Investor Presentaiton

Cameco Corporation Operating and invested across the nuclear fuel cycle Cigar Lake (54.5%) Saskatchewan, Canada World's Highest-Grade Uranium Mine Licensed Capacity (100%): 18 M lbs/yr Rabbit Lake (100%) Saskatchewan Tier One Uranium Operations McArthur River (69.8%) Key Lake (83.3%) Saskatchewan, Canada The World's Largest, High-Grade Uranium Mine/Mill Licensed Capacity (100%): 25 M lbs/yr Inkai (40%) Kazakhstan A Significant Low-Cost Source of Uranium Licensed Capacity (100%): 10.4 M lbs/yr Tier Two Uranium Assets, Advanced Projects and Exploration US ISR Operations (100%) Nebraska Wyoming Millennium (69.9%) Saskatchewan Yeelirrie (100%) Western Australia Kintyre (100%) Western Australia Athabasca Basin Exploration (100% & JVs) 650,000 Hectares Cameco Energizing a clean-air world Fuel Services Blind River Refinery (100%) Ontario Port Hope Conversion Facility (100%) Ontano Cameco Fuel Manufacturing (100%) Ontario World's Largest Commercial Uranium Refinery Canada's Only Uranium Conversion Facility Manufactures Fuel Bundles and Reactor Components for CANDU Heavy Water Reactors Westinghouse Electric Company (W) Westinghouse (49%) Provider of mission- critical and specialized technologies, products and services across the nuclear power sector Other Nuclear Fuel Cycle Investments Global Laser Enrichment (GLE) (49%) Developing and Testing Third-Generation Laser Enrichment Technology First Quarter 2024 3 Favourable Market Fundamentals Cameco strategically positioned Cameco Energizing a clean-air world Growing Demand Driven By Global focus on: • Energy security • . • . Electrification Decarbonization Country net-zero targets Company net-zero targets • Generative Al carbon footprint • Infrastructure investments • Uncertain Supply Geopolitical/trade policy risk Ongoing transportation issues ⚫ Planned supply curtailments Unplanned supply disruptions ⚫ Underinvestment in existing capacity Underinvestment in new capacity Decreasing secondary supply Cameco is Well-Positioned Strategy captures full-cycle value . • Long-term contract portfolio Operational flexibility Tier-one expansion capacity • Project pipeline - exploration Idled tier-two capacity • Invested across the fuel cycle and reactor life cycle ⚫ Risk managed financial discipline First Quarter 2024 4 4

View entire presentation