\n\u201cOur results for the first quarter of 2026 remained consistent with our annual expectations across the business,\u201d said Tim Gitzel, Cameco\u2019s chief executive officer. \u201cWe are on track in our uranium, fuel services and Westinghouse segments, reinforcing the value of our disciplined contracting and operating strategy that aligns marketing, production and capital decisions with strengthening industry fundamentals.<\/p>\n
\n\u201cOperationally, we delivered solid performance in the quarter, with on-track production at our uranium mining operations in Canada and Kazakhstan. We\u2019re in a strong position ahead of the extended third quarter maintenance shutdown at the Key Lake mill that we mentioned at the beginning of the year, during which we will tie in new infrastructure to enhance future supply flexibility. And financially, our strong balance sheet, which allows us to be patient as the market evolves, remains a key strength.<\/p>\n
\n\u201cAcross the global energy space, ongoing geopolitical tensions and volatility in fossil fuel supply chains are reinforcing the importance of secure, reliable and resilient baseload power. Governments, utilities and energy\u2011intensive industries are recognizing that nuclear energy is uniquely positioned to meet these needs, providing long\u2011term energy security and reinforcing national security, while advancing efforts to meet decarbonization targets. Against that backdrop, Cameco and Westinghouse are seeing significant interest in the proven AP1000\u00ae<\/sup> reactor technology: it\u2019s the modern reactor that stands out as the most deployed Generation III+ technology in operation today, and we\u2019re excited to see it being valued for its advanced passive safety features, standardized and repeatable design, construction-ready certainty and proven world-class operating performance.<\/p>\n \n\u201cWith tier\u2011one mining assets, a disciplined approach to supply, and an integrated fuel and reactor life cycle strategy, we believe Cameco is uniquely positioned to take advantage of opportunities as the market evolves, while continuing to navigate market uncertainty and create long\u2011term value as nuclear energy\u2019s role expands.\u201d<\/p>\n First Quarter Highlights:<\/b><\/p>\n Financial Highlights<\/b><\/p>\n \nAdjusted net earnings and adjusted EBITDA are non-IFRS measures.<\/p>\n Operational Highlights<\/b><\/p>\n Marketing highlights<\/b><\/p>\n Consolidated financial results<\/b><\/p>\n \n\u00a0<\/p>\n<\/td>\n \nTHREE MONTHS<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nHIGHLIGHTS<\/p>\n<\/td>\n \nENDED MARCH 31<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n($ MILLIONS EXCEPT WHERE INDICATED)<\/p>\n<\/td>\n \n2026<\/p>\n<\/td>\n \n2025<\/p>\n<\/td>\n \nCHANGE<\/p>\n<\/td>\n<\/tr>\n \nRevenue<\/p>\n<\/td>\n 845<\/b><\/p>\n<\/td>\n \n789<\/p>\n<\/td>\n \n7%<\/p>\n<\/td>\n<\/tr>\n \nGross profit<\/p>\n<\/td>\n 302<\/b><\/p>\n<\/td>\n \n270<\/p>\n<\/td>\n \n12%<\/p>\n<\/td>\n<\/tr>\n \nNet earnings attributable to equity holders<\/p>\n<\/td>\n 131<\/b><\/p>\n<\/td>\n \n70<\/p>\n<\/td>\n \n87%<\/p>\n<\/td>\n<\/tr>\n \n$ per common share (basic)<\/p>\n<\/td>\n 0.30<\/b><\/p>\n<\/td>\n \n0.16<\/p>\n<\/td>\n \n88%<\/p>\n<\/td>\n<\/tr>\n \n$ per common share (diluted)<\/p>\n<\/td>\n 0.30<\/b><\/p>\n<\/td>\n \n0.16<\/p>\n<\/td>\n \n88%<\/p>\n<\/td>\n<\/tr>\n \nAdjusted net earnings (ANE) (non-IFRS)<\/p>\n<\/td>\n 203<\/b><\/p>\n<\/td>\n \n70<\/p>\n<\/td>\n \n>100%<\/p>\n<\/td>\n<\/tr>\n \n$ per common share (adjusted and diluted)<\/p>\n<\/td>\n 0.47<\/b><\/p>\n<\/td>\n \n0.16<\/p>\n<\/td>\n \n>100%<\/p>\n<\/td>\n<\/tr>\n \nAdjusted EBITDA (non-IFRS)<\/p>\n<\/td>\n 509<\/b><\/p>\n<\/td>\n \n353<\/p>\n<\/td>\n \n44%<\/p>\n<\/td>\n<\/tr>\n \nCash provided by (used in) operations<\/p>\n<\/td>\n (22)<\/b><\/p>\n<\/td>\n \n110<\/p>\n<\/td>\n \n>(100)%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe financial information presented for the three months ended March 31, 2025, and March 31, 2026, is unaudited.