Equibles

6-K

CAMECO CORP (CCJ)

6-K 2024-07-31 For: 2024-07-31
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Added on April 09, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 6-K

Report ofForeign Private Issuer

Pursuant to Rule 13a-16 or15d-16

Under the Securities Exchange Act of 1934

For the month of July, 2024

CamecoCorporation

(Commission file No. 1-14228)

2121-11th Street West

Saskatoon, Saskatchewan, Canada S7M 1J3

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☐   Form 40-F ☑

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ☐   No ☑

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):

Exhibit Index

Exhibit No. Description
99.1 Press Release dated July 31, 2024
99.2 Management’s discussion and analysis for the quarter ended June 30, 2024
99.3 Condensed consolidated interim unaudited financial statements for the quarter ended June 30, 2024
99.4 Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 dated July 31, 2024
99.5 Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 dated July 31, 2024

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: July 31, 2024 Cameco Corporation
By: /s/ Sean A. Quinn
Sean A. Quinn
Senior Vice-President, Chief Legal Officer and Corporate Secretary

EX-99.1

Exhibit 99.1

TSX: CCO<br> <br>NYSE: CCJ website: cameco.com<br><br><br>currency: Cdn (unless noted)

2121 – 11th Street West, Saskatoon, Saskatchewan, S7M 1J3 Canada

Tel: 306-956-6200 Fax: 306-956-6201

Cameco reports Q2 results: 2024 outlook on track; strong operational performance; financialresults reflect transition to tier-one economics; durable demand outlook driving long-term price increases; disciplined strategy capturing long-term value

Saskatoon, Saskatchewan, Canada, July 31, 2024

Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the second quarter ended June 30, 2024, in accordance with International Financial Reporting Standards (IFRS).

“Second quarter operational performance was strong, driving financial results that remain in line with our full-year 2024 outlook,” said Tim Gitzel, Cameco’s president and CEO. “As expected, those results reflect normal quarterly variability, and while we believe Westinghouse is on track and continues to perform as expected, our overall results continue to be impacted by the required purchase accounting and other non-operational acquisition-related costs related to that investment.

“At the end of the second quarter, Alice Wong announced her retirement as senior vice-president and chief corporate officer. It’s been an absolute pleasure to work with Alice during her 37-year career with Cameco. Personally, and on behalf of the company, I would like to thank Alice for her expertise, wisdom, leadership and outstanding contributions, and I wish her the very best in retirement. Rachelle Girard, who was in the role of vice-president of investor relations and has demonstrated sound judgment and excellent leadership qualities in her 18 years with Cameco, has been appointed senior vice-president and chief corporate officer. We are pleased to welcome Rachelle to Cameco’s senior executive team and look forward to a strong contribution as we position the company to leverage opportunities in these exciting times for the nuclear industry.

“Cameco is in the enviable position of having what we believe are the world’s premier, tier-one assets, with investments across the fuel cycle and the reactor life cycle. With our disciplined strategy that aligns our operational, marketing, and financially focused decisions, in a market where we are seeing sustained, positive momentum for nuclear energy, we believe those assets and investments will allow us to generate full-cycle value.

“Under the marketing element of our strategy, with the positive demand sentiment and a long-term uranium price that has continued to strengthen, we are continuing to be selective in committing our unencumbered, tier-one, in-ground uranium inventory and UF6 conversion capacity to capture greater upside for many years to come. Our contract portfolio spans more than a decade, with annual commitments from 2024 through 2028 increasing this past quarter to an average of about 29 million pounds per year. That portfolio guides the operational element of our strategy, which is underpinned by production rates that align with the market demand, and costs in our uranium segment that continue to reflect our transition back to a tier-one cost structure. And from the perspective of our financial decisions, the strategy sets the foundation for strong cash flow generation, which guides our conservative, risk-managed capital allocation priorities, including a focus on debt reduction and the prudent refinancing activities undertaken in 2024.

“As a proven, reliable supplier we are recognized for our experience and our thorough understanding of how nuclear fuel markets work. With full-cycle support emerging for nuclear energy, reinforced by positive public opinion, promising policy decisions, and market-based solutions, we believe we are in the unique position of utilizing that experience and understanding to provide reliable sources of supply to meet the durable, long-term demand emerging across the fuel cycle.

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“Nuclear energy is clearly being recognized as a critical tool in the fight against climate change, with additional advantages in the context of reliability, capacity, scalability and energy security being highlighted by governments and energy-intensive industries alike. Cameco and Westinghouse, as proven producers of uranium products and services that have demonstrated strong and sustainable performance, underpinned by licensed and permitted operations in geopolitically stable jurisdictions, can be expected to benefit from those significant tailwinds.

“We are a responsible, commercial supplier with a strong balance sheet, long-lived, tier-one assets in reliable jurisdictions, and a proven operating track record. We believe we have the right strategy to achieve our vision of ‘energizing a clean-air world’ in a manner that reflects our values, including a commitment to address the risks and opportunities that we believe will make our business sustainable over the long term.”

• 2024 financial outlook on track: We continue to expect strong cash flow generation, with estimated<br>consolidated revenue of between about $2.85 billion and $3.0 billion. We maintain the outlook for our share of Westinghouse’s 2024 adjusted EBITDA of between $445 million and $510 million. See Outlook for 2024 in our<br>second quarter MD&A for more information. Adjusted EBITDA attributable to Westinghouse is a non-IFRS measure, see page 5.
• Financial results continuing to reflect a transition to tier-oneeconomics: Solid second quarter results with net earnings of $36 million, adjusted net earnings of $62 million, adjusted EBITDA of $337 million; first six months net earnings of $29 million, adjusted net earnings of<br>$118 million, and adjusted EBITDA of $681 million. Results are driven by normal quarterly variations in contract deliveries in our uranium and fuel services segments, and the addition of Westinghouse, which is also impacted by quarterly<br>variability. Gross profit improved due to increased sales volume and an increase in the Canadian dollar average realized price. Adjusted net earnings and adjusted EBITDA are non-IFRS measures, see page 5.<br>
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• Uranium segment on track for 2024 outlook with strong operational performance: In our uranium segment,<br>production and financial results for the quarter and for the first six months of the year were strong. Higher revenues and gross profit compared to last year were primarily driven by a higher average realized price. Deliveries of 6.2 million<br>pounds during the quarter were higher than in the second quarter of 2023, while deliveries of 13.5 million pounds year-to-date were lower than the same period last<br>year due to normal quarterly variations, although it remained in line with the delivery pattern disclosed in our annual MD&A. Our annual expectation for uranium deliveries of between 32 million and 34 million pounds remains unchanged.<br>See Uranium in our second quarter MD&A for more information.
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• Combined fuel services production unchanged: In our fuel services segment, normal quarterly variations in<br>contract deliveries resulted in lower delivery volumes during the second quarter and for the first half of the year, compared to the same periods in 2023. Production was lower in the second quarter and for the first six months due to temporary<br>operational issues that impacted the first half of 2024, resulting in a higher unit cost of sales, driving a slight increase in our 2024 outlook for fuel services average unit cost of sales. Although fuel services outlook and production results are<br>not broken down by individual product line (includes the combined production of UO2, UF6, and heavy water reactor fuel bundles), we<br>previously indicated we were targeting production of 12,000 tonnes at the Port Hope UF6 conversion facility in 2024. Our annual production expectation for fuel services remains between<br>13.5 million and 14.5 million kgU of combined fuel services products in 2024, but we now expect the conversion component of that guidance to be between 11,000 tonnes and 11,500 tonnes of<br>UF6. See Fuel Services in our second quarter MD&A for more information.
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• Long-term contracting success continues, maintaining exposure to higher prices: As of June 30, 2024,<br>we had commitments requiring delivery of an average of about 29 million pounds per year from 2024 through 2028, an increase from an average of about 28 million pounds per year at the end of March. We also have contracts in our uranium and<br>fuel services segments that span more than a decade, and in our uranium segment, many of those contracts benefit from market-related pricing mechanisms. In addition, we have a large and growing pipeline of business under discussion, which we expect<br>will help further build our long-term contract portfolio.
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• Maintaining financial discipline and balanced liquidity to execute on strategy:
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• Strong balance sheet: As of June 30, 2024, we had $362 million in cash and cash equivalents and<br>$1.4 billion in total debt. In addition, we have a $1.0 billion undrawn credit facility, which matures October 1, 2027. With improving prices under our long-term contract portfolio, the progress we are making in our uranium segment<br>towards the return to our tier-one cost structure, and an expected increase in our UF6 conversion production, we expect to see strong cash flow<br>generation in 2024.
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• Focused debt reduction: Thanks to our risk-managed financial discipline, and strong cash position, in the<br>second quarter we continued to prioritize the reduction of the floating-rate term loan used to finance the Westinghouse acquisition, repaying another $100 million (US) of the remaining $400 million (US) principal outstanding. We plan to<br>continue to prioritize repayment of the remaining $300 million (US) outstanding principal on the term loan while balancing our liquidity and cash position.
• Prudent refinancing: Consistent with the conservative financial management we have demonstrated and our<br>2024 capital allocation priorities, in the second quarter we successfully refinanced the $500 million senior unsecured debentures that we retired at maturity on June 24, 2024. The new $500 million senior unsecured debentures, Series<br>I, mature May 24, 2031, and have a coupon of 4.94%.
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• Maintaining financial flexibility: We plan to file a new base shelf prospectus when the current one<br>expires in October.
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• JV Inkai production purchase allocation remains under discussion: Production at our JV in Kazakhstan was<br>lower for the quarter and the first half of 2024 due to challenges with sulfuric acid supply in the early part of the year. JV Inkai continues to experience procurement and supply chain issues, most notably related to the stability of sulfuric acid<br>deliveries. The 2024 production expectation of 8.3 million pounds of U3O8 (100% basis) is tentative and contingent upon receipt of<br>sufficient volumes of sulfuric acid. Subsequent to the end of the quarter, Kazatomprom issued a news release indicating that at the end of June, the government of the Republic of Kazakhstan introduced amendments to the country’s Tax Code,<br>including significant increases to the Mineral Extraction Tax (MET) rate paid by mining entities on uranium production, beginning in 2025. We are evaluating the new MET and if it remains as currently formulated, preliminary conclusions indicate that<br>production costs in Kazakhstan would be similar to northern Saskatchewan operations, depending on the assumptions used for uranium price, production profile, and exchange rate. See Uranium 2024 Q2 Updates in our second quarter MD&A for<br>more information.
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• Collective agreements approved by union membership at McArthur River/Key Lake and Cameco Fuel Manufacturing(CFM): New three-year collective agreements were signed with United Steelworkers Local 8914 at the McArthur River mine and Key Lake mill, and with unionized employees at CFM, with terms expiring in December 2025 and June 2027, respectively.<br>
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• Changes to the executive team: Effective June 30, 2024, Alice Wong retired from her role as senior<br>vice-president and chief corporate officer after more than 37 years with Cameco, serving in her current role since 2011. Effective July 1, 2024, Rachelle Girard was appointed senior vice-president and chief corporate officer with oversight of<br>investor relations, human resources, supply chain management, and internal audit and corporate ethics, and Cory Kos was appointed vice-president, investor relations.
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Consolidated financial results

HIGHLIGHTS SIX MONTHS<br>ENDED JUNE 30
( MILLIONS EXCEPT WHERE INDICATED) 2023 CHANGE 2024 2023 CHANGE
Revenue 598 482 24 % **** 1,232 1,169 5 %
Gross profit 175 110 59 % **** 362 277 31 %
Net earnings attributable to equity holders 36 14 >100 % **** 29 133 (78 )%
per common share (basic) 0.08 0.03 >100 % **** 0.07 0.31 (77 )%
per common share (diluted) 0.08 0.03 >100 % **** 0.07 0.31 (77 )%
Adjusted net earnings (losses) (ANE) (non-IFRS, see<br>page 5) 62 (3 ) >100 % **** 118 112 5 %
per common share (adjusted and diluted) 0.14 (0.01 ) >100 % **** 0.27 0.26 4 %
Adjusted EBITDA (non-IFRS, see page 5) 337 54 >100 % **** 681 278 >100 %
Cash provided by operations (after working capital changes) 260 87 >100 % **** 323 302 7 %

All values are in US Dollars.

The financial information presented for the three months and six months ended June 30, 2023, and June 30, 2024, is unaudited.

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Selected segment highlights

SIX MONTHS
ENDED JUNE 30
HIGHLIGHTS 2023 CHANGE 2024 2023 CHANGE
Uranium Production volume (million lbs) 7.1 **** 4.4 61 % **** 12.9 **** 8.8 47 %
Sales volume (million lbs) 6.2 **** 5.5 13 % **** 13.5 **** 15.2 (11 )%
Average realized price^1^ (US/lb) 56.43 **** 49.41 14 % **** 57.04 **** 46.81 22 %
(Cdn/lb) 76.93 **** 67.05 15 % **** 77.15 **** 63.17 22 %
Revenue 481 **** 369 30 % **** 1,042 **** 963 8 %
Gross profit 144 **** 72 100 % **** 313 **** 208 50 %
Net earnings attributable to equity holders 192 **** 68 182 % **** 445 **** 256 74 %
Adjusted EBITDA^2^ 248 **** 118 110 % **** 550 **** 378 46 %
Fuel services Production volume (million kgU) 2.9 **** 3.4 (15 )% **** 6.7 **** 7.6 (12 )%
Sales volume (million kgU) 2.9 **** 3.2 (9 )% **** 4.4 **** 5.6 (21 )%
Average realized price ^3^ (Cdn/kgU) 39.98 **** 35.63 12 % **** 42.80 **** 36.51 17 %
Revenue 118 **** 113 4 % **** 190 **** 206 (8 )%
Net earnings attributable to equity holders 33 **** 39 (15 )% **** 53 **** 70 (24 )%
Adjusted EBITDA^2^ 42 **** 48 (13 )% **** 67 **** 86 (22 )%
Adjusted EBITDA margin (%)^2^ 36 **** 42 (14 )% **** 35 **** 42 (17 )%
Westinghouse Revenue 670 **** — n/a **** 1,325 **** — n/a
(our share) Net loss (47 ) — n/a **** (170 ) — n/a
Adjusted EBITDA^2^ 121 **** — n/a **** 197 **** — n/a

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^ Non-IFRS measure, see page 5.
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^3^ 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.
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The table below shows the costs of produced and purchased uranium incurred in the reporting periods (see non-IFRS measures starting on page 5). These costs do not include care and maintenance costs, selling costs such as royalties, transportation and commissions, nor do they reflect the impact of opening inventories on our reported cost of sales.

THREE MONTHS<br>ENDED JUNE 30 SIX MONTHS<br>ENDED JUNE 30
($CDN/LB) 2024 2023 CHANGE 2024 2023 CHANGE
Produced
Cash cost **** 16.96 23.35 (27 )% **** 18.11 23.24 (22 )%
Non-cash cost **** 9.10 12.82 (29 )% **** 9.41 11.81 (20 )%
Total production cost ^1^ **** 26.06 36.17 (28 )% **** 27.52 35.05 (21 )%
Quantity produced (million lbs)^1^ **** 7.1 4.4 61 % **** 12.9 8.8 47 %
Purchased
Cash cost **** 109.11 68.31 60 % **** 96.25 68.17 41 %
Quantity purchased (million lbs)^1^ **** 1.7 3.8 (55 )% **** 4.4 4.2 5 %
Totals
Produced and purchased costs **** 42.10 51.06 (18 )% **** 45.00 45.75 (2 )%
Quantities produced and purchased (million lbs) **** 8.8 8.2 7 % **** 17.3 13.0 33 %
^1^ Due to equity accounting, our share of production from JV Inkai is shown as a purchase at the time of delivery.<br>These purchases will fluctuate during the quarters and timing of purchases will not match production. There were no purchases during the quarter. In the first six months of 2024, we purchased 1.1 million pounds at a purchase price per pound of<br>$129.96 ($96.88 (US)).
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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. ANE 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 in our 2023 annual MD&A).

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 Foreign exchange in our 2023 annual MD&A 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 an 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 10 of our interim financial statements for more information. This amount has been excluded from our ANE measure.

As a result of the change in ownership of Westinghouse when it was acquired by Cameco and Brookfield, Westinghouse’s inventories at the acquisition date were revalued based on the market price at that date. As these quantities are sold, Westinghouse’s cost of products and services sold reflect these market values, regardless of their historic costs. Our share of these costs is included in earnings from equity-accounted investees and recorded in cost of products and services sold in the investee information (see note 7 to the financial statements). Since this expense is non-cash, outside of the normal course of business and only occurred due to the change in ownership, we have excluded our share from our ANE measure.

Westinghouse has also expensed some non-operating acquisition-related transition costs that the acquiring parties agreed to pay for, which resulted in a reduction in the purchase price paid. Our share of these costs is included in earnings from equity-accounted investees and recorded in other expenses in the investee information (see note 7 to the financial statements). Since this expense is outside of the normal course of business and only occurred due to the change in ownership, we have excluded our share from our ANE measure.

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To facilitate a better understanding of these measures, the table below reconciles adjusted net earnings with our net earnings for the second quarter and first six months of 2024 and compares it to the same periods in 2023.

THREE MONTHS SIX MONTHS
ENDED JUNE 30 ENDED JUNE 30
($ MILLIONS) 2024 2023 2024 2023
Net earnings attributable to equity holders **** 36 **** 14 **** 29 **** 133
Adjustments
Adjustments on derivatives **** 14 **** (35 ) **** 47 **** (41 )
Inventory purchase accounting (net of tax) **** 12 **** — **** 50 **** —
Acquisition-related transition costs (net of tax) **** 5 **** — **** 19 **** —
Adjustment to other operating expense (income) **** (2 ) 8 **** (17 ) 6
Income taxes on adjustments **** (3 ) 10 **** (10 ) 14
Adjusted net earnings (losses) **** 62 **** (3 ) **** 118 **** 112

The following table shows what contributed to the change in adjusted net earnings (non-IFRS measure, see above) for the second quarter and first six months of 2024 compares to the same periods in 2023.

SIX MONTHS ENDED<br>JUNE 30
( MILLIONS) ADJUSTED IFRS ADJUSTED
Net earnings (losses) - 2023 14 **** **** (3 ) **** 133 **** **** 112 ****
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 (24 ) (24 )
60 60 186 186
2 2 3 3
1 1 (61 ) (61 )
73 **** **** 73 **** **** 104 **** **** 104 ****
Fuel services (3 ) (3 ) (15 ) (15 )
13 13 28 28
(17 ) (17 ) (32 ) (32 )
(7 ) **** (7 ) **** (19 ) **** (19 )
Other changes
Higher administration expenditures (9 ) (9 ) (5 ) (5 )
Higher exploration and research and development expenditures (2 ) (2 ) (8 ) (8 )
Change in reclamation provisions 11 1 26 3
Higher (lower) earnings from equity-accounted investees (7 ) 10 (109 ) (40 )
Change in gains or losses on derivatives (48 ) 1 (91 ) (3 )
Change in foreign exchange gains or losses 49 49 68 68
Lower finance income (23 ) (23 ) (45 ) (45 )
Higher finance costs (20 ) (20 ) (36 ) (36 )
Change in income tax recovery or expense 5 (8 ) 10 (14 )
Other — — 1 1
Net earnings - 2024 36 **** **** 62 **** **** 29 **** **** 118 ****

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. Included in EBITDA is our share of equity-accounted investees.

ADJUSTED EBITDA

Adjusted EBITDA is defined as EBITDA 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 ANE definition.

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In calculating adjusted EBITDA, we also adjust for items included in the results of our equity-accounted investees that are not adjustments to arrive at our ANE measure. These items are reported as part of other expenses within the investee financial information and are not representative of the underlying operations. These primarily include transaction, integration and restructuring costs related to acquisitions.

The company may realize similar gains or incur similar expenditures in the future.

ADJUSTED EBITDA MARGIN

Adjusted EBITDA margin is defined as adjusted EBITDA divided by revenue for the appropriate period.

EBITDA, adjusted EBITDA and adjusted EBITDA margin are non-IFRS 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 tables below reconcile net earnings with EBITDA and adjusted EBITDA for the second quarter and first six months of 2024 and 2023.

