on May 9, 2024.
---	---

36 CAMECO CORPORATION

2024 objectives

OUTSTANDING FINANCIAL PERFORMANCE

•	Achieve targeted financial measures.

SAFE, HEALTHY AND REWARDING WORKPLACE

•	Improve workplace safety performance at all sites.

CLEAN ENVIRONMENT

•	Improve environmental performance at all sites and continue to execute on our Low Carbon Transition Plan.<br>

SUPPORTIVE COMMUNITIES

•	Build and sustain strong stakeholder support for our activities.

MANAGEMENT’S DISCUSSION AND ANALYSIS 37

Financial results

This section of our MD&A discusses our performance, financial condition and outlook for the future.

39	2023 CONSOLIDATED FINANCIAL RESULTS
51	OUTLOOK FOR 2024
54	LIQUIDITY AND CAPITAL RESOURCES
61	2023 FINANCIAL RESULTS BY SEGMENT
61	URANIUM
62	FUEL SERVICES
63	WESTINGHOUSE
64	FOURTH QUARTER FINANCIAL RESULTS
64	CONSOLIDATED RESULTS
67	URANIUM
68	FUEL SERVICES

38 CAMECO CORPORATION

2023 consolidated financial results

During the fourth quarter, we announced the closing of the acquisition of a 49% interest in Westinghouse. Effective November 7, 2023, we began equity accounting for this investment. Our share of Westinghouse’s earnings has been reflected in our financial results from that date.

In the second quarter of 2022, we along with Orano acquired Idemitsu Canada Resources Ltd.’s 7.875% participating interest in the Cigar Lake Joint Venture. Our ownership stake in Cigar Lake now stands at 54.547%, 4.522 percentage points higher than it was prior to the transaction. Effective May 19, 2022, we have reflected our share of production and financial results based on this new ownership stake.

HIGHLIGHTS							CHANGE FROM
DECEMBER 31 ( MILLIONS EXCEPT WHERE INDICATED)		2022		2021			2022 TO 2023
Revenue	2,588		1,868		1,475			39	%
Gross profit	562		233		2			>100	%
Net earnings (loss) attributable to equity holders	361		89		(103	)		>100	%
per common share (basic)	0.83		0.22		(0.26	)		>100	%
per common share (diluted)	0.83		0.22		(0.26	)		>100	%
Adjusted net earnings (loss) (non-IFRS, see page<br>41)	339		135		(98	)		>100	%
per common share (adjusted and diluted)	0.78		0.33		(0.25	)		>100	%
Adjusted EBITDA (non-IFRS, see page 41)	831		431		194			93	%
Cash provided by operations	688		305		458			>100	%

All values are in US Dollars.

Net earnings

The following table shows what contributed to the change in net earnings in 2023 compared to 2022 and 2021.

( MILLIONS)			2022			2021
Net earnings (losses) - previous year	89	****	****	(103	)	****	(53	)
Change in gross profit by segment
(we calculate gross profit by deducting from revenue the cost of products and<br>services sold, and depreciation and amortization (D&A), net of hedging benefits)
Uranium	30			(6	)		(4	)
	208			328			5
	95			44			(72	)
	(9	)		(137	)		(55	)
	324			229			(126	)
Fuel services	9			(21	)		1
	32			33			23
	(34	)		(13	)		(2	)
	7			(1	)		22
Other changes
Lower (higher) administration expenditures	(74	)		(44	)		17
Lower (higher) exploration expenditures	(7	)		(3	)		3
Change in reclamation provisions	31			(31	)		32
Change in gains or losses on derivatives	111			(86	)		(24	)
Change in foreign exchange gains or losses	(58	)		74			(14	)
Change in earnings from equity-accounted investments	60			26			32
Redemption of Series E debentures in 2020	—			—			24
Canadian Emergency Wage Subsidy	—			(21	)		(16	)
Bargain purchase gain on CLJV ownership interest increase	(23	)		23			—
Higher (lower) finance income	75			30			(4	)
Higher finance costs	(30	)		(9	)		(5	)
Change in income tax recovery or expense	(130	)		3			15
Other	(14	)		2			(6	)
Net earnings (losses) - current year	361	****	****	89	****	****	(103	)

All values are in US Dollars.

MANAGEMENT’S DISCUSSION AND ANALYSIS 39

Average realized prices


			2023		2022		2021		2022 TO 2023
Uranium^1^	$	US/lb		49.76		44.73		34.53		11	%
	$	Cdn/lb		67.31		57.85		43.34		16	%
Fuel services	$	Cdn/kgU		35.61		32.92		29.72		8	%
^1^	Average realized foreign exchange rate ($US/$Cdn): 2023 – 1.35, 2022 – 1.29 and 2021 – 1.26.<br>
---	---

Revenue

The following table shows what contributed to the change in revenue for 2023.

( MILLIONS)
Revenue – 2022	****
Uranium
Higher sales volume
Higher realized prices (Cdn)
Fuel services
Higher sales volume
Higher realized prices (Cdn)
Other	)
Revenue – 2023	****

All values are in US Dollars.

See 2023 Financial results by segment on page 61 for more detailed discussion.

THREE-YEAR TREND

In 2022, revenue increased by 27% compared to 2021 due to an increase in the average realized price and sales volume in the uranium segment. In our fuel services segment, revenue decreased by 10% as a result of a decrease in sales volume partially offset by an increase in average realized price.

In 2023, revenue increased by 39% compared to 2022 due to a 45% increase in the uranium segment and a 17% increase in our fuel services segment. Both segments saw increases in the average realized price and sales volume. See notes 18 and 29 in our annual financial statements for more information.

SALES DELIVERY OUTLOOK FOR 2024

For 2024 we have committed sales volumes in our uranium segment of between 32 and 34 million pounds. In general, we are active in the market, buying and selling uranium when it is beneficial for us and in support of our long-term contract portfolio.

40 CAMECO CORPORATION

In our uranium and fuel services segments, our customers choose when in the year to receive deliveries. As a result, our quarterly delivery patterns and, therefore, our sales volumes and revenue can vary significantly. We expect the quarterly distribution of uranium deliveries in 2024 to be more heavily weighted to the first and fourth quarters as shown below. However, not all delivery notices have been received to date and the expected delivery pattern could change. Typically, we receive notices six months in advance of the requested delivery date.

LOGO

Non-IFRS measures

The non-IFRS measures referenced in this document are supplemental measures, which are used as indicators of our financial performance. Management believes that these non-IFRS measures provide useful supplemental information to investors, securities analysts, lenders and other interested parties in assessing our operational performance and our ability to generate cash flows to meet our cash requirements. These measures are not recognized measures under IFRS, do not have standardized meanings, and are therefore unlikely to be comparable to similarly-titled measures presented by other companies. Accordingly, these measures should not be considered in isolation or as a substitute for the financial information reported under IFRS. The following are the non-IFRS measures used in this document.

ADJUSTED NET EARNINGS

Adjusted net earnings (ANE) is our net earnings attributable to equity holders, adjusted for non-operating or non-cash items such as gains and losses on derivatives, adjustments to reclamation provisions flowing through other operating expenses, and bargain purchase gains, that we believe do not reflect the underlying financial performance for the reporting period. Other items may also be adjusted from time to time. We adjust this measure for certain of the items that our equity-accounted investees make in arriving at other non-IFRS measures. Adjusted net earnings is one of the targets that we measure to form the basis for a portion of annual employee and executive compensation (see Measuring our results starting on page 36).

In calculating ANE we adjust for derivatives. We do not use hedge accounting under IFRS and, therefore, we are required to report gains and losses on all hedging activity, both for contracts that close in the period and those that remain outstanding at the end of the period. For the contracts that remain outstanding, we must treat them as though they were settled at the end of the reporting period (mark-to-market). However, we do not believe the gains and losses that we are required to report under IFRS appropriately reflect the intent of our hedging activities, so we make adjustments in calculating our ANE to better reflect the impact of our hedging program in the applicable reporting period. See Foreignexchange starting on page 49 for more information.

We also adjust for changes to our reclamation provisions that flow directly through earnings. Every quarter we are required to update the reclamation provisions for all operations based on new cash flow estimates, discount and inflation rates. This normally results in an adjustment to our asset retirement obligation asset in addition to the provision balance. When the assets of an operation have been written off due to an impairment, as is the case with our Rabbit Lake and US ISR operations, the adjustment is recorded directly to the statement of earnings as “other operating expense (income)”. See note 16 of our annual financial statements for more information. This amount has been excluded from our ANE measure.

MANAGEMENT’S DISCUSSION AND ANALYSIS 41

The bargain purchase gain that was recognized when we acquired our pro-rata share of Idemitsu Canada Resources Ltd.’s 7.875% participating interest in the Cigar Lake Joint Venture has also been removed in calculating ANE since it is non-cash, non-operating and outside of the normal course of our business. The gain was recorded in the statement of earnings as part of “other income (expense)”.

As a result of the change in ownership of Westinghouse when they were acquired by Cameco and Brookfield, their inventories at the acquisition date were revalued based on the market price at that date. As these quantities are sold, their cost of products and services sold reflect these market values, regardless of Westinghouse’s historic costs. Since this adjustment is non-cash, outside of the normal course of business and only occurred due to the change in ownership, it has been excluded from our ANE measure.

To facilitate a better understanding of these measures, the table below reconciles adjusted net earnings with our net earnings for the years ended 2023, 2022 and 2021.

($ MILLIONS)	2023
Net earnings (loss) attributable to equity holders	****	361	****	89		(103	)
Adjustments
Adjustments on derivatives	****	(59	)	76		13
Adjustments to earnings from equity-investees	****	20	****	—		—
Adjustments on other operating expense (income)	****	(2	)	26		(8	)
Adjustment to other income	****	—	****	(23	)	—
Income taxes on adjustments	****	19	****	(33	)	—
Adjusted net earnings (loss)	****	339	****	135		(98	)

The following table shows what contributed to the change in adjusted net earnings (non-IFRS measure, see above) in 2023 compared to the same period in 2022 and 2021.

42 CAMECO CORPORATION

( MILLIONS)			2022			2021
Adjusted net earnings (losses) - previous year	135	****	****	(98	)	****	(66	)
Change in gross profit by segment
(we calculate gross profit by deducting from revenue the cost of products and<br>services sold, and depreciation and amortization (D&A), net of hedging benefits)
Uranium	30			(6	)		(4	)
	208			328			5
	95			44			(72	)
	(9	)		(137	)		(55	)
	324			229			(126	)
Fuel services	9			(21	)		1
	32			33			23
	(34	)		(13	)		(2	)
	7			(1	)		22
Other changes
Lower (higher) administration expenditures	(74	)		(44	)		17
Lower (higher) exploration expenditures	(7	)		(3	)		3
Change in reclamation provisions	3			3			—
Change in gains or losses on derivatives	(24	)		(23	)		34
Change in foreign exchange gains or losses	(58	)		74			(14	)
Change in earnings from equity-accounted investments	80			26			32
Redemption of Series E debentures in 2020	—			—			24
Canadian Emergency Wage Subsidy	—			(21	)		(16	)
Higher (lower) finance income	75			30			(4	)
Higher finance costs	(30	)		(9	)		(5	)
Change in income tax recovery or expense	(78	)		(30	)		7
Other	(14	)		2			(6	)
Adjusted net earnings (losses) - current year	339	****	****	135	****	****	(98	)

All values are in US Dollars.

EBITDA

EBITDA is defined as net earnings attributable to equity holders, adjusted for the costs related to the impact of the company’s capital and tax structure including depreciation and amortization, finance income, finance costs (including accretion) and income taxes.

ADJUSTED EBITDA

Adjusted EBITDA is defined as EBITDA, as further-adjusted for the impact of certain costs or benefits incurred in the period which are either not indicative of the underlying business performance or that impact the ability to assess the operating performance of the business. These adjustments include the amounts noted in the adjusted net earnings definition.

In calculating adjusted EBITDA, we also adjust for items included in the results of our equity-accounted investees. These items are reported as part of marketing, administrative and general expenses within the investee financial information and are not representative of the underlying operations. These include gain/loss on undesignated hedges, transaction costs related to acquisitions and gain/loss on disposition of a business.

We also adjust for the unwinding of the effect of purchase accounting on the sale of inventories which is included in our share of earnings from equity-accounted investee and recorded in the cost of products and services sold in the investee information (see note 12 to the financial statements).

The company may realize similar gains or incur similar expenditures in the future.

ADJUSTED FREE CASH FLOW

Adjusted free cash flow is defined as adjusted EBITDA less capital expenditures for the period.

ADJUSTED EBITDA MARGIN

Adjusted EBITDA margin is defined as adjusted EBITDA divided by revenue for the appropriate period.

MANAGEMENT’S DISCUSSION AND ANALYSIS 43

EBITDA, adjusted EBITDA, adjusted free cash flow, and adjusted EBITDA margin are measures which allow us and other users to assess results of operations from a management perspective without regard for our capital structure. To facilitate a better understanding of these measures, the table below reconciles earnings before income taxes with EBITDA and adjusted EBITDA for the years ended 2023 and 2022.

For the year ended December 31, 2023:

				FUEL
($ MILLIONS)	URANIUM^1^			SERVICES		WESTINGHOUSE			OTHER			TOTAL
Net earnings (loss) attributable to equity holders		606			129		(24	)		(350	)		361
Depreciation and amortization		175			35		—			10			220
Finance income		—			—		—			(112	)		(112	)
Finance costs		—			—		—			116			116
Income taxes							(7	)		126			119
Net adjustments on equity investees^2^		56			—		89			—			145
EBITDA		837			164		58			(210	)		849
Loss on derivatives		—			—		—			(59	)		(59	)
Other operating expense (income)		(2	)		—		—			—			(2	)
Other income		—			—		—			—			—
Adjustments on equity investees^3^		—			—		43			—			43
Adjusted EBITDA		835			164		101			(269	)		831
^1^	JV Inkai EBITDA of $235 million is included in the uranium segment. See JV Inkai Non-IFRS measures on page 83.
---	---
^2^	Includes depreciation and amortization, finance income and finance costs of equity-accounted investees (see<br>note 12 to the financial statements).
---	---
^3^	For detail of adjustments, see Our 2023 Earnings from Westinghouse on page 63.
---	---

For the year ended December 31, 2022:

				FUEL
($ MILLIONS)	URANIUM^1^			SERVICES		OTHER			TOTAL
Net earnings (loss) attributable to equity holders		200			120		(231	)		89
Depreciation and amortization		136			33		8			177
Finance income		—			—		(37	)		(37	)
Finance costs		—			—		86			86
Income taxes		—			—		(4	)		(4	)
Net adjustments on equity investees^2^		41			—		—			41
EBITDA		377			153		(178	)		352
Loss on derivatives		—			—		76			76
Other operating expense (income)		26			—		—			26
Other income		(23	)		—		—			(23	)
Adjusted EBITDA		380			153		(102	)		431
^1^	JV Inkai EBITDA of $135 million is included in the uranium segment. See JV Inkai Non-IFRS measures on page 83.
---	---
^2^	Includes depreciation and amortization, finance income and finance costs of equity-accounted investees (see<br>note 12 to the financial statements).
---	---

CASH COST PER POUND, NON-CASH COST PER POUND AND TOTALCOST PER POUND FOR PRODUCED AND PURCHASED URANIUM

Cash cost per pound, non-cash cost per pound and total cost per pound for produced and purchased uranium are non-IFRS measures. We use these measures in our assessment of the performance of our uranium business. These measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS.

44 CAMECO CORPORATION

To facilitate a better understanding of these measures, the table below reconciles these measures to cost of product sold and depreciation and amortization for the fourth quarter and years ended 2023 and 2022.

	THREE MONTHS						YEAR ENDED
	ENDED DECEMBER 31						DECEMBER 31
($ MILLIONS)	2023			2022			2023			2022
Cost of product sold	****	573.3	****		355.1		****	1,532.3	****		1,223.6
Add / (subtract)
Royalties	****	(10.6	)		(2.1	)	****	(71.7	)		(23.4	)
Other selling costs	****	(3.8	)		(2.0	)	****	(10.9	)		(5.9	)
Care and maintenance and operational readiness costs	****	(11.6	)		(35.5	)	****	(46.7	)		(178.5	)
Change in inventories	****	139.1	****		87.4		****	(63.0	)		124.2
Cash operating costs (a)	****	686.4	****		402.9		****	1,340.0	****		1,140.0
Add / (subtract)
Depreciation and amortization	****	31.6	****		18.2		****	175.5	****		135.8
Care and maintenance and operational readiness costs	****	(0.5	)		(7.5	)	****	(3.9	)		(39.9	)
Change in inventories	****	31.3	****		40.2		****	32.6	****		67.6
Total operating costs (b)	****	748.8	****		453.8		****	1,544.2	****		1,303.5
Uranium produced & purchased (million lbs) (c)	****	12.0	****		9.5		****	28.9	****		28.7
Cash costs per pound (a ÷ c)	****	57.20	****		42.41		****	46.37	****		39.72
Total costs per pound (b ÷ c)	****	62.40	****		47.77		****	53.43	****		45.42

Corporate expenses

ADMINISTRATION

($ MILLIONS)	2023
Direct administration^1^	****	186	143	30	%
Stock-based compensation^1^	****	60	25	140	%
Reversal (recovery) of fees related to CRA dispute	****	—	4	(100	)%
Total administration	****	246	172	43	%
^1^	Direct administration and stock-based compensation are supplementary financial measures. They are components of<br>administration expense as shown on the statement of earnings and calculated according to IFRS.
---	---

Direct administration costs in 2023 were $43 million higher than in 2022 largely due to the impacts of inflation, higher costs as a result of digital initiatives, and the restart at McArthur River/Key Lake.

We recorded $60 million in stock-based compensation expenses in 2023, $35 million higher compared to 2022 due to the increase in our share price from the comparative period. See note 25 to the financial statements.

Administration outlook for 2024

We expect direct administration costs to be between $190 million to $200 million.

EXPLORATION AND RESEARCH & DEVELOPMENT

Our 2023 exploration activities were focused primarily on Canada. Our spending increased from $11 million in 2022 to $18 million in 2023 and reflects higher planned expenditures.

We also had research and development expenditures in 2023 of $21 million compared to $12 million in 2022. These expenses are related to our investment in Global Laser Enrichment LLC (GLE). See Global Laser Enrichment on page 99.

Exploration and research & developmentoutlook for 2024

We expect exploration expenses to be about $20 million in 2024. The focus for 2024 will be on our core projects in Saskatchewan. We expect research and development expenses to be about $37 million in 2024, primarily related to our investment in GLE. See Global Laser Enrichment on page 99.

MANAGEMENT’S DISCUSSION AND ANALYSIS 45

FINANCE COSTS

Finance costs were $116 million, an increase from $86 million in 2022 due to interest and standby fees on the facilities put in place to finance the acquisition of Westinghouse as well as higher costs related to the unwinding of the discount on our reclamation provisions. See note 20 to the financial statements.

FINANCE INCOME

Finance income was $112 million compared to $37 million in 2022 mainly due to higher interest rates and a higher short-term investments balance throughout 2023 due to the proceeds from the October 2022 share issuance that were used to partially finance the Westinghouse acquisition.

GAINS AND LOSSES ON DERIVATIVES

In 2023, we recorded $38 million in gains on our derivatives compared to $73 million in losses in 2022. The gains reflect a stronger Canadian dollar compared to the US dollar in 2023 compared to 2022. See Foreign exchange on page 49 and note 27 to the financial statements.

INCOME TAXES

We recorded an income tax expense of $126 million in 2023 compared to a recovery of $4 million in 2022 primarily as a result of higher earnings in Canada. Equity-accounted investees are included in both Canadian and foreign earnings net of tax paid in the jurisdictions in which they operate. Foreign earnings include losses in some jurisdictions for which no future tax benefit has been recognized.

In 2023, we recorded earnings of $562 million in Canada compared to earnings of $100 million in 2022, while in foreign jurisdictions, we recorded a loss of $75 million compared to a loss of $15 million in 2022.

($ MILLIONS)	2023
Net earnings (loss) before income taxes
Canada	****	562	****	100
Foreign	****	(75	)	(15	)
Total net earnings before income taxes	****	487	****	85
Income tax expense (recovery)
Canada	****	131	****	(8	)
Foreign	****	(5	)	4
Total income tax expense (recovery)	****	126	****	(4	)
Effective tax rate	****	26	%	(5	)%

TRANSFER PRICING DISPUTE

Background

Since 2008, Canada Revenue Agency (CRA) has disputed our marketing and trading structure and the related transfer pricing methodology we used for certain intercompany uranium sale and purchase agreements.

