Tisdale Clean Energy: Developing the Fraser Lakes B Uranium Deposit in the Athabasca Basin

“Heightened geopolitical uncertainty, world manufacturing shortfalls, and transportation challenges in 2023 additional highlighted the rising safety of provide threat at a time once we imagine the demand outlook is stronger and extra sturdy than ever. The advantages of nuclear energy have come clearly into focus, with 28 nations around the globe declaring help for the tripling of capability to assist obtain world net-zero greenhouse fuel emissions by 2050. The uncertainty about the place nuclear gasoline provides will come from to fulfill rising demand has led to elevated long-term contracting exercise, and in 2023, about 160 million kilos of uranium was positioned underneath long-term contracts by utilities. Costs throughout the nuclear gasoline cycle continued to rise. Spot enrichment costs are up 38% and conversion costs proceed to attain file highs. Uranium spot costs have greater than doubled from round $48 (US) per pound on the finish of 2022 to $100 (US) per pound on the finish of January 2024, after peaking at $106 (US) per pound earlier within the month, and the long-term worth for uranium was $72 (US) per pound, a rise of about 38% over the identical interval.

“We proceed to imagine that Cameco stays a wonderful alternative to put money into the restoration of the nuclear gasoline cycle. We’ve 35 years of expertise on this market and have constructed a powerful fame as a confirmed and dependable provider with a diversified manufacturing portfolio that gives us with the flexibleness to work with our clients to make sure they keep entry to our dependable provides to fulfill their ongoing gasoline necessities. We’ve designed our technique of full-cycle worth seize to be resilient. We’ve a number of provide choices, together with manufacturing, purchases, stock and loans we are able to draw on to assist guarantee we proceed to fulfill our supply commitments to our clients. Given the character of our contracts, now we have good visibility into when and the place we have to ship materials, and now we have put in place plenty of instruments that permit us to self-manage threat.

“We proceed to have success gaining and preserving publicity to the enhancing market fundamentals underneath long-term contracts that can underpin the sustainable operation of our property. In our uranium section, our contracting focus has been on acquiring market-related pricing mechanisms, whereas additionally offering enough draw back safety. We proceed to be strategically affected person in our discussions to maximise worth in our contract portfolio and to keep up publicity to larger costs with unencumbered future productive capability.

“With ongoing enhancements out there, the brand new long-term contracts now we have put in place and our pipeline of contracting discussions, we’re planning to provide 18 million kilos (100% foundation) at every of McArthur River/Key Lake and Cigar Lake in 2024. We’ve additionally transformed 73.4 million kilos (100% foundation) (40 million kilos our share) of assets to reserves at Cigar Lake, and plan to start the work crucial to increase the estimated mine life to 2036. At McArthur River/Key Lake, we are going to undertake an analysis of the work and funding essential to develop manufacturing as much as its annual licensed capability of 25 million kilos (100% foundation), which we anticipate will permit us to reap the benefits of this chance when the time is correct.

“We’re excited to have added a 49% curiosity in Westinghouse to our portfolio of investments in 2023. We imagine Westinghouse is well-positioned for long-term progress pushed by the anticipated improve in world demand for nuclear energy. In 2024, we anticipate our share of its adjusted EBITDA to be between $445 million and $510 million. Additional, over the subsequent 5 years, we anticipate its adjusted EBITDA will develop at a compound annual progress fee of 6% to 10%.

“Due to the disciplined execution of our technique, together with our conservative monetary administration, our stability sheet stays robust. We anticipate it is going to allow us to proceed executing our technique and self-managing threat, together with dangers associated to world macro-economic uncertainty and volatility. As of December 31, 2023, we had $567 million in money and money equivalents with roughly $1.8 billion in whole debt. And, we not too long ago initiated a partial compensation of $200 million (US) on the $600 million (US) floating-rate time period mortgage that was used to finance the acquisition of Westinghouse. Our $1.0 billion credit score facility continues to be undrawn.

