Cameco : 2024 annual information form
CCJ
Cameco Corporation
2024 Annual information form
March 21, 2025
Contents
Important information about this document
............................................................................................................................3
Our business
7
Our values and strategy
13
Operations, projects and investments
28
Uranium - Tier-one operations
29
Uranium - Tier-two operations
79
Uranium - Advanced projects
81
Uranium - Exploration
83
Fuel services
84
Westinghouse Electric Company
87
Other nuclear fuel cycle investments
95
Mineral reserves and resources
96
Our sustainability principles and practices
102
The regulatory environment
105
Risks that can affect our business
115
1
- Operational risks
116
2
- Financial risks
123
3
- Governance and compliance risks
130
4
- Social risks
132
5
- Environmental risks
133
6
- Strategic risks
134
Legal proceedings
144
Investor information
144
Governance
149
Appendix A
154
Important information about this document
This annual information form (AIF) for the year ended December 31, 2024 provides important information about Cameco Corporation. It describes our history, our markets, our operations and projects, our mineral reserves and resources, our approach to sustainability matters, our regulatory environment, the risks we face in our business and the market for our shares, among other things.
It also incorporates by reference:
Throughout this document, the terms we, us, our, the company and Cameco mean Cameco Corporation and its subsidiaries.
We have prepared this document to meet the requirements of Canadian securities laws, which are different from what United States (US) securities laws require.
The information contained in this AIF is presented as at December 31, 2024, the last day of our most recently completed financial year, and is based on what we knew as of March 17, 2025, except as otherwise stated.
Reporting currency and financial information
Unless we have specified otherwise, all dollar amounts are in Canadian dollars. Any references to $(US) mean US dollars.
The financial information in this AIF has been presented in accordance with International Financial Reporting Standards (IFRS).
Caution about forward-looking information
Our AIF and the documents incorporated by reference include statements and information about our expectations for the future. When we discuss our strategy, plans and future financial and operating performance, or other things that have not yet taken place, we are making statements considered to be forward-lookinginformation or forward-lookingstatements under Canadian and US securities laws. We refer to them in this AIF as forward-lookinginformation. In particular, the discussions under the headings Market overview and developments, Building a balanced portfolio, and Westinghouse Electric Company in this AIF contain forward-looking information.
Key things to understand about the forward-looking information in this AIF:
Forward-looking information is designed to help you understand management's current views of our near- 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 Canadian or US securities laws.
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Examples of forward-looking information in this AIF
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Material risks
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Material assumptions
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Our business
Our operations span the nuclear fuel cycle from exploration to fuel services, which include uranium production, refining, uranium dioxide (UO2) and uranium hexafluoride (UF6) conversion services and CANDU fuel manufacturing for heavy water reactors. We have also further enhanced our ability to meet our customers' growing demand for reliable and secure nuclear fuel supplies, services and technologies by investing in Westinghouse. Westinghouse's assets augment the core of our business, providing operating plant services to the installed global base of reactors, the design fabrication and supply of fuel assemblies and the design, development, engineering and procurement of equipment for new reactors. We also have made an investment in a third-generation enrichment
technology, that if successful we expect will allow us to participate in the entire nuclear fuel value chain.
With extraordinary assets, a proven operating track record, long-term contract portfolio, strong sustainability commitment, employee expertise, comprehensive industry knowledge, and a strong balance sheet, the company is making investments that it expects will create a platform for strategic growth. We are confident in our ability to increase long-term value by positioning the company as an industry leader at a time when the world's prioritization of energy security, national security and increasing
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electrification is driving growth in demand and when geopolitics are creating concerns about the origin and security of supplies across the nuclear fuel cycle.
Business segments
URANIUM
Our uranium production capacity is among the world's largest. In 2024, our tier-one production accounted for 18% of world production. We have controlling ownership of the world's largest high-grade mineral reserves.
Product
Mineral reserves and resources
Mineral reserves
Mineral resources
Tier-one operations
Tier-two operations
Advanced projects
Exploration
FUEL SERVICES
We are an integrated uranium fuel supplier, offering refining, conversion, and fuel manufacturing services.
Products
Operations
WESTINGHOUSE ELECTRIC COMPANY (Westinghouse)
We own a 49% interest in Westinghouse in a strategic partnership with Brookfield.
Products
Operations
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For information about the financial performance of our segments for the years ended December 31, 2024 and 2023, see our
2024 MD&A as follows:
OTHER NUCLEAR FUEL CYCLE INVESTMENTS
Enrichment
We have a 49% interest in Global Laser Enrichment LLC (GLE) which is testing third-generation enrichment technology that, if successful, will use lasers to commercially enrich uranium. GLE is the exclusive licensee of the proprietary SILEX laser enrichment technology, that is in the development phase.
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Disclaimer
Cameco Corporation published this content on March 24, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on March 24, 2025 at 05:14:04.475.