46 CAMECO CORPORATION

Refund and cost award

Reassessments, remittances and next steps

In 2020, CRA advanced an alternate reassessing position for the 2014 tax year in the event the basis for its original reassessment, noted above, is unsuccessful. Subsequent to this, we received a reassessment for the 2015 and 2016 tax years and in late 2023, we received a reassessment for the 2017 tax year, all reflecting this alternative reassessing position. CRA did not require additional security for the tax debts they considered owing for 2014 through 2016 but do require additional letters of credit related to the tax debts they considered owing for 2017 as discussed above, which we expect will be about $70 million.

MANAGEMENT’S DISCUSSION AND ANALYSIS 47

Caution about forward-looking information relating to our CRA taxdispute

This discussion of our expectations relating to our tax dispute with CRA and future tax reassessments by CRA is forward-looking information that is based upon the assumptions and subject to the material risks discussed under the heading Caution about forward-looking information beginning on page 2 and also on the more specific assumptions and risks listed below. Actual outcomes may vary significantly.

Assumptions

•	the courts will reach consistent decisions for subsequent tax years that are based on similar positions and arguments
•	CRA will not successfully advance different positions and arguments that may lead to a different outcome for other tax years
---	---

Material risks that could cause actual results to differ materially

•	the possibility the courts may accept the same, similar or different positions and arguments advanced by CRA to reach decisions that are adverse to us for other tax years
•	the possibility that we will not be successful in eliminating all double taxation
---	---
•	the possibility that CRA does not agree that the court decisions for the years that have been resolved in Cameco’s favour should apply to subsequent tax years
---	---
•	the possibility CRA will not return all or substantially all of the cash and security that has been paid or otherwise secured by Cameco in a timely manner, or at all
---	---
•	the possibility of a materially different outcome in disputes for other tax years
---	---

Tax outlook for 2024

Our consolidated tax rate is a blend of the statutory rates applicable to taxable income earned or tax losses incurred in Canada and in our foreign subsidiaries. Since 2017, our global marketing organization has been mainly consolidated in Canada in order to achieve efficiencies, resulting in more income earned in Canada. In addition, equity-accounted investees are included in Canadian and foreign earnings net of tax paid in the jurisdiction in which they operate. We continue to expect our consolidated tax rate will trend toward the Canadian statutory rate in the longer term.

The actual effective tax rate will vary from year-to-year, primarily due to the actual distribution of earnings among jurisdictions and differences between accounting earnings and income for tax purposes. In addition, the Organization for Economic Co-operation and Development has proposed the introduction of rules that would impose a global minimum tax rate of 15% beginning in 2024. Switzerland, Luxembourg, and Germany have all enacted or substantively enacted these rules.

48 CAMECO CORPORATION

FOREIGN EXCHANGE

The exchange rate between the Canadian dollar and US dollar affects the financial results of our uranium and fuel services segments.

We sell the majority of our uranium and fuel services products under long-term sales contracts, which are routinely denominated in US dollars. While our product purchases are denominated in US dollars, our production costs are largely denominated in Canadian dollars. To provide cash flow predictability, we hedge a portion of our net US/Cdn exposure (e.g. total US dollar sales less US dollar expenditures and product purchases) to manage shorter term exchange rate volatility. Our results are therefore affected by the movements in the exchange rate on our hedge portfolio, and on the unhedged portion of our net exposure.

Our risk management policy is based on a 60-month period and permits us to hedge 35% to 100% of our expected net exposure in the first 12-month period. Our normal practice is to layer in hedge contracts over a three- to four-year period with the hedge percentage being highest in the first 12 months and decreasing hedge percentages in subsequent years. The portion of our net exposure that remains unhedged is subject to prevailing market exchange rates for the period. Therefore, our results are affected by the movements in the exchange rate on our hedge portfolio (explained below), and on the unhedged portion of our net exposure. A weakening Canadian dollar would have a positive effect on the unhedged exposure, and a strengthening Canadian dollar would have a negative effect.

Impact of hedging on IFRS earnings

We do not use hedge accounting under IFRS and, therefore, we are required to report gains and losses on all hedging activity, both for contracts that close in the period and those that remain outstanding at the end of the period. For the contracts that remain outstanding, we must treat them as though they were settled at the end of the reporting period (mark-to-market).

However, we do not believe the gains and losses that we are required to report under IFRS appropriately reflect the intent of our hedging activities, so we make adjustments in calculating our ANE to better reflect the impact of our hedging program in the applicable reporting period.

Impact of hedging onANE

We designate contracts for use in particular periods, based on our expected net exposure in that period. Hedge contracts are layered in over time based on this expected net exposure. The result is that our current hedge portfolio is made up of a number of contracts which are currently designated to net exposures we expect in 2024 and future years and we will recognize the gains or losses in ANE in those periods.

For the purposes of ANE, gains and losses on derivatives are reported based on the difference between the effective hedge rate of the contracts designated for use in the particular period and the exchange rate at the time of settlement. This results in an adjustment to current period IFRS earnings to effectively remove reported gains or losses on derivatives that arise from contracts put in place for use in future periods. The effective hedge rate will lag the market in periods of rapid currency movement. See Non-IFRS measures on page 41.

The table below provides a summary of our hedge portfolio at December 31, 2023. You can use this information to estimate the expected gains or losses on derivatives for 2024 on an ANE basis. Additionally, if we add contracts to the portfolio that are designated for use in 2024 or if there are changes in the US/Cdn exchange rates in the year, those expected gains or losses could change.

MANAGEMENT’S DISCUSSION AND ANALYSIS 49

Hedge portfolio summary

DECEMBER 31, 2023					AFTER
( MILLIONS)		2024			2024			TOTAL
US dollar forward contracts	)		690			870			1,560
Average contract rate 1	)		1.32			1.34			1.33
US dollar option contracts	)		10			—			10
Average contract rate range1	)		1.20 to 1.24			—			1.20 to 1.24
Total US dollar hedge contracts	)	****	700	****	****	870	****	****	1,570	****
Average hedge rate	)	****	1.32	****	****	1.34	****	****	1.33	****
Hedge ratio2		****	52	%	****	19	%	****	22	%

All values are in US Dollars.

^1^	The average contract rate is the weighted average of the rates stipulated in the outstanding contracts.<br>
^2^	Hedge ratio is calculated by dividing the amount (in foreign currency) of outstanding derivative contracts by<br>estimated future net exposures.
---	---

At December 31, 2023:

•	The value of the US dollar relative to the Canadian dollar was $1.00 (US) for $1.32 (Cdn), down from $1.00 (US)<br>for $1.36 (Cdn) at December 31, 2022. The exchange rate averaged $1.00 (US) for $1.35 (Cdn) over the year.
•	The mark-to-market position on<br>all foreign exchange contracts was a $12 million gain compared to a $48 million loss at December 31, 2022. The mark-to-market position is a component of<br>gain on derivatives as shown on the statement of earnings and calculated in accordance with IFRS.
---	---

We manage counterparty risk associated with hedging by dealing with highly rated counterparties and limiting our exposure. At December 31, 2023, all of our hedging counterparties had a Standard & Poor’s (S&P) credit rating of A or better.

For information on the impact of foreign exchange on our intercompany balances, see note 27 to the financial statements.

50 CAMECO CORPORATION

Outlook for 2024

Our outlook for 2024 reflects the continued transition of our cost structure back to a tier-one run rate, as we plan our production to satisfy the growing long-term commitments under our contract portfolio. With our plan to produce 18 million pounds (100% basis) at each of Cigar Lake and McArthur River/Key Lake, and to produce 12,000 tonnes UF6 at our Port Hope conversion facility, we expect strong financial performance, including cash flow generation.

Our financial performance and the amount of cash generated will be dependent on sourcing the material required to meet our deliveries as planned, including achieving our production plans. Therefore, our cash balances may fluctuate throughout the year.

As in prior years, we will incur care and maintenance costs for the ongoing curtailment of our tier-two assets, which are expected to be between $50 million and $60 million.

2023 outlook compared to actual

Our actual results were largely in-line with the outlook provided in our third quarter MD&A. In 2022 we announced the restart of McArthur River/Key Lake. Throughout 2023, the operations continued to ramp up production. We set a production target of 20.3 million pounds (our share) at the beginning of 2023. In September, we revised this to up to 18.7 million pounds (our share), and we achieved 17.6 million pounds (our share), consisting of 9.4 million pounds (our share) of production at McArthur River/Key Lake and 8.2 million pounds of production (our share) at Cigar Lake, both slightly below our forecast. See Uranium – Tier-one production on page 73 for more information.

At the end of the third quarter, average realized price was expected to be $65.50 per pound. This was based on a uranium spot price of $70.00 (US) per pound (the UxC spot price as of September 25, 2023) and a long-term price indicator of $61.00 (US) per pound (the UxC long-term indicator on September 25, 2023). The spot price averaged $82.21 (US) per pound during the fourth quarter, and as a result, the actual average realized price was $67.31 per pound, resulting in revenue slightly above the forecasted range for the uranium segment.

See 2023 Financial results by segment on page 61 for details.

2024 Financial outlook

	CONSOLIDATED		URANIUM			FUEL SERVICES			WESTINGHOUSE
Production (owned and operated properties)		—		22.4 million lbs			13.5 to 14.5 million kgU			—
Market purchases		—		up to 2 million lbs			—			—
Committed purchases (including Inkai purchase volumes)		—		9 million lbs			—			—
Sales/delivery volume		—		32 to 34 million lbs			12 to 13 million kgU			—
Revenue	$	2,850 to 3,000 million	$	2,410 to 2,530 million		$	430-460 million			—
Average realized price		—	$	74.70/lb			—			—
Average unit cost of sales (including D&A)		—	$	57.00-60.00/lb	^1^	$	24.50-25.50/kgU	^2^		—
Direct administration costs	$	190-200 million		—			—			—
Exploration costs		—	$	20 million			—			—
Capital expenditures	$	215-250 million		—			—			—
Adjusted EBITDA (non-IFRS measure see page41)		—		—			—		$	445-510 million
^1^	Uranium average unit cost of sales is calculated as the cash and<br>non-cash costs of the product sold, royalties, care and maintenance and selling costs, divided by the volume of uranium concentrates sold.
---	---
^2^	Fuel services average unit cost of sales is calculated as the cash and<br>non-cash costs of the product sold, transportation and weighing and sampling costs, as well as care and maintenance costs, divided by the volume of products sold.
---	---

MANAGEMENT’S DISCUSSION AND ANALYSIS 51

We do not provide an outlook for the items in the table that are marked with a dash.

The following assumptions were used to prepare the outlook in the table above:

•	Production – we achieve 22.4 million pounds of production (our share) in our uranium segment. If we do<br>not achieve 22.4 million pounds, the consolidated revenue outlook and outlook for the uranium segment could vary.
•	Market purchases – reflect the market purchases we plan to make in 2024. Market purchases may vary if<br>planned production varies. In addition, if we decide to increase our working inventory from current levels our market purchases could be higher. Our market purchases could also be lower if, instead of making market purchases, we choose to source the<br>required volumes by temporarily reducing inventory levels, by pulling forward long-term purchase commitments, or by drawing on loan arrangements we have in place.
---	---
•	Committed purchases – are based on the 4.7 million pounds we currently have commitments to acquire<br>under contract in 2024 and our JV Inkai purchases, which we have assumed will be equivalent to our 2023 purchase volume of 4.2 million pounds. If Inkai production and/or deliveries vary, committed purchases may vary and we may have to rely on<br>our other sources of supply described above. We equity account for our minority ownership interest in JV Inkai. We record our share of its production as a purchase. However, this does not reflect our share of the economic benefit. Our share of the<br>economic benefit is based on the difference between our purchase price and JV Inkai’s lower production cost and is reflected in the line item on our statement of earnings called, “share of earnings from equity-accounted investees”. As<br>a result, increases in the spot price increase our cost of purchases from JV Inkai and also our “share of earnings from equity-accounted investees”. The benefit is realized, through receipt of a cash dividend, when declared and paid by JV<br>Inkai.
---	---
•	Our 2024 outlook for sales/delivery volume does not include sales between our uranium and fuel services segments.<br>
---	---
•	Sales/delivery volume is based on the volumes we currently have commitments to deliver under contract in 2024.<br>
---	---
•	Uranium revenue and average realized price are based on a uranium spot price of $91.00 (US) per pound (the UxC<br>spot price on December 25, 2023), a long-term price indicator of $68.00 (US) per pound (the UxC long-term indicator on December 25, 2023) and an exchange rate of $1.00 (US) for $1.30 (Cdn)
---	---
•	Uranium average unit cost of sales (including D&A) is based on the expected unit cost of sales for produced<br>material, the planned market purchases and committed purchases noted in the outlook at an anticipated average purchase price of about $100 (Cdn) per pound and includes care and maintenance costs of between $50 million and $60 million. We<br>expect overall unit cost of sales could vary if there are changes in production and market or committed purchase volumes or the mix of supply sources used to meet our contract deliveries, uranium spot prices, and/or care and maintenance costs in<br>2023.
---	---
•	The Adjusted EBITDA outlook for Westinghouse is based on the assumptions listed in the section titled,<br>Westinghouse – Future Prospects starting on page 94.
---	---
•	Westinghouse and JV Inkai are accounted for using the equity method for our share. Under equity accounting<br>Westinghouse and JV Inkai capital expenditures are not presented within our consolidated financial statements and are therefore not included in our outlook for capital expenditures.
---	---

The following table shows how changes in the exchange rate or uranium prices can impact our outlook.


FOR 2024 ($ MILLIONS)	CHANGE			ANE			CASH FLOW
Uranium spot and long-term<br>price^1^	5(US)/lb increase	9			(21	)		(49	)
	5(US)/lb decrease	(22	)		12			37
Value of Canadian dollar vs US dollar	One cent decrease in CAD	22			7			5
	One cent increase in CAD	(22	)		(7	)		(5	)

All values are in US Dollars.

^1^	Assuming change both UxC spot price $91.00 (US) per pound on December 25, 2023 and the UxC long-term price<br>indicator $68.00 (US) per pound on December 25, 2023.

We have sensitivity to the uranium price through both our sales and purchase commitments. However, at the current price levels many of the market-related sales contracts we are delivering into in 2024 are subject to ceiling prices and therefore are generally less sensitive than our purchase commitments.

This sensitivity assumes that 2 million pounds of purchases are sourced from the market. To the extent that our market purchases vary, our sensitivity of ANE and cash flow to changes in the spot and long-term prices may be impacted. In the case of decreased market purchasing, our sensitivity would be reduced. In the case of increased market purchasing, our sensitivity would be greater.

52 CAMECO CORPORATION

Price sensitivity analysis: uranium segment

As discussed under the Long-term contracting section on page 25, our average realized price is based on pricing terms established in our portfolio of long-term contracts, which includes a mix of base-escalated and market-related contracts that are layered in over time. Each confidential contract is bilaterally negotiated with the customer and delivery generally does not begin until two years or more after signing.

•	Base-escalated contracts will reflect market conditions and pricing at the time each contract was finalized, with<br>escalation factors applied based on when the material is delivered.
•	Market-related contracts reference a pricing mechanism that may be based on either the spot price or the<br>long-term price, and that price is generally set a month or more prior to delivery, subject to specific terms unique to each contract, such as floors and ceilings set relative to market pricing at time of negotiation and typically escalated to time<br>of delivery.
---	---

As a result of these contracting dynamics, changes to our average realized price will generally lag changes in market prices in both rising and falling price conditions. The magnitude and direction of the deviation can vary based on the degree of market price volatility between the time the contract price is set, and the time the product is delivered.

To help understand how the pricing under our current portfolio of commitments is expected to react at various spot prices at December 31, 2023, 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 at December 31, 2023. 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 December 31, 2023, using the following assumptions:

•	The uranium price remains fixed at a given spot level for each annual period shown
•	Deliveries based on commitments under finalized contracts include best estimates of the expected deliveries and<br>flexibility under contract terms
---	---
•	To reflect escalation mechanisms contained in existing contracts, the long-term US inflation rate target of 2% is<br>used, for modeling purposes only
---	---

It is important to note, that the 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. 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 December 31, 2023

(rounded to the nearest 1.00)
SPOT PRICES
(US/lb U3O8)	40	60	80	100	120	140
2024
2025
2026
2027
2028

All values are in US Dollars.

As of December 31, 2023, we had commitments requiring delivery of an average of about 27 million pounds per year from 2024 through 2028, with commitment levels in 2024 and 2025 higher than the average and in 2026 through 2028 lower than the average, reflecting our disciplined approach to contracting. As the market improves, we expect to continue to layer in volumes capturing greater upside using market-related pricing mechanisms.

MANAGEMENT’S DISCUSSION AND ANALYSIS 53

Liquidity and capital resources

Our financial objective is to ensure we have the cash and debt capacity to fund our operating activities, investments and other financial obligations in order to execute our strategy and to allow us to self-manage risk. We have a number of alternatives to fund future capital requirements, including using our operating cash flow, drawing on our existing credit facilities, entering new credit facilities, and raising additional capital through debt or equity financings. We regularly consider our financing options so we can take advantage of favourable market conditions when they arise. In addition, with improving prices under our long-term contract portfolio and the plan to return to our tier one cost structure, we expect to continue to see strong earnings and cash flow generation in 2024.

To finance our 49% share of the purchase price of Westinghouse, on November 7, 2023, we used $1.5 billion (US) of cash and drew the full amount of both $300 million (US) tranches of the term loan. See Westinghouse on page 94 for more information. At the end of 2023, we had cash and cash equivalents of $567 million, while our total debt amounted to $1.8 billion. Our cash balances and investments are held in government securities or with banks that are party to our lending facilities. We have a risk management policy that we follow to manage our exposure to banking counterparties, which limits the amount and tenor of cash or investments based on counterparty credit rating. Our investment decisions prioritize security and liquidity and consider concentration amongst our banking partners. The majority of our cash balances are with Schedule I Canadian banks.

We have large, creditworthy customers that continue to need our nuclear fuel products and services even during weak economic conditions, and we expect the contract portfolio we have built to continue to provide a solid revenue stream. In our uranium segment, from 2024 through 2028, we have commitments to deliver an average of 27 million pounds per year, with commitment levels in 2024 and 2025 higher than the average and in 2026 through 2028 lower than the average.

We expect the increased production from our tier one assets will continue to generate strong cash flows. It will allow us to source more of our committed sales from lower-cost produced pounds. However, cash flow from operations for 2024 will be dependent on our ability to source the material required to meet our deliveries as planned, including achieving our production plans.

We expect our cash balances and operating cash flows to meet our capital requirements during 2024, based on the assumption that we will refinance our $500 million debenture on or prior to its June 2024 maturity. With our expected strong cash flow generation, and in conjunction with our capital allocation priorities, we plan to reduce total debt, with a focus on the floating rate term loan. See below for more information on Investing Activities, Financing Activities and Off-Balance Sheet Arrangements and our Capital Allocation section on page 30 for more information.

With the Supreme Court’s dismissal of CRA’s application for leave, the dispute of the 2003 through 2006 tax years are fully and finally resolved in our favour. Furthermore, we are confident the courts would reject any attempt by CRA to utilize the same position and arguments for tax years 2007 through 2014, or its alternate reassessing position for tax years 2014 through 2017 and believe CRA should return all cash and letters of credit (to date, $483 million for 2007 through 2014) being held. However, timing of any further payments is uncertain, and there can be no assurance that the courts will take this position. Additionally, we expect to provide approximately $70 million in letters of credit to secure the tax debts CRA considers owing for 2017. See page 46 for more information.

54 CAMECO CORPORATION

Financial condition


Cash position ( millions)
(cash and cash equivalents and short-term investments)	567	****	2,282
Cash provided by operations ( millions)
(net cash flow generated by our operating activities after changes in working capital)	688	****	305
Cash provided by operations/net<br>debt1
(net debt is total consolidated debt, less cash position)	57	%	-24	%
Net debt/total<br>capitalization1
(total capitalization is net debt and equity)	17	%	-28	%

All values are in US Dollars.

Credit ratings

The credit ratings assigned by external ratings agencies are important as they impact our ability to raise capital at competitive pricing to support our business operations and execute our strategy.

Third-party ratings for our commercial paper and senior debt as of February 7, 2024:

SECURITY	DBRS
Commercial paper		R-2 (middle)		A-3
Senior unsecured debentures		BBB		BBB-
Rating trend / rating outlook		Stable	^1^	Stable	^2^
^1^	On October 12, 2023, DBRS confirmed the rating and outlook.
---	---
^2^	On February 16, 2022, S&P revised Cameco’s rating outlook to stable and affirmed the rating.<br>
---	---

Although we are required to equity account for our investment in Westinghouse, we expect the ratings agencies will proportionately consolidate it in their rating analysis. There was no change to our credit ratings upon close of the acquisition.

The rating agencies may revise or withdraw these ratings if they believe circumstances warrant. The rating trend/outlook represents the rating agency’s assessment of the likelihood and direction that the rating could change in the future.