“With the renewed recognition of the function nuclear energy should play in offering clear and safe baseload energy, we’re optimistic about Cameco’s function in supporting the transition to a net-zero carbon economic system. We’ve a plan to attain a 30% absolute discount from our whole Scope 1 and a pair of emissions degree by 2030 from our 2015 baseline, which is the primary main milestone on the journey to attain our ambition of being net-zero. We imagine our largest contribution to the net-zero transition comes from the uranium, nuclear gasoline, providers and expertise that we provide to help the era of nuclear energy – 100% carbon-free electrical energy. Just lately, we put additional help behind our dedication to local weather motion and our imaginative and prescient of energizing a clean-air world by becoming a member of Web Zero Nuclear, an initiative between authorities, trade leaders and civil society to triple world nuclear capability to attain carbon neutrality by 2050.

“We imagine now we have the correct technique to attain our imaginative and prescient of ‘energizing a clean-air world’ and we are going to achieve this in a fashion that displays our values. Embedded in all our choices is a dedication to addressing the environmental, social and governance dangers and alternatives that we imagine will make our enterprise sustainable over the long run.”

Abstract of This fall and 2023 outcomes and developments:

• 2024 steering: With the enhancements out there, the brand new long-term contracts now we have put in place, and a pipeline of contracting discussions, our plan is to provide 18 million kilos (100% foundation) at every of McArthur River/Key Lake and Cigar Lake in 2024. We additionally plan to start the work crucial to increase the estimated mine life at Cigar Lake to 2036. As well as, at McArthur River/Key Lake, we plan to undertake an analysis of the work and funding essential to develop manufacturing as much as its annual licensed capability of 25 million kilos (100% foundation), which we anticipate will permit us to reap the benefits of this chance when the time is correct. Based mostly on Kazatomprom’s (KAP) announcement on February 1, 2024, manufacturing in Kazakhstan is anticipated to stay 20% under the extent stipulated in subsoil use agreements, just like in 2023, primarily because of the sulfuric acid scarcity within the nation. We’re nonetheless in discussions with JV Inkai and KAP to find out how this will impression manufacturing at Inkai in 2024 and thereafter and subsequently our corresponding buy obligation. At our Port Hope conversion facility, we plan to provide between 13.5 million and 14.5 million kgU, together with 12 million kgU of UF ₆ to fulfill our e-book of long-term enterprise for conversion providers and buyer demand at a time when conversion costs are at historic highs. On account of these plans, we anticipate robust monetary efficiency in 2024, together with money movement era. See Outlook for 2024 and Uranium – Tier-one operations in our 2023 annual MD&A.
• Fourth quarter internet earnings of $80 million; adjusted internet earnings of $90 million: Fourth quarter outcomes are pushed by regular quarterly variations in contract deliveries and the continued execution of our technique. Our outcomes embrace the addition of a brand new section with the shut of the acquisition of Westinghouse Electrical Firm (Westinghouse) within the fourth quarter. Adjusted internet earnings is a non-IFRS measure, see under.
• Annual internet earnings of $361 million; adjusted internet earnings of $339 million: Annual outcomes mirror the continued transition again to a tier-one price construction. Our outcomes additionally mirror larger gross sales volumes and the development in common realized costs as uranium and conversion costs continued to extend, catalyzed by safety of provide considerations. In our uranium section, we delivered 32 million kilos of uranium at a median realized worth of $67.31. Manufacturing for 2023 was 17.6 million kilos in our uranium section, barely decrease than anticipated in September. In our gasoline providers section, we delivered 12 million kgU underneath contract at a median realized worth of $35.61 and produced 13.3 million kgU. As well as, we generated $688 million in money from operations and adjusted EBITDA of $831 million. Our annual outcomes embrace $101 million in adjusted EBITDA from our funding in Westinghouse. Adjusted internet earnings and adjusted EBITDA are non-IFRS measures, see under.
• Disciplined long-term contracting continues: As of December 31, 2023, in our uranium section, we had commitments requiring supply of a median of about 27 million kilos of uranium per yr from 2024 via 2028, with dedication ranges larger than the common in 2024 and 2025, and under the common in 2026 via 2028. Our whole portfolio of long-term contracts contains commitments for about 205 million kilos of uranium. These commitments solely signify about 20% of our present reserve and useful resource base, offering us with quite a lot of publicity to enhancing demand from our clients as they appear to safe their long-term wants. We proceed to have a big and rising pipeline of uranium enterprise underneath dialogue. Our focus continues to be on acquiring market-related pricing mechanisms, whereas additionally offering enough draw back safety. We proceed to be strategically affected person in our discussions to maximise worth in our contract portfolio and to keep up publicity to larger costs with unencumbered future productive capability. As well as, with robust demand within the UF ₆ conversion market, we had been profitable in including new long-term contracts that deliver our whole contracted volumes to over 75 million kgU of UF ₆ that can underpin our Port Hope conversion facility for years to come back.