For the quarter ended June 30, 2024:

($ MILLIONS) URANIUM FUEL<br>SERVICES WESTINGHOUSE OTHER TOTAL
Net earnings (loss) attributable to equity holders 192 33 (47 ) (142 ) 36
Depreciation and amortization 52 9 — 1 62
Finance income — — — (8 ) (8 )
Finance costs — — — 43 43
Income taxes — — — 18 18
244 42 (47 ) (88 ) 151
Adjustments on equity investees
Depreciation and amortization 2 — 89 —
Finance income — — (1 ) —
Finance expense — — 54 —
Income taxes 4 — (11 ) —
Net adjustments on equity investees 6 — 131 — 137
EBITDA 250 42 84 (88 ) 288
Gain on derivatives — — — 14 14
Other operating income (2 ) — — — (2 )
(2 ) — — 14 12
Adjustments on equity investees
Inventory purchase accounting — — 16 —
Acquisition-related transition costs — — 6 —
Other expenses — — 15 —
Net adjustments on equity investees — — 37 — 37
Adjusted EBITDA 248 42 121 (74 ) 337
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For the quarter ended June 30, 2023:

($ MILLIONS) URANIUM FUEL<br>SERVICES OTHER TOTAL
Net earnings (loss) attributable to equity holders 68 39 (93 ) 14
Depreciation and amortization 32 9 1 42
Finance income — — (31 ) (31 )
Finance costs — — 23 23
Income taxes — — 23 23
100 48 (77 ) 71
Adjustments on equity investees
Depreciation and amortization 3 — —
Income taxes 7 — —
Net adjustments on equity investees 10 — — 10
EBITDA 110 48 (77 ) 81
Loss on derivatives — — (35 ) (35 )
Other operating expense 8 — — 8
Adjusted EBITDA 118 48 (112 ) 54

For the six months ended June 30, 2024:

($ MILLIONS) URANIUM^1^ FUEL<br>SERVICES WESTINGHOUSE OTHER TOTAL
Net earnings (loss) attributable to equity holders 445 53 (170 ) (299 ) 29
Depreciation and amortization 88 14 — 2 104
Finance income — — — (14 ) (14 )
Finance costs — — — 82 82
Income taxes — — — 49 49
533 67 (170 ) (180 ) 250
Adjustments on equity investees
Depreciation and amortization 10 — 173 —
Finance income — — (3 ) —
Finance expense — — 118 —
Income taxes 24 — (48 ) —
Net adjustments on equity investees 34 — 240 — 274
EBITDA 567 67 70 (180 ) 524
Gain on derivatives — — — 47 47
Other operating income (17 ) — — — (17 )
(17 ) — — 47 30
Adjustments on equity investees
Inventory purchase accounting — — 66 —
Acquisition-related transition costs — — 25 —
Other expenses — — 36 —
Net adjustments on equity investees — — 127 — 127
Adjusted EBITDA 550 67 197 (133 ) 681
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For the six months ended June 30, 2023:

($ MILLIONS) URANIUM^1^ FUEL<br>SERVICES OTHER TOTAL
Net earnings (loss) attributable to equity holders 256 70 (193 ) 133
Depreciation and amortization 100 16 2 118
Finance income — — (59 ) (59 )
Finance costs — — 46 46
Income taxes — — 59 59
356 86 (145 ) 297
Adjustments on equity investees
Depreciation and amortization 5 — —
Income taxes 11 — —
Net adjustments on equity investees 16 — — 16
EBITDA 372 86 (145 ) 313
Loss on derivatives — — (41 ) (41 )
Other operating expense 6 — — 6
Adjusted EBITDA 378 86 (186 ) 278

CASH COST PER POUND, NON-CASH COST PER POUND AND TOTAL COST PER POUND FOR PRODUCEDAND 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.

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 second quarter and first six months of 2024 and 2023.

THREE MONTHS<br>ENDED JUNE 30 SIX MONTHS<br>ENDED JUNE 30
($ MILLIONS) 2024 2023 2024 2023
Cost of product sold **** 284.7 **** 264.5 **** 640.5 **** 654.5
Add / (subtract)
Royalties **** (32.2 ) (14.1 ) **** (50.0 ) (38.8 )
Care and maintenance costs **** (11.7 ) (11.1 ) **** (23.8 ) (23.1 )
Other selling costs **** (4.5 ) (1.4 ) **** (9.4 ) (4.1 )
Change in inventories **** 69.6 **** 124.4 **** 99.8 **** (97.7 )
Cash operating costs (a) **** 305.9 **** 362.3 **** 657.1 **** 490.8
Add / (subtract)
Depreciation and amortization **** 51.5 **** 32.2 **** 88.2 **** 100.1
Care and maintenance costs **** (0.2 ) (1.0 ) **** (0.4 ) (2.5 )
Change in inventories **** 13.3 **** 25.2 **** 33.6 **** 6.3
Total operating costs (b) **** 370.5 **** 418.7 **** 778.5 **** 594.7
Uranium produced & purchased (million lbs) (c) **** 8.8 **** 8.2 **** 17.3 **** 13.0
Cash costs per pound (a ÷ c) **** 34.76 **** 44.18 **** 37.98 **** 37.75
Total costs per pound (b ÷ c) **** 42.10 **** 51.06 **** 45.00 **** 45.75
  • 9 -

Management’s discussion and analysis (MD&A) and financial statements

The second quarter MD&A and unaudited condensed consolidated interim financial statements provide a detailed explanation of our operating results for the three and six months ended June 30, 2024, as compared to the same periods last year. This news release should be read in conjunction with these documents, as well as our audited consolidated financial statements and notes for the year ended December 31, 2023, first quarter and annual MD&A, and our most recent annual information form, all of which are available on our website at cameco.com, on SEDAR+ at sedarplus.ca, and on EDGAR at sec.gov/edgar.shtml.

Qualified persons

The technical and scientific information discussed in this document 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
--- ---

CIGAR LAKE

• Kirk Lamont, general manager, Cigar Lake, Cameco

INKAI

• Sergey Ivanov, deputy director general, technical services, Cameco Kazakhstan LLP

Caution about forward-lookinginformation

This news release includes statements and information about our expectations for the future, which we refer to as forward-looking information. Forward-looking information is based on our current views, which can change significantly, and actual results and events may be significantly different from what we currently expect. Examples of forward-looking information in this news release include: our expectation that we remain on track to achieve our full-year 2024 outlook; our ability to position the company to leverage opportunities in the nuclear industry; the sustained, positive momentum we see for nuclear energy, which we believe will allow us to generate full-cycle value; our selectivity in committing inventory and conversion capacity allowing us to capture greater future upside; our belief that our contract portfolio aligns with market demand and our transition back to a tier-one cost structure, setting the foundation for strong cash flow and debt reduction; our ability to provide supply to meet long-term demand across the fuel cycle; the ability of Cameco and Westinghouse to benefit from the recognition of nuclear energy as a critical tool in the fight against climate change; the belief in our strategy to achieve our vision of energizing a clean-air world in a manner that reflects our values, and address risks and opportunities to make our business sustainable over the long term; our cash flow generation expectations, including our consolidated revenue outlook and the outlook for our share of Westinghouse’s 2024 adjusted EBITDA; our expectations regarding our uranium segment being on track for our 2024 outlook, and our expected annual uranium deliveries; our fuel services production targets; our expectation that our pipeline of business under discussion will help further build our long-term contract portfolio; our expectations regarding a return to our tier-one cost structure, our expected increase in our UF6 conversion production, and our expectations regarding cash flow generation; our intention to prioritize debt repayment while balancing our liquidity and cash position; our intention to file a new base shelf prospectus; our production expectations for JV Inkai, our allocation of planned production, the timing of deliveries and our evaluation of the implications of announced tax law changes in Kazakhstan; including our preliminary analysis of their impact on Inkai’s production costs and preliminary conclusions that indicate production costs in Kazakhstan would be similar to northern Saskatchewan operations; and the expected date for announcement of our 2024 third quarter results.

  • 10 -

Material risks that could lead to different results include: 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 may not be able to achieve planned production levels within the expected timeframes, or that the costs involved in doing so exceed our expectations; the risk that the production levels at Inkai may not be at expected levels due to the unavailability of sufficient volumes of sulfuric acid or for any other reason, or that it may not be able to deliver its production when expected, or of the adverse effect of changes in Kazakhstan tax law to JV Inkai’s business and life-of-mine plans for 2025 and beyond; risks to Westinghouse’s business associated with potential production disruptions, the implementation of its business objectives, compliance with licensing or quality assurance requirements, or that it may otherwise be unable to achieve expected growth; the risk that we may not be able to meet sales commitments for any reason; the risks to our business associated with potential production disruptions, including those related to global supply chain disruptions, global economic uncertainty, political volatility, labour relations issues, and operating risks; the risk that we may not be able to implement our business objectives in a manner consistent with our environmental, social, governance and other values; the risk that the strategy we are pursuing may prove unsuccessful, or that we may not be able to execute it successfully; the risk that we may not realize the expected benefits from the Westinghouse acquisition; 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; and the risk that we may be delayed in announcing our future financial results.

In presenting the forward-looking information, we have made material assumptions which may prove incorrect about: uranium demand, supply, consumption, long-term contracting, growth in the demand for and global public acceptance of nuclear energy, and prices; our production, purchases, sales, deliveries and costs; the market conditions and other factors upon which we have based our future plans and forecasts; our contract pipeline discussions; Inkai production, its receipt of sufficient volumes of sulfuric acid, and our allocation of planned production and timing of deliveries; assumptions about Westinghouse’s production, purchases, sales, deliveries and costs, the absence of business disruptions, and the success of its plans and strategies; the success of our plans and strategies, including planned production; the absence of new and adverse government regulations, policies or decisions; that there will not be any significant adverse consequences to our business resulting from production disruptions, including those relating to supply disruptions, economic or political uncertainty and volatility, labour relation issues, aging infrastructure, and operating risks; the assumptions relating to Westinghouse’s adjusted EBITDA; and our ability to announce future financial results when expected.

Please also review the discussion in our 2023 annual MD&A, our 2024 first and second quarter MD&A and our most recent annual information form for other material risks that could cause actual results to differ significantly from our current expectations, and other material assumptions we have made. Forward-looking information is designed to help you understand management’s current views of our near-term 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 securities laws.

Conference call

We invite you to join our second quarter conference call on Wednesday, July 31, 2024, at 8:00 a.m. Eastern.

The call will be open to all investors and the media. To join the call, please dial please dial 844-763-8274 (Canada and US) or 647-484-8814. An operator will put your call through. The slides and a live webcast of the conference call will be available from a link at cameco.com. See the link on our home page on the day of the call.

A recorded version of the proceedings will be available:

• on our website, cameco.com, shortly after the call
• on post view until midnight, Eastern, August 31, 2024, by calling 855-669-9658 (Canada), 877-344-7529 (US) or<br>412-317-0088 (Passcode 7511295)
--- ---

2024 third quarterreport release date

We plan to announce our 2024 third quarter results before markets open on Thursday, November 7, 2024.

  • 11 -

Profile

Cameco is one of the largest global providers of the uranium fuel needed to energize a clean-air world. Our competitive position is based on our controlling ownership of the world’s largest high-grade reserves and low-cost operations, as well as significant investments across the nuclear fuel cycle, including ownership interests in Westinghouse Electric Company and Global Laser Enrichment. Utilities around the world rely on Cameco to provide global nuclear fuel solutions for the generation of safe, reliable, carbon-free nuclear power. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan, Canada.

As used in this news release, the terms we, us, our, the Company and Cameco mean Cameco Corporation and its subsidiaries unless otherwise indicated.

  • End -

Investor inquiries:

Cory Kos

306-716-6782

cory_kos@cameco.com

Media inquiries:

Veronica Baker

306-385-5541

veronica_baker@cameco.com

  • 12 -

EX-99.2

Exhibit 99.2

LOGO

Management’s discussion and analysis

for the quarter ended June 30, 2024

6 SECOND QUARTER MARKET UPDATE
9 OUR STRATEGY
12 CONSOLIDATED FINANCIAL RESULTS
16 OUTLOOK FOR 2024
21 LIQUIDITY AND CAPITAL RESOURCES
23 FINANCIAL RESULTS BY SEGMENT
27 OUR OPERATIONS - SECOND QUARTER UPDATES
29 QUALIFIED PERSONS
29 NON-IFRS MEASURES
35 ADDITIONAL INFORMATION

This management’s discussion and analysis (MD&A) includes information that will help you understand management’s perspective of our unaudited condensed consolidated interim financial statements and notes for the quarter ended June 30, 2024 (interim financial statements). The information is based on what we knew as of July 30, 2024, and updates our first quarter and annual MD&A included in our 2023 annual report.

As you review this MD&A, we encourage you to read our interim financial statements as well as our audited consolidated financial statements and notes for the year ended December 31, 2023, and annual MD&A. You can find more information about Cameco, including our audited consolidated financial statements and our most recent annual information form, on our website at cameco.com, on SEDAR+ at sedarplus.ca 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 are 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 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, 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 starting on page 4, which<br>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 our most recent annual information form and annual MD&A, which includes a discussion of other material risks that could<br>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-term<br>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 securities laws.
--- ---

Examples of forward-looking information in this MD&A

• our expectations regarding 2024 and future uranium supply, demand, contracting, geopolitical issues, and the market including the discussion under the heading Second quarter market update
• the discussion under the heading Our strategy, including the role of nuclear energy in the world’s shift to a low-carbon, climate-resilient economy, our expectation<br>that our strategy will allow us to increase long-term value, our intention to execute our strategy with an emphasis on safety, people and the environment, our belief that we have the right strategy to achieve our vision and will do so in a manner<br>that reflects our values, our target to reduce our combined Scope 1 and Scope 2 greenhouse (GHG) emissions by 30% by 2030, from our 2015 baseline, our ability to address risks and opportunities that we believe may have a significant impact on our<br>ability to operate sustainably and add long-term value for our stakeholders, our ambition to reach net-zero GHG emissions and our expected financial capacity to execute our strategy, invest in new<br>opportunities and self-manage risk
--- ---
• the discussion under the heading Strategy in action, including expected Westinghouse segment performance, our expectations regarding uranium contracting, our contract portfolio and market conditions, our plans<br>for production at McArthur River/Key Lake, Cigar Lake, and the Port Hope UF6 conversion facility, our expectations regarding production levels at JV Inkai and cash dividend entitlements and<br>timing
--- ---
• the discussion of our expectations following the completion of our acquisition of a 49% interest in Westinghouse Electric Company (Westinghouse) including our ability to create a powerful platform for strategic growth,<br>and the variability of the impact of Westinghouse on our quarterly results due to its customer requirements, delivery and outage schedules
--- ---
• the discussion of our expectations relating to our Canada Revenue Agency (CRA) transfer pricing dispute, our confidence that the courts would reject any attempt by CRA to utilize the same position and arguments for tax<br>years 2007 through 2014 or the alternate position advanced for tax years 2014 through 2017, and our belief that CRA should return the full amount of cash and security that has been paid or otherwise secured by us
--- ---
• the discussion under the heading Outlook for 2024, including our production plan, our planned production levels, expected care and maintenance costs for our tier-two<br>assets, our cost of sales in our fuel services segment, our outlook for our uranium average realized price, and other information in the table under the heading 2024 Financial Outlook, our revenue, adjusted net earnings, and cash flow<br>sensitivity analysis, our price sensitivity analysis for our uranium segment, our expected share of adjusted EBITDA from our equity investment in Westinghouse, and its expected adjusted EBITDA growth rate in 2024 and over the next five years
--- ---
• the discussion under the heading Liquidity and capital resources, including our available alternatives to fund future capital requirements, our expectations regarding cash flow generation in 2024, our expectation<br>that our cash balances and operating cash flows will meet our capital requirements during 2024
--- ---
• our expectation that our operating and investment activities for the remainder of 2024 will not be constrained by the covenants in our credit agreements, including the financial covenants
--- ---
• our intention to update the table under the heading Expected realized uranium price sensitivity under various spot price assumption at June 30, 2024 each quarter to reflect deliveries made and<br>changes to our contract portfolio
--- ---
• our future plans and expectations for each of our uranium operating properties and fuel services operating sites, including production levels and our expected cash cost of production at McArthur River/Key Lake and Cigar<br>Lake
--- ---
• our expectations regarding future JV Inkai production levels and dividend payments, including its ability to transport shipments of our share of Inkai’s production using the Trans-Caspian International Transport<br>Route, which does not rely on Russian rail lines or ports, the possibility of further delays in expected Inkai deliveries and our evaluation of the implications of announced tax law changes in Kazakhstan including our preliminary analysis of their<br>impact on Inkai’s production costs and conclusions that indicate production costs in Kazakhstan would be similar to northern Saskatchewan operations
--- ---

2 CAMECO CORPORATION

• our ability to draw upon long-term purchase agreements and loan arrangements to mitigate the risks of a production shortfall or delays in Inkai deliveries
• the expected care and maintenance costs for our US ISR operations and Rabbit Lake for 2024
--- ---
• our intention to file a new base shelf-prospectus, our expectation that we will continue to navigate by our investment-grade credit rating, and our intention to prioritize repayment of the remaining $300 million<br>(US) outstanding in floating-rate term loan debt used to finance the Westinghouse acquisition
--- ---

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, or geopolitical issues
• 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 that our view on the role of nuclear power in pursuit of those strategies may prove to be inaccurate
--- ---
• risks relating to the development and use of new technology or lack of appropriate technology needed to achieve our 30% GHG emissions reduction target or advance our ambition to reach<br>net-zero GHG emissions
--- ---
• our estimates and forecasts prove to be inaccurate, including production, purchases, deliveries, cash flow, revenue, costs, decommissioning, reclamation expenses, or the receipt of future dividends from JV Inkai
--- ---
• that we may not realize expected benefits from the Westinghouse acquisition
--- ---
• that Westinghouse fails to generate sufficient cash flow to fund its approved annual operating budget or make distributions to the partners
--- ---
• 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 fail to comply with nuclear licence 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
--- ---
• the risk that we are unable to enforce our legal rights under our agreements, permits or licences
--- ---
• disruption or delay in the transportation of our products
--- ---
• that 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
--- ---
• necessary permits or approvals from government authorities cannot be obtained or maintained
--- ---
• we are affected by political risks, including unrest in Kazakhstan, and geopolitical events, including the Russian invasion of Ukraine
--- ---

2024 SECOND QUARTER REPORT 3

• operations are disrupted due to problems with our own or our joint venture partners’, suppliers’ or customers’ facilities, the unavailability of reagents, equipment, operating parts and supplies critical<br>to production, equipment failure, lack of tailings capacity, labour shortages, labour relations issues, strikes or lockouts, fires, underground floods, cave-ins, ground movements, tailings dam failures,<br>transportation disruptions or accidents, aging infrastructure, or other development and operating risks
• we are affected by war, terrorism, cyber-attacks, sabotage, blockades, civil unrest, social or political activism, outbreak of illness (such as a pandemic like COVID-19), accident<br>or a deterioration in political support for, or demand for, nuclear 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 exports and 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 Key Lake mill production plan is delayed or does not succeed for any reason
--- ---
• our Cigar Lake development, mining or production plans are delayed or do not succeed for any reason
--- ---
• 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
--- ---
• our production plan for our Port Hope UF6 conversion facility is delayed or does not succeed for any reason, including due to the availability of production<br>supplies
--- ---
• our expectations relating to care and maintenance costs prove to be inaccurate
--- ---
• we are affected by 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<br>of climate change
--- ---

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
--- ---
• the availability or development of technologies needed to achieve our 30% GHG emissions reduction target or advance our net-zero GHG emission ambition
--- ---
• the assumptions discussed under the heading 2024 Financial Outlook, including the assumptions used to prepare the outlook table and assumptions relating to growth in Westinghouse adjusted EBITDA
--- ---
• our expectations regarding spot prices and realized prices for uranium, and other factors discussed under the heading Price sensitivity analysis: uranium segment
--- ---
• 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 adversely affected by changes in regulation or in the public perception of the safety of nuclear power<br>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
--- ---
• plans to transport our products succeed, including the shipment of our share of JV Inkai production to our Blind River refinery
--- ---
• our ability to mitigate adverse consequences of production shortfalls or delays in the shipment of our share of JV Inkai production to our Blind River refinery
--- ---
• our cost expectations, including production costs, operating costs, and capital costs
--- ---
• our expectations regarding tax payments, tax rates, royalty rates, currency exchange rates, interest rates and inflation
--- ---
• 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 McArthur River and Cigar Lake development, mining and production plans succeed
--- ---
• our Key Lake mill production plans succeed
--- ---
• JV Inkai’s development, mining and production plans succeed, and that JV Inkai will be able to deliver its production
--- ---
• the ability of JV Inkai to pay dividends
--- ---
• our production plan for our Port Hope UF6 conversion facility succeeds
--- ---
• that care and maintenance costs will be as expected
--- ---

4 CAMECO CORPORATION

• 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
• neither our operations, nor those of our joint venture partners, suppliers or customers, are significantly disrupted as a result of political instability, nationalization, terrorism, sabotage, blockades, civil unrest,<br>breakdown, climate change, natural disasters, aging infrastructure, forest or other fires, outbreak of illness (such as a pandemic like COVID-19), governmental, political or regulatory actions, litigation or<br>arbitration proceedings, cyber-attacks, the unavailability of reagents, equipment, operating parts and supplies critical to production, labour shortages, labour relations issues, strikes or lockouts, health and safety issues, underground floods,<br>increased loadings into the environment, cave-ins, ground movements, tailings dam failure, lack of tailings capacity, improper air emission or treated water releases, transportation disruptions or accidents,<br>aging infrastructure, or other development or operating risks
--- ---
• Westinghouse’s ability to generate cash flow and fund its approved annual operating budget and make 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
--- ---
• Westinghouse’s production, purchases, sales, deliveries, and costs
--- ---
• the assumptions and discussion set out under the heading Outlook
--- ---
• 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 will comply with the covenants in its credit agreement
--- ---
• Westinghouse will comply with nuclear licence 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
--- ---

2024 SECOND QUARTER REPORT 5

Second quarter market update

Ongoing geopolitical events, energy security concerns, and the global focus on the climate crisis amid rising low-carbon energy demand have created what we believe are transformative tailwinds for the nuclear power industry, from both a demand and supply perspective. With many countries looking to reindustrialize and nationalize sourcing capabilities, at COP28 in 2023, global leaders, heads of state and industry leaders acknowledged that it is not possible to achieve net-zero carbon emissions (net-zero) without nuclear power and pledged to triple generating capacity by 2050. In addition, there is increasing demand for reliable, uninterrupted power supplies to underpin large, energy-intensive industries, with recognition from within those sectors that baseload nuclear power is on the critical path for achieving the anticipated transformations with secure and carbon-free sources. Alongside that recognition is an understanding that a sufficient supply of nuclear fuel and fuel cycle services are essential to realizing a tripling of nuclear power.