A change in our credit ratings could affect our cost of funding and our access to capital through the capital markets.

Liquidity

($ MILLIONS)	2023
Cash and cash equivalents and short-term investments at beginning of year	****	2,282	****	1,332
Cash from operations	****	688	****	305
Investment activities
Additions to property, plant and equipment and acquisitions	****	(3,183	)	(245	)
Other investing activities	****	—	****	8
Financing activities
Change in debt	****	817	****	—
Interest paid	****	(41	)	(39	)
Issue of shares	****	28	****	963
Dividends	****	(52	)	(52	)
Other financing activities	****	(3	)	(3	)
Exchange rate on changes on foreign currency cash balances	****	31	****	13
Cash and cash equivalents and short-term investments at end of year	****	567	****	2,282

CASH FROM OPERATIONS

Cash from operations in 2023 was higher than in 2022 due to higher earnings, the $86 million cash refund from CRA, higher interest received due to higher cash and investment balances, and lower working capital requirements. Purchases in 2023 were 11.3 million pounds compared to 18.3 million pounds in 2022. Not including working capital requirements, our operating cash flows in the year were up $330 million. See note 24 to the financial statements.

MANAGEMENT’S DISCUSSION AND ANALYSIS 55

INVESTING ACTIVITIES

Cash used in investing includes acquisitions and capital spending.

Capital spending

We classify capital spending as sustaining, capacity replacement or growth. As a mining company, sustaining capital is the money we spend to keep our facilities running in their present state, which would follow a gradually decreasing production curve, while capacity replacement capital is spent to maintain current production levels at those operations. Growth capital is money we invest to generate incremental production, and for business development. We have a capital allocation process to approve our capital spend. See Capital Allocation beginning on page 30 for more information.

CAMECO’S SHARE ($ MILLIONS)	2023 ACTUAL		2024 PLAN
Sustaining capital
Uranium		49	****	80-85
Fuel services		39	****	60-65
Other		6	****	5-10
Total sustaining capital		94	****	145-160
Capacity replacement capital
Uranium		56	****	50-60
Fuel services		—	****	—
Total capacity replacement capital	****	56	****	50-60
Growth capital
Uranium		1	****	15-20
Fuel services		3	****	5-10
Total growth capital	****	4	****	20-30
Total sustaining, capital and growth	****	154	****	215-250

Outlook for investing activities

CAMECO’S SHARE ($ MILLIONS)	2024 PLAN		2025 PLAN		2026 PLAN
Total uranium & fuel services	****	215-250	****	200-250	****	200-250
Sustaining capital		145-160		120-140		110-130
Capacity replacement capital		50-60		30-50		30-50
Growth capital		20-30		50-60		60-70

Our 2024, 2025 and 2026 capital spending estimates assume that we produce 18 million pounds (100% basis) per year at McArthur River/Key Lake and at Cigar Lake and produce 12,000 tonnes per year at our UF6 conversion facility. If our production plans change, then our capital spending estimates may change.

Our estimate for capital spending in 2024 has been increased to between $215 million and $250 million (previously between $150 million and $200 million) due to the capital required to meet production targets sustainably and reliably, commencement of work on the Cigar Lake extension and the rescheduling of some expenditures planned in 2023 to 2024.

Our estimate for capital spending in 2025 has been increased to between $200 million and $250 million (previously between $100 million and $150 million) due to the rescheduling of expenditures and work on the Cigar Lake extension.

Capital expenditures for JV Inkai are expected to be covered by JV Inkai cash flows in 2024 and Westinghouse capital expenditures are expected to be covered by Westinghouse cash flows, both are included in our overall equity investment.

Major capital expenditures in 2024 include:

•	Investments required to refresh aging infrastructure to help ensure reliable and sustainable production at all<br>our operations as planned
•	Fuel services – continued work on our Vision in Motion project
---	---
•	Cigar Lake – begin work on the Cigar Lake extension. See Cigar Lake starting on page 77.<br>
---	---

56 CAMECO CORPORATION

This information regarding currently expected capital expenditures for future periods is forward-looking information and is based upon the assumptions and subject to the material risks discussed on pages 4 to 6. Our actual capital expenditures for future periods may be significantly different.

FINANCING ACTIVITIES

Cash from financing includes borrowing and repaying debt, and other financial transactions including paying dividends and providing financial assurance.

Contractual obligations

			2025 AND		2027 AND		2029 AND
DECEMBER 31 ($ MILLIONS)	2024		2026		2028		BEYOND		TOTAL
Debt		500		795		400		100		1,795
Interest on debt		85		121		22		71		299
Provision for reclamation		36		131		105		1,084		1,356
Provision for waste disposal		3		5		2		—		10
Other liabilities		18		12		5		77		112
Capital commitments		61		—		—		—		61
Unconditional product purchase obligations		341		170		18		—		529
Total	****	1,044	****	1,234	****	552	****	1,332	****	4,162
^1^	Debt and interest on debt is calculated assuming that all debt is held to maturity and as such does not<br>incorporate the expected reduction in 2024 of the term loan outstanding, or any other reductions, and the associated impact on interest payments.
---	---

We have contractual capital commitments of approximately $61 million at December 31, 2023. Certain of the contractual commitments may contain cancellation clauses; however, we disclose the commitments based on management’s intent to fulfil the contracts.

We have sufficient borrowing capacity with available unsecured lines of credit totalling about $2.7 billion, which include the following:

•

A $1.0 billion unsecured revolving credit facility that matures October 1, 2027. Each calendar year, upon mutual agreement, the facility can be extended for an additional year. We may increase the revolving credit facility above $1.0 billion, by increments of no less than $50 million, up to a total of $1.25 billion. The facility ranks equally with all of our other senior debt. At December 31, 2023, there were no amounts outstanding under this facility.

•

Financial assurance facilities with various financial institutions and insurers of approximately $1.7 billion. At December 31, 2023, we had approximately $1.4 billion outstanding on these facilities. We use these facilities mainly to provide financial assurance for future decommissioning and reclamation of our operating sites, for our obligations relating to the CRA dispute, and as overdraft protection.

---

In total we have $1.0 billion in senior unsecured debentures outstanding:

•	$500 million bearing interest at 4.19% per year, maturing on June 24, 2024 (classified as current)<br>
•	$400 million bearing interest at 2.95% per year, maturing on October 21, 2027
---	---
•	$100 million bearing interest at 5.09% per year, maturing on November 14, 2042
---	---

Additionally, we have approximately $800 million in term loan debt. We have drawn the full amount of the single advance

$600 million (US) term loan that was put in place concurrently with the execution of the Westinghouse acquisition agreement, of which $300 million (US) matures in November 2025 and $300 million (US) matures in November 2026. We have initiated a partial repayment of $200 million (US) on the $300 million (US) tranche which matures in November 2026. The term loan facility requires interest rate elections on each tranche, priced at the applicable rate of:

•	Term Secured Overnight Financing Rate (SOFR) plus a credit spread adjustment of 0.10% and a margin that currently<br>ranges from 1.7% to 1.95%, or
•	US base rate, plus a margin that currently ranges from 0.7% to 0.95%
---	---

The margins are dependent on the company’s credit rating and as such could change over the term if the credit rating changes.

MANAGEMENT’S DISCUSSION AND ANALYSIS 57

The $280 million (US) bridge commitment that we also secured concurrently with the acquisition agreement was not required to complete the transaction and was terminated.

Debt covenants

Our credit agreements include the following financial covenants:

•	our funded debt to tangible net worth ratio must be 1:1 or less
•	other customary covenants and events of default
---	---

Funded debt is total consolidated debt less non-recourse debt, $100 million in letters of credit, cash and cash equivalents and short-term investments.

Not complying with any of these covenants could result in accelerated payment and termination of our credit agreements. At December 31, 2023, we complied with all covenants, and we expect to continue to comply in 2024.

OFF-BALANCE SHEET ARRANGEMENTS

We had three kinds of off-balance sheet arrangements at the end of 2023:

•	purchase commitments
•	financial assurances
---	---
•	other arrangements
---	---

Purchase commitments

We make purchases under long-term contracts where it is beneficial for us to do so and to support our long-term contract portfolio. The following table is based on our purchase commitments in our uranium and fuel services segments at December 31, 2023^2^, but does not include purchases of our share of Inkai production. These commitments include a mix of fixed-price and market-related contracts. Actual payments will be different as a result of changes to our purchase commitments and, in the case of contracts with market-related pricing, the market prices in effect at the time of delivery. We will update this table as required in our MD&A to reflect material changes to our purchase commitments and changes in the prices used to estimate our commitments under market-related contracts.

			2025 AND		2027 AND		2029 AND
DECEMBER 31, 2023 ($ MILLIONS)	2024		2026		2028		BEYOND		TOTAL
Purchase commitments^1,2^		341		170		18		—		529
^1^	Denominated in US dollars and Japanese yen, converted from US dollars to Canadian dollars at the rate of 1.30<br>and from Japanese yen to Canadian dollars at the rate of $0.01.
---	---
^2^	These amounts have been adjusted for any additional purchase commitments that we have entered into since<br>December 31, 2023, but does not include deliveries taken under contract since December 31, 2023.
---	---

We have commitments of $529 million (Cdn) for the following:

•	approximately 8.4 million pounds of U3O8 equivalent from 2024 to 2028
•	approximately 0.3 million kgU as UF6 in conversion<br>services in 2024
---	---
•	about 0.4 million Separative Work Units (SWU) of enrichment services to meet existing forward sales<br>commitments under agreements with a non-Western supplier
---	---

The suppliers do not have the right to terminate agreements other than pursuant to customary events of default provisions.

Financial assurances

We use standby letters of credit and surety bonds mainly to provide financial assurance for the decommissioning and reclamation of our mining and conversion facilities.

Once we have permanently stopped mining and processing activities at an operating site, we are required to decommission the site to the satisfaction of the regulators. We have developed preliminary decommissioning plans for our operating sites and use them to estimate our decommissioning costs. Regulators review and accept our preliminary decommissioning plans on a regular basis. As the site approaches or goes into decommissioning, regulators review the detailed decommissioning plans. This can result in further regulatory process, as well as additional requirements, costs and financial assurances.

58 CAMECO CORPORATION

We have submitted updates to all Saskatchewan operations’ Preliminary Decommissioning Plan (PDP) and Preliminary Decommissioning Cost Estimate (PDCE) documents in accordance with the five-year timeline specified in the regulations. Upon acceptance of the PDP and PDCE documents by the Saskatchewan Ministry of Environment and Canadian Nuclear Safety Commission (CNSC) staff, a formal Commission proceeding will be required for final approval of the PDP and PDCE by the Commission. All Saskatchewan mining operations have received the necessary approvals for the current PDP and PDCE and all required financial assurances are in place.

The PDP and PDCE for the Blind River refinery were revised in 2020. The CNSC approved the PDCE in February 2022 and the financial assurance was updated in March 2022. The Cameco Fuel Manufacturing PDP and PDCE were revised in 2021, and the revised PDCE was approved by the Commission in February 2022 and the financial assurance was updated in March 2022. The PDP and PDCE for the Port Hope conversion facility were revised in 2022 and submitted to CNSC staff in September 2022 and are currently under review by CNSC staff. A decision on the PDCE is expected by the Commission in April 2024, after which the financial assurance will be updated.

For Smith Ranch-Highland, the 2023 surety was approved and the credit instruments are being reviewed by the State of Wyoming. For Crow Butte, the 2023 annual update was submitted to the federal Nuclear Regulatory Commission and Nebraska Department of Environmental Quality in September 2023.

At the end of 2023, our estimate of total decommissioning and reclamation costs was $1.36 billion. This is the undiscounted value of the obligation and is based on our current operations. We had accounting provisions of $1.05 billion at the end of 2023 (the present value of the $1.36 billion). Regulatory approval is required prior to beginning decommissioning. The expected timing for these costs in based on each mine or fuel service facility’s expected operating life. Our required costs for decommissioning and reclamation in each of the next five years are not expected to be material. However, we may choose to undertake progressive reclamation activities, for example, as we do at our US assets and through our Vision in Motion project at our Port Hope fuel services facilities.

We had a total of about $1.06 billion in financial assurances supporting our reclamation liabilities at the end of 2023. All of our North American operations have financial assurances in place in connection with our preliminary plans for decommissioning of the sites.

We are also providing letters of credit until the CRA dispute is resolved.

Our financial assurances renew automatically on an annual basis, unless otherwise advised by the issuing institution. At December 31, 2023 our financial assurances totaled $1.4 billion, down from $1.6 billion at December 31, 2022, largely due to the return of letters of credit in the amount of $211 million from CRA. See Transfer pricing dispute on page 46.

Other arrangements

We have arranged for standby product loan facilities with various counterparties. The arrangements allow us to borrow up to 2.0 million kgU of UF6 conversion services and 3.5 million pounds of U3O8 over the period 2020 to 2026 with repayment in kind up to December 31, 2026. Under the loan facilities, standby fees of up to 1% are payable based on the market value of the facilities and interest is payable on the market value of any amounts drawn at rates ranging from 0.5% to 2.0%. At December 31, 2023, we have 1.8 million kgU of UF6 conversion services and 2.8 million pounds of U3O8 drawn on the loans.

BALANCE SHEET

DECEMBER 31,							CHANGE
($ MILLIONS EXCEPT PER SHARE AMOUNTS)	2023		2022		2021		2022 TO 2023
Inventory	****	692		665		410		4	%
Total assets	****	9,934		8,633		7,518		15	%
Total non-current liabilities	****	2,651		2,236		2,318		19	%
Dividends per common share	****	0.12		0.12		0.08		—

Total product inventories increased by 4% to $692 million this year due to the higher cost of purchased material. At December 31, 2023, our average cost for uranium was $49.62 per pound, up from $43.45 per pound at December 31, 2022. As of December 31, 2023, we held an inventory of 10.3 million pounds of U3O8 equivalent (excluding broken ore).

MANAGEMENT’S DISCUSSION AND ANALYSIS 59

At the end of 2023, our total assets amounted to $9.9 billion, an increase of 15% compared to 2022, due mainly to the addition of Westinghouse as an equity-accounted investee, partially offset by the decrease in cash and cash equivalents and short-term investments used to fund the acquisition. In 2022, the total asset balance increased by $1.1 billion compared to 2021, due mainly to an increase in investment balances resulting from the October 2022 issuance of common shares in preparation for the closing of the Westinghouse transaction as well as higher inventories.

60 CAMECO CORPORATION

2023 financial results by segment

Uranium

HIGHLIGHTS		2023
Production volume (million lbs)		****	17.6	10.4	69	%
Sales volume (million lbs)		****	32.0	25.6	25	%
Average spot price	)	****	62.51	49.81	25	%
Average long-term price	)	****	58.20	49.75	17	%
Average realized price	)	****	49.76	44.73	11	%
	)	****	67.31	57.85	16	%
Average unit cost of sales (including D&A)	)	****	53.41	53.13	1	%
Revenue ( millions)		****	2,152	1,480	45	%
Gross profit ( millions)		****	444	121	>100	%
Gross profit (%)		****	21	8	>100	%
Net earnings attributable to equity holders		****	606	200	>100	%
Adjusted EBITDA (non-IFRS, see page 41)1		****	835	380	>100	%

All values are in US Dollars.

^1^	Includes JV Inkai EBITDA of $235 million in 2023 and $135 million in 2022. See JV Inkai Non-IFRS measures on page 83.

Production volumes in 2023 increased by 69% compared to 2022. See Uranium – production overview on page 72 for more information.

Uranium revenues this year were up 45% compared to 2022 due to an increase in sales volumes of 25% and an increase of 16% in the Canadian dollar average realized price due to the impact of the increase in average US dollar spot price on market-related contracts as well as the weakening of the Canadian dollar. For more information on the impact of spot price changes on average realized price, see Price sensitivity analysis: uranium segment on page 53.

Total cost of sales (including D&A) increased by 26% ($1.71 billion compared to $1.36 billion in 2022) due primarily to an increase in sales volume of 25% as well as a 1% increase in unit cost of sales. Unit cost of sales is slightly higher than in the same period in 2022 due to the higher cost of purchased material in 2023 compared to the same period in 2022 mostly offset by higher operational readiness costs at McArthur River/Key Lake operations in 2022.

The net effect was a $323 million increase in gross profit for the year.

The following table shows the costs of produced and purchased uranium incurred in the reporting periods (see Non-IFRS measures starting on page 41). These costs do not include care and maintenance costs, operational readiness costs, selling costs such as royalties, transportation and commissions, nor do they reflect the impact of opening inventories on our reported cost of sales.

($CDN/LB)	2023
Produced
Cash cost	****	24.12	19.24	25	%
Non-cash cost	****	11.60	15.72	(26	)%
Total production cost ^1^	****	35.72	34.96	2	%
Quantity produced (million lbs)^1^	****	17.6	10.4	69	%
Purchased
Cash cost^1^	****	81.02	51.36	58	%
Quantity purchased (million lbs)^1^	****	11.3	18.3	(38	)%
Totals
Produced and purchased costs	****	53.43	45.42	18	%
Quantities produced and purchased (million lbs)	****	28.9	28.7	1	%
^1^	Due to equity accounting for JV Inkai, our share of production is shown as a purchase at the time of delivery.<br>JV Inkai purchases will fluctuate during the quarters and timing of purchases will not match production. In 2023 we purchased 4.2 million pounds at a purchase price per pound of $92.72 ($67.69 (US)) (2022 – 3.3 million pounds at a<br>purchase price per pound of $62.78 ($47.33 (US))).
---	---

MANAGEMENT’S DISCUSSION AND ANALYSIS 61

The average cash cost of production was 25% higher compared to 2022, due to lower production at Cigar Lake in 2023 as well as well as inflationary pressures and the ongoing ramp up of production at McArthur/Key Lake.

In 2024, we expect the average unit cost of production at McArthur River/Key Lake to continue to be higher than the average unit life of mine operating costs reflected in our most recent annual information form as we complete the ramp up of production and continue work to realize the benefits from the operational improvements that have been made. The average unit production cost at Cigar Lake is expected to trend down with higher planned production. The estimated average unit life of mine operating costs reflected in our most recent annual information form are $16 per pound at McArthur River/Key Lake and $18 per pound at Cigar Lake.

We equity account for our share of JV Inkai. As a result, we record our share of its production as a purchase, which under Kazakhstan’s pricing regulations, requires we purchase the material at a price equal to the uranium spot price, less a 5% discount. However, this does not reflect the economic benefit to Cameco. Our share of the economic benefit is based on the difference between our purchase price and JV Inkai’s lower production cost and is reflected in the line item on our statement of earnings called, “share of earnings from equity-accounted investees.” This benefit is realized through receipt of a cash dividend, when declared and paid by JV Inkai. Excess cash, net of working capital requirements is distributed to the partners as dividends. If there is a significant disruption to JV Inkai’s operations for any reason, it may not achieve its production plans, there may be a delay in production, and it may experience increased costs to produce uranium.

Our purchases in 2023, totaled about $916 million, representing an average annual cost of $81.02 per pound, about $45.00 per pound higher than our total unit production cost for the year. Although purchased pounds are transacted in US dollars, we account for the purchases in Canadian dollars. The average cost of purchased material in Canadian dollar terms increased by 58% this year compared to 2022. The average cash cost of purchased material was $81.02 (Cdn), or $59.42 (US) per pound, compared to $51.36 (Cdn), or $39.45 (US) per pound in the same period in 2022.

ROYALTIES

We pay royalties on the sale of all uranium extracted at our mines in the province of Saskatchewan. Two types of royalties are paid:

•	Basic royalty: calculated as 5% of gross sales of uranium, less the Saskatchewan resource credit of 0.75%.<br>
•	Profit royalty: a 10% royalty is charged on profit up to and including $28.182/kg U3O8 ($12.78/lb) and a 15% royalty is charged on profit in excess of $28.182/kg U3O8. Profit is determined as revenue less certain operating, exploration, reclamation and capital costs. Both exploration and capital costs are deductible at the discretion of the producer.<br>
---	---

As a resource corporation in Saskatchewan, we also pay a corporate resource surcharge of 3% of the value of resource sales.

Fuel services

(includes results for UF6, UO2, UO3 and fuel fabrication)<br>HIGHLIGHTS			2023
Production volume (million kgU)			****	13.3	13.0	2	%
Sales volume (million kgU)			****	12.0	11.1	8	%
Average realized price	Cdn/kgU	)	****	35.61	32.92	8	%
Average unit cost of sales (including D&A)	Cdn/kgU	)	****	25.23	22.39	13	%
Revenue ( millions)			****	426	365	17	%
Gross profit ( millions)			****	124	117	6	%
Gross profit (%)			****	29	32	(9	)%
Net earnings attributable to equity holders			****	129	120	8	%
Adjusted EBITDA (non-IFRS, see page 41)			****	164	153	7	%

All values are in US Dollars.