• JV Inkai shipments: The primary cargo containing roughly two thirds of our share of Inkai’s 2023 manufacturing was obtained within the fourth quarter. The second cargo with the remaining quantity of our share of 2023 manufacturing has arrived at a Canadian port. We proceed to work intently with JV Inkai and our three way partnership companion, KAP, to obtain our share of manufacturing by way of the Trans-Caspian Worldwide Transport Route, which doesn’t depend on Russian rail traces or ports. We may expertise additional delays to our anticipated Inkai deliveries if transportation utilizing this transport route takes longer than anticipated. To mitigate the danger of delays, now we have stock, long-term buy agreements and mortgage preparations in place we are able to draw on to fulfill our commitments. Relying on once we obtain shipments of our share of Inkai’s manufacturing, our share of earnings from this equity-accounted investee and the timing of the receipt of our share of dividends from the three way partnership could also be impacted. See Uranium – Tier-one operations – Inkai in our 2023 annual MD&A.
• Acquisition of Westinghouse: In November, we introduced the closing of the acquisition of Westinghouse in a strategic partnership with Brookfield Asset Administration alongside its publicly listed affiliate Brookfield Renewable Companions (Brookfield) and institutional companions. Cameco now owns a 49% curiosity and Brookfield owns the remaining 51% in Westinghouse. We imagine bringing collectively our experience within the nuclear trade with Brookfield’s experience in clear power positions nuclear energy on the coronary heart of the clear power transition and creates a strong platform for strategic progress throughout the nuclear sector. In 2024, we anticipate our share of its adjusted EBITDA to be between $445 million and $510 million. Additional, over the subsequent 5 years, we anticipate its adjusted EBITDA will develop at a compound annual progress fee of 6% to 10%. Adjusted EBITDA is a non-IFRS measure, see under. See Westinghouse Electrical Firm in our 2023 annual MD&A.
• Robust stability sheet: As of December 31, 2023, we had $567 million in money and money equivalents and $1.8 billion in whole debt. As well as, now we have a $1.0 billion undrawn credit score facility. We’ve a $500 million senior unsecured debenture maturing on June 24, 2024. Over the approaching months, we are going to search for a chance to refinance this debenture, previous to maturity or because it comes due. In the end, our choice might be made with consideration for our money era, the rate of interest atmosphere and different capital allocation concerns. As well as, now we have initiated a partial compensation of $200 million (US) on the $600 million (US) floating-rate time period mortgage that was used to finance the acquisition of Westinghouse. The prepayment might be utilized to the $300 million (US) tranche, which matures in November 2026. See Financing Actions in our 2023 annual MD&A for extra details about the time period mortgage.
• Acquired dividends from JV Inkai: Within the first quarter of 2023, we disclosed the receipt of a money dividend cost from JV Inkai totaling $79 million (US), internet of withholdings. JV Inkai distributes extra money, internet of working capital necessities, to the companions as dividends. See Uranium – Tier-one operations – Inkai in our 2023 annual MD&A.
• Canada Income Company (CRA) tax dispute: In March, we introduced CRA issued revised reassessments for the 2007 via 2013 tax years, which resulted in a refund of $297 million of the $780 million in money and letters of credit score held by CRA on the time. The refund consisted of money within the quantity of $86 million and letters of credit score within the quantity of $211 million, which had been returned within the second quarter. Within the third quarter MD&A, we disclosed the receipt of $12 million from CRA for disbursements associated to prices awarded by the courts, based mostly on their choices in our favour for the 2003, 2005 and 2006 tax years. The prices had been along with the $10 million we obtained from CRA in April 2021 as reimbursement for authorized charges. In late 2023, we obtained a reassessment for the 2017 tax yr based mostly on CRA’s alternate reassessing place and anticipate we might be required to offer letters of credit score of about $70 million as safety. See Switch pricing dispute in our 2023 annual MD&A for extra info.
• Licence renewals: In January, the Canadian Nuclear Security Fee (CNSC) granted a 20-year licence renewal for Cameco Gas Manufacturing, which additionally permits for a slight improve to 1,650 tonnes as UO ₂ gasoline pellets (beforehand 1,200 tonnes). In October, the CNSC renewed the licences for McArthur River, Key Lake and Rabbit Lake. We had been happy to obtain 20-year licences for McArthur River and Key Lake and a 15-year licence for Rabbit Lake. We imagine that our dedication to defending the well being and security of our workers, the general public and the atmosphere is mirrored within the prolonged length of the licences.

