Investor Presentaiton

Net-zero Carbon Targets Global attention on a triple challenge Cameco Energizing a clean-air world Energy Poverty • Lift 1/3 of the global population out of energy poverty by improving access to clean and reliable baseload electricity Thermal Replacement • Replace up to 80% of the current global grid running on carbon-emitting thermal power with a clean, reliable alternative Electrifying Industry • Global power grids must grow by electrifying key industries (transportation, heating) that are powered with carbon-emitting sources of thermal energy. A total of 28 countries have signed on to the Declaration to Triple Nuclear Energy, recognizing the key role of nuclear energy in achieving global net-zero targets by 2050 Need for Zero-Carbon Energy Source to meet growing electricity demand Nuclear Energy is Expected to Play a Critical Role in Future Power Generation 4 Energy demand is expected to grow at -1% per year to 20401 Fossil fuel retirements due to decarbonization expected to contribute to energy gap that must be filled by other power generation sources Traditional renewables are projected to provide up to 75% of future energy needs, but cannot support 100% of demand due to their intermittent nature and limitations of batteries? Cameco Energizing a clean-air world First Quarter 2024 5 Nuclear Meets All Key Power Generation Objectives Baseload Capacity Factor íí 10 四川 Nuclear CCGT Coal Wind ✓ Solar x ✓ × x Hydro ✓ Low Emissions³ Ability to Add ✓ x ✓ ✓ ✓ ✓ x ✓ ✓ × Additional Capacity 4 Large-Scale Output ✓ ✓ ✓ x x Protected from Fuel ✓ x x x x Supply Interruption Nuclear energy is important to help fill the clean energy gap left by fossil fuels and renewables as well as energy storage limitations Average Levelized Cost of Electricity (US$/MWh) -$40 -$80-$100-$70-$95 -$90 Nuclear Energy Represents a Safe, Reliable and Affordable Source of Baseload Carbon-Free Power IEA World Energy Outlook 2023, International Renewable Energy Agency Global Energy Transformation: A Roadmap to 2050; Based on grams of CO, emitted per kilowatt-hour produced Coal capacity can be increased but expansion is tempered by policy issues Limited availability of additional sites for large-scale hydro development in most countries: Based on output capacity of typical power plants of each type (1,000 MW or higher defined as plants with large-scale output). Based on median levelized costs of electricty by plant category from Projected Costs of Generating Electraty 2020, IEA First Quarter 2024 6 5

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