Cameco IPO Presentation Deck

Shifting Industry Dynamics Supportive of Strong Uranium and Nuclear Fuels Opportunities Near, Medium & Long-term Demand Increasing Near-Term • Funding to save reactors at risk of early retirement / closure Medium-Term • Reactor life-extensions Long-Term Reactor new builds and development of small modular and micro reactors Geopolitical Developments - Security of Supply Concerns Russian Energy Supply Capacity¹ 14% Uranium 27% Conversion 39% Enrichment Cameco Energizing a clean-air world *Increase since January 2020 $60 $50 $40 $30 $20 Jan-20 $160 $120 $80 $40 $0 Jan-20 Price Increases Across the Fuel Cycle² Source: ¹2022 Q1 UMO, CMO and EMO Data - Base Supply from Russia | 2 Average of monthly prices reported by TradeTech on September 30, 2022 and UxC on September 26, 2022 - Uranium Spot -Uranium Long-Term Uranium (US$/b U₂0,) Jul-20 Jan-21 -Conversion Spot -Conversion Long-Term Jul-21 Jan-22 Enrichment (US$/SWU) 57% Conversion (US$/kgU UF) 96% Enrichment Spot Enrichment Long-Term Jul-22 160% 93% 70% 48% Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Strong Uranium, Conversion and Enrichment Prices Due to Heightened Security of Supply Concerns Exacerbated by Ongoing Geopolitical Tensions 10

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