Consolidated monetary outcomes

The 2023 annual monetary statements have been audited; nevertheless, the 2022 fourth quarter and 2023 fourth quarter monetary info offered is unaudited. You will discover a duplicate of our 2023 annual MD&A and our 2023 audited monetary statements on our web site at cameco.com.

NET EARNINGS

The next desk reveals what contributed to the change in internet earnings and adjusted internet earnings (non-IFRS measure, see under) within the three months and yr ended December 31, 2023, in comparison with the identical interval in 2022.

Non-IFRS measures

The non-IFRS measures referenced on this doc are supplemental measures, that are used as indicators of our monetary efficiency. Administration believes that these non-IFRS measures present helpful info to buyers, securities analysts, lenders and different events in assessing our operational efficiency and our means to generate money flows to fulfill our money necessities. These measures will not be acknowledged measures underneath IFRS, should not have standardized meanings, and are subsequently unlikely to be akin to similarly-titled measures offered by different firms. Accordingly, these measures shouldn’t be thought-about in isolation or as an alternative choice to the monetary info reported underneath IFRS. The next are the non-IFRS measures used on this doc.

ADJUSTED NET EARNINGS

Adjusted internet earnings (ANE) is our internet earnings attributable to fairness holders, adjusted for non-operating or non-cash objects comparable to features and losses on derivatives, changes to reclamation provisions flowing via different working bills, and cut price buy features, that we imagine don’t mirror the underlying monetary efficiency for the reporting interval. Different objects might also be adjusted every now and then. We don’t regulate this measure for objects that equity-accounted investees make in arriving at different non-IFRS measures. Adjusted internet earnings is likely one of the targets that we measure to kind the premise for a portion of annual worker and govt compensation (see Measuring our outcomes in our 2023 annual MD&A).

In calculating ANE we regulate for derivatives. We don’t use hedge accounting underneath IFRS and, subsequently, we’re required to report features and losses on all hedging exercise, each for contracts that shut within the interval and people who stay excellent on the finish of the interval. For the contracts that stay excellent, we should deal with them as if they had been settled on the finish of the reporting interval (mark-to-market). Nevertheless, we don’t imagine the features and losses that we’re required to report underneath IFRS appropriately mirror the intent of our hedging actions, so we make changes in calculating our ANE to raised mirror the impression of our hedging program within the relevant reporting interval. See International change in our 2023 annual MD&A for extra info.

We additionally regulate for adjustments to our reclamation provisions that movement immediately via earnings. Each quarter we’re required to replace the reclamation provisions for all operations based mostly on new money movement estimates, low cost and inflation charges. This usually ends in an adjustment to our asset retirement obligation asset along with the availability stability. When the property of an operation have been written off on account of an impairment, as is the case with our Rabbit Lake and US ISR operations, the adjustment is recorded on to the assertion of earnings as “different working expense (revenue)”. See observe 16 of our annual monetary statements for extra info. This quantity has been excluded from our ANE measure.

The discount buy achieve that was acknowledged once we acquired our pro-rata share of Idemitsu Canada Assets Ltd.’s 7.875% taking part curiosity within the Cigar Lake Joint Enterprise has additionally been eliminated in calculating ANE since it’s non-cash, non-operating and outdoors of the conventional course of our enterprise. The achieve was recorded within the assertion of earnings as a part of “different revenue (expense)”.