In the second quarter of 2024, the long-term uranium price increased to its highest level since 2012 (in 2024 constant dollars), while the uranium spot price fell slightly compared to the first quarter and remained range-bound between $80 (US) and $90 (US), much higher than the first half of 2023. Over the past two years, fuel buyers continued to secure their long-term requirements for conversion and enrichment services, and they have returned their focus to the procurement of the uranium required to feed into those services. The increased contracting has resulted in higher prices across the fuel cycle, an increasing volume of requests for proposals from utilities entering the market alongside inbound requests for direct off-market negotiations, and sustained volumes of long-term contracting reported.

Some of the more significant developments affecting supply in the quarter and to date include:

• Sprott Physical Uranium Trust (SPUT) has purchased nearly 2 million pounds U3O8 year-to-date in 2024, bringing total purchases since<br>inception to nearly 47 million pounds U3O8. Volatility in the equity markets has impacted SPUT’s valuation, with the discount<br>or premium to its net asset value impacting its ability to raise funds to purchase uranium.
• The United States Prohibiting Russian Uranium Imports Act (H.R. 1042) was signed by President Biden in May 2024,<br>following passage by the US House of Representatives and by unanimous vote in the US Senate. The bill will prohibit the import of Russian low-enriched uranium (LEU) into the US beginning 90 days after<br>enactment and is set to expire in 2040. The Act contains a Department of Energy (DOE) waiver process through which utilities, until 2028, can enter a public process to apply for an exception to the import ban in situations concerning energy and<br>national security. Additionally, the US DOE issued a $3.4 billion (US) request for proposals to purchase LEU to incentivize investment in the US fuel cycle in support of commercial domestic capacity in the event of a disruption in the market.<br>
--- ---
• In July, the government of the Republic of Kazakhstan introduced amendments to its Tax Code and the Mineral<br>Extraction Tax (MET) rate on uranium production. The MET rate will increase from 6% in 2024, to 9% in 2025, with a further increase in 2026 of up to 18% under a progressive tax regime based on annual production volumes. An additional MET of up to<br>2.5% will also be applied beginning in 2026, based on a progressive system linked to published uranium market prices. The MET is incurred and paid by the mining entities, impacting both Kazatomprom (KAP) and its joint ventures and subsidiaries.<br>
--- ---
• In Niger, Orano reported that its 63% owned Somair mine is facing financial difficulties due to its inability to<br>export uranium since the July 2023 military coup in the country. Without a resolution, Orano indicated that they may need to implement measures to stop all activity on the site, putting future production at risk. In June, Orano also reported that<br>the Nigerien government revoked their operating permit for their undeveloped Imouraren deposit in Niger, which contains proven and probable reserves of about 446 million pounds U3O8. Orano holds a 67% share, Sopamin holds 23%, while the Republic of Niger holds 10%. Furthermore, subsequent to the end of the quarter, GoviEx Uranium Inc. was informed by the Nigerien government<br>that the company’s rights over the perimeter of the Madaouela mining permit, which has estimated life of mine production of 51 million pounds U3O8, had been revoked. The government has not yet clarified its plans for the Imouraren or Madaouela deposits.
--- ---
• In June, Paladin Energy and Fission Uranium Corporation announced that they have entered into a definitive<br>agreement, whereby Paladin will acquire 100% of the issued and outstanding shares of Fission. The transaction is targeted to close in September 2024.
--- ---
• In April, Boss Energy announced that it produced the first drum of uranium from its restarted Honeymoon in situ<br>recovery project in South Australia, which has a production capacity of 2.45 million pounds U3O8 per year.
--- ---

6 CAMECO CORPORATION

• In June, enCore Energy announced the successful startup of production at its Alta Mesa Uranium Central Processing<br>Plant and wellfield in South Texas. The project operates under a joint venture with Boss Energy Ltd. and has a total annual capacity of 1.5 million pounds U3O8.
• In June, Terrafame reported that it started recovering natural uranium at its industrial site in Sotkamo,<br>Finland. After the planned start-up phase, the uranium recovery plant is expected to ramp up to 520,000 pounds U3O8 per year by 2026.
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According to the International Atomic Energy Agency (IAEA), globally, there are currently 441 operable reactors and 59 reactors under construction. Demand-related developments continue to evidence growing support for the nuclear industry, with over 30 countries pledging to triple nuclear power capacity by 2050. Nations are reaffirming their commitment to existing nuclear and/or reversing policies to phase out nuclear, non-nuclear countries are emerging as candidates for new nuclear capacity, improvements are being made in global sustainable financing policies to include nuclear energy, and opinion polls indicate improving public support. With several reactors being saved from early retirement, life-extensions to existing reactors being sought and approved, and new build construction projects underway and many more planned, demand for uranium fuel continues to improve in the near-, medium- and long-term.

The more significant developments in the quarter affecting current and future demand include:

• In Japan, the Nuclear Regulation Authority approved Kansai Electric Power Company’s Ohi units 3 and 4 to<br>operate for an additional 10 years, increasing the operating lives from 30 years to 40 years. The approval marks the first time the Japanese regulator has approved a long-term management plan utilizing funding through the Green Transformation Law to<br>meet net-zero emissions by 2050.
• In South Korea, the government announced plans to build four more 1.4 GWe APR1400 reactors, which will bring the<br>total Korean reactor count to 30, including the completion of two delayed plants, Shin-Hanul units 3 and 4, and two units already under construction at the Saeul nuclear plant.
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• SE NNEGC Energoatom (Energoatom) saw first concrete poured for the construction of Khmelnitski units 5 and 6. The<br>new reactors will be the first Westinghouse Electric Company (Westinghouse) designed AP1000^®^ pressurized water reactors (PWR) built in Ukraine.
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• In Poland, the government approved a plan to build a small modular reactor (SMR) based on the Rolls-Royce design,<br>known as the UK SMR.
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• In June, following a lengthy legal battle with Rio de Janeiro’s Court of Justice, Brazilian utility<br>Electronuclear successfully appealed the government-ordered suspension of construction activity at Angra unit 3, a 1,350 MWe PWR reactor that will now be allowed to continue construction.
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• In the US, Southern Company announced that Vogtle unit 4, a Westinghouse AP1000^®^ reactor, began commercial operation, following the start-up of unit 3 in 2023. At the announcement event, US Secretary of Energy Jennifer Granholm stated<br>that to reach net-zero by 2050, the US will have to at least triple its current nuclear capacity, adding 200 more gigawatts of nuclear generation capacity.
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• In July, The Nuclear Company, a fleet-scale nuclear development firm, announced plans to build a series of<br>nuclear power plants across the US. The start-up’s fleet-scale model integrates “proven, licensed technology and a design-once, build-many approach,” and plans to focus on sites which have<br>already had some level of Nuclear Regulatory Commission (NRC) licensing for its initial 6-GWe reactor fleet, which could begin power generation by the mid-2030s.<br>
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• In June, the US DOE announced they will be financing $900 million (US) towards the deployment of light-water<br>SMR’s, with $800 million (US) earmarked for two of the “first-mover teams”, which can include utilities, SMR producers, vendors, and other end-users. The DOE is looking for entities that<br>are committed to deploying advanced reactors and that have well-established plans for additional builds. In addition, President Biden signed bipartisan legislation into law known as the Accelerating Deployment of Versatile, Advanced Nuclear for<br>Clean Energy (ADVANCE) Act. This builds on prior legislation to develop a modernized approach to licensing new reactor technologies, which is expected to speed up the process and cut fees companies must pay to do so. It also requires the NRC to<br>commission a report which considers ways to shorten and simplify the environmental review process.
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• The California government approved a $400 million (US) loan to keep Pacific Gas & Electric’s<br>(PG&E) two-unit Diablo Canyon plant operating until 2030. PG&E has filed a licence renewal application to extend the units’ operation for 20 years, until the<br>mid-2040’s.
--- ---
• Energy Northwest confirmed plans to build 12 X-energy SMR’s in<br>central Washington, which would generate a total of up to 960 MWe.
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2024 SECOND QUARTER REPORT 7

• In June, SaskPower, Westinghouse, and Cameco signed a memorandum of understanding to evaluate Saskatchewan’s<br>clean energy needs, with discussions and cooperation between the three entities on AP1000^®^ reactor and AP300^™^ small modular reactor<br>technology. The province of Saskatchewan will be evaluating its infrastructure suitability for a nuclear fuel supply chain and reactor installation.
• Westinghouse opened a new nuclear engineering hub in Kitchener, Ontario, where approximately 50 engineers will<br>work on designing future nuclear reactors for deployment in Canada and across the global reactor market.
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Caution about forward-looking information relating to the nuclear industry

This discussion of our expectations for the nuclear industry, including its growth profile, uranium supply and demand, and reactor growth 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.

Industry prices at quarter end

MAR 312024 DEC 312023 SEP 302023 JUN 302023 MAR 312023
Uranium (US/lb U3O8)1
Average spot market price 84.25 87.75 91.00 71.58 56.10 50.48
Average long-term price 79.50 77.50 68.00 61.50 56.00 53.00
Fuel services (US/kgU as UF6)1
Average spot market price
North America 60.00 58.00 46.00 40.88 40.75 39.75
Europe 60.00 58.00 46.00 40.88 40.75 39.75
Average long-term price
North America 38.00 35.50 34.25 31.50 30.75 27.88
Europe 38.00 35.50 34.25 31.50 30.50 27.88
Note: the industry does not publish UO2<br>prices.

All values are in US Dollars.

^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 the second quarter of 2024 was nearly 13 million pounds U3O8 equivalent, similar to the second quarter of 2023. Total spot purchases for the first six months of 2024 were 22 million pounds U3O8 equivalent, compared to 29 million pounds U3O8 equivalent over the same period in 2023. As of June 30, 2024, the average reported spot price was $84.25 (US) per pound U3O8 equivalent, a decrease of $3.50 (US) per pound from the previous quarter due to very small volumes of uncommitted supply entering the near-term market.

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-related prices, which reference spot and/or long-term indicators, and are generally set a month or more prior to delivery, typically including floor prices and ceiling prices that are also escalated to time of delivery. Long-term contracting reported by UxC for the first six months of 2024 totaled about 32 million pounds U3O8 equivalent, down from about 117 million pounds U3O8 equivalent reported over the same period in 2023. The contracting volume in the first half of 2023 was much higher due to significant non-US utilities diversifying away from Russian supply, including our contracts with Ukraine and Bulgaria, which alone, accounted for about 46 million pounds U3O8. The modest level reported to date in 2024 can be attributed in part to US utilities awaiting clarity on the impact of Russian sanctions, the Russian uranium import ban, and clarity around the US waiver process, although requests for proposals from utilities are continuing alongside requests for direct off-market negotiations.

The average reported long-term price at the end of the quarter was $79.50 (US) per pound U3O8 equivalent, an increase of $2.00 (US) per pound from the previous quarter, and the highest reported long-term price since 2012 (in 2024 constant dollars).

With increased demand for western conversion services, pricing in both North America and Europe continues to be strong. At the end of the second quarter, the average reported spot price for conversion reached a record high of $60.00 (US) per kilogram uranium (kgU) as UF6, up $2.00 (US) from the previous quarter. Long-term UF6 conversion prices for North America and Europe finished the quarter at $38.00 (US) per kgU, up $2.50 (US) from the previous quarter.

8 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 supports the generation of carbon-free, 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 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 necessary power in a reliable, safe, and affordable manner, and in a way that is expected to 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 our business with our contract portfolio and customer needs
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• being financially disciplined to allow us to
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• execute on our strategy
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• invest in new opportunities that are expected to add long-term value
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• self-manage risk
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• exploring other emerging opportunities within the nuclear power value chain that align with our commitment to<br>manage our business responsibly and sustainably, contribute to decarbonization, and help to provide secure and affordable energy
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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.

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 ambitions of the Paris Agreement and the Canadian government’s commitment to the agreement, which seeks to limit global temperature rise to less than 2° Celsius, a target that climate scientists believe will require the world to reach net-zero by 2050 or sooner. Our uranium and fuel services are used around the world in the generation of safe, reliable, zero-carbon, 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 over 35 years, we have been operating and delivering our products responsibly. Building on that strong foundation, we have set a target to reduce our combined Scope 1 and Scope 2 GHG emissions by 30% by 2030, from our 2015 baseline, as our first major milestone in our ambition of being net-zero. In 2023, we targeted to refine the calculations to quantify our Scope 3 emissions to further understand our value chain GHG emissions. We successfully met this target, and for the first time, in our 2023 Sustainability Report, we have disclosed our estimated Scope 3 emissions value and quantification method. We remain committed to our efforts to transform our own, already low, greenhouse gas footprint, and we continue to identify and address the risks and opportunities that we believe may have a significant impact on our ability to operate sustainably and add long-term value for our stakeholders.

You can read more about our strategy in our 2023 annual MD&A and our approach to sustainability in our 2023 Sustainability Report.

Strategy in action

With the ongoing transition and improvements in the nuclear fuel market, our three-pillar strategy is guiding our disciplined contracting, supply and financial decisions.

In the second quarter, results were as expected with net earnings of $36 million, adjusted net earnings of $62 million, and adjusted EBITDA of $337 million. Both net earnings and adjusted EBITDA were up by over 100% compared to the same period in 2023 largely due to strong performance in our core uranium segment, with higher sales volumes, which was in line with the delivery pattern and outlook disclosed in our annual MD&A, which has not changed, and an increase of 15% in the

2024 SECOND QUARTER REPORT 9

Canadian dollar average realized price. During the first half of the year, net earnings of $29 million were lower, while adjusted net earnings of $118 million, and adjusted EBITDA of $681 million were each higher than in 2023 and in line with our 2024 outlook, which has not changed. See Financial results by segment – Uranium on page 23 for more information.

The outlook for Westinghouse is unchanged, and we believe, on track. As indicated in our 2023 annual MD&A and reiterated in our 2024 first quarter MD&A, Westinghouse is expected to generate a net loss of between $170 million and $230 million in 2024 due to the impact of the purchase accounting, which requires the revaluation of Westinghouse’s inventory and other assets at the time of acquisition, and the expensing of certain non-operating acquisition-related transition costs. As expected, results for the second quarter improved over the first quarter with a net loss of $47 million, bringing the year-to-date net loss to $170 million for the first six months. Due to normal variability in the timing of its customer requirements, and delivery and outage schedules, we expect to see stronger performance from the Westinghouse segment in the second half of the year, with higher expected cash flows in the fourth quarter. We do not believe the impact of the revaluation of Westinghouse’s inventory and assets, or the non-operating acquisition-related transition costs reflect its underlying performance for the reporting period, therefore, we use adjusted EBITDA as a performance measure for Westinghouse, which was $121 million for the second quarter and $197 million for the first six months. We continue to expect adjusted EBITDA of between $445 million and $510 million for the year in the Westinghouse segment. See Our outlook for 2024 starting on page 16 and Our earnings from Westinghouse, starting on page 26 for more information. Adjusted net earnings and adjusted EBITDA are non-IFRS measures, see the information starting on page 29.

We continue to responsibly manage our supply in accordance with our customers’ needs. As a proven and reliable commercial supplier with assets in geopolitically stable jurisdictions across all segments of the nuclear fuel cycle, we are being selective in committing our unencumbered, in-ground uranium inventory and UF6 conversion capacity under long term contracts. To support the long-term operation of our productive capacity, our contracting is focused on maintaining exposure to future improvements in the market while retaining downside protection. In our uranium segment, over the next five years, we have contracts in place for average annual deliveries of 29 million pounds of U3O8 per year, with commitments higher than the average in 2024 and 2025, and lower than the average in 2026 through 2028. We also have contracts in both our uranium and fuel services segments that have deliveries spanning more than a decade. In our uranium segment, many of those contracts incorporate market-related pricing mechanisms that are expected to benefit from the improving market conditions.

To advance our strategy in step with the positive market momentum and long-term contracts we have put in place, we remain on track to produce 36 million pounds (22.4 million pounds our share) of uranium in 2024. At Joint Venture Inkai (JV Inkai), the tentative production target for 2024 continues to be 8.3 million pounds (100% basis), remaining 20% below the operation’s subsoil use agreement level, and is contingent upon receipt of sufficient volumes of sulfuric acid. Our allocation of the planned production from JV Inkai remains under discussion. At Port Hope, we now expect annual UF6 production of 11,000 to 11,500 tonnes in 2024 (previously 12,000 tonnes), due to a temporary operational issue that was resolved. We are continuing work to achieve an ongoing production rate that will supply 12,000 tonnes per year, in order to satisfy our book of long-term commitments and demand for conversion services. Our annual 2024 production expectation for fuel services, which includes UF6 conversion, UO2, and heavy water reactor fuel bundles, remains between 13.5 million and 14.5 million kgU of combined fuel services products.

With our operationally flexible and disciplined approach to supply, we continue to meet our sales commitments through a combination of production, inventory, product loans and purchases. In the second quarter, we produced 7.1 million pounds of uranium (our share), and we purchased 1.7 million pounds (purchased at an average unit cost of $109.11 per pound ($80.27 (US) per pound)). See Financial results by segment – Uranium starting on page 23 for more information. Our purchases to date in 2024 include our remaining share of JV Inkai’s 2023 production, which was delivered to our Blind River refinery in February with a cost per pound of $129.96 ($96.88 (US)). The cash dividend associated with the sale of pounds from Inkai in 2024 is expected to be received in 2025, once declared and paid by JV Inkai. See Revenue, adjusted net earnings, andcash flow sensitivity analysis in the Outlook for 2024 section starting on page 16. After delivering 6.2 million pounds in the second quarter, our uranium inventory was 13.4 million pounds on June 30, 2024, with an average inventory cost of $46.49 per pound.

10 CAMECO CORPORATION

We expect to maintain the financial strength and flexibility necessary to execute our strategy by planning production in coordination with contracting success and market opportunities. As previously disclosed, work is underway to extend the mine life at Cigar Lake to 2036 and, in-line with our supply discipline and future sourcing requirements of our contract portfolio, we continue to evaluate the required work and investment necessary to advance to a future decision for increasing production at McArthur River/Key Lake from 18 million pounds (100% basis) to its licensed annual capacity of 25 million pounds (100% basis).

Thanks to our risk-managed financial discipline, our balance sheet remains strong. Consistent with the conservative financial management we have demonstrated and our 2024 capital allocation priorities, in May 2024, we refinanced $500 million through a senior unsecured debenture issuance and used the proceeds to retire the $500 million senior unsecured debentures that were due June 24, 2024. As of June 30, 2024, after the refinance and a second quarter repayment of another $100 million (US) on the floating-rate term loan used to finance the Westinghouse acquisition, we had $362 million in cash and cash equivalents, and $1.4 billion in total debt and a $1.0 billion undrawn credit facility.

We plan to continue to prioritize repayment of the remaining $300 million (US) outstanding floating-rate term loan debt that is due in November 2025. We will continue to navigate by our investment-grade rating through close management of our balance sheet metrics, maintaining sufficient liquidity and cash to pursue value-adding opportunities while self-managing risk, including from global macro-economic and geopolitical uncertainty and volatility.

2024 SECOND QUARTER REPORT 11

Financial results

This section of our MD&A discusses our performance, financial condition and outlook for the future.

In the fourth quarter of 2023, 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.

Consolidatedfinancial results

HIGHLIGHTS<br>( MILLIONS EXCEPT WHERE INDICATED) SIX MONTHS<br>ENDED JUNE 30
2023 CHANGE 2024 2023 CHANGE
Revenue 598 482 24 % **** 1,232 1,169 5 %
Gross profit 175 110 59 % **** 362 277 31 %
Net earnings attributable to equity holders 36 14 >100 % **** 29 133 (78 )%
per common share (basic) 0.08 0.03 >100 % **** 0.07 0.31 (77 )%
per common share (diluted) 0.08 0.03 >100 % **** 0.07 0.31 (77 )%
Adjusted net earnings (losses) (ANE) (non-IFRS, see page<br>29) 62 (3 ) >100 % **** 118 112 5 %
per common share (adjusted and diluted) 0.14 (0.01 ) >100 % **** 0.27 0.26 4 %
Adjusted EBITDA (non-IFRS, see page 29) 337 54 >100 % **** 681 278 >100 %
Cash provided by operations (after working capital changes) 260 87 >100 % **** 323 302 7 %

All values are in US Dollars.