<\/p>\n Selected segment highlights<\/b><\/p>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nTHREE MONTHS<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nHIGHLIGHTS<\/p>\n<\/td>\n \nENDED MARCH 31<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n($ MILLIONS EXCEPT WHERE INDICATED)<\/p>\n<\/td>\n \n2026<\/p>\n<\/td>\n \n2025<\/p>\n<\/td>\n \nCHANGE<\/p>\n<\/td>\n<\/tr>\n \nUranium<\/p>\n<\/td>\n \nProduction volume (million lb)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 6.2<\/b><\/p>\n<\/td>\n \n6.0<\/p>\n<\/td>\n \n3%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nSales volume (million lb)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 7.8<\/b><\/p>\n<\/td>\n \n6.9<\/p>\n<\/td>\n \n13%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nAverage realized price1<\/sup><\/p>\n<\/td>\n \n(US$\/lb)<\/p>\n<\/td>\n 66.21<\/b><\/p>\n<\/td>\n \n62.55<\/p>\n<\/td>\n \n6%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n($\/lb)<\/p>\n<\/td>\n 91.26<\/b><\/p>\n<\/td>\n \n89.12<\/p>\n<\/td>\n \n2%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nRevenue<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 712<\/b><\/p>\n<\/td>\n \n619<\/p>\n<\/td>\n \n15%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nGross profit<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 259<\/b><\/p>\n<\/td>\n \n203<\/p>\n<\/td>\n \n28%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nEarnings before income taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 358<\/b><\/p>\n<\/td>\n \n227<\/p>\n<\/td>\n \n58%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nAdjusted EBITDA2<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 423<\/b><\/p>\n<\/td>\n \n286<\/p>\n<\/td>\n \n48%<\/p>\n<\/td>\n<\/tr>\n \nFuel services<\/p>\n<\/td>\n \nProduction volume (million kgU)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 3.3<\/b><\/p>\n<\/td>\n \n3.9<\/p>\n<\/td>\n \n(15)%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nSales volume (million kgU)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2.8<\/b><\/p>\n<\/td>\n \n2.4<\/p>\n<\/td>\n \n17%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nAverage realized price 3<\/sup><\/p>\n<\/td>\n \n($\/kgU)<\/p>\n<\/td>\n 48.53<\/b><\/p>\n<\/td>\n \n56.64<\/p>\n<\/td>\n \n(14)%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nRevenue<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 134<\/b><\/p>\n<\/td>\n \n135<\/p>\n<\/td>\n \n(1)%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nEarnings before income taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 44<\/b><\/p>\n<\/td>\n \n68<\/p>\n<\/td>\n \n(35)%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nAdjusted EBITDA2<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 54<\/b><\/p>\n<\/td>\n \n75<\/p>\n<\/td>\n \n(28)%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nAdjusted EBITDA margin (%)2<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 40<\/b><\/p>\n<\/td>\n \n56<\/p>\n<\/td>\n \n(29)%<\/p>\n<\/td>\n<\/tr>\n \nWestinghouse<\/p>\n<\/td>\n \nAdjusted free cash flow2<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 72<\/b><\/p>\n<\/td>\n \n49<\/p>\n<\/td>\n \n47%<\/p>\n<\/td>\n<\/tr>\n \n(our share)<\/p>\n<\/td>\n \nNet loss<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (46)<\/b><\/p>\n<\/td>\n \n(62)<\/p>\n<\/td>\n \n(26)%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nAdjusted EBITDA2<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 122<\/b><\/p>\n<\/td>\n \n92<\/p>\n<\/td>\n \n33%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n 1<\/sup><\/p>\n<\/td>\n \nUranium average realized price is calculated as the revenue from sales of uranium concentrate, transportation and storage fees divided by the volume of uranium concentrates sold.<\/p>\n<\/td>\n<\/tr>\n 2<\/sup><\/p>\n<\/td>\n \nNon-IFRS measure.<\/p>\n<\/td>\n<\/tr>\n 3<\/sup><\/p>\n<\/td>\n \nFuel services average realized price is calculated as revenue from the sale of conversion and fabrication services, including fuel bundles and reactor components, transportation and storage fees divided by the volumes sold.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe table shows the costs of produced and purchased uranium incurred in the reporting periods (see non-IFRS). 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.