Investor Presentaiton

Contracting Success Cameco Tier-one supply to match commitments, new phase of supply discipline Energizing a clean-air world M lbs (our share) 2024 Licensed capacity Operations McArthur River/Key Lake 12.6 18 @ 100% 17.5 25 @ 100% 32 M lbs Cigar Lake 9.8 18 @ 100% 9.8 18 @ 100% Inkai (JV Inkal purchase) (In discussion with JV partner) 5.0 12.6 @ 100% (+20% subsoil) (our share of tier-one licensed capacity) <~56 M lbs @ 100% Fuel Services - conversion 12,000 tu 12,500 tu First Quarter 2024 19 Financial Financial Strength Transitioning to tier-one run rate Shifting into a new phase of supply discipline • Categorically positive for Cameco Continued strong margin and cash flow • • • Cameco Energizing a clean-air world Higher level of tier-one production, sourcing from: inventory, loans from storage agreements, pull forward of long-term purchases, opportunistic spot purchases No longer expensing care and maintenance costs or operational readiness costs for McArthur River/Key Lake Market-related portion of contract portfolio exposed to rising uranium prices Uncommitted in-ground inventory exposed to rising uranium prices Enviable balance sheet and positioned to self-manage risk Opportunistic investment in nuclear fuel value chain First Quarter 2024 20 20 12 12

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