Cameco (CCJ) 28th Annual CIBC Western Institutional Investor Conference summary

Market and industry outlook

• Global nuclear demand is surging, with many countries planning new reactors and aiming to triple nuclear capacity, driven by decarbonization and energy security goals.

• Supply remains tight due to geopolitical disruptions, limited new greenfield projects, and operational challenges in key regions like Niger and Kazakhstan.

• North America is positioned to become a nuclear powerhouse, leveraging resources and technology across Canada and the U.S.

• Utilities are focused on long-term contracts rather than spot market purchases, with term prices holding firm above $80/lb.

• The company holds over 200 million pounds under contract, averaging 29 million pounds in annual sales over the next five years.

Strategic transactions and partnerships

• The acquisition of Westinghouse has transformed the business, enabling a full-service nuclear offering from mining to reactor construction and servicing.

• The Westinghouse deal was timed well, with new build opportunities now emerging globally, including in the U.S., Ukraine, Poland, and Bulgaria.

• Brookfield remains a significant partner, holding a 51% stake, reflecting confidence in future growth.

• The Western alliance is positioned as an alternative to Russian, Chinese, and French nuclear technology.

Operations and asset management

• Canadian operations at Cigar Lake have extended mine life to 2036, with production aligned to market demand and contract coverage.

• McArthur River remains a core asset, with studies underway to optimize production levels without significant new capital investment.

• Second-tier assets like Rabbit Lake, U.S. properties, and projects in Australia are maintained on standby, ready to restart when market conditions and policy align.

• The company is advancing enrichment technology in the U.S. through a DOE partnership, targeting depleted tails for re-enrichment.