Cameco (CCJ) 29th Annual CIBC Western Institutional Investor Conference summary

Industry fundamentals and demand outlook

• Nuclear demand is rising due to reactor restarts, life extensions, and new builds, with over 60 gigawatt-scale reactors under construction globally and more expected to start, especially in 2026.

• Base case demand projections are understated, excluding major new projects, naval propulsion, and potential AI-driven demand, while supply projections are overstated due to unrealistic assumptions about mine and project readiness.

• Supply discipline and underinvestment have led to a significant uncovered requirements wedge, with utilities not contracting at replacement rates since 2012, causing inventories to be drawn down.

• Spot market activity is not representative of true demand, as utilities procure uranium years in advance, making long-term contracting cycles the key price driver.

• Current long-term uranium prices are $86/lb, but market-related contracts suggest a true price closer to $115/lb, with strong price formation expected as replacement rate contracting resumes.

Strategic positioning and contracting approach

• A disciplined approach is maintained by not running all assets at full production, waiting for term demand to materialize before increasing supply.

• Most contracting is off-market, focusing on market-related contracts with escalating floors and ceilings, and responding to sovereign and traditional utility demand in a measured way.

• Production is ramped up only as true economic pricing is achieved, avoiding premature supply increases and spot market exposure.

• Financial discipline is emphasized to bridge the gap until uncovered requirements materialize, ensuring long-term sustainability.

• The company is actively building its own demand by participating in and supporting gigawatt-scale reactor construction, creating a long-term business pipeline.

Asset base and vertical integration

• The asset portfolio includes the largest uranium mines, mill, refinery, and conversion plant, as well as significant fuel fabrication capabilities.

• The Westinghouse acquisition has expanded reach into the reactor new build space, with 65% of Western reactors using their fuel.

• Vertical integration allows early involvement in new reactor projects, positioning the company as a strategic partner from the outset.

• The AP1000 reactor design offers a competitive advantage by reducing key risks for utilities, driving momentum for new builds in the U.S. and Europe.

• Collaboration with Korean partners further strengthens the business case for gigawatt-scale reactors.