Investor Presentaiton

Operationally Flexible Supply Align production with market opportunities and contracts Cameco Energizing a clean-air world Spot is NOT the market Spot is thinly-traded, one-time and discretionary • Productive capacity missing the long-term contracting cycle leads to value-destructive spot sales We do not plan our production for spot exposure We are typically over-contracted and are net spot buyers, not spot sellers Contracted sales commitments determine production Long-term value focus • Multi-year requirements layered in during periods of above replacement-rate contracting Exposure to greater returns as prices increase, protected from lows . Diversified, proven and reliable commercial supplier Productive capacity underpinned by contract portfolio into 2030s Investing in operational flexibility Financially disciplined Marketing Cameco is a demonstrated tier-one producer with proven tier- one assets Commercial Marketing Framework Full-Cycle Value = Portfolio & Pipeline Exposure Cameco's long-term, balanced sales portfolio achieves upside exposure, downside protection Terms Market-Related: volume based priced at time of delivery, escalated floors and ceilings ⚫ Base-Escalated: volume based at current prices escalated Cameco Energizing a clean-air world Disciplined production aligned with market opportunities First Quarter 2024 15 Marketing ⚫ Production ⚫ Inventory Sourcing Proven Producer Advantage ⚫ Purchases (spot, long-term) Loans ⚫ Future productive capacity supported by cash flow from long-term contract portfolio, not from dilutive equity raises or significant debt leverage Million lbs U₂O Portfolio Committed sales -20% of reserves & resources Pricing captured in 5-year sensitivity table Pipeline Uncontracted, in-ground inventory -80% of reserves & resources Exposed to rising market prices * Illustrative of framework for long-term contracting, does not reflect actual contracted volumes, all resources may not be converted to reserves. Year First Quarter 2024 16 10

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