Total revenue increased by 17% from 2022 due to an 8% increase in sales volume and an 8% increase in the realized price. The increase in realized price was mainly the result of increased prices due to market conditions.

Total cost of products and services sold (including D&A) increased 21% ($301 million compared to $248 million in 2022), due to the 8% increase in sales volume as well as a 13% increase in average unit cost of sales compared to 2022 due to higher input costs.

62 CAMECO CORPORATION

The net effect was a $7 million increase in gross profit.

Westinghouse

OUR 2023 EARNINGS FROM WESTINGHOUSE

On November 7, 2023, we announced the closing of the acquisition of Westinghouse in a strategic partnership with Brookfield. Cameco now owns a 49% interest and Brookfield owns the remaining 51%. Under the equity method of accounting, beginning on November 7, 2023, we have included our share of Westinghouse’s earnings in our financial results.

($ MILLIONS)	100%			49%
Net loss^1^		(49	)	****	(24	)
Depreciation and amortization		124		****	61	****
Finance income		(4	)	****	(2	)
Finance costs		61		****	30	****
Income tax expense (recovery)		(14	)	****	(7	)
EBITDA^2^		118		****	58	****
Adjustments on cost of products and services<br>sold^3^		55		****	27	****
Adjustments on marketing, administrative and general		34		****	16	****
Adjusted EBITDA^2^		207		****	101	****
Capital expenditures		87		****	42	****
Adjusted free cash flow^2^		120		****	59	****
Revenue		1,063		****	521	****
Adjusted EBITDA margin^2^		19	%	****	19	%
^1^	This table includes results for the period beginning on the date of acquisition until the end of 2023.<br>Comparative figures are not available. See Westinghouse Non-IFRS measures starting on page 95 for full year results for both 2023 and 2022 prepared in accordance with US GAAP.<br>
---	---
^2^	Non-IFRS measures, see page 41
---	---
^3^	Net earnings for 2023 were impacted by purchase price accounting. Inventories acquired were assigned values<br>based on the market price at the date of the acquisition. As these quantities are sold, cost of products and services sold reflects these market values, regardless of Westinghouse’s historic costs.
---	---

MANAGEMENT’S DISCUSSION AND ANALYSIS 63

Fourth quarter financial results

Consolidated results


HIGHLIGHTS
( MILLIONS EXCEPT WHERE INDICATED)		2022			CHANGE
Revenue	844		524			61	%
Gross profit	133		65			>100	%
Net earnings (loss) attributable to equity holders	80		(15	)		>100	%
per common share (basic)	0.18		(0.04	)		>100	%
per common share (diluted)	0.18		(0.04	)		>100	%
Adjusted net earnings (non-IFRS, see page 41)	90		36			>100	%
per common share (adjusted and diluted)	0.21		0.09			>100	%
Cash provided by operations	201		77			>100	%

All values are in US Dollars.

NET EARNINGS

The following table shows what contributed to the change in net earnings and adjusted net earnings (non-IFRS measure, see page 41) in the fourth quarter of 2023 compared to the same period in 2022.

( MILLIONS)			Adjusted
Net earnings (losses) - 2022	(15	)	****	36	****
Change in gross profit by segment
(we calculate gross profit by deducting from revenue the cost of products and<br>services sold, and depreciation and amortization (D&A), net of hedging benefits)
Uranium	10			10
	122			122
	13			13
	(73	)		(73	)
	72			72
Fuel services	4			4
	8			8
	(14	)		(14	)
	(2	)		(2	)
Other changes
Higher administration expenditures	(30	)		(30	)
Higher exploration expenditures	(1	)		(1	)
Change in reclamation provisions	41			(7	)
Change in gains or losses on derivatives	36			(4	)
Change in foreign exchange gains or losses	2			2
Change in earnings from equity-accounted investments	39			59
Lower finance income	(3	)		(3	)
Higher finance costs	(24	)		(24	)
Change in income tax recovery or expense	(32	)		(5	)
Other	(3	)		(3	)
Net earnings - 2023	80	****	****	90	****

All values are in US Dollars.

ADJUSTED NET EARNINGS

We use adjusted net earnings, a non-IFRS measure, as a more meaningful way to compare our financial performance from period to period. See page 41 for more information. The following table reconciles adjusted net earnings with our net earnings.

64 CAMECO CORPORATION

	THREE MONTHS ENDED
	DECEMBER 31
($ MILLIONS)	2023			2022
Net earnings (loss) attributable to equity holders	****	80	****		(15	)
Adjustments
Adjustments on derivatives	****	(59	)		(19	)
Adjustments to earnings from equity-investees	****	20	****		—
Adjustments on other operating expense (income)	****	40	****		88
Income taxes on adjustments	****	9	****		(18	)
Adjusted net earnings	****	90	****		36

ADMINISTRATION

	THREE MONTHS ENDED
	DECEMBER 31
($ MILLIONS)	2023		2022			CHANGE
Direct administration	****	48		37			30	%
Stock-based compensation	****	11		(8	)		238	%
Total administration	****	59		29			103	%

Direct administration costs were $48 million in the quarter, $11 million higher than the same period last year. We recorded $11 million in stock-based compensation expenses in the fourth quarter of 2023, $19 million higher compared to 2022 due to the increase in our share price compared to the same period last year.

Quarterly trends

HIGHLIGHTS									2022
( MILLIONS EXCEPT PER SHARE AMOUNTS)		Q3		Q2			Q1		Q4			Q3			Q2		Q1
Revenue	844		575		482			687	****	524	****		389			558		398
Net earnings (loss) attributable to equity holders	80		148		14			119	****	(15	)		(20	)		84		40
per common share (basic)	0.18		0.34		0.03			0.27	****	(0.04	)		(0.05	)		0.21		0.10
per common share (diluted)	0.18		0.34		0.03			0.27	****	(0.04	)		(0.05	)		0.21		0.10
Adjusted net earnings (loss) (non-IFRS, see page<br>41)	90		137		(3	)		115	****	36	****		10			72		17
per common share (adjusted and diluted)	0.21		0.32		(0.01	)		0.27	****	0.09	****		0.03			0.18		0.04
Cash provided by (used in) operations (after working capital changes)	201		185		87			215	****	77	****		(47	)		102		172

All values are in US Dollars.

Key things to note:

•	The timing of customer requirements, which tends to vary from quarter to quarter, drives revenue in the uranium<br>and fuel services segments, meaning quarterly results are not necessarily a good indication of annual results due to the variability in customer requirements.
•	Net earnings do not trend directly with revenue due to unusual items and transactions that occur from time to<br>time. We use adjusted net earnings, a non-IFRS measure, as a more meaningful way to compare our results from period to period (see page 41 for more information).
---	---
•	Cash from operations tends to fluctuate as a result of the timing of deliveries and product purchases in our<br>uranium and fuel services segments.
---	---

MANAGEMENT’S DISCUSSION AND ANALYSIS 65

The table that follows presents the differences between net earnings and adjusted net earnings for the previous seven quarters.

HIGHLIGHTS	2023												2022
($ MILLIONS EXCEPT PER SHARE AMOUNTS)	Q4			Q3			Q2			Q1			Q4			Q3			Q2			Q1
Net earnings (loss) attributable to equity holders	****	80	****		148			14			119		****	(15	)		(20	)		84			40
Adjustments
Adjustments on derivatives	****	(59	)		41			(35	)		(6	)	****	(19	)		75			31			(11	)
Adjustments to earnings from equity-investees	****	20	****		—			—			—		****	—	****		—			—			—
Adjustments on other operating expense (income)	****	40	****		(48	)		8			(2	)	****	88	****		(24	)		(19	)		(19	)
Adjustment to other income	****	—	****		—			—			—		****	—	****		—			(23	)		—
Income taxes on adjustments	****	9	****		(4	)		10			4		****	(18	)		(21	)		(1	)		7
Adjusted net earnings (losses) (non-IFRS, see page41)	****	90	****		137			(3	)		115		****	36	****		10			72			17

66 CAMECO CORPORATION

Fourth quarter financial results by segment

Uranium

		THREE MONTHS ENDED
		DECEMBER 31
HIGHLIGHTS		2023		2022		CHANGE
Production volume (million lbs)		****	5.7		3.7		54	%
Sales volume (million lbs)		****	9.8		6.9		42	%
Average spot price	)	****	82.21		49.94		65	%
Average long-term price	)	****	66.00		51.67		28	%
Average realized price	)	****	52.35		43.05		22	%
	)	****	71.65		57.87		24	%
Average unit cost of sales (including D&A)	)	****	61.90		54.37		14	%
Revenue ( millions)		****	700		397		76	%
Gross profit ( millions)		****	96		24		>100	%
Gross profit (%)		****	14		6		>100	%

All values are in US Dollars.

Production volumes this quarter increased by 54% compared to the fourth quarter of 2022. See Uranium – productionoverview on page 72 for more information.

Uranium revenues were up 76% due to a 42% increase in sales volume due to the timing of sales, which were in line with the delivery pattern disclosed in our 2022 annual MD&A, and a 24% increase in the Canadian dollar average realized price. While the average US dollar spot price for uranium increased by 65% compared to the same period in 2022, the Canadian dollar average realized price increased by 24% due to the timing of market changes on our contract portfolio. For more information on the impact of spot price changes on average realized price, see Price sensitivity analysis: uraniumsegment on page 53.

Total cost of sales (including D&A) increased by 62% ($605 million compared to $373 million in 2022). This was primarily the result of the 42% increase in sales volume as well as an increase of 14% in the average unit cost of sales which was due to the higher cost of purchased material.

The net effect was a $72 million increase in gross profit for the quarter.

	THREE MONTHS ENDED
	DECEMBER 31
($/LB)	2023		2022		CHANGE
Produced
Cash cost	****	21.07		19.50		8	%
Non-cash cost	****	10.95		13.76		(20	)%
Total production cost ^1^	****	32.02		33.26		(4	)%
Quantity produced (million lbs)^1^	****	5.7		3.7		54	%
Purchased
Cash cost^1^	****	89.89		57.02		58	%
Quantity purchased (million lbs)^1^	****	6.3		5.8		9	%
Totals
Produced and purchased costs	****	62.40		47.77		31	%
Quantities produced and purchased (million lbs)	****	12.0		9.5		26	%
^1^	Due to equity accounting for JV Inkai, our share of production will be shown as a purchase at the time of<br>delivery. JV Inkai purchases will fluctuate during the quarters and timing of purchases will not match production. During the quarter we purchased 2.8 million pounds at a purchase price per pound of $105.74 ($77.13 (US)) (Q4 2022 –<br>2.6 million pounds at a purchase price per pound of $61.27 ($45.60 (US))).
---	---

MANAGEMENT’S DISCUSSION AND ANALYSIS 67

The average cash cost of production for the fourth quarter was 8% higher compared to the same period in the prior year. Cash cost was higher due to the effect of supply chain challenges and inflationary pressures.

Although purchased pounds are transacted in US dollars, we account for the purchases in Canadian dollars. In the fourth quarter, the average cash cost of purchased material was $89.89 (Cdn) per pound, or $65.67 (US) per pound in US dollar terms, compared to $57.02 (Cdn) per pound, or $42.18 (US) per pound in the fourth quarter of 2022.

Fuel services

(includes results for UF6, UO2, UO3 and fuel fabrication)

			THREE MONTHS ENDED
			DECEMBER 31
HIGHLIGHTS			2023		2022		CHANGE
Production volume (million kgU)			****	3.7		3.7		—
Sales volume (million kgU)			****	4.2		3.8		11	%
Average realized price	Cdn/kgU	)	****	32.19		30.11		7	%
Average unit cost of sales (including D&A)	Cdn/kgU	)	****	22.69		19.33		17	%
Revenue ( millions)			****	134		115		17	%
Gross profit ( millions)			****	40		41		(2	)%
Gross profit (%)			****	30		36		(17	)%

All values are in US Dollars.

Total revenue increased by 17% due to an 11% increase in sales volumes and a 7% increase in average realized price. The increase in average realized price was mainly the result of increased prices for UF6 due to market conditions.

Total cost of sales (including D&A) increased by 28% to $95 million compared to the fourth quarter of 2022 due to the 11% increase in sales volumes and an increase of 17% in the average unit cost of sales. Unit cost of sales increased mainly as a result of higher input costs.

The net effect was a $1 million decrease in gross profit.

68 CAMECO CORPORATION

Operations, projects and investments

This section of our MD&A is an overview of the mining, milling and processing facilities we operate or have an interest in, our curtailed operations, our advanced uranium projects and our exploration activities, what we accomplished this year, our plans for the future and how we manage risk. It also includes an overview of our investments in Westinghouse and GLE.

70	MANAGING THE RISKS
72	URANIUM – PRODUCTION OVERVIEW
72	PRODUCTION OUTLOOK
73	URANIUM – TIER-ONE OPERATIONS
73	MCARTHUR RIVER MINE / KEY LAKE MILL ****
77	CIGAR LAKE
81	INKAI
85	URANIUM – TIER-TWO OPERATIONS
85	RABBIT LAKE
86	US ISR ****
87	URANIUM – ADVANCED PROJECTS
87	MILLENNIUM
87	YEELIRRIE
87	KINTYRE
89	URANIUM – EXPLORATION
91	FUEL SERVICES
91	BLIND RIVER REFINERY
92	PORT HOPE CONVERSION SERVICES
92	CAMECO FUEL MANUFACTURING INC. (CFM)
94	WESTINGHOUSE ELECTRIC COMPANY
99	OTHER NUCLEAR FUEL CYCLE INVESTMENTS
99	GLOBAL LASER ENRICHMENT (GLE)

MANAGEMENT’S DISCUSSION AND ANALYSIS 69

Managing the risks

The nature of our business means we face many kinds of potential risks and hazards – some that relate to the nuclear energy industry in general, safety, health and environmental risks associated with any mining and chemical processing company and others that apply to specific properties, operations, planned operations, Westinghouse or other fuel cycle investments. Our uranium and fuel services and Westinghouse segments also face unique risks associated with radiation. These risks could have a significant impact on our business, earnings, cash flows, financial condition, results of operations or prospects, which may result in a significant decrease in the market price of our common shares.

Risks and hazards generally applicable to the mining, milling and processing facilities we operate, and advanced projects include:

•	catastrophic accidents resulting in large-scale releases of hazardous chemicals, or a tailings facility failure
•	industrial safety accidents
---	---
•	transportation incidents, which may involve radioactive or other hazardous materials
---	---
•	labour shortages, disputes or strikes
---	---
•	availability of personnel with the necessary skills and experience
---	---
•	cost increases for labour, contracted or purchased materials, supplies and services
---	---
•	shortages of, or interruptions in the supply of, required materials, supplies and equipment
---	---
•	transportation and delivery disruptions
---	---
•	interruptions in the supply of electricity, water, and other utilities or infrastructure
---	---
•	inability of our innovation initiatives to achieve the expected cost saving and operational flexibility objectives
---	---
•	equipment failures
---	---
•	cyberattacks
---	---
•	joint venture disputes or litigation
---	---
•	non-compliance with legal requirements, including exceedances of applicable air or water limits
---	---
•	subsurface contamination from current or legacy operations
---	---
•	inability to obtain and renew the licences and other approvals needed to restart, operate, and to increase production at our mines, mills, processing facilities, to develop new mines, or for Westinghouse to operate its<br>fuel fabrication or other facilities or undertake its other commercial activities
---	---
•	increased workforce health and safety risks or increased regulatory burdens resulting from a pandemic or other causes
---	---
•	fires
---	---
•	blockades or other acts of social or political activism
---	---
•	uncertain impact of changing regulations or policy leading to higher annual operating costs, including GHG pricing and regulations (e.g., carbon pricing, the Canadian Clean Fuel Standard)
---	---
•	natural phenomena, such as forest fires, floods and earthquakes as well as shifts in temperature, precipitation, and the impact of more frequent severe weather conditions on our operations as a result of climate change
---	---
•	outbreak of communicable illness (such as a pandemic)
---	---
•	unusual, unexpected or adverse mining or geological conditions
---	---
•	underground water inflows at our mining operations
---	---
•	ground movement or cave-ins at our mining operations
---	---

Risks and hazards generally applicable to Westinghouse and our ownership interest in Westinghouse include:

•	failure to realize any or all of the anticipated benefits from the acquisition
•	Westinghouse’s failure to generate sufficient cash flow to fund its approved annual operating budget or make<br>quarterly distributions to us and Brookfield
---	---
•	Westinghouse’s failure to comply with nuclear licence and quality assurance requirements at its facilities<br>
---	---
•	Westinghouse’s loss of protections against liability for nuclear damage, including discontinuation of global<br>nuclear liability regimes and indemnities
---	---
•	adverse public perception of nuclear energy
---	---

70 CAMECO CORPORATION

•	adverse public reaction to an unforeseen nuclear incident resulting in a lessening of demand for nuclear<br>generators
•	threat of increased trade barriers adversely impacting Westinghouse’s business
---	---
•	our inability to control Westinghouse
---	---
•	liabilities at Westinghouse exceeding our estimates and the discovery of unknown or undisclosed liabilities<br>
---	---
•	default by Westinghouse under its credit facilities impacting adversely Westinghouse’s ability to fund its<br>ongoing operations
---	---
•	occupational health and safety issues arising at Westinghouse’s operations
---	---
•	disputes between us and Brookfield regarding our strategic partnership
---	---
•	Cameco defaulting under the governance agreement with Brookfield, including us losing some or all of our interest<br>in Westinghouse
---	---

We have a Risk Policy that is supported by our formal Risk Management Program.

We have insurance to cover some of these risks and hazards, but not all of them, and not to the full amount of losses or liabilities that could potentially arise.

In addition to considering the other information in this MD&A and the risks noted above, you should carefully consider the material risks discussed starting on page 4, and the specific risks discussed under the update for each operation, advanced project, Westinghouse, and GLE in this section. These risks, however, are not a complete list of the potential risks our operations, advanced projects, or other investments face. There may be others we are not aware of or risks we feel are not material today that could become material in the future.

We recommend you also review our most recent annual information form, which includes a discussion of other material risks that could have an impact on our business.

MANAGEMENT’S DISCUSSION AND ANALYSIS 71

Uranium – production overview

Our share of production in our uranium segment in the fourth quarter was 5.7 million pounds, 54% higher compared to the same period in 2022, while production for the year was 17.6 million pounds, 69% higher than in 2022. In 2022, there was no production from McArthur River and Key Lake until the fourth quarter. Total production in 2023 was 1.1 million pounds below the revised production plan we announced in September.

The Rabbit Lake operation remained in a safe and sustainable state of care and maintenance, and we are no longer developing new wellfields at Crow Butte and Smith Ranch-Highland. See Uranium – Tier-one operations starting on page 73 and Uranium – Tier-twooperations beginning on page 85 for more information.

Uranium production

CAMECO SHARE	THREE MONTHS ENDED<br>DECEMBER 31				YEAR ENDED<br>DECEMBER 31
(MILLION LBS)	2023		2022		2023		2022		2023 PLAN^1^		2024 PLAN
Cigar Lake	****	2.6		2.9	****	8.2		9.6		8.9		9.8
McArthur River/Key Lake	****	3.1		0.8	****	9.4		0.8		up to 9.8		12.6
Total	****	5.7		3.7	****	17.6		10.4		up to 18.7		22.4
^1^	During the third quarter, we updated our Cigar Lake production forecast to up to 16.3 million pounds (100%<br>basis) in 2023 (previously 18 million pounds).
---	---
^2^	During the third quarter, we updated our McArthur River/Key Lake production forecast to 14 million pounds<br>(100% basis) in 2023 (previously 15 million pounds).
---	---

PRODUCTION OUTLOOK

We remain focused on taking advantage of the long-term growth we see coming in our industry, while maintaining the ability to respond to market conditions as they evolve. Our strategy includes a focus, in our uranium segment, on protecting and extending the value of our contract portfolio, on aligning our production decisions with our contract portfolio and market opportunities in order to increase long-term value, and to do that with an emphasis on safety, people and the environment.

In 2024, we are planning production of 22.4 million pounds (our share).

Due to equity accounting, our share of production from Inkai is shown as a purchase. Based on KAP’s announcement on February 1, 2024, production in Kazakhstan is expected to remain 20% below the level stipulated in subsoil use agreements, similar to in 2023, primarily due to the sulfuric acid shortage in the country. We are still in discussions with JV Inkai and KAP to determine how this may impact production at Inkai in 2024 and thereafter and therefore our corresponding purchase obligation. We expect to purchase the remaining share of our 2023 production entitlement, which has arrived at a Canadian port.

72 CAMECO CORPORATION

Uranium – Tier-one operations

McArthur River mine / Key Lake mill

2023 Production (our share)
9.4M lbs
2024 Production Outlook (our share)
12.6M lbs
Estimated Reserves (our share)
265.6M lbs
Estimated Mine Life
2044

McArthur River is the world’s largest, high-grade uranium mine, and Key Lake is the world’s largest uranium mill. We are the operator of both the mine and mill.