<\/p>\n \n\u00a0<\/p>\n<\/td>\n \nTHREE MONTHS<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nENDED MARCH 31<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n($\/LB)<\/p>\n<\/td>\n \n2026<\/p>\n<\/td>\n \n2025<\/p>\n<\/td>\n \nCHANGE<\/p>\n<\/td>\n<\/tr>\n Produced<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCash cost<\/p>\n<\/td>\n 23.02<\/b><\/p>\n<\/td>\n \n22.39<\/p>\n<\/td>\n \n3%<\/p>\n<\/td>\n<\/tr>\n \nNon-cash cost<\/p>\n<\/td>\n 11.03<\/b><\/p>\n<\/td>\n \n10.30<\/p>\n<\/td>\n \n7%<\/p>\n<\/td>\n<\/tr>\n \nTotal production cost 1<\/sup><\/p>\n<\/td>\n 34.05<\/b><\/p>\n<\/td>\n \n32.69<\/p>\n<\/td>\n \n4%<\/p>\n<\/td>\n<\/tr>\n \nQuantity produced (million lb)1<\/sup><\/p>\n<\/td>\n 6.2<\/b><\/p>\n<\/td>\n \n6.0<\/p>\n<\/td>\n \n3%<\/p>\n<\/td>\n<\/tr>\n Purchased<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCash cost1<\/sup><\/p>\n<\/td>\n 110.42<\/b><\/p>\n<\/td>\n \n106.14<\/p>\n<\/td>\n \n4%<\/p>\n<\/td>\n<\/tr>\n \nQuantity purchased (million lb)1<\/sup><\/p>\n<\/td>\n 0.2<\/b><\/p>\n<\/td>\n \n1.2<\/p>\n<\/td>\n \n(83)%<\/p>\n<\/td>\n<\/tr>\n Totals<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nProduced and purchased costs<\/p>\n<\/td>\n 36.44<\/b><\/p>\n<\/td>\n \n44.93<\/p>\n<\/td>\n \n(19)%<\/p>\n<\/td>\n<\/tr>\n \nQuantities produced and purchased (million lb)<\/p>\n<\/td>\n 6.4<\/b><\/p>\n<\/td>\n \n7.2<\/p>\n<\/td>\n \n(11)%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n 1<\/sup><\/p>\n<\/td>\n \nDue to equity accounting, our share of production from JV Inkai is shown as a purchase at the time of delivery. These purchases will fluctuate during the quarters and timing of purchases will not match production. There were no purchases from JV Inkai during the first quarter of either 2026 or 2025.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Non-IFRS measures<\/b><\/p>\n \nThe 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. We are not able to reconcile our forward-looking non-IFRS guidance because we cannot predict the timing and amounts of discrete items, which could significantly impact our IFRS results.<\/p>\n \nThe following are the non-IFRS measures used in this document.<\/p>\n ADJUSTED NET EARNINGS<\/b><\/p>\n \nAdjusted 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, unrealized foreign exchange gains and losses, share-based compensation, and adjustments to reclamation provisions flowing through other operating expenses, 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<\/i> in our 2025 annual MD&A).<\/p>\n \nIn 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<\/i> in our 2025 annual MD&A for more information.<\/p>\n \nWe also adjust for changes to our reclamation provisions that flow directly through earnings. Every quarter we are required to update the reclamation provisions for all operations based on new cash flow estimates, discount and inflation rates. This normally results in an adjustment to our asset retirement obligation asset in addition to the provision balance. When the assets of an operation have been written off due to an impairment, as is the case with our Rabbit Lake and US ISR operations, the adjustment is recorded directly to the statement of earnings as \u201cother operating expense (income)\u201d. See note 9 of our interim financial statements for more information. This amount has been excluded from our ANE measure.<\/p>\n \nAs a result of the change in ownership of Westinghouse when it was acquired by Cameco and Brookfield, Westinghouse\u2019s inventories at the acquisition date were revalued based on the market price at that date. As these quantities are sold, Westinghouse\u2019s 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 6 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.<\/p>\n \nWestinghouse 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 6 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.<\/p>\n \nTo facilitate a better understanding of these measures, the table below reconciles adjusted net earnings with our net earnings for the first quarter of 2026 and compares it to the same period in 2025.