On account of the change in possession of Westinghouse after they had been acquired by Cameco and Brookfield, their inventories on the acquisition date had been revalued based mostly in the marketplace worth at that date. As these portions are bought, their price of services bought mirror these market values, no matter Westinghouse’s historic prices. Since this adjustment is non-cash, outdoors of the conventional course of enterprise and solely occurred because of the change in possession, it has been excluded from our ANE measure.

The next desk reconciles adjusted internet earnings with our internet earnings for the three months and years ended December 31, 2023, and 2022.

EBITDA

EBITDA is outlined as internet earnings attributable to fairness holders, adjusted for the prices associated to the impression of the corporate’s capital and tax construction together with depreciation and amortization, finance revenue, finance prices (together with accretion) and revenue taxes.

ADJUSTED EBITDA

Adjusted EBITDA is outlined as EBITDA adjusted for the impression of sure prices or advantages incurred within the interval that are both not indicative of the underlying enterprise efficiency or that impression the power to evaluate the working efficiency of the enterprise. These changes embrace the quantities famous within the adjusted internet earnings definition.

In calculating adjusted EBITDA, we additionally regulate for objects included within the outcomes of our equity-accounted investees. These things are reported as a part of advertising, administrative and normal bills inside the investee monetary info and will not be consultant of the underlying operations. These embrace achieve/loss on undesignated hedges, transaction prices associated to acquisitions and achieve/loss on disposition of a enterprise.

We additionally regulate for the unwinding of the impact of buy accounting on the sale of inventories which is included in our share of earnings from equity-accounted investee and recorded in the price of services bought within the investee info (see observe 12 to the monetary statements).

The corporate could notice related features or incur related expenditures sooner or later.

EBITDA and adjusted EBITDA are measures which permit us and different customers to evaluate outcomes of operations from a administration perspective with out regard for our capital construction. To facilitate a greater understanding of those measures, the desk under reconciles earnings earlier than revenue taxes with EBITDA and adjusted EBITDA for the years ended 2023 and 2022.

For the yr ended December 31, 2023:

For the yr ended December 31, 2022:

The next Westinghouse monetary outlook is reported in Canadian {dollars} and ready in accordance with IFRS and displays Cameco’s 49% possession share. It reconciles the Westinghouse outlook for internet earnings with EBITDA and adjusted EBITDA.

The outlook for Westinghouse’s Adjusted EBITDA for 2024 and its progress over the subsequent 5 years are based mostly on the next assumptions:

• An change fee of $1.00 (US) for $1.30 (Cdn)
• A compound annual progress fee in income from its core enterprise of 4% to six%, which is barely larger than the anticipated common progress fee of the nuclear trade based mostly on the World Nuclear Affiliation’s Reference Case. Along with orders for PWR reactor gasoline and providers, this contains orders for VVER and BWR gasoline and providers. The outlook assumes that work is fulfilled on the timelines and scope anticipated based mostly on present orders obtained, and extra work is undertaken based mostly on previous developments. The anticipated margins on this work are aligned with the historic margins of 16% to 19%, with variability anticipated to come back from product combine in comparison with in earlier years.
• Development from new AP1000® reactor initiatives is predicated on agreements which have been signed and bulletins the place the AP1000 expertise has been chosen, together with Poland, Bulgaria and Ukraine. It’s assumed that work on introduced agreements and introduced choices to be completed by Westinghouse would proceed on the timelines and income sample famous underneath the New Construct Framework. The expansion solely assumes Westinghouse undertakes the Engineering and Procurement work required previous to a brand new reactor venture breaking floor, which is a small element of the general potential. A delay in venture timelines or cancellation of introduced initiatives would lead to a progress fee close to the underside of the vary.
• Estimates and assumptions, together with growth timelines for each introduced and potential reactor builds are topic to authorities and regulatory approval, in addition to dangers associated to the present macro-economic atmosphere, and will differ considerably from these assumed.
• We additionally anticipate that investments in new applied sciences, together with eVinci™ microreactor and AP300™ small modular reactor, might be made in accordance with Westinghouse’s present marketing strategy and are anticipated to contribute to Westinghouse’s Adjusted EBITDA largely outdoors the 5-year timeframe.

