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2026 Q3 Conference Call October 30, 2026
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Forward-Looking Information Caution This presentation includes forward-looking information or forward-looking statements under Canadian and U.S. securities laws, which we refer to as “forward-looking information”. Forward-looking information can generally be identified by the use of words such as “approximately”, “may”, “will”, "could”, “believes”, “expects”, “intends”, "should”, "would”, “plans”, “potential”, "project”, “anticipates”, “estimates”, “scheduled” or “forecasts”, or other comparable terms that state that certain events will or will not occur. It represents the projections and expectations of the Company relating to future events or results as of the date of this presentation. This information about our expectations for the future is based upon our current views, which can change significantly, and actualresults and events may be significantly different from what we currently expect. Examples of forward-looking information that may appear in this presentation include but are not limited to: uranium demand, supply, consumption, prices, long-term contracting, production, and our ability to meet delivery commitments; our expectations for our nuclear technology and services investments; outcome of litigation or other disputes; our future plans and strategies, and those of our joint venture partners, and their expected benefits; our outlook (including production, deliveries and inventory), and Westinghouse's pipeline of potential AP1000 deployment opportunities for 91 potential reactors across its global markets;expectations regarding Westinghouse's AP300 and eVinci technologies; expectations regarding our dividend payments; our debt repayment and future financing plans; and the potential impact of tariffs. Material risk factors that could cause actual results or events to differ materially from those expressed in, or implied by, the forward-looking statements contained in this presentation, are disclosed in the sections entitled “Material risks”, and “Material risks that could cause actual results to differ materially” and “Risks that can affect our business” in our most recent Annual Information Form (the “AIF”), and “Material risks” and “Material risks that could cause actual results to differ materially” of our most recent annual management discussion and analysis (the “Annual MD&A”), as such disclosure shall be updated from time to time in Cameco’s continuous disclosure documents, including in the 2026 first and second quarter MD&As. Readers are cautioned that the risks referred to above are not the only ones that could affect Cameco. Additional risks anduncertainties not currently known to Cameco or that Cameco currently deems to be immaterial may also have a material adverse effect on Cameco's financial position, financial performance, cash flows, business or reputation. Forward-looking statements made in this presentation are based on a number of assumptions that Cameco believed were reasonable at the time it made each forward-looking statement. Refer in particular, but without limitation, to the sections entitled “Material assumptions” and “Assumptions” of the AIF, and “Material assumptions” and “Assumptions” of the Annual MD&A, as updated in the 2026 first and second quarter MD&As,for a discussion of certain assumptions that Cameco has made in preparing forward-looking statements included or incorporated by reference in the presentation. The foregoing assumptions, although considered reasonable by Cameco on the day it made the forward-looking statements, may prove to be inaccurate. Accordingly, our actual results could differ materially from our expectations. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking information and statements are not guarantees of future performance. Cameco cannot assure investors that actual results will be consistent with the forward-looking information and statements. Accordingly,investors should not place undue reliance on forward-looking information and statements due to the inherent uncertainty therein. The forward-looking information and statements included in this presentation represent our views as of the date of this presentation and should not be relied upon as representing our views as of any subsequent date. While we anticipate that subsequent events and developments may cause our views to change, we specifically disclaim any intention or obligation to update forward-looking information, whether as a result of new information, future events or otherwise, except to the extent required by applicable securities laws. Forward-looking information contained in this presentation about prospective results of operations, financial position or cash flows that are based upon assumptions about future economic conditions and courses of action are presented for the purpose of assisting you in understanding management’s current views regarding those future outcomes and may not be appropriate for other purposes. Cameco Corporation - Q3 2026 Conference Call