<\/p>\n \n\u00a0<\/p>\n<\/td>\n \nTHREE MONTHS<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nENDED MARCH 31<\/p>\n<\/td>\n<\/tr>\n \n($ MILLIONS)<\/p>\n<\/td>\n \n2026<\/p>\n<\/td>\n \n2025<\/p>\n<\/td>\n<\/tr>\n Net earnings attributable to equity holders<\/b><\/p>\n<\/td>\n 131<\/b><\/p>\n<\/td>\n \n70<\/p>\n<\/td>\n<\/tr>\n Adjustments<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdjustments on derivatives<\/p>\n<\/td>\n 40<\/b><\/p>\n<\/td>\n \n(12)<\/p>\n<\/td>\n<\/tr>\n \nUnrealized foreign exchange gains<\/p>\n<\/td>\n (9)<\/b><\/p>\n<\/td>\n \n(4)<\/p>\n<\/td>\n<\/tr>\n \nShare-based compensation<\/p>\n<\/td>\n 53<\/b><\/p>\n<\/td>\n \n(2)<\/p>\n<\/td>\n<\/tr>\n \nAdjustments on other operating expense (income)<\/p>\n<\/td>\n (6)<\/b><\/p>\n<\/td>\n \n1<\/p>\n<\/td>\n<\/tr>\n \nIncome taxes on adjustments<\/p>\n<\/td>\n (25)<\/b><\/p>\n<\/td>\n \n4<\/p>\n<\/td>\n<\/tr>\n \nAdjustments on equity investees (net of tax):<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nInventory purchase accounting<\/p>\n<\/td>\n (1)<\/b><\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n<\/tr>\n \nUnrealized foreign exchange losses (gains)<\/p>\n<\/td>\n (7)<\/b><\/p>\n<\/td>\n \n10<\/p>\n<\/td>\n<\/tr>\n \nLong-term incentive plan<\/p>\n<\/td>\n 27<\/b><\/p>\n<\/td>\n \n3<\/p>\n<\/td>\n<\/tr>\n Adjusted net earnings<\/b><\/p>\n<\/td>\n 203<\/b><\/p>\n<\/td>\n \n70<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe following table shows what contributed to the change in adjusted net earnings (non-IFRS measure, see above) in the first quarter of 2026 compared to the same period in 2025.<\/p>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nTHREE MONTHS<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nENDED MARCH 31<\/p>\n<\/td>\n<\/tr>\n \n($ MILLIONS)<\/p>\n<\/td>\n \nIFRS<\/p>\n<\/td>\n \nADJUSTED<\/p>\n<\/td>\n<\/tr>\n Net earnings \u2013 2025<\/b><\/p>\n<\/td>\n 70<\/b><\/p>\n<\/td>\n 70<\/b><\/p>\n<\/td>\n<\/tr>\n \nChange in gross profit by segment<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n(We calculate gross profit by deducting from revenue the cost of products and services sold, and depreciation and amortization)<\/p>\n<\/td>\n<\/tr>\n Uranium<\/b><\/p>\n<\/td>\n \nImpact from sales volume changes<\/p>\n<\/td>\n \n25<\/p>\n<\/td>\n \n25<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nHigher realized prices (US$)<\/p>\n<\/td>\n \n41<\/p>\n<\/td>\n \n41<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nForeign exchange impact on realized prices<\/p>\n<\/td>\n \n(24)<\/p>\n<\/td>\n \n(24)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nLower costs<\/p>\n<\/td>\n \n14<\/p>\n<\/td>\n \n14<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nChange \u2013 uranium<\/p>\n<\/td>\n 56<\/b><\/p>\n<\/td>\n 56<\/b><\/p>\n<\/td>\n<\/tr>\n Fuel services<\/b><\/p>\n<\/td>\n \nImpact from sales volume changes<\/p>\n<\/td>\n \n11<\/p>\n<\/td>\n \n11<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nLower realized prices ($)<\/p>\n<\/td>\n \n(22)<\/p>\n<\/td>\n \n(22)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nHigher costs<\/p>\n<\/td>\n \n(12)<\/p>\n<\/td>\n \n(12)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nChange \u2013 fuel services<\/p>\n<\/td>\n (23)<\/b><\/p>\n<\/td>\n (23)<\/b><\/p>\n<\/td>\n<\/tr>\n Other changes<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nHigher administration expenditures<\/p>\n<\/td>\n \n(63)<\/p>\n<\/td>\n \n(8)<\/p>\n<\/td>\n<\/tr>\n \nChange in reclamation provisions<\/p>\n<\/td>\n \n8<\/p>\n<\/td>\n \n1<\/p>\n<\/td>\n<\/tr>\n \nHigher earnings from equity-accounted investees<\/p>\n<\/td>\n \n81<\/p>\n<\/td>\n \n87<\/p>\n<\/td>\n<\/tr>\n \nChange in gains or losses on derivatives<\/p>\n<\/td>\n \n(39)<\/p>\n<\/td>\n \n13<\/p>\n<\/td>\n<\/tr>\n \nChange in foreign exchange gains or losses<\/p>\n<\/td>\n \n11<\/p>\n<\/td>\n \n6<\/p>\n<\/td>\n<\/tr>\n \nHigher finance income<\/p>\n<\/td>\n \n6<\/p>\n<\/td>\n \n6<\/p>\n<\/td>\n<\/tr>\n \nLower finance costs<\/p>\n<\/td>\n \n2<\/p>\n<\/td>\n \n2<\/p>\n<\/td>\n<\/tr>\n \nChange in income tax recovery or expense<\/p>\n<\/td>\n \n21<\/p>\n<\/td>\n \n(8)<\/p>\n<\/td>\n<\/tr>\n \nOther<\/p>\n<\/td>\n \n1<\/p>\n<\/td>\n \n1<\/p>\n<\/td>\n<\/tr>\n Net earnings \u2013 2026<\/b><\/p>\n<\/td>\n 131<\/b><\/p>\n<\/td>\n 203<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n EBITDA<\/b><\/p>\n \nEBITDA is defined as net earnings attributable to equity holders, adjusted for the costs related to the impact of the company\u2019s capital and tax structure including depreciation and amortization, finance income, finance costs (including accretion) and income taxes.<\/p>\n ADJUSTED EBITDA<\/b><\/p>\n \nAdjusted 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 our underlying business performance or that impact our ability to assess the operating performance of the business. These adjustments include the amounts noted in the ANE definition.