Chosen segmented highlights

Administration’s dialogue and evaluation (MD&A) and monetary statements

The 2023 annual MD&A and consolidated monetary statements present an in depth rationalization of our working outcomes for the three and twelve months ended December 31, 2023, as in comparison with the identical durations final yr, and our outlook for 2024. This information launch must be learn along side these paperwork, in addition to our most up-to-date annual info kind, all of which can be found on our web site at cameco.com, on SEDAR+ at www.sedarplus.com , and on EDGAR at sec.gov/edgar.shtml.

Certified individuals

The technical and scientific info mentioned on this doc for our materials properties McArthur River/Key Lake, Cigar Lake and Inkai was permitted by the next people who’re certified individuals for the needs of NI 43-101:

MCARTHUR RIVER/KEY LAKE

• Greg Murdock, normal supervisor, McArthur River, Cameco
• Daley McIntyre, normal supervisor, Key Lake, Cameco

INKAI

• Sergey Ivanov, deputy director normal, technical providers, Cameco Kazakhstan LLP

CIGAR LAKE

• Lloyd Rowson, normal supervisor, Cigar Lake, Cameco
• Scott Bishop, director, technical providers, Cameco
• Alain D. Renaud, principal useful resource geologist, technical providers, Cameco
• Biman Bharadwaj, principal metallurgist, technical providers, Cameco

Warning about forward-looking info

This information launch contains statements and details about our expectations for the longer term, which we confer with as forward-looking info. Ahead-looking info is predicated on our present views, which may change considerably, and precise outcomes and occasions could also be considerably totally different from what we at present anticipate.

Examples of forward-looking info on this information launch embrace: our expectation of robust monetary efficiency as we start to appreciate advantages from our funding in Westinghouse, together with our perception that Westinghouse is well-positioned for long-term progress, and our anticipated share of its adjusted EBITDA for 2024 and over the subsequent 5 years; our expectation that Westinghouse’s investments in new applied sciences might be made in accordance with Westinghouse’s present marketing strategy and our expectations concerning the results on Westinghouse’s adjusted EBITDA; our views concerning provide and demand for nuclear energy and its progress throughout the close to, medium and long run; our means to profit from market fundamentals and alternatives; the sturdiness of progress in our uranium and conversion providers contracting; our means to function our property sustainably, and our expectations concerning the worth they may generate for us; our expectations concerning the impression of the completion of a return to a tier-one run fee on our monetary outcomes; our views concerning the impression on the nuclear energy trade of geopolitical occasions and ongoing concentrate on local weather disaster; our perception that Cameco is a wonderful alternative to put money into the restoration within the uranium market; the sturdiness of our progress, and our means to pursue progress and generate full-cycle worth; our contract portfolio technique and talent to keep up publicity to larger costs with unencumbered future productive capability; our provide plans, together with manufacturing ranges at McArthur River/Key Lake, Cigar Lake and Inkai, in addition to at our Port Hope conversion facility; our intention to increase the estimated mine life at Cigar Lake to 2036, our means to proceed to obtain manufacturing from Inkai with out reliance on Russian rail traces or ports and our means to mitigate the danger of cargo delays; our means to develop manufacturing from our current property, and the manufacturing degree we may obtain via our tier-one enlargement alternatives; the components we are going to think about in making choices concerning increasing manufacturing; our means to proceed to be resilient; our optimism concerning our function in supporting a transition to a net-zero carbon economic system, and expectations concerning our means to attain emissions degree reductions inside our anticipated timeframes; our imaginative and prescient of energizing a clean-air world and perception in our technique for doing so in a fashion that displays our values; our expectations concerning refinancing our debenture previous to maturity or because it comes due; our expectations concerning letter of credit score necessities in reference to CRA’s reassessment for the 2017 tax yr; our views concerning the long-term sustainability of our enterprise and our means to self-manage threat; and the anticipated date for announcement of our 2024 first quarter outcomes.