Quarterly trends

HIGHLIGHTS<br>( MILLIONS EXCEPT PER SHARE AMOUNTS) 2024 2023 2022
Q1 Q4 Q3 Q2 Q1 Q4 Q3
Revenue 598 634 844 575 **** 482 **** 687 524 389
Net earnings (losses) attributable to equity holders 36 (7 ) 80 148 **** 14 **** 119 (15 ) (20 )
per common share (basic) 0.08 (0.02 ) 0.18 0.34 **** 0.03 **** 0.27 (0.04 ) (0.05 )
per common share (diluted) 0.08 (0.02 ) 0.18 0.34 **** 0.03 **** 0.27 (0.04 ) (0.05 )
Adjusted net earnings (losses) (non-IFRS, see page<br>29) 62 56 90 137 **** (3 ) 115 36 10
per common share (adjusted and diluted) 0.14 0.13 0.21 0.32 **** (0.01 ) 0.27 0.09 0.03
Cash provided by (used in) operations (after working capital changes) 260 63 201 185 **** 87 **** 215 77 (47 )

All values are in US Dollars.

Key things to note:

• The timing of customer requirements, which tend 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 29 for more information).
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• 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.
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• Our quarterly results are impacted by variability in the timing of Westinghouse’s customer requirements and<br>deliveries as well as outage schedules. The first quarter is typically weaker, with stronger expected performance in the second half of the year, and higher expected cash flows in the fourth quarter. In addition, the revaluation of<br>Westinghouse’s inventory and other assets upon acquisition and the non-operating acquisition-related transition costs can have a significant impact on Westinghouse’s quarterly results. See Ourearnings from Westinghouse, starting on page 26 for more information.
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12 CAMECO CORPORATION

The following table compares the net earnings and adjusted net earnings for the second quarter to the previous seven quarters.

HIGHLIGHTS<br>( MILLIONS EXCEPT PER SHARE AMOUNTS) 2024 2023 2022
Q1 Q4 Q3 Q2 Q1 Q4 Q3
Net earnings (losses) attributable to equity holders 36 **** (7 ) 80 148 **** 14 **** 119 (15 ) (20 )
Adjustments
Adjustments on derivatives 14 **** 33 (59 ) 41 **** (35 ) (6 ) (19 ) 75
Inventory purchase accounting (net of<br>tax)1 12 **** 38 20 — **** — **** — — —
Acquisition-related transition costs (net of<br>tax)1 5 **** 14 — — **** — **** — — —
Adjustment to other operating expense (income) (2 ) (15 ) 40 (48 ) **** 8 **** (2 ) 88 (24 )
Income taxes on adjustments (3 ) (7 ) 9 (4 ) **** 10 **** 4 (18 ) (21 )
Adjusted net earnings (losses) (non-IFRS, see page<br>29) 62 **** 56 90 137 **** (3 ) 115 36 10

All values are in US Dollars.

^1^ These adjustments relate to our investment in Westinghouse

Corporate expenses

ADMINISTRATION

THREE MONTHS<br>ENDED JUNE 30 SIX MONTHS<br>ENDED JUNE 30
($ MILLIONS) 2024 2023 CHANGE 2024 2023 CHANGE
Direct administration **** 52 46 13 % **** 104 92 13 %
Stock-based compensation **** 14 11 27 % **** 22 29 (24 )%
Total administration **** 66 57 16 % **** 126 121 4 %

Direct administration costs were $6 million higher for the second quarter of 2024 compared to the same period last year, and $12 million higher for the first six months mainly due to the impacts of inflation and higher payments under Collaboration Agreements tied to production volumes. Stock-based compensation in the first six months of 2024 was $7 million lower than 2023 due to both the grant and vesting of a lower number of share-based awards compared to the same period last year. See note 18 to the financial statements.

EXPLORATION AND RESEARCH & DEVELOPMENT

In the second quarter, uranium exploration expenses were $3 million, a decrease of $1 million from the second quarter of 2023. Exploration expenses for the first six months of the year were unchanged compared to 2023, at $10 million.

We also had research and development expenditures in the second quarter of $8 million, an increase of $3 million from the second quarter of 2023. Research and development expenses for the first six months of the year increased by $8 million compared to 2023, to $17 million. These expenses are related to our investment in Global Laser Enrichment, LLC.

INCOME TAXES

We recorded an income tax expense of $18 million in the second quarter of 2024, compared to an expense of $23 million in the second quarter of 2023.

In the first six months of 2024, we recorded an expense of $49 million compared to an expense of $59 million in 2023.

2024 SECOND QUARTER REPORT 13

THREE MONTHS<br>ENDED JUNE 30 SIX MONTHS<br>ENDED JUNE 30
($ MILLIONS) 2024 2023 2024 2023
Net earnings before income taxes
Canada **** 90 **** 62 **** 231 **** 211
Foreign **** (36 ) (25 ) **** (153 ) (19 )
Total net earnings before income taxes **** 54 **** 37 **** 78 **** 192
Income tax expense
Canada **** 13 **** 21 **** 44 **** 54
Foreign **** 5 **** 2 **** 5 **** 5
Total income tax expense **** 18 **** 23 **** 49 **** 59

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.

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 had 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.

14 CAMECO CORPORATION

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. 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 the CRA at that time. The refund consisted of cash in the amount of $86 million and letters of credit in the amount of $211 million.

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. Cameco maintains 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 the cash and security being held.

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 the remainder of our 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 reassessments for the 2015, 2016 and 2017 tax years, all reflecting this alternative reassessing position. CRA holds about $555 million as security (approximately $209 million in cash and $346 million in letters of credit) related to the 2007 through 2017 tax years.

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 alternative methodology will not result in a materially different outcome from our 2014 to 2017 filing positions.

We will not be in a position to determine the definitive outcome of this 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 informationrelating 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 2.

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 largely 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.

Impact of hedging on IFRS earnings

We do not use hedge accounting under IFRS and we are therefore required to report gains and losses on economic 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).

2024 SECOND QUARTER REPORT 15

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 on ANE

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 and 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 and 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 29.

For more information, see our 2023 annual MD&A.

At June 30, 2024:

• The value of the US dollar relative to the Canadian dollar was $1.00 (US) for $1.37 (Cdn), up from $1.00 (US) for<br>$1.35 (Cdn) at March 31, 2024. The exchange rate averaged $1.00 (US) for $1.37 (Cdn) over the quarter.
• The mark-to-market position on<br>all foreign exchange contracts was a $35 million loss compared to a $21 million loss at March 31, 2024.
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For information on the impact of foreign exchange on our intercompany balances, see note 19 to the financial statements.

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 between 11,000 and 11,500 tonnes UF6 (previously 12,000 tonnes UF6) at our Port Hope conversion facility, we expect strong 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.

The average unit cost of sales in our fuel services segment is now expected to be between $25.50 and $26.50 per kgU (previously $24.50 to $25.50 per kgU) due to the lower production expectations for UF6 at our Port Hope conversion facility.

16 CAMECO CORPORATION

2024 FINANCIAL OUTLOOK

CONSOLIDATED URANIUM FUEL SERVICES WESTINGHOUSE
Production (owned and operated properties) — 22.4 million lbs 13.5 to 14.5 million<br>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 $ 2,850-3,000 million $ 2,410-2,530 million $ 430-460 million —
Average realized price — $ 74.70/lb ^1^ — —
Average unit cost of sales (including D&A) — $ 57.00-60.00/lb ^2^ $ 25.50-26.50/kgU ^3^ —
Direct administration costs $ 190-200 million — — —
Exploration costs — $ 20 million — —
Research and development $ 37 million — — —
Capital expenditures $ 215-250 million — — —
Adjusted EBITDA (non-IFRS, see page 29) — — — $ 445-510 million
^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.
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^2^ Uranium average unit cost of sales is calculated as the cash and<br>non-cash costs of the product sold, care and maintenance and selling costs, divided by the volume of uranium concentrates sold.
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^3^ 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, divided by the volume of products sold.
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We are not providing 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:

• Market purchases – reflect the market purchases we have made to date or expect to make in 2024. Market<br>purchases may vary if planned production varies. In addition, if we decide to increase our working inventory from current levels our market purchases could be higher.
• Committed purchases—are based on the 4.7 million pounds of commitments we have made to date or agreed<br>to acquire under contracts signed prior to 2024 and our JV Inkai purchases, which we have assumed will be equivalent to our 2023 purchase volume of 4.2 million pounds, including the 1.1 million purchased to date. If Inkai production and/or<br>deliveries vary, committed purchases may vary and we may choose to make additional market purchases, temporarily reduce our inventory levels, pull forward long-term purchase commitments, or draw on loan arrangements we have in place. We equity<br>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 economic benefit is based on the difference between our<br>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 a result, increases in the spot price increase our cost<br>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 Inkai.
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• Our 2024 outlook for sales/delivery volume does not include sales between our uranium and fuel services segments.<br>
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• Sales/delivery volume is based on the volumes we currently have delivered and our remaining commitments to<br>deliver under contract in 2024.
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• Uranium revenue and average realized price are calculated based on the terms contained in the base-escalated and<br>market-related contracts under which we have deliveries in 2024. For market-related contracts not yet priced and for delivery in 2024, subject to any floors or ceilings, we used a uranium spot price of $83.50 (US) per pound (the UxC spot price as of<br>June 24, 2024), a long-term price indicator of $79.00 (US) per pound (the UxC long-term indicator on June 24, 2024) and an exchange rate of $1.00 (US) for $1.30 (Cdn).
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2024 SECOND QUARTER REPORT 17

• Uranium average unit cost of sales (including D&A) is based on the expected unit cost of sales for produced<br>material and the market purchases and committed purchases made to date and the planned volume remaining noted in the outlook at an anticipated average purchase price of about $95 (Cdn) per pound (previously $100 (Cdn) per pound) and includes care<br>and maintenance costs of between $50 million and $60 million. We 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<br>contract deliveries, uranium spot prices, and/or care and maintenance costs in 2024.
• Direct administration costs do not include stock-based compensation expenses. See page 13 for more information.<br>
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• The adjusted EBITDA outlook for Westinghouse is based on the assumptions listed later in this section.<br>
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• 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.
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For more information on how changes in the exchange rate or uranium prices can impact our outlook see Revenue, adjusted net earnings, and cash flowsensitivity analysis below, and Foreign exchange on page 15.

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%.

CAMECO SHARE (49%) 2024 OUTLOOK
Net earnings (loss) (170-230 )
Depreciation and amortization 335-385
Finance income (2-3 )
Finance costs 175-205
Income tax expense (recovery) (40-50 )
EBITDA (non-IFRS, see page 29) 320-380
Inventory purchase accounting 65-70
Acquisition-related transition costs 25-30
Other expenses 55-65
Adjusted EBITDA (non-IFRS, see page 29) 445-510

Note: the ranges for 2024 outlook for EBITDA and adjusted EBITDA are not determined using the high and low estimates of the ranges provided for each of the detailed reconciling line items.

The outlook has been revised to reflect the expected additional impacts of purchase accounting on income tax recovery (previously $10 million to $30 million expense, respectively). The range for other expenses has also been increased slightly due to additional non-operating charges and integration and restructuring costs (previously $40 million to $50 million, respectively). The outlook for net income and adjusted EBITDA remains unchanged.

The outlook for adjusted EBITDA for 2024 and its growth rate over the next five years are based on the following assumptions:

• An exchange rate of $1.00 (US) for $1.30 (Cdn)
• 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 previous years.
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• 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<br>New Build Framework in our 2023 annual MD&A. 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<br>potential. A delay in project timelines or cancellation of announced projects would result in a growth rate near the bottom of the range.
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18 CAMECO CORPORATION

• 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 five-year time frame.
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Caution about forward-looking information relating to our futureearnings and adjusted EBITDA form Westinghouse

This discussion of our expectations for Westinghouse’s future earnings and adjusted EBITDA and our share thereof is forward-looking information that is based upon the assumptions and subject to the material risks discussed under the headings Caution about forward-looking information beginning on page 2. Actual results and events may be significantly different from what we currently expect.

REVENUE, ADJUSTED NET EARNINGS, AND CASH FLOW SENSITIVITY ANALYSIS

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 have delivered into or are delivering into this year are subject to ceiling prices and therefore are generally less sensitive than our purchase commitments.

As a result, if the uranium spot price increased by $5 (US) per pound, we expect revenue would increase by $15 million, while ANE would increase by $1 million and cash flow would decrease by $21 million. From a cash flow perspective, the sensitivity does not adequately capture the impact of JV Inkai purchases, which straddle two fiscal reporting periods due to when dividends are declared and paid by JV Inkai. The cash flow sensitivity includes the cash outflow for the remaining 3.0 million pounds of uranium assumed to be purchased from JV Inkai in 2024 at a 5% discount to the spot price, but does not account for an associated increase in the cash dividend expected, which will be tied to our agreed to 2024 production purchase entitlement and is expected to be received in 2025. JV Inkai distributes excess cash as dividends to its owners, net of working capital requirements. In the case of a $5 (US) per pound increase in uranium prices, the JV Inkai purchases are responsible for about $19 million of the noted expected decrease in cash flow and we expect the impact of these purchases on the 2024 cash flow will be partially offset by dividends once declared and paid in 2025.

If the uranium spot price decreased by $5 (US) per pound, we expect revenue to decrease by $15 million, ANE to decrease by $1 million, and cash flow to increase by $21 million. From a cash flow perspective, the impact of the noted decrease in uranium price on the assumed purchase of uranium from JV Inkai is expected to have the opposite impact from that described above for the noted uranium price increase.

In the case of a $5 (US) increase or decrease in the uranium spot price, the sensitivity for ANE compared to the sensitivity for cash flow is less due to the impact on our net earnings from the inclusion of our share of earnings from our equity-accounted investment in JV Inkai in the reporting period, the rate of inventory turnover, and income taxes.

The following assumptions were used to prepare the revenue, ANE and cash flow sensitivity analysis above:

• 2 million pounds of purchases are sourced from the market, including those pounds purchased to date.<br>
• Total JV Inkai purchases for the year are equivalent to our 2023 purchase volume of 4.2 million pounds, of<br>which 3.0 million pounds remain for 2024.
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• For market-related contracts not yet priced and for delivery in 2024, subject to any floors or ceilings, we used<br>a uranium spot price of $83.50 (US) per pound (the UxC spot price as of June 24, 2024), a long-term price indicator of $79.00 (US) per pound (the UxC long-term indicator on June 24, 2024) and an exchange rate of $1.00 (US) for $1.30 (Cdn).<br>
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To the extent that our market purchases or Inkai purchases vary, the sensitivity of our ANE and cash flow to changes in the spot and long-term prices may be impacted. In the case of decreased market or Inkai purchases, our sensitivity would be reduced. In the case of increased market or Inkai purchases, our sensitivity would be greater.

A one cent increase or decrease in the value of the Canadian dollar compared to the US dollar would respectively increase or decrease expected revenue by $13 million, ANE by $6 million and cash flow by $4 million.

2024 SECOND QUARTER REPORT 19

PRICE SENSITIVITY ANALYSIS: URANIUM SEGMENT

As discussed under Long-term contracting on page 25 of our 2023 annual MD&A, 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 the spot price and/or the long-term<br>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 of<br>delivery.
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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 June 30, 2024, 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 June 30, 2024. 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 June 30, 2024, 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.
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• To reflect escalation mechanisms contained in existing contracts the long-term US inflation rate target of 2% is<br>used, for modeling purposes only.
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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 June 30, 2024

(rounded to the nearest 1.00)
SPOT PRICES
(US/lb U3O8) 20 $ 40 $ 60 $ 80 $ 100 $ 120 $ 140
2024 49 52 55 57 58 59 59
2025 39 44 54 61 64 65 65
2026 42 44 56 67 69 70 72
2027 43 45 57 69 73 74 76
2028 46 49 58 70 75 77 78

All values are in US Dollars.

As of June 30, 2024, we had commitments requiring delivery of an average of about 29 million pounds per year (previously an average of about 28 million pounds per year) from 2024 through 2028, with commitment levels in 2024 and 2025 being higher than the average, and in 2026 through 2028, lower than the average. As the market continues to improve, we expect to continue layering in volumes that capture greater future upside using market-related pricing mechanisms.

20 CAMECO CORPORATION

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 are always considering our financing options and the tools we have available so we can take advantage of favourable market conditions when they arise. To help provide this flexibility, we plan to file a new base shelf prospectus when the current base shelf prospectus expires in October 2024. We may also consider other financial tools to provide added flexibility. In addition, with improving prices under our long-term contract portfolio, our plan to return to a tier-one cost structure in our uranium segment, and an expected increase in our UF6 conversion production, we expect to see strong cash flow generation in 2024.

As of June 30, 2024, we had cash and cash equivalents of $362 million, while our total debt amounted to approximately $1.4 billion. We also have a $1.0 billion undrawn credit facility.

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 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 continue to navigate by our investment-grade rating, which has been affirmed by both S&P and DBRS following our acquisition of Westinghouse (S&P rating of BBB- and DBRS rating of BBB). On May 24, 2024, we issued debentures in the amount of $500 million, at an interest rate of 4.94% per annum, the Series I senior unsecured debentures mature on May 24, 2031. The proceeds from the issuance were used to retire our outstanding $500 million Series G debentures bearing interest of 4.19% at maturity on June 24. Additionally, during the quarter, we made a partial prepayment of $100 million (US) on our floating-rate term loan. We plan to continue to prioritize repayment of the remaining $300 million (US) outstanding in floating-rate term loan debt used to finance the acquisition of Westinghouse while balancing our liquidity and cash position.

We expect our cash balances and operating cash flows to meet our capital requirements during 2024. 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 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 will continue to provide a solid revenue stream. In our uranium segment, from 2024 through 2028, we have commitments to deliver an average of about 29 million pounds per year, with commitment levels in 2024 and 2025 higher than the average and in 2026 through 2028 lower than the average.

With the Supreme Court’s dismissal of CRA’s application for leave, the dispute for the 2003 through 2006 tax years is 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 the $555 million in cash and letters of credit we have been required to pay or otherwise secure. However, timing of any further payments is uncertain. See Transfer pricing dispute starting on page 14 for more information.

CASH FROM/USED IN OPERATIONS

Cash provided by operations was $173 million higher this quarter than in the second quarter of 2023 due to higher gross profits in the uranium segment, a higher dividend payment from JV Inkai in 2024 and a decrease in working capital requirements which required $78 million less in 2024 than in 2023. Cash from operations in the quarter compared to the prior year also reflects higher interest received in 2023 due to higher cash and investment balances being held in the second quarter of 2023 in anticipation of closing the Westinghouse acquisition. Additionally, in the second quarter of 2023 we received an $86 million cash refund from CRA.

Cash provided by operations was $21 million higher in the first six months of 2024 compared to the same period in 2023 due to the same factors that impacted the quarter except for working capital requirements, which required $23 million more in 2024 than in 2023. See note 17 of our interim financial statements for more information.

2024 SECOND QUARTER REPORT 21

FINANCING ACTIVITIES

We use debt to provide additional liquidity. We have sufficient borrowing capacity with unsecured lines of credit totalling about $2.7 billion at June 30, 2024, unchanged from March 31, 2024. At June 30, 2024, we had approximately $1.5 billion outstanding in financial assurances, down from $1.6 billion at March 31, 2024 due to some changes to short-term requirements during the quarter.

At June 30, 2024, we had no short-term debt outstanding on our $1.0 billion unsecured revolving credit facility, unchanged from December 31, 2023. Our revolving credit facility matures October 1, 2027.

Additionally, after making partial prepayments of $300 million (US) in 2024, $300 million (US) remains outstanding on the term loan debt incurred in connection with the execution of the Westinghouse acquisition agreement. The remaining principal of $300 million (US) matures in November 2025.

Long-term contractual obligations

On May 24, 2024, we issued debentures in the amount of $500 million, at an interest rate of 4.94% per annum, the Series I senior unsecured debentures mature on May 24, 2031. The proceeds from the issuance were used to retire our outstanding $500 million Series G debentures bearing interest of 4.19% at maturity on June 24. Additionally, since December 31, 2023, we have repaid the full $300 million (US) of term loan debt that was set to mature in November 2026. There have been no other material changes to our long-term contractual obligations. Please see our 2023 annual MD&A for more information.

Debt covenants

As at June 30, 2024, we complied with all covenants in our credit agreements, including the financial covenants. The financial covenants place restrictions on total debt, including guarantees and other financial assurances. We do not expect our operating and investment activities for the remainder of 2024 to be constrained by these covenants.