Location		Saskatchewan, Canada
Ownership		McArthur River – 69.805%
		Key Lake – 83.33%
Mine type		Underground
Mining methods		Blasthole stoping and raiseboring
End product		Uranium concentrate
Certification		ISO 14001 certified
Estimated reserves		265.6 million pounds (proven and probable), average grade U3O8: 6.72%
Estimated resources		4.9 million pounds (measured and indicated), average grade U3O8: 2.28%
		1.7 million pounds (inferred), average grade U3O8: 2.90%
Licensed capacity		Mine and mill: 25.0 million pounds per year
Licence term		Through October 2043
Total packaged production:	2000 to 2023	340.0 million pounds (McArthur River/Key Lake) (100% basis)
	1983 to 2002	209.8 million pounds (Key Lake) (100% basis)
2023 production		9.4 million pounds (13.5 million pounds on 100% basis)
2024 production outlook		12.6 million pounds (18.0 million pounds on 100% basis)
Estimated decommissioning cost		$50.6 million – McArthur River (100% basis)
		$276.7 million – Key Lake (100% basis)

All values shown, including reserves and resources, represent our share only, unless indicated.

MANAGEMENT’S DISCUSSION AND ANALYSIS 73

BACKGROUND

Mine description

The mineral reserves at McArthur River are contained within seven zones: zones 1, 2, 3, 4, 4 South, A and B. There are currently two active mining zones (zone 2 and 4), one with development significantly advanced (zone 1), and one in the early stages of development (zone 4 South).

Zone 2 has been actively mined since production began in 1999. The ore zone was initially divided into three freeze panels. As the freeze wall was expanded, the inner connecting freeze walls were decommissioned to recover the inaccessible uranium around the active freeze pipes. Mining of zone 2 is almost complete. About 3.5 million pounds of mineral reserves remain, and we expect to recover them using a combination of raisebore and blasthole stope mining.

Zone 4 has been actively mined since 2010. The zone was divided into four freeze panels, and like in zone 2, as the freeze wall was expanded, the inner connecting freeze walls were decommissioned. Zone 4 has 103.9 million pounds of mineral reserves secured behind freeze walls, and it will be the main source of production for the next several years. Raisebore and blasthole stope mining will be used to recover the mineral reserves.

We have successfully extracted over 340 million pounds (100% basis) since we began mining in 1999.

Mining methods and techniques

All the mineralized areas discovered to date at McArthur River are in, or partially in, water-bearing ground with significant pressure at mining depths.

There are three approved mining methods at McArthur River: raisebore mining, blasthole stope mining and boxhole mining. However, only raisebore and blasthole stope mining remain in use. Before we begin mining an area, we freeze the ground around it by circulating chilled brine through freeze holes to form an impermeable frozen barrier.

Blasthole stope mining

Blasthole stope mining began in 2011 and is the main extraction method planned for future production. It is planned in areas where blastholes can be accurately drilled and small stable stopes excavated without jeopardizing the freeze wall integrity. The use of this method has allowed the site to improve operating costs by increasing overall extraction efficiency by reducing underground development, concrete consumption, mineralized waste generation and improving extraction cycle time.

Raisebore mining

Raisebore mining is an innovative non-entry approach that we adapted to meet the unique challenges at McArthur River, and it has been used since mining began in 1999. This method is favourable for mining the weaker rock mass areas of the deposit and is suitable for massive high-grade zones where there is access both above and below the ore zone.

Initial processing

McArthur River produces two product streams, high grade slurry and low-grade mineralized rock. Both product streams are shipped to Key Lake mill to produce uranium ore concentrate.

The high-grade material is ground and thickened into a slurry underground and then pumped to surface. The material is then thickened and blended for grade control and shipped to Key Lake in slurry totes using haul trucks.

74 CAMECO CORPORATION

Tailings capacity

Based on the current licence conditions, tailings capacity at Key Lake is sufficient to mill all the known McArthur River mineral reserves and resources, should they be converted to reserves, with additional capacity to toll mill ore from other regional deposits.

Licensed annual production capacity

2023 UPDATE

Production

The McArthur River and Key Lake operation was in a state of safe care and maintenance from 2018 through 2021 due to weak market conditions. The operation began transitioning back to production through the first three quarters of 2022, with no packaged pounds until the fourth quarter of 2022. Production ramp-up activities continued in 2023.

Total packaged production from McArthur River and Key Lake in 2023 was 13.5 million pounds (9.4 million pounds our share), slightly less than the announced September 3, 2023, forecast of 14 million pounds (9.8 million pounds our share).

The McArthur River mine continued to operate well and achieved its planned mine production for the year. Any ore from McArthur River that was not immediately processed at Key Lake is stored in inventory for future milling. All required mine activities have now resumed at McArthur and the site is now considered to be back in normal mine operations.

At the Key Lake mill, the extended period of time the mill was on care and maintenance, the operational changes made, aging infrastructure, the availability of personnel with the necessary skills and experience, and the impact of supply chain challenges on the availability of materials and reagents combined to impact production in 2023.

Licensing

In October 2023, the Canadian Nuclear Safety Commission (CNSC) granted 20-year renewals to the licences for both McArthur River and Key Lake. The renewed licences are expected to allow McArthur River and Key Lake to operate until October 2043.

Exploration

Underground exploration at McArthur River resumed in June 2023 with the resumption of infill drilling of zone B. Infill drilling of zone B will continue in 2024.

PLANNING FOR THE FUTURE

Production

We plan to produce 18 million pounds (100% basis) in 2024. Over the last three months, the mill has been running at a rate that, when annualized, would allow this operation to achieve its 2024 planned production. In 2024, we plan to undertake an evaluation of the work and investment necessary to expand production up to its annual licensed capacity, which we expect will allow us to take advantage of this opportunity when the time is right. We will continue to plan our production to align with our contract portfolio and market opportunities, demonstrating that we continue to be a responsible supplier of uranium fuel.

MANAGING OUR RISKS

The McArthur River deposit presents unique challenges that are not typical of traditional hard or soft rock mines. These challenges are the result of mining in or near high pressure ground water in challenging ground conditions with significant radiation concerns due to the high-grade uranium. We take significant steps and precautions to reduce the risks. Mine designs and mining methods are selected based on their ability to mitigate hydrological, radiological and geotechnical risks. Operational experience gained since the start of production has resulted in a significant reduction in risk. However, there is no guarantee that our efforts to mitigate risk will be successful.

MANAGEMENT’S DISCUSSION AND ANALYSIS 75

In addition to the risks listed on pages 70 to 71, in 2024 we are focused on the management of the following risks:

Mine and mill ramp up

With the extended period of time the assets were on care and maintenance, the operational changes made, aging infrastructure, and commissioning issues that we have worked through at the mill, which caused delays to the production schedule in 2022 and 2023, there is continued uncertainty regarding the timing of a successful ramp up to planned 2024 production and the associated costs. In addition, inflation, the availability of personnel with the necessary skills and experience, and the potential impact of supply chain challenges on the availability of materials and reagents carry with them the risks of not achieving our production plans, production delays and increased costs.

Labour relations

The collective agreement with the United Steelworkers local 8914 expired in December 2022, and we are in negotiations to reach a new agreement. As in the past, work continues under the terms of the expired collective agreement while negotiations proceed. There is a risk to the production plan if we are unable to reach an agreement and there is a labour disruption.

Water inflow risk

All the mineralized areas discovered to date at McArthur River are in, or partially in, water-bearing ground with significant pressure at mining depths. This high-pressure water source is isolated from active development and production areas to reduce the inherent risk of an inflow. McArthur River relies on pressure grouting and ground freezing, and sufficient pumping, water treatment and above ground storage capacity to mitigate the risks of the high-pressure ground water.

McArthur River has not experienced a significant disruption to its mining or development activities resulting from a water inflow since 2008. The consequences of another water inflow at McArthur River would depend on its magnitude, location and timing, but could include a significant interruption or reduction in production, a material increase in costs or a loss of mineral reserves.

76 CAMECO CORPORATION

Uranium – Tier-one operations

Cigar Lake

2023 Production (our share)
8.2M lbs
2024 Production Outlook (our share)
9.8M lbs
Estimated Reserves (our share)
113.8M lbs
Estimated Mine Life
2036

Cigar Lake is the world’s highest grade uranium mine. We are a 54.5% owner and the mine operator. Cigar Lake uranium is milled at Orano’s McClean Lake mill.

Cigar Lake is considered a material uranium property for us. There is a technical report dated March 29, 2016 (effective December 31, 2015) that can be downloaded from SEDAR+ (www.sedarplus.com) or from EDGAR (sec.gov).

Location	Saskatchewan, Canada
Ownership	54.547%
Mine type	Underground
Mining method	Jet boring system
End product	Uranium concentrate
Certification	ISO 14001 certified
Estimated reserves	113.8 million pounds (proven and probable), average grade U3O8: 17.03%
Estimated resources	14.7 million pounds (measured and indicated), average grade U3O8: 5.32%
	10.9 million pounds (inferred), average grade U3O8: 5.55%
Licensed capacity	18.0 million pounds per year (our share 9.8 million pounds per year)
Licence term	Through June, 2031
Total packaged production: 2014 to 2023	138.4 million pounds (100% basis)
2023 production	8.2 million pounds (15.1 million pounds on 100% basis)
2024 production outlook	9.8 million pounds (18.0 million pounds on 100% basis)
Estimated decommissioning cost	$62 million (100% basis)

All values shown, including reserves and resources, represent our share only, unless otherwise indicated.

BACKGROUND

Mine description

Cigar Lake’s geological setting is similar to McArthur River’s. However, unlike McArthur River, the Cigar Lake deposit is horizontally oriented.

Mine development is carried out in the basement rocks below the ore horizon. New mine development is required throughout the mine life to gain access to the ore above.

Mining method

At Cigar Lake, the permeable sandstone which overlays the deposit and basement rocks, contains large volumes of water at significant pressure. Before we begin mining, we freeze the ore zone and surrounding ground. We use a jet boring system to mine the ore.

MANAGEMENT’S DISCUSSION AND ANALYSIS 77

Jet boring system (JBS) mining

As a result of the unique geological conditions at Cigar Lake, we are unable to utilize traditional mining methods that require access above the ore, which necessitated the development of a non-entry mining method specifically adapted for this deposit. After many years of test mining, we selected jet boring, and it has been used since mining began in 2014. This method involves:

•	drilling a pilot hole into the frozen orebody, inserting a high pressure water jet and cutting a cavity out of<br>the frozen ore
•	collecting the ore and water mixture (slurry) from the cavity and pumping it to a storage sump, allowing it to<br>settle
---	---
•	using a clamshell, transporting the ore from the storage sump to an underground grinding and processing circuit<br>
---	---
•	once mining is complete, filling each cavity in the orebody with concrete
---	---
•	starting the process again with the next cavity.
---	---

We have divided the orebody into production panels and at least three production panels need to be frozen at one time to achieve the annual production rate. One JBS machine is located below each frozen panel. Three JBS machines are currently in operation. Two machines actively mine at any given time while the third is moving, setting up, or undergoing maintenance.

We have successfully extracted approximately 138.4 million pounds (100% basis) since we began mining in 2014.

Initial processing

We carry out initial processing of the extracted ore at Cigar Lake before shipping it to McClean Lake. To accomplish this, we:

•	grind the ore and mix it with water to form a slurry in our underground circuit
•	pump the slurry 500 metres to the surface and store it in one of two ore slurry holding tanks, where it is<br>blended and thickened to remove excess water
---	---
•	the final slurry, at an average grade of approximately 17%<br>U3O8, is pumped into transport truck containers and shipped to McClean Lake mill on a<br>69-kilometre all-weather road
---	---

Water from this process, including water from underground operations, is treated on the surface. Any excess treated water is released into the environment.

Milling

All of Cigar Lake’s ore slurry is being processed at the McClean Lake mill, operated by Orano. Given the McClean Lake mill’s capacity, it is able to:

•	process up to 18 million pounds U3O8 per year
•	process and package all of Cigar Lake’s current mineral reserves
---	---

Licensing annual production capacity

The Cigar Lake mine is licensed to produce up to 18 million pounds (100% basis) per year. Orano’s McClean Lake mill is licensed to produce 24 million pounds annually.

2023 UPDATE

Production

Total packaged production from Cigar Lake in 2023 was 15.1 million pounds U3O8 (8.2 million pounds our share) compared to 18.0 million pounds U3O8 (9.8 million pounds our share) in 2022.

Productivity was impacted as we completed development and commissioning activities in the first quarter and achieved first production from a new mining area. We had expected to recover from these delays in the second half of the year. However, in the third quarter, we determined maintenance work was required on one of the underground circuits, which had not been planned. The additional time required to complete this work did not allow for the delayed production volumes to be recovered prior to year-end.

During the year, we:

•	executed planned 21-day annual maintenance activities in September<br>
•	executed production activities from four production tunnels in the eastern part of the orebody and one, for the<br>first time, from the western part of the orebody
---	---

78 CAMECO CORPORATION

•	in alignment with our long-term production planning, brought two new panels online
•	continued underground header construction activities and expanded our ground freezing program to ensure continued<br>frozen ore inventory
---	---
•	completed our freeze hole drilling program in the second quarter
---	---

Underground development

Underground mine development continued in 2023. We completed our second production crosscut in the western portion of the orebody in preparation for ore mining starting in the second quarter of 2024.

PLANNING FOR THE FUTURE

Production

In 2024, we expect to produce 18 million pounds (100% basis) at Cigar Lake; our share is approximately 9.8 million pounds.

In 2024, we plan to:

•	continue production activities focused on bringing one new production panel online
•	complete construction and commissioning of freeze distribution infrastructure expansion in support of future<br>production
---	---
•	continue underground mine development on two new production tunnels as well as expand ventilation and access<br>drifts in alignment with the long-term mine plan
---	---
•	commission the surface backfill batch plant to support ongoing operations
---	---
•	execute an underground geotechnical drilling program
---	---

CIGAR LAKE EXTENSION

Completion of a prefeasibility study of the indicated resources contained in the Cigar Lake extension orebody (referred to as Phase 2 in the technical report filed in 2016), demonstrated the economic feasibility of extracting those resources, allowing us to convert 73.4 million pounds (100% basis) (40 million pounds our share), to probable reserves and extending the estimated mine life to 2036. Based on our analyses, we expect our share of the up-front capital cost to complete the mine development and other capacity replacement projects necessary to access these reserves to be between $250 million and $300 million. We expect the average life of mine unit cash operating costs for Cigar Lake production to increase to between $19 per pound and $20 per pound (previously $18.13 per pound) and our share of annual production to be between 9.5 million pounds and 10.0 million pounds.

A new NI 43-101 technical report for Cigar Lake is in the process of being finalized and is expected to be filed under Cameco’s profile on SEDAR+ within 45 days of this release. More detailed descriptions of the scientific and technical information on which the mineral reserves and mine plan are based will be included in the relevant sections of the technical report. Once filed, the new technical report will supersede and replace the current technical report titled “Cigar Lake Operation, Northern Saskatchewan, Canada” dated March 29, 2016, with an effective date of December 31, 2015. A copy is available on SEDAR+ (www.sedarplus.com), on EDGAR (www.sec.gov/edgar.shtml), and on Cameco’s website (www.cameco.com/media/media-library).

MANAGING OUR RISKS

In addition to the risks listed on pages 70 to 71, in 2023 we are focused on the management of the following risks:

Inflation, labour shortages, and supply chain challenges

MANAGEMENT’S DISCUSSION AND ANALYSIS 79

Transition to new mining areas

In order to successfully achieve the planned production schedule, we must continue to successfully transition into new mining areas, which includes mine development and investment in critical support infrastructure, and deployment of the jet boring method in new areas. If development or infrastructure construction work is delayed for any reason, including availability of storage capacity for waste rock, or if the performance of our jet boring method is materially different than previously mined areas, our ability to meet our future production plans may be impacted.

Water inflow risk

The sandstone that overlays the Cigar Lake deposit and basement rocks is water-bearing with significant pressure at mining depths. This high-pressure water source is isolated from active development and production areas in order to reduce the inherent risk of an inflow. Cigar Lake relies on ground freezing and sufficient pumping, water treatment and above ground storage capacity to mitigate the risks of the high-pressure ground water.

Cigar Lake has not experienced a significant disruption resulting from a water inflow since 2008. The consequences of another water inflow at Cigar Lake would depend on its magnitude, location and timing, but could include a significant interruption or reduction in production, a material increase in costs or a loss of mineral reserves.

80 CAMECO CORPORATION

Uranium – Tier-one operations

Inkai

2023 Production (100% basis)
8.3M lbs
2024 Production Outlook (100% basis)
See Planning for the future – Production on page 83
Estimated Reserves (our share)
104.7M lbs
Estimated Mine Life
2045 (based on licence term) ****

Inkai is a very significant uranium deposit, located in Kazakhstan. The operator is JV Inkai limited liability partnership, which we jointly own (40%)^1^ with Kazatomprom (KAP) (60%).

Inkai is considered a material uranium property for us. There is a technical report dated January 25, 2018 (effective January 1, 2018) that can be downloaded from SEDAR+ (www.sedarplus.com) or from EDGAR (sec.gov).

Location	South Kazakhstan
Ownership	40%^1^
Mine type	In situ recovery (ISR)
End product	Uranium concentrate
Certifications	BSI OHSAS 18001
	ISO 14001 certified
Estimated reserves	104.7 million pounds (proven and probable), average grade U3O8: 0.04%
Estimated resources	35.6 million pounds (measured and indicated), average grade U3O8: 0.03%
	9.6 million pounds (inferred), average grade U3O8: 0.03%
Licensed capacity (wellfields)	10.4 million pounds per year (our share 4.2 million pounds per year)^1^*
	Licence term	Through July 2045
	Total packaged production: 2009 to 2023	89.3 million pounds (100% basis)
	2023 production	8.3 million pounds (100% basis)*^1^
2024 production outlook	See Planning for the future – Production on page 83^1^
Estimated decommissioning cost (100% basis)	$20 million (US) (100% basis) (this estimate is currently under review)

All values shown, including reserves and resources, represent our share only, unless indicated.

^1^	Our ownership interest in the joint venture is 40% and we equity account for our investment. As such, our share<br>of production is shown as a purchase.

MANAGEMENT’S DISCUSSION AND ANALYSIS 81

BACKGROUND

Mine description

The Inkai uranium deposit is a roll-front type orebody within permeable sandstones. The more porous and permeable units host several stacked and relatively continuous, sinuous “roll-fronts” of low-grade uranium forming a regional system. Superimposed over this regional system are several uranium projects and active mines.

Inkai’s mineralization ranges in depths from about 260 metres to 530 metres. The deposit has a surface projection of about 40 kilometres in length, and the width ranges from 40 to 1600 metres. The deposit has hydrogeological and mineralization conditions favourable for use of in situ recovery (ISR) technology.

Mining and milling method

JV Inkai uses conventional, well-established, and very efficient ISR technology, developed after extensive test work and operational experience. The process involves five major steps:

•	leach the uranium in situ by circulating an acid-based solution through the host formation
•	recover it from solution with ion exchange resin (takes place at both main and satellite processing plants)<br>
---	---
•	precipitate the uranium with hydrogen peroxide
---	---
•	thicken, dewater, and dry it
---	---
•	package the uranium peroxide product in drums
---	---

Production

Through our investment in Inkai, production continued to be impacted by the 20% supply reduction enacted by KAP across all uranium mines in Kazakhstan and the continued supply chain challenges it has faced. KAP has the ability to flex production 20% above or below planned production levels (8.3 million to 12.5 million pounds per year). Total 2023 production from Inkai was 8.3 million pounds (100% basis), the same as in 2022. In 2023, Inkai experienced a number of operational issues related to interruptions in reagent delivery and wellfield drilling.

The first shipment, containing approximately two thirds of our share of Inkai’s 2023 production, arrived in the fourth quarter. The second shipment with the remainder of our share of 2023 production has arrived at a Canadian port. We continue to work closely with JV Inkai and our joint venture partner, KAP, to receive our share of production via the Trans-Caspian International Transport Route, which does not rely on Russian rail lines or ports.

Production purchase entitlements

Under the terms of a restructuring agreement signed with our partner KAP in 2016, our ownership interest in JV Inkai is 40% and KAP’s share is 60%. However, during production ramp-up to the licensed limit of 10.4 million pounds, we are entitled to purchase 57.5% of the first 5.2 million pounds of annual production, and as annual production increases over 5.2 million pounds, we are entitled to purchase 22.5% of such incremental production, to the maximum annual share of 4.2 million pounds. Once the ramp-up to 10.4 million pounds annually is complete, we will be entitled to purchase 40% of such annual production, matching our ownership interest.