<\/p>\n \nIn calculating adjusted EBITDA, we also adjust for items included in the results of our equity-accounted investees. These items are reported as part of marketing, administrative and general expenses within the investee financial information and are not representative of the underlying operations. These include gains\/losses on undesignated hedges, transaction costs related to acquisitions and gain\/loss on disposition of a business.<\/p>\n \nThe company may realize similar gains or incur similar expenditures in the future.<\/p>\n ADJUSTED FREE CASH FLOW<\/b><\/p>\n \nAdjusted free cash flow is defined as adjusted EBTIDA less capital expenditures for the period.<\/p>\n ADJUSTED EBITDA MARGIN<\/b><\/p>\n \nAdjusted EBITDA margin is defined as adjusted EBITDA divided by revenue for the appropriate period.<\/p>\n \nEBITDA, adjusted EBITDA, adjusted free cash flow, and adjusted EBITDA margin are measures which allow us and other users to assess results of operations from a management perspective without regard for our capital structure. To facilitate a better understanding of these measures, the tables below reconcile earnings before income taxes with EBITDA and adjusted EBITDA for the first quarter of 2026 and 2025.<\/p>\n \nFor the quarter ended March 31, 2026:<\/p>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nFUEL<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n($ MILLIONS)<\/p>\n<\/td>\n \nURANIUM1<\/sup><\/p>\n<\/td>\n \nSERVICES<\/p>\n<\/td>\n \nWESTINGHOUSE<\/p>\n<\/td>\n \nOTHER<\/p>\n<\/td>\n \nTOTAL<\/p>\n<\/td>\n<\/tr>\n Net earnings (loss) before income taxes<\/b><\/p>\n<\/td>\n \n358<\/p>\n<\/td>\n \n44<\/p>\n<\/td>\n \n(46)<\/p>\n<\/td>\n \n(225)<\/p>\n<\/td>\n \n131<\/p>\n<\/td>\n<\/tr>\n \nDepreciation and amortization<\/p>\n<\/td>\n \n57<\/p>\n<\/td>\n \n9<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n2<\/p>\n<\/td>\n \n68<\/p>\n<\/td>\n<\/tr>\n \nFinance income<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n(10)<\/p>\n<\/td>\n \n(10)<\/p>\n<\/td>\n<\/tr>\n \nFinance costs<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n28<\/p>\n<\/td>\n \n28<\/p>\n<\/td>\n<\/tr>\n \nIncome taxes<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n32<\/p>\n<\/td>\n \n32<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n415<\/p>\n<\/td>\n \n53<\/p>\n<\/td>\n \n(46)<\/p>\n<\/td>\n \n(173)<\/p>\n<\/td>\n \n249<\/p>\n<\/td>\n<\/tr>\n Adjustments on equity investees<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDepreciation and amortization<\/p>\n<\/td>\n \n5<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n97<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n102<\/p>\n<\/td>\n<\/tr>\n \nFinance income<\/p>\n<\/td>\n \n(1)<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n(1)<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n(2)<\/p>\n<\/td>\n<\/tr>\n \nFinance expense<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n47<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n47<\/p>\n<\/td>\n<\/tr>\n \nIncome taxes<\/p>\n<\/td>\n \n10<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n(15)<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n(5)<\/p>\n<\/td>\n<\/tr>\n \nNet adjustments on equity investees<\/p>\n<\/td>\n \n14<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n128<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n142<\/p>\n<\/td>\n<\/tr>\n EBITDA<\/b><\/p>\n<\/td>\n \n429<\/p>\n<\/td>\n \n53<\/p>\n<\/td>\n \n82<\/p>\n<\/td>\n \n(173)<\/p>\n<\/td>\n \n391<\/p>\n<\/td>\n<\/tr>\n \nGain on derivatives<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n40<\/p>\n<\/td>\n \n40<\/p>\n<\/td>\n<\/tr>\n \nOther operating income<\/p>\n<\/td>\n \n(6)<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n(6)<\/p>\n<\/td>\n<\/tr>\n \nShare-based compensation<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n1<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n52<\/p>\n<\/td>\n \n53<\/p>\n<\/td>\n<\/tr>\n \nUnrealized foreign exchange gains<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n(9)<\/p>\n<\/td>\n \n(9)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n423<\/p>\n<\/td>\n \n54<\/p>\n<\/td>\n \n82<\/p>\n<\/td>\n \n(90)<\/p>\n<\/td>\n \n469<\/p>\n<\/td>\n<\/tr>\n Adjustments on equity