SHARES AND STOCK OPTIONS OUTSTANDING

At July 29, 2024, we had:

• 435,180,572 common shares and one Class B share outstanding
• 391,469 stock options outstanding, with exercise prices ranging from $11.32 to $15.27
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OFF-BALANCE SHEET ARRANGEMENTS

We had three kinds of off-balance sheet arrangements at June 30, 2024:

• purchase commitments
• financial assurances
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• other arrangements
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Purchase commitments

There have been no material changes to our purchase commitments since December 31, 2023. Please see our annual MD&A for more information.

Financial assurances

At June 30, 2024, our financial assurances totaled $1.5 billion, down from $1.6 billion at March 31, 2024, due to some changes of short-term requirements during this quarter.

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 6.7 million pounds of U3O8 over the period 2020 to 2027 with repayment in kind up to December 31, 2027. Under the loan facilities, standby fees of up to 1.5% 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 3.0%. At June 30, 2024, we have 1.8 million kgU of UF6 conversion services and 2.8 million pounds of U3O8 drawn on the loans.

22 CAMECO CORPORATION

BALANCE SHEET

($ MILLIONS) JUN 30, 2024 DEC 31, 2023 CHANGE
Cash and cash equivalents **** 362 567 (36 )%
Total debt **** 1,403 1,784 (21 )%
Inventory **** 838 692 21 %

Total cash and cash equivalents at June 30, 2024, were $362 million, or 36% lower than at December 31, 2023, due mainly to $300 million (US) in pre-payments on the floating-rate term loan during the year partially offset by the receipt of $129 million (US) of dividend payments from JV Inkai. Net debt at June 30, 2024, was $1.0 billion.

Total product inventories are $838 million compared to $692 million at the end of 2023. Inventories increased due to sales being lower than production and purchases in the first six months of the year. The average cost for uranium has decreased to $46.49 per pound compared to $49.62 per pound at December 31, 2023. As of June 30, 2024, we held an inventory of 13.4 million pounds of U3O8 equivalent (excluding broken ore) (December 31, 2023 - 10.3 million pounds). Inventory varies from quarter to quarter depending on the timing of production, purchases and sales deliveries in the year.

Financial results bysegment

Uranium

SIX MONTHS
ENDED JUNE 30
HIGHLIGHTS 2023 CHANGE 2024 2023 CHANGE
Production volume (million lbs) 7.1 4.4 61% **** 12.9 8.8 47 %
Sales volume (million lbs) 6.2 5.5 13% **** 13.5 15.2 (11 )%
Average spot price 87.88 54.53 61% **** 91.10 52.60 73 %
Average long-term price 78.50 54.83 43% **** 76.67 53.83 42 %
Average realized price
56.43 49.41 14% **** 57.04 46.81 22 %
76.93 67.05 15% **** 77.15 63.17 22 %
Average unit cost of sales (including D&A) 53.86 53.93 — **** 54.01 49.37 9 %
Revenue 481 369 30% **** 1,042 963 8 %
Gross profit 144 72 100% **** 313 208 50 %
Gross profit (%) 30 20 50% **** 30 22 36 %
Net earnings attributable to equity holders 192 68 >100% **** 445 256 74 %
Adjusted EBITDA ( millions) (non-IFRS, see<br>page 29) 248 118 >100% **** 550 378 46 %

All values are in US Dollars.

SECOND QUARTER

Production during the quarter was 7.1 million pounds, 61% higher than the second quarter of 2023. See Uranium 2024 Q2 updates starting on page 27 for more information.

Uranium revenues this quarter were up 30% compared to 2023 due to a 13% increase in sales volume due to the timing of sales, which were in line with the delivery pattern disclosed in our annual MD&A, and an increase of 15% in the Canadian dollar average realized price. The average realized price increased as a result of the impact of spot price changes on market-related contracts. For more information on the impact of spot price changes on average realized price, see Price sensitivity analysis: uranium segment on page 20.

Total cost of sales (including D&A) increased by 13% ($336 million compared to $297 million in 2023) due to a 13% increase in sales volume. Unit cost of sales was unchanged from the same period last year.

The net effect was a $72 million increase in gross profit for the quarter.

Equity earnings from investee, JV Inkai, were $48 million in the second quarter compared to $8 million in the same period last year.

FIRST SIX MONTHS

Production volumes for the first six months of the year were 47% higher than in the previous year. See Uranium 2024 Q2 updates starting on page 27 for more information.

2024 SECOND QUARTER REPORT 23

Uranium revenues increased 8% compared to the first six months of 2023 despite an 11% decrease in sales volumes, due to an increase of 22% in the Canadian dollar average realized price, which was a result of the impact of the increase in the average US dollar spot price on market-related contracts. For more information on the impact of spot price changes on average realized price, see Price sensitivity analysis: uranium segment on page 20.

Total cost of sales (including D&A) decreased by 3% ($729 million compared to $755 million in 2023) primarily as a result of an 11% decrease in sales volume partially offset by a unit cost of sales that was 9% higher than the same period last year. Unit cost of sales was higher in 2024 due to the higher cost of purchased material in 2024 compared to the same period in 2023.

The net effect was a $105 million increase in gross profit for the first six months.

Equity earnings from investee, JV Inkai, were $125 million in the first six months of 2024 compared to $64 million in the same period last year.

The table below shows the costs of produced and purchased uranium incurred in the reporting periods (which are non-IFRS measures, see the paragraphs below the table). These costs do not include care and maintenance costs, selling costs such as royalties, transportation and commissions, nor do they reflect the impact of opening inventories on our reported cost of sales.

THREE MONTHS SIX MONTHS
ENDED JUNE 30 ENDED JUNE 30
($CDN/LB) 2024 2023 CHANGE 2024 2023 CHANGE
Produced
Cash cost **** 16.96 23.35 (27 )% **** 18.11 23.24 (22 )%
Non-cash cost **** 9.10 12.82 (29 )% **** 9.41 11.81 (20 )%
Total production cost ^1^ **** 26.06 36.17 (28 )% **** 27.52 35.05 (21 )%
Quantity produced (million lbs)^1^ **** 7.1 4.4 61 % **** 12.9 8.8 47 %
Purchased
Cash cost **** 109.11 68.31 60 % **** 96.25 68.17 41 %
Quantity purchased (million lbs)^1^ **** 1.7 3.8 (55 )% **** 4.4 4.2 5 %
Totals
Produced and purchased costs **** 42.10 51.06 (18 )% **** 45.00 45.75 (2 )%
Quantities produced and purchased (million lbs) **** 8.8 8.2 7 % **** 17.3 13.0 33 %
^1^ Due to equity accounting, our share of production from JV Inkai is shown as a purchase at the time of delivery.<br>These purchases will fluctuate during the quarters and timing of purchases will not match production. There were no purchases during the quarter. In the first six months of 2024, we purchased 1.1 million pounds at a purchase price per pound of<br>$129.96 ($96.88 (US)).
--- ---

The average cash cost of production was 27% lower for the quarter compared to the same period in 2023. For the first six months, the average cash cost of production was 22% lower than in the same period in 2023.

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 estimated average unit life of mine operating costs reflected in our most recent annual information form are $16.70 per pound at McArthur River/Key Lake and $20.58 per pound at Cigar Lake.

Our purchases in the second quarter of 2024 totaled about $185 million, representing an average cost of $109.11 per pound, about $83.00 per pound higher than our total unit production cost for the quarter. Although purchased pounds are transacted in US dollars, we account for the purchases in Canadian dollars. In the second quarter, the average cash cost of purchased material was $109.11 (Cdn) per pound, or $80.27 (US) per pound, compared to $68.31 (Cdn) per pound, or $50.23 (US) per pound in the second quarter of 2023. As a result, the average cash cost per pound of purchased material in Canadian dollar terms increased by 60% this quarter compared to the same period last year.

For the first six months of the year, purchases totaled about $424 million, representing an average cost of $96.25 per pound, about $69.00 per pound higher than our total unit production cost for the same period last year. The average cash cost of purchased material for the six-month period was $96.25 (Cdn), or $71.32 (US) per pound, compared to $68.17 (Cdn), or $50.16 (US) per pound in the same period in 2023. As a result, the average cash cost per pound of purchased material in Canadian dollar terms increased by 41% for the six months compared to the same period last year.

24 CAMECO CORPORATION

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. Our share of the economic benefit is reflected in the line item on our statement of earnings called, “share of earnings from equity-accounted investee” and is based on the difference between our purchase price and JV Inkai’s lower production cost (estimated average unit life of mine operating cash cost of $12.42 per pound, prior to the implementation of the amended MET provisions). 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.

JV Inkai contribution to uranium segment

In the second quarter, included in net earnings attributable to equity holders for the uranium segment is $48 million of equity earnings and included in EBITDA is $54 million of EBITDA from JV Inkai, compared to $8 million and $18 million respectively in the same period last year.

For the first six months of the year, $125 million is included in net earnings attributable to equity holders and $159 million is included in EBITDA from JV Inkai, compared to $64 million and $80 million respectively in the same period last year.

The increase in JV Inkai’s equity earnings and EBITDA was largely driven by the higher uranium prices in the first quarter and six months of 2024 compared to the same periods in 2023, partially offset by increased costs. In April, we received a cash dividend of $129 million (US), net of withholdings, based on JV Inkai’s 2023 financial performance. From a cash flow perspective, we expect to realize the benefit from JV Inkai’s 2024 financial performance in 2025, once the dividend for 2024 is declared and paid.

The following table reconciles our share of earnings from JV Inkai to EBITDA:

THREE MONTHS SIX MONTHS
ENDED JUNE 30 ENDED JUNE 30
($ MILLIONS) 2024 2023 CHANGE 2024 2023 CHANGE
Share of earnings from equity-accounted investee **** 48 8 >100 % **** 125 64 95 %
Depreciation and amortization **** 2 3 (33 )% **** 10 5 100 %
Income tax expense **** 4 7 (43 )% **** 24 11 >100 %
EBITDA (non-IFRS, see page 29) attributable to JVInkai **** 54 18 >100 % **** 159 80 99 %

Fuel services

(includes results for UF6, UO2, UO3 and fuel<br>fabrication)
SIX MONTHS
ENDED JUNE 30
HIGHLIGHTS 2023 CHANGE 2024 2023 CHANGE
Production volume (million kgU) 2.9 3.4 (15 )% **** 6.7 7.6 (12 )%
Sales volume (million kgU) 2.9 3.2 (9 )% **** 4.4 5.6 (21 )%
Average realized price 39.98 35.63 12 % **** 42.80 36.51 17 %
Average unit cost of sales (including D&A) 29.05 23.38 24 % **** 31.35 24.14 30 %
Revenue 118 113 4 % **** 190 206 (8 )%
Net earnings attributable to equity holders 33 39 (15 )% **** 53 70 (24 )%
Adjusted EBITDA ( millions) (non-IFRS, see<br>page 29) 42 48 (13 )% **** 67 86 (22 )%
Adjusted EBITDA margin (%) (non-IFRS, see page<br>29) 36 42 (14 )% **** 35 42 (17 )%

All values are in US Dollars.

SECOND QUARTER

Total revenue for the second quarter of 2024 increased by 4% from $113 million in the same period last year to $118 million. This was due primarily to a 12% increase in average realized price compared to 2023 partially offset by a 9% decrease in sales volumes. Average realized price increased mainly due to constructive market conditions and increased prices for UF6.

The total cost of products and services sold (including D&A) increased 16% ($86 million compared to $74 million in 2023) due to an increase of 24% in the average unit cost of sales, which was partially offset by the 9% decrease in sales volume. Unit cost of sales increased mainly due to lower production volumes which was a result of operational issues in the first half of the year which have now been resolved.

2024 SECOND QUARTER REPORT 25

The net effect was a $6 million decrease in net earnings.

FIRST SIX MONTHS

In the first six months of the year, total revenue decreased 8% to $190 million from $206 million for the same period last year due to a 21% decrease in sales volumes, partially offset by a 17% increase in average realized price. The increase in average realized price was mainly the result of increased prices due to constructive market conditions.

The total cost of products and services sold (including D&A) increased 2% ($139 million compared to $136 million in 2023) due to a 30% increase in the average unit cost of sales partially offset by a 21% decrease in sales volume. Average unit cost of sales was higher as a result of increased input costs as well as the lower production volume.

The net effect was a $17 million decrease in net earnings.

Westinghouse

OUR 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.

THREE MONTHS SIX MONTHS
ENDED JUNE 30 ENDED JUNE 30
($ MILLIONS) 2024 2023^1^ CHANGE 2024 2023^1^ CHANGE
Net loss **** (47 ) — — **** (170 ) — —
Depreciation and amortization **** 89 **** — — **** 173 **** — —
Finance income **** (1 ) — — **** (3 ) — —
Finance costs **** 54 **** — — **** 118 **** — —
Income tax recovery **** (11 ) — — **** (48 ) — —
EBITDA^2^ **** 84 **** — — **** 70 **** — —
Inventory purchase accounting **** 16 **** — — **** 66 **** — —
Acquisition-related transition costs **** 6 **** — — **** 25 **** — —
Other expenses **** 15 **** — — **** 36 **** — —
Adjusted EBITDA^2^ **** 121 **** — — **** 197 **** — —
Capital expenditures **** 32 **** — — **** 65 **** — —
Adjusted free cash flow^2^ **** 89 **** — — **** 132 **** — —
Revenue **** 670 **** — — **** 1,325 **** — —
Adjusted EBITDA margin^2^ **** 18 % — — **** 15 % — —
^1^ 2023 results are presented for comparative purposes only. Cameco did not acquire its interest in Westinghouse<br>until November 7, 2023.
--- ---
^2^ Non-IFRS measures, see page 29.
--- ---

In line with the expected variability in Westinghouse’s quarterly performance, second quarter results improved over the first quarter with a reported net loss of $47 million (our share), resulting in a net loss of $170 million (our share) for the six months ended June 30, 2024 primarily related to the impact of purchase accounting, which required the revaluation of its inventories based on market prices at time of acquisition and the expensing of some other non-operating acquisition-related transition costs. As the acquired inventory is sold, Westinghouse’s cost of products and services sold will reflect these higher market values, regardless of its historic costs. The impact of the revaluation of inventory and the other non-operating acquisition-related transition costs are largely isolated to 2024 and therefore are expected to have little impact in future years. However, Westinghouse’s quarterly results will continue to be impacted by amortization of the intangible assets that arose as a result of the fair values assigned to Westinghouse’s net assets at the time of acquisition. We use adjusted EBITDA as a performance measure as the impact of the revaluation of Westinghouse’s inventory and assets and the non-operating acquisition-related transition costs do not reflect the underlying performance for the reporting period. We believe Westinghouse remains on track to achieve its 2024 outlook.

26 CAMECO CORPORATION

We do not believe Westinghouse’s quarterly results are necessarily a good indication of annual results due to variability in timing of customer requirements and delivery and outage schedules. The first quarter is typically weaker, with stronger expected performance in the second half of the year, and higher expected cash flows in the fourth quarter.

Our operations

Uranium – productionoverview

We produced 7.1 million pounds of U3O8 (our share) in the second quarter and 12.9 million pounds production (our share) in the first six months of 2024, compared to 4.4 million pounds and 8.8 million pounds in the same periods of 2023. In 2023, the Key Lake mill had not yet achieved an 18 million pound per year run rate, and at Cigar Lake, productivity was impacted by a transition to a new mining area.

We continue to evaluate the optimal mix of production, inventory and purchases in order to retain the flexibility to deliver long-term value.

URANIUM PRODUCTION

THREE MONTHS SIX MONTHS
ENDED JUNE 30 ENDED JUNE 30
OUR SHARE (MILLION LBS) 2024 2023 CHANGE 2024 2023 CHANGE 2024 PLAN
Cigar Lake **** 2.9 2.1 38 % **** 5.1 4.2 21 % 9.8
McArthur River/Key Lake **** 4.2 2.3 83 % **** 7.8 4.6 70 % 12.6
Total **** 7.1 4.4 61 % **** 12.9 8.8 47 % 22.4

Inflation, the availability of personnel with the necessary skills and experience, aging infrastructure, and the impact of supply chain challenges on the availability of materials and reagents carry with them the risk that we do not achieve our production plans and/or, experience production delays and increased costs.

The annual maintenance shutdowns at Cigar Lake and at McArthur River and Key Lake are currently planned for the third quarter of 2024, which is similar timing to previous years.

Uranium 2024 Q2 updates

PRODUCTION UPDATE

McArthur River/Key Lake

In the second quarter of 2024, total packaged production from McArthur River and Key Lake was 6.2 million pounds (4.2 million pounds our share) compared to 3.3 million pounds (2.3 million pounds our share) in the second quarter of 2023. Our share of production was higher in the second quarter of 2024 compared to 2023 with the mill having achieved its planned production run rate. Our share of production in the first six months of 2024 was 7.8 million pounds compared to 4.6 million pounds in 2023 for the same reason.

We continue to expect production of 18 million pounds (12.6 million pounds our share) in 2024.

The collective agreement with the United Steelworkers Local 8914 expired in December 2022 and a new three-year contract was approved by union membership in July 2024. The new collective agreement expires in December 2025.

Cigar Lake

Total packaged production from Cigar Lake was 5.3 million pounds (2.9 million pounds our share) in the second quarter of 2024 compared to 3.8 million pounds (2.1 million pounds our share) in the second quarter of 2023, when quarterly production was lower while transitioning to a new mining area. Our share of production in the first six months of 2024 was 5.1 million pounds compared to 4.2 million pounds in the same period in 2023 for the same reason.

We continue to expect 18.0 million pounds (9.8 million pounds our share) in 2024.

2024 SECOND QUARTER REPORT 27

Inkai

Production on a 100% basis was 1.9 million pounds for the quarter, and 3.5 million pounds for the first six months of this year, compared to 2.4 million pounds and 4.3 million pounds in the same periods last year. The lower production for the quarter and the first half of the year is attributed to challenges with acid supply in the early part of the year.

Due to equity accounting, our share of production is shown as a purchase at a 5% discount to the spot price and included in inventory at this value at the time of delivery. Our share of the profits earned by JV Inkai on the sale of its production to the JV partners is included in “share of earnings from equity-accounted investee” on our consolidated statement of earnings. Excess cash, net of working capital requirements, is distributed to the partners as dividends once declared.

JV Inkai continues to experience procurement and supply chain issues, most notably, related to the stability of sulfuric acid deliveries. JV Inkai’s current production target for 2024 is 8.3 million pounds of U3O8 (100% basis). However, this target is tentative and contingent upon receipt of sufficient volumes of sulfuric acid. Our allocation of the planned production from JV Inkai remains under discussion, which is now further complicated by taxation changes that are expected to take effect beginning in 2025.

In addition to the issue of availability of sulfuric acid, achievement of JV Inkai’s 2024 production target requires it to successfully manage several other ongoing risks, including other procurement and supply chain issues, transportation challenges, construction delays and inflationary pressures on its production costs.

The geopolitical situation continues to cause transportation risks in the region. We continue to work closely with JV Inkai and our joint venture partner, Kazatomprom, to receive our share of production via the Trans-Caspian International Transport Route, which does not rely on Russian rail lines or ports. We could experience further delays to our expected Inkai deliveries this year if transportation using this shipping route takes longer than anticipated.

To mitigate the risk of production shortfalls or transportation delays, we have inventory, long-term purchase agreements and loan arrangements in place we can draw on.

Depending on cost inflation impacts, actual production volumes and when we receive shipments of our share of Inkai’s 2024 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.

Subsequent to the end of the quarter, our JV partner, Kazatomprom, issued a news release indicating that at the end of June, the government of the Republic of Kazakhstan introduced amendments to the country’s Tax Code, including significant increases to the MET rate paid by mining entities on uranium production, beginning in 2025. We are evaluating the new MET and if it remains as currently formulated, preliminary conclusions indicate that production costs in Kazakhstan would be similar to northern Saskatchewan operations, depending on the assumptions used for uranium price, production profile, and exchange rate.

TIER-TWO CURTAILED OPERATIONS

US ISR Operations

As a result of our 2016 curtailment decision, commercial production has ceased. As production is suspended, 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.

Rabbit Lake

Rabbit Lake remains in a safe state of care and maintenance following the suspension of production in 2016. We continue to evaluate opportunities to minimize care and maintenance costs while maintaining critical infrastructure and processes. We expect care and maintenance costs to range between $29 million and $33 million for 2024.

28 CAMECO CORPORATION

Fuel services 2024 Q2 updates

PORT HOPE CONVERSION SERVICES

CAMECO FUELMANUFACTURING INC. (CFM)

Production update

Fuel services produced 2.9 million kgU in the second quarter of 2024, 15% lower than the second quarter last year primarily due to temporary operational issues in one of the processing circuits at the UF6 plant, which have been resolved. Production in the first six months of 2024 was 6.7 million kgU, down 12% compared to the same period last year, also related to the temporary operational issues in the first half of 2024.

