Investor Presentaiton
Westinghouse Acquisition
Strategic rationale
Cameco
Energizing a clean-alr world
Brookfield
Renewable
Westinghouse
Platform for
Strategic Growth
Strategic Partnership:
49% Cameco
51% Brookfield
• Creates a platform for
strategic growth across
the nuclear fuel value
chain at time where
growth is on the horizon
for nuclear energy
⚫ Reinforces Cameco's
position as a global
champion of the clean
energy transition
Reliable and Secure
Fuel Supplies
Complements
Cameco's Participation
in the Nuclear Fuel
Value Chain
• Complements Cameco's
reliable and secure tier-
one uranium assets and
fuel services with
Westinghouse's global
nuclear fuel and plant
services platform for light
water reactors
Accretive on
Key Metrics
Expected to be
Accretive to Cameco
. Westinghouse's strong,
long-term customer
relationships and reliable
revenue streams are
expected to generate
stable cash flow
Westinghouse expected
to self-fund its approved
annual business plans
and make distributions
to partners
.
.
Participation Across
Nuclear Fuel Cycle
Expected to enhance
Cameco's ability to
compete
Enhances ability to satisfy
existing and new
customer needs
Investing in nuclear
assets like Cameco's:
strategic, proven,
licensed and permitted,
and in geopolitically
attractive jurisdictions
Enhanced
Financial Strength
Provides Platform
for Further Growth
• Expands exposure to
areas of the fuel cycle
that have historically
performed well during
varying macroeconomic
environments
. Cameco expected to
maintain financial
strength and flexibility to
execute on our strategy
First Quarter 2024
Global Laser Enrichment
Developing 3rd generation laser enrichment technology
Cameco
Energizing a clean-air world
GLE is the exclusive worldwide licensee of the proprietary Separation of
Isotopes by Laser Excitation (SILEX) technology
•
•
Cameco is the commercial lead for GLE with a 49% interest (option to attain a majority
interest of 75% ownership)
Subject to a number of factors1, GLE could offer:
⚫ re-enrichment of depleted US Department of Energy (DOE) tails
to natural UF6
⚫ low-enriched uranium (LEU) for existing and future light-water
reactors, including LEU-based SMRS (if a market develops)
high-assay low-enriched uranium (HALEU) for
advanced reactor designs (if a market develops)
⚫ GLE targeting delivery of Technology Readiness
Level 6 (TRL-6) in 2024
• Potential commercial scale deployment in
Western Kentucky
GLE's path to commercialization depends on several factors, including but not limited to the successful progression
and completion of GLE's technology demonstration and maturation program, a clear commercial use case, sound
market fundamentals, clarity regarding future Russian fuel imports, the ability to secure substantial government support
and funding (specifically, accelerated commercial pathways related to LEU and potentially, HALEU are reliant on
government funding) and long-term industry support
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First Quarter 2024
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