investees<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nInventory purchase accounting<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n1<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n1<\/p>\n<\/td>\n<\/tr>\n \nRestructuring costs<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n3<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n3<\/p>\n<\/td>\n<\/tr>\n \nOther expenses<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n43<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n43<\/p>\n<\/td>\n<\/tr>\n \nUnrealized foreign exchange gains<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n(7)<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n(7)<\/p>\n<\/td>\n<\/tr>\n \nNet adjustments on equity investees<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n40<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n40<\/p>\n<\/td>\n<\/tr>\n Adjusted EBITDA<\/b><\/p>\n<\/td>\n \n423<\/p>\n<\/td>\n \n54<\/p>\n<\/td>\n \n122<\/p>\n<\/td>\n \n(90)<\/p>\n<\/td>\n \n509<\/p>\n<\/td>\n<\/tr>\n<\/table>\n 1<\/sup><\/p>\n<\/td>\n \nJV Inkai EBITDA is included in the uranium segment. See Financial results by segment \u2013 Uranium <\/i>in our first quarter MD&A<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nFor the quarter ended March 31, 2025:<\/p>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nFUEL<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n($ MILLIONS)<\/p>\n<\/td>\n \nURANIUM1<\/sup><\/p>\n<\/td>\n \nSERVICES<\/p>\n<\/td>\n \nWESTINGHOUSE<\/p>\n<\/td>\n \nOTHER<\/p>\n<\/td>\n \nTOTAL<\/p>\n<\/td>\n<\/tr>\n Net earnings (loss) before income taxes<\/b><\/p>\n<\/td>\n \n227<\/p>\n<\/td>\n \n68<\/p>\n<\/td>\n \n(62)<\/p>\n<\/td>\n \n(163)<\/p>\n<\/td>\n \n70<\/p>\n<\/td>\n<\/tr>\n \nDepreciation and amortization<\/p>\n<\/td>\n \n51<\/p>\n<\/td>\n \n7<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n2<\/p>\n<\/td>\n \n60<\/p>\n<\/td>\n<\/tr>\n \nFinance income<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n(4)<\/p>\n<\/td>\n \n(4)<\/p>\n<\/td>\n<\/tr>\n \nFinance costs<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n30<\/p>\n<\/td>\n \n30<\/p>\n<\/td>\n<\/tr>\n \nIncome taxes<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n53<\/p>\n<\/td>\n \n53<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n278<\/p>\n<\/td>\n \n75<\/p>\n<\/td>\n \n(62)<\/p>\n<\/td>\n \n(82)<\/p>\n<\/td>\n \n209<\/p>\n<\/td>\n<\/tr>\n Adjustments on equity investees<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDepreciation and amortization<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n96<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n96<\/p>\n<\/td>\n<\/tr>\n \nFinance expense<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n49<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n49<\/p>\n<\/td>\n<\/tr>\n \nIncome taxes<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n(17)<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n(17)<\/p>\n<\/td>\n<\/tr>\n \nNet adjustments on equity investees<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n128<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n128<\/p>\n<\/td>\n<\/tr>\n EBITDA<\/b><\/p>\n<\/td>\n \n278<\/p>\n<\/td>\n \n75<\/p>\n<\/td>\n \n66<\/p>\n<\/td>\n \n(82)<\/p>\n<\/td>\n \n337<\/p>\n<\/td>\n<\/tr>\n \nLoss on derivatives<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n(12)<\/p>\n<\/td>\n \n(12)<\/p>\n<\/td>\n<\/tr>\n \nOther operating expense<\/p>\n<\/td>\n \n1<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n1<\/p>\n<\/td>\n<\/tr>\n \nShare-based compensation<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n(2)<\/p>\n<\/td>\n \n(2)<\/p>\n<\/td>\n<\/tr>\n \nUnrealized foreign exchange gains<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n(4)<\/p>\n<\/td>\n \n(4)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n279<\/p>\n<\/td>\n \n75<\/p>\n<\/td>\n \n66<\/p>\n<\/td>\n \n(100)<\/p>\n<\/td>\n \n320<\/p>\n<\/td>\n<\/tr>\n Adjustments on equity investees<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOther expenses<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n11<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n11<\/p>\n<\/td>\n<\/tr>\n \nUnrealized foreign exchange losses<\/p>\n<\/td>\n \n7<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n3<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n10<\/p>\n<\/td>\n<\/tr>\n \nRestructuring costs<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n12<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n12<\/p>\n<\/td>\n<\/tr>\n \nNet adjustments on equity investees<\/p>\n<\/td>\n \n7<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n26<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n33<\/p>\n<\/td>\n<\/tr>\n Adjusted EBITDA<\/b><\/p>\n<\/td>\n \n286<\/p>\n<\/td>\n \n75<\/p>\n<\/td>\n \n92<\/p>\n<\/td>\n \n(100)<\/p>\n<\/td>\n \n353<\/p>\n<\/td>\n<\/tr>\n<\/table>\n 1<\/sup><\/p>\n<\/td>\n \nJV Inkai EBITDA is included in the uranium segment. See Financial results by segment \u2013 Uranium <\/i>in our first quarter MD&A<\/p>\n<\/td>\n<\/tr>\n<\/table>\n CASH COST PER POUND, NON-CASH COST PER POUND AND TOTAL COST PER POUND FOR PRODUCED AND PURCHASED URANIUM<\/b><\/p>\n \nCash 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.<\/p>\n \nTo facilitate a better understanding of these measures, the table below reconciles these measures to cost of product sold and depreciation and amortization for the first quarter of 2026 and 2025.<\/p>\n \n\u00a0<\/p>\n<\/td>\n \nTHREE MONTHS<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \nENDED MARCH 31<\/p>\n<\/td>\n<\/tr>\n \n($ MILLIONS)<\/p>\n<\/td>\n \n2026<\/p>\n<\/td>\n \n2025<\/p>\n<\/td>\n<\/tr>\n Cost of product sold<\/b><\/p>\n<\/td>\n 396.4<\/b><\/p>\n<\/td>\n \n364.0<\/p>\n<\/td>\n<\/tr>\n Add \/ (subtract)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRoyalties<\/p>\n<\/td>\n (59.0)<\/b><\/p>\n<\/td>\n \n(37.4)<\/p>\n<\/td>\n<\/tr>\n \nCare and maintenance costs<\/p>\n<\/td>\n (16.3)<\/b><\/p>\n<\/td>\n \n(13.6)<\/p>\n<\/td>\n<\/tr>\n \nOther selling costs<\/p>\n<\/td>\n (2.5)<\/b><\/p>\n<\/td>\n \n(3.5)<\/p>\n<\/td>\n<\/tr>\n \nChange in inventories<\/p>\n<\/td>\n (153.8)<\/b><\/p>\n<\/td>\n \n(47.8)<\/p>\n<\/td>\n<\/tr>\n Cash operating costs (a)<\/b><\/p>\n<\/td>\n 164.8<\/b><\/p>\n<\/td>\n \n261.7<\/p>\n<\/td>\n<\/tr>\n Add \/ (subtract)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDepreciation and amortization<\/p>\n<\/td>\n 56.8<\/b><\/p>\n<\/td>\n \n51.4<\/p>\n<\/td>\n<\/tr>\n \nCare and maintenance costs<\/p>\n<\/td>\n (0.3)<\/b><\/p>\n<\/td>\n \n(0.1)<\/p>\n<\/td>\n<\/tr>\n \nChange in inventories<\/p>\n<\/td>\n 11.9<\/b><\/p>\n<\/td>\n \n10.5<\/p>\n<\/td>\n<\/tr>\n Total operating costs (b)<\/b><\/p>\n<\/td>\n 233.2<\/b><\/p>\n<\/td>\n \n323.5<\/p>\n<\/td>\n<\/tr>\n \nUranium produced & purchased (million lb) (c)<\/b><\/p>\n<\/td>\n 6.4<\/b><\/p>\n<\/td>\n \n7.2<\/p>\n<\/td>\n<\/tr>\n Cash costs per pound (a \u00f7 c)<\/b><\/p>\n<\/td>\n 25.75<\/b><\/p>\n<\/td>\n \n36.35<\/p>\n<\/td>\n<\/tr>\n Total costs per pound (b \u00f7 c)<\/b><\/p>\n<\/td>\n 36.44<\/b><\/p>\n<\/td>\n \n44.93<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Management’s discussion and analysis (MD&A) and financial statements<\/b><\/p>\n \nThe first quarter MD&A and unaudited condensed consolidated interim financial statements provide a detailed explanation of our operating results for the three months ended March 31, 2026, as compared to the same period 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, 2025, and annual MD&A, and our most recent annual information form, all of which are available on our website at www.cameco.com<\/a>, on SEDAR+ at www.sedarplus.ca<\/a>, and on EDGAR at sec.gov\/edgar.shtml<\/a>.<\/p>\n Qualified persons<\/b><\/p>\n \nThe 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:<\/p>\n MCARTHUR RIVER\/KEY LAKE<\/b><\/p>\n<\/td>\n CIGAR LAKE<\/b><\/p>\n<\/td>\n<\/tr>\n INKAI<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Caution about forward-looking information<\/b><\/p>\n \nThis 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: the statement that our annual guidance remains unchanged; our belief that nuclear energy is on track for long-term growth; our assessment that we are on track in our uranium, fuel services and Westinghouse segments; our view that we are in a strong position ahead of an expected extended third quarter shutdown at the Key Lake mill; our expectation that during the Key Lake mill shutdown we will implement new infrastructure to enhance future supply flexibility; our view that ongoing geopolitical tensions and volatility in fossil fuel supply chains are reinforcing the importance of secure, reliable and resilient