Our fuel services segment includes the combined production of UO2, UF6, and heavy water reactor fuel bundles. Although fuel services outlook and production results are typically not broken down by individual product line, we previously indicated we were targeting production of 12,000 tonnes per year at the Port Hope UF6 conversion facility. While our annual production expectation for fuel services remains between 13.5 million and 14.5 million kgU of combined fuel services products in 2024, we now expect the conversion component of that guidance to be between 11,000 and 11,500 tonnes of UF6.

We are continuing our work at Port Hope to achieve an ongoing production rate that will supply 12,000 tonnes per year in order to satisfy our book of long-term commitments and demand for conversion services. Inflation, the availability of personnel with the necessary skills and experience, aging infrastructure, and the impact of supply chain challenges on the availability of materials and reagents carry with them the risk that we do not achieve our production plans and/or experience production delays and increased costs.

A new collective agreement with unionized employees at our Cameco Fuel Manufacturing operations was reached in June 2024 for a three-year term, expiring in June 2027.

Qualified persons

The technical and scientific information discussed in this document for our material properties (McArthur River/Key Lake, Inkai and Cigar Lake) was approved by the following individuals who are qualified persons for the purposes of NI 43-101:

MCARTHUR RIVER/KEY LAKE<br> <br><br><br><br>•  Greg Murdock, general manager, McArthur River, Cameco<br><br><br><br> <br>•  Daley McIntyre, general<br>manager, Key Lake, Cameco<br> <br><br> <br>CIGAR LAKE<br><br><br><br> <br>•  Kirk Lamont, general manager,<br>Cigar Lake, Cameco INKAI<br> <br><br><br><br>•  Sergey Ivanov, deputy general director, technical services, Cameco Kazakhstan LLP

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.

2024 SECOND QUARTER REPORT 29

ADJUSTED NET EARNINGS

Adjusted net earnings 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 of our 2023 annual report).

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 Foreign exchange starting on page 15 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 an 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 10 of our interim financial statements for more information. This amount has been excluded from our ANE measure.

The bargain purchase gain that was recognized in the second quarter of 2022 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 it was acquired by Cameco and Brookfield, Westinghouse’s inventories at the acquisition date were revalued based on the market price at that date. As these quantities are sold, Westinghouse’s cost of products and services sold reflect these market values, regardless of their historic costs. Our share of these costs are included in earnings from equity-accounted investees and recorded in cost of products and services sold in the investee information (see note 7 to the financial statements). Since this expense is non-cash, outside of the normal course of business and only occurred due to the change in ownership, we have excluded our share from our ANE measure.

Westinghouse has also expensed some non-operating acquisition-related transition costs that the acquiring parties agreed to pay for, which resulted in a reduction in the purchase price paid. Our share of these costs are included in earnings from equity-accounted investees and recorded in other expenses in the investee information (see note 7 to the financial statements). Since this expense is outside of the normal course of business and only occurred due to the change in ownership, we have excluded our share from our ANE measure.

30 CAMECO CORPORATION

To facilitate a better understanding of these measures, the table below reconciles adjusted net earnings with our net earnings for the second quarter and first six months of 2024 and compares it to the same periods in 2023.

THREE MONTHS<br>ENDED JUNE 30 SIX MONTHS<br>ENDED JUNE 30
($ MILLIONS) 2024 2023 2024 2023
Net earnings attributable to equity holders **** 36 **** 14 **** 29 **** 133
Adjustments
Adjustments on derivatives **** 14 **** (35 ) **** 47 **** (41 )
Inventory purchase accounting (net of tax) **** 12 **** — **** 50 **** —
Acquisition-related transition costs (net of tax) **** 5 **** — **** 19 **** —
Adjustment to other operating expense (income) **** (2 ) 8 **** (17 ) 6
Income taxes on adjustments **** (3 ) 10 **** (10 ) 14
Adjusted net earnings (losses) **** 62 **** (3 ) **** 118 **** 112

The following table shows what contributed to the change in adjusted net earnings in the second quarter and first six months of 2024 compared to the same period in 2023.

SIX MONTHS<br>ENDED JUNE 30
( MILLIONS) ADJUSTED IFRS ADJUSTED
Net earnings (losses) - 2023 (3) 133 112
Change in gross profit by segment<br>(We calculate gross profit by deducting from revenue the cost of products and services sold, and depreciation and amortization (D&A), net of hedging<br>benefits)
Uranium 10 10 (24 ) (24 )
60 60 186 186
2 2 3 3
1 1 (61 ) (61 )
73 **** **** 73 **** **** 104 **** **** 104 ****
Fuel services (3 ) (3 ) (15 ) (15 )
13 13 28 28
(17 ) (17 ) (32 ) (32 )
(7 ) **** (7 ) **** (19 ) **** (19 )
Other changes
Higher administration expenditures (9 ) (9 ) (5 ) (5 )
Higher exploration and research and development expenditures (2 ) (2 ) (8 ) (8 )
Change in reclamation provisions 11 1 26 3
Higher (lower) earnings from equity-accounted investees (7 ) 10 (109 ) (40 )
Change in gains or losses on derivatives (48 ) 1 (91 ) (3 )
Change in foreign exchange gains or losses 49 49 68 68
Lower finance income (23 ) (23 ) (45 ) (45 )
Higher finance costs (20 ) (20 ) (36 ) (36 )
Change in income tax recovery or expense 5 (8 ) 10 (14 )
Other — — 1 1
Net earnings - 2024 36 **** **** 62 **** **** 29 **** **** 118 ****

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. Included in EBITDA is our share of equity-accounted investees.

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 ANE definition.

2024 SECOND QUARTER REPORT 31

In calculating adjusted EBITDA, we also adjust for items included in the results of our equity-accounted investees that are not adjustments to arrive at our ANE measure. These items are reported as part of other expenses within the investee financial information and are not representative of the underlying operations. These primarily include transaction, integration and restructuring costs related to acquisitions.

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.

EBITDA, adjusted EBITDA, adjusted free cash flow, and adjusted EBITDA margin are non-IFRS 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 tables below reconcile earnings before income taxes with EBITDA and adjusted EBITDA for the first quarter of 2024 and 2023.

For the quarter ended June 30, 2024:

FUEL
($ MILLIONS) URANIUM^1^ SERVICES WESTINGHOUSE OTHER TOTAL
Net earnings (loss) attributable to equity holders 192 33 (47 ) (142 ) 36
Depreciation and amortization 52 9 — 1 62
Finance income — — — (8 ) (8 )
Finance costs — — — 43 43
Income taxes — — — 18 18
244 42 (47 ) (88 ) 151
Adjustments on equity investees
Depreciation and amortization 2 — 89 —
Finance income — — (1 ) —
Finance expense — — 54 —
Income taxes 4 — (11 ) —
Net adjustments on equity investees 6 — 131 — 137
EBITDA 250 42 84 (88 ) 288
Gain on derivatives — — — 14 14
Other operating income (2 ) — — — (2 )
(2 ) — — 14 12
Adjustments on equity investees
Inventory purchase accounting — — 16 —
Acquisition-related transition costs — — 6 —
Other expenses — — 15 —
Net adjustments on equity investees — — 37 — 37
Adjusted EBITDA 248 42 121 (74 ) 337
^1^ JV Inkai EBITDA of $54 million is included in the uranium segment. See Financial results by segment -<br>Uranium for reconciliation.
--- ---

32 CAMECO CORPORATION

For the quarter ended June 30, 2023:

FUEL
($ MILLIONS) URANIUM^1^ SERVICES OTHER TOTAL
Net earnings (loss) attributable to equity holders 68 39 (93 ) 14
Depreciation and amortization 32 9 1 42
Finance income — — (31 ) (31 )
Finance costs — — 23 23
Income taxes — — 23 23
100 48 (77 ) 71
Adjustments on equity investees
Depreciation and amortization 3 — —
Income taxes 7 — —
Net adjustments on equity investees 10 — — 10
EBITDA 110 48 (77 ) 81
Loss on derivatives — — (35 ) (35 )
Other operating expense 8 — — 8
Adjusted EBITDA 118 48 (112 ) 54
^1^ JV Inkai EBITDA of $18 million is included in the uranium segment. See Financial results by segment -<br>Uranium for reconciliation.
--- ---

For the six months ended June 30, 2024:

FUEL
($ MILLIONS) URANIUM^1^ SERVICES WESTINGHOUSE OTHER TOTAL
Net earnings (loss) attributable to equity holders 445 53 (170 ) (299 ) 29
Depreciation and amortization 88 14 — 2 104
Finance income — — — (14 ) (14 )
Finance costs — — — 82 82
Income taxes — — — 49 49
533 67 (170 ) (180 ) 250
Adjustments on equity investees
Depreciation and amortization 10 — 173 —
Finance income — — (3 ) —
Finance expense — — 118 —
Income taxes 24 — (48 ) —
Net adjustments on equity investees 34 — 240 — 274
EBITDA 567 67 70 (180 ) 524
Gain on derivatives — — — 47 47
Other operating income (17 ) — — — (17 )
(17 ) — — 47 30
Adjustments on equity investees
Inventory purchase accounting — — 66 —
Acquisition-related transition costs — — 25 —
Other expenses — — 36 —
Net adjustments on equity investees — — 127 — 127
Adjusted EBITDA 550 67 197 (133 ) 681
^1^ JV Inkai EBITDA of $159 million is included in the uranium segment. See Financial results by segment -<br>Uranium for reconciliation.
--- ---

2024 SECOND QUARTER REPORT 33

For the six months ended June 30, 2023:

($ MILLIONS) URANIUM^1^ FUEL<br>SERVICES OTHER TOTAL
Net earnings (loss) attributable to equity holders 256 70 (193 ) 133
Depreciation and amortization 100 16 2 118
Finance income — — (59 ) (59 )
Finance costs — — 46 46
Income taxes — — 59 59
356 86 (145 ) 297
Adjustments on equity investees
Depreciation and amortization 5 — —
Income taxes 11 — —
Net adjustments on equity investees 16 — — 16
EBITDA 372 86 (145 ) 313
Loss on derivatives — — (41 ) (41 )
Other operating expense 6 — — 6
Adjusted EBITDA 378 86 (186 ) 278
^1^ JV Inkai EBITDA of $80 million is included in the uranium segment. See Financial results by segment -<br>Uranium for reconciliation.
--- ---

CASH COST PER POUND, NON-CASH COST PER POUND AND TOTAL COST PERPOUND 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.

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 second quarter and first six months of 2024 and 2023.

THREE MONTHS<br>ENDED JUNE 30 SIX MONTHS<br>ENDED JUNE 30
($ MILLIONS) 2024 2023 2024 2023
Cost of product sold **** 284.7 **** 264.5 **** 640.5 **** 654.5
Add / (subtract)
Royalties **** (32.2 ) (14.1 ) **** (50.0 ) (38.8 )
Care and maintenance costs **** (11.7 ) (11.1 ) **** (23.8 ) (23.1 )
Other selling costs **** (4.5 ) (1.4 ) **** (9.4 ) (4.1 )
Change in inventories **** 69.6 **** 124.4 **** 99.8 **** (97.7 )
Cash operating costs (a) **** 305.9 **** 362.3 **** 657.1 **** 490.8
Add / (subtract)
Depreciation and amortization **** 51.5 **** 32.2 **** 88.2 **** 100.1
Care and maintenance costs **** (0.2 ) (1.0 ) **** (0.4 ) (2.5 )
Change in inventories **** 13.3 **** 25.2 **** 33.6 **** 6.3
Total operating costs (b) **** 370.5 **** 418.7 **** 778.5 **** 594.7
Uranium produced & purchased (million lbs) (c) **** 8.8 **** 8.2 **** 17.3 **** 13.0
Cash costs per pound (a ÷ c) **** 34.76 **** 44.18 **** 37.98 **** 37.75
Total costs per pound (b ÷ c) **** 42.10 **** 51.06 **** 45.00 **** 45.75

34 CAMECO CORPORATION

Additional information

Critical accounting estimates

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.

Purchase prices related to business combinations and asset acquisitions are allocated to the underlying acquired assets and liabilities based on their estimated fair value at the time of acquisition. The determination of fair value requires us to make assumptions, estimates and judgments regarding future events. The allocation process is inherently subjective and impacts the amounts assigned to individually identifiable assets and liabilities. As a result, the purchase price allocation impacts our reported assets and liabilities, future net earnings due to the impact on future depreciation and amortization expense and impairment tests.

Controls and procedures

As of June 30, 2024, we carried out an evaluation under the supervision and with the participation of our management, including our chief executive officer (CEO) and chief financial officer (CFO), of the effectiveness of our disclosure controls and procedures. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives.

Based upon that evaluation and as of June 30, 2024, the CEO and CFO concluded that:

• the disclosure controls and procedures were effective to provide reasonable assurance that information required<br>to be disclosed in the reports we file and submit under applicable securities laws is recorded, processed, summarized and reported as and when required; and
• such information is accumulated and communicated to our management, including our CEO and CFO, as appropriate to<br>allow timely decisions regarding required disclosure.
--- ---

In April 2024, we implemented SAP S/4 HANA, an enterprise resource planning (ERP) system, across the entire organization. As a result of this implementation, we modified certain existing internal controls and implemented new controls and procedures. The implementation process included extensive involvement by key end users and required significant pre-implementation planning, design, and testing. We continue to evaluate and monitor our internal controls and believe we are taking the necessary steps to maintain appropriate internal controls over financial reporting during this period of change. This includes performing additional verifications and analysis to ensure data integrity.

There have been no other changes in our internal control over financial reporting during the quarter ended June 30, 2024, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

2024 SECOND QUARTER REPORT 35

EX-99.3

Exhibit 99.3

LOGO

Cameco Corporation

2024 condensed consolidated interim financial statements

(unaudited)

July 30, 2024

Cameco Corporation

Consolidated statements of earnings

(Unaudited) Three months ended Six months ended
($Cdn thousands, except per share amounts) Note Jun 30/24 Jun 30/23 Jun 30/24 Jun 30/23
Revenue from products and services 12 $ 598,458 $ 481,987 $ 1,232,003 $ 1,168,961
Cost of products and services sold 361,280 330,162 764,837 773,584
Depreciation and amortization 61,858 41,852 105,025 118,225
Cost of sales 20 423,138 372,014 869,862 891,809
Gross profit 175,320 109,973 362,141 277,152
Administration 65,705 57,048 125,513 121,059
Exploration 2,703 3,878 10,063 10,157
Research and development 7,879 5,107 17,199 9,339
Other operating expense (income) 10 (3,008 ) 8,389 (19,787 ) 6,342
Loss on disposal of assets 42 276 412 276
Earnings from operations 101,999 35,275 228,741 129,979
Finance costs 13 (43,383 ) (22,744 ) (81,527 ) (46,342 )
Gain (loss) on derivatives 19 (18,762 ) 28,729 (60,040 ) 30,999
Finance income 7,887 31,098 14,209 58,639
Share of earnings (loss) from equity-accounted investees 7 1,037 7,726 (45,309 ) 64,262
Other income (expense) 14 5,254 (43,033 ) 21,856 (45,618 )
Earnings before income taxes 54,032 37,051 77,930 191,919
Income tax expense 15 18,024 23,358 48,984 59,262
Net earnings **** 36,008 **** **** 13,693 **** **** 28,946 **** **** 132,657 ****
Net earnings (loss) attributable to:
Equity holders $ 36,010 $ 13,693 $ 28,953 $ 132,662
Non-controlling interest (2 ) — (7 ) (5 )
Net earnings $ 36,008 **** $ 13,693 **** $ 28,946 **** $ 132,657 ****
Earnings per common share attributable to equity holders:
Basic 16 $ 0.08 **** $ 0.03 **** $ 0.07 **** $ 0.31 ****
Diluted 16 $ 0.08 **** $ 0.03 **** $ 0.07 **** $ 0.31 ****

See accompanying notes to condensed consolidated interim financial statements.

2

Cameco Corporation

Consolidated statements of comprehensive earnings

(Unaudited) Three months ended Six months ended
($Cdn thousands) Jun 30/24 Jun 30/23 Jun 30/24 Jun 30/23
Net earnings $ 36,008 **** $ 13,693 **** $ 28,946 **** $ 132,657 ****
Other comprehensive income (loss), net of taxes Items that will not be reclassified to net<br>earnings: Remeasurements of defined benefit liability - equity-accounted investee^1^ — — (31 ) —
Items that are or may be reclassified to net earnings: Exchange differences on translation of<br>foreign operations 24,365 (1,270 ) 62,563 (3,901 )
Gains on derivatives designated as cash flow hedges - equity-accounted investee^2^ 11,432 — 15,381 —
Exchange differences on translation of foreign operations - equity-accounted investee (5,113 ) — (17,266 ) —
Other comprehensive income (loss), net of taxes **** 30,684 **** **** (1,270 ) **** 60,647 **** **** (3,901 )
Total comprehensive income $ 66,692 **** $ 12,423 **** **** 89,593 **** **** 128,756 ****
Other comprehensive income (loss) attributable to:
Equity holders $ 30,684 $ (1,270 ) $ 60,647 $ (3,901 )
Non-controlling interest — — — —
Other comprehensive income (loss) $ 30,684 **** $ (1,270 ) $ 60,647 **** $ (3,901 )
Total comprehensive income (loss) attributable to:
Equity holders $ 66,694 $ 12,423 $ 89,600 $ 128,761
Non-controlling interest (2 ) — (7 ) (5 )
Total comprehensive income $ 66,692 **** $ 12,423 **** $ 89,593 **** $ 128,756 ****
^1^ Net of tax (Q2 2024 - $0; 2024 - $10)
--- ---
^2^ Net of tax (Q2 2024 - $(2,805); 2024 - $(5,018))
--- ---

See accompanying notes to condensed consolidated interim financial statements.

3

Cameco Corporation

Consolidated statements of financial position

(Unaudited) As at
($Cdn thousands) Note Jun 30/24 Dec 31/23
Assets
Current assets
Cash and cash equivalents $ 361,617 $ 566,809
Accounts receivable 172,872 422,333
Current tax assets 1,053 974
Inventories 5 838,087 692,261
Supplies and prepaid expenses 134,596 149,352
Current portion of long-term receivables, investments and other 6 41,510 10,161
Total current assets 1,549,735 1,841,890
Property, plant and equipment 3,297,561 3,368,772
Intangible assets 41,502 43,577
Long-term receivables, investments and other 6 595,768 613,773
Investment in equity-accounted investees 7 3,031,802 3,173,185
Deferred tax assets 866,372 892,860
Total non-current assets 7,833,005 8,092,167
Total assets $ 9,382,740 $ 9,934,057 ****
Liabilities and shareholders’ equity
Current liabilities
Accounts payable and accrued liabilities 253,232 577,550
Current tax liabilities 12,996 24,076
Current portion of long-term debt 8 — 499,821
Current portion of other liabilities 9 144,335 48,544
Current portion of provisions 10 70,593 39,113
Total current liabilities 481,156 1,189,104
Long-term debt 8 1,402,953 1,284,353
Other liabilities 9 337,791 343,420
Provisions 10 966,321 1,022,871
Total non-current liabilities 2,707,065 2,650,644
Shareholders’ equity
Share capital 11 2,932,796 2,914,165
Contributed surplus 207,634 215,679
Retained earnings 3,008,665 2,979,743
Other components of equity 45,396 (15,282 )
Total shareholders’ equity attributable to equity holders 6,194,491 6,094,305
Non-controlling interest 28 4
Total shareholders’ equity 6,194,519 6,094,309
Total liabilities and shareholders’ equity $ 9,382,740 $ 9,934,057 ****

Commitments and contingencies [notes 10, 15]

See accompanying notes to condensed consolidated interim financial statements.

4

Cameco Corporation

Consolidated statements of changes in equity

Attributable to equity holders
(Unaudited)<br><br><br>($Cdn thousands) Sharecapital Contributedsurplus Retainedearnings Foreigncurrencytranslation Cashflowhedges Equityinvestmentsat FVOCI Total Non-controllinginterest Total<br>equity
Balance at January 1, 2024 $ 2,914,165 $ 215,679 $ 2,979,743 $ (18,040 ) $ 3,506 $ (748 ) $ 6,094,305 $ 4 $ 6,094,309
Net earnings (loss) — — 28,953 — — — 28,953 (7 ) 28,946
Other comprehensive income (loss) — — (31 ) 45,297 15,381 — 60,647 — 60,647
Total comprehensive income (loss) for the period — — 28,922 45,297 15,381 — 89,600 (7 ) 89,593
Share-based compensation — 3,004 — — — — 3,004 — 3,004
Stock options exercised 18,631 (3,925 ) — — — — 14,706 — 14,706
Restricted share units released — (7,124 ) — — — — (7,124 ) — (7,124 )
Transactions with owners - contributed equity — — — — — — — 31 31
Balance at June 30, 2024 $ 2,932,796 $ 207,634 $ 3,008,665 $ 27,257 $ 18,887 $ (748 ) $ 6,194,491 $ 28 $ 6,194,519
Balance at January 1, 2023 $ 2,880,336 $ 224,687 $ 2,696,379 $ 35,400 $ — $ (748 ) $ 5,836,054 $ 11 $ 5,836,065
Net earnings (loss) — — 132,662 — — — 132,662 (5 ) 132,657
Other comprehensive loss — — — (3,901 ) — — (3,901 ) — (3,901 )
Total comprehensive income (loss) for the period — — 132,662 (3,901 ) — — 128,761 (5 ) 128,756
Share-based compensation — 1,761 — — — — 1,761 — 1,761
Stock options exercised 17,204 (3,155 ) — — — — 14,049 — 14,049
Restricted share units released — (6,409 ) — — — — (6,409 ) — (6,409 )
Dividends — — 3 — — — 3 — 3
Balance at June 30, 2023 $ 2,897,540 $ 216,884 $ 2,829,044 $ 31,499 $ — $ (748 ) $ 5,974,219 $ 6 $ 5,974,225

See accompanying notes to condensed consolidated interim financial statements.