Based on an adjustment to the production purchase entitlement under the 2016 JV Inkai restructuring agreement, for 2023 we were entitled to purchase 4.2 million pounds, or 50% of JV Inkai’s planned 2023 production of 8.3 million pounds. Timing of our JV Inkai purchases will fluctuate during the quarters and may not match production, and, in particular, in 2023, timing was impacted by shipping delays. Total purchases in 2023 were 4.2 million pounds, of which 2.8 million pounds were related to our 2023 entitlement.

Cash distribution

Excess cash, net of working capital requirements, will be distributed to the partners as dividends. In 2023, we received a cash dividend from JV Inkai of $79 million (US), net of withholdings. Our share of dividends follows our production purchase entitlements as described above.

82 CAMECO CORPORATION

JV INKAI NON-IFRS MEASURE

EBITDA is a supplemental measure which is used by us and other users to assess results of operations for JV Inkai from a management perspective without regard to its capital structure. We believe that this measure is useful to management, lenders, investors, security analysts and other interested parties in assessing the underlying performance of JV Inkai’s ongoing operations and its ability to generate cash flows to fund its cash requirements. See Non-IFRS Measures starting on page 41.

CAMECO SHARE
($ MILLIONS)	2023		2022		CHANGE
Share of earnings from equity-investee	****	179		94		90	%
Depreciation and amortization	****	14		10		40	%
Finance costs	****	—		1		(100	)%
Income tax expense (recovery)	****	42		30		40	%
EBITDA	****	235		135		74	%

PLANNING FOR THE FUTURE

Production

Based on KAP’s announcement on February 1, 2024, production in Kazakhstan is expected to remain 20% below the level stipulated in subsoil use agreements, similar to in 2023, primarily due to the sulfuric acid shortage in the country. We are still in discussions with JV Inkai and KAP to determine how this may impact production at Inkai in 2024 and thereafter and therefore our corresponding purchase obligation.

Our share of production is purchased at a discount to the spot price and included at this value in inventory. In addition, JV Inkai capital is not included in our outlook for capital expenditures.

MANAGING OUR RISKS

In addition to the risks listed on pages 70 to 71, JV Inkai also manages the following risks:

Production forecast

Presently, JV Inkai is experiencing procurement and supply chain issues, most notably, related to the availability of sulfuric acid. It is also experiencing challenges related to construction delays and inflationary pressures on its production costs. Production plans for 2024 and subsequent years are uncertain and being reassessed. A significant disruption to JV Inkai’s previous production plans for 2024 and subsequent years could result in penalties and further escalation of production costs. In addition, JV Inkai’s costs could be impacted by potential changes to the tax code in Kazakhstan and by possible increased financial contributions to social and other state causes, although these risks cannot be quantified or estimated at this time.

Depending on production levels at Inkai and the outcome of our discussions related thereto with JV Inkai and KAP, our share of production and earnings from this equity-accounted investee and the amount and timing of our dividends from the joint venture may be impacted.

Transportation

The geopolitical situation continues to cause transportation risks in the region. We could continue to experience delays in our expected Inkai deliveries from 2023 and for 2024. To mitigate this risk, we have inventory, long-term purchase agreements and loan arrangements in place we can draw on. Depending on when we receive shipments of our share of Inkai’s production, our share of earnings from this equity-accounted investee and the timing of the receipt of our share of dividends from the joint venture may be impacted.

MANAGEMENT’S DISCUSSION AND ANALYSIS 83

Political

Kazakhstan declared itself independent in 1991 after the dissolution of the Soviet Union. Our investment in JV Inkai is subject to the greater risks associated with doing business in developing countries, which have significant potential for social, economic, political, legal and fiscal instability. Kazakhstan laws and regulations are complex and still developing and their application can be difficult to predict. The other owner of JV Inkai is Kazatomprom, an entity majority owned by the government of Kazakhstan. We have entered into agreements with JV Inkai and Kazatomprom intended to mitigate political risk. This risk includes the imposition of governmental laws or policies that could restrict or hinder JV Inkai paying us dividends, or selling us our share of JV Inkai production, or that impose discriminatory taxes or currency controls on these transactions. The restructuring of JV Inkai, which took effect January 1, 2018, was undertaken with the objective to better align the interests of Cameco and Kazatomprom and includes a governance framework that provides for protection for us as a minority owner of JV Inkai.

For more details on this risk, please see our most recent annual information form under the heading political risks.

JV Inkai manages risks listed on pages 70 to 71.

84 CAMECO CORPORATION

Uranium – Tier-two operations

Rabbit Lake

Location	Saskatchewan, Canada
Ownership	100%
End product	Uranium concentrates
ISO certification	ISO 14001 certified
Mine type	Underground
Estimated reserves	—
Estimated resources	38.6 million pounds (indicated), average grade U3O8: 0.95%
	33.7 million pounds (inferred), average grade U3O8: 0.62%
Mining methods	Vertical blasthole stoping
Licensed capacity	Mill: maximum 16.9 million pounds per year; currently 11 million
Licence term	Through October 2038
Total production: 1975 to 2023	202.2 million pounds
2023 production	0 million pounds
2024 production outlook	0 million pounds
Estimated decommissioning cost	$213 million

OPERATING STATUS

The site remained in a safe state of care and maintenance throughout 2023.

While in standby, we continue to evaluate our options in order to minimize care and maintenance costs. We expect care and maintenance costs to range between $28 million and $32 million annually.

Licensing

In October 2023, the CNSC granted a 15-year renewal of the operating licence for Rabbit Lake, extending the licence term to October 2038.

FUTURE PRODUCTION

We do not expect any production from Rabbit Lake in 2024.

MANAGING OUR RISKS

We manage the risks listed on pages 70 to 71.

MANAGEMENT’S DISCUSSION AND ANALYSIS 85

US ISR Operations

Ownership		100%
End product		Uranium concentrates
ISO certification		ISO 14001 certified
Estimated reserves	Smith Ranch-Highland:	—
	North Butte-Brown Ranch:	—
	Crow Butte:	—
Estimated resources	Smith Ranch-Highland:	24.9 million pounds (measured and indicated), average grade U3O8: 0.06%
		7.7 million pounds (inferred), average grade U3O8: 0.05%
	North Butte-Brown Ranch:	9.4 million pounds (measured and indicated), average grade U3O8: 0.07%
		0.4 million pounds (inferred), average grade U3O8: 0.06%
	Crow Butte:	13.9 million pounds (measured and indicated), average grade U3O8: 0.25%
		1.8 million pounds (inferred), average grade U3O8: 0.16%
Mining methods		In situ recovery (ISR)
Licensed capacity	Smith Ranch-Highland:^1^	Wellfields: 3 million pounds per year; processing plants: 5.5 million pounds per year
	Crow Butte:	Processing plants and wellfields: 2 million pounds per year
Licence term	Smith Ranch-Highland:	Through September, 2028
	Crow Butte:	Through October, 2024
Total production: 2002 to 2023		33.0 million pounds
2023 production		0 million pounds
2024 production outlook		0 million pounds
Estimated decommissioning cost		Smith Ranch-Highland: $239 million (US), including North Butte
		Crow Butte: $62 million (US)
^1^	Including Highland mill
---	---

PRODUCTION CURTAILMENT

As a result of our 2016 decision, commercial production at the US operations ceased in 2018. We expect ongoing cash and non-cash care and maintenance costs to range between $12.5 million (US) and $14.5 million (US) for 2024.

FUTURE PRODUCTION

We do not expect any production in 2024.

MANAGING OUR RISKS

The current operating licence for Crow Butte expires in October 2024. Efforts are underway for re-licensing with the Nuclear Regulatory Commission.

We also manage the risks listed on pages 70 to 71.

86 CAMECO CORPORATION

Uranium – advanced projects

Millennium

Location	Saskatchewan, Canada
Ownership	69.9%
End product	Uranium concentrates
Potential mine type	Underground
Estimated resources (our share)	53.0 million pounds (indicated), average grade U3O8: 2.39%<br> <br><br> <br>20.2 million pounds<br>(inferred), average grade U3O8: 3.19%

BACKGROUND

The Millennium deposit was discovered in 2000 and was delineated through geophysical surveys and surface drilling work between 2000 and 2013.

Yeelirrie

Location	Western Australia
Ownership	100%
End product	Uranium concentrates
Potential mine type	Open pit
Estimated resources	128.1 million pounds (measured and indicated), average grade U3O8: 0.15%

BACKGROUND

The deposit was discovered in 1972 and is a near-surface calcrete-style deposit that is amenable to open pit mining techniques. It is one of Australia’s largest undeveloped uranium deposits.

Kintyre

Location	Western Australia
Ownership	100%
End product	Uranium concentrates
Potential mine type	Open pit
Estimated resources	53.5 million pounds (indicated), average grade U3O8: 0.62%<br> <br><br> <br>6.0 million pounds<br>(inferred), average grade U3O8: 0.53%

BACKGROUND

The Kintyre deposit was discovered in 1985 and is amenable to open pit mining techniques.

2023 PROJECT UPDATES

PLANNING FOR THEFUTURE

2024 Planned activity

No work is planned at Millennium, Yeelirrie or Kintyre in 2024.

MANAGEMENT’S DISCUSSION AND ANALYSIS 87

MANAGING THE RISKS

Project approval

For all of our advanced projects, we manage the risks listed on pages 70 to 71.

88 CAMECO CORPORATION

Uranium – exploration

Our exploration program is focused on replacing mineral reserves as they are depleted by our production, which is key to sustaining our business, meeting our commitments, and ensuring long-term growth. Our global exploration activity is adjusted annually in line with market signals and at a pace aligned with Cameco’s mining plans and sourcing needs. In recent years, we have increased exploration spending in response to the significant, positive momentum in the nuclear fuel market that has provided a clear signal that more uranium production will be required in the next decade, setting the stage for a renewed exploration cycle.

LOGO

MANAGEMENT’S DISCUSSION AND ANALYSIS 89

The combination of our large land position and proven expertise in discovering and developing world class uranium mines provides the foundation for future mill-supported exploration projects, ranging from early to advanced stages of greenfield exploration and for brownfield opportunities to extend the lives of our existing operations.

LOGO

2023 UPDATE

Brownfield and advanced exploration

Regional exploration

PLANNING FOR THE FUTURE

Brownfields and Advanced Exploration

Regional Exploration

We plan to spend about $13 million on diamond drilling and target generation geophysical surveys on our core regional projects in Saskatchewan, in 2024.

90 CAMECO CORPORATION

Fuel services

Refining, conversion and fuel manufacturing

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 meet customer needs.

Blind River Refinery

Licensed Capacity<br> <br><br><br><br>24.0M kgU as UO3<br> <br><br><br><br>Licence renewal in<br> <br><br><br><br>February 2032

Blind River is the world’s largest commercial uranium refinery, refining uranium concentrates from mines around the world into UO3.

Location	Ontario, Canada
Ownership	100%
End product	UO3
ISO certification	ISO 14001 certified
Licensed capacity	18.0 million kgU as UO3 per year, approved to 24.0 million subject to the completion of certain equipment upgrades (advancement depends on market<br>conditions)
Licence term	Through February 2032
Estimated decommissioning cost	$58 million

MANAGEMENT’S DISCUSSION AND ANALYSIS 91

Port Hope Conversion Services

Licensed Capacity<br> <br><br><br><br>12.5M kgU as UF6<br> <br><br><br><br>2.8M kgU as UO2<br> <br><br><br><br>Licence renewal in<br> <br><br><br><br>February 2027

Port Hope is the only uranium conversion facility in Canada and a supplier of UO2 for Canadian-made CANDU heavy-water reactors.

Location	Ontario, Canada
Ownership	100%
End product	UF6, UO2
ISO certification	ISO 14001 certified
Licensed capacity	12.5 million kgU as UF6 per year
	2.8 million kgU as UO2 per year
Licence term	Through February 2027
Estimated decommissioning cost	$129 million

Cameco Fuel Manufacturing Inc. (CFM)

Licensed Capacity<br> <br><br><br><br>1.65M kgU as UO2 fuel pellets<br><br><br><br> <br>Licence renewal in<br><br><br><br> <br>February 2043

CFM produces fuel bundles and reactor components for CANDU heavy-water reactors.

Location	Ontario, Canada
Ownership	100%
End product	CANDU fuel bundles and components
ISO certification	ISO 9001 certified, ISO 14001 certified
Licensed capacity	1.65 million kgU as UO2 fuel pellets
Licence term	Through February 2043
Estimated decommissioning cost	$10.8 million

92 CAMECO CORPORATION

2023 UPDATE

Production

Fuel services produced 13.3 million kgU in 2023, 2% higher than 2022.

Port Hope conversion facility cleanup and modernization (Vision in Motion)

PLANNING FOR THE FUTURE

Production

Licensing

In January 2023, the CNSC granted a 20-year renewal to the licence for CFM. The licence renewal also grants CFM’s request for a slight production increase to 1,650 tonnes as UO2 fuel pellets.

MANAGING OUR RISKS

We take significant steps and precautions to reduce risk. However, there is no guarantee that our efforts to mitigate risk will be successful.

In addition to the risks listed on pages 70 to 71, in 2024 we are focused on the management of the following risk:

Production plans

Labour relations

The collective agreement with unionized employees at our fuel manufacturing operations in Port Hope and Cobourg expires in June 2024. During past negotiations, work has continued under the terms of the expired collective agreement while negotiations to reach a new agreement proceeded. There is a risk to the production plan if we are unable to reach an agreement and there is a labour dispute.

MANAGEMENT’S DISCUSSION AND ANALYSIS 93

Westinghouse Electric Company

Westinghouse is a nuclear reactor technology original equipment manufacturer (OEM) and a leading provider of highly technical aftermarket products and services to commercial nuclear power utilities and government agencies globally. Westinghouse’s history in the energy industry stretches back over a century, during which time the company became a pioneer in nuclear energy.

•	It is the OEM or a technology provider to about 50% of the global nuclear reactor fleet, delivering capacity of<br>about 190,000 carbon-free MWe.
•	It has three fuel fabrication facilities, one in the US, one in Sweden and one in the United Kingdom.<br>
---	---
•	In addition, it has about 90 facilities, engineering centers, and workshops, with a presence in more than 20<br>countries.
---	---

The company has strong recurring and predictable revenue and cash flow profiles due to the critical and non-discretionary nature of its products and services to the operation of nuclear power plants around the world.

Like Cameco, Westinghouse enables carbon-free baseload and dispatchable energy that is needed to support the energy transition and we believe is therefore well-positioned for long-term growth.

Corporate headquarters	Cranberry Township, Pennsylvania (United States)
Ownership	49% - equity-accounted
Business activities	Operations and maintenance of installed base (core business): Designs and manufactures nuclear fuel supplies and services for light water reactors. Provides outage and maintenance services, engineering support,<br>instrumentation and controls equipment, plant modifications, and components and parts to nuclear reactors.
	New build: Designs, develops and procures equipment for new nuclear plants.
Certifications	ISO 14001
	ISO 45001

BACKGROUND

The total enterprise value at time of close was $7.9 billion (US) and was adjusted for working capital balances at that time, resulting in a final enterprise value of $8.2 billion (US). At time of close, Westinghouse had $3.8 billion (US) in outstanding debt commitments, for which it maintains responsibility, and which reduced the equity cost of the acquisition.

94 CAMECO CORPORATION

Cash distributions

Annually, we and Brookfield (the partners) approve a budget and business plan which outline Westinghouse’s financial projections and capital allocation priorities. The determination of whether to make cash distributions to the partners will be reviewed quarterly based on the approved budgeted expenditures and capital allocation priorities, including growth investment opportunities, as well as available cash balances. However, the timing of cash distributions is expected to be aligned with the timing of Westinghouse’s cash flows, which are typically higher in the fourth quarter.

Westinghouse debt

As at December 31, 2023, Westinghouse had the following outstanding debt:

•	$3.5 billion (US) term loan with a maturity of August 2025
•	credit facilities of $400 million (US), which had drawings of $115 million (US) and mature in June 2026<br>
---	---
•	drawn financial assurances including letters of credit of $474 million (US) and surety bonds of<br>$262 million (US)
---	---

Effective January 25, 2024, Westinghouse refinanced its existing debt and entered into various credit agreements which now provide total borrowing capacity of $4.6 billion (US), comprised of:

•	$3.5 billion (US) term loan which now matures on January 25, 2031, and has quarterly repayments of<br>$8.75 million (US), with any remaining amounts due at maturity. The term loan is priced at the applicable term SOFR rate plus a margin that is currently 2.75%.
•	credit facilities totaling $500 million (US), which mature in January 2029
---	---
•	financial assurances including letters of credit in the amount of about $570 million (US) and surety bonds<br>of $262 million (US)
---	---

WESTINGHOUSE NON-IFRS MEASURES

EBITDA, adjusted EBITDA and adjusted free cash flow and adjusted EBITDA margin are supplemental measures which are used by us and other users, including our lenders and investors, to assess the results of operations for Westinghouse from a management perspective without regard to its capital structure. We believe that these measures are useful to management, lenders and investors in assessing the underlying performance of Westinghouse’s ongoing operations and its ability to generate cash flows to fund its cash requirements. See Non-IFRS measures starting on page 41.

The financial information in the table below is provided to allow comparison to, and is in line with the outlook provided in our November 7, 2023, news release. It is derived from the consolidated financial statements of Westinghouse, which are reported in US dollars and prepared in accordance with US GAAP, and does not reflect Cameco’s ownership share.

MANAGEMENT’S DISCUSSION AND ANALYSIS 95

($US MILLIONS – US GAAP)	2023
Net earnings (loss)	****	(155	)	440
Depreciation and amortization	****	348	****	371
Finance income	****	(11	)	(2	)
Finance costs	****	296	****	202
Income tax expense (recovery)	****	4	****	(392	)
EBITDA	****	482	****	619
Other expenses (income)	****	22	****	(5	)
(Gain) loss on disposal of fixed assets	****	6	****	(4	)
Purchase accounting unwind	****	40	****	—
Restructuring and acquisition-related costs	****	159	****	92
Gain on disposition of businesses	****	(14	)	—
Adjusted EBITDA	****	695	****	702
Capital expenditures	****	200	****	165
Adjusted free cash flow	****	495	****	537
Revenue	****	4,281	****	3,784
Adjusted EBITDA margin	****	16	%	19	%

FUTURE PROSPECTS

Amid the ongoing demand growth and global energy security concerns, we expect there will be new opportunities for Westinghouse to compete for and win new business. Westinghouse’s reputation as a global leader in the nuclear industry and its position as the only fully European supplier for certified VVER fuel assemblies are expected to benefit its core business as Eastern European countries seek to develop a reliable fuel supply chain independent of Russia.

The following financial outlook is reported in Canadian dollars and prepared in accordance with IFRS and reflects Cameco’s 49% ownership share.

In 2024, we expect our share of Adjusted EBITDA from our equity investment in Westinghouse to be between $445 million and $510 million. Over the next five years, we expect its Adjusted EBITDA will grow at a compound annual growth rate of 6% to 10%. Adjusted EBITDA is a non-IFRS measure (see Non-IFRS Measures starting on page 41).

CAMECO SHARE (49%)<br><br><br>($Cdn MILLIONS - IFRS)
Net earnings (loss)	(170-230	)
Depreciation and amortization	335-385
Finance income	(2-3	)
Finance costs	140-170
Income tax expense (recovery)	10-30
EBITDA	320-380
Adjustments on cost of products and services sold	55-60
Adjustments on marketing, administrative and general	50-65
Adjusted EBITDA	445-510

The outlook for Adjusted EBITDA for 2024 and its growth over the next five years are based on the following assumptions:

•	An exchange rate of $1.00 (US) for $1.30 (Cdn)

96 CAMECO CORPORATION

•	A compound annual growth rate in revenue from its core business of 4% to 6%, which is slightly higher than the<br>anticipated average growth rate of the nuclear industry based on the World Nuclear Association’s Reference Case. In addition to orders for PWR reactor fuel and services, this includes orders for VVER and BWR fuel and services. The outlook<br>assumes that work is fulfilled on the timelines and scope expected based on current orders received, and additional work is undertaken based on past trends. The expected margins on this work are aligned with the historic margins of 16% to 19%, with<br>variability expected to come from product mix compared to in previous years.
•	Growth from new AP1000 reactor projects is based on agreements that have been signed and announcements where the<br>AP1000 technology has been selected, including Poland, Bulgaria and Ukraine. It is assumed that work on announced agreements and announced selections to be done by Westinghouse would proceed on the timelines and revenue pattern noted under the New<br>Build Framework. The growth only assumes Westinghouse undertakes the Engineering and Procurement work required prior to a new reactor project breaking ground, which is a small component of the overall potential. A delay in project timelines or<br>cancellation of announced projects would result in a growth rate near the bottom of the range.
---	---
•	Estimates and assumptions, including development timelines for both announced and potential reactor builds are<br>subject to government and regulatory approval, as well as risks related to the current macro-economic environment, and may differ significantly from those assumed.
---	---
•	It is also expected that investments in new technologies, including eVinci^™^ microreactor and AP300^™^ small modular reactor, will be made in accordance with the current business plan and are expected to contribute<br>to Adjusted EBITDA largely outside the 5-year time frame.
---	---

New Build

New Build framework

Westinghouse undertakes its role in the design, development, engineering and procurement of equipment for new reactors. It does not provide construction services or assume any construction risk. This segment has the potential to add significant long-term value during the construction phase, and then to the core of the business through reactor services and fuel supply contracts once the reactor begins commercial operation.

Following an announcement of a successful bid, there are a number of contracts that must be signed before work commences and revenue is realized. The chart below is an illustrative framework and the assumptions used for the expected timing of revenue flows and profitability as these large, one-time decisions by utilities to construct new nuclear power plants using Westinghouse’s proven AP1000 reactor design are made.

Assumptions and estimates:

•	Cost to construct new AP1000 reactor in the US based on an MIT (Massachusetts Institute of Technology) study:<br>$6 billion to $8 billion (US), although it can vary significantly depending on in-country labour and construction productivity rates. There is a measured and noticeable scale effect where multiple<br>reactors have been built – for example, in China, where four AP1000 reactors are in operation and six more are under construction, and the US, where two were built and one is in operation.
•	Engineering and procurement work: 25% to 40% of total plant cost, depending on the scope of the project –<br>excluding China, where Westinghouse scope is typically less than 10% of the total project cost.
---	---
•	EBITDA margin for new build activity is expected to be aligned with the overall core business, although it can<br>vary between 10% to 20%.
---	---

MANAGEMENT’S DISCUSSION AND ANALYSIS 97

Illustrative framework of Westinghouse revenue flow for reactor new build project

LOGO

Other growth opportunities

In addition to its AP1000 reactor design, Westinghouse has submitted its pre-application Regulatory Engagement Plan with the US Nuclear Regulatory Commission for the development of its AP300 small modular reactor, which is based on the proven and licensed AP1000 reactor design. Its eVinci microreactor design was recently awarded US Department of Energy funding for a test reactor FEED (front-end engineering design) at Idaho National Lab. The AP300 small modular reactor and the eVinci microreactor are expected to offer the same carbon-free baseload benefits as larger nuclear reactor technologies, but are tailored for specific applications, including industrial, remote mining, off-grid communities, defense facilities and critical infrastructure. As with the AP1000 reactor, they are expected to have applications beyond electricity generation, including district and process heat, desalination and hydrogen production. We are optimistic about the future competitiveness of these technologies and their potential to make a meaningful contribution to Westinghouse’s long-term financial performance. However, they are presently still in the development phase.

Cautionabout forward-looking information relating to Westinghouse

This discussion of our expectations relating to the future prospects of Westinghouse is subject to the assumptions and risks that are discussed under the heading Caution about forward-looking information beginning on page 2 and may be subject to the risks listed under the heading Managing the risks, starting on page 70, which include:

Assumptions

•	the market conditions and other factors upon which we have based Westinghouse’s future plans and forecasts
•	Westinghouse’s ability to mitigate adverse consequences of delays in production and construction, and the success of its plans and strategies
---	---
•	the absence of new and adverse government regulations, policies or decisions, and that Westinghouse will comply with nuclear licence and quality assurance requirements at its facilities
---	---
•	that there will not be any significant adverse consequences to Westinghouse’s business resulting from business disruptions, including those relating to supply disruptions, economic or political uncertainty and<br>volatility, labour relation issues, and operating risks
---	---

Material risks that could cause actual results to differ materially

•	the risk that Westinghouse may not be able to meet sales commitments for any reason
•	the risk that Westinghouse may not achieve the expected growth or success in its business
---	---
•	the risk to Westinghouse’s business associated with potential production disruptions, including those related to global supply chain disruptions, global economic uncertainty, political volatility, labour relations<br>issues, and operating risks
---	---
•	the risk that Westinghouse’s strategies may change, be unsuccessful, or have unanticipated consequences
---	---
•	the risk that Westinghouse may fail to comply with nuclear licence and quality assurance requirements at its facilities
---	---

We also recommend that you review our most recent AIF, which discusses other material risks that could have an impact on Westinghouse’s performance. Actual outcomes may vary significantly.

98 CAMECO CORPORATION

Other Nuclear Fuel Cycle Investments

Global Laser Enrichment

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<br>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<br>technologies; and
---	---
•	producing high-assay low-enriched uranium (HALEU), if a market for that<br>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.
---	---

MANAGING OUR RISKS

GLE is subject to the risks relating to the nuclear industry discussed under the heading Caution about forward-looking information beginning on page 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS 99

Mineral reserves and resources

Our mineral reserves and resources are the foundation of our company and fundamental to our success.

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. You can find out more about these categories at www.cim.org.

About mineral resources

•	measured and indicated mineral resources can be estimated with sufficient confidence to allow the<br>appropriate application of technical, economic, marketing, legal, environmental, social and governmental factors to support evaluation of the economic viability of the deposit
•	measured resources: we can confirm both geological and grade continuity to support detailed mine planning<br>
---	---
•	indicated resources: we can reasonably assume geological and grade continuity to support mine planning<br>
---	---
•	inferred mineral resources are estimated using limited geological evidence and sampling information. We do<br>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<br>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 reserves

•	proven reserves: the economically mineable part of a measured resource for which at least a preliminary<br>feasibility study demonstrates that, at the time of reporting, economic extraction could be reasonably justified with a high degree of confidence
•	probable reserves: the economically mineable part of a measured and/or indicated resource for which at<br>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 reserves
---	---

For properties where we are the operator, we use current geological models, an average uranium price of $54 (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 we have an interest but are not the operator, we will take reasonable steps to ensure that the reserve and resource estimates that we report are reliable.

100 CAMECO CORPORATION

Our share of uranium in the mineral reserves table below is based on our respective ownership interests.

LOGO

Changes this year

Our share of proven and probable mineral reserves increased from 469 million pounds U3O8 at the end of 2022, to 485 million pounds at the end of 2023. The change was primarily the result of:

•	mineral resource estimate update at Cigar Lake Extension and subsequent conversion of indicated mineral resources<br>adding 40 million pounds to probable reserves.

partially offset by:

•	production at Cigar Lake, Inkai and McArthur River, which removed 22 million pounds of proven and probable<br>reserves from our mineral inventory

The remaining changes are attributable to other adjustments based on the mineral resource and reserve estimate updates at Cigar Lake, McArthur River and Inkai.

Our share of measured and indicated mineral resources decreased from 451 million pounds U3O8 at the end of 2022, to 409 million pounds at the end of 2023. Our share of inferred mineral resources decreased from 154 million pounds U3O8 to 153 million pounds.

MANAGEMENT’S DISCUSSION AND ANALYSIS 101

Qualified persons

The technical and scientific information discussed in this MD&A 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 LAKE

•	Greg Murdock, general manager, McArthur River, Cameco
•	Daley McIntyre, general manager, Key Lake, Cameco
---	---
•	Alain D. Renaud, principal resource geologist, technical services, Cameco
---	---
•	Biman Bharadwaj, principal metallurgist, technical services, Cameco
---	---

CIGAR LAKE

•	Lloyd Rowson, general manager, Cigar Lake, Cameco
•	Scott Bishop, director, technical services, Cameco
---	---
•	Alain D. Renaud, principal resource geologist, technical services, Cameco
---	---
•	Biman Bharadwaj, principal metallurgist, technical services, Cameco
---	---

INKAI

•	Alain D. Renaud, principal resource geologist, technical services, Cameco
•	Scott Bishop, director, technical services, Cameco
---	---
•	Biman Bharadwaj, principal metallurgist, technical services, Cameco
---	---
•	Sergey Ivanov, deputy director general, technical services, Cameco Kazakhstan LLP
---	---

Important information about mineralreserve and resource estimates

Although 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 interpretation
•	extraction plans
---	---
•	commodity prices and currency exchange rates
---	---
•	recovery rates
---	---
•	operating and capital costs
---	---

There 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 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.

Importantinformation for US investors

We 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.

102 CAMECO CORPORATION

Mineral reserves

As of December 31, 2023 (100% – only the shaded column shows our share)

PROVEN AND PROBABLE

(tonnes in thousands; pounds in millions)

																				OUR
																				SHARE
		PROVEN						PROBABLE						TOTAL MINERAL RESERVES						RESERVES
	MINING			GRADE		CONTENT				GRADE		CONTENT				GRADE		CONTENT		CONTENT		METALLURGICAL
PROPERTY	METHOD	TONNES		% U3O8		(LBS U3O8)		TONNES		% U3O8		(LBS U3O8)		TONNES		% U3O8		(LBS U3O8)		(LBS U3O8)		RECOVERY (%)
Cigar Lake	UG		338.1		18.11		135.0		217.5		15.36		73.7		555.6		17.03		208.6	****	113.8		98.7
Key Lake	OP		61.1		0.52		0.7		—		—		—		61.1		0.52		0.7	****	0.6		95.0
McArthur River	UG		2,047.3		7.02		316.8		520.7		5.55		63.8		2,568.0		6.72		380.5	****	265.6		99.0
Inkai	ISR		239,588.4		0.04		208.8		66,046.9		0.04		52.9		305,635.3		0.04		261.7	****	104.7		85.0
Total		****	242,035.0	****	—	****	661.2	****	66,785.0	****	—	****	190.3	****	308,820.1	****	—	****	851.5	****	484.7	****	—

(UG – underground, OP – open pit, ISR – in situ recovery)

Note that the estimates in the above table:

•	use a constant dollar average uranium price of approximately $54 (US) per pound U3O8
•	are based on exchange rates of $1.00 US=$1.26 Cdn and $1.00 US=450 Kazakhstan Tenge
---	---

Our 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 beginning on page 2, as well as certain property-specific risks. See Uranium – Tier-one operations starting on page 73.

Metallurgical recovery

MANAGEMENT’S DISCUSSION AND ANALYSIS 103

Mineral resources

As of December 31, 2023 (100% – only the shaded columns show our share)

MEASURED, INDICATED AND INFERRED

(tonnes in thousands; pounds in millions)

															OUR<br>SHARE									OUR<br>SHARE
	MEASURED RESOURCES (M)						INDICATED RESOURCES (I)										INFERRED RESOURCES
													TOTAL M+I		TOTAL M+I									INFERRED
			GRADE		CONTENT				GRADE		CONTENT		CONTENT		CONTENT					GRADE		CONTENT		CONTENT
PROPERTY	TONNES		% U3O8		(LBS U3O8)		TONNES		% U3O8		(LBS U3O8)		(LBS U3O8)		(LBS U3O8)			TONNES		% U3O8		(LBS U3O8)		(LBS U3O8)
Cigar Lake		86.3		5.32		10.1		143.6		5.33		16.9		27.0		14.7			163.4		5.55		20.0		10.9
Fox Lake		—		—		—		—		—		—		—		—			386.7		7.99		68.1		53.3
Kintyre		—		—		—		3,897.7		0.62		53.5		53.5		53.5			517.1		0.53		6.0		6.0
McArthur River		78.7		2.27		3.9		60.6		2.30		3.1		7.0		4.9			37.2		2.90		2.4		1.7
Millennium		—		—		—		1,442.6		2.39		75.9		75.9		53.0			412.4		3.19		29.0		20.2
Rabbit Lake		—		—		—		1,836.5		0.95		38.6		38.6		38.6			2,460.9		0.62		33.7		33.7
Tamarack		—		—		—		183.8		4.42		17.9		17.9		10.3			45.6		1.02		1.0		0.6
Yeelirrie		27,172.9		0.16		95.9		12,178.3		0.12		32.2		128.1		128.1			—		—		—		—
Crow Butte		1,558.1		0.19		6.6		939.3		0.35		7.3		13.9		13.9			531.4		0.16		1.8		1.8
Gas Hills - Peach		687.2		0.11		1.7		3,626.1		0.15		11.6		13.3		13.3			3,307.5		0.08		6.0		6.0
Inkai		87,192.7		0.03		56.1		65,236.0		0.02		32.9		89.1		35.6			36,165.2		0.03		23.9		9.6
North Butte - Brown Ranch		604.2		0.08		1.1		5,530.3		0.07		8.4		9.4		9.4			294.5		0.06		0.4		0.4
Ruby Ranch		—		—		—		2,215.3		0.08		4.1		4.1		4.1			56.2		0.13		0.2		0.2
Shirley Basin		89.2		0.15		0.3		1,638.2		0.11		4.1		4.4		4.4			508.0		0.10		1.1		1.1
Smith Ranch - Highland		3,703.5		0.10		7.9		14,372.3		0.05		17.0		24.9		24.9			6,861.0		0.05		7.7		7.7
Total	****	121,172.8	****	—	****	183.7	****	113,300.7	****	—	****	323.4	****	507.1	****	408.8		****	51,747.1	****	—	****	201.3	****	153.2

Note that mineral resources:

•	do not include amounts that have been identified as mineral reserves
•	do not have demonstrated economic viability
---	---
•	totals may not add due to rounding
---	---

104 CAMECO CORPORATION

Additional information

Due to the nature of our business, we are required to make estimates that affect the amount of assets and liabilities, revenues and expenses, commitments and contingencies we report. We base our estimates on our experience, our best judgment, guidelines established by the Canadian Institute of Mining, Metallurgy and Petroleum and on assumptions we believe are reasonable.

We believe the following critical accounting estimates reflect the more significant judgments used in the preparation of our financial statements. These estimates affect all of our segments, unless otherwise noted.

Decommissioning and reclamation

In our uranium and fuel services segments, we are required to estimate the cost of decommissioning and reclamation for each operation, but we normally do not incur these costs until an asset is nearing the end of its useful life. Regulatory requirements and decommissioning methods could change during that time, making our actual costs different from our estimates. A significant change in these costs or in our mineral reserves could have a material impact on our net earnings and financial position. See note 16 to the financial statements.

Carryingvalue of assets

We depreciate property, plant and equipment primarily using the unit-of-production method, where the carrying value is reduced as resources are depleted. A change in our mineral reserves would change our depreciation expenses, and such a change could have a material impact on amounts charged to earnings.

We assess the carrying values of property, plant and equipment, intangibles and investments in associates and joint ventures every year, or more often if necessary. If we determine that we cannot recover the carrying value of an asset, we write off the unrecoverable amount against current earnings. We base our assessment of recoverability on assumptions and judgments we make about future prices, production costs, our requirements for sustaining capital, our ability to economically recover mineral reserves and the impact of geopolitical events. A material change in any of these assumptions could have a significant impact on the potential impairment of these assets.

In performing impairment assessments of long-lived assets, assets that cannot be assessed individually are grouped together into the smallest group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Management is required to exercise judgment in identifying these cash generating units.

Taxes

When we are preparing our financial statements, we estimate taxes in each jurisdiction we operate in, taking into consideration different tax rates, non-deductible expenses, valuation of deferred tax assets, changes in tax laws and our expectations for future results.

We base our estimates of deferred income taxes on temporary differences between the assets and liabilities we report in our financial statements, and the assets and liabilities determined by the tax laws in the various countries we operate in. We record deferred income taxes in our financial statements based on our estimated future cash flows, which includes estimates of non-deductible expenses, future market conditions, production levels and intercompany sales. If these estimates are not accurate, there could be a material impact on our net earnings and financial position.

Controls and procedures

We have evaluated the effectiveness of our disclosure controls and procedures and internal control over financial reporting as of December 31, 2023, as required by the rules of the US Securities and Exchange Commission and the Canadian Securities Administrators.

MANAGEMENT’S DISCUSSION AND ANALYSIS 105

Management, including our Chief Executive Officer (CEO) and our Chief Financial Officer (CFO), supervised and participated in the evaluation, and concluded that our disclosure controls and procedures are effective to provide a reasonable level of assurance that the information we are required to disclose in reports we file or submit under securities laws is recorded, processed, summarized and reported accurately, and within the time periods specified. It should be noted that, while the CEO and CFO believe that our disclosure controls and procedures provide a reasonable level of assurance that they are effective, they do not expect the disclosure controls and procedures or internal control over financial reporting to be capable of preventing all errors and fraud. A control system, no matter how well conceived or operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met.

Management, including our CEO and our CFO, is responsible for establishing and maintaining internal control over financial reporting and conducted an evaluation of the effectiveness of our internal control over financial reporting based on the Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on this evaluation, management concluded that our internal control over financial reporting was effective as of December 31, 2023.

There have been no changes in our internal control over financial reporting during the year that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

New standards adopted

A number of amendments to existing standards became effective January 1, 2023, but they did not have an effect on our financial statements.

A number of amendments to existing standards are not yet effective for the year ended December 31, 2023, and have not been applied in preparing these consolidated financial statements. We do not intend to early adopt any of the amendments and do not expect them to have a material impact on our financial statements.

106 CAMECO CORPORATION

EX-99.4

EXHIBIT 99.4

For fiscal years ended December 31, 2023 and December 31, 2022, KPMG LLP and its affiliates billed Cameco Corporation and its subsidiaries the following fees:

	% of<br>total fees		% of<br>total fees
Audit fees
Cameco^1^		88.7		82.8
Subsidiaries^2^		4.9		4.7
Total audit fees		93.6		87.5
Audit-related fees
Translation services^3^		0		4.8
Pensions^4^		1.2		1.0
Total audit-related fees		1.2		5.8
Tax fees
Compliance		0.2		0.2
Planning and advice^5^		5.0		4.1
Total tax fees		5.2		4.3
All other fees
Other non-audit fees^6^		0		2.4
Total other non-audit fees		0		2.4
Total fees	****	100.0	****	100.0

All values are in US Dollars.

^1^	Includes amounts billed for the audit of Cameco’s annual consolidated financial statements and the review<br>of interim financial statements.
^2^	Includes amounts billed for the audit of Cameco’s subsidiary financial statements.
---	---
^3^	Translation services for 2022 relate to the French translation of the 2021 annual financial statements and<br>management’s discussion and analysis, 2022 Q2 interim financial statements and management’s discussion and analysis, and certain sections of the September 2022 base shelf prospectus. No invoices were issued in 2023 for translation<br>services.
---	---
^4^	Includes amounts billed for the audit of Cameco’s pension plan financial statements.<br>
---	---
^5^	Includes amounts billed for tax compliance and tax advisory services.
---	---
^6^	Other non-audit fees for 2022 includes amounts billed for Cameco’s<br>I-4 Membership. No invoices were issued in 2023.
---	---

Pre-Approval Policies and Procedures

As part of Cameco Corporation’s corporate governance practices, under its committee charter, the audit committee is required to pre-approve the audit and non-audit services performed by the external auditors. The audit committee pre-approves the audit and non-audit services up to a maximum specified level of fees. If fees relating to audit and non-audit services are expected to exceed this level or if a type of audit or non-audit service is to be performed that previously has not been pre-approved, then separate pre-approval by Cameco Corporation’s audit committee or audit committee chair, or in the absence of the audit committee chair, the chair of the board, is required. All pre-approvals granted pursuant to the delegated authority must be presented by the member(s) who granted the pre-approvals to the full audit committee at its next meeting. The audit committee has adopted a written policy to provide procedures to implement the foregoing principles.****For each of the years ended December 31, 2023 and 2022, none of Cameco Corporation’s Audit-Related Fees, Tax Fees or All Other Fees made use of the de minimis exception to pre-approval provisions contained in paragraph (c)(7)(i) of Rule 2-01 of Regulation S-X promulgated by the U.S. Securities and Exchange Commission.

EX-99.5

EXHIBIT 99.5

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors

Cameco Corporation

We consent to the use of:

•

our report dated February 7, 2024 on the consolidated financial statements of Cameco Corporation (the “Entity”) which comprise the consolidated statements of financial position as of December 31, 2023 and 2022, the related consolidated statements of earnings, comprehensive income, changes in equity and cash flows for each of the years then ended, and the related notes (collectively the “consolidated financial statements”), and

•

our report dated February 7, 2024 on the effectiveness of the Entity’s internal control over financial reporting as of December 31, 2023

---

each of which is included in the Annual Report on Form 40-F of the Entity for the fiscal year ended December 31, 2023.

We also consent to the incorporation by reference of such reports in the Registration Statements (File Nos. 333-11736, 333-06180, 333-139165, and 333-196422) on Form S-8 and on Form F-10 (File No. 333-267625) of the Entity.

/s/ KPMG LLP

Chartered Professional Accountants

March 22, 2024

Saskatoon, Canada

EX-99.6

EXHIBIT 99.6

CERTIFICATION PURSUANT TO RULE 13a-14(a) OR 15d-14(a)

OF THE U.S. SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

I, Tim Gitzel, certify that:

1.	I have reviewed this Annual Report on Form 40-F of Cameco Corporation;<br>
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a<br>material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
---	---
3.	Based on my knowledge, the financial statements, and other financial information included in this report,<br>fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;
---	---
4.	The issuer’s other certifying officer and I are responsible for establishing and maintaining disclosure<br>controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:
---	---
a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be<br>designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being<br>prepared;
---	---
b)	designed such internal control over financial reporting, or caused such internal control over financial<br>reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting<br>principles;
---	---
c)	evaluated the effectiveness of the issuer’s disclosure controls and procedures and presented in this<br>report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
---	---
d)	disclosed in this report any change in the issuer’s internal control over financial reporting that<br>occurred during the period covered by the Annual Report that has materially affected, or is reasonably likely to materially affect, the issuer’s internal control over financial reporting; and
---	---
5.	The issuer’s other certifying officer and I have disclosed, based on our most recent evaluation of<br>internal control over financial reporting, to the issuer’s auditors and the audit committee of the issuer’s board of directors (or persons performing the equivalent functions):
---	---
a)	all significant deficiencies and material weaknesses in the design or operation of internal control over<br>financial reporting which are reasonably likely to adversely affect the issuer’s ability to record, process, summarize and report financial information; and
---	---
b)	any fraud, whether or not material, that involves management or other employees who have a significant role in<br>the issuer’s internal control over financial reporting.
---	---

Date: March 22, 2024

/s/ Tim Gitzel
Name: Tim Gitzel
Title: President and Chief Executive Officer<br><br><br>(Principal Executive Officer)

EX-99.7

EXHIBIT 99.7

CERTIFICATION PURSUANT TO RULE 13a-14(a) OR 15d-14(a)

OF THE U.S. SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

I, Grant Isaac, certify that:

1.	I have reviewed this Annual Report on Form 40-F of Cameco Corporation;<br>
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a<br>material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
---	---
3.	Based on my knowledge, the financial statements, and other financial information included in this report,<br>fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;
---	---
4.	The issuer’s other certifying officer and I are responsible for establishing and maintaining disclosure<br>controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:
---	---
a)	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be<br>designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being<br>prepared;
---	---
b)	designed such internal control over financial reporting, or caused such internal control over financial<br>reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting<br>principles;
---	---
c)	evaluated the effectiveness of the issuer’s disclosure controls and procedures and presented in this<br>report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
---	---
d)	disclosed in this report any change in the issuer’s internal control over financial reporting that<br>occurred during the period covered by the Annual Report that has materially affected, or is reasonably likely to materially affect, the issuer’s internal control over financial reporting; and
---	---
5.	The issuer’s other certifying officer and I have disclosed, based on our most recent evaluation of<br>internal control over financial reporting, to the issuer’s auditors and the audit committee of the issuer’s board of directors (or persons performing the equivalent functions):
---	---
a)	all significant deficiencies and material weaknesses in the design or operation of internal control over<br>financial reporting which are reasonably likely to adversely affect the issuer’s ability to record, process, summarize and report financial information; and
---	---
b)	any fraud, whether or not material, that involves management or other employees who have a significant role in<br>the issuer’s internal control over financial reporting.
---	---
Date: March 22, 2024	/s/ Grant Isaac
---	---	---
	Name:	Grant Isaac
	Title:	Executive Vice-President and
		Chief Financial Officer
		(Principal Financial Officer)

EX-99.8

EXHIBIT 99.8

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Cameco Corporation (the “Company”) on Form 40-F for the year ended December 31, 2023, as filed with the U.S. Securities and Exchange Commission on the date hereof (the “Report”), I, Tim Gitzel, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

1.	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act<br>of 1934; and
2.	The information contained in the Report fairly presents, in all material respects, the financial condition and<br>results of operations of the Company.
---	---
By:	/s/ Tim Gitzel
---	---
	Name: Tim Gitzel
	Title: President and Chief Executive Officer

March 22, 2024

EX-99.9

EXHIBIT 99.9

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Cameco Corporation (the “Company”) on Form 40-F for the year ended December 31, 2023, as filed with the U.S. Securities and Exchange Commission on the date hereof (the “Report”), I, Grant Isaac, Executive Vice-President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

1.	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act<br>of 1934; and
2.	The information contained in the Report fairly presents, in all material respects, the financial condition and<br>results of operations of the Company.
---	---
By:	/s/ Grant Isaac
---	---
	Name: Grant Isaac
	Title: Executive Vice-President and
	Chief Financial Officer

March 22, 2024

EX-99.10

EXHIBIT 99.10

CONSENT OF EXPERT

Reference is made to the Annual Report on Form 40-F (the “Form 40-F”) of Cameco Corporation (the “Corporation”) to be filed with the United States Securities and Exchange Commission pursuant to the United States Securities Exchange Act of 1934, as amended.

I hereby consent to reference to my name and my involvement in the preparation of, or supervision of the preparation of, scientific and technical information in the following instances:

(a)

under the headings “Operations, projects and investments – Uranium – Tier-one operations – McArthur River mine/Key Lake mill”, “Operations, projects and investments – Cigar Lake”, “Operations, projects and investments – Uranium – Tier-one operations – Inkai”, “Mineral reserves and resources” and “Governance – Interest of experts” in the Corporation’s Annual Information Form for the year ended December 31, 2023 dated March 22, 2024 for the McArthur River mine/Key Lake mill, Cigar Lake and Inkai operations; and

(b)

under the headings “Operations, projects and investments – Uranium – Tier-one operations – McArthur River mine/Key Lake mill”, “Operations, projects and investments – Uranium – Tier-one operations – Cigar Lake”, “Operations, projects and investments – Uranium – Tier-one operations – Inkai”, and “Mineral reserves and resources” in Management’s Discussion and Analysis for the year ended December 31, 2023 dated February 8, 2024 for the McArthur River mine/Key Lake mill, Cigar Lake and Inkai operations,

---

(collectively the “Technical Information”) in the Form 40-F, and to the inclusion and incorporation by reference of information derived from the Technical Information in the Form 40-F.

I also hereby consent to the incorporation by reference of such Technical Information in the Registration Statements on Form S-8 (File Nos. 333-11736, 333-06180 and 333-139165) for the Cameco Corporation Stock Option Plan, the Registration Statement on Form S-8 (File No. 333-196422) for the Cameco Corporation Employee Share Ownership Plan and the Registration Statement on Form F-10 (File No. 333-267625).

Sincerely,

/s/ Alain D. Renaud
Name:Alain D. Renaud, P. Geo.

Title: Principal Resource Geologist, Technical Services, Cameco Corporation

Date: March 22, 2024

EX-99.11

EXHIBIT 99.11

CONSENT OF EXPERT

I hereby consent to reference to my name and my involvement in the preparation of, or supervision of the preparation of, scientific and technical information in the following instances:

(a)

under the headings “Operations, projects and investments – Uranium – Tier-one operations – McArthur River mine/Key Lake mill”, “Operations, projects and investments – Uranium – Tier-one operations – Cigar Lake”, “Operations, projects and investments – Uranium – Tier-one operations – Inkai”, “Mineral reserves and resources” and “Governance – Interest of experts” in the Corporation’s Annual Information Form for the year ended December 31, 2023 dated March 22, 2024 for the McArthur River mine/Key Lake mill, Cigar Lake and Inkai operations; and

(b)

---

(collectively the “Technical Information”) in the Form 40-F, and to the inclusion and incorporation by reference of information derived from the Technical Information in the Form 40-F.

Sincerely,

/s/ Biman Bharadwaj
Name: Biman Bharadwaj, P. Eng.

Title: Principal Metallurgist, Technical Services, Cameco Corporation

Date: March 22, 2024

EX-99.12

EXHIBIT 99.12

CONSENT OF EXPERT

I hereby consent to reference to my name and my involvement in the preparation of, or supervision of the preparation of, scientific and technical information in the following instances:

(a)

under the headings “Operations, projects and investments – Uranium – Tier-one operations – Cigar Lake”, “Operations, projects and investments – Uranium – Tier-one operations – Inkai”, “Mineral reserves and resources” and “Governance – Interest of experts” in the Corporation’s Annual Information Form for the year ended December 31, 2023 dated March 22, 2024 for the Cigar Lake and Inkai operations; and

(b)

under the headings “Operations, projects and investments – Uranium – Tier-one operations – Cigar Lake”, “Operations, projects and investments – Uranium – Tier-one operations – Inkai”, and “Mineral reserves and resources” in Management’s Discussion and Analysis for the year ended December 31, 2023 dated February 8, 2024 for the Cigar Lake and Inkai operations,

---

(collectively the “Technical Information”) in the Form 40-F, and to the inclusion and incorporation by reference of information derived from the Technical Information in the Form 40-F.

Sincerely,

/s/ Scott Bishop
Name: Scott Bishop, P. Eng.

Title: Director, Technical Assurance & Mineral Reserves, Technical Services, Cameco Corporation

Date: March 22, 2024

EX-99.13

EXHIBIT 99.13

CONSENT OF EXPERT

I hereby consent to reference to my name and my involvement in the preparation of, or supervision of the preparation of, scientific and technical information in the following instances:

(a)	under the headings “Operations, projects and investments – Uranium – Tier-one operations – Cigar Lake”, “Mineral reserves and resources” and “Governance – Interest of experts” in the Corporation’s Annual Information Form for the year ended<br>December 31, 2023 dated March 22, 2024 for the Cigar Lake operation; and
(b)	under the headings “Operations, projects and investments – Uranium – Tier-one operations – Cigar Lake” and “Mineral reserves and resources” in Management’s Discussion and Analysis for the year ended December 31, 2023 dated February 8, 2024 for the<br>Cigar Lake operation,
---	---

(collectively the “Technical Information”) in the Form 40-F, and to the inclusion and incorporation by reference of information derived from the Technical Information in the Form 40-F.

Sincerely,

/s/ Lloyd Rowson
Name: Lloyd Rowson, P. Eng.

Title: General Manager, Cigar Lake, Cameco Corporation

Date: March 22, 2024

EX-99.14

EXHIBIT 99.14

CONSENT OF EXPERT

I hereby consent to reference to my name and my involvement in the preparation of, or supervision of the preparation of, scientific and technical information in the following instances:

(a)	under the headings “Operations, projects and investments – Uranium – Tier-one operations – McArthur River mine/Key Lake mill”, “Mineral reserves and resources” and “Governance – Interest of experts” in the Corporation’s Annual Information Form<br>for the year ended December 31, 2023 dated March 22, 2024 for the McArthur River mine; and
(b)	under the headings “Operations, projects and investments – Uranium – Tier-one operations – McArthur River mine/Key Lake mill” and “Mineral reserves and resources” in Management’s Discussion and Analysis for the year ended December 31, 2023 dated<br>February 8, 2024 for the McArthur River mine,
---	---

(collectively the “Technical Information”) in the Form 40-F, and to the inclusion and incorporation by reference of information derived from the Technical Information in the Form 40-F.

Sincerely,

/s/ Gregory M. Murdock
Name: Gregory M. Murdock, P. Eng.

Title: General Manager, McArthur River, Cameco Corporation

Date: March 22, 2024

EX-99.15

EXHIBIT 99.15

CONSENT OF EXPERT

I hereby consent to reference to my name and my involvement in the preparation of, or supervision of the preparation of, scientific and technical information in the following instances:

(a)	under the headings “Operations, projects and investments – Uranium – Tier-one operations – Inkai”, “Mineral reserves and resources” and “Governance – Interest of experts” in the Corporation’s Annual Information Form for the year ended<br>December 31, 2023 dated March 22, 2024 for the Inkai operation; and
(b)	under the headings “Operations, projects and investments – Uranium – Tier-one operations – Inkai”, and “Mineral reserves and resources” in Management’s Discussion and Analysis for the year ended December 31, 2023 dated February 8, 2024 for the Inkai<br>operation,
---	---

(collectively the “Technical Information”) in the Form 40-F, and to the inclusion and incorporation by reference of information derived from the Technical Information in the Form 40-F.

Sincerely,

/s/ Sergey Ivanov
Name: Sergey Ivanov, P. Geo.

Title: Deputy Director General, Technical Services, Cameco Kazakhstan LLP

Date: March 22, 2024

EX-99.16

EXHIBIT 99.16

CONSENT OF EXPERT

I hereby consent to reference to my name and my involvement in the preparation of, or supervision of the preparation of, scientific and technical information in the following instances:

(a)	under the headings “Operations, projects and investments – Uranium – Tier-one operations – McArthur River mine/Key Lake mill”, “Mineral reserves and resources” and “Governance – Interest of experts” in the Corporation’s Annual Information Form<br>for the year ended December 31, 2023 dated March 22, 2024 for the Key Lake mill; and
(b)	under the headings “Operations, projects and investments – Uranium – Tier-one operations – McArthur River mine/Key Lake mill” and “Mineral reserves and resources” in Management’s Discussion and Analysis for the year ended December 31, 2023 dated<br>February 8, 2024 for the Key Lake mill,
---	---

(collectively the “Technical Information”) in the Form 40-F, and to the inclusion and incorporation by reference of information derived from the Technical Information in the Form 40-F.

Sincerely,

/s/ Daley McIntyre
Name: Daley McIntyre, P. Eng.

Title: General Manager, Key Lake, Cameco Corporation

Date: March 22, 2024

EX-99.18

EXHIBIT 99.18

EXECUTIVE INCENTIVE COMPENSATION RECOUPMENT POLICY

(SEC AND NYSE)

Purpose

This Executive Incentive Compensation Recoupment Policy (SEC and NYSE) has been adopted by

Cameco Corporation (Cameco) to enhance its alignment with good compensation governance practices, to comply with requirements set forth by the U.S. Securities and Exchange Commission and the New York Stock Exchange, and to assist Cameco to manage its compensation related risk.

Definitions

In this Policy the following capitalized terms have the meanings set out below:

1.	“Applicable Rules” means any laws, regulations and rules of any stock exchange<br>applicable to Cameco, including the listing standards of the New York Stock Exchange.
2.	“Board” means the board of directors of Cameco.
---	---
3.	“Cameco” means Cameco Corporation.
---	---
4.	“Effective Date” means October 2, 2023.
---	---
5.	“Executives” means any officer appointed by the Board from time to time and includes<br>former officer appointees and any individual who is, or was during the Look-Back Period, an executive officer of Cameco within the meaning of Rule 10D-1(d) under the U.S. Securities Exchange Act of 1934.<br>“Executive” means any one of the Executives.
---	---
6.	“Human Resources and Compensation Committee” means the human resources and compensation<br>committee of the Board.
---	---
7.	“Incentive Compensation” means that portion of an Executive’s compensation that is<br>granted, earned or vested based wholly or in part on stock price, total shareholder return or the attainment of (i) financial goals that are determined and presented in accordance with the accounting principles used in preparing Cameco’s<br>financial statements, and (ii) any other measures that are derived from such measures.
---	---
8.	“Look-Back Period” means, with respect to any given Restatement, the three completed<br>fiscal years preceding the date Cameco is required to prepare such Restatement.
---	---
9.	“Overcompensation Amount” means the portion of an Executive’s Incentive<br>Compensation relating to the Look-Back Period which is in excess of the Incentive Compensation that the Executive would have received for such period if the Incentive Compensation had been computed in accordance with the results as restated under<br>the Restatement, calculated without regard to any taxes paid. For Incentive Compensation based on stock price or total shareholder return, where the amount to be recovered is not subject to mathematical recalculation directly from information in the<br>Restatement,
---	---
the amount to be recovered shall be based on a reasonable estimate of the effect of the Restatement on the stock price or total shareholder return, as applicable, and Cameco shall retain<br>documentation of the determination of such estimate and provide such documentation to the New York Stock Exchange if so required by the Applicable Rules. Incentive Compensation is deemed received during the fiscal year during which the applicable<br>financial reporting measure, stock price and/or total shareholder return measure, upon which the payment is based, is achieved, even if the grant or payment occurs after the end of such period.
---
10.	“Policy” **** means this Executive Incentive Compensation Recoupment Policy (SEC and<br>NYSE).
---	---
11.	“Restatement” means an accounting restatement due to Cameco’s material non-compliance with any applicable financial reporting requirement under securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material<br>to the previously issued financial statements, or that corrects an error that is not material to the previously issued financial statements but would result in a material misstatement if the error were corrected in the current period or left<br>uncorrected in the current period. Changes to financial statements that do not constitute a Restatement include retroactive: (i) application of a change from one International Financial Reporting Standards (IFRS) accounting principle to another<br>IFRS accounting principle; (ii) revisions to reportable segment information due to a change in internal organization; (iii) reclassification due to a discontinued operation; (iv) application of a change in reporting entity, such as from a<br>reorganization of entities under common control; (v) adjustments to provisional amounts in connection with a prior business combination; and (vi) revisions for stock splits, reverse stock splits, stock dividends, or other changes in<br>capital structure.
---	---

Application

This Policy applies to all Incentive Compensation received by a current or former Executive on or after the Effective Date.

Right to Recoup Incentive Compensation

In the event that:

a)	Cameco makes a Restatement; and
b)	the Executive received an Overcompensation Amount,
---	---

the Board shall, on the recommendation of the Human Resources and Compensation Committee, subject to Applicable Rules, determine and recover the Overcompensation Amount from the Executive as follows:

(i)	to the extent that the Overcompensation Amount has been paid, transferred or otherwise made available to the<br>Executive, require, by written demand, the Executive to reimburse Cameco for such Overcompensation Amount (which, in the case of options or share appreciation rights received by the Executive during the Look-Back Period which have been exercised by<br>the Executive, means the amount, by which the fair market value of a common share of Cameco on the date of exercise or settlement exceeded the exercise price for the option or share appreciation right);
(ii)	to the extent that the Overcompensation Amount has not been paid, transferred or otherwise made available to<br>the Executive by Cameco, cancel, or require the Executive to forfeit, the receipt or payment of such Overcompensation Amount; and
---	---
(iii)	to the extent the Overcompensation Amount is not immediately recovered upon demand from the Executive, whether<br>by reimbursement, forfeiture and/or cancellation, deduct the Overcompensation Amount, or any unrecovered portion thereof, from salary, wages and/or **** any other Incentive Compensation whether or not referable to the Look-Back Period owing,<br>awarded or payable by Cameco to the Executive or withhold, forfeit and/or cancel any Incentive Compensation to compensate for the Overcompensation Amount or any unrecovered portion thereof, and to bring any other actions against the Executive which<br>they may deem necessary or advisable to recover the Overcompensation Amount or any unrecovered portion thereof.
---	---

Notwithstanding the foregoing, the Board may determine that repayment of an Overcompensation Amount (or a portion thereof) is not required only where it determines that recovery would be impracticable and one of the following circumstances exists: (i) the direct expense paid to a third party to assist in enforcing this Policy would exceed the amount to be recovered, provided Cameco has (A) made a reasonable attempt to recover such Incentive Compensation, (B) documented such reasonable attempt and (C) provided such documentation to the New York Stock Exchange; (ii) recovery would violate Canadian law where the law was adopted prior to November 28, 2022, provided Cameco has (A) obtained an opinion of Canadian counsel acceptable to the New York Stock Exchange that recovery would result in such violation and (B) provided such opinion to the New York Stock Exchange; or (iii) recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of Cameco, to fail to meet the requirements of 26 U.S.C. 401(a)(13) or 26 U.S.C. 411(a) and the regulations thereunder.

This Policy will be enforced and appropriate exhibit filings will be made in accordance with the Applicable Rules. Recoupment of Overcompensation Amounts under this Policy will be initiated by Cameco at the direction of the Board on the recommendation of the Human Resources and Compensation Committee, and all amounts recoverable or payable hereunder shall be paid to Cameco or as directed by the Board.

This Policy is in addition to any other action or remedy available to Cameco against the Executive under Applicable Rules, including termination of employment for cause.

No Fault Application, No Indemnification

Recovery of erroneously received compensation under this Policy is on a “no fault” basis, meaning that it will occur regardless of whether the Executive engaged in misconduct or was otherwise directly or indirectly responsible, in whole or in part, for the Restatement. No Executive may be indemnified by Cameco, or any of its affiliates, from losses arising from the application of this Policy.

General

Subject to applicable law, this Policy may be terminated at any time by the Board.

In the event of any conflict or inconsistency between this Policy and any other policies, plans or other materials of Cameco, this Policy will govern.

Nothing in this Policy is intended to limit or otherwise preclude recovery under the Company’s existing Executive Incentive Compensation Recoupment Policy, as such policy may be amended from time to time.

Policy Governance

Policy Sponsor: The human resources and compensation committee

Approved by: The Cameco Corporation Board of Directors

Date approved: November 22, 2023

Date last reviewed: Not applicable

Responsibility for document management: Corporate Secretary