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2026 Q3 Conference Call October 30, 2026
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2026 YTD / Third Quarter Highlights Disciplined strategy, performance as expected Solid first nine months of 2026 Reported solid financial performance for Q3, consistent with annual expectations Finished the quarter with $860 million in cash and cash- equivalents, $1.0 billion in debt, and a $1.0 billion in undrawn revolving credit facility Dividend declared: Our board of directors has declared a 2026 annual dividend of $0.24/common share, payable on December 15, 2026 Uranium Segment (Million lb. U3O8) Fuel Services Segment (Million kgU) Westinghouse Segment In September, the US DOC announced a non-binding framework that anticipates an investment by the Republic of Korea for up to US$120 billion to help finance the buildout of up to eight new, large- scale reactors in the US, including six AP1000 reactors and two APR1400s Included Westinghouse business, operational and modeling updates in MD&A In Q3 YTD 2026 Outlook DELIVERED 5.6 20.5 29.5-30.5 PRODUCED 3.5 13.6 19.5-20.5 (our share) PURCHASED 1.8 4.9 8 (committed purchases) up to 3 (market purchases) In Q3 YTD 2026 Outlook DELIVERED 2.2 8.6 13-14 PRODUCED 3.2 9.5 13-14 4
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Global Nuclear Reactors Reactor units in operation Total Operable Reactors: 438* * 417 operating - Includes reactors in suspended operations (19 in Japan and 2 in India) 5
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Continued Support for Nuclear Restarts, life extensions and new builds driving fuel demand growth 6
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Nuclear Fuel Cycle From ground-to-grid, we’re working towards a safe, secure, reliable and low-carbon energy future 7
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FUEL SERVICESTIER-ONE URANIUM OPERATIONS WESTINGHOUSE ELECTRIC COMPANY (49%) Provider of specialized, mission-critical nuclear technologies, products and services TIER TWO URANIUM ASSETS Rabbit Lake (100%) Saskatchewan, CA Millennium (69.9%) Saskatchewan, CA Yeelirrie (100%) Western Australia Kintyre (100%) Western Australia Cameco’s Nuclear Platform Operating and strategically invested across the nuclear fuel and reactor life cycles World’s Largest Commercial Uranium Refinery OTHER NUCLEAR FUEL CYCLE INVESTMENTS Nuclear Fuel Design and fabrication of bespoke fuel assemblies Planning for the Future – New Build Design, development, engineering and procurement Cigar Lake (57.4%) McArthur River (69.8%) Key Lake (83.3%) Inkai (40%) Saskatchewan, Canada Licenced Capacity (100%): 18 M lb./yr Saskatchewan, Canada Licenced Capacity (100%): 25 M lb./yr Kazakhstan Licenced Capacity (100%): 10.4 M lb./yr World’s highest-grade uranium mine A significant low-cost source of uranium World’s largest, high-grade uranium mine / mill Blind River Refinery (100%) Ontario, Canada World’s largest commercial uranium refinery Port Hope Conversion Facility (100%) Ontario, Canada Canada’s only uranium conversion facility Cameco Fuel Manufacturing (100%) Ontario, Canada CANDU fuel bundles & reactor components manufacturer ADVANCED PROJECTS EXPLORATION Global Laser Enrichment (GLE) (49%) Developing and testing third-generation laser enrichment technology Operating Plant Services (OPS) Outage and maintenance services, long term operations Athabasca Basin (100% & JVs) 754,000 Hectares ISR Operations (100%) Nebraska & Wyoming, USA 8