baseload power; our expectation that nuclear energy is uniquely positioned to meet these power needs while advancing efforts to meet decarbonization targets; our belief that we are uniquely positioned to take advantage of opportunities as the market evolves, while continuing to navigate market uncertainty and create long-term value as nuclear energy\u2019s role expands; our expected uranium production levels; JV Inkai target production levels, our expectations regarding our share of such production, and the timing of deliveries; our fuel services annual production expectations; our expectations regarding our long-term contract portfolio and uranium commitment and delivery levels; our expectation that we will continue capture greater upside in our uranium contracting using market related pricing mechanisms; and the expected date for announcement of our 2026 second quarter results.<\/p>\n \nMaterial 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 we may not be able to implement new infrastructure at the Key Lake mill that will meet our expectations to enhance future supply flexibility; risks related to JV Inkai\u2019s development or production, including the risk that JV Inkai is unable to transport and deliver its production; risks to Westinghouse\u2019s business associated with potential production disruptions, the implementation of its business objectives, compliance with licencing 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 its or 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 Westinghouse may not be able to implement its business objectives; the risk that we are adversely affected by the imposition of tariffs; and the risk that we may be delayed in announcing our future financial results.<\/p>\n \nIn 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, and our uranium contracting strategies; our ability to implement new infrastructure at the Key Lake mill that will enhance future supply as expected; Inkai production and, our allocation of planned production and timing of deliveries; assumptions about Westinghouse\u2019s 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\u2019s adjusted EBITDA; the assumption that we would not be adversely affected by the imposition of tariffs; and our ability to announce future financial results when expected.<\/p>\n \nPlease also review the discussion in our 2025 annual MD&A and 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\u2019s 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.<\/p>\n Conference call<\/b><\/p>\n \nWe invite you to join our first quarter conference call on Tuesday, May 5, 2026, from 8:00 a.m. until 9:00 am Eastern.<\/p>\n \nThe call will be open to all investors and the media. To join the call, please dial (833) 821-3311 (Canada\/US) or (647) 846-2607 (International). 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.<\/p>\n \nA recorded version of the proceedings will be available:<\/p>\n 2026 second quarter report release date<\/b><\/p>\n \nWe plan to announce our 2026 second quarter results before markets open on Friday, July 31, 2026.<\/p>\n Profile<\/b><\/p>\n \nCameco is one of the largest global providers of the uranium fuel needed to power a secure energy future. Our competitive position is based on our controlling ownership of the world\u2019s 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.<\/p>\n \nAs used in this news release, the terms we, us, our, the Company and Cameco mean Cameco Corporation and its subsidiaries unless otherwise indicated.<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20260504434080\/en\/<\/a><\/span><\/p>\n Investor inquiries Media inquiries KEYWORDS:<\/b> North America Canada<\/p>\n INDUSTRY KEYWORDS:<\/b> Other Energy Mining\/Minerals Utilities Energy Natural Resources Nuclear<\/p>\n\n
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\n<\/b>
Cory Kos
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306-716-6782
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cory_kos@cameco.com<\/a><\/p>\n
\n<\/b>
Veronica Baker
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306-385-5541
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veronica_baker@cameco.com<\/a><\/p>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20260504434080\/en\/1830919\/3\/Cameco_blue_850W.jpg\")
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