Investor Presentaiton

Uranium Market Fundamentals Driving contracting interest, moving toward replacement rate Cameco Energizing a clean-air world Utility Uncovered Uranium Requirements ~2.1 billion lb. through 2040 (~60% uncovered) Million lb. UsO8 400 350- 300 250 200 150 100 50 SPOT TERM 0 2024 2026 2028 2030 2032 2034 Supply Outlook is Uncertain Structural Primary & Secondary Supply Gap Million lb. U₂O 400 350 Demand- Net Zero Nuclear (triple global nuclear capacity by 2050) 300 Requirements 250 200 150 Demand- High Case Demand- Base Case Non-U.S. 100 Primary Supply 50 United States Secondary Supply 0 2036 2038 2040 2008 2012 2016 2020 2024 2028 2032 2036 2040 Source: UxCQ1 2024 Uranium Market Outlook First Quarter 2024 13 Source UxCQ1 2024 Uranium Market Outlook Balanced and Disciplined Strategy Cameco Contract portfolio informs supply decisions Energizing a clean-air world Strategically-aligned contracting discipline ⚫ Strategically patient • long-term contracting Balanced portfolio Optimize market- related portion of portfolio, focus on Marketing protection from commodity volatility . Exposure to improving prices Operationally-flexible supply discipline ⚫ Align production with contract portfolio and customer signals Operations • Strategy Execution Brownfield growth opportunities Financial Leading Sustainability Performance Clean Environment Environment ESG Governance Social Supportive Communities Safe, healthy, and rewarding workplace Risk-managed financial discipline Self-manage risk Supports opportunistic investment in nuclear fuel value chain 100% of our product is used to produce clean, carbon-free, base-load electricity First Quarter 2024 14 9

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