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Balanced and Disciplined Strategy Contract portfolio informs supply decisions Strategically aligned contracting discipline • Strategically patient long-term contracting • Balanced portfolio • Optimize market-related portion of portfolio, focus on protection from commodity volatility • Exposure to improving prices Risk-managed financial discipline • Self-manage risk • Supports opportunistic investment in nuclear fuel value chain Operationally flexible supply discipline • Align production with contract portfolio and customer signals • Brownfield growth opportunities Leading Sustainability Performance 100% of our product is used to produce reliable, carbon-free, base-load electricity 9
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Contracting Strategy Ongoing long-term contracting with utilities, maintaining discipline Principles: Framework — delivering long-term value Layer Reliable future earnings and cash flow, with a view to the industry's growing annual uncovered requirements Price optimization Pricing mechanisms that provide exposure to rising market prices and also protect us when the market price is declining Diversification Strategic and regionally diverse customer base, protection from volatility Over-contracted position Supports our contract portfolio, risk mitigation in place for sourcing deliveries 10
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Global AP1000® Reactor Pipeline Netherlands 2 in FEED Slovenia 1 in FEED Ukraine 2 in Early Services Contract 7 in Origination Poland 3 in LLI/EPC Negotiations 3 in Origination Bulgaria 2 in LLI/EPC Negotiations Slovakia 1 in FEED Saudi Arabia 2 Operating India 6 Operating Canada 8 Operating Europe Country A/B – 2 in FEED As of July 30, 2026. COD timeframe is illustrative only. Projects may not progress through all milestones, and/or may progress at different rates. In addition, a project may leave the pipeline at any point. DOE ANSCL = US Dept of Energy American Nuclear Supply Chain Loan DOC = US Dept of Commerce LLI/EPC = Long lead time, engineering procurement contracting ESC=Early services contract FEED=Front-end engineering and design Pipeline: Up to 91units ~105 GWe Operating: 6 In Construction: 14 United States 2 Operating 10 in DOE ANSCL Program 10 in DOC Partnership 2 in LLI/EPC Negotiations 6 in FEED 20 in Origination China 4 Operating 14 In Construction 11
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1. World Nuclear Association. 2. independent PwC report: “The Economic Impact of a Ten-Unit Westinghouse AP1000 Fleet in the United States”. $1tn+ GDP estimated to be generated from deployment of a ten-reactor AP1000 fleet2 14 AP1000 reactors under construction Estimated total global addressable market by 20501 ~$6tn6 Operating AP1000® reactors Learn more >> AP1000® The world’s only commercially proven, fleet-scale Gen III+ reactor 12
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FUEL SERVICESTIER-ONE URANIUM OPERATIONS WESTINGHOUSE ELECTRIC COMPANY (49%) Provider of specialized, mission-critical nuclear technologies, products and services TIER TWO URANIUM ASSETS Rabbit Lake (100%) Saskatchewan, CA Millennium (69.9%) Saskatchewan, CA Yeelirrie (100%) Western Australia Kintyre (100%) Western Australia Cameco’s Nuclear Platform Operating and strategically invested across the nuclear fuel and reactor life cycles World’s Largest Commercial Uranium Refinery OTHER NUCLEAR FUEL CYCLE INVESTMENTS Nuclear Fuel Design and fabrication of bespoke fuel assemblies Planning for the Future – New Build Design, development, engineering and procurement Cigar Lake (57.4%) McArthur River (69.8%) Key Lake (83.3%) Inkai (40%) Saskatchewan, Canada Licenced Capacity (100%): 18 M lb./yr Saskatchewan, Canada Licenced Capacity (100%): 25 M lb./yr Kazakhstan Licenced Capacity (100%): 10.4 M lb./yr World’s highest-grade uranium mine A significant low-cost source of uranium World’s largest, high-grade uranium mine / mill Blind River Refinery (100%) Ontario, Canada World’s largest commercial uranium refinery Port Hope Conversion Facility (100%) Ontario, Canada Canada’s only uranium conversion facility Cameco Fuel Manufacturing (100%) Ontario, Canada CANDU fuel bundles & reactor components manufacturer ADVANCED PROJECTS EXPLORATION Global Laser Enrichment (GLE) (49%) Developing and testing third-generation laser enrichment technology Operating Plant Services (OPS) Outage and maintenance services, long term operations Athabasca Basin (100% & JVs) 754,000 Hectares ISR Operations (100%) Nebraska & Wyoming, USA 13
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Investor Relations investor_requests@cameco.com 2121 11th Street West Saskatoon, Saskatchewan, Canada cameco.com Q&A Cameco Corporation - Q3 2026 Conference Call