5

Cameco Corporation

Consolidated statements of cash flows

(Unaudited) Three months ended Six months ended
($Cdn thousands) Note Jun 30/24 Jun 30/23 Jun 30/24 Jun 30/23
Operating activities
Net earnings $ 36,008 $ 13,693 $ 28,946 $ 132,657
Adjustments for:
Depreciation and amortization 61,858 41,852 105,025 118,225
Deferred charges 68,412 (6,270 ) 44,130 (21,212 )
Unrealized loss (gain) on derivatives 12,510 (34,601 ) 47,154 (40,883 )
Share-based compensation 18 1,716 912 3,004 1,761
Loss on disposal of assets 42 276 412 276
Finance costs 13 43,383 22,744 81,527 46,342
Finance income (7,886 ) (31,099 ) (14,209 ) (58,639 )
Share of loss (earnings) in equity-accounted investees (1,037 ) (7,726 ) 45,309 (64,262 )
Other operating expense (income) 10 (3,008 ) 8,389 (19,787 ) 6,342
Other expense (income) 14 (5,254 ) 43,032 (21,856 ) 45,618
Income tax expense 15 18,024 23,358 48,984 59,262
Interest received 7,886 33,322 14,209 60,766
Income taxes received (paid) (21,620 ) 79,065 (33,503 ) 71,605
Dividends from equity-accounted investees 185,447 113,642 185,447 113,642
Other operating items 17 (136,405 ) (213,675 ) (191,559 ) (169,430 )
Net cash provided by operations **** 260,076 **** **** 86,914 **** **** 323,233 **** **** 302,070 ****
Investing activities
Additions to property, plant and equipment (46,880 ) (39,986 ) (86,899 ) (66,895 )
Decrease in short-term investments — 809,228 — 1,117,180
Decrease in long-term receivables, investments and other 7,003 1,000 7,003 1,000
Proceeds from sale of property, plant and equipment 48 36 48 36
Net cash provided by (used in) investing **** (39,829 ) **** 770,278 **** **** (79,848 ) **** 1,051,321 ****
Financing activities
Increase in debt 497,325 — 497,325 —
Decrease in debt (636,690 ) — (904,990 ) —
Interest paid (48,360 ) (19,008 ) (50,883 ) (19,798 )
Lease principal payments (378 ) (319 ) (790 ) (904 )
Proceeds from issuance of shares, stock option plan 14,215 4,437 14,706 14,049
Dividends returned — — — 4
Net cash used in financing **** (173,888 ) **** (14,890 ) **** (444,632 ) **** (6,649 )
Increase (decrease) in cash and cash equivalents, during the period 46,359 842,302 (201,247 ) 1,346,742
Exchange rate changes on foreign currency cash balances (7,959 ) (35,225 ) (3,945 ) (36,456 )
Cash and cash equivalents, beginning of period 323,217 1,646,883 566,809 1,143,674
Cash and cash equivalents, end of period $ 361,617 **** $ 2,453,960 **** $ 361,617 **** $ 2,453,960 ****
Cash and cash equivalents is comprised of:
Cash 232,647 893,718
Cash equivalents 128,970 1,560,242
Cash and cash equivalents $ 361,617 **** $ 2,453,960 ****

See accompanying notes to condensed consolidated interim financial statements.

6

Cameco Corporation

Notes to condensed consolidated interim financial statements

(Unaudited)

(Cdn$ thousands, except per share amounts and as noted)

1. 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 condensed consolidated interim financial statements as at and for the periods ended June 30, 2024 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 40% 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 49% 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 7).

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 also not currently producing as the decision was made in 2016 to curtail production and defer all wellfield development. See note 20 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 UF6 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.

2. Material accounting policies

A. Statement of compliance

These condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting. The condensed consolidated interim financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with Cameco’s annual consolidated financial statements as at and for the year ended December 31, 2023.

These condensed consolidated interim financial statements were authorized for issuance by the Company’s board of directors on July 30, 2024.

B.Basis of presentation

These condensed consolidated interim 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.

7

The condensed consolidated interim 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:

Derivative financial instruments Fair value through profit or loss (FVTPL)
Equity securities Fair value through other comprehensive income (FVOCI)
Liabilities for cash-settled share-based payment arrangements Fair value through profit or loss (FVTPL)
Net defined benefit liability Fair value of plan assets less the present value of the defined benefit obligation

The preparation of the condensed consolidated interim financial statements in conformity with International Financial Reporting Standards (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.

In preparing these condensed consolidated interim financial statements, the significant judgments made by management in applying the Company’s accounting policies and key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended December 31, 2023.

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 of the December 31, 2023, consolidated financial statements.

3. Accounting standards

A. Changes in accounting policy

A number of amendments to existing standards became effective January 1, 2024, but they did not have an effect on the Company’s financial statements.

B. New standardsand interpretations not yet adopted

A number of new standards and amendments to existing standards are not yet effective for the period ended June 30, 2024 and have not been applied in preparing these condensed consolidated interim financial statements. Cameco does not intend to early adopt any of the standards and amendments and does not expect them to have a material impact on its financial statements. The one new standard that is expected to have an impact on disclosures is described below.

i. Financial statement presentation

In April 2024, the International Accounting Standards Board (IASB) issued IFRS 18*, Presentation and Disclosure of Financial Statements* (IFRS 18). IFRS 18 is effective for periods beginning on or after January 1, 2027, with early adoption permitted. IFRS 18 is expected to improve the quality of financial reporting by requiring defined subtotals in the statement of profit or loss, requiring disclosure about management-defined performance measures, and adding new principles for aggregation and disaggregation of information. Cameco has not yet determined the impact of this standard on its disclosures.

8

4. Acquisition of Westinghouse Electric Company (Westinghouse)

On November 7, 2023, Cameco acquired a 49% 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 51%. The acquisition represents an investment in additional nuclear fuel cycle assets that the Company expects will augment the core of its business.

During the quarter, the purchase price was finalized with amounts released from escrow, resulting in Cameco’s share of the purchase price being reduced by $4,434,000 (US) with a corresponding decrease to goodwill. To finance its 49% share of the purchase price, $2,135,871,000 (US), Cameco used a combination of cash, debt and equity. The Company used $1,535,871,000 (US) of cash and $600,000,000 (US) in term loans (see note 8). In 2022, Cameco had issued 34,057,250 common shares pursuant to a public offering to help fund the acquisition.

Cameco’s share of the acquisition date fair value of the underlying assets and liabilities was as follows:

Net assets acquired ()
Cash and cash equivalents 255,924
Other current assets 955,140
Property, plant and equipment 795,613
Intangible assets 2,839,550
Goodwill 551,594
Non-current assets 346,928
Current liabilities (1,163,456 )
Non-current liabilities (2,445,422 )
Total 2,135,871
Cash paid 1,535,871
Term loans 600,000
Total 2,135,871

All values are in US Dollars.

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 has not been finalized as of the date of these financial statements. The accounting for the acquisition will be revised when the valuation is complete. Since December 31, 2023, when the acquisition was first reported, amounts have been reclassified between the net assets acquired to reflect changes in the valuation to date and an adjustment made to goodwill to reflect the finalization of the purchase price. 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.

9

5. Inventories

Jun 30/24 Dec 31/23
Uranium
Concentrate $ 624,361 $ 511,654
Broken ore **** 50,651 71,463
**** 675,012 583,117
Fuel services **** 162,633 108,711
Other **** 442 433
Total $ 838,087 $ 692,261

Cameco expensed $374,113,000 of inventory as cost of sales during the second quarter of 2024 (2023 - $331,109,000). For the six months ended June 30, 2024, Cameco expensed $778,411,000 of inventory as cost of sales (2023 - $796,178,000).

6. Long-term receivables,investments and other

Jun 30/24 Dec 31/23
Deferred charges $ 40,110 **** $ —
Derivatives [note 19] **** 2,454 **** 28,467
Investment tax credits **** 96,199 **** 95,940
Amounts receivable related to tax dispute [note<br>15]^(a)^ **** 209,125 **** 209,125
Product loan^(b)^ **** 288,294 **** 288,294
Other **** 1,096 **** 2,108
**** 637,278 **** 623,934
Less current portion **** (41,510 ) (10,161 )
Net $ 595,768 **** $ 613,773

(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.

(b) Cameco loaned 5,400,000 pounds of uranium concentrate to its joint venture partner, Orano Canada Inc., (Orano). Orano is obligated to repay the Company in kind with uranium concentrate no later than December 31, 2028. As at June 30, 2024, 3,000,000 pounds have been returned as repayment on this loan (December 31, 2023 - 3,000,000 pounds).

Cameco also loaned Orano 1,148,200 kgU of conversion supply and an additional 1,200,000 pounds of uranium concentrate during 2022 and 2023. Repayment to Cameco is to be made in kind with U3O8 quantities drawn being repaid by December 31, 2027 and quantities of UF6 conversion supply drawn by December 31, 2035.

As at June 30, 2024, 3,600,000 pounds of U3O8 (December 31, 2023 - 3,600,000 pounds) and 1,148,200 kgU of UF6 conversion supply (December 31, 2023 - 1,148,200 kgU) were drawn on the loans and are recorded at Cameco’s weighted average cost of inventory.

10

7. Equity-accounted investees

Jun 30/24 Dec 31/23
Interest in Westinghouse $ 2,814,390 $ 2,899,379
Interest in JV Inkai **** 217,412 273,806
Interest in Global Laser Enrichment (GLE) **** — —
$ 3,031,802 $ 3,173,185

A. Joint ventures

i.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 49% interest and Brookfield holds 51%. 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.

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%):

Three months ended Six months ended
Jun 30/24 Jun 30/23 Jun 30/24 Jun 30/23
Revenue from products and services $ 1,366,594 **** $ — $ 2,704,398 **** $ —
Cost of products and services sold **** (446,333 ) — **** (1,048,056 ) —
Depreciation and amortization **** (180,763 ) — **** (353,612 ) —
Marketing, administrative and general expenses **** (705,680 ) — **** (1,389,741 ) —
Finance income **** 1,618 **** — **** 5,557 **** —
Finance costs **** (110,813 ) — **** (241,665 ) —
Other expense **** (41,803 ) — **** (122,385 ) —
Income tax recovery **** 21,831 **** — **** 98,163 **** —
Net loss $ (95,349 ) $ — $ (347,341 ) $ —
Other comprehensive income (loss) **** 12,895 **** — **** (3,910 ) —
Total comprehensive income $ (82,454 ) $ — $ (351,251 ) $ —

Cameco did not acquire its interest in Westinghouse until November 7, 2023.

11

The following table summarizes the financial information of Westinghouse (100%) and reconciles it to the carrying amount of Cameco’s interest:

Jun 30/24 Dec 31/23
Cash and cash equivalents $ 205,539 **** $ 265,146
Other current assets **** 2,784,329 **** 2,364,602
Intangible assets **** 7,652,867 **** 7,655,386
Goodwill **** 1,538,786 **** 1,534,947
Non-current assets **** 2,899,936 **** 3,102,566
Current liabilities **** (2,645,454 ) (2,464,058 )
Non-current liabilities **** (6,841,633 ) (6,684,673 )
Net assets **** 5,594,370 **** 5,773,916
Net assets attributable to non-controlling<br>interest **** (23,397 ) (24,036 )
Net assets attributable to shareholders **** 5,570,973 **** 5,749,880
Cameco’s share of net assets attributable to shareholders (49%) **** 2,729,777 **** 2,817,441
Acquisition costs^(a)^ **** 83,896 **** 83,916
Impact of foreign exchange **** 717 **** (1,978 )
Carrying amount of interest in Westinghouse $ 2,814,390 **** $ 2,899,379

(a) Cameco incurred $84 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 49% interest in GLE with an option to attain a majority interest of up to 75% 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.

B. Associate

i. JV Inkai

JV Inkai is the operator of the Inkai uranium deposit located in Kazakhstan. Cameco holds a 40% interest in JV Inkai and Kazatomprom holds a 60% interest. Cameco does not have control over the joint venture so it accounts for the investment 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.

12

The following tables summarize the total comprehensive earnings of JV Inkai (100%):

Three months ended Six months ended
Jun 30/24 Jun 30/23 Jun 30/24 Jun 30/23
Revenue from products and services $ 90,779 **** $ 127,197 $ 404,643 **** $ 201,500
Cost of products and services sold **** (25,524 ) (22,713 ) **** (63,948 ) (36,194 )
Depreciation and amortization **** (5,890 ) (7,250 ) **** (26,290 ) (11,771 )
Finance income **** 1,085 **** 438 **** 1,647 **** 568
Finance costs **** (87 ) (312 ) **** (359 ) (571 )
Other income (expense) **** 5,134 **** (4,913 ) **** (10,178 ) (14,643 )
Income tax expense **** (11,653 ) (18,158 ) **** (61,110 ) (28,001 )
Net earnings from continuing operations $ 53,844 **** $ 74,289 $ 244,405 **** $ 110,888
Other comprehensive income **** — **** — **** — **** —
Total comprehensive income $ 53,844 **** $ 74,289 $ 244,405 **** $ 110,888

The following table summarizes the financial information of JV Inkai (100%) and reconciles it to the carrying amount of Cameco’s interest:

Jun 30/24 Dec 31/23
Cash and cash equivalents $ 36,806 **** $ 24,074
Other current assets **** 405,621 **** 551,917
Non-current assets **** 324,309 **** 332,655
Current liabilities **** (38,492 ) (40,985 )
Non-current liabilities **** (30,376 ) (30,211 )
Net assets **** 697,868 **** 837,450
Cameco’s share of net assets (40%) **** 279,147 **** 334,980
Consolidating adjustments^(a)^ **** (45,986 ) (74,223 )
Fair value increment^(b)^ **** 80,076 **** 81,090
Dividends declared but not received **** 9,760 **** 5,952
Dividends in excess of ownership<br>percentage^(c)^ **** (107,179 ) (74,843 )
Impact of foreign exchange **** 1,594 **** 850
Carrying amount of interest in JV Inkai $ 217,412 **** $ 273,806

(a) Cameco records certain consolidating adjustments to eliminate unrealized profit, recognize deferred profit and amortize historical differences in accounting policies. The historical differences are 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.

13

8. Long-term debt

Jun 30/24 Dec 31/23
Unsecured debentures
Series F - 5.09% debentures due November 14, 2042 $ 99,385 $ 99,374
Series G - 4.19% debentures due June 24, 2024 **** — 499,821
Series H - 2.95% debentures due October 21, 2027 **** 398,759 398,582
Series I - 4.94% debentures due May 24, 2031 **** 497,376 —
Term loans **** 407,433 786,397
**** 1,402,953 1,784,174
Less current portion **** — (499,821 )
Total $ 1,402,953 $ 1,284,353

On May 24, 2024, Cameco issued $500,000,000 of Series I debentures which bear interest at a rate of 4.94% per annum. The net proceeds of the issue after deducting expenses were approximately $497,000,000. The debentures mature on May 24, 2031, and are being amortized at an effective interest rate of 5.03%. In conjunction with the issuance of the Series I debentures, on June 24, 2024, the $500,000,000 principal amount of the Series G debentures was redeemed.

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 49% acquisition of Westinghouse. The term loan consisted 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. In addition to the $200,000,000 (US) repaid in the first quarter, Cameco repaid $100,000,000 (US) on June 10, 2024 to fully retire the second tranche.

9. Other liabilities

Jun 30/24 Dec 31/23
Deferred sales $ 122,833 **** $ 45,372
Derivatives [note 19] **** 43,484 **** 22,344
Accrued pension and post-retirement benefit liability **** 78,523 **** 77,002
Lease obligation [note 19] **** 10,769 **** 10,816
Product loans^(a)^ **** 158,837 **** 166,052
Sales contracts [note 4] **** 5,644 **** 6,314
Other **** 62,036 **** 64,064
**** 482,126 **** 391,964
Less current portion **** (144,335 ) (48,544 )
Net $ 337,791 **** $ 343,420

(a) Cameco has standby product loan facilities with various counterparties. The arrangements allow us to borrow up to 1,978,000 kgU of UF6 conversion services and 6,679,000 pounds of U3O8 by September 30, 2027 with repayment in kind up to December 31, 2027. Under the facilities, standby fees of up to 1.5% 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 3.0%. At June 30, 2024, we have 1,777,000 kgU of UF6 conversion services (December 31, 2023 - 1,777,000 kgU) drawn on the loans with repayment due by December 31 of the following years:

2024 2025 2026 2027 Total
kgU of UF6 — 528,000 1,249,000 — 1,777,000

14

We also have 2,756,000 pounds of U3O8 (December 31, 2023 - 2,756,000 pounds) drawn with repayment due no later than December 31 of the following years:

2024 2025 2026 2027 Total
lbs of U3O8 — 630,000 2,126,000 — 2,756,000

The loans are recorded at Cameco’s weighted average cost of inventory.

10. Provisions
Reclamation Waste disposal Total
--- --- --- --- --- --- --- --- --- ---
Beginning of year $ 1,051,167 $ 10,817 $ 1,061,984
Changes in estimates and discount rates
Capitalized in property, plant, and equipment (17,919 ) — (17,919 )
Recognized in earnings (19,787 ) — (19,787 )
Provisions used during the period (15,527 ) (582 ) (16,109 )
Unwinding of discount 18,396 182 18,578
Impact of foreign exchange 10,167 — 10,167
End of period $ 1,026,497 **** $ 10,417 **** $ 1,036,914 ****
Current 65,763 4,830 70,593
Non-current 960,734 5,587 966,321
$ 1,026,497 **** $ 10,417 **** $ 1,036,914 ****
11. Share capital
--- ---

At June 30, 2024, there were 435,180,572 common shares outstanding. Options in respect of 391,469 shares are outstanding under the stock option plan and are exercisable up to 2027. For the quarter ended June 30, 2024, there were 974,820 options that were exercised resulting in the issuance of shares (2023 - 276,050). For the six months ended June 30, 2024, there were 1,004,820 options exercised that resulted in the issuance of shares (2023 - 789,767).

12. Revenue

Cameco’s uranium and fuel services 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.

