Cameco IPO Presentation Deck

Cameco is Operating and Invested Across the Nuclear Fuel Cycle Cigar Lake (54.5%') Saskatchewan, Canada Uranium Grades 100 Times the World Average Licensed Capacity (100%): 18 M lbs/yr Reserves and Resources (100%; Contained and % Grade U₂0) P&P: 152.4 M lbs @ 15.4% M&I: 103.7 M lbs @ 13.8% Rabbit Lake (100%) Saskatchewan Tier One Uranium Assets 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 Reserves and Resources (100%; Contained and % Grade U₂0g) P&P: 393.9 M lbs @ 6.6% M&I: 9.0 M lbs @ 2.5% Inkai (40%) Kazakhstan Millennium (69.9%) Saskatchewan A Significant Low-Cost Source of Uranium Licensed Capacity (100%): 10.4 M lbs/yr Reserves and Resources (100%; Contained and % Grade U₂O) P&P: 281.2 M lbs @ 0.04% M&I: 89.1 M lbs @ 0.03% Tier Two Uranium Assets and Advanced Projects US ISR Operations Yeelirrie (100%) Nebraska & Wyoming (100%) Western Australia Kintyre (100%) Western Australia Cameco Energizing a clean-air world Blind River Refinery Port Hope Conversion Facility Fuel Services World's Largest Commercial Uranium Refinery • 18 M kgU as UO3 p.a. (licensed up to 24 M kgu subject to certain equipment upgrades) Enrichment (GLE) Canada's Only Uranium Conversion Facility • Produces UF, and UO₂ • Licensed Capacity: 12.5 M kgU UF, & 2.8 M kgu UO2 Manufactures Fuel Bundles and Reactor Cameco Fuel Components for CANDU heavy water Manufacturing Reactors • Capacity: 1.2 m kgU as UO₂ fuel pellets Other Fuel Cycle Investments Developing and Testing Third-Generation Global Laser Laser Enrichment Technology • Commercial lead with option to attain a majority interest of up to 75% Note: Reserves and resources as at Dec. 31, 2021. See slides 22 and 23 for breakdown of tonnes and grade for each category of mineral reserves and resources | Reflects increase in ownership to 54.5% effective May 19, 2022. 12

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