Materials dangers that would result in totally different outcomes embrace: sudden adjustments in uranium provide, demand, long-term contracting, and costs; adjustments in client demand for nuclear energy and uranium because of altering societal views and goals concerning nuclear energy, electrification and decarbonization; the danger that we could not proceed with our provide self-discipline technique; dangers to Westinghouse’s enterprise related to potential manufacturing disruptions, the implementation of its enterprise goals, compliance with licensing or high quality assurance necessities, or in any other case be unable to attain anticipated progress; the danger that we could not have the ability to implement adjustments to future working and manufacturing ranges for Cigar Lake and McArthur River/Key Lake and Inkai, or at our Port Hope conversion facility, to the deliberate ranges inside the anticipated timeframes, or that the prices concerned in doing so, exceed our expectations; the danger that our revenues and money flows could not enhance to the extent anticipated; the danger of Inkai cargo delays because of the continuation or consequence of the battle between Ukraine and Russia; the danger that we could not have the ability to meet gross sales commitments for any purpose; the danger that we could not have the ability to proceed to be resilient or proceed to enhance our monetary efficiency; the dangers to our enterprise related to potential manufacturing disruptions, together with these associated to world provide chain disruptions, world financial uncertainty and political volatility; the danger that we could not have the ability to implement our enterprise goals in a fashion in line with our environmental, social, governance and different values; the danger that the technique we’re pursuing could show unsuccessful, or that we could not have the ability to execute it efficiently; the danger that we will not be profitable in pursuing innovation or implementing superior applied sciences; the danger that we could not have the ability to refinance our debenture on phrases which might be as beneficial as we anticipate; and the danger that we could also be delayed in asserting our future monetary outcomes.

In presenting the forward-looking info, now we have made materials assumptions which can show incorrect about: uranium demand, provide, consumption, long-term contracting, progress within the demand for and world public acceptance of nuclear power, and costs; our manufacturing, purchases, gross sales, deliveries and prices; the market situations and different components upon which now we have based mostly our future plans and forecasts; the success of our plans and methods, together with deliberate working and manufacturing adjustments; assumptions about Westinghouse’s manufacturing, purchases, gross sales, deliveries and prices, the absence of enterprise disruptions, and the success of its plans and methods; the absence of recent and adversarial authorities laws, insurance policies or choices; that there is not going to be any vital unanticipated adversarial penalties to our enterprise ensuing from manufacturing disruptions, together with these relating to produce disruptions, and financial or political uncertainty and volatility; and our means to announce future monetary outcomes when anticipated.

Please additionally evaluate the dialogue in our 2023 annual MD&A and most up-to-date annual info kind for different materials dangers that would trigger precise outcomes to vary considerably from our present expectations, and different materials assumptions now we have made. Ahead-looking info is designed that will help you perceive administration’s present views of our near-term and longer-term prospects, and it will not be acceptable for different functions. We is not going to essentially replace this info until we’re required to by securities legal guidelines.

Convention name

We invite you to hitch our fourth quarter convention name on Thursday, February 8, 2024, at 8:00 a.m. Jap.

The decision might be open to all buyers and the media. To affix the decision, please dial (800) 319-4610 (Canada and US) or (604) 638-5340. An operator will put your name via. The slides and a dwell webcast of the convention name might be out there from a hyperlink at cameco.com. See the hyperlink on our residence web page on the day of the decision.

A recorded model of the proceedings might be out there:

• on our web site, cameco.com, shortly after the decision
• on publish view till midnight, Jap, March 8, 2024, by calling (800) 319-6413 (Canada and US) or (604) 638-9010 (Passcode 0554)

2024 first quarter report launch date

We plan to announce our 2024 first quarter outcomes earlier than markets open on April 30, 2024.

Profile

Cameco is likely one of the largest world suppliers of the uranium gasoline wanted to energise a clean-air world. Our aggressive place is predicated on our controlling possession of the world’s largest high-grade reserves and low-cost operations, in addition to vital investments throughout the nuclear gasoline cycle, together with possession pursuits in Westinghouse Electrical Firm and International Laser Enrichment. Utilities around the globe depend on Cameco to offer world nuclear gasoline options for the era of protected, dependable, carbon-free nuclear energy. Our shares commerce on the Toronto and New York inventory exchanges. Our head workplace is in Saskatoon, Saskatchewan, Canada.

As used on this information launch, the phrases we, us, our, the Firm and Cameco imply Cameco Company and its subsidiaries until in any other case indicated.

View supply model on businesswire.com: https://www.businesswire.com/news/home/20240207373185/en/

Investor inquiries:
Rachelle Girard
306-956-6403
rachelle_girard@cameco.com

Media inquiries:
Veronica Baker
306-385-5541
veronica_baker@cameco.com