15

The following tables summarize Cameco’s sales disaggregated by geographical region and contract type and includes a reconciliation to Cameco’s reportable segments (note 20):

For the three months ended June 30, 2024

Uranium Fuel services Total
Customer geographical region
Americas $ 235,012 $ 90,116 $ 325,128
Europe 112,366 22,635 135,001
Asia 133,222 5,107 138,329
$ 480,600 $ 117,858 $ 598,458
Contract type
Fixed-price $ 199,543 $ 115,877 $ 315,420
Market-related 281,057 1,981 283,038
$ 480,600 $ 117,858 $ 598,458

For the three months ended June 30, 2023

Uranium Fuel services Total
Customer geographical region
Americas $ 199,576 $ 86,870 $ 286,446
Europe 76,895 26,375 103,270
Asia 92,057 214 92,271
$ 368,528 $ 113,459 $ 481,987
Contract type
Fixed-price $ 106,359 $ 111,514 $ 217,873
Market-related 262,169 1,945 264,114
$ 368,528 $ 113,459 $ 481,987

For the six months ended June 30, 2024

Uranium Fuel services Total
Customer geographical region
Americas $ 656,929 $ 151,369 $ 808,298
Europe 179,497 33,396 212,893
Asia 205,284 5,528 210,812
$ 1,041,710 $ 190,293 $ 1,232,003
Contract type
Fixed-price $ 357,470 $ 179,491 $ 536,961
Market-related 684,240 10,802 695,042
$ 1,041,710 $ 190,293 $ 1,232,003

16

For the six months ended June 30, 2023

Uranium Fuel services Total
Customer geographical region
Americas $ 433,848 $ 153,040 $ 586,888
Europe 255,037 45,566 300,603
Asia 274,218 7,252 281,470
$ 963,103 $ 205,858 $ 1,168,961
Contract type
Fixed-price $ 308,312 $ 203,913 $ 512,225
Market-related 654,791 1,945 656,736
$ 963,103 $ 205,858 $ 1,168,961
13. Finance costs
--- ---
Three months ended Six months ended
--- --- --- --- --- --- --- --- ---
Jun 30/24 Jun 30/23 Jun 30/24 Jun 30/23
Interest on long-term debt $ 28,870 $ 10,480 $ 53,242 $ 20,857
Unwinding of discount on provisions **** 9,805 8,269 **** 18,578 17,608
Other charges **** 4,708 3,995 **** 9,707 7,877
Total $ 43,383 $ 22,744 $ 81,527 $ 46,342
14. Other income (expense)
--- ---
Three months ended Six months ended
--- --- --- --- --- --- --- --- --- --- --- ---
Jun 30/24 Jun 30/23 Jun 30/24 Jun 30/23
Foreign exchange gains (losses) **** 5,253 (43,578 ) **** 21,860 **** (46,163 )
Other **** 1 545 **** (4 ) 545
Total $ 5,254 $ (43,033 ) $ 21,856 **** $ (45,618 )

17

15. Income taxes
Three months ended Six months ended
--- --- --- --- --- --- --- --- --- --- --- --- ---
Jun 30/24 Jun 30/23 Jun 30/24 Jun 30/23
Earnings (loss) before income taxes
Canada $ 90,221 **** $ 61,832 $ 230,795 **** $ 211,451
Foreign **** (36,189 ) (24,781 ) **** (152,865 ) (19,532 )
$ 54,032 **** $ 37,051 $ 77,930 **** $ 191,919
Current income taxes
Canada $ 6,398 **** $ 3,452 $ 17,752 **** $ 15,337
Foreign **** 2,956 **** 1,805 **** 4,401 **** 4,228
$ 9,354 **** $ 5,257 $ 22,153 **** $ 19,565
Deferred income taxes (recovery)
Canada $ 6,538 **** $ 18,349 $ 25,994 **** $ 39,157
Foreign **** 2,132 **** (248 ) **** 837 **** 540
$ 8,670 **** $ 18,101 $ 26,831 **** $ 39,697
Income tax expense $ 18,024 **** $ 23,358 $ 48,984 **** $ 59,262

Cameco has recorded $866,372,000 of deferred tax assets (December 31, 2023 - $892,860,000). The realization of these deferred tax assets is dependent upon the generation of future taxable income in certain jurisdictions during the periods in which the Company’s temporary tax differences 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 has operations in countries where the global minimum top-up tax has been enacted or substantively enacted effective January 1, 2024, including: Canada, Switzerland, Luxembourg, Germany and the United Kingdom. The exposure is currently only in Switzerland, as all other constituent entities have effective tax rates higher than 15% and the transitional safe harbour rules are expected to be met. As a result of this exposure, additional income tax expense of $1,060,000 has been recorded relating to the profits earned in Switzerland (2023 - $0).

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.

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.

18

16. Per share amounts

Per share amounts have been calculated based on the weighted average number of common shares outstanding during the period.

Three months ended Six months ended
Jun 30/24 Jun 30/23 Jun 30/24 Jun 30/23
Basic earnings per share computation
Net earnings attributable to equity holders $ 36,010 $ 13,693 $ 28,953 $ 132,662
Weighted average common shares outstanding **** 434,875 433,096 **** 434,530 432,974
Basic earnings per common share $ 0.08 $ 0.03 $ 0.07 $ 0.31
Diluted earnings per share computation
Net earnings attributable to equity holders $ 36,010 $ 13,693 $ 28,953 $ 132,662
Weighted average common shares outstanding **** 434,875 433,096 **** 434,530 432,974
Dilutive effect of stock options **** 1,077 1,522 **** 1,077 1,745
Weighted average common shares outstanding, assuming dilution **** 435,952 434,618 **** 435,607 434,719
Diluted earnings per common share $ 0.08 $ 0.03 $ 0.07 $ 0.31
17. Statements of cash flows
--- ---
Three months ended Six months ended
--- --- --- --- --- --- --- --- --- --- --- --- ---
Jun 30/24 Jun 30/23 Jun 30/24 Jun 30/23
Changes in non-cash working capital:
Accounts receivable $ 31,565 **** $ (106,445 ) $ 284,466 **** $ (71,408 )
Inventories **** (90,561 ) (129,521 ) **** (151,329 ) 71,170
Supplies and prepaid expenses **** 19,359 **** (15,688 ) **** 14,833 **** (26,601 )
Accounts payable and accrued liabilities **** (109,633 ) 50,473 **** (337,674 ) (117,570 )
Reclamation payments **** (8,301 ) (10,634 ) **** (16,109 ) (19,527 )
Other **** 21,166 **** (1,860 ) **** 14,254 **** (5,494 )
Other operating items $ (136,405 ) $ (213,675 ) $ (191,559 ) $ (169,430 )
18. Share-based compensation plans
--- ---
A. Stock option plan
--- ---

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 33,200,879 shares have been issued. As of June 30, 2024, the total number of stock options held by the participants was 391,469 (December 31, 2023 - 1,396,289).

B. Executive performance share unit (PSU)

During the period, the Company granted 178,600 PSUs. The weighted average fair value per unit at the date of issue was $55.00. As of June 30, 2024, the total number of PSUs held by the participants was 635,312 (December 31, 2023 - 830,279).

C. Restricted share unit (RSU)

During the period, the Company granted 322,267 RSUs. The weighted average fair value per unit at the date of issue was $55.00. As of June 30, 2024, the total number of RSUs held by the participants was 736,256 (December 31, 2023 - 814,683).

19

D. Deferred share unit (DSU)

As of June 30, 2024, the total number of DSUs held by participating directors was 401,503 (December 31, 2023 - 564,401).

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 period, the Company recognized the following expenses under these plans:

Three months ended Six months ended
Jun 30/24 Jun 30/23 Jun 30/24 Jun 30/23
Employee share ownership plan^(a)^ $ 1,301 $ 1,133 $ 2,380 $ 2,046
Restricted share unit plan **** 1,717 912 **** 3,004 1,761
Total $ 3,018 $ 2,045 $ 5,384 $ 3,807
(a) The total number of shares purchased in 2024 with Company contributions was 37,246 (2023 - 55,807).<br>
--- ---

Cash-settled plans

During the period, the Company recognized the following expenses (income) under these plans:

Three months ended Six months ended
Jun 30/24 Jun 30/23 Jun 30/24 Jun 30/23
Performance share unit plan $ 3,840 $ 3,117 $ 7,361 $ 11,245
Deferred share unit plan **** 4,862 3,371 **** 5,723 5,946
Restricted share unit plan **** 3,705 3,270 **** 6,515 9,403
Phantom stock option plan **** 460 504 **** 530 988
Phantom restricted share unit plan **** 243 168 **** 409 308
$ 13,110 $ 10,430 $ 20,538 $ 27,890

Expenses related to share-based compensation plans are primarily included as part of administration expense in the statement of earnings.

20

19. Financial instruments and related risk management
A. Accounting classifications
--- ---

The following tables summarize the carrying amounts and accounting classifications of Cameco’s financial instruments at the reporting date:

At June 30, 2024

FVTPL Amortizedcost Total
Financial assets
Cash and cash equivalents^(a)^ $ — $ 361,617 $ 361,617
Accounts receivable — 172,872 172,872
Derivative assets [note 6]
Foreign currency contracts 2,454 — 2,454
**** 2,454 **** **** 534,489 **** **** 536,943 ****
Financial liabilities
Accounts payable and accrued liabilities — 253,232 253,232
Lease obligation [note 9] — 10,769 10,769
Derivative liabilities [note 9]
Foreign currency contracts 37,637 — 37,637
Interest rate contracts 5,847 — 5,847
Long-term debt — 1,402,953 1,402,953
**** 43,484 **** **** 1,666,954 **** **** 1,710,438 ****
Net **** (41,030 ) **** (1,132,465 ) **** (1,173,495 )

At December 31, 2023

FVTPL Amortizedcost Total
Financial assets
Cash and cash equivalents $ — $ 566,809 $ 566,809
Accounts receivable — 422,333 422,333
Derivative assets [note 6]
Foreign currency contracts 28,467 — 28,467
$ 28,467 $ 989,142 **** $ 1,017,609 ****
Financial liabilities
Accounts payable and accrued liabilities $ — $ 577,550 $ 577,550
Lease obligation [note 9] — 10,816 10,816
Current portion of long-term debt — 499,821 499,821
Derivative liabilities [note 9]
Foreign currency contracts 16,525 — 16,525
Interest rate contracts 5,819 — 5,819
Long-term debt — 1,284,353 1,284,353
**** 22,344 **** 2,372,540 **** **** 2,394,884 ****
Net $ 6,123 $ (1,383,398 ) $ (1,377,275 )

21

(a) Cameco has pledged $158,542,000 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.

B. Fair value hierarchy

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.

22

The following tables summarize the carrying amounts and level 2 fair values of Cameco’s financial instruments that are measured at fair value:

As at June 30, 2024

Carrying value Fair Value
Derivative assets [note 6]
Foreign currency contracts $ 2,454 **** $ 2,454
Derivative liabilities [note 9]
Foreign currency contracts **** (37,637 ) (37,637 )
Interest rate contracts **** (5,847 ) (5,847 )
Long-term debt **** (1,402,953 ) (1,452,697 )
Net $ (1,443,983 ) $ (1,493,727 )

As at December 31, 2023

Carrying value Fair Value
Derivative assets [note 6]
Foreign currency contracts $ 28,467 **** $ 28,467
Current portion of long-term debt **** (499,821 ) (500,000 )
Derivative liabilities [note 9]
Foreign currency contracts **** (16,525 ) (16,525 )
Interest rate contracts **** (5,819 ) (5,819 )
Long-term debt **** (1,284,353 ) (1,303,681 )
Net $ (1,778,051 ) $ (1,797,558 )

The preceding tables exclude fair value information for financial instruments whose carrying amounts are a reasonable approximation of fair value. The carrying value of Cameco’s cash and cash equivalents, accounts receivable, and accounts payable and accrued liabilities approximates its fair value 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 1 or level 3 as of the reporting date.

C. Financial instruments measured at fair value

Cameco measures its derivative financial instruments and long-term debt at fair value. Derivative financial instruments and current and long-term debt are classified as recurring level 2 fair value measurements.

The fair value of Cameco’s unsecured debentures is determined using quoted market yields as of the reporting date, which ranged from 3.5% to 3.6% (2023 - 3.1% to 4.9%). 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.

23

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.

D. Derivatives

The following table summarizes the fair value of derivatives and classification on the consolidated statements of financial position:

Jun 30/24 Dec 31/23
Non-hedge derivatives:
Foreign currency contracts $ (35,183 ) $ 11,942
Interest rate contracts **** (5,847 ) (5,819 )
Net $ (41,030 ) $ 6,123
Classification:
Current portion of long-term receivables, investments and other [note 6] $ 376 **** $ 9,137
Long-term receivables, investments and other [note 6] **** 2,078 **** 19,330
Current portion of other liabilities [note 9] **** (29,914 ) (14,338 )
Other liabilities [note 9] **** (13,570 ) (8,006 )
Net $ (41,030 ) $ 6,123

The following table summarizes the different components of the gain (loss) on derivatives included in net earnings (loss):

Three months ended Six months ended
Jun 30/24 Jun 30/23 Jun 30/24 Jun 30/23
Non-hedge derivatives:
Foreign currency contracts $ (18,667 ) $ 31,346 $ (58,542 ) $ 32,974
Interest rate contracts **** (95 ) (2,617 ) **** (1,498 ) (1,975 )
Net $ (18,762 ) $ 28,729 $ (60,040 ) $ 30,999

20. 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 7). 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. Cameco expensed $11,855,000 of care and maintenance costs during the second quarter of 2024 (2023 - $12,139,000). For the six months ended June 30, 2024, Cameco expensed $24,233,000 (2023 - $25,693,000).

Accounting policies used in each segment are consistent with the policies outlined in the summary of material accounting policies.

24

Business segments

For the three months ended June 30, 2024

Uranium Fuel services (i)<br>WEC (i)<br>Adjustments Other Total
Revenue $ 480,600 $ 117,858 $ 669,631 $ (669,631 ) $ — $ 598,458
Expenses
Cost of products and services sold 284,660 76,620 218,703 (218,703 ) — 361,280
Depreciation and amortization 51,520 9,008 88,574 (88,574 ) 1,330 61,858
Cost of sales 336,180 85,628 307,277 (307,277 ) 1,330 423,138
Gross profit (loss) **** 144,420 **** **** 32,230 **** **** 362,354 **** **** (362,354 ) **** (1,330 ) **** 175,320 ****
Administration — — 345,783 (345,783 ) 65,705 65,705
Exploration 2,703 — — — — 2,703
Research and development — — — — 7,879 7,879
Other operating income (2,220 ) (788 ) — — — (3,008 )
Gain (loss) on disposal of assets 47 (5 ) — — — 42
Finance costs — — 54,298 (54,298 ) 43,383 43,383
Gain on derivatives — — — — 18,762 18,762
Finance income — — (793 ) 793 (7,887 ) (7,887 )
Share of loss (earnings) from equity-accounted investee (47,758 ) — — 46,721 — (1,037 )
Other expense (income) — — 20,483 (20,483 ) (5,254 ) (5,254 )
Earnings (loss) before income taxes **** 191,648 **** **** 33,023 **** **** (57,417 ) **** 10,696 **** **** (123,918 ) **** 54,032 ****
Income tax recovery 18,024
Net earnings $ 36,008 ****
(i) Consistent with the presentation of financial information for internal management purposes, Cameco’s share<br>of Westinghouse’s financial results has 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 revenue and<br>expenses are eliminated in the “Adjustments” column.
--- ---

25

For the three months ended June 30, 2023

Uranium Fuel services Other Total
Revenue $ 368,528 $ 113,459 $ — $ 481,987
Expenses
Cost of products and services sold 264,491 65,671 — 330,162
Depreciation and amortization 32,240 8,767 845 41,852
Cost of sales 296,731 74,438 845 372,014
Gross profit (loss) **** 71,797 **** **** 39,021 **** **** (845 ) **** 109,973 ****
Administration — — 57,048 57,048
Exploration 3,878 — — 3,878
Research and development — — 5,107 5,107
Other operating expense (income) 8,535 (146 ) — 8,389
Gain (loss) on disposal of assets (36 ) 312 — 276
Finance costs — — 22,744 22,744
Gain on derivatives — — (28,729 ) (28,729 )
Finance income — — (31,098 ) (31,098 )
Share of earnings from equity-accounted investee (7,726 ) — — (7,726 )
Other expense (income) (545 ) — 43,578 43,033
Earnings (loss) before income taxes **** 67,691 **** **** 38,855 **** **** (69,495 ) **** 37,051 ****
Income tax expense 23,358
Net earnings $ 13,693 ****

For the six months ended June 30, 2024

Uranium Fuelservices (i)<br>WEC (i)<br>Adjustments Other Total
Revenue $ 1,041,710 $ 190,293 $ 1,325,155 (1,325,155 ) $ — $ 1,232,003
Expenses
Cost of products and services sold 640,520 125,023 513,547 (513,547 ) (706 ) 764,837
Depreciation and amortization 88,235 14,328 173,270 (173,270 ) 2,462 105,025
Cost of sales 728,755 139,351 686,817 (686,817 ) 1,756 869,862
Gross profit (loss) **** 312,955 **** **** 50,942 **** **** 638,338 **** **** (638,338 ) **** (1,756 ) **** 362,141 ****
Administration — — 680,973 (680,973 ) 125,513 125,513
Exploration 10,063 — — — — 10,063
Research and development — — — — 17,199 17,199
Other operating income (17,112 ) (2,675 ) — — — (19,787 )
Loss on disposal of assets 272 140 — — — 412
Finance costs — — 118,416 (118,416 ) 81,527 81,527
Gain on derivatives — — — — 60,040 60,040
Finance income — — (2,723 ) 2,723 (14,209 ) (14,209 )
Share of loss (earnings) from equity-accounted investee (124,888 ) — — 170,197 — 45,309
Other expense (income) — — 59,969 (59,969 ) (21,856 ) (21,856 )
Earnings (loss) before income taxes **** 444,620 **** **** 53,477 **** **** (218,297 ) **** 48,100 **** **** (249,970 ) **** 77,930 ****
Income tax recovery 48,984
Net earnings $ 28,946 ****
(i) Consistent with the presentation of financial information for internal management purposes, Cameco’s share<br>of Westinghouse’s financial results has 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 revenue and<br>expenses are eliminated in the “Adjustments” column.
--- ---

26

For the six months ended June 30, 2023

Uranium Fuel services Other Total
Revenue $ 963,103 $ 205,858 $ — $ 1,168,961
Expenses
Cost of products and services sold 654,509 119,800 (725 ) 773,584
Depreciation and amortization 100,117 16,317 1,791 118,225
Cost of sales 754,626 136,117 1,066 891,809
Gross profit (loss) **** 208,477 **** **** 69,741 **** **** (1,066 ) **** 277,152 ****
Administration — — 121,059 121,059
Exploration 10,157 — — 10,157
Research and development — — 9,339 9,339
Other operating expense (income) 6,779 (437 ) — 6,342
Gain (loss) on disposal of assets (36 ) 312 — 276
Finance costs — — 46,342 46,342
Gain on derivatives — — (30,999 ) (30,999 )
Finance income — — (58,639 ) (58,639 )
Share of earnings from equity-accounted investee (64,262 ) — — (64,262 )
Other expense (income) (545 ) — 46,163 45,618
Earnings (loss) before income taxes **** 256,384 **** **** 69,866 **** **** (134,331 ) **** 191,919 ****
Income tax expense 59,262
Net earnings $ 132,657 ****

21. 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.

Certain key management personnel, or their related parties, hold positions in other entities that result in them having control or significant influence over the financial or operating policies of those entities. As noted below, some of these entities transacted with the Company in the reporting period. The terms and conditions of the transactions were on an arm’s length basis.

Cameco purchases a significant amount of goods and services for its Saskatchewan mining operations from northern Saskatchewan suppliers to support economic development in the region. The president of several of these suppliers became a member of the board of directors of Cameco in September 2023. During the quarter ended June 30, 2024, Cameco paid these suppliers $20,420,000 for construction and contracting services. During the six months ended June 30, 2024, Cameco paid these suppliers $46,408,000. The transactions were conducted in the normal course of business and were accounted for at the exchange amount. Accounts payable includes a balance of $528,000 at the reporting date.

27

Other related party transactions

Transaction value<br><br><br>Three months ended Transaction value<br><br><br>Six months ended Balance outstandingas at
Jun 30/24 Jun 30/23 Jun 30/24 Jun 30/23 Jun 30/24 Jun 30/23
Joint venture^(a)^
Sales revenue $ — $ — $ 45,182 $ — $ — $ —
Fuel storage and handling fees **** 1 — **** 25 — **** — —
Associate^(b)^
Product purchases **** — 93,430 **** 145,784 93,430 **** — —
Dividends received **** 185,447 113,642 **** 185,447 113,642 **** — —
(a) Cameco has entered into various agreements with Westinghouse and its subsidiaries and has recognized<br>sales revenue related to fuel supply agreements and incurred costs related to fuel storage and handling fees. Contract terms are at market rates and on normal trade terms.
--- ---
(b) Cameco purchases uranium concentrate from JV Inkai. Purchases from JV Inkai are at market rates with extended<br>payment terms. Cash dividends are also received from JV Inkai.
--- ---

28

EX-99.4

Exhibit 99.4

Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Tim Gitzel, president and chief executive officer of Cameco Corporation, certify that:

1. I have reviewed this quarterly report on Form 6-K **** of Cameco<br>Corporation;
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 registrant as of, and for, the periods presented in this report;
--- ---
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining<br>disclosure 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<br>Rules 13a-15(f) and 15d-15(f)) for the registrant 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 registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is<br>being 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 registrant’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 registrant’s internal control over financial reporting that<br>occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal<br>control over financial reporting; and
--- ---
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of<br>internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’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 registrant’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 registrant’s internal control over financial reporting.
--- ---

Date: July 31, 2024

/s/ Tim Gitzel
Tim Gitzel
President and Chief Executive Officer

Page 2

EX-99.5

Exhibit 99.5

Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Grant Isaac, executive vice-president and chief financial officer, of Cameco Corporation, certify that:

1. I have reviewed this quarterly report on Form 6-K **** of Cameco<br>Corporation;
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 registrant as of, and for, the periods presented in this report;
--- ---
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining<br>disclosure 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<br>Rules 13a-15(f) and 15d-15(f)) for the registrant 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 registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is<br>being 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 registrant’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 registrant’s internal control over financial reporting that<br>occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal<br>control over financial reporting; and
--- ---
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of<br>internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’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 registrant’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 registrant’s internal control over financial reporting.
--- ---

Date: July 31, 2024

/s/ Grant Isaac
Grant Isaac
Executive Vice-President and Chief